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 March 31, 2023

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 April 21, 2023 was 414,174,489.

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) March 31, 2023 and December 31, 2022		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, 2023 and 2022		4
	Consolidated Statements of Shareholders' Equity (Unaudited) Three Months Ended March 31, 2023 and 2022		5
	Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2023 and 2022		6
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1.	General and significant accounting policies	6
	Note 2.	Acquisitions	10
	Note 3.	Investments	12
	Note 4.	Fair value measurements	17
	Note 5.	Reinsurance	24
	Note 6.	Deferred acquisition costs	24
	Note 7.	Goodwill and Value of business acquired	25
	Note 8.	Unpaid losses and loss expenses	26
	Note 9.	Future policy benefits	28
	Note 10.	Policyholders' account balances	32
	Note 11.	Market risk benefits	35
	Note 12.	Separate accounts	36
	Note 13.	Commitments, contingencies, and guarantees	37
	Note 14.	Shareholders' equity	42
	Note 15.	Share-based compensation	45
	Note 16.	Postretirement benefits	46
	Note 17.	Other income and expense	47
	Note 18.	Segment information	47
	Note 19.	Earnings per share	50
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		84
Item 4.	Controls and Procedures		87
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		88
Item 1A.	Risk Factors		88
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities		88
Item 6.	Exhibits		89

2

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries

	March 31		December 31
	2023		2022
(in millions of U.S. dollars, except share and per share data)			As Adjusted
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $168 and $169     (amortized cost – $94,709 and $93,355)	$	88,364	$	85,220
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $33 and $34     (fair value – $8,109 and $8,439)	8,425		8,848
Equity securities, at fair value	942		827
Short-term investments, at fair value (amortized cost – $3,695 and $4,962)	3,693		4,960
Other investments, at fair value	14,192		13,696
Total investments	115,616		113,551
Cash	2,288		2,012
Restricted cash	94		115
Securities lending collateral	1,582		1,523
Accrued investment income	953		941
Insurance and reinsurance balances receivable, net of valuation allowance - $51 and $52	12,340		11,933
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $351 and $351	18,141		18,859
Reinsurance recoverable on policy benefits	279		302
Deferred policy acquisition costs	6,296		6,031
Value of business acquired	3,603		3,702
Goodwill	16,175		16,228
Other intangible assets	5,364		5,441
Prepaid reinsurance premiums	3,166		3,136
Investments in partially-owned insurance companies	3,728		2,507
Separate account assets	5,300		5,190
Other assets	6,490		7,546
Total assets	$	201,415	$	199,017
Liabilities
Unpaid losses and loss expenses	$	75,417	$	75,747
Unearned premiums	20,261		19,713
Future policy benefits	10,782		10,476
Market risk benefits	830		800
Policyholders' account balances	3,178		3,140
Separate account liabilities	5,300		5,190
Insurance and reinsurance balances payable	7,778		7,780
Securities lending payable	1,582		1,523
Accounts payable, accrued expenses, and other liabilities	6,656		7,148
Deferred tax liabilities	541		377
Repurchase agreements	1,420		1,419
Short-term debt	—		475
Long-term debt	14,375		14,402
Trust preferred securities	308		308
Total liabilities	148,428		148,498
Commitments and contingencies (refer to Note 13)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 446,376,614 and 446,376,614 shares issued; 414,158,680 and 414,594,856 shares outstanding)	10,346		10,346
Common Shares in treasury (32,217,934 and 31,781,758 shares)	(5,341)		(5,113)
Additional paid-in capital	6,680		7,166
Retained earnings	50,197		48,305
Accumulated other comprehensive income (loss) (AOCI)	(8,895)		(10,185)
Total shareholders’ equity	52,987		50,519
Total liabilities and shareholders’ equity	$	201,415	$	199,017

See accompanying notes to the Consolidated Financial Statements

3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars, except per share data)			As Adjusted
Revenues
Net premiums written	$	10,710	$	9,189
Increase in unearned premiums	(568)		(452)
Net premiums earned	10,142		8,737
Net investment income	1,107		822
Net realized gains (losses)	(77)		23
Market risk benefits gains (losses)	(115)		49
Total revenues	11,057		9,631
Expenses
Losses and loss expenses	5,148		4,564
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	797		373
Policy acquisition costs	1,948		1,719
Administrative expenses	930		778
Interest expense	160		132
Other (income) expense	(296)		(312)
Amortization of purchased intangibles	72		71
Cigna integration expenses	22		—
Total expenses	8,781		7,325
Income before income tax	2,276		2,306
Income tax expense	384		353
Net income	$	1,892	$	1,953
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)	$	1,786	$	(4,652)
Current discount rate on future policy benefits	(151)		435
Instrument-specific credit risk on market risk benefits	(3)		23
Cumulative foreign currency translation adjustment	(177)		67
Other, including postretirement benefit liability adjustment	(33)		19
Other comprehensive income (loss), before income tax	1,422		(4,108)
Income tax (expense) benefit related to OCI items	(132)		779
Other comprehensive income (loss)	1,290		(3,329)
Comprehensive income (loss)	$	3,182	$	(1,376)
Earnings per share
Basic earnings per share	$	4.57	$	4.59
Diluted earnings per share	$	4.53	$	4.55

See accompanying notes to the Consolidated Financial Statements

4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars)			As Adjusted
Common Shares
Balance – beginning of period	$	10,346	$	10,985
Cancellation of treasury shares	—		(319)
Balance – end of period	10,346		10,666
Common Shares in treasury
Balance – beginning of period	(5,113)		(7,464)
Common Shares repurchased	(428)		(1,001)
Cancellation of treasury shares	—		2,510
Net shares issued under employee share-based compensation plans	200		255
Balance – end of period	(5,341)		(5,700)
Additional paid-in capital
Balance – beginning of period	7,166		8,478
Net shares issued under employee share-based compensation plans	(211)		(199)
Exercise of stock options	(13)		(21)
Share-based compensation expense	82		70
Funding of dividends declared to Retained earnings	(344)		(340)
Balance – end of period	6,680		7,988
Retained earnings
Balance – beginning of period	48,305		47,403
Net income	1,892		1,953
Cancellation of treasury shares	—		(2,191)
Funding of dividends declared from Additional paid-in capital	344		340
Dividends declared on Common Shares	(344)		(340)
Balance – end of period	50,197		47,165
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period	(10,185)		(1,074)
Other comprehensive income (loss)	1,290		(3,329)
Balance – end of period	(8,895)		(4,403)
Total shareholders’ equity	$	52,987	$	55,716

See accompanying notes to the Consolidated Financial Statements

5

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars)			As Adjusted
Cash flows from operating activities
Net income	$	1,892	$	1,953
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	77		(23)
Market risk benefits (gains) losses	115		(49)
Amortization of premiums/discounts on fixed maturities	(14)		91
Amortization of purchased intangibles	72		71
Equity in net income of partially-owned entities	(340)		(363)
Deferred income taxes	9		91
Unpaid losses and loss expenses	(14)		923
Unearned premiums	591		492
Future policy benefits	136		21
Insurance and reinsurance balances payable	(9)		147
Accounts payable, accrued expenses, and other liabilities	(390)		(274)
Income taxes payable	128		128
Insurance and reinsurance balances receivable	(402)		(125)
Reinsurance recoverable	622		(444)
Deferred policy acquisition costs	(254)		(116)
Other	32		(79)
Net cash flows from operating activities	2,251		2,444
Cash flows from investing activities
Purchases of fixed maturities available for sale	(7,169)		(5,933)
Purchases of fixed maturities held to maturity	(88)		(143)
Purchases of equity securities	(135)		(380)
Sales of fixed maturities available for sale	3,854		1,838
Sales of equity securities	43		1,110
Maturities and redemptions of fixed maturities available for sale	1,541		3,003
Maturities and redemptions of fixed maturities held to maturity	472		398
Net change in short-term investments	1,256		(267)
Net derivative instruments settlements	(38)		74
Private equity contributions	(384)		(669)
Private equity distributions	273		207
Acquisition of subsidiaries	(23)		—
Payment for Huatai Group interest	—		(113)
Other	(172)		(120)
Net cash flows used for investing activities	(570)		(995)
Cash flows from financing activities
Dividends paid on Common Shares	(345)		(341)
Common Shares repurchased	(545)		(1,001)
Proceeds from issuance of repurchase agreements	1,308		146
Repayment of long-term debt	(475)		—
Repayment of repurchase agreements	(1,307)		(146)
Proceeds from share-based compensation plans	55		114
Policyholder contract deposits	95		106
Policyholder contract withdrawals	(101)		(88)
Tax withholding payments for share-based compensation plans	(76)		(81)
Other	(33)		(15)
Net cash flows used for financing activities	(1,424)		(1,306)
Effect of foreign currency rate changes on cash and restricted cash	(2)		(40)
Net increase in cash and restricted cash	255		103
Cash and restricted cash – beginning of period	2,127		1,811
Cash and restricted cash – end of period	$	2,382	$	1,914
Supplemental cash flow information
Taxes paid	$	219	$	132
Interest paid	$	99	$	85

See accompanying notes to the Consolidated Financial Statements

1. General and significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 18 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 2022 Form 10-K.

b) Restricted cash

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

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

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash	$	2,288	$	2,012
Restricted cash	94		115
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,382	$	2,127

6

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

c) Accounting guidance adopted in 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires 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.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is updated to remove any amounts related to changes to the original discount rate at January 1, 2021 (the transition date) in AOCI and future cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021.

On January 1, 2021, we recognized a cumulative effect adjustment and increased beginning retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders’ account balances, Note 11 Market risk benefits, and Note 12 Separate accounts.

The impact of adoption of the new guidance on our historical financial statements is as follows:

	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment	As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)	302
Deferred policy acquisition costs	5,788		243	6,031
Value of business acquired	3,596		106	3,702
Prepaid reinsurance premiums	3,140		(4)	3,136
Investments in partially-owned insurance companies	2,877		(370)	2,507
Unpaid losses and loss expenses	76,323		(576)	75,747
Unearned premiums	20,360		(647)	19,713
Future policy benefits	10,120		356	10,476
Market risk benefits	—		800	800
Insurance and reinsurance balances payable	7,795		(15)	7,780
Deferred tax liabilities	292		85	377
Retained Earnings	48,334		(29)	48,305
Accumulated other comprehensive income (loss)	(10,193)		8	(10,185)

Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.

7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of operations and comprehensive income
Net premiums written	$	9,199	$	(10)	$	9,189
Net premiums earned	8,746		(9)		8,737
Net realized gains (losses)	101		(78)		23
Market risk benefits gains (losses)	—		49		49
Losses and loss expenses	4,787		(223)		4,564
Policy benefits	145		228		373
Policy acquisition costs	1,737		(18)		1,719
Other (income) expense	(310)		(2)		(312)
Income tax expense	355		(2)		353
Net Income	1,974		(21)		1,953
Other comprehensive income
Change in current discount rate on future policy benefits	—		435		435
Change in instrument-specific credit risk on market risk benefits	—		23		23
Income tax benefit related to OCI items	812		(33)		779
Comprehensive income	(1,780)		404		(1,376)

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of cash flows
Net cash flows from operating activities	$	2,440	$	4	$	2,444
Net cash flows used for financing activities	(1,302)		(4)		(1,306)

8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:

	Life Insurance								Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020(1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065
Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1)     Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:

(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1)     Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

Significant accounting policies

The following accounting policies have been updated to reflect the adoption of LDTI. Refer to Note 1 in the 2022 Form 10-K for a complete description of our accounting policies.

Deferred policy acquisition costs (DAC)

Policy acquisition costs on long-duration contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Deferred policy acquisition costs are amortized on a constant level basis over the expected term of the related contracts to approximate straight-line amortization. The constant level basis used for amortization is the face amount in force and is projected using the same assumptions used in estimating the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected changes in the in-force portfolio, due to variances in mortality and lapse experience, are recognized over the contract term. Changes in future mortality and lapse assumptions are also recognized prospectively over the remaining expected contract term.

Future policy benefits

For traditional and limited-payment contracts, contracts are grouped into cohorts by contract type and issue year to determine a liability for future policy benefits. The future policy benefit liability (FPBL) is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, and is accrued as premium revenue is recognized. The valuation of this liability requires management to make estimates and assumptions regarding expenses, mortality, and persistency. Estimates are primarily based on historical experience. Actual results could differ materially from these estimates.

The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, we review our future cash flow assumptions at least annually to determine if the net premium ratio (NPR), the mechanism used to record the liability as premium is earned, used to calculate the liability should be changed at that time. We have elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Each quarter, we update the cash flows expected over the entire life of each cohort for actual historical experience and projected future cash

9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

flows. These updated cash flows are used to calculate the revised NPR, which is used to derive an updated FPBL as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, but before the updating of cash flow assumptions, to determine the current period change in FPBL. This current period change in the liability is the liability remeasurement gain or loss and is recorded in Policy benefits in the Consolidated statements of operations. In subsequent periods, the revised NPR is used to measure the FPBL until future revisions become required.

For traditional and limited-payment contracts, the discount rate assumption based on an upper-medium grade fixed-income instrument yield. An equivalent rate is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The discount rate assumption is updated quarterly and used to remeasure the liability at each reporting date, with the resulting change reflected in Other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level, as the basis for a linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Deferred profit liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (DPL) and recorded as a component of Future policy benefits in the Consolidated balance sheets. Net premiums are measured using actual cash flows and future cash flow assumptions consistent with those used in the measurement of the liability for future policy benefits and remeasured quarterly. The DPL is amortized in proportion to the discounted in-force policies. Interest is accreted on the balance of the DPL using the discount rate consistent with the interest accretion on the FPBL. The recalculated DPL, including adjusted amortization through the current period, is compared to the current carrying amount and the difference is recognized as an adjustment to Policy benefits in the Consolidated statements of operations as a remeasurement gain or loss.

Market risk benefits

Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States, which are referred to as market risk benefits. These reinsurance contracts provide both protection to the ceding entity from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk.

Market risk benefits are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are recognized in Market risk benefits gains (losses) in the Consolidated statements of operations, except the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income. Refer to Note 11 for additional information.

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 several Asian markets. Chubb paid approximately $5.4 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. 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. Refer to the 2022 Form 10-K for additional information on this acquisition.

The acquisition of Cigna's business in Asia generated $1,177 million of goodwill, attributable to expected growth and profitability, and $309 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 $3,633 million of value of business acquired (VOBA). Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreements that expired at 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. These estimates remain preliminary and are subject to adjustment. While they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected, retroactively, as of the date of the acquisition as a measurement period adjustment.

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Chubb Limited and Subsidiaries

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	$	5,274
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	85
Value of business acquired	3,633
Goodwill and intangible assets	1,486
Other assets	648
Total assets	$	11,214
Liabilities
Unpaid losses and loss expenses	$	12
Unearned premiums	60
Future policy benefits	3,856
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	926
Deferred tax liabilities	886
Total liabilities	$	5,855
Net acquired assets, including goodwill	5,359
Total	$	11,214

Direct costs related to the acquisition were expensed as incurred. Cigna integration expenses were $22 million for the three months ended March 31, 2023, 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 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
Pro forma:	March 31
(in millions of U.S. dollars)	2022
Net premiums earned	$	9,512
Total revenues	$	10,417
Net income	$	2,059

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), 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Chubb also holds a direct 20 percent interest in Huatai Life. Huatai Group's insurance operations have more than 700 branches and approximately 19 million customers in China.

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Chubb Limited and Subsidiaries

On January 4, 2023, we completed transactions that increased our ownership interest in Huatai Group from 47.3 percent to approximately 64.2 percent. At March 31, 2023, we have agreements in place to acquire approximately 22 percent of incremental ownership interests, pending completion of certain closing conditions. Of those incremental ownership interests, approximately 3 percent also require regulatory approval. We have paid deposits of $567 million for the approximately 22 percent of ownership interests and, at March 31, 2023, the remaining aggregate purchase price to be paid upon closing is approximately $0.8 billion, based on current exchange rates. 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. Refer to Note 2 to the Consolidated Financial Statements in our 2022 Form 10-K for additional information.

3. Investments

a) Fixed maturities

March 31, 2023	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	$	2,798	$	—	$	8	$	(127)	$	2,679
Non-U.S.	28,860		(60)		263		(1,671)		27,392
Corporate and asset-backed securities	41,316		(106)		104		(2,854)		38,460
Mortgage-backed securities	17,863		(2)		11		(1,770)		16,102
Municipal	3,872		—		12		(153)		3,731
	$	94,709	$	(168)	$	398	$	(6,575)	$	88,364

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,371	$	—	$	1,371	$	4	$	(35)	$	1,340
Non-U.S.	1,110		(4)		1,106		—		(70)		1,036
Corporate and asset-backed securities	1,699		(28)		1,671		2		(97)		1,576
Mortgage-backed securities	1,373		(1)		1,372		—		(90)		1,282
Municipal	2,905		—		2,905		2		(32)		2,875
	$	8,458	$	(33)	$	8,425	$	8	$	(324)	$	8,109

December 31, 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	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220

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Chubb Limited and Subsidiaries

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439

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

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,505	18	%	$	1,612	18	%
AA	4,760		56	%	5,023		57	%
A	1,594		19	%	1,634		18	%
BBB	579		7	%	593		7	%
BB	20		—	%	20		—	%
Total	$	8,458	100	%	$	8,882	100	%

The following table presents fixed maturities by contractual maturity:

	March 31, 2023				December 31, 2022
(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	$	3,020	$	3,020	$	2,962	$	2,962
Due after 1 year through 5 years	26,248		26,248		24,791		24,791
Due after 5 years through 10 years	27,608		27,608		26,679		26,679
Due after 10 years	15,386		15,386		14,937		14,937
	72,262		72,262		69,369		69,369
Mortgage-backed securities	16,102		16,102		15,851		15,851
	$	88,364	$	88,364	$	85,220	$	85,220
Held to maturity
Due in 1 year or less	$	1,048	$	1,035	$	1,015	$	1,003
Due after 1 year through 5 years	3,409		3,313		3,658		3,531
Due after 5 years through 10 years	1,385		1,361		1,460		1,423
Due after 10 years	1,211		1,118		1,260		1,131
	7,053		6,827		7,393		7,088
Mortgage-backed securities	1,372		1,282		1,455		1,351
	$	8,425	$	8,109	$	8,848	$	8,439

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. 

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Chubb Limited and Subsidiaries

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at March 31, 2023, and December 31, 2022, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 e) in the 2022 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
March 31, 2023	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	$	1,564	$	(39)	$	912	$	(88)	$	2,476	$	(127)
Non-U.S.	7,195		(243)		11,689		(1,004)		18,884		(1,247)
Corporate and asset-backed securities	13,577		(507)		15,222		(1,356)		28,799		(1,863)
Mortgage-backed securities	4,769		(205)		10,427		(1,528)		15,196		(1,733)
Municipal	2,172		(30)		735		(123)		2,907		(153)
Total AFS fixed maturities	$	29,277	$	(1,024)	$	38,985	$	(4,099)	$	68,262	$	(5,123)

	0 – 12 Months				Over 12 Months				Total
December 31, 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	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)

At March 31, 2023, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $646 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.

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Chubb Limited and Subsidiaries

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	169	$	14
Provision for expected credit loss	59		17
Write-offs charged against the expected credit loss	(2)		—
Recovery of expected credit loss	(58)		(4)
Valuation allowance for expected credit losses - end of period	$	168	$	27
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	35
Recovery of expected credit loss	(1)		(1)
Valuation allowance for expected credit losses - end of period	$	33	$	34

c) Net realized gains (losses)

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities:
Gross realized gains	$	2	$	39
Gross realized losses	(159)		(127)
Net (provision for) recovery of expected credit losses	2		(12)
Impairment (1)	(25)		(36)
Total fixed maturities	(180)		(136)
Equity securities	11		56
Other investments	15		55
Foreign exchange	131		74
Investment and embedded derivative instruments	(46)		47
Other derivative instruments	(1)		1
Other	(7)		(74)
Net realized gains (losses) (pre-tax)	$	(77)	$	23

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

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Chubb Limited and Subsidiaries

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

							Three Months Ended
							March 31
	2023						2022
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	11	$	15	$	26	$	56	$	55	$	111
Less: Net gains (losses) recognized from sales of securities	(5)		—		(5)		255		—		255
Unrealized gains (losses) recognized for securities still held at reporting date	$	16	$	15	$	31	$	(199)	$	55	$	(144)

d) Alternative investments

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

	Expected Liquidation Period of Underlying Assets	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,146	$	472	$	1,074	$	505
Real assets	2 to 13 Years	2,114		640		2,166		681
Distressed	2 to 8 Years	1,096		659		1,048		755
Private credit	3 to 8 Years	216		322		215		429
Traditional	2 to 14 Years	7,800		4,654		7,424		5,025
Vintage	1 to 2 Years	56		—		55		—
Investment funds	Not Applicable	377		—		373		—
		$	12,805	$	6,747	$	12,355	$	7,395

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 March 31, 2023 and December 31, 2022 are investments, primarily fixed maturities, totaling $16,021 million and $15,721 million, respectively, and cash of $94 million and $115 million, respectively.

The following table presents the components of restricted assets:

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Trust funds	$	8,263	$	8,120
Deposits with U.S. regulatory authorities	2,350		2,345
Deposits with non-U.S. regulatory authorities	3,094		2,959
Assets pledged under repurchase agreements	1,503		1,527
Other pledged assets	905		885
Total	$	16,115	$	15,836

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

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.

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.

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 market risk benefits (MRB) reserves and our MRB reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets principally 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.

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

March 31, 2023	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,119	$	560	$	—	$	2,679
Non-U.S.	—		26,831		561		27,392
Corporate and asset-backed securities	—		35,916		2,544		38,460
Mortgage-backed securities	—		16,092		10		16,102
Municipal	—		3,731		—		3,731
	2,119		83,130		3,115		88,364
Equity securities	854		—		88		942
Short-term investments	1,856		1,830		7		3,693
Other investments (1)	559		423		—		982
Securities lending collateral	—		1,582		—		1,582
Investment derivatives	59		—		—		59
Derivatives designated as hedging instruments	—		8		—		8
Other derivative instruments	5		—		—		5
Separate account assets	5,198		102		—		5,300
Total assets measured at fair value (1)	$	10,650	$	87,075	$	3,210	$	100,935
Liabilities:
Investment derivatives	$	158	$	—	$	—	$	158
Derivatives designated as hedging instruments	—		82		—		82
Other derivative instruments	45		2		—		47
Market risk benefits (2)	—		—		830		830
Total liabilities measured at fair value	$	203	$	84	$	830	$	1,117

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,805 million, policy loans of $358 million, and other investments of $47 million at March 31, 2023, measured using NAV as a practical expedient.

(2)Refer to Note 11 for additional information on Market risk benefits.

20

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

December 31, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,100	$	526	$	—	$	2,626
Non-U.S.	—		25,344		564		25,908
Corporate and asset-backed securities	—		34,506		2,449		36,955
Mortgage-backed securities	—		15,840		11		15,851
Municipal	—		3,880		—		3,880
	2,100		80,096		3,024		85,220
Equity securities	737		—		90		827
Short-term investments	3,108		1,849		3		4,960
Other investments (1)	552		399		—		951
Securities lending collateral	—		1,523		—		1,523
Investment derivative instruments	82		—		—		82
Derivatives designated as hedging instruments	—		17		—		17
Other derivative instruments	33		—		—		33
Separate account assets	5,101		89		—		5,190
Total assets measured at fair value (1)	$	11,713	$	83,973	$	3,117	$	98,803
Liabilities:
Investment derivatives	$	139	$	—	$	—	$	139
Derivatives designated as hedging instruments	—		53		—		53
Market risk benefits (2)	—		—		800		800
Total liabilities measured at fair value	$	139	$	53	$	800	$	992

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022, measured using NAV as a practical expedient.

(2)Refer to Note 11 for additional information on Market risk benefits.

21

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Level 3 financial instruments

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

	Assets
Three Months Ended March 31, 2023 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	564	$	2,449	$	11	$	90	$	3
Transfers out of Level 3	—		(11)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(4)		(2)		—		—		(1)
Net Realized Gains/Losses	—		2		—		(4)		—
Purchases	43		205		—		7		5
Sales	(31)		(20)		—		(5)		—
Settlements	(11)		(79)		(1)		—		—
Balance, end of period	$	561	$	2,544	$	10	$	88	$	7
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	4	$	—	$	(3)	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(6)	$	(5)	$	—	$	—	$	(1)

	Assets
Three Months Ended March 31, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7
Transfers into Level 3	18		29		—		1		—
Transfers out of Level 3	(23)		(50)		(5)		—		—
Change in Net Unrealized Gains/Losses in OCI	(13)		(22)		—		—		—
Net Realized Gains/Losses	(2)		—		—		4		—
Purchases	43		315		—		3		2
Sales	(6)		(27)		—		(3)		—
Settlements	(32)		(65)		(1)		—		(5)
Balance, end of period	$	618	$	2,229	$	20	$	82	$	4
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(2)	$	—	$	—	$	4	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(13)	$	(22)	$	—	$	—	$	—

Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 11 Market risk benefits. Refer to Note 11 for additional information.

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

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

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2022 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:

March 31, 2023	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	$	1,267	$	73	$	—	$	1,340	$	1,371
Non-U.S.	—		1,036		—		1,036		1,106
Corporate and asset-backed securities	—		1,576		—		1,576		1,671
Mortgage-backed securities	—		1,282		—		1,282		1,372
Municipal	—		2,875		—		2,875		2,905
Total assets	$	1,267	$	6,842	$	—	$	8,109	$	8,425
Liabilities:
Repurchase agreements	$	—	$	1,420	$	—	$	1,420	$	1,420
Long-term debt	—		12,892		—		12,892		14,375
Trust preferred securities	—		368		—		368		308
Total liabilities	$	—	$	14,680	$	—	$	14,680	$	16,103

December 31, 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	$	1,299	$	71	$	—	$	1,370	$	1,417
Non-U.S.	—		1,054		—		1,054		1,136
Corporate and asset-backed securities	—		1,580		—		1,580		1,705
Mortgage-backed securities	—		1,351		—		1,351		1,455
Municipal	—		3,084		—		3,084		3,135
Total assets	$	1,299	$	7,140	$	—	$	8,439	$	8,848
Liabilities:
Repurchase agreements	$	—	$	1,419	$	—	$	1,419	$	1,419
Short-term debt	—		473		—		473		475
Long-term debt	—		12,495		—		12,495		14,402
Trust preferred securities	—		383		—		383		308
Total liabilities	$	—	$	14,770	$	—	$	14,770	$	16,604

23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

5. Reinsurance

Reinsurance recoverable on ceded reinsurance

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	16,520	$	294	$	17,086	$	289
Reinsurance recoverable on paid losses and loss expenses	1,621		57		1,773		62
Reinsurance recoverable on losses and loss expenses	$	18,141	$	351	$	18,859	$	351
Reinsurance recoverable on policy benefits	$	279	$	1	$	302	$	4

(1)Net of valuation allowance for uncollectible reinsurance.

The decrease in reinsurance recoverable on losses and loss expenses was primarily due to a seasonal decrease in crop recoverables, and collections.

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Valuation allowance for uncollectible reinsurance - beginning of period	$	351	$	329
Provision for uncollectible reinsurance	5		3
Write-offs charged against the valuation allowance	(5)		(4)
Foreign exchange revaluation	—		1
Valuation allowance for uncollectible reinsurance - end of period	$	351	$	329

For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2022 Form 10-K.

6. Deferred acquisition costs

Deferred acquisition costs comprise capitalized costs on short-duration contracts of $3,010 million and $2,808 million and long-duration contracts of $3,286 million and $2,974 million at March 31, 2023, and March 31, 2022, respectively. The assumptions used to amortize DAC were consistent with the assumptions used to estimate the liability for future policy benefits for nonparticipating traditional and limited-payment contracts.

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

	Three Months ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	320	$	776	$	395	$	902	$	121	$	2,514
Capitalizations	36		25		24		126		3		214
Amortization expense	(24)		(19)		(5)		(30)		(5)		(83)
Other (including foreign exchange)	5		1		(1)		(7)		—		(2)
Balance - end of period	$	337	$	783	$	413	$	991	$	119	$	2,643
Overseas General Insurance segment excluded from table											643
Total deferred acquisition costs on long-duration contracts											$	3,286

24

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Three Months ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	246	$	771	$	334	$	745	$	108	$	2,204
Capitalizations	34		29		10		24		20		117
Amortization expense	(16)		(18)		(5)		(25)		(5)		(69)
Other (including foreign exchange)	5		(8)		(2)		—		(3)		(8)
Balance - end of period	$	269	$	774	$	337	$	744	$	120	$	2,244
Overseas General Insurance segment excluded from table											730
Total deferred acquisition costs on long-duration contracts											$	2,974

7. Goodwill and Value of business acquired

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, 2022	$	6,945	$	2,230	$	134	$	4,605	$	371	$	1,943	$	16,228
Foreign exchange revaluation and other	(9)		(3)		—		(3)		—		(38)		(53)
Balance at March 31, 2023	$	6,936	$	2,227	$	134	$	4,602	$	371	$	1,905	$	16,175

VOBA

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:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023
Balance, beginning of period	$	3,702
Amortization of VOBA (1)	(83)
Foreign exchange revaluation and other	(16)
Balance, end of period	$	3,603

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

During the three months ended March 31, 2023, amortization of VOBA associated with the acquisition of Cigna’s business in Asia was $78 million pre-tax.

25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

8. Unpaid losses and loss expenses

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Gross unpaid losses and loss expenses – beginning of period	$	75,747	$	72,330
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,086)		(16,132)
Net unpaid losses and loss expenses – beginning of period	58,661		56,198
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,336		4,963
Prior years (2)	(188)		(399)
Total	5,148		4,564
Net losses and loss expenses paid in respect of losses occurring in:
Current year	805		593
Prior years	3,911		3,569
Total	4,716		4,162
Foreign currency revaluation and other	(196)		3
Net unpaid losses and loss expenses – end of period	58,897		56,603
Reinsurance recoverable on unpaid losses (1)	16,520		16,593
Gross unpaid losses and loss expenses – end of period	$	75,417	$	73,196

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and development on international A&H lines totaling $(8) million and $159 million for the three months ended March 31, 2023 and 2022, respectively.

Gross unpaid losses and loss expenses decreased $330 million for the three months ended March 31, 2023, principally reflecting underlying exposure growth that was more than offset by the favorable impact of foreign currency movement, a large payment related to the Boy Scouts of America agreement, and a non-recurring transaction in the quarter. In addition, there was an increase in net unpaid losses and loss expenses of $236 million reflecting the factors noted above as well as higher collections in the quarter.

26

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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 March 31
(in millions of U.S. dollars)	Long-tail		Short-tail		Total
2023
North America Commercial P&C Insurance	$	9	$	(81)	$	(72)
North America Personal P&C Insurance	—		17		17
North America Agricultural Insurance	—		—		—
Overseas General Insurance	—		(143)		(143)
Global Reinsurance	—		(8)		(8)
Corporate	10		—		10
Total	$	19	$	(215)	$	(196)
2022
North America Commercial P&C Insurance	$	(20)	$	(88)	$	(108)
North America Personal P&C Insurance	—		(51)		(51)
North America Agricultural Insurance	—		(26)		(26)
Overseas General Insurance	—		(60)		(60)
Global Reinsurance	—		(3)		(3)
Corporate	8		—		8
Total	$	(12)	$	(228)	$	(240)

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

North America Commercial P&C Insurance. Net favorable development for the three months ended March 31, 2023, was $72 million favorable with $81 million favorable in short-tail lines and $9 million adverse in long-tail lines. The short tail development was primarily in surety and A&H, partially offset by adverse development in property and marine due to the net impact of positive development from Hurricane Ian and negative development from Winter Storm Elliott. The long tail development was the net of favorable developments in specialty casualty and workers comp due to lower than expected paid and reported loss activity offset by adverse development in general liability and certain financial lines due to higher than expected development.

Net favorable development for the three months ended March 31, 2022, included favorable development in A&H lines of $76 million, which experienced lower than expected loss emergence. The favorable development was partially offset by adverse development in commercial umbrella and excess portfolios of $60 million driven by higher than expected loss emergence.

North America Personal P&C Insurance. Net adverse development for the three months ended March 31, 2023, was $17 million with no individually significant movements. Net favorable development for the three months ended March 31, 2022, included favorable development in the homeowners line of business from a reserve release due to lower than expected paid and reported loss activity attributable to the indirect effects of COVID related economic slowdown.

Overseas General Insurance. Net favorable development for the three months ended March 31, 2023, included $85 million in property lines, driven by favorable catastrophe development of $43 million, and non-catastrophe loss emergence in Continental Europe and the U.K.

Net favorable development for the three months ended March 31, 2022, included favorable development in property and A&H lines of business.

27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Molestation claims

In the first quarter of 2023, the District Court issued an order approving the Boy Scouts of America (BSA) bankruptcy plan in full. There are no changes to the terms of the agreement which are consistent with the 2022 10-K disclosure. We paid $800 million per the agreement, with $300 million paid in 2022, $200 million paid during the first quarter of 2023, and the remaining $300 million paid in April 2023. Refer to the 2022 10-K for additional information on molestation claims.

9. Future policy benefits

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

Present Value of Expected Net Premiums	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	818	$	1,546	$	10,618	$	42	$	13,024
Beginning balance at original discount rate	879		1,600		11,163		43		13,685
Effect of changes in cash flow assumptions	17		(1)		(786)		1		(769)
Effect of actual variances from expected experience	(3)		(9)		(29)		—		(41)
Adjusted beginning of period balance	893		1,590		10,348		44		12,875
Issuances	36		50		312		1		399
Interest accrual	29		15		126		—		170
Net premiums collected (1)	(44)		(60)		(349)		(6)		(459)
Derecognition (lapses)	(2)		1		(54)		(1)		(56)
Other (including foreign exchange)	—		(1)		32		1		32
Ending balance at original discount rate	912		1,595		10,415		39		12,961
Effect of changes in discount rate assumptions	(62)		(40)		(206)		(3)		(311)
Balance – end of period	$	850	$	1,555	$	10,209	$	36	$	12,650

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

28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,429	$	4,781	$	15,457	$	253	$	21,920
Beginning balance at original discount rate	1,556		4,973		16,259		264		23,052
Effect of changes in cash flow assumptions	20		(1)		(798)		2		(777)
Effect of actual variances from expected experience	(1)		(7)		(26)		1		(33)
Adjusted beginning of period balance	1,575		4,965		15,435		267		22,242
Issuances	36		49		309		1		395
Interest accrual	32		48		160		2		242
Benefits payments	(46)		(59)		(368)		(3)		(476)
Derecognition (lapses)	(2)		1		(56)		(1)		(58)
Other (including foreign exchange)	(70)		(292)		448		(24)		62
Ending balance at original discount rate	1,525		4,712		15,928		242		22,407
Effect of changes in discount rate assumptions	(135)		(98)		(388)		(4)		(625)
Balance – end of period	$	1,390	$	4,614	$	15,540	$	238	$	21,782

	March 31, 2023
Liability for Future Policy Benefits	Life Insurance								Overseas General Insurance		Chubb Consolidated
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Net liability for future policy benefits	$	540	$	3,059	$	5,331	$	202	$	713	$	9,845
Deferred profit liability	209		555		160		13		—		937
Net liability for future policy benefits, per consolidated balance sheet	749		3,614		5,491		215		713		10,782
Less: Reinsurance recoverable on future policy benefits	143		30		82		—		24		279
Net liability for future policy benefits, after reinsurance recoverable	$	606	$	3,584	$	5,409	$	215	$	689	$	10,503
Weighted average duration (years)	8.0		21.2		10.3		14.5		5.0		13.5

29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	422	$	1,341	$	2,520	$	30	$	4,313
Beginning balance at original discount rate	397		1,243		2,323		28		3,991
Effect of changes in cash flow assumptions	—		(2)		—		—		(2)
Effect of actuarial variances from expected experience	(9)		(8)		(37)		—		(54)
Adjusted beginning of period balance	388		1,233		2,286		28		3,935
Issuances	41		38		33		1		113
Interest accrual	25		11		37		—		73
Net premiums collected (1)	(27)		(41)		(64)		(3)		(135)
Other (including foreign exchange)	(2)		(6)		—		—		(8)
Ending balance at original discount rate	425		1,235		2,292		26		3,978
Effect of changes in discount rate assumptions	6		46		94		1		147
Balance – end of period	$	431	$	1,281	$	2,386	$	27	$	4,125

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

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	921	$	4,785	$	4,939	$	130	$	10,775
Beginning balance at original discount rate	858		3,833		4,589		122		9,402
Effect of changes in cash flow assumptions	(5)		(2)		—		11		4
Effect of actuarial variances from expected experience	(9)		(7)		(38)		—		(54)
Adjusted beginning of period balance	844		3,824		4,551		133		9,352
Issuances	42		38		34		—		114
Interest accrual	27		37		51		1		116
Benefits payments	(21)		(46)		(83)		—		(150)
Other (including foreign exchange)	(9)		(27)		(6)		—		(42)
Ending balance at original discount rate	883		3,826		4,547		134		9,390
Effect of changes in discount rate assumptions	7		568		162		4		741
Balance – end of period	$	890	$	4,394	$	4,709	$	138	$	10,131

30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	March 31, 2022
Liability for Future Policy Benefits	Life Insurance								Overseas General Insurance		Chubb Consolidated
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		A&H		Total
Net liability for future policy benefits	$	459	$	3,113	$	2,323	$	111	$	772	$	6,778
Deferred profit liability	152		401		98		8		—		659
Net liability for future policy benefits, per consolidated balance sheet	611		3,514		2,421		119		772		7,437
Less: Reinsurance recoverable on future policy benefits	115		33		61		—		33		242
Net liability for future policy benefits, after reinsurance recoverable	$	496	$	3,481	$	2,360	$	119	$	739	$	7,195
Weighted average duration (years)	8.3		20.1		10.4		30.0		5.3		14.2

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

	March 31		March 31
(in millions of U.S. dollars)	2023		2022
Term Life
Undiscounted expected future benefit payments	$	2,352	$	1,309
Undiscounted expected future gross premiums	2,673		1,437
Discounted expected future benefit payments	1,390		890
Discounted expected future gross premiums	1,787		1,122
Whole Life
Undiscounted expected future benefit payments	14,656		9,870
Undiscounted expected future gross premiums	5,375		3,531
Discounted expected future benefit payments	4,614		4,394
Discounted expected future gross premiums	3,994		2,597
A&H
Undiscounted expected future benefit payments	21,563		6,027
Undiscounted expected future gross premiums	31,611		8,914
Discounted expected future benefit payments	15,540		4,709
Discounted expected future gross premiums	18,958		6,209
Other
Undiscounted expected future benefit payments	370		215
Undiscounted expected future gross premiums	97		74
Discounted expected future benefit payments	238		138
Discounted expected future gross premiums	$	87	$	65

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents the amount of revenue and interest recognized in the statement of operations:

	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	March 31				March 31
(in millions of U.S. dollars)	2023		2022		2023		2022
Life Insurance
Term Life	$	170	$	49	$	3	$	2
Whole Life	162		74		33		26
A&H	795		290		34		14
Other	19		82		2		1
Overseas General Insurance
A&H	364		365		—		—
Total	$	1,510	$	860	$	72	$	43

The following table presents the weighted-average interest rates:

	Interest Accretion Rate				Current Discount Rate
	Three Months Ended				Three Months Ended
	March 31				March 31
	2023		2022		2023		2022
Life Insurance
Term Life	2.9	%	2.4	%	6.5	%	3.6	%
Whole Life	4.4	%	4.4	%	6.1	%	4.6	%
A&H	4.2	%	3.9	%	6.7	%	4.0	%
Other	3.8	%	3.7	%	4.8	%	3.4	%

10. Policyholders' account balances

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

	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,719	$	1,421	$	3,140
Premiums received	85		25		110
Policy charges (1)	(45)		(3)		(48)
Surrenders and withdrawals	(16)		(15)		(31)
Benefit payments	(4)		(7)		(11)
Interest credited	11		5		16
Other (including foreign exchange)	(4)		6		2
Balance, end of period	$	1,746	$	1,432	$	3,178

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,612	$	1,154	$	2,766
Premiums received	95		28		123
Policy charges (1)	(46)		(2)		(48)
Surrenders and withdrawals	(14)		(17)		(31)
Benefit payments	(2)		(5)		(7)
Interest credited	11		6		17
Other (including foreign exchange)	(6)		(46)		(52)
Balance, end of period	$	1,650	$	1,118	$	2,768

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

	March 31
	2023						2022
(in millions of U.S. dollars, except for percentages)	Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.6		%	2.6		%	3.6		%	3.4		%
Net amount at risk (1)	$	9,934		$	1,450		$	10,259		$	518
Cash Surrender Value	$	937		$	1,137		$	869		$	865

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

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

Universal Life

	March 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	3	$	—	$	388	$	846	$	1,237
2.01% – 4.00%	453		56		—		—		509
Total	$	456	$	56	$	388	$	846	$	1,746

	March 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	4	$	—	$	420	$	743	$	1,167
2.01% – 4.00%	238		210		35		—		483
Total	$	242	$	210	$	455	$	743	$	1,650

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Other policyholders' account balances

	March 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	154	$	547	$	188	$	543	$	1,432
Total	$	154	$	547	$	188	$	543	$	1,432

	March 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	—	$	530	$	219	$	369	$	1,118
Total	$	—	$	530	$	219	$	369	$	1,118

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

11. Market risk benefits

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

	Three Months Ended March 31
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	800	$	812
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	776		755
Interest rate changes	63		(140)
Effect of changes in equity markets	(75)		111
Effect of changes in volatilities	57		37
Effect of timing and all other	(18)		(32)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	803	$	731
Effect of changes in the instrument-specific credit risk	27		34
Balance – end of period	$	830	$	765
Weighted-average age of policyholders (years)	73		73
Net amount at risk	$	2,296	$	1,913

Excluded from the table above are MRB gains (losses) of $(89) million and $26 million for the three months ended March 31, 2023 and 2022, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB reinsurance, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

	Valuation Technique	Significant Unobservable Inputs	March 31, 2023			March 31, 2022
			Ranges	Weighted Average(1)		Ranges	Weighted Average(1)
MRB (1)	Actuarial model	Lapse rate	1% – 30%	4.0	%	3% – 31%	4.4	%
		Annuitization rate	0% – 100%	4.4	%	0% – 100%	3.7	%

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

The most significant policyholder behavior assumptions include lapse rates for MRBs and the annuitization rates which is applicable to GLB only. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. In general, the base lapse function assumes low lapse rates during the surrender charge period, followed by a "spike" lapse rate in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate, typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. All GLB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GLB annuitization rates will be

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GLB annuitization rates increase as policyholders get older. In addition, it is also assumed that GLB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GLB) in comparison to all subsequent years. Chubb does not yet have fully credible annuitization experience for all clients.

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.

12. Separate accounts

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

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

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash and cash equivalents	$	116	$	141
Mutual funds	5,082		4,960
Fixed maturities	102		89
Total	$	5,300	$	5,190

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	5,190	$	5,560
Premiums and deposits	158		467
Policy charges	(15)		(31)
Surrenders and withdrawals	(6)		(124)
Benefit payments	(98)		(95)
Investment performance	83		(283)
Other (including foreign exchange)	(12)		66
Balance – end of period	$	5,300	$	5,560
Cash surrender value (1)	$	5,124	$	4,994

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

13. Commitments, contingencies, and guarantees

a) Derivative instruments

Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the MRB book of business. Investment derivative instruments and derivatives designated as hedges for accounting purposes 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.

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

				March 31, 2023						December 31, 2022
	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)	$	33	$	(128)	$	4,387	$	64	$	(115)	$	4,134
Options/Futures contracts on notes and bonds	OA / (AP)	26		(30)		1,861		18		(24)		1,511
Convertible securities (1)	FM AFS / ES	30		—		37		30		—		37
		$	89	$	(158)	$	6,285	$	112	$	(139)	$	5,682
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(45)	$	925	$	33	$	—	$	939
Other	OA / (AP)	5		(2)		457		—		—		—
		$	5	$	(47)	$	1,382	$	33	$	—	$	939
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	8	$	—	$	1,587	$	17	$	—	$	1,595
Cross-currency swaps - net investment hedges	OA / (AP)	—		(82)		1,579		—		(53)		1,604
		$	8	$	(82)	$	3,166	$	17	$	(53)	$	3,199

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At March 31, 2023, and December 31, 2022, net derivative liabilities of $214 million and $60 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Hedge accounting

We designate 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 €1.5 billion, or approximately $1.6 billion at March 31, 2023, of 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). The remaining change in fair value is recorded in Other comprehensive income (OCI), with an immaterial amount recorded in Interest expense.

For the three months ended March 31, 2023, we recognized a net loss of $17 million, comprising $20 million of net realized gains, $4 million of interest expense, and a remaining change in fair value of $33 million pre-tax of other comprehensive loss recorded within OCI.

(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, and an immaterial amount recorded to Interest expense. 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 months ended March 31, 2023, we recognized a net loss of $23 million, comprising $26 million pre-tax of cumulative translation losses recorded in OCI, and $3 million of interest income.

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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) or, for futures contracts on equities, Market risk benefits 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
	March 31
(in millions of U.S. dollars)	2023		2022
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(51)	$	(54)
All other futures contracts, options, and equities	5		102
Convertible securities (1)	—		(1)
Total investment and embedded derivative instruments	$	(46)	$	47
Other derivative instruments:
Futures contracts on equities (2)	(57)		42
Other	(1)		1
Total other derivative instruments	$	(58)	$	43
	$	(104)	$	90

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

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

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

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

(iii) Convertible security investments

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

(iv) TBA

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

(v) Futures contracts on equities

Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

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

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

	Remaining contractual maturity
	March 31, 2023		December 31, 2022
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	842	$	820
U.S. Treasury / Agency	78		72
Non-U.S.	626		604
Corporate and asset-backed securities	36		27
	$	1,582	$	1,523
Gross amount of recognized liability for securities lending payable	$	1,582	$	1,523

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

At March 31, 2023, and December 31, 2022, our repurchase agreement obligations of $1,420 million and $1,419 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
	March 31, 2023								December 31, 2022
	Up to 30 Days		30-90 Days		Total		Up to 30 Days		30-90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	7	$	—	$	7	$	12	$	—	$	12
U.S. Treasury / Agency	—		102		102		—		101		101
Mortgage-backed securities	907		487		1,394		921		493		1,414
	$	914	$	589	$	1,503	$	933	$	594	$	1,527
Gross amount of recognized liabilities for repurchase agreements					$	1,420					$	1,419
Difference (1)					$	83					$	108

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

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

e) Fixed maturities

At March 31, 2023, and December 31, 2022, commitments to purchase fixed income securities over the next several years were $810 million and $770 million, respectively.

f) Other investments

At March 31, 2023, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $12.4 billion. In connection with these investments, we have commitments that may require funding of up to $6.7 billion over the next several years. At December 31, 2022, these investments had a carrying value of $12.0 billion with commitments that may have required funding of up to $7.4 billion.

g) Income taxes

At March 31, 2023, $66 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

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Chubb Limited and Subsidiaries

category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

At March 31, 2023, and December 31, 2022, the right-of-use asset was $571 million and $607 million, respectively, recorded within Other assets, and the lease liability was $595 million and $633 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.

14. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2023, our Common Shares had a par value of CHF 24.15 per share.

At our May 2022 and 2021 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.32 per share and $3.20 per share, respectively, which were paid in four quarterly installments of $0.83 per share and $0.80 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions per Common Share for the three months ended March 31, 2023 and 2022, were $0.83 (CHF 0.77) and $0.80 (CHF 0.74), respectively.

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. 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 three months ended March 31, 2023, 2,010,400 shares were repurchased and 1,574,224 net shares were issued under employee share-based compensation plans. At March 31, 2023, 32,217,934 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

•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.

42

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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				April 1, 2023 through  May 1, 2023
	March 31
(in millions of U.S. dollars, except share data)	2023		2022
Number of shares repurchased	2,010,400		4,869,900		215,400
Cost of shares repurchased	$	428	$	1,001	$	43
Repurchase authorization remaining at end of period	$	1,193	$	1,648	$	1,150

43

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
	March 31
	2023		2022
(in millions of U.S. dollars)			As Adjusted
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(7,279)	$	2,256
Change in period, before reclassification from AOCI (before tax)	1,606		(4,788)
Amounts reclassified from AOCI (before tax)	180		136
Change in period, before tax	1,786		(4,652)
Income tax (expense) benefit	(166)		812
Balance – end of period, net of tax	(5,659)		(1,584)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(75)		(1,399)
Change in period, before tax	(151)		435
Income tax (expense) benefit	21		(33)
Balance – end of period, net of tax	(205)		(997)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(24)		(57)
Change in period, before and net of tax	(3)		23
Balance – end of period, net of tax	(27)		(34)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,966)		(2,114)
Change in period, before reclassification from AOCI (before tax)	(174)		—
Amounts reclassified from AOCI (before tax)	(3)		—
Change in period, before tax	(177)		67
Income tax benefit	7		4
Balance – end of period, net of tax	(3,136)		(2,043)
Fair value hedging instruments
Balance – beginning of period, net of tax	(66)		—
Change in period, before reclassification from AOCI (before tax)	(17)		—
Amounts reclassified from AOCI (before tax)	(16)		—
Change in period, before tax	(33)		—
Income tax benefit	7		—
Balance – end of period, net of tax	(92)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	225		240
Change in period, before tax	—		19
Income tax expense	(1)		(4)
Balance – end of period, net of tax	224		255
Accumulated other comprehensive income (loss)	$	(8,895)	$	(4,403)

44

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

	Three Months Ended				Consolidated Statement of Operations Location
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities available for sale	$	(180)	$	(136)	Net realized gains (losses)
Income tax benefit	18		22		Income tax expense
	$	(162)	$	(114)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	3	$	—	Interest expense
Income tax expense	(1)		—		Income tax expense
	$	2	$	—	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	20	$	—	Net realized gains (losses)
Cross-currency swaps	(4)		—		Interest expense
Income tax expense	(3)		—		Income tax expense
	$	13	$	—	Net income
Total amounts reclassified from AOCI	$	(147)	$	(114)

15. 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 23, 2023, Chubb granted 1,540,002 stock options with a weighted-average grant date fair value of $51.32 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 23, 2023, Chubb granted 785,319 service-based restricted stock awards, 315,545 service-based restricted stock units, and 407,825 performance-based stock awards to employees and officers with a grant date fair value of $208.60 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

45

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

16. 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
	2023				2022				2023		2022
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	1	$	—	$	—
Non-service cost (benefit):
Interest cost	34		9		21		6		—		—
Expected return on plan assets	(56)		(12)		(71)		(11)		(1)		—
Amortization of net actuarial loss	—		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(22)		(3)		(50)		(5)		(1)		—
Net periodic benefit cost (benefit)	$	(22)	$	(1)	$	(50)	$	(4)	$	(1)	$	—

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 March 31	2023		2022		2023		2022
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		1		—		—
Total service cost	2		1		—		—
Non-service cost (benefit):
Losses and loss expenses	(2)		(5)		—		—
Administrative expenses	(23)		(50)		(1)		—
Total non-service cost (benefit)	(25)		(55)		(1)		—
Net periodic benefit cost (benefit)	$	(23)	$	(54)	$	(1)	$	—

46

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

17. Other income and expense

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Equity in net income of partially-owned entities (1)	$	340	$	363
Gains (losses) from fair value changes in separate account assets (2)	(25)		(31)
Federal excise and capital taxes	(5)		(4)
Other	(14)		(16)
Total	$	296	$	312

(1)     Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.

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

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

18. Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment results for the three months ended March 31, 2023, include the results of Cigna's business in Asia, which are principally assigned to our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment according to the nature of the business written.

Management uses underwriting income (loss) as the basis for segment performance for its P&C operations. P&C underwriting income (loss) excludes the Life Insurance segment and is calculated 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), market risk benefits 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 several 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

47

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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.

48

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 March 31, 2023 (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	$	4,288	$	1,296	$	293	$	3,263	$	277	$	1,293	$	—	$	—	$	10,710
Net premiums earned	4,369		1,320		159		2,786		244		1,264		—		—		10,142
Losses and loss expenses	2,729		888		140		1,237		112		32		11		(1)		5,148
Policy benefits	—		—		—		110		—		712		—		(25)		797
Policy acquisition costs	613		272		15		713		62		273		—		—		1,948
Administrative expenses	295		79		3		280		9		167		97		—		930
Underwriting income (loss)	732		81		1		446		61		80		(108)		26		1,319
Net investment income	698		82		17		188		49		153		11		(91)		1,107
Other (income) expense	7		1		1		(9)		(1)		(15)		(214)		(66)		(296)
Amortization expense of    purchased intangibles	—		2		6		18		—		4		42		—		72
Segment income	$	1,423	$	160	$	11	$	625	$	111	$	244	$	75	$	1	$	2,650
Net realized gains (losses)													(76)		(1)		(77)
Market risk benefits gains (losses)													(115)		—		(115)
Interest expense													160		—		160
Cigna integration expenses													22		—		22
Income tax expense													384		—		384
Net income (loss)													$	(682)	$	—	$	1,892

For the Three Months Ended March 31, 2022 (As Adjusted) (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	$	4,039	$	1,180	$	62	$	3,079	$	253	$	576	$	—	$	—	$	9,189
Net premiums earned	4,114		1,247		(29)		2,628		235		542		—		—		8,737
Losses and loss expenses	2,497		713		(92)		1,296		115		24		10		1		4,564
Policy benefits	—		—		—		93		—		311		—		(31)		373
Policy acquisition costs	573		260		12		679		62		133		—		—		1,719
Administrative expenses	265		69		(1)		269		9		84		83		—		778
Underwriting income (loss)	779		205		52		291		49		(10)		(93)		30		1,303
Net investment income (loss)	489		59		7		147		85		103		(5)		(63)		822
Other (income) expense	6		1		—		2		—		(30)		(259)		(32)		(312)
Amortization expense of    purchased intangibles	—		2		7		14		—		2		46		—		71
Segment income	$	1,262	$	261	$	52	$	422	$	134	$	121	$	115	$	(1)	$	2,366
Net realized gains (losses)													22		1		23
Market risk benefits gains (losses)													49		—		49
Interest expense													132		—		132
Income tax expense													353		—		353
Net income (loss)													$	(299)	$	—	$	1,953

49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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, DAC, VOBA, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

19. Earnings per share

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars, except share and per share data)			As Adjusted
Numerator:
Net income	$	1,892	$	1,953
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	414,289,150		425,805,105
Denominator for diluted earnings per share:
Share-based compensation plans	3,639,042		3,985,729
Weighted-average shares outstanding and assumed conversions	417,928,192		429,790,834
Basic earnings per share	$	4.57	$	4.59
Diluted earnings per share	$	4.53	$	4.55
Potential anti-dilutive share conversions	1,731,523		681,032

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 2022 Form 10-K for additional information on stock options.

50

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 months ended March 31, 2023.

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, 2022 (2022 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	52
Overview	53
Consolidated Operating Results	53
Segment Operating Results	58
Net Realized and Unrealized Gains (Losses)	67
Effective Income Tax Rate	68
Non-GAAP Reconciliation	69
Amortization of Purchased Intangibles and Other Amortization	72
Net Investment Income	73
Interest Expense	73
Investments	73
Critical Accounting Estimates	78
Unpaid Losses and Loss Expenses	78
Future policy benefits	78
Asbestos and Environmental (A&E)	78
Fair Value Measurements	78
Catastrophe Management	79
Global Property Catastrophe Reinsurance Program	80
Capital Resources	81
Liquidity	82
Information Provided In Connection With Outstanding Debt of Subsidiaries	83

51

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, and 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;

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

52

•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 March 31, 2023, we had total assets of $201 billion and shareholders’ equity of $53 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 2022 Form 10-K.

Consolidated Operating Results – Three Months Ended March 31, 2023 and 2022

	Three Months Ended
	March 31				% Change
(in millions of U.S. dollars, except for percentages)	2023		2022		Q-23 vs. Q-22
Net premiums written	$	10,710	$	9,189	16.6	%
Net premiums written - constant dollars (1)					18.3	%
Net premiums earned	10,142		8,737		16.1	%
Net investment income	1,107		822		34.7	%
Net realized gains (losses)	(77)		23		NM
Market risk benefits gains (losses)	(115)		49		NM
Total revenues	11,057		9,631		14.8	%
Losses and loss expenses	5,148		4,564		12.8	%
Policy benefits	797		373		113.7	%
Policy acquisition costs	1,948		1,719		13.3	%
Administrative expenses	930		778		19.5	%
Interest expense	160		132		21.6	%
Other (income) expense	(296)		(312)		(5.1)	%
Amortization of purchased intangibles	72		71		1.9	%
Cigna integration expenses	22		—		NM
Total expenses	8,781		7,325		19.9	%
Income before income tax	2,276		2,306		(1.4)	%
Income tax expense	384		353		8.7	%
Net income	$	1,892	$	1,953	(3.2)	%

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.

53

Financial Highlights for the Three Months Ended March 31, 2023

•Net income was $1.9 billion compared with $2.0 billion in the prior year period. Net income in the current quarter included the results of Cigna's business acquired during the third quarter of 2022 and record net investment income. Net income is slightly lower compared to the prior year, reflecting market risk benefit losses of $115 million, from lower interest rates and higher volatility, partially offset by higher equity markets, compared to a gain of $49 million in the prior year.

•Consolidated net premiums written were $10.7 billion, up 16.6 percent, or 18.3 percent in constant dollars, with Cigna's business in Asia adding 8.3 percentage points, or 8.4 percentage points in constant dollars. P&C net premiums written were up 9.3 percent, or 11.0 percent in constant dollars, with commercial and consumer lines up 11.5 percent and 9.4 percent, respectively.

•Consolidated net premiums earned were $10.1 billion, up 16.1 percent, or 17.7 percent in constant dollars, with Cigna's business in Asia adding 8.7 percentage points, or 8.8 percentage points in constant dollars. P&C net premiums earned increased 8.3 percent, or 9.8 percent in constant dollars, with commercial and consumer lines up 10.5 percent and 8.0 percent, respectively.

•Total pre-tax and after-tax catastrophe losses were $458 million (5.1 percentage points of the P&C combined ratio) and $382 million, respectively, compared with $333 million (4.0 percentage points of the P&C combined ratio) and $290 million, respectively, in the prior year period. Catastrophe losses in the current quarter were primarily from global weather-related events.

•Total pre-tax and after-tax favorable prior period development were $196 million (2.2 percentage points of the combined ratio) and $149 million, respectively. The $196 million in pre-tax development was comprised of $202 million in favorable non-catastrophe development and $6 million in adverse catastrophe-related development. This compares with $240 million (3.2 percentage points of the combined ratio) and $195 million, respectively, in the prior year period.

•The P&C combined ratio was 86.3 percent compared with 84.3 percent in the prior year period. The current year P&C combined ratio increased primarily due to higher catastrophe losses and lower favorable prior period development. The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 83.4 percent compared with 83.5 percent in the prior year period.

•Net investment income was a record $1.1 billion compared with $822 million in the prior year period, primarily reflecting higher reinvestment rates.

•Operating cash flow was $2.25 billion compared with $2.44 billion in the prior year period.

•Effective January 1, 2023, we adopted the Long-Duration Targeted Improvements (LDTI) U.S. GAAP guidance, which principally impacted the Life Insurance segment. Financial data for the prior reporting periods in this report are adjusted, as applicable, and are presented in accordance with the new guidance. The impact to 2022 results was immaterial.

•Shareholders' equity increased by $2.5 billion in the quarter, primarily from net income of $1.9 billion and net unrealized gains on investments of $1.6 billion after-tax from lower interest rates. In addition, shareholders' equity reflected total capital returned to shareholders in the quarter of $772 million, including share repurchases of $428 million, at an average purchase price of $212.81 per share, and dividends of $344 million.

54

Net Premiums Written	Three Months Ended March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023		2022		Q-23 vs. Q-22		C$ Q-23 vs. Q-22
Commercial casualty	$	1,903	$	1,837	3.6	%	5.3	%
Workers' compensation	618		603		2.5	%	2.5	%
Financial lines	1,156		1,182		(2.3)	%	(0.5)	%
Surety	160		153		4.5	%	4.2	%
Commercial multiple peril (1)	340		290		17.5	%	17.5	%
Property and other short-tail lines	2,025		1,777		14.0	%	16.5	%
Total Commercial P&C lines	6,202		5,842		6.2	%	7.8	%
Agriculture	293		62		NM		NM
Personal automobile	427		412		3.6	%	0.9	%
Personal homeowners	902		830		8.7	%	9.4	%
Personal other	507		495		2.6	%	6.5	%
Total Personal lines	1,836		1,737		5.7	%	6.5	%
Global A&H - P&C	809		719		12.5	%	16.3	%
Reinsurance lines	277		253		9.4	%	10.4	%
Total Property and Casualty lines	9,417		8,613		9.3	%	11.0	%
Global A&H - Life	809		256		215.3	%	218.9	%
Life	484		320		51.5	%	55.3	%
Life Insurance	1,293		576		124.4	%	128.7	%
Total consolidated	$	10,710	$	9,189	16.6	%	18.3	%

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

The increase in consolidated net premiums written for the three months ended March 31, 2023, reflects growth across most product lines driven by strong renewal retention, positive rate increases, and new business. Cigna's business in Asia contributed $758 million for the three months ended March 31, 2023.

•Commercial casualty grew in all regions globally driven by strong premium retention, including both rate and exposure increases, and strong new business.

•Workers' compensation growth was due to strong premium retention and rate increases in North America.

•Financial lines decreased, reflecting lower new business and lower rates in North America.

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

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

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

•Agriculture increased due to underlying growth in crop insurance, reflecting higher commodity prices. In addition, the prior year included a return of premium to the U.S. government of $161 million.

•Personal lines grew principally in North America, with growth strongest in our high net worth business.

•Global A&H – P&C increased due to growth in Asia, including $34 million from the acquisition of Cigna’s business in Asia, and higher new business and increased consumer activity, including higher travel volume, in Europe, Latin America, and Japan.

•Reinsurance lines increased primarily due to continued growth in the portfolio, driven by new business.

55

•Global A&H – Life increased due to the acquisition of Cigna’s business in Asia, which contributed $570 million to growth. Our North American Combined Insurance supplemental A&H business decreased primarily due to the non-renewal of a large program.

•Life increased driven substantially by growth in Asia, principally from new business in Hong Kong, and the acquisition of Cigna's business in Asia, which contributed $154 million to growth.

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

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 March 31, 2023, net premiums earned increased $1.4 billion, up 16.1 percent, or 17.7 percent in constant dollars. P&C net premiums earned increased 8.3 percent, or 9.8 percent in constant dollars, comprising growth in commercial and consumer lines of 10.5 percent and 8.0 percent, respectively.

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.

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
	March 31
(in millions of U.S. dollars)	2023		2022
Catastrophe losses	$	458	$	333
Favorable prior period development	$	196	$	240

Catastrophe losses through March 31, 2023 and 2022, were primarily from the following events:

•2023: Severe weather-related events in the U.S. and internationally; and New Zealand storms.

•2022: Australia storms, Colorado wildfires, 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 March 31, 2023, was $196 million, comprising $202 million in favorable non-catastrophe development and $6 million in adverse catastrophe-related development. This development includes adverse development of $19 million in long-tail lines, principally from accident years 2013 through 2017. The remaining net favorable development of $215 million in short-tail lines is primarily in surety and A&H lines.

Pre-tax net favorable PPD for the three months ended March 31, 2022, was $240 million, with 5 percent in long-tail lines, principally from accident years 2018 and prior, and 95 percent in short-tail lines, primarily in A&H, property, and surety lines.

Refer to the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.

56

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
	March 31
	2023		2022
Loss and loss expense ratio
CAY loss ratio excluding catastrophe losses	55.9	%	56.3	%
Catastrophe losses	5.2	%	4.1	%
Prior period development	(2.2)	%	(3.9)	%
Loss and loss expense ratio	58.9	%	56.5	%
Policy acquisition cost ratio	18.8	%	19.3	%
Administrative expense ratio	8.6	%	8.5	%
P&C Combined ratio	86.3	%	84.3	%

The loss and loss expense ratio increased for the three months ended March 31, 2023, reflecting higher catastrophe losses and lower favorable prior period development. The CAY loss ratio excluding catastrophe losses decreased for the three months ended March 31, 2023, primarily from a higher percentage of net premiums earned from lines with a lower loss ratio and earned rate and exposure exceeding loss cost trends in certain lines.

The policy acquisition cost ratio decreased for the three months ended March 31, 2023, primarily due to the favorable impact of higher net premiums earned.

The administrative expense ratio for the three months ended March 31, 2023 remained essentially flat as higher employee-related expenses and increased investment to support growth was offset by the favorable impact of higher net premiums earned.

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 March 31, 2023 and 2022, Policy benefits were $797 million and $373 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 $(25) million and $(31) 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 $822 million and $404 million for the three months ended March 31, 2023 and 2022, 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.

57

Segment Operating Results – Three Months Ended March 31, 2023 and 2022

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 2022 Form 10-K.

North America Commercial P&C Insurance

The North America Commercial P&C Insurance segment comprises operations that provide P&C 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
	March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023			2022			Q-23 vs. Q-22
Net premiums written	$	4,288		$	4,039		6.2		%
Net premiums earned	4,369			4,114			6.2		%
Losses and loss expenses	2,729			2,497			9.2		%
Policy acquisition costs	613			573			6.9		%
Administrative expenses	295			265			11.4		%
Underwriting income	732			779			(5.9)		%
Net investment income	698			489			42.6		%
Other (income) expense	7			6			10.9		%
Segment income	$	1,423		$	1,262		12.8		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	60.5		%	61.5		%	(1.0)	pts
Catastrophe losses	3.7		%	2.0		%	1.7	pts
Prior period development	(1.7)		%	(2.8)		%	1.1	pts
Loss and loss expense ratio	62.5		%	60.7		%	1.8	pts
Policy acquisition cost ratio	14.0		%	13.9		%	0.1	pts
Administrative expense ratio	6.7		%	6.5		%	0.2	pts
Combined ratio	83.2		%	81.1		%	2.1	pts

Catastrophe Losses and Prior Period Development	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Catastrophe losses	$	162	$	81
Favorable prior period development	$	72	$	108

58

Catastrophe losses through March 31, 2023 and 2022, were primarily from the following events:

•2023: U.S. flooding, hail, tornadoes, wind events, and winter storm losses.

•2022: Winter storm losses and other severe weather-related events in the U.S.

Refer to Note 8 in the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $249 million, or 6.2 percent for the three months ended March 31, 2023, reflecting strong premium retention, including both rate and exposure increases, and strong new business in certain lines. The increase in premiums was across most lines of business, including property, commercial multiple peril, A&H, and excess casualty. Partially offsetting the increase was a 1.3 percentage point impact of loss portfolio transfer transactions year-over-year.

Net premiums earned increased $255 million, or 6.2 percent for the three months ended March 31, 2023, reflecting the growth in net premiums written described above.

Combined Ratio

The loss and loss expense ratio increased for the three months ended March 31, 2023, primarily from higher catastrophe losses and lower favorable prior period development. Prior period development for the three months ended March 31, 2023, comprised $112 million of favorable development, partially offset by a charge of $40 million related to development from the 2022 late-season catastrophes. The CAY loss ratio excluding catastrophe losses decreased for the three months ended March 31, 2023, primarily from a higher percentage of net premiums earned from property lines that have a lower loss ratio and earned rate and exposure exceeding loss cost trends in certain lines.

The administrative expense ratio increased for the three months ended March 31, 2023, primarily due to higher pension expenses reflecting unfavorable market conditions, partially offset by the favorable impact of higher net premiums earned. We expect the higher pension expense to continue through 2023.

59

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
	March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023			2022			Q-23 vs. Q-22
Net premiums written	$	1,296		$	1,180		9.9		%
Net premiums earned	1,320			1,247			5.9		%
Losses and loss expenses	888			713			24.6		%
Policy acquisition costs	272			260			5.1		%
Administrative expenses	79			69			14.3		%
Underwriting income	81			205			(60.7)		%
Net investment income	82			59			39.1		%
Other (income) expense	1			1			—
Amortization of purchased intangibles	2			2			—
Segment income	$	160		$	261		(38.8)		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	53.9		%	53.3		%	0.6	pts
Catastrophe losses	12.1		%	8.0		%	4.1	pts
Prior period development	1.3		%	(4.1)		%	5.4	pts
Loss and loss expense ratio	67.3		%	57.2		%	10.1	pts
Policy acquisition cost ratio	20.6		%	20.8		%	(0.2)	pts
Administrative expense ratio	6.0		%	5.5		%	0.5	pts
Combined ratio	93.9		%	83.5		%	10.4	pts

Catastrophe Losses and Prior Period Development	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Catastrophe losses	$	159	$	100
(Unfavorable) favorable prior period development	$	(17)	$	51

Catastrophe losses through March 31, 2023 and 2022, were primarily from the following events:

•2023: U.S. winter storm losses, flooding, hail, tornadoes, and wind events.

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

Refer to Note 8 in the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $116 million, or 9.9 percent for the three months ended March 31, 2023, primarily driven by strong new business and renewal retention, from both rate and exposure increases, across all lines, including homeowners, automobile, and excess liability.

Net premiums earned increased $73 million, or 5.9 percent for the three months ended March 31, 2023, reflecting the growth in net premiums written described above.

60

Combined Ratio

The loss and loss expense ratio increased for the three months ended March 31, 2023, primarily reflecting the impact of higher catastrophe losses in the current quarter, including a charge of $9 million related to the development from 2022 late-season catastrophes, and a reserve release in the prior year quarter due to lower than expected paid and reported loss activity attributable to the indirect effects of COVID related economic slowdown. The CAY loss ratio excluding catastrophe losses increased for the three months ended March 31, 2023, primarily reflecting higher auto losses, partially offset by homeowners earned rate and exposure exceeding lost cost trends.

The administrative expense ratio increased for the three months ended March 31, 2023, primarily due to higher year-over-year pension expenses from unfavorable market conditions, partially offset by the favorable impact of higher net premiums earned. We expect the higher pension expense to continue through 2023.

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
	March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023			2022			Q-23 vs. Q-22
Net premiums written	$	293		$	62		NM
Net premiums earned	159			(29)			NM
Losses and loss expenses	140			(92)			NM
Policy acquisition costs	15			12			24.3		%
Administrative expenses	3			(1)			NM
Underwriting income	1			52			(97.7)		%
Net investment income	17			7			152.1		%
Other (income) expense	1			—			NM
Amortization of purchased intangibles	6			7			(2.4)		%
Segment income	$	11		$	52		(78.2)		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	73.1		%	70.6		%	2.5	pts
Catastrophe losses	15.4		%	NM				NM
Prior period development	—			NM				NM
Loss and loss expense ratio	88.5		%	NM				NM
Policy acquisition cost ratio	9.3		%	NM				NM
Administrative expense ratio	1.4		%	NM				NM
Combined ratio	99.2		%	NM				NM

NM - not meaningful

Catastrophe Losses and Prior Period Development	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Catastrophe losses	$	24	$	—
Favorable prior period development	$	—	$	26

61

Catastrophe losses through March 31, 2023, were primarily from U.S. flooding, hail, tornadoes, wind events, and winter storm losses.

Refer to Note 8 in the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $231 million for the three months ended March 31, 2023, reflecting growth in MPCI due to higher commodity prices, and strong new business in Chubb Agribusiness. In addition, growth reflects the return of premium to the U.S. government of $161 million in the first quarter of 2022 as part of the profit-sharing agreement. Under the profit-sharing agreement, we returned additional premiums to the government because of the lower losses experienced in certain states in 2021.

Net premiums earned increased $188 million for the three months ended March 31, 2023, reflecting the factors described above.

Combined Ratio

The CAY loss ratio excluding catastrophe losses increased for the three months ended March 31, 2023, primarily from higher premiums earned from MPCI, which have a higher loss ratio, and a 1.5 percentage point increase from a year-over-year impact from our crop commodity price hedge activity which produced a loss this quarter versus a gain last year.

The CAY administrative expense ratio increased for the three months ended March 31, 2023, reflecting lower Administrative and Operating (A&O) reimbursements on the MPCI business.

62

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
	March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023			2022			Q-23 vs. Q-22
Net premiums written	$	3,263		$	3,079		6.0		%
Net premiums written - constant dollars							10.0		%
Net premiums earned	2,786			2,628			6.0		%
Loss and loss expenses	1,237			1,296			(4.6)		%
Policy benefits	110			93			18.3		%
Policy acquisition costs	713			679			4.9		%
Administrative expenses	280			269			4.0		%
Underwriting income	446			291			53.4		%
Net investment income	188			147			28.0		%
Other (income) expense	(9)			2			NM
Amortization of purchased intangibles	18			14			23.9		%
Segment income	$	625		$	422		48.2		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	49.4		%	49.4		%	—	pts
Catastrophe losses	4.1		%	5.8		%	(1.7)	pts
Prior period development	(5.1)		%	(2.3)		%	(2.8)	pts
Loss and loss expense ratio	48.4		%	52.9		%	(4.5)	pts
Policy acquisition cost ratio	25.6		%	25.8		%	(0.2)	pts
Administrative expense ratio	10.0		%	10.2		%	(0.2)	pts
Combined ratio	84.0		%	88.9		%	(4.9)	pts

NM- Not meaningful

Catastrophe Losses and Prior Period Development

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Catastrophe losses	$	113	$	151
Favorable prior period development	$	143	$	60

Catastrophe losses through March 31, 2023 and 2022, were primarily from the following events:

•2023: Storms in New Zealand and international weather-related events.

•2022: Storms in Australia and international weather-related events.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

63

Net Premiums Written by Region	Three months ended March 31
(in millions of U.S. dollars, except for percentages)	2023		2023  % of Total		2022		2022 % of Total		C$ 2022		Q-23 vs. Q-22		C$ Q-23 vs. Q-22
Region
Europe, Middle East, and Africa	$	1,721	53	%	$	1,654	54	%	$	1,562	4.0	%	10.1	%
Latin America	661		20	%	605		20	%	628		9.2	%	5.3	%
Asia Pacific	733		23	%	643		21	%	619		14.0	%	18.6	%
Japan	105		3	%	115		4	%	98		(8.2)	%	7.2	%
Other (1)	43		1	%	62		1	%	59		(30.1)	%	(27.6)	%
Net premiums written	$	3,263	100	%	$	3,079	100	%	$	2,966	6.0	%	10.0	%

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

Premiums

Net premiums written increased $184 million, or $297 million on a constant dollar basis, for the three months ended March 31, 2023, reflecting growth in commercial lines of 6.2 percent, or 10.8 percent on a constant-dollar basis, and growth in consumer lines of 5.6 percent, or 8.6 percent on a constant-dollar basis.

Our European division increased for the three months ended March 31, 2023, supported by both our wholesale and retail divisions. The growth in commercial lines of 6.0 percent, or 11.7 percent on a constant-dollar basis, was primarily driven by higher new business, and positive rate increases, including commercial property and casualty lines. Consumer lines declined 2.9 percent, but grew 4.5 percent on a constant-dollar basis primarily due to increased travel volume in A&H.

Latin America increased for the three months ended March 31, 2023. The growth in commercial lines of 10.1 percent, or 9.4 percent on a constant-dollar basis, is driven by exposure increases, positive rate increases, and new business, primarily property and casualty lines. Consumer lines grew 8.5 percent, or 2.4 percent on a constant-dollar basis due to increased A&H.

Asia Pacific increased for the three months ended March 31, 2023. The growth in commercial lines of 11.3 percent, or 14.9 percent on a constant-dollar basis, is driven by higher new business, higher retention and positive rate increases, including property and casualty lines. The growth in consumer lines of 16.7 percent, or 22.5 percent on a constant-dollar basis, increased primarily from travel in A&H. The acquisition of Cigna's business in Asia contributed $34 million in 2023.

Japan increased for the three months ended March 31, 2023, on a constant-dollar basis, primarily from higher new business in A&H.

Net premiums earned increased $158 million, or $252 million on a constant-dollar basis, for the three months ended March 31, 2023, reflecting the increase in commercial and consumer net premiums written described above.

Combined Ratio

The loss and loss expense ratio decreased for the three months ended March 31, 2023, due to lower catastrophe losses and higher favorable prior period development related to a reserve release from 2022 late-season catastrophes.

The policy acquisition cost ratio decreased for the three months ended March 31, 2023, primarily due to a change in the mix of business, including less premiums earned from personal lines that have a higher acquisition cost ratio and higher premiums earned from commercial lines that have a lower acquisition cost ratio than consumer lines.

The administrative expense ratio decreased for the three months ended March 31, 2023, reflecting the favorable impact of higher net premiums earned, partially offset by increased investment to support growth.

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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
	March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023			2022			Q-23 vs. Q-22
Net premiums written	$	277		$	253		9.4		%
Net premiums written - constant dollars							10.4		%
Net premiums earned	244			235			3.9		%
Losses and loss expenses	112			115			(2.7)		%
Policy acquisition costs	62			62			0.2		%
Administrative expenses	9			9			9.0		%
Underwriting income	61			49			23.2		%
Net investment income	49			85			(41.6)		%
Other (income) expense	(1)			—			NM
Segment income	$	111		$	134		(16.8)		%
Loss and loss expense ratio:
CAY loss ratio excluding catastrophe losses	49.0		%	49.9		%	(0.9)	pts
Catastrophe losses	—			0.4		%	(0.4)	pts
Prior period development	(3.3)		%	(1.5)		%	(1.8)	pts
Loss and loss expense ratio	45.7		%	48.8		%	(3.1)	pts
Policy acquisition cost ratio	25.6		%	26.5		%	(0.9)	pts
Administrative expense ratio	3.8		%	3.7		%	0.1	pts
Combined ratio	75.1		%	79.0		%	(3.9)	pts

NM - not meaningful

Catastrophe Losses and Prior Period Development

	Three Months Ended
	March 31
(in millions of U.S dollars)	2023		2022
Catastrophe losses	$	—	$	1
Favorable prior period development	$	8	$	3

Refer to Note 8 in the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $24 million for the three months ended March 31, 2023, primarily due to continued growth in the portfolio, driven by new business.

Net premiums earned increased $9 million for the three months ended March 31, 2023, primarily reflecting the increase in net premiums written described above.

Combined Ratio

The loss and loss expense ratio and the CAY loss ratio excluding catastrophe losses decreased for the three months ended March 31, 2023, reflecting loss ratio improvement in multiple lines of business, including earned rate exceeding loss cost

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trends. The loss and loss expense ratio also benefited from more favorable prior period development and lower catastrophe losses.

The policy acquisition cost ratio decreased for the three months ended March 31, 2023, primarily due to a treaty written in the current quarter with a low acquisition cost ratio.

The administrative expense ratio increased for the three months ended March 31, 2023, primarily due to employee-related expenses, offset by the favorable impact of higher net premiums earned.

Life Insurance

The Life Insurance segment comprises our international life operations, which commencing in the third quarter of 2022, includes Cigna's A&H and life business in Korea, Taiwan, New Zealand, Hong Kong, and Indonesia, 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. Results for the three months ended March 31, 2022 are adjusted to reflect the adoption of LDTI. Refer to Note 1 c).

	Three Months Ended
	March 31				% Change
(in millions of U.S. dollars, except for percentages)	2023		2022		Q-23 vs. Q-22
Net premiums written	$	1,293	$	576	124.4	%
Net premiums written - constant dollars					128.7	%
Net premiums earned	1,264		542		133.1	%
Losses and loss expenses	32		24		33.3	%
Policy benefits	712		311		128.9	%
Policy acquisition costs	273		133		104.4	%
Administrative expenses	167		84		100.0	%
Net investment income	153		103		47.8	%
Other (income) expense	(15)		(30)		(49.4)	%
Amortization of purchased intangibles	4		2		58.5	%
Segment income	$	244	$	121	102.0	%

Premiums

Net premiums written increased $717 million, or $728 million on a constant-dollar basis, for the three months ended March 31, 2023. For our international life operations, net premiums written increased 237.7 percent primarily due to the acquisition of Cigna's business in Asia, which contributed $724 million. In addition, there was growth from new business in Latin America and Asia, principally in Hong Kong. Net premiums written in our North American Combined Insurance business declined 7.0 percent primarily due to the non-renewal of a large program.

Deposits

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

	Three Months Ended
	March 31						% Change
(in millions of U.S. dollars, except for percentages)	2023		2022		C$ 2022		Q-23 vs. Q-22		C$ Q-23 vs. Q-22
Deposits collected on universal life and investment contracts	$	309	$	557	$	511	(44.4)	%	(39.5)	%

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

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they do not significantly affect current period income from operations, they are key to our efforts to grow our business. Life deposits collected decreased $248 million for the three months ended March 31, 2023, primarily in Taiwan, reflecting challenging market conditions for deposit products.

Life Insurance segment income

Life Insurance segment income increased $123 million for the three months ended March 31, 2023, reflecting $159 million of growth from the acquisition of Cigna's business in Asia, partially offset by lower income from our investment in Huatai, our partially-owned insurance entity in China.

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. Results for the three months ended March 31, 2022 are adjusted to reflect the adoption of LDTI. Refer to Note 1 c).

	Three Months Ended
	March 31				% Change
(in millions of U.S. dollars, except for percentages)	2023		2022		Q-23 vs. Q-22
Losses and loss expenses	$	11	$	10	22.9	%
Administrative expenses	97		83		15.4	%
Underwriting loss	108		93		16.1	%
Net investment income (loss)	11		(5)		NM
Other (income) expense	(214)		(259)		(17.9)	%
Amortization of purchased intangibles	42		46		(6.7)	%
Net realized gains (losses)	(76)		22		NM
Market risk benefits gains (losses)	(115)		49		NM
Interest expense	160		132		21.6	%
Cigna integration expenses	22		—		NM
Income tax expense	384		353		8.7	%
Net loss	$	(682)	$	(299)	130.1	%

NM - not meaningful

Administrative expenses increased $14 million for the three months ended March 31, 2023, primarily due to increased spending to support digital growth initiatives.

Cigna integration expenses of $22 million for the three months ended March 31, 2022, principally comprised legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. 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 Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

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.

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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 2022 Form 10-K. Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. 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, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.

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

	Three Months Ended March 31
					2023						2022
							(As Adjusted)
(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	$	(180)	$	1,786	$	1,606	$	(136)	$	(4,652)	$	(4,788)
Fixed income and investment derivatives	(46)		—		(46)		47		—		47
Public equity
Sales	(5)		—		(5)		255		—		255
Mark-to-market	16		—		16		(199)		—		(199)
Private equity (less than 3 percent ownership)
Mark-to-market	15		—		15		55		—		55
Total investment portfolio	(200)		1,786		1,586		22		(4,652)		(4,630)
Other derivatives	(1)		—		(1)		1		—		1
Foreign exchange	131		(177)		(46)		74		67		141
Current discount rate on future policy benefits	—		(151)		(151)		—		435		435
Instrument-specific credit risk on market risk benefits	—		(3)		(3)		—		23		23
Other	(7)		(33)		(40)		(74)		19		(55)
Net gains (losses), pre-tax	$	(77)	$	1,422	$	1,345	$	23	$	(4,108)	$	(4,085)

Pre-tax net unrealized gains of $1,786 million in our investment portfolio for the three months ended March 31, 2023 were principally the result of a decrease in interest rates. In addition, there were pre-tax net realized losses of $200 million, comprising losses from sales of fixed maturities, derivative losses, and impairments on fixed income securities.

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.

For the three months ended March 31, 2023 our ETR was 16.9 percent compared to 15.3 percent in the prior year period. The increase in the ETR from the prior year period was due to an increase in income in higher tax rate jurisdictions driven by the Cigna acquisition and an increase in the enacted UK tax rate, partially offset by discrete tax items.

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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
March 31, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits	A	$	2,729		$	888		$	140		$	1,347		$	112		$	11	$	5,227
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(162)			(159)			(24)			(113)			—			—		(458)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—			—			—			—			—		—
Catastrophe losses, gross of related adjustments		(162)			(159)			(24)			(113)			—			—		(458)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		72			(17)			—			143			8			(10)		196
Expense adjustments - unfavorable (favorable)		3			—			—			—			—			—		3
PPD reinstatement premiums - unfavorable (favorable)		—			(1)			—			—			—			—		(1)
PPD, gross of related adjustments - favorable (unfavorable)		75			(18)			—			143			8			(10)		198
CAY loss and loss expense ex CATs	B	$	2,642		$	711		$	116		$	1,377		$	120		$	1	$	4,967
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	908		$	351		$	18		$	993		$	71		$	97	$	2,438
Expense adjustments - favorable (unfavorable)		(3)			—			—			—			—			—		(3)
Policy acquisition costs and administrative expenses, adjusted	D	$	905		$	351		$	18		$	993		$	71		$	97	$	2,435
Denominator
Net premiums earned	E	$	4,369		$	1,320		$	159		$	2,786		$	244				$	8,878
PPD reinstatement premiums - unfavorable (favorable)		—			(1)			—			—			—					(1)
Net premiums earned excluding adjustments	F	$	4,369		$	1,319		$	159		$	2,786		$	244				$	8,877
P&C Combined ratio
Loss and loss expense ratio	A/E	62.5		%	67.3		%	88.5		%	48.4		%	45.7		%			58.9		%
Policy acquisition cost and administrative expense ratio	C/E	20.7		%	26.6		%	10.7		%	35.6		%	29.4		%			27.4		%
P&C Combined ratio		83.2		%	93.9		%	99.2		%	84.0		%	75.1		%			86.3		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	60.5		%	53.9		%	73.1		%	49.4		%	49.0		%			55.9		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	20.7		%	26.7		%	10.8		%	35.7		%	29.4		%			27.5		%
CAY P&C Combined ratio ex CATs		81.2		%	80.6		%	83.9		%	85.1		%	78.4		%			83.4		%
Combined ratio
Combined ratio																			86.3		%
Add: impact of gains and losses on crop derivatives																			—		%
P&C Combined ratio																			86.3		%
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
March 31, 2022
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits	A	$	2,497		$	713		$	(92)		$	1,389		$	115		$	10	$	4,632
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(81)			(100)			—			(151)			(1)			—		(333)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—			—			—			—			—		—
Catastrophe losses, gross of related adjustments		(81)			(100)			—			(151)			(1)			—		(333)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		108			51			26			60			3			(8)		240
Net premiums earned adjustments on PPD - unfavorable (favorable)		—			—			159			—			—			—		159
Expense adjustments - unfavorable (favorable)		6			—			(1)			—			—			—		5
PPD reinstatement premiums - unfavorable (favorable)		—			—			—			—			1			—		1
PPD, gross of related adjustments - favorable (unfavorable)		114			51			184			60			4			(8)		405
CAY loss and loss expense ex CATs	B	$	2,530		$	664		$	92		$	1,298		$	118		$	2	$	4,704
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	838		$	329		$	11		$	948		$	71		$	83	$	2,280
Expense adjustments - favorable (unfavorable)		(6)			—			1			—			—			—		(5)
Policy acquisition costs and administrative expenses, adjusted	D	$	832		$	329		$	12		$	948		$	71		$	83	$	2,275
Denominator
Net premiums earned	E	$	4,114		$	1,247		$	(29)		$	2,628		$	235				$	8,195
Net premiums earned adjustments on PPD - unfavorable (favorable)		—			—			159			—			—					159
PPD reinstatement premiums - unfavorable (favorable)		—			—			—			—			1					1
Net premiums earned excluding adjustments	F	$	4,114		$	1,247		$	130		$	2,628		$	236				$	8,355
P&C Combined ratio
Loss and loss expense ratio	A/E	60.7		%	57.2		%	318.4		%	52.9		%	48.8		%			56.5		%
Policy acquisition cost and administrative expense ratio	C/E	20.4		%	26.3		%	(36.8)		%	36.0		%	30.2		%			27.8		%
P&C Combined ratio		81.1		%	83.5		%	281.6		%	88.9		%	79.0		%			84.3		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	61.5		%	53.3		%	70.6		%	49.4		%	49.9		%			56.3		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	20.2		%	26.3		%	8.9		%	36.1		%	30.0		%			27.2		%
CAY P&C Combined ratio ex CATs		81.7		%	79.6		%	79.5		%	85.5		%	79.9		%			83.5		%
Combined ratio
Combined ratio																			84.3		%
Add: impact of gains and losses on crop derivatives																			—
P&C Combined ratio																			84.3		%
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 of purchased intangibles

Amortization expense related to purchased intangibles was $72 million and $71 million for the three months ended March 31, 2023 and 2022, respectively.

At March 31, 2023, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expense) was $1,206 million.

The following table presents, as of March 31, 2023, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign currency exchange rates, for the second through fourth quarters of 2023 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 intangible assets
Second quarter of 2023	$	16
Third quarter of 2023	16
Fourth quarter of 2023	16
2024	60
2025	55
2026	51
2027	48
2028	44
Total	$	306

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

The following table presents, as of March 31, 2023, the expected amortization expense of the fair value adjustment on acquired invested assets related to the acquisitions of Cigna's business in Asia and Chubb Corp, 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 second through fourth quarters of 2023 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		Acquired Chubb Corp invested assets		Total acquired invested assets (1)		Assumed long-term debt (2)
Second quarter of 2023	$	6	$	(9)	$	(3)	$	5
Third quarter of 2023	6		(8)		(2)		5
Fourth quarter of 2023	5		(8)		(3)		6
2024	19		(20)		(1)		21
2025	17		(12)		5		21
2026	15		—		15		21
2027	13		—		13		21
2028	12		—		12		21
Total	$	93	$	(57)	$	36	$	121

(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 March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities (1)	$	1,062	$	799
Short-term investments	38		9
Other interest income	17		3
Equity securities	9		38
Other investments	26		19
Gross investment income (1)	1,152		868
Investment expenses	(45)		(46)
Net investment income (1)	$	1,107	$	822
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(2)	$	(16)

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 34.7 percent for the three months ended March 31, 2023, 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 March 31
(in millions of U.S. dollars)	2023		2022
Total mark-to-market gain on private equity, pre-tax	$	257	$	310

Interest Expense

Interest expense for the three months ended March 31, 2023, comprised $165 million related to fixed expenses on existing debt obligations and variable expenses, and a $5 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition. The variable expenses relate to fees from the usage of certain facilities, including letters of credit, and interest on held collateral and repurchase agreements. Interest expense for the first quarter of 2023 was higher than expected primarily due to rising interest rates on held collateral. Based on our existing fixed debt obligations and projected variable expenses, we now expect pre-tax interest expense on these items to be approximately $495 million for the remainder of 2023, or $165 million each quarter. For more information on our debt obligations, refer to Note 9 to the Consolidated Financial Statements, under Item 8 in our 2022 Form 10-K.

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 March 31, 2023. 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.

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The average duration of our fixed income securities, including the effect of options and swaps, was 4.7 years and 4.5 years at March 31, 2023, and December 31, 2022, respectively. We estimate that a 100 basis point (bps) increase in interest rates would reduce the valuation of our fixed income portfolio by approximately $4.7 billion at March 31, 2023. The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)	Fair Value		Cost/ Amortized Cost, Net		Fair Value		Cost/ Amortized Cost, Net
Fixed maturities available for sale	$	88,364	$	94,541	$	85,220	$	93,186
Fixed maturities held to maturity	8,109		8,425		8,439		8,848
Short-term investments	3,693		3,695		4,960		4,962
Fixed income securities	100,166		106,661		98,619		106,996
Equity securities	942		942		827		827
Other investments	14,192		14,192		13,696		13,696
Total investments	$	115,300	$	121,795	$	113,142	$	121,519

The fair value of our total investments increased $2.2 billion during the three months ended March 31, 2023, primarily due to the investing of operating cash flow and unrealized gains on fixed maturities due to decreasing interest rates. This increase was partially offset by the payment of our $475 million 2.7 percent senior notes due March 2023 and share repurchases.

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The following tables present the fair value of our fixed income securities at March 31, 2023, and December 31, 2022. The first table lists investments according to type and second according to S&P credit rating:

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars, except for percentages)	Fair Value		% of Total		Fair Value		% of Total
U.S. Treasury / Agency	$	4,019	4	%	$	3,996	4	%
Corporate and asset-backed securities	40,036		40	%	38,535		40	%
Mortgage-backed securities	17,384		17	%	17,202		17	%
Municipal	6,606		7	%	6,964		7	%
Non-U.S.	28,428		28	%	26,962		27	%
Short-term investments	3,693		4	%	4,960		5	%
Total	$	100,166	100	%	$	98,619	100	%
AAA	$	13,679	14	%	$	14,779	15	%
AA	31,505		32	%	31,195		32	%
A	18,971		19	%	18,366		19	%
BBB	17,837		18	%	16,802		17	%
BB	9,245		9	%	8,722		9	%
B	8,465		8	%	8,347		8	%
Other	464		—	%	408		—	%
Total	$	100,166	100	%	$	98,619	100	%

Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at March 31, 2023: 

(in millions of U.S. dollars)	Fair Value
Bank of America Corp	$	763
Morgan Stanley	688
JP Morgan Chase & Co	672
Wells Fargo & Co	594
Citigroup Inc	535
Goldman Sachs Group Inc	528
Verizon Communications Inc	382
HSBC Holdings Plc	367
Comcast Corp	355
Anheuser-Busch InBev SA/NV	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
March 31, 2023 (in millions of U.S. dollars)	AAA		AA		A		BBB		BB and below		Total		Total
Agency residential mortgage-backed securities (RMBS)	$	7	$	14,390	$	—	$	—	$	—	$	14,397	$	15,956
Non-agency RMBS	550		47		47		34		7		685		769
Commercial mortgage-backed securities	1,958		196		132		13		3		2,302		2,508
Total mortgage-backed securities	$	2,515	$	14,633	$	179	$	47	$	10	$	17,384	$	19,233

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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 44 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 March 31, 2023: 

(in millions of U.S. dollars)	Fair Value		Amortized Cost, Net
Republic of Korea	$	1,700	$	1,697
Taiwan	943		919
Canada	925		963
Province of Ontario	593		620
United Mexican States	549		582
Federative Republic of Brazil	537		546
Kingdom of Thailand	536		508
Commonwealth of Australia	479		523
Socialist Republic of Vietnam	439		360
United Kingdom	398		433
Other Non-U.S. Government Securities	4,981		5,322
Total	$	12,080	$	12,473

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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 March 31, 2023:

(in millions of U.S. dollars)	Fair Value		Amortized Cost, Net
United Kingdom	$	2,353	$	2,527
Canada	1,964		2,062
South Korea	1,321		1,333
United States (1)	1,199		1,292
France	1,167		1,255
Australia	976		1,046
Japan	741		787
Netherlands	536		572
Germany	510		560
Switzerland	470		522
Other Non-U.S. Corporate Securities	5,111		5,477
Total	$	16,348	$	17,433

(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 March 31, 2023, 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 over 1,700 issuers, with the greatest single exposure being $156 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

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, 2022	$	75,747	$	17,086	$	58,661
Losses and loss expenses incurred	6,306		1,158		5,148
Losses and loss expenses paid	(6,315)		(1,599)		(4,716)
Other (including foreign exchange translation)	(321)		(125)		(196)
Balance at March 31, 2023	$	75,417	$	16,520	$	58,897

(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 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.

Future policy benefits

Effective January 1, 2023, Chubb adopted the long-duration targeted improvement (LDTI) U.S. GAAP accounting guidance which affects the recognition, measurement, presentation, and disclosure requirements for long-duration contracts. For a discussion of our critical accounting estimates, refer to Item 7 in our 2022 Form 10-K.

Asbestos and Environmental (A&E)

There was no significant A&E reserve activity during the three months ended March 31, 2023. A&E reserves are included in Corporate. Refer to our 2022 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 March 31, 2023, 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	$	2,303	4.3	%	$	1,215	2.3	%	$	141	0.3	%
1-in-100	$	5,134	9.7	%	$	3,441	6.5	%	$	1,401	2.6	%
1-in-250	$	8,557	16.1	%	$	6,493	12.3	%	$	1,638	3.1	%

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

(2)    U.S. hurricane losses include losses from wind, storm-surge, and related precipitation-induced flooding.

(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 January 1, 2023, and reflect the April 1, 2023, 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 $3,441 million (or 6.5 percent of our total shareholders’ equity at March 31, 2023). Effective December 31, 2022, our worldwide PMLs include losses from floods in Canada and Europe. Additionally, U.S. hurricane PMLs include losses from hurricane related precipitation-induced flooding.

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. In particular, 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, 2023. 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 2022 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, 2023, through March 31, 2024, 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, 2023, through March 31, 2024, 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 – $1.1 billion	Losses retained by Chubb	(a)
United States (excluding Alaska and Hawaii)	$1.1 billion – $1.25 billion	All natural perils and terrorism	(b)
United States (excluding Alaska and Hawaii)	$1.25 billion – $2.35 billion	All natural perils and terrorism	(c)
United States (excluding Alaska and Hawaii)	$2.35 billion – $3.5 billion	All natural perils and terrorism	(d)
International (including Alaska and Hawaii)	$0 million – $200 million	Losses retained by Chubb	(a)
International (including Alaska and Hawaii)	$200 million – $1.3 billion	All natural perils and terrorism	(c)
Alaska, Hawaii, and Canada	$1.3 billion – $2.45 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.

	March 31			December 31
	2023			2022
(in millions of U.S. dollars, except for ratios)				As Adjusted
Short-term debt	$	—		$	475
Long-term debt	14,375			14,402
Total financial debt	14,375			14,877
Trust preferred securities	308			308
Total shareholders’ equity	52,987			50,519
Total capitalization	$	67,670		$	65,704
Ratio of financial debt to total capitalization	21.2		%	22.6		%
Ratio of financial debt plus trust preferred securities to total capitalization	21.7		%	23.1		%

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 three months ended March 31, 2023, we repurchased $428 million of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At March 31, 2023, there were 32,217,934 Common Shares in treasury with a weighted-average cost of $165.77 per share, and $1.2 billion in share repurchase authorization remained through June 30, 2023. For the period April 1, 2023, through May 1, 2023, we repurchased 215,400 Common Shares for a total of $43 million in a series of open market transactions under the share repurchase authorization. At May 1, 2023, $1.2 billion in share repurchase authorization remained.

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 14 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 four quarterly installments each of $0.83 per share were distributed by the Board as expected. 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 16, 2022	January 6, 2023	$0.83 (CHF 0.79)
March 17, 2023	April 10, 2023	$0.83 (CHF 0.77)

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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 $4.0 billion, $3.0 billion of which can be used for revolving credit. At March 31, 2023, 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 March 31, 2023. 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 facility or establishing additional facilities when needed.

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 three months ended March 31, 2023, 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 $225 million and $1.0 billion from its Bermuda subsidiaries during the three months ended March 31, 2023 and 2022, 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 three months ended March 31, 2023 and 2022. 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 no dividends from its subsidiaries during the three months ended March 31, 2023 and 2022.

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 three months ended March 31, 2023 and 2022.

Operating cash flows were $2.3 billion in the three months ended March 31, 2023, compared to $2.4 billion in the prior year period.

Cash used for investing was $570 million in the three months ended March 31, 2023, compared to $995 million in the prior year period, a decrease of $425 million. Cash used for investing in the current period included lower private equity contributions, net of distributions received, of $351 million and lower net purchases of equity securities and fixed maturities of $148 million.

Cash used for financing was $1.4 billion in the three months ended March 31, 2023, compared to $1.3 billion in the prior year period. The increase of $108 million is from the repayment of long-term debt of $475 million in the current year, partially offset by fewer common shares repurchased of $456 million.

We use repurchase agreements as a low-cost alternative. At March 31, 2023, there were $1.4 billion in repurchase agreements outstanding with various maturities over the next two 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

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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)
	March 31		December 31		March 31		December 31
(in millions of U.S. dollars)	2023		2022		2023		2022
Assets
Investments	$	—	$	—	$	137	$	135
Cash	3		40		2		2
Due from parent guarantor/subsidiary issuer	3		2		1,128		586
Due from subsidiaries that are not issuers or     guarantors	1,805		1,791		562		598
Other assets	6		16		2,208		2,106
Total assets	$	1,817	$	1,849	$	4,037	$	3,427
Liabilities
Due to parent guarantor/subsidiary issuer	$	1,128	$	586	$	3	$	2
Due to subsidiaries that are not issuers or     guarantors	257		248		1,671		1,710
Affiliated notional cash pooling programs	343		252		2,656		1,496
Short-term debt	—		—		—		475
Long-term debt	—		—		14,375		14,402
Trust preferred securities	—		—		308		308
Other liabilities	509		616		1,474		1,305
Total liabilities	2,237		1,702		20,487		19,698
Total shareholders’ equity	(420)		147		(16,450)		(16,271)
Total liabilities and shareholders’ equity	$	1,817	$	1,849	$	4,037	$	3,427

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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:

Three Months Ended March 31, 2023	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)
(in millions of U.S. dollars)
Net investment income (loss)	$	(2)	$	(22)
Net realized gains (losses)	18		57
Administrative expenses	29		(5)
Interest (income) expense	(7)		117
Other (income) expense	(11)		28
Income tax expense (benefit)	2		(49)
Net income (loss)	$	3	$	(56)
Comprehensive income (loss)	$	3	$	(186)

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Refer to Item 7A included in our 2022 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 2022 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, 2022, balances disclosed in the 2022 Form 10-K.

Reinsurance of market risk benefits

Effective January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affects the accounting for GMDB and GLB liabilities, collectively referred to as market risk benefits (MRB). MRB are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are recorded to Market risk benefits gains (losses) in the Consolidated statements of operations, except for the change in fair value due to a change in the instrument-specific credit risk which will be recognized in Other comprehensive income.

Chubb views its MRB 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 MRB gains (losses) and net income. 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.

The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock etc.) at March 31, 2023, of both the fair value of the MRB liability (FVL) and the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the MRB reinsurance portfolio. The following assumptions should be considered when using the below tables:

•Equity shocks impact all global equity markets equally

•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.

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•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 March 31, 2023, 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	$	300	$	197	$	73	$	(89)	$	(295)	$	(541)
	Increase/(decrease) in hedge value	(97)		—		97		194		291		388
	Increase/(decrease) in net income	$	203	$	197	$	170	$	105	$	(4)	$	(153)
Flat	(Increase)/decrease in FVL	$	120	$	—	$	(154)	$	(349)	$	(581)	$	(854)
	Increase/(decrease) in hedge value	(97)		—		97		194		291		388
	Increase/(decrease) in net income	$	23	$	—	$	(57)	$	(155)	$	(290)	$	(466)
-100 bps	(Increase)/decrease in FVL	$	(100)	$	(249)	$	(434)	$	(653)	$	(911)	$	(1,207)
	Increase/(decrease) in hedge value	(97)		—		97		194		291		388
	Increase/(decrease) in net income	$	(197)	$	(249)	$	(337)	$	(459)	$	(620)	$	(819)
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		$	58	$	(65)	$	(1)	$	1	$	(18)	$	17
Increase/(decrease) in net income		$	58	$	(65)	$	(1)	$	1	$	(18)	$	17

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Market Risk Benefits Net Amount at Risk

All our MRB 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 March 31, 2023, 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	$	255		$	373	$	665		$	791		$	736		$	610
Claims at 100% immediate mortality	149			158		154			146			132			118

The treaty limits function as a ceiling as equity markets fall. As the shocks in the table above become incrementally more negative, the impacts 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 an impact due to a portion of the 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	$	1,010		$	1,370	$	1,973		$	2,414		$	2,799		$	3,024

The treaty 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	$	45		$	55	$	66		$	77		$	85		$	92
GLB net amount at risk	399			498		621			746			868			881
Claims at 100% immediate mortality	32			32		32			31			31			31

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

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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 March 31, 2023. 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 acquired the personal accident, supplemental health, and life insurance business of Cigna in several Asian markets (Cigna Asia business). As of and for the three months ended March 31, 2023, Cigna's Asia business represented approximately 7 percent of consolidated revenues and 3 percent of total assets. We currently exclude, and are in the process of working to incorporate, Cigna's Asia business in our evaluation of internal controls over financial reporting, and related disclosure controls and procedures.

Other than working to incorporate Cigna's Asia business as noted above, there have been no changes in Chubb's internal controls over financial reporting during the three months ended March 31, 2023, that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

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PART II OTHER INFORMATION

ITEM 1. Legal Proceedings

The information required with respect to this item is included in Note 13 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 2022 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 March 31, 2023:

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 (3)
January 1 through January 31	1,500	$	226.70	—	$	1.62	billion
February 1 through February 28	2,114,627	$	212.20	1,865,900	$	1.22	billion
March 1 through March 31	258,202	$	215.38	144,500	$	1.19	billion
Total	2,374,329	$	212.56	2,010,400

(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 March 31, 2023 as part of the publicly announced plan was $428 million. Refer to Note 14 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.

(3)For the period April 1, 2023 through May 1, 2023, we repurchased 215,400 Common Shares for a total of $43 million in a series of open market transactions. As of May 1, 2023, $1.15 billion in share repurchase authorization remained through June 30, 2023.

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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	10-K	3.2	February 24, 2023
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	10-K	4.2	February 24, 2023
10.1*	Form of Performance Based Restricted Stock Award Terms under the Chubb Limited 2016 Long-Term Incentive Plan for Swiss Executive Management				X
10.2*	Form of Performance Based Restricted Stock Award Terms under the Chubb Limited 2016 Long-Term Incentive Plan for Executive Officers				X
10.3*	Chubb US Deferred Compensation Plan (as amended and restated effective January 1, 2023)	10-K	10.79	February 24, 2023
22.1	Guaranteed Securities				X
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 March 31, 2023 formatted in Inline XBRL: (i) Consolidated Balance Sheets at March 31, 2023, and December 31, 2022; (ii) Consolidated Statements of Operations and Comprehensive Income for the three months ended March 31, 2023 and 2022; (iii) Consolidated Statements of Shareholders’ Equity for the three months ended March 31, 2023 and 2022; (iv) Consolidated Statements of Cash Flows for the three months ended March 31, 2023 and 2022; 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)
May 2, 2023	/s/ Evan G. Greenberg
	Evan G. Greenberg
	Chairman and Chief Executive Officer
May 2, 2023	/s/ Peter C. Enns
	Peter C. Enns
	Executive Vice President and Chief Financial Officer

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EX-10.1

Exhibit 10.1

For Swiss Executive Management

Performance Based Restricted Stock Award Terms
under the
Chubb Limited 2016 Long-Term Incentive Plan

The Participant has been granted a Performance Based Restricted Stock Award (the “Award”) by Chubb Limited (the “Company”) under the Chubb Limited 2016 Long-Term Incentive Plan (the “Plan”). The shares of Stock granted as Covered Performance Shares and Premium Performance Shares pursuant to this Award shall be subject to the following Performance Based Restricted Stock Award Terms (the “Terms”):

1.Terms of Award. The following words and phrases used in these Terms shall have the meanings set forth in this paragraph 1:

(a)The “Participant” is the individual recipient of the Performance Based Restricted Stock Award on the specified Grant Date.

(b)The “Grant Date” is [Insert Date].

(c)The “Commencement Date” is [Insert Date].

(d)The number of “Covered Performance Shares” shall be that number of shares of Stock awarded to the Participant on the Grant Date as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

(e)The number of “Premium Performance Shares” shall be that number of shares of Stock awarded to the Participant on the Grant Date as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

Other words and phrases used in these Terms are defined pursuant to paragraph 13 or elsewhere in these Terms.

2.Restricted Period for Covered Performance Shares. Subject to the limitations of these Terms, the “Restricted Period” for the Covered Performance Shares shall begin on the Grant Date and end on the Vesting Date as described below (but only if the Date of Termination has not occurred before the Vesting Date):

(a)If the Cumulative Performance of the Company during the Performance Period is equal to 50% or greater, the Restricted Period shall end for any Covered Performance Shares on the later of the date the Committee certifies that the requisite Cumulative Performance has been achieved during the Performance Period and the three-year anniversary of the Grant Date (such later date referred to as the “Vesting Date”). If the Cumulative Performance of the Company during the Performance Period is less than 50%, the Restricted Period shall end with respect to a number of the Covered Performance Shares determined by multiplying the total number of Covered Performance Shares by the Performance Percentage (as determined below) on the Vesting Date.

(b)The “Performance Percentage” will be determined based on the achievement of the Cumulative Performance over the Performance Period in accordance with the following schedule:

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If the Cumulative Performance during the applicable Performance Period:	The Performance Percentage will be:
Does not exceed 25%	0%
Exceeds 25%, but does not meet or exceed 50%	A percentage between 50% and 100%, based on a linear interpolation of the Cumulative Performance between the 25% and 50% levels

(c)For the avoidance of doubt, the Restricted Period shall end only on or after the Committee’s certification that the Cumulative Performance for the Performance Period has been completed. Any Covered Performance Shares that have not vested as of the end of the Restricted Period shall be forfeited by the Participant as of the Vesting Date.

3.Retirement. If the Participant’s Date of Termination occurs because of Retirement, then for any Covered Performance Shares and any Premium Performance Shares as to which the Restricted Period has not otherwise ended prior to the Date of Termination, the Participant shall become vested and the Restricted Period shall end for any Covered Performance Shares if and when the terms of paragraph 2 are satisfied with respect to such Covered Performance Shares and for any Premium Performance Shares if and when the terms of paragraph 7 are satisfied with respect to such Premium Performance Shares, in each case, determined as though the Participant had remained employed and the Date of Termination had not occurred prior to the end of any applicable Restricted Period for purposes of these Terms. Notwithstanding the foregoing, if the Participant’s Date of Termination on account of Retirement occurs (a) prior to the six-month anniversary of the Grant Date without appropriate notice as determined by the Committeeand (b) prior to the Vesting Date, the Committee may cause the Participant to forfeit any or all Premium Performance Shares as of the Date of Termination.

4.Death, Long-Term Disability and Change in Control. Notwithstanding the provisions of paragraph 2, the Restricted Period for Covered Performance Shares shall end prior to the date specified in paragraph 2 to the extent set forth below:

(a)For Covered Performance Shares as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Covered Performance Shares shall end upon the Participant’s Date of Termination, and the Covered Performance Shares shall fully vest upon the Date of Termination, if the Date of Termination occurs by reason of the Participant’s death or Long-Term Disability.

(b)If the Participant's Date of Termination is a Change in Control Date of Termination, then, for Covered Performance Shares, if any, as to which the Restricted Period has not ended prior to the Participant’s Date of Termination, the Restricted Period for such Covered Performance Shares will end on the Change in Control Date of Termination and the Covered Performance Shares shall fully vest upon the Date of Termination; provided that if the Participant's Change in Control Date of Termination occurs within the 180-day period immediately preceding the date of a Change in Control, then the Restricted Period for all unvested Covered Performance Shares held by the Participant on the Date of Termination will end, and those Covered Performance Shares will vest on the date of a Change in Control.

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5.Qualifying Termination. Notwithstanding the provisions of paragraph 2, for Covered Performance Shares as to which the Restricted Period has not ended prior to the Date of Termination and the Date of Termination occurs by reason of the Participant’s Qualifying Termination, vesting shall continue pursuant to the schedule set forth in paragraph 2 following the Date of Termination as though the Participant continued to be employed through the two-year anniversary of the Participant’s Date of Termination, subject to the Participant not engaging in any Competitive Activity during such two-year period and subject to the Participant signing and not revoking a general release and waiver of all claims against the Company and such release being effective no later than the sixty-day anniversary of the Date of Termination. If such release is not effective within such sixty-day period or in the event that the Participant engages in a Competitive Activity prior to the last day of the Restricted Period, the Participant shall immediately forfeit any unvested Covered Performance Shares.

6.Restricted Period for Premium Performance Shares. Subject to the limitations of these Terms, the Restricted Period for the Premium Performance Shares shall begin on the Grant Date and end on the Vesting Date (but only if the Date of Termination has not occurred before the Vesting Date) as follows:

(a)The Restricted Period shall end on the Vesting Date for the number of the Premium Performance Shares determined by multiplying the number of Premium Performance Shares by the Premium Award Performance Percentage (as determined below).

(b)The “Premium Award Performance Percentage” will be determined based on the achievement of the Cumulative Performance over the Performance Period in accordance with the following schedule:

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If the Cumulative Performance during the Performance Period:	The Premium Award Performance Percentage will be:
Does not meet or exceed 50%	0%
Meets or exceeds 50%, but does not exceed 75%	A percentage between 0% and 85%, based on a linear interpolation of the Cumulative Performance between the 50% and 75% levels
Exceeds 75% and the Total Shareholder Return of the Company during the Performance Period does not meet or exceed the 55th percentile of the Total Shareholder Return of the Peer Companies.	85%
Exceeds 75% and the Total Shareholder Return of the Company during the Performance Period meets or exceeds the 55th percentile of the Total Shareholder Return of the Peer Companies.	100%

(c)Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions. Except as provided in paragraph 3 for a Date of Termination that occurs because of Retirement, the Participant shall not be entitled to vesting of any Premium Performance Shares if the Date of Termination occurs before the Vesting Date for any reason.

7.Transfer and Forfeiture of Shares. The transfer and forfeiture of shares shall be subject to the following:

(a)The Participant shall be vested in any Covered Performance Shares with respect to which the requirements of paragraph 2 have been satisfied (including that, other than as provided in paragraphs 3, 4 and 5 above, the Date of Termination has not occurred prior to the last day of the Restricted Period). Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions.

(b)The Participant shall be vested in any Premium Performance Shares with respect to which the requirements of paragraph 6 have been satisfied (including that, other than as provided in paragraph 3 above, the Date of Termination has not occurred prior to the last day of the Restricted Period). Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions.

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(c)Except as otherwise determined by the Committee and as provided in paragraphs 3, 4 and 5 above, the Participant shall forfeit any Covered Performance Shares and Premium Performance Shares as of the Date of Termination, if such Date of Termination occurs prior to the Vesting Date.

(d)Notwithstanding anything to the contrary in any agreement between the Participant and the Company or a Subsidiary, the Participant acknowledges and agrees that the Covered Performance Shares and Premium Performance Shares shall vest (and the Restricted Period shall end) only as provided by, and subject to the terms of, these Terms.

8.Withholding. All deliveries and distributions and the vesting of shares of stock under these Terms are subject to withholding of all applicable taxes. Unless otherwise agreed in writing between the Committee and the Participant, such withholding obligations will be satisfied by withholding shares of Stock that otherwise would be delivered to the Participant free of all restrictions under these Terms (and such shares will be valued in the sole discretion of the Committee, will be retained by the Company and will not be delivered to the Participant).  Subject to such rules and limitations as may be established by the Committee from time to time, withholding obligations may be satisfied through other manners (such as the surrender of shares of Stock which the Participant already owns).

9.Transferability. Except as otherwise provided by the Committee, awards under these Terms may not be sold, assigned, transferred, pledged or otherwise encumbered prior to vesting and delivery.

10.Dividends. Dividends paid with respect to the Covered Performance Shares and the Premium Performance Shares with respect to record dates on or after the Grant Date for such shares but prior to the end of the Restricted Period for such shares shall be accumulated and distributed to the Participant on the date that the Restricted Period ends with respect to the shares pursuant to which such dividend was paid; provided, however that no dividends or distributions shall be payable to or for the benefit of the Participant with respect to any Covered Performance Shares or Premium Performance Shares which the Participant has forfeited. Notwithstanding the foregoing, if the right to the payment of dividends with respect to a Covered Performance Share or a Premium Performance Share would otherwise constitute nonqualified deferred compensation subject to Section 457A of the Internal Revenue Code (“Code Section 457A”), then, (i) any dividends accumulated in relation to Covered Performance Shares and Premium Performance Shares as of the date that the right to receive such payments is no longer treated as subject to a substantial risk of forfeiture for purposes of Code Section 457A (the “457A Vesting Date”) shall be used to purchase additional Covered Performance Shares and Premium Performance Shares subject to the same vesting provisions of the original Covered Performance Shares and Premium Performance Shares to which such accumulated dividends relate and any remaining unused cash amounts that are not sufficient to purchase an additional share shall be distributed to the Participant and (ii) any dividends that are paid on or after the 457A Vesting Date but prior to the vesting of the Covered Performance Shares and Premium Performance Shares shall be used to purchase additional Covered Performance Shares and Premium Performance Shares subject to the same vesting provisions of the original Covered Performance Shares and Premium Performance Shares to which such dividends relate and any remaining unused cash amounts that are not sufficient to purchase an additional share shall be distributed to the Participant.

11.Voting. The Participant shall not be prevented from voting the Covered Performance Shares merely because those shares are subject to the restrictions imposed by these Terms and the Plan; provided, however, that the Participant shall not be entitled to vote Covered Performance Shares with respect to record dates for any Covered Performance Shares occurring on or after the date, if any, on which the Participant has forfeited those shares. The Participant

5

acknowledges and agrees that he or she shall not be entitled to vote any Premium Performance Shares if the record date for entitlement to voting occurs prior to the date on which such shares become vested pursuant to paragraph 7.

12.Deposit of Award. Each certificate issued in respect of the Covered Performance Shares and Premium Performance Shares awarded under these Terms shall be registered in the name of the Participant and shall be deposited in a bank designated by the Committee.

13.Definitions. For purposes of these Terms, words and phrases shall be defined as follows:

(a)Cause. The term “Cause” shall mean – unless otherwise defined in an employment agreement between the Participant and the Company or Subsidiary – the occurrence of any of the following:

(i) a conviction of the Participant with respect to a (x) felony or (y) a misdemeanor involving moral turpitude; or

(ii) willful misconduct or gross negligence by the Participant resulting, in either case, in harm to the Company or any Subsidiary; or

(iii) failure by the Participant to carry out the lawful and reasonable directions of the Board or the Participant’s immediate supervisor, as the case may be; or

(iv) refusal to cooperate or non-cooperation by the Participant with any governmental regulatory authority; or

(v) fraud, embezzlement, theft or dishonesty by the Participant against the Company or any Subsidiary or a material violation by the Participant of a policy or procedure of the Company, resulting, in any case, in harm to the Company or any Subsidiary.

(b)Change in Control. The term “Change in Control” shall be defined as set forth in the Plan.

(c)Change in Control Date Termination. The term “Change in Control Date of Termination”means the Participant’s Date of Termination that occurs because the Company or any of the Subsidiaries terminates the Participant’s employment with the Company or the Subsidiaries without Cause (other than due to death, a Long-Term Disability or a Retirement) or because the Participant terminates his or her employment for Good Reason, provided that such termination in accordance with this paragraph 13(c) occurs during the period commencing on the 180th day immediately preceding a Change in Control date and ending on the two-year anniversary of such Change in Control date.

(d)Combined Ratio. The “Combined Ratio” for a given period is determined as the sum of the loss and loss expense ratio, the policy acquisition cost ratio and the administrative expense ratio in relation to the P&C insurance business. For the Company, the Combined Ratio is determined as the P&C combined ratio disclosed in the Form 10-K for such period (or the average of the disclosed combined ratios for each year if the period is longer than one year). For the Peer Group for purposes of these Terms, the Combined Ratio is determined as the combined ratio publicly disclosed for such company, on a comparable basis, for such period (or the average of the disclosed combined ratios for each year if the period is longer than one year).

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(e)Competitive Activity – The term “Competitive Activity” means the Participant’s: (i) engagement in an activity – whether as an employee, consultant, principal, member, agent, officer, director, partner or shareholder (except as a less than 1% shareholder of a publicly traded company) – that is competitive with any business of the Company or any Subsidiary conducted by the Company or such Subsidiary during the Participant’s employment with the Company or the two-year period following the Date of Termination; (ii) solicitation of any client or customer of the Company or any affiliate with respect to an activity prohibited by subparagraph (e)(i); (iii) solicitation or employment of any employee of the Company or any affiliate for the purpose of causing such employee to terminate his or her employment with the Company or such affiliate; or (iv) failure to keep confidential all Company trade secrets, proprietary and confidential information.

(f)Cumulative Performance. The term “Cumulative Performance” means, as to the Company, a percentage equal to the sum of (A) and (B) where (A) equals the First Performance Goal multiplied by seven-tenths (0.70) and where (B) equals the Second Performance Goal multiplied by three-tenths (0.30). For example, if the First Performance Goal equals 80% and the Second Performance goal equals 50%, then the Cumulative Performance would equal 71% determined as the sum of (80%*.7) and (50% *.3). The determination of the Cumulative Performance and its parameters is subject to rules established by the Committee from time-to-time.

(g)Date of Termination. A Participant’s “Date of Termination” means, with respect to an employee, the date on which the Participant’s employment with the Company and the Subsidiaries terminates for any reason, and with respect to a Director, the date immediately following the last day on which the Participant serves as a Director; provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s transfer of employment between the Company and a Subsidiary or between two Subsidiaries; further provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s cessation of service as a Director if immediately following such cessation of service the Participant becomes or continues to be employed by the Company or a Subsidiary, nor by reason of a Participant’s termination of employment with the Company or a Subsidiary if immediately following such termination of employment the Participant becomes or continues to be a Director; and further provided that a Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Subsidiary approved by the Participant’s employer.

(h)Director. The term “Director” means a member of the Board, who may or may not be an employee of the Company or a Subsidiary.

(i)First Performance Goal. The term “First Performance Goal” for the Performance Period means the achievement by the Company of growth in tangible book value per common shares outstanding as reported under GAAP during the Performance Period, as compared to the growth in tangible book value per common shares outstanding as reported under GAAP during the same Performance Period by the Peer Companies expressed as a percentile rank as compared to the Peer Group. The determination of the First Performance Goal and its parameters is subject to rules established by the Committee from time-to-time. The Committee, in its discretion, may adjust the reported tangible book value for the Company or the Peer Companies for the Performance Period.

(j)Forfeiture Payment. The term “Forfeiture Payment” means the pre-tax proceeds from sales or other transfers, if any, of the number of shares of Stock that became vested during the Restrictive Covenant Period pursuant to these Terms and that the Participant

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has sold or otherwise transferred prior to the date of repayment required pursuant to subparagraph 23(b). For purposes of this definition, pre-tax proceeds for any shares of Stock that were transferred by the Participant in a transaction other than a sale on the New York Stock Exchange means the Fair Market Value of such shares on the New York Stock Exchange as of the date of such transaction.

(k)Forfeiture Shares.  The term “Forfeiture Shares” means the number of shares of Stock that became vested during the Restrictive Covenant Period pursuant to these Terms and that remain held by the Participant as of the date of repayment required pursuant to subparagraph 23(b). It is the Participant’s responsibility to ensure that the shares of Stock delivered as Forfeiture Shares are the shares of Stock delivered previously pursuant to these Terms. In the absence of Company records or written documentation from Participant’s broker demonstrating this fact, the Participant must deliver to the Company the Forfeiture Payment determined as of the date that such shares of Stock delivered pursuant to these Terms are transferred from Participant’s stock account or otherwise become indistinguishable from other shares of Stock that the Participant may hold.

(l)Good Reason. The term “Good Reason”shall mean – unless otherwise defined in an in-force employment agreement between the Participant and the Company or Subsidiary – the occurrence of any of the following within the sixty-day period preceding a Date of Termination without the Participant’s prior written consent:

(i) a material adverse diminution of the Participant’s titles, authority, duties or responsibilities, or the assignment to the Participant of titles, authority, duties or responsibilities that are materially inconsistent with his or her titles, authority, duties and/or responsibilities in a manner materially adverse to the Participant; or

(ii) a reduction in the Participant’s base salary or annual bonus opportunity (other than any reduction applicable to all similarly situated executives generally); or

(iii) a failure of the Company to obtain the assumption in writing of its obligations under the Plan by any successor to all or substantially all of the assets of the Company within 45 days after a merger, consolidation, sale or similar transaction that qualifies as a Change in Control.

(m)Long-Term Disability. A Participant shall be considered to have a “Long-Term Disability” if the Participant is determined to be eligible for long-term disability benefits under the long-term disability plan in which the Participant participates and which is sponsored by the Company or a Subsidiary; or if the Participant does not participate in a long-term disability plan sponsored by the Company or a Subsidiary, then the Participant shall be considered to have a “Long-Term Disability” if the Committee determines, under standards comparable to those of the Company’s long-term disability plan, that the Participant would be eligible for long-term disability benefits if he or she participated in such plan.

(n)Peer Companies. The term “Peer Companies” means the companies which are in the Chubb Financial Performance Peer Group (the “Peer Group”) as determined by the Committee within 90 days of the beginning of the Performance Period and for which financial information is available for all year(s) in the Performance Period.

(o)Performance Period. The term “Performance Period” shall mean the three-year period beginning on the Commencement Date and ending on the third anniversary of the Commencement Date.

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(p)Qualifying Termination. The term “Qualifying Termination” means the Participant’s Date of Termination that occurs because the Company or any of the Subsidiaries terminates the Participant’s employment with the Company or the Subsidiaries without Cause. For the avoidance of doubt, the termination of the Participant’s employment due to death or Long-Term Disability, or a voluntary termination of the Participant’s employment by the Participant for any reason (including Good Reason or Retirement) shall not constitute a Qualifying Termination for the purposes of these Terms.

(q)Restrictive Covenant Period. The term “Restrictive Covenant Period” means the twenty-four-month period following a Date of Termination due to a Qualifying Termination or a Retirement.

(r)Retirement. The term “Retirement” means the Participant’s Date of Termination that occurs on or after the Participant has both completed at least ten years of service with the Company or a Subsidiary and attained at least age 62; provided, however, that a Date of Termination will not be treated as a Retirement unless the Participant (i) has terminated employment in good standing with the Company or a Subsidiary, and (ii) executes an agreement and release as required by the Company which will include, without limitation, a general release, and non-competition and non-solicitation provisions.  A Participant shall be deemed to have executed a release as described in clause (ii) above only if such release is returned by such time as is established by the Company; provided that to the extent benefits provided pursuant to the Plan would be considered to be provided under a nonqualified deferred compensation plan as that term is defined in Treas. Reg. §1.409A-1, such benefits shall be paid to the Participant only if the release is returned in time to permit the distribution of the benefits to satisfy the requirements of Section 409A of the Internal Revenue Code with respect to the time of payment.

(s)Second Performance Goal. The term “Second Performance Goal” for the Performance Period means the achievement by the Company of its Combined Ratio during the Performance Period, as compared to the Combined Ratio reported publicly during the same Performance Period by the Peer Companies expressed as a percentile rank as compared to the Peer Group. The determination of the Second Performance Goal and its parameters is subject to rules established by the Committee from time-to-time. The Committee, in its discretion, may adjust the Combined Ratio for the Company or the combined ratio reported publicly for the Peer Companies for the Performance Period.

(t)Total Shareholder Return. The term “Total Shareholder Return” meansthe total return per share of stock to the Company’s shareholders or the shareholders of the applicable Peer Company, inclusive of dividends paid (regardless of whether paid in cash or property, which dividends shall be deemed reinvested in the stock), during the Performance Period. The value of the applicable company’s stock at the beginning and end of the Performance Period shall be established based on the average of the averages of the high and low trading prices of the applicable stock on the principal exchange on which the stock trades for the 15 trading days occurring immediately prior to the beginning or end of the Performance Period, as the case may be. The Committee shall make or shall cause to be made such appropriate adjustments to the calculation of total shareholder return for such entity (including adjusting the average at the beginning of the Performance Period) as shall be necessary or appropriate to avoid an artificial increase or decrease in such return as a result of a stock split (including a reverse stock split), recapitalization, or other event affecting the capital structure of such entity.

14.Plan Definitions. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in these Terms.

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15.Heirs and Successors. These Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. If any benefits deliverable to the Participant under these Terms have not been delivered at the time of the Participant’s death, such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of these Terms and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be distributed to the legal representative of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the complete distribution of benefits to the Designated Beneficiary under these Terms, then any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.

16.Administration. The authority to manage and control the operation and administration of these Terms shall be vested in the Committee, and the Committee shall have all powers with respect to these Terms as it has with respect to the Plan. Any interpretation of these Terms by the Committee and any decision made by it with respect to these Terms are final and binding on all persons.

17.Plan and Corporate Records Govern. Notwithstanding anything in these Terms to the contrary, these Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company; and these Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee from time to time pursuant to the Plan. Notwithstanding anything in these Terms to the contrary, in the event of any discrepancies between the corporate records regarding this award and the Record-Keeping System, the corporate records shall control.

18.Clawback Policy. Notwithstanding anything in these Terms to the contrary, in consideration for the receipt of this Award, the Participant agrees and acknowledges that the Participant’s rights with respect to this Award and any other award granted to the Participant shall be subject to the terms of the Chubb Limited Clawback Policy as amended from time to time.

19.Solicitation Activity.

(a)In light of Participant’s obligations to the Company (references in this paragraph 19 to the “Company” include the Company’s Subsidiaries) and exposure in the course of Participant’s duties to confidential information and customers of the Company, during the term of Participant’s employment and for one year following Participant’s Date of Termination (the “Non-Solicit Period”), Participant will not directly or indirectly:

(i)    solicit, or accept insurance or reinsurance business from, any customer, agent or broker of the Company: (x) that, within one year preceding the Date of Termination, had business communications with Participant or with any person directly or indirectly managed by Participant; or (y) about which Participant had access to confidential information within one year preceding the Date of Termination;

(ii)    solicit or hire any employee of the Company to work for any other individual or entity; or

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(iii)     breach the terms of any confidentiality, non-solicitation or non-competition agreement between the Participant and the Company.

(b)Participant hereby acknowledges that this paragraph 19 contains provisions that: (i) do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company; (ii) contain reasonable limitations as to time and scope of activity to be restrained; (iii) are not harmful to the general public; and (iv) are not unduly burdensome to Participant.  In consideration of this Award and in light of Participant’s education, skills and abilities, Participant agrees that he or she will not assert that, and it should not be considered that, any provisions of this paragraph 19 otherwise are void, voidable or unenforceable or should be voided or held unenforceable.

(c)Participant acknowledges and agrees that any failure to comply with any of the terms of this paragraph 19 will irreparably harm the Company for which money damages will be an inadequate remedy. Participant agrees that the Company will have the right to enforce this paragraph 19 in any court of equity to obtain injunctive relief without the posting of a bond and without proof of actual damages. Participant agrees that the foregoing rights and remedies of Company shall be in addition to, and not in lieu of, any other remedies available to the Company at law or in equity.

(d)The Non-Solicit Period will be tolled for any period during which Participant is in violation of any provision of this paragraph 19.

20.Not An Employment Contract. This Award and these Terms will not confer on the Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time. These Terms are not intended to and do not supersede the terms of any previous agreement between the Participant and the Company or a Subsidiary.

21.Notices. Any written notices provided for in these Terms or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.

22.Fractional Shares. In lieu of issuing a fraction of a share, resulting from an adjustment of this Award pursuant to paragraph 5.2(f) of the Plan or otherwise, the Company will be entitled to pay to the Participant an amount equal to the fair market value of such fractional share.

23.Competitive Activity.

(a)The Committee may cancel, rescind, suspend, withhold or otherwise limit or restrict this Award at any time if the Participant engages in any "Competitive Activity".

(b)Immediately prior to the vesting of the shares of Stock pursuant to these Terms, the Participant shall certify, to the extent required by the Committee, in a manner acceptable to the Committee, that the Participant is not engaging and has not engaged in any Competitive Activity. In the event a Participant has engaged in any Competitive Activity during the Restrictive Covenant Period, then the Participant shall be required to transfer the Forfeiture Shares to the Company and, if applicable, pay the Forfeiture

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Payment to the Company, in such manner and on such terms and conditions as may be required by the Committee, and the Company shall be entitled to set-off such amounts against any amount owed to the Participant by the Company and/or Subsidiary.

24.Amendment. These Terms may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person.

IN WITNESS WHEREOF, the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant Date.

CHUBB LIMITED

By:    
Its:    

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EX-10.2

Exhibit 10.2

For Executive Management

Performance Based Restricted Stock Award Terms
under the
Chubb Limited 2016 Long-Term Incentive Plan

The Participant has been granted a Performance Based Restricted Stock Award (the “Award”) by Chubb Limited (the “Company”) under the Chubb Limited 2016 Long-Term Incentive Plan (the “Plan”). The shares of Stock granted as Covered Performance Shares and Premium Performance Shares pursuant to this Award shall be subject to the following Performance Based Restricted Stock Award Terms (the “Terms”):

1.Terms of Award. The following words and phrases used in these Terms shall have the meanings set forth in this paragraph 1:

(a)The “Participant” is the individual recipient of the Performance Based Restricted Stock Award on the specified Grant Date.

(b)The “Grant Date” is [Insert Date].

(c)The “Commencement Date” is [Insert Date].

(d)The number of “Covered Performance Shares” shall be that number of shares of Stock awarded to the Participant on the Grant Date as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

(e)The number of “Premium Performance Shares” shall be that number of shares of Stock awarded to the Participant on the Grant Date as reflected in the corporate records and shown in the Record-Keeping System in the Participant’s individual account records.

Other words and phrases used in these Terms are defined pursuant to paragraph 13 or elsewhere in these Terms.

2.Restricted Period for Covered Performance Shares. Subject to the limitations of these Terms, the “Restricted Period” for the Covered Performance Shares shall begin on the Grant Date and end on the Vesting Date as described below (but only if the Date of Termination has not occurred before the Vesting Date):

(a)If the Cumulative Performance of the Company during the Performance Period is equal to 50% or greater, the Restricted Period shall end for any Covered Performance Shares on the later of the date the Committee certifies that the requisite Cumulative Performance has been achieved during the Performance Period and the three-year anniversary of the Grant Date (such later date referred to as the “Vesting Date”). If the Cumulative Performance of the Company during the Performance Period is less than 50%, the Restricted Period shall end with respect to a number of the Covered Performance Shares determined by multiplying the total number of Covered Performance Shares by the Performance Percentage (as determined below) on the Vesting Date.

(b)The “Performance Percentage” will be determined based on the achievement of the Cumulative Performance over the Performance Period in accordance with the following schedule:

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If the Cumulative Performance during the applicable Performance Period:	The Performance Percentage will be:
Does not exceed 25%	0%
Exceeds 25%, but does not meet or exceed 50%	A percentage between 50% and 100%, based on a linear interpolation of the Cumulative Performance between the 25% and 50% levels

(c)For the avoidance of doubt, the Restricted Period shall end only on or after the Committee’s certification that the Cumulative Performance for the Performance Period has been completed. Any Covered Performance Shares that have not vested as of the end of the Restricted Period shall be forfeited by the Participant as of the Vesting Date.

3.Retirement. If the Participant’s Date of Termination occurs because of Retirement, then for any Covered Performance Shares and any Premium Performance Shares as to which the Restricted Period has not otherwise ended prior to the Date of Termination, the Participant shall become vested and the Restricted Period shall end for any Covered Performance Shares if and when the terms of paragraph 2 are satisfied with respect to such Covered Performance Shares and for any Premium Performance Shares if and when the terms of paragraph 7 are satisfied with respect to such Premium Performance Shares, in each case, determined as though the Participant had remained employed and the Date of Termination had not occurred prior to the end of any applicable Restricted Period for purposes of these Terms. Notwithstanding the foregoing, if the Participant’s Date of Termination on account of Retirement occurs (a) prior to the six-month anniversary of the Grant Date without appropriate notice as determined by the Committeeand (b) prior to the Vesting Date, the Committee may cause the Participant to forfeit any or all Premium Performance Shares as of the Date of Termination.

4.Death, Long-Term Disability and Change in Control. Notwithstanding the provisions of paragraph 2, the Restricted Period for Covered Performance Shares shall end prior to the date specified in paragraph 2 to the extent set forth below:

(a)For Covered Performance Shares as to which the Restricted Period has not ended prior to the Date of Termination, the Restricted Period for such Covered Performance Shares shall end upon the Participant’s Date of Termination, and the Covered Performance Shares shall fully vest upon the Date of Termination, if the Date of Termination occurs by reason of the Participant’s death or Long-Term Disability.

(b)For Covered Performance Shares as to which the Restricted Period has not ended prior to the date of a Change in Control, the Restricted Period for such Covered Performance Shares shall end upon a Change in Control, and the Covered Performance Shares shall vest upon the Change in Control, provided that such Change in Control occurs on or before the Date of Termination.

5.Restricted Period for Premium Performance Shares. Subject to the limitations of these Terms, the Restricted Period for the Premium Performance Shares shall begin on the Grant Date and end on the Vesting Date (but only if the Date of Termination has not occurred before the Vesting Date) as follows:

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(a)The Restricted Period shall end on the Vesting Date for the number of the Premium Performance Shares determined by multiplying the number of Premium Performance Shares by the Premium Award Performance Percentage (as determined below).

(b)The “Premium Award Performance Percentage” will be determined based on the achievement of the Cumulative Performance over the Performance Period in accordance with the following schedule:

If the Cumulative Performance during the Performance Period:	The Premium Award Performance Percentage will be:
Does not meet or exceed 50%	0%
Meets or exceeds 50%, but does not exceed 75%	A percentage between 0% and [77%][85%], based on a linear interpolation of the Cumulative Performance between the 50% and 75% levels
Exceeds 75% and the Total Shareholder Return of the Company during the Performance Period does not meet or exceed the 55th percentile of the Total Shareholder Return of the Peer Companies.	[77%][85%]
Exceeds 75% and the Total Shareholder Return of the Company during the Performance Period meets or exceeds the 55th percentile of the Total Shareholder Return of the Peer Companies.	100%

(c)Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions. Except as provided in paragraph 3 for a Date of Termination that occurs because of Retirement, the Participant shall not be entitled to vesting of any Premium Performance Shares if the Date of Termination occurs before the Vesting Date for any reason.

6.Transfer and Forfeiture of Shares. The transfer and forfeiture of shares shall be subject to the following:

(a)The Participant shall be vested in any Covered Performance Shares with respect to which the requirements of paragraph 2 have been satisfied (including that, other than as provided in paragraphs 3, 4 and 5 above, the Date of Termination has not occurred prior

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to the last day of the Restricted Period). Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions.

(b)The Participant shall be vested in any Premium Performance Shares with respect to which the requirements of paragraph 5 have been satisfied (including that, other than as provided in paragraph 3 above, the Date of Termination has not occurred prior to the last day of the Restricted Period). Upon vesting at the end of such Restricted Period, those shares will be delivered to the Participant free of all restrictions.

(c)Except as otherwise determined by the Committee and as provided in paragraphs 3, 4 and 5 above, the Participant shall forfeit any Covered Performance Shares and Premium Performance Shares as of the Date of Termination, if such Date of Termination occurs prior to the Vesting Date.

(d)Notwithstanding anything to the contrary in any Employment agreement between the Participant and the Company or a Subsidiary, or any severance plan maintained by the Company or a Subsidiary in which the Participant participates, the Participant acknowledges and agrees that the Covered Performance Shares and Premium Performance Shares shall vest (and the Restricted Period shall end) only as provided by, and subject to the terms of, these Terms.

7.Withholding. All deliveries and distributions and the vesting of shares of stock under these Terms are subject to withholding of all applicable taxes. Unless otherwise agreed in writing between the Committee and the Participant, such withholding obligations will be satisfied by withholding shares of Stock that otherwise would be delivered to the Participant free of all restrictions under these Terms (and such shares will be valued in the sole discretion of the Committee, will be retained by the Company and will not be delivered to the Participant).  Subject to such rules and limitations as may be established by the Committee from time to time, withholding obligations may be satisfied through other manners (such as the surrender of shares of Stock which the Participant already owns).

8.Transferability. Except as otherwise provided by the Committee, awards under these Terms may not be sold, assigned, transferred, pledged or otherwise encumbered prior to vesting and delivery.

9.Dividends. Dividends paid with respect to the Covered Performance Shares and the Premium Performance Shares with respect to record dates on or after the Grant Date for such shares but prior to the end of the Restricted Period for such shares shall be accumulated and distributed to the Participant on the date that the Restricted Period ends with respect to the shares pursuant to which such dividend was paid; provided, however that no dividends or distributions shall be payable to or for the benefit of the Participant with respect to any Covered Performance Shares or Premium Performance Shares which the Participant has forfeited. Notwithstanding the foregoing, if the right to the payment of dividends with respect to a Covered Performance Share or a Premium Performance Share would otherwise constitute nonqualified deferred compensation subject to Section 457A of the Internal Revenue Code (“Code Section 457A”), then, (i) any dividends accumulated in relation to Covered Performance Shares and Premium Performance Shares as of the date that the right to receive such payments is no longer treated as subject to a substantial risk of forfeiture for purposes of Code Section 457A (the “457A Vesting Date”) shall be used to purchase additional Covered Performance Shares and Premium Performance Shares subject to the same vesting provisions of the original Covered Performance Shares and Premium Performance Shares to which such accumulated dividends relate and any remaining unused cash amounts that are not sufficient to purchase an additional share shall be distributed to the Participant and (ii) any dividends that are paid on or after the 457A Vesting Date but prior to the vesting of the Covered Performance Shares and Premium Performance Shares shall be used to

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purchase additional Covered Performance Shares and Premium Performance Shares subject to the same vesting provisions of the original Covered Performance Shares and Premium Performance Shares to which such dividends relate and any remaining unused cash amounts that are not sufficient to purchase an additional share shall be distributed to the Participant.

10.Voting. The Participant shall not be prevented from voting the Covered Performance Shares merely because those shares are subject to the restrictions imposed by these Terms and the Plan; provided, however, that the Participant shall not be entitled to vote Covered Performance Shares with respect to record dates for any Covered Performance Shares occurring on or after the date, if any, on which the Participant has forfeited those shares. The Participant acknowledges and agrees that he or she shall not be entitled to vote any Premium Performance Shares if the record date for entitlement to voting occurs prior to the date on which such shares become vested pursuant to paragraph 7.

11.Deposit of Award. Each certificate issued in respect of the Covered Performance Shares and Premium Performance Shares awarded under these Terms shall be registered in the name of the Participant and shall be deposited in a bank designated by the Committee.

12.Definitions. For purposes of these Terms, words and phrases shall be defined as follows:

(a)Change in Control. The term “Change in Control” shall be defined as set forth in the Plan.

(b)Combined Ratio. The “Combined Ratio” for a given period is determined as the sum of the loss and loss expense ratio, the policy acquisition cost ratio and the administrative expense ratio in relation to the P&C insurance business. For the Company, the Combined Ratio is determined as the P&C combined ratio disclosed in the Form 10-K for such period (or the average of the disclosed combined ratios for each year if the period is longer than one year). For the Peer Group for purposes of these Terms, the Combined Ratio is determined as the combined ratio publicly disclosed for such company, on a comparable basis, for such period (or the average of the disclosed combined ratios for each year if the period is longer than one year).

(c)Cumulative Performance. The term “Cumulative Performance” means, as to the Company, a percentage equal to the sum of (A) and (B) where (A) equals the First Performance Goal multiplied by seven-tenths (0.70) and where (B) equals the Second Performance Goal multiplied by three-tenths (0.30). For example, if the First Performance Goal equals 80% and the Second Performance goal equals 50%, then the Cumulative Performance would equal 71% determined as the sum of (80%*.7) and

(50% *.3). The determination of the Cumulative Performance and its parameters is subject to rules established by the Committee from time-to-time.

(d)Date of Termination. A Participant’s “Date of Termination” means, with respect to an employee, the date on which the Participant’s employment with the Company and the Subsidiaries terminates for any reason, and with respect to a Director, the date immediately following the last day on which the Participant serves as a Director; provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s transfer of employment between the Company and a Subsidiary or between two Subsidiaries; further provided that a Date of Termination shall not be deemed to occur by reason of a Participant’s cessation of service as a Director if immediately following such cessation of service the Participant becomes or continues to be employed by the Company or a Subsidiary, nor by reason of a Participant’s termination of

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employment with the Company or a Subsidiary if immediately following such termination of employment the Participant becomes or continues to be a Director; and further provided that a Participant’s employment shall not be considered terminated while the Participant is on a leave of absence from the Company or a Subsidiary approved by the Participant’s employer.

(e)Director. The term “Director” means a member of the Board, who may or may not be an employee of the Company or a Subsidiary.

(f)First Performance Goal. The term “First Performance Goal” for the Performance Period means the achievement by the Company of growth in tangible book value per common shares outstanding as reported under GAAP during the Performance Period, as compared to the growth in tangible book value per common shares outstanding as reported under GAAP during the same Performance Period by the Peer Companies expressed as a percentile rank as compared to the Peer Group. The determination of the First Performance Goal and its parameters is subject to rules established by the Committee from time-to-time. The Committee, in its discretion, may adjust the reported tangible book value for the Company or the Peer Companies for the Performance Period.

(g)Long-Term Disability. A Participant shall be considered to have a “Long-Term Disability” if the Participant is determined to be eligible for long-term disability benefits under the long-term disability plan in which the Participant participates and which is sponsored by the Company or a Subsidiary; or if the Participant does not participate in a long-term disability plan sponsored by the Company or a Subsidiary, then the Participant shall be considered to have a “Long-Term Disability” if the Committee determines, under standards comparable to those of the Company’s long-term disability plan, that the Participant would be eligible for long-term disability benefits if he or she participated in such plan.

(h)Peer Companies. The term “Peer Companies” means the companies which are in the Chubb Financial Performance Peer Group (the “Peer Group”) as determined by the Committee within 90 days of the beginning of the Performance Period and for which financial information is available for all year(s) in the Performance Period.

(i)Performance Period. The term “Performance Period” shall mean the three-year period beginning on the Commencement Date and ending on the third anniversary of the Commencement Date.

(j)Retirement. The term “Retirement” means the Participant’s Date of Termination that occurs on or after the Participant has both completed at least ten years of service with the Company or a Subsidiary and attained at least age 62; provided, however, that a Date of Termination will not be treated as a Retirement unless the Participant (i) has terminated employment in good standing with the Company or a Subsidiary, and (ii) executes an agreement and release as required by the Company which will include, without limitation, a general release, and non-competition and non-solicitation provisions.  A Participant shall be deemed to have executed a release as described in clause (ii) above only if such release is returned by such time as is established by the Company; provided that to the extent benefits provided pursuant to the Plan would be considered to be provided under a nonqualified deferred compensation plan as that term is defined in Treas. Reg. §1.409A-1, such benefits shall be paid to the Participant only if the release is returned in time to permit the distribution of the benefits to satisfy the requirements of Section 409A of the Internal Revenue Code with respect to the time of payment.

6

(k)Second Performance Goal. The term “Second Performance Goal” for the Performance Period means the achievement by the Company of its Combined Ratio during the Performance Period, as compared to the Combined Ratio reported publicly during the same Performance Period by the Peer Companies expressed as a percentile rank as compared to the Peer Group. The determination of the Second Performance Goal and its parameters is subject to rules established by the Committee from time-to-time. The Committee, in its discretion, may adjust the Combined Ratio for the Company or the combined ratio reported publicly for the Peer Companies for the Performance Period.

(l)Total Shareholder Return. The term “Total Shareholder Return” meansthe total return per share of stock to the Company’s shareholders or the shareholders of the applicable Peer Company, inclusive of dividends paid (regardless of whether paid in cash or property, which dividends shall be deemed reinvested in the stock), during the Performance Period. The value of the applicable company’s stock at the beginning and end of the Performance Period shall be established based on the average of the averages of the high and low trading prices of the applicable stock on the principal exchange on which the stock trades for the 15 trading days occurring immediately prior to the beginning or end of the Performance Period, as the case may be. The Committee shall make or shall cause to be made such appropriate adjustments to the calculation of total shareholder return for such entity (including adjusting the average at the beginning of the Performance Period) as shall be necessary or appropriate to avoid an artificial increase or decrease in such return as a result of a stock split (including a reverse stock split), recapitalization, or other event affecting the capital structure of such entity.

13.Plan Definitions. Except where the context clearly implies or indicates the contrary, a word, term, or phrase used in the Plan is similarly used in these Terms.

14.Heirs and Successors. These Terms shall be binding upon, and inure to the benefit of, the Company and its successors and assigns, and upon any person acquiring, whether by merger, consolidation, purchase of assets or otherwise, all or substantially all of the Company’s assets and business. If any benefits deliverable to the Participant under these Terms have not been delivered at the time of the Participant’s death, such benefits shall be delivered to the Designated Beneficiary, in accordance with the provisions of these Terms and the Plan. The “Designated Beneficiary” shall be the beneficiary or beneficiaries designated by the Participant in a writing filed with the Committee in such form and at such time as the Committee shall require. If a deceased Participant fails to designate a beneficiary, or if the Designated Beneficiary does not survive the Participant, any rights that would have been exercisable by the Participant and any benefits distributable to the Participant shall be distributed to the legal representative of the estate of the Participant. If a deceased Participant designates a beneficiary and the Designated Beneficiary survives the Participant but dies before the complete distribution of benefits to the Designated Beneficiary under these Terms, then any benefits distributable to the Designated Beneficiary shall be distributed to the legal representative of the estate of the Designated Beneficiary.

15.Administration. The authority to manage and control the operation and administration of these Terms shall be vested in the Committee, and the Committee shall have all powers with respect to these Terms as it has with respect to the Plan. Any interpretation of these Terms by the Committee and any decision made by it with respect to these Terms are final and binding on all persons.

16.Plan and Corporate Records Govern. Notwithstanding anything in these Terms to the contrary, these Terms shall be subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the Secretary of the Company; and these Terms are subject to all interpretations, amendments, rules and regulations promulgated by the Committee

7

from time to time pursuant to the Plan. Notwithstanding anything in these Terms to the contrary, in the event of any discrepancies between the corporate records regarding this award and the Record-Keeping System, the corporate records shall control.

17.Clawback Policy. Notwithstanding anything in these Terms to the contrary, in consideration for the receipt of this Award, the Participant agrees and acknowledges that the Participant’s rights with respect to this Award and any other award granted to the Participant shall be subject to the terms of the Chubb Limited Clawback Policy as amended from time to time.

18.Solicitation Activity.

(a)In light of Participant’s obligations to the Company (references in this paragraph 19 to the “Company” include the Company’s Subsidiaries) and exposure in the course of Participant’s duties to confidential information and customers of the Company, during the term of Participant’s employment and for one year following Participant’s Date of Termination (the “Non-Solicit Period”), Participant will not directly or indirectly:

(i)    solicit, or accept insurance or reinsurance business from, any customer, agent or broker of the Company: (x) that, within one year preceding the Date of Termination, had business communications with Participant or with any person directly or indirectly managed by Participant; or (y) about which Participant had access to confidential information within one year preceding the Date of Termination;

(ii)    solicit or hire any employee of the Company to work for any other individual or entity; or

(iii)     breach the terms of any confidentiality, non-solicitation or non-competition agreement between the Participant and the Company.

(b)Participant hereby acknowledges that this paragraph 19 contains provisions that: (i) do not impose a greater restraint than is necessary to protect the goodwill or other business interests of the Company; (ii) contain reasonable limitations as to time and scope of activity to be restrained; (iii) are not harmful to the general public; and (iv) are not unduly burdensome to Participant.  In consideration of this Award and in light of Participant’s education, skills and abilities, Participant agrees that he or she will not assert that, and it should not be considered that, any provisions of this paragraph 19 otherwise are void, voidable or unenforceable or should be voided or held unenforceable.

(c)Participant acknowledges and agrees that any failure to comply with any of the terms of this paragraph 19 will irreparably harm the Company for which money damages will be an inadequate remedy. Participant agrees that the Company will have the right to enforce this paragraph 19 in any court of equity to obtain injunctive relief without the posting of a bond and without proof of actual damages. Participant agrees that the foregoing rights and remedies of Company shall be in addition to, and not in lieu of, any other remedies available to the Company at law or in equity.

(d)The Non-Solicit Period will be tolled for any period during which Participant is in violation of any provision of this paragraph 19.

19.Not An Employment Contract. This Award and these Terms will not confer on the Participant any right with respect to continuance of employment or other service with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s

8

employment or other service at any time. These Terms are not intended to and do not supersede the terms of any previous agreement between the Participant and the Company or a Subsidiary.

20.Notices. Any written notices provided for in these Terms or the Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by the Company’s records, or if to the Company, at the Company’s principal executive office.

21.Fractional Shares. In lieu of issuing a fraction of a share, resulting from an adjustment of this Award pursuant to paragraph 5.2(f) of the Plan or otherwise, the Company will be entitled to pay to the Participant an amount equal to the fair market value of such fractional share.

22.Amendment. These Terms may be amended in accordance with the provisions of the Plan, and may otherwise be amended by written agreement of the Participant and the Company without the consent of any other person.

IN WITNESS WHEREOF, the Company has caused these presents to be executed in its name and on its behalf, all as of the Grant Date.

CHUBB LIMITED

By:    
Its:    

9

EX-22.1

Exhibit 22.1 Guaranteed Securities

The following table presents securities issued by Chubb INA Holdings Inc. (Chubb INA) (Subsidiary Issuer) and guaranteed by Chubb INA's parent, Chubb Limited (Subsidiary Guarantor):

Description of securities

3.35% senior notes due May 2024

0.3% euro-denominated senior notes due December 2024

3.15% senior notes due March 2025

3.35% senior notes due May 2026

0.875% euro-denominated senior notes due June 2027

1.55% euro-denominated senior notes due March 2028

8.875% debentures due August 2029

0.875% euro-denominated senior notes due December 2029

1.375% senior notes due September 2030

1.4% euro-denominated senior notes due June 2031

6.8% debentures due November 2031

6.7% senior notes due May 2036

6.0% senior notes due May 2037

2.5% euro-denominated senior notes due March 2038

6.5% senior notes due May 2038

4.15% senior notes due March 2043

4.35% senior notes due November 2045

2.85% senior notes due December 2051

3.05% senior notes due December 2061

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: May 2, 2023

/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: May 2, 2023

/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 March 31, 2023, 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: May 2, 2023	/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 March 31, 2023, 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: May 2, 2023	/s/ Peter C. Enns
	Peter C. Enns
	Executive Vice President and Chief Financial Officer

XML

Document and Entity Information - SFr / shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023	Dec. 31, 2022
Document Type	10-Q
Document Period End Date	Mar. 31, 2023
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	CHUBB LIMITED
Entity Central Index Key	0000896159
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity File Number	1-11778
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, City or Town	Zurich
Entity Address, Country	CH
Entity Address, Postal Zip Code	8001
Country Region	41
City Area Code	(0)43
Local Phone Number	456 76 00
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Common Shares, par value	SFr 24.15		SFr 24.15
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Shares Outstanding		414,174,489
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		Mar. 31, 2023	Dec. 31, 2022
Assets
Fixed maturities available for sale, at fair value, net of valuation allowance - $168 and $169 (amortized cost – $94,709 and $93,355)		$ 88,364	$ 85,220
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $33 and $34 (fair value – $8,109 and $8,439)		8,425	8,848
Equity securities, at fair value		942	827
Short-term investments, at fair value (amortized cost – $3,695 and $4,962)		3,693	4,960
Other investments, at fair value		14,192	13,696
Total investments		115,616	113,551
Cash		2,288	2,012
Restricted cash		94	115
Securities lending collateral		1,582	1,523
Accrued investment income		953	941
Insurance and reinsurance balances receivable, net of valuation allowance - $51 and $52		12,340	11,933
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $351 and $351	[1]	18,141	18,859
Reinsurance recoverable on policy benefits	[1]	279	302
Deferred policy acquisition costs		6,296	6,031
Value of business acquired		3,603	3,702
Goodwill		16,175	16,228
Other intangible assets		5,364	5,441
Prepaid reinsurance premiums		3,166	3,136
Investments in partially-owned insurance companies		3,728	2,507
Separate account assets		5,300	5,190
Other assets		6,490	7,546
Total assets		201,415	199,017
Liabilities
Unpaid losses and loss expenses		75,417	75,747
Unearned premiums		20,261	19,713
Future policy benefits		10,782	10,476
Market risk benefits		830	800
Policyholders' account balances		3,178	3,140
Separate account liabilities		5,300	5,190
Insurance and reinsurance balances payable		7,778	7,780
Securities lending payable		1,582	1,523
Accounts payable, accrued expenses, and other liabilities		6,656	7,148
Deferred tax liabilities		541	377
Repurchase agreements		1,420	1,419
Short-term debt		0	475
Long-term debt		14,375	14,402
Trust preferred securities		308	308
Total liabilities		148,428	148,498
Commitments and contingencies (refer to Note 13)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 446,376,614 and 446,376,614 shares issued; 414,158,680 and 414,594,856 shares outstanding)		10,346	10,346
Common Shares in treasury (32,217,934 and 31,781,758 shares)		(5,341)	(5,113)
Additional paid-in capital		6,680	7,166
Retained earnings		50,197	48,305
Accumulated other comprehensive income (loss) (AOCI)		(8,895)	(10,185)
Total shareholders’ equity		52,987	50,519
Total liabilities and shareholders’ equity		$ 201,415	$ 199,017

[1] Net of valuation allowance for uncollectible reinsurance.

XML

Consolidated Balance Sheets (Parentheticals) (Unaudited) $ in Millions	Mar. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares
Statement of Financial Position [Abstract]
Fixed maturities, available-for-sale, valuation allowance	$ 168	$ 169
Fixed maturities, available-for-sale, at amortized cost	94,709	93,355
Fixed maturities, held-to-maturity, valuation allowance	33	34
Fixed maturities, held-to-maturity, fair value	8,109	8,439
Short-term investments amortized cost	3,695	4,962
Premium Receivable, Allowance for Credit Loss	51	52
Valuation allowance for uncollectible reinsurance	$ 351	$ 351
Common Shares, shares issued | shares	446,376,614	446,376,614
Common Shares, shares outstanding | shares	414,158,680	414,594,856

XML

Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Net premiums written	$ 10,710	$ 9,189
Increase in unearned premiums	(568)	(452)
Net premiums earned	10,142	8,737
Net investment income	1,107	822
Net realized gains (losses)	(77)	23
Market risk benefits gains (losses)	(115)	49
Total revenues	11,057	9,631
Expenses
Losses and loss expenses	5,148	4,564
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	797	373
Policy acquisition costs	1,948	1,719
Administrative expenses	930	778
Interest expense	160	132
Other (income) expense	(296)	(312)
Amortization of purchased intangibles	72	71
Cigna integration expenses	22	0
Total expenses	8,781	7,325
Income before income tax	2,276	2,306
Income tax expense	384	353
Net income	1,892	1,953
Other comprehensive income (loss):
Change in unrealized depreciation	1,786	(4,652)
Current discount rate on future policy benefits	(151)	435
Instrument-specific credit risk on market risk benefits	(3)	23
Cumulative foreign currency translation adjustment	(177)	67
Other, including postretirement benefit liability adjustment	(33)	19
Other comprehensive income (loss), before income tax	1,422	(4,108)
Income tax (expense) benefit related to OCI items	(132)	779
Other comprehensive income (loss)	1,290	(3,329)
Comprehensive income (loss)	$ 3,182	$ (1,376)
Earnings per share
Basic earnings per share	$ 4.57	$ 4.59
Diluted earnings per share	$ 4.53	$ 4.55

XML

Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock, Common	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance – beginning of period, net of tax at Dec. 31, 2021		$ 10,985	$ (7,464)	$ 8,478	$ 47,403	$ (1,074)
Common Shares repurchased			(1,001)
Treasury Stock, Retired, Cost Method, Amount		(319)	2,510		(2,191)
Net shares issued under employee share-based compensation plans			255	(199)
Exercise of stock options				(21)
Share-based compensation expense				70
Funding of dividends declared to Retained earnings				(340)
Net income (loss)	$ 1,953				1,953
Funding of dividends declared from Additional paid-in capital					340
Dividends declared on Common Shares					(340)
Other Comprehensive Income (Loss), Net of Tax	(3,329)					(3,329)
Balance – end of period, net of tax at Mar. 31, 2022	55,716	10,666	(5,700)	7,988	47,165	(4,403)
Balance – beginning of period, net of tax at Dec. 31, 2022	50,519	10,346	(5,113)	7,166	48,305	(10,185)
Common Shares repurchased			(428)
Treasury Stock, Retired, Cost Method, Amount		0	0		0
Net shares issued under employee share-based compensation plans			200	(211)
Exercise of stock options				(13)
Share-based compensation expense				82
Funding of dividends declared to Retained earnings				(344)
Net income (loss)	1,892				1,892
Funding of dividends declared from Additional paid-in capital					344
Dividends declared on Common Shares					(344)
Other Comprehensive Income (Loss), Net of Tax	1,290					1,290
Balance – end of period, net of tax at Mar. 31, 2023	$ 52,987	$ 10,346	$ (5,341)	$ 6,680	$ 50,197	$ (8,895)

XML

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net income (loss)		$ 1,892	$ 1,953
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses		77	(23)
Market risk benefits gains (losses)		115	(49)
Amortization of premiums/discounts on fixed maturities		(14)	91
Amortization of purchased intangibles		72	71
Equity in net income of partially-owned entities	[1]	(340)	(363)
Deferred income taxes		9	91
Unpaid losses and loss expenses		(14)	923
Unearned premiums		591	492
Future policy benefits		136	21
Insurance and reinsurance balances payable		(9)	147
Accounts payable, accrued expenses, and other liabilities		(390)	(274)
Income taxes payable		128	128
Insurance and reinsurance balances receivable		(402)	(125)
Reinsurance recoverable		622	(444)
Deferred policy acquisition costs		(254)	(116)
Other		32	(79)
Net cash flows from operating activities		2,251	2,444
Cash flows from investing activities
Purchases of fixed maturities available for sale		(7,169)	(5,933)
Purchases of fixed maturities held to maturity		(88)	(143)
Purchases of equity securities		(135)	(380)
Sales of fixed maturities available for sale		3,854	1,838
Sales of equity securities		43	1,110
Maturities and redemptions of fixed maturities available for sale		1,541	3,003
Maturities and redemptions of fixed maturities held to maturity		472	398
Net change in short-term investments		1,256	(267)
Net derivative instruments settlements		(38)	74
Private equity contribution		(384)	(669)
Private equity distribution		273	207
Payments to Acquire Businesses, Net of Cash Acquired		(23)	0
Payment, including deposit, for Huatai Group Interest		0	(113)
Other		(172)	(120)
Net cash flows used for investing activities		(570)	(995)
Cash flows from financing activities
Dividends paid on Common Shares		(345)	(341)
Common Shares repurchased		(545)	(1,001)
Proceeds from issuance of repurchase agreements		1,308	146
Repayment of long-term debt		(475)	0
Repayment of repurchase agreements		(1,307)	(146)
Proceeds from share-based compensation plans		55	114
Policyholder contract deposits		95	106
Policyholder contract withdrawals		(101)	(88)
Payment, Tax Withholding, Share-based Payment Arrangement		(76)	(81)
Proceeds from (Payments for) Other Financing Activities		(33)	(15)
Net cash flows used for financing activities		(1,424)	(1,306)
Effect of foreign currency rate changes on cash and restricted cash		(2)	(40)
Net increase (decrease) in cash and restricted cash		255	103
Cash and restricted cash - beginning of period		2,127	1,811
Cash and restricted cash - end of period		2,382	1,914
Supplemental cash flow information
Taxes paid		219	132
Interest paid		$ 99	$ 85

[1] Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.

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Consolidated Statements of Operations and Comprehensive Income (Parentheticals) (Unaudited) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ 1	$ (5)

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General and significant accounting policies

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

General

General and significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 18 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 2022 Form 10-K.

b) Restricted cash

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

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

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash	$	2,288	$	2,012
Restricted cash	94		115
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,382	$	2,127

c) Accounting guidance adopted in 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires 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.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is updated to remove any amounts related to changes to the original discount rate at January 1, 2021 (the transition date) in AOCI and future cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021.

On January 1, 2021, we recognized a cumulative effect adjustment and increased beginning retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders’ account balances, Note 11 Market risk benefits, and Note 12 Separate accounts.

The impact of adoption of the new guidance on our historical financial statements is as follows:

	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment	As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)	302
Deferred policy acquisition costs	5,788		243	6,031
Value of business acquired	3,596		106	3,702
Prepaid reinsurance premiums	3,140		(4)	3,136
Investments in partially-owned insurance companies	2,877		(370)	2,507
Unpaid losses and loss expenses	76,323		(576)	75,747
Unearned premiums	20,360		(647)	19,713
Future policy benefits	10,120		356	10,476
Market risk benefits	—		800	800
Insurance and reinsurance balances payable	7,795		(15)	7,780
Deferred tax liabilities	292		85	377
Retained Earnings	48,334		(29)	48,305
Accumulated other comprehensive income (loss)	(10,193)		8	(10,185)

Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of operations and comprehensive income
Net premiums written	$	9,199	$	(10)	$	9,189
Net premiums earned	8,746		(9)		8,737
Net realized gains (losses)	101		(78)		23
Market risk benefits gains (losses)	—		49		49
Losses and loss expenses	4,787		(223)		4,564
Policy benefits	145		228		373
Policy acquisition costs	1,737		(18)		1,719
Other (income) expense	(310)		(2)		(312)
Income tax expense	355		(2)		353
Net Income	1,974		(21)		1,953
Other comprehensive income
Change in current discount rate on future policy benefits	—		435		435
Change in instrument-specific credit risk on market risk benefits	—		23		23
Income tax benefit related to OCI items	812		(33)		779
Comprehensive income	(1,780)		404		(1,376)

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of cash flows
Net cash flows from operating activities	$	2,440	$	4	$	2,444
Net cash flows used for financing activities	(1,302)		(4)		(1,306)

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:

	Life Insurance								Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020(1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065
Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1)     Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:

(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1)     Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

Significant accounting policies

The following accounting policies have been updated to reflect the adoption of LDTI. Refer to Note 1 in the 2022 Form 10-K for a complete description of our accounting policies.

Deferred policy acquisition costs (DAC)

Policy acquisition costs on long-duration contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Deferred policy acquisition costs are amortized on a constant level basis over the expected term of the related contracts to approximate straight-line amortization. The constant level basis used for amortization is the face amount in force and is projected using the same assumptions used in estimating the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected changes in the in-force portfolio, due to variances in mortality and lapse experience, are recognized over the contract term. Changes in future mortality and lapse assumptions are also recognized prospectively over the remaining expected contract term.

Future policy benefits

For traditional and limited-payment contracts, contracts are grouped into cohorts by contract type and issue year to determine a liability for future policy benefits. The future policy benefit liability (FPBL) is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, and is accrued as premium revenue is recognized. The valuation of this liability requires management to make estimates and assumptions regarding expenses, mortality, and persistency. Estimates are primarily based on historical experience. Actual results could differ materially from these estimates.

The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, we review our future cash flow assumptions at least annually to determine if the net premium ratio (NPR), the mechanism used to record the liability as premium is earned, used to calculate the liability should be changed at that time. We have elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Each quarter, we update the cash flows expected over the entire life of each cohort for actual historical experience and projected future cash

flows. These updated cash flows are used to calculate the revised NPR, which is used to derive an updated FPBL as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, but before the updating of cash flow assumptions, to determine the current period change in FPBL. This current period change in the liability is the liability remeasurement gain or loss and is recorded in Policy benefits in the Consolidated statements of operations. In subsequent periods, the revised NPR is used to measure the FPBL until future revisions become required.

For traditional and limited-payment contracts, the discount rate assumption based on an upper-medium grade fixed-income instrument yield. An equivalent rate is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The discount rate assumption is updated quarterly and used to remeasure the liability at each reporting date, with the resulting change reflected in Other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level, as the basis for a linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Deferred profit liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (DPL) and recorded as a component of Future policy benefits in the Consolidated balance sheets. Net premiums are measured using actual cash flows and future cash flow assumptions consistent with those used in the measurement of the liability for future policy benefits and remeasured quarterly. The DPL is amortized in proportion to the discounted in-force policies. Interest is accreted on the balance of the DPL using the discount rate consistent with the interest accretion on the FPBL. The recalculated DPL, including adjusted amortization through the current period, is compared to the current carrying amount and the difference is recognized as an adjustment to Policy benefits in the Consolidated statements of operations as a remeasurement gain or loss.

Market risk benefits

Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States, which are referred to as market risk benefits. These reinsurance contracts provide both protection to the ceding entity from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk.

Market risk benefits are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are recognized in Market risk benefits gains (losses) in the Consolidated statements of operations, except the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income. Refer to Note 11 for additional information.

Accounting guidance adopted

Accounting guidance adopted in 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires 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.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is updated to remove any amounts related to changes to the original discount rate at January 1, 2021 (the transition date) in AOCI and future cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021.

On January 1, 2021, we recognized a cumulative effect adjustment and increased beginning retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders’ account balances, Note 11 Market risk benefits, and Note 12 Separate accounts.

The impact of adoption of the new guidance on our historical financial statements is as follows:

	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment	As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)	302
Deferred policy acquisition costs	5,788		243	6,031
Value of business acquired	3,596		106	3,702
Prepaid reinsurance premiums	3,140		(4)	3,136
Investments in partially-owned insurance companies	2,877		(370)	2,507
Unpaid losses and loss expenses	76,323		(576)	75,747
Unearned premiums	20,360		(647)	19,713
Future policy benefits	10,120		356	10,476
Market risk benefits	—		800	800
Insurance and reinsurance balances payable	7,795		(15)	7,780
Deferred tax liabilities	292		85	377
Retained Earnings	48,334		(29)	48,305
Accumulated other comprehensive income (loss)	(10,193)		8	(10,185)

Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of operations and comprehensive income
Net premiums written	$	9,199	$	(10)	$	9,189
Net premiums earned	8,746		(9)		8,737
Net realized gains (losses)	101		(78)		23
Market risk benefits gains (losses)	—		49		49
Losses and loss expenses	4,787		(223)		4,564
Policy benefits	145		228		373
Policy acquisition costs	1,737		(18)		1,719
Other (income) expense	(310)		(2)		(312)
Income tax expense	355		(2)		353
Net Income	1,974		(21)		1,953
Other comprehensive income
Change in current discount rate on future policy benefits	—		435		435
Change in instrument-specific credit risk on market risk benefits	—		23		23
Income tax benefit related to OCI items	812		(33)		779
Comprehensive income	(1,780)		404		(1,376)

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of cash flows
Net cash flows from operating activities	$	2,440	$	4	$	2,444
Net cash flows used for financing activities	(1,302)		(4)		(1,306)

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:

	Life Insurance								Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020(1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065
Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1)     Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:

(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1)     Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

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Acquisitions

3 Months Ended

Mar. 31, 2023

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 several Asian markets. Chubb paid approximately $5.4 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. 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. Refer to the 2022 Form 10-K for additional information on this acquisition.

The acquisition of Cigna's business in Asia generated $1,177 million of goodwill, attributable to expected growth and profitability, and $309 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 $3,633 million of value of business acquired (VOBA). Chubb financed the transaction through a combination of available cash and $2.0 billion in repurchase agreements that expired at 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. These estimates remain preliminary and are subject to adjustment. While they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected, retroactively, as of the date of the acquisition as a measurement period adjustment.

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	$	5,274
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	85
Value of business acquired	3,633
Goodwill and intangible assets	1,486
Other assets	648
Total assets	$	11,214
Liabilities
Unpaid losses and loss expenses	$	12
Unearned premiums	60
Future policy benefits	3,856
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	926
Deferred tax liabilities	886
Total liabilities	$	5,855
Net acquired assets, including goodwill	5,359
Total	$	11,214

Direct costs related to the acquisition were expensed as incurred. Cigna integration expenses were $22 million for the three months ended March 31, 2023, 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 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
Pro forma:	March 31
(in millions of U.S. dollars)	2022
Net premiums earned	$	9,512
Total revenues	$	10,417
Net income	$	2,059

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), 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Chubb also holds a direct 20 percent interest in Huatai Life. Huatai Group's insurance operations have more than 700 branches and approximately 19 million customers in China.

On January 4, 2023, we completed transactions that increased our ownership interest in Huatai Group from 47.3 percent to approximately 64.2 percent. At March 31, 2023, we have agreements in place to acquire approximately 22 percent of incremental ownership interests, pending completion of certain closing conditions. Of those incremental ownership interests, approximately 3 percent also require regulatory approval. We have paid deposits of $567 million for the approximately 22 percent of ownership interests and, at March 31, 2023, the remaining aggregate purchase price to be paid upon closing is approximately $0.8 billion, based on current exchange rates. 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. Refer to Note 2 to the Consolidated Financial Statements in our 2022 Form 10-K for additional information.

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Investments

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

3. Investments

a) Fixed maturities

March 31, 2023	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	$	2,798	$	—	$	8	$	(127)	$	2,679
Non-U.S.	28,860		(60)		263		(1,671)		27,392
Corporate and asset-backed securities	41,316		(106)		104		(2,854)		38,460
Mortgage-backed securities	17,863		(2)		11		(1,770)		16,102
Municipal	3,872		—		12		(153)		3,731
	$	94,709	$	(168)	$	398	$	(6,575)	$	88,364

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,371	$	—	$	1,371	$	4	$	(35)	$	1,340
Non-U.S.	1,110		(4)		1,106		—		(70)		1,036
Corporate and asset-backed securities	1,699		(28)		1,671		2		(97)		1,576
Mortgage-backed securities	1,373		(1)		1,372		—		(90)		1,282
Municipal	2,905		—		2,905		2		(32)		2,875
	$	8,458	$	(33)	$	8,425	$	8	$	(324)	$	8,109

December 31, 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	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439

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

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,505	18	%	$	1,612	18	%
AA	4,760		56	%	5,023		57	%
A	1,594		19	%	1,634		18	%
BBB	579		7	%	593		7	%
BB	20		—	%	20		—	%
Total	$	8,458	100	%	$	8,882	100	%

The following table presents fixed maturities by contractual maturity:

	March 31, 2023				December 31, 2022
(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	$	3,020	$	3,020	$	2,962	$	2,962
Due after 1 year through 5 years	26,248		26,248		24,791		24,791
Due after 5 years through 10 years	27,608		27,608		26,679		26,679
Due after 10 years	15,386		15,386		14,937		14,937
	72,262		72,262		69,369		69,369
Mortgage-backed securities	16,102		16,102		15,851		15,851
	$	88,364	$	88,364	$	85,220	$	85,220
Held to maturity
Due in 1 year or less	$	1,048	$	1,035	$	1,015	$	1,003
Due after 1 year through 5 years	3,409		3,313		3,658		3,531
Due after 5 years through 10 years	1,385		1,361		1,460		1,423
Due after 10 years	1,211		1,118		1,260		1,131
	7,053		6,827		7,393		7,088
Mortgage-backed securities	1,372		1,282		1,455		1,351
	$	8,425	$	8,109	$	8,848	$	8,439

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

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at March 31, 2023, and December 31, 2022, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 e) in the 2022 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
March 31, 2023	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	$	1,564	$	(39)	$	912	$	(88)	$	2,476	$	(127)
Non-U.S.	7,195		(243)		11,689		(1,004)		18,884		(1,247)
Corporate and asset-backed securities	13,577		(507)		15,222		(1,356)		28,799		(1,863)
Mortgage-backed securities	4,769		(205)		10,427		(1,528)		15,196		(1,733)
Municipal	2,172		(30)		735		(123)		2,907		(153)
Total AFS fixed maturities	$	29,277	$	(1,024)	$	38,985	$	(4,099)	$	68,262	$	(5,123)

	0 – 12 Months				Over 12 Months				Total
December 31, 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	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)

At March 31, 2023, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $646 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
	March 31
(in millions of U.S. dollars)	2023		2022
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	169	$	14
Provision for expected credit loss	59		17
Write-offs charged against the expected credit loss	(2)		—
Recovery of expected credit loss	(58)		(4)
Valuation allowance for expected credit losses - end of period	$	168	$	27
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	35
Recovery of expected credit loss	(1)		(1)
Valuation allowance for expected credit losses - end of period	$	33	$	34

c) Net realized gains (losses)

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities:
Gross realized gains	$	2	$	39
Gross realized losses	(159)		(127)
Net (provision for) recovery of expected credit losses	2		(12)
Impairment (1)	(25)		(36)
Total fixed maturities	(180)		(136)
Equity securities	11		56
Other investments	15		55
Foreign exchange	131		74
Investment and embedded derivative instruments	(46)		47
Other derivative instruments	(1)		1
Other	(7)		(74)
Net realized gains (losses) (pre-tax)	$	(77)	$	23

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

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

							Three Months Ended
							March 31
	2023						2022
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	11	$	15	$	26	$	56	$	55	$	111
Less: Net gains (losses) recognized from sales of securities	(5)		—		(5)		255		—		255
Unrealized gains (losses) recognized for securities still held at reporting date	$	16	$	15	$	31	$	(199)	$	55	$	(144)

d) Alternative investments

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

	Expected Liquidation Period of Underlying Assets	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,146	$	472	$	1,074	$	505
Real assets	2 to 13 Years	2,114		640		2,166		681
Distressed	2 to 8 Years	1,096		659		1,048		755
Private credit	3 to 8 Years	216		322		215		429
Traditional	2 to 14 Years	7,800		4,654		7,424		5,025
Vintage	1 to 2 Years	56		—		55		—
Investment funds	Not Applicable	377		—		373		—
		$	12,805	$	6,747	$	12,355	$	7,395

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

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

    

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

e) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March 31, 2023 and December 31, 2022 are investments, primarily fixed maturities, totaling $16,021 million and $15,721 million, respectively, and cash of $94 million and $115 million, respectively.

The following table presents the components of restricted assets:

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Trust funds	$	8,263	$	8,120
Deposits with U.S. regulatory authorities	2,350		2,345
Deposits with non-U.S. regulatory authorities	3,094		2,959
Assets pledged under repurchase agreements	1,503		1,527
Other pledged assets	905		885
Total	$	16,115	$	15,836

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Fair value measurements

3 Months Ended

Mar. 31, 2023

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

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.

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.

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 market risk benefits (MRB) reserves and our MRB reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Separate account assets

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets principally 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.

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

March 31, 2023	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,119	$	560	$	—	$	2,679
Non-U.S.	—		26,831		561		27,392
Corporate and asset-backed securities	—		35,916		2,544		38,460
Mortgage-backed securities	—		16,092		10		16,102
Municipal	—		3,731		—		3,731
	2,119		83,130		3,115		88,364
Equity securities	854		—		88		942
Short-term investments	1,856		1,830		7		3,693
Other investments (1)	559		423		—		982
Securities lending collateral	—		1,582		—		1,582
Investment derivatives	59		—		—		59
Derivatives designated as hedging instruments	—		8		—		8
Other derivative instruments	5		—		—		5
Separate account assets	5,198		102		—		5,300
Total assets measured at fair value (1)	$	10,650	$	87,075	$	3,210	$	100,935
Liabilities:
Investment derivatives	$	158	$	—	$	—	$	158
Derivatives designated as hedging instruments	—		82		—		82
Other derivative instruments	45		2		—		47
Market risk benefits (2)	—		—		830		830
Total liabilities measured at fair value	$	203	$	84	$	830	$	1,117

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,805 million, policy loans of $358 million, and other investments of $47 million at March 31, 2023, measured using NAV as a practical expedient.

(2)Refer to Note 11 for additional information on Market risk benefits.

December 31, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,100	$	526	$	—	$	2,626
Non-U.S.	—		25,344		564		25,908
Corporate and asset-backed securities	—		34,506		2,449		36,955
Mortgage-backed securities	—		15,840		11		15,851
Municipal	—		3,880		—		3,880
	2,100		80,096		3,024		85,220
Equity securities	737		—		90		827
Short-term investments	3,108		1,849		3		4,960
Other investments (1)	552		399		—		951
Securities lending collateral	—		1,523		—		1,523
Investment derivative instruments	82		—		—		82
Derivatives designated as hedging instruments	—		17		—		17
Other derivative instruments	33		—		—		33
Separate account assets	5,101		89		—		5,190
Total assets measured at fair value (1)	$	11,713	$	83,973	$	3,117	$	98,803
Liabilities:
Investment derivatives	$	139	$	—	$	—	$	139
Derivatives designated as hedging instruments	—		53		—		53
Market risk benefits (2)	—		—		800		800
Total liabilities measured at fair value	$	139	$	53	$	800	$	992

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022, measured using NAV as a practical expedient.

(2)Refer to Note 11 for additional information on Market risk benefits.

Level 3 financial instruments

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

	Assets
Three Months Ended March 31, 2023 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	564	$	2,449	$	11	$	90	$	3
Transfers out of Level 3	—		(11)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(4)		(2)		—		—		(1)
Net Realized Gains/Losses	—		2		—		(4)		—
Purchases	43		205		—		7		5
Sales	(31)		(20)		—		(5)		—
Settlements	(11)		(79)		(1)		—		—
Balance, end of period	$	561	$	2,544	$	10	$	88	$	7
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	4	$	—	$	(3)	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(6)	$	(5)	$	—	$	—	$	(1)

	Assets
Three Months Ended March 31, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7
Transfers into Level 3	18		29		—		1		—
Transfers out of Level 3	(23)		(50)		(5)		—		—
Change in Net Unrealized Gains/Losses in OCI	(13)		(22)		—		—		—
Net Realized Gains/Losses	(2)		—		—		4		—
Purchases	43		315		—		3		2
Sales	(6)		(27)		—		(3)		—
Settlements	(32)		(65)		(1)		—		(5)
Balance, end of period	$	618	$	2,229	$	20	$	82	$	4
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(2)	$	—	$	—	$	4	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(13)	$	(22)	$	—	$	—	$	—

Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 11 Market risk benefits. Refer to Note 11 for additional information.

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

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

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2022 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

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

March 31, 2023	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	$	1,267	$	73	$	—	$	1,340	$	1,371
Non-U.S.	—		1,036		—		1,036		1,106
Corporate and asset-backed securities	—		1,576		—		1,576		1,671
Mortgage-backed securities	—		1,282		—		1,282		1,372
Municipal	—		2,875		—		2,875		2,905
Total assets	$	1,267	$	6,842	$	—	$	8,109	$	8,425
Liabilities:
Repurchase agreements	$	—	$	1,420	$	—	$	1,420	$	1,420
Long-term debt	—		12,892		—		12,892		14,375
Trust preferred securities	—		368		—		368		308
Total liabilities	$	—	$	14,680	$	—	$	14,680	$	16,103

December 31, 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	$	1,299	$	71	$	—	$	1,370	$	1,417
Non-U.S.	—		1,054		—		1,054		1,136
Corporate and asset-backed securities	—		1,580		—		1,580		1,705
Mortgage-backed securities	—		1,351		—		1,351		1,455
Municipal	—		3,084		—		3,084		3,135
Total assets	$	1,299	$	7,140	$	—	$	8,439	$	8,848
Liabilities:
Repurchase agreements	$	—	$	1,419	$	—	$	1,419	$	1,419
Short-term debt	—		473		—		473		475
Long-term debt	—		12,495		—		12,495		14,402
Trust preferred securities	—		383		—		383		308
Total liabilities	$	—	$	14,770	$	—	$	14,770	$	16,604

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Reinsurance

3 Months Ended

Mar. 31, 2023

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	16,520	$	294	$	17,086	$	289
Reinsurance recoverable on paid losses and loss expenses	1,621		57		1,773		62
Reinsurance recoverable on losses and loss expenses	$	18,141	$	351	$	18,859	$	351
Reinsurance recoverable on policy benefits	$	279	$	1	$	302	$	4

(1)Net of valuation allowance for uncollectible reinsurance.

The decrease in reinsurance recoverable on losses and loss expenses was primarily due to a seasonal decrease in crop recoverables, and collections.

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Valuation allowance for uncollectible reinsurance - beginning of period	$	351	$	329
Provision for uncollectible reinsurance	5		3
Write-offs charged against the valuation allowance	(5)		(4)
Foreign exchange revaluation	—		1
Valuation allowance for uncollectible reinsurance - end of period	$	351	$	329

XML

Deferred acquisition costs

3 Months Ended

Mar. 31, 2023

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred acquisition costs

Deferred acquisition costs comprise capitalized costs on short-duration contracts of $3,010 million and $2,808 million and long-duration contracts of $3,286 million and $2,974 million at March 31, 2023, and March 31, 2022, respectively. The assumptions used to amortize DAC were consistent with the assumptions used to estimate the liability for future policy benefits for nonparticipating traditional and limited-payment contracts.

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

	Three Months ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	320	$	776	$	395	$	902	$	121	$	2,514
Capitalizations	36		25		24		126		3		214
Amortization expense	(24)		(19)		(5)		(30)		(5)		(83)
Other (including foreign exchange)	5		1		(1)		(7)		—		(2)
Balance - end of period	$	337	$	783	$	413	$	991	$	119	$	2,643
Overseas General Insurance segment excluded from table											643
Total deferred acquisition costs on long-duration contracts											$	3,286

	Three Months ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	246	$	771	$	334	$	745	$	108	$	2,204
Capitalizations	34		29		10		24		20		117
Amortization expense	(16)		(18)		(5)		(25)		(5)		(69)
Other (including foreign exchange)	5		(8)		(2)		—		(3)		(8)
Balance - end of period	$	269	$	774	$	337	$	744	$	120	$	2,244
Overseas General Insurance segment excluded from table											730
Total deferred acquisition costs on long-duration contracts											$	2,974

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Goodwill, Other intangible assets, and Value of business acquired

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill and Value of business acquired

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, 2022	$	6,945	$	2,230	$	134	$	4,605	$	371	$	1,943	$	16,228
Foreign exchange revaluation and other	(9)		(3)		—		(3)		—		(38)		(53)
Balance at March 31, 2023	$	6,936	$	2,227	$	134	$	4,602	$	371	$	1,905	$	16,175

VOBA

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:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023
Balance, beginning of period	$	3,702
Amortization of VOBA (1)	(83)
Foreign exchange revaluation and other	(16)
Balance, end of period	$	3,603

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

During the three months ended March 31, 2023, amortization of VOBA associated with the acquisition of Cigna’s business in Asia was $78 million pre-tax.

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Unpaid losses and loss expenses

3 Months Ended

Mar. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

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

Unpaid losses and loss expenses

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Gross unpaid losses and loss expenses – beginning of period	$	75,747	$	72,330
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,086)		(16,132)
Net unpaid losses and loss expenses – beginning of period	58,661		56,198
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,336		4,963
Prior years (2)	(188)		(399)
Total	5,148		4,564
Net losses and loss expenses paid in respect of losses occurring in:
Current year	805		593
Prior years	3,911		3,569
Total	4,716		4,162
Foreign currency revaluation and other	(196)		3
Net unpaid losses and loss expenses – end of period	58,897		56,603
Reinsurance recoverable on unpaid losses (1)	16,520		16,593
Gross unpaid losses and loss expenses – end of period	$	75,417	$	73,196

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and development on international A&H lines totaling $(8) million and $159 million for the three months ended March 31, 2023 and 2022, respectively.

Gross unpaid losses and loss expenses decreased $330 million for the three months ended March 31, 2023, principally reflecting underlying exposure growth that was more than offset by the favorable impact of foreign currency movement, a large payment related to the Boy Scouts of America agreement, and a non-recurring transaction in the quarter. In addition, there was an increase in net unpaid losses and loss expenses of $236 million reflecting the factors noted above as well as higher collections in the quarter.

Prior Period Development

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture.

The following table summarizes (favorable) and adverse PPD by segment:

	Three Months Ended March 31
(in millions of U.S. dollars)	Long-tail		Short-tail		Total
2023
North America Commercial P&C Insurance	$	9	$	(81)	$	(72)
North America Personal P&C Insurance	—		17		17
North America Agricultural Insurance	—		—		—
Overseas General Insurance	—		(143)		(143)
Global Reinsurance	—		(8)		(8)
Corporate	10		—		10
Total	$	19	$	(215)	$	(196)
2022
North America Commercial P&C Insurance	$	(20)	$	(88)	$	(108)
North America Personal P&C Insurance	—		(51)		(51)
North America Agricultural Insurance	—		(26)		(26)
Overseas General Insurance	—		(60)		(60)
Global Reinsurance	—		(3)		(3)
Corporate	8		—		8
Total	$	(12)	$	(228)	$	(240)

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

North America Commercial P&C Insurance. Net favorable development for the three months ended March 31, 2023, was $72 million favorable with $81 million favorable in short-tail lines and $9 million adverse in long-tail lines. The short tail development was primarily in surety and A&H, partially offset by adverse development in property and marine due to the net impact of positive development from Hurricane Ian and negative development from Winter Storm Elliott. The long tail development was the net of favorable developments in specialty casualty and workers comp due to lower than expected paid and reported loss activity offset by adverse development in general liability and certain financial lines due to higher than expected development.

Net favorable development for the three months ended March 31, 2022, included favorable development in A&H lines of $76 million, which experienced lower than expected loss emergence. The favorable development was partially offset by adverse development in commercial umbrella and excess portfolios of $60 million driven by higher than expected loss emergence.

North America Personal P&C Insurance. Net adverse development for the three months ended March 31, 2023, was $17 million with no individually significant movements. Net favorable development for the three months ended March 31, 2022, included favorable development in the homeowners line of business from a reserve release due to lower than expected paid and reported loss activity attributable to the indirect effects of COVID related economic slowdown.

Overseas General Insurance. Net favorable development for the three months ended March 31, 2023, included $85 million in property lines, driven by favorable catastrophe development of $43 million, and non-catastrophe loss emergence in Continental Europe and the U.K.

Net favorable development for the three months ended March 31, 2022, included favorable development in property and A&H lines of business.

Molestation claimsIn the first quarter of 2023, the District Court issued an order approving the Boy Scouts of America (BSA) bankruptcy plan in full. There are no changes to the terms of the agreement which are consistent with the 2022 10-K disclosure. We paid $800 million per the agreement, with $300 million paid in 2022, $200 million paid during the first quarter of 2023, and the remaining $300 million paid in April 2023. Refer to the 2022 10-K for additional information on molestation claims.

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Future policy benefits

3 Months Ended

Mar. 31, 2023

Liability for Future Policy Benefits Activity [Abstract]

Liability for future policy benefits

uture policy benefits

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

Present Value of Expected Net Premiums	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	818	$	1,546	$	10,618	$	42	$	13,024
Beginning balance at original discount rate	879		1,600		11,163		43		13,685
Effect of changes in cash flow assumptions	17		(1)		(786)		1		(769)
Effect of actual variances from expected experience	(3)		(9)		(29)		—		(41)
Adjusted beginning of period balance	893		1,590		10,348		44		12,875
Issuances	36		50		312		1		399
Interest accrual	29		15		126		—		170
Net premiums collected (1)	(44)		(60)		(349)		(6)		(459)
Derecognition (lapses)	(2)		1		(54)		(1)		(56)
Other (including foreign exchange)	—		(1)		32		1		32
Ending balance at original discount rate	912		1,595		10,415		39		12,961
Effect of changes in discount rate assumptions	(62)		(40)		(206)		(3)		(311)
Balance – end of period	$	850	$	1,555	$	10,209	$	36	$	12,650

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

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,429	$	4,781	$	15,457	$	253	$	21,920
Beginning balance at original discount rate	1,556		4,973		16,259		264		23,052
Effect of changes in cash flow assumptions	20		(1)		(798)		2		(777)
Effect of actual variances from expected experience	(1)		(7)		(26)		1		(33)
Adjusted beginning of period balance	1,575		4,965		15,435		267		22,242
Issuances	36		49		309		1		395
Interest accrual	32		48		160		2		242
Benefits payments	(46)		(59)		(368)		(3)		(476)
Derecognition (lapses)	(2)		1		(56)		(1)		(58)
Other (including foreign exchange)	(70)		(292)		448		(24)		62
Ending balance at original discount rate	1,525		4,712		15,928		242		22,407
Effect of changes in discount rate assumptions	(135)		(98)		(388)		(4)		(625)
Balance – end of period	$	1,390	$	4,614	$	15,540	$	238	$	21,782

	March 31, 2023
Liability for Future Policy Benefits	Life Insurance								Overseas General Insurance		Chubb Consolidated
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Net liability for future policy benefits	$	540	$	3,059	$	5,331	$	202	$	713	$	9,845
Deferred profit liability	209		555		160		13		—		937
Net liability for future policy benefits, per consolidated balance sheet	749		3,614		5,491		215		713		10,782
Less: Reinsurance recoverable on future policy benefits	143		30		82		—		24		279
Net liability for future policy benefits, after reinsurance recoverable	$	606	$	3,584	$	5,409	$	215	$	689	$	10,503
Weighted average duration (years)	8.0		21.2		10.3		14.5		5.0		13.5

Present Value of Expected Net Premiums	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	422	$	1,341	$	2,520	$	30	$	4,313
Beginning balance at original discount rate	397		1,243		2,323		28		3,991
Effect of changes in cash flow assumptions	—		(2)		—		—		(2)
Effect of actuarial variances from expected experience	(9)		(8)		(37)		—		(54)
Adjusted beginning of period balance	388		1,233		2,286		28		3,935
Issuances	41		38		33		1		113
Interest accrual	25		11		37		—		73
Net premiums collected (1)	(27)		(41)		(64)		(3)		(135)
Other (including foreign exchange)	(2)		(6)		—		—		(8)
Ending balance at original discount rate	425		1,235		2,292		26		3,978
Effect of changes in discount rate assumptions	6		46		94		1		147
Balance – end of period	$	431	$	1,281	$	2,386	$	27	$	4,125

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

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	921	$	4,785	$	4,939	$	130	$	10,775
Beginning balance at original discount rate	858		3,833		4,589		122		9,402
Effect of changes in cash flow assumptions	(5)		(2)		—		11		4
Effect of actuarial variances from expected experience	(9)		(7)		(38)		—		(54)
Adjusted beginning of period balance	844		3,824		4,551		133		9,352
Issuances	42		38		34		—		114
Interest accrual	27		37		51		1		116
Benefits payments	(21)		(46)		(83)		—		(150)
Other (including foreign exchange)	(9)		(27)		(6)		—		(42)
Ending balance at original discount rate	883		3,826		4,547		134		9,390
Effect of changes in discount rate assumptions	7		568		162		4		741
Balance – end of period	$	890	$	4,394	$	4,709	$	138	$	10,131

	March 31, 2022
Liability for Future Policy Benefits	Life Insurance								Overseas General Insurance		Chubb Consolidated
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		A&H		Total
Net liability for future policy benefits	$	459	$	3,113	$	2,323	$	111	$	772	$	6,778
Deferred profit liability	152		401		98		8		—		659
Net liability for future policy benefits, per consolidated balance sheet	611		3,514		2,421		119		772		7,437
Less: Reinsurance recoverable on future policy benefits	115		33		61		—		33		242
Net liability for future policy benefits, after reinsurance recoverable	$	496	$	3,481	$	2,360	$	119	$	739	$	7,195
Weighted average duration (years)	8.3		20.1		10.4		30.0		5.3		14.2

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

	March 31		March 31
(in millions of U.S. dollars)	2023		2022
Term Life
Undiscounted expected future benefit payments	$	2,352	$	1,309
Undiscounted expected future gross premiums	2,673		1,437
Discounted expected future benefit payments	1,390		890
Discounted expected future gross premiums	1,787		1,122
Whole Life
Undiscounted expected future benefit payments	14,656		9,870
Undiscounted expected future gross premiums	5,375		3,531
Discounted expected future benefit payments	4,614		4,394
Discounted expected future gross premiums	3,994		2,597
A&H
Undiscounted expected future benefit payments	21,563		6,027
Undiscounted expected future gross premiums	31,611		8,914
Discounted expected future benefit payments	15,540		4,709
Discounted expected future gross premiums	18,958		6,209
Other
Undiscounted expected future benefit payments	370		215
Undiscounted expected future gross premiums	97		74
Discounted expected future benefit payments	238		138
Discounted expected future gross premiums	$	87	$	65

The following table presents the amount of revenue and interest recognized in the statement of operations:

	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	March 31				March 31
(in millions of U.S. dollars)	2023		2022		2023		2022
Life Insurance
Term Life	$	170	$	49	$	3	$	2
Whole Life	162		74		33		26
A&H	795		290		34		14
Other	19		82		2		1
Overseas General Insurance
A&H	364		365		—		—
Total	$	1,510	$	860	$	72	$	43

The following table presents the weighted-average interest rates:

	Interest Accretion Rate				Current Discount Rate
	Three Months Ended				Three Months Ended
	March 31				March 31
	2023		2022		2023		2022
Life Insurance
Term Life	2.9	%	2.4	%	6.5	%	3.6	%
Whole Life	4.4	%	4.4	%	6.1	%	4.6	%
A&H	4.2	%	3.9	%	6.7	%	4.0	%
Other	3.8	%	3.7	%	4.8	%	3.4	%

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Policyholders' account balances

3 Months Ended

Mar. 31, 2023

Policyholder Account Balance [Abstract]

Liability for policyholders' account balance

olicyholders' account balances

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

	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,719	$	1,421	$	3,140
Premiums received	85		25		110
Policy charges (1)	(45)		(3)		(48)
Surrenders and withdrawals	(16)		(15)		(31)
Benefit payments	(4)		(7)		(11)
Interest credited	11		5		16
Other (including foreign exchange)	(4)		6		2
Balance, end of period	$	1,746	$	1,432	$	3,178

	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,612	$	1,154	$	2,766
Premiums received	95		28		123
Policy charges (1)	(46)		(2)		(48)
Surrenders and withdrawals	(14)		(17)		(31)
Benefit payments	(2)		(5)		(7)
Interest credited	11		6		17
Other (including foreign exchange)	(6)		(46)		(52)
Balance, end of period	$	1,650	$	1,118	$	2,768

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

	March 31
	2023						2022
(in millions of U.S. dollars, except for percentages)	Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.6		%	2.6		%	3.6		%	3.4		%
Net amount at risk (1)	$	9,934		$	1,450		$	10,259		$	518
Cash Surrender Value	$	937		$	1,137		$	869		$	865

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

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

Universal Life

	March 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	3	$	—	$	388	$	846	$	1,237
2.01% – 4.00%	453		56		—		—		509
Total	$	456	$	56	$	388	$	846	$	1,746

	March 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	4	$	—	$	420	$	743	$	1,167
2.01% – 4.00%	238		210		35		—		483
Total	$	242	$	210	$	455	$	743	$	1,650

Other policyholders' account balances

	March 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	154	$	547	$	188	$	543	$	1,432
Total	$	154	$	547	$	188	$	543	$	1,432

	March 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	—	$	530	$	219	$	369	$	1,118
Total	$	—	$	530	$	219	$	369	$	1,118

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Market risk benefits

3 Months Ended

Mar. 31, 2023

Market Risk Benefit [Abstract]

Market risk benefits

Market risk benefits

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

	Three Months Ended March 31
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	800	$	812
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	776		755
Interest rate changes	63		(140)
Effect of changes in equity markets	(75)		111
Effect of changes in volatilities	57		37
Effect of timing and all other	(18)		(32)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	803	$	731
Effect of changes in the instrument-specific credit risk	27		34
Balance – end of period	$	830	$	765
Weighted-average age of policyholders (years)	73		73
Net amount at risk	$	2,296	$	1,913

Excluded from the table above are MRB gains (losses) of $(89) million and $26 million for the three months ended March 31, 2023 and 2022, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB reinsurance, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

	Valuation Technique	Significant Unobservable Inputs	March 31, 2023			March 31, 2022
			Ranges	Weighted Average(1)		Ranges	Weighted Average(1)
MRB (1)	Actuarial model	Lapse rate	1% – 30%	4.0	%	3% – 31%	4.4	%
		Annuitization rate	0% – 100%	4.4	%	0% – 100%	3.7	%

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

The most significant policyholder behavior assumptions include lapse rates for MRBs and the annuitization rates which is applicable to GLB only. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. In general, the base lapse function assumes low lapse rates during the surrender charge period, followed by a "spike" lapse rate in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate, typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. All GLB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GLB annuitization rates will be

higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GLB annuitization rates increase as policyholders get older. In addition, it is also assumed that GLB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GLB) in comparison to all subsequent years. Chubb does not yet have fully credible annuitization experience for all clients.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.

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Separate accounts

3 Months Ended

Mar. 31, 2023

Separate Accounts Disclosure [Abstract]

Separate Accounts

Separate accounts

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

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

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash and cash equivalents	$	116	$	141
Mutual funds	5,082		4,960
Fixed maturities	102		89
Total	$	5,300	$	5,190

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	5,190	$	5,560
Premiums and deposits	158		467
Policy charges	(15)		(31)
Surrenders and withdrawals	(6)		(124)
Benefit payments	(98)		(95)
Investment performance	83		(283)
Other (including foreign exchange)	(12)		66
Balance – end of period	$	5,300	$	5,560
Cash surrender value (1)	$	5,124	$	4,994

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

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Commitments, contingencies, and guarantees

3 Months Ended

Mar. 31, 2023

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, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the MRB book of business. Investment derivative instruments and derivatives designated as hedges for accounting purposes 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.

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

				March 31, 2023						December 31, 2022
	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)	$	33	$	(128)	$	4,387	$	64	$	(115)	$	4,134
Options/Futures contracts on notes and bonds	OA / (AP)	26		(30)		1,861		18		(24)		1,511
Convertible securities (1)	FM AFS / ES	30		—		37		30		—		37
		$	89	$	(158)	$	6,285	$	112	$	(139)	$	5,682
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(45)	$	925	$	33	$	—	$	939
Other	OA / (AP)	5		(2)		457		—		—		—
		$	5	$	(47)	$	1,382	$	33	$	—	$	939
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	8	$	—	$	1,587	$	17	$	—	$	1,595
Cross-currency swaps - net investment hedges	OA / (AP)	—		(82)		1,579		—		(53)		1,604
		$	8	$	(82)	$	3,166	$	17	$	(53)	$	3,199

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At March 31, 2023, and December 31, 2022, net derivative liabilities of $214 million and $60 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge 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 €1.5 billion, or approximately $1.6 billion at March 31, 2023, of 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). The remaining change in fair value is recorded in Other comprehensive income (OCI), with an immaterial amount recorded in Interest expense.

For the three months ended March 31, 2023, we recognized a net loss of $17 million, comprising $20 million of net realized gains, $4 million of interest expense, and a remaining change in fair value of $33 million pre-tax of other comprehensive loss recorded within OCI.

(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, and an immaterial amount recorded to Interest expense. 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 months ended March 31, 2023, we recognized a net loss of $23 million, comprising $26 million pre-tax of cumulative translation losses recorded in OCI, and $3 million of interest income.

c) Derivative instruments not designated as hedges

Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities, Market risk benefits 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
	March 31
(in millions of U.S. dollars)	2023		2022
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(51)	$	(54)
All other futures contracts, options, and equities	5		102
Convertible securities (1)	—		(1)
Total investment and embedded derivative instruments	$	(46)	$	47
Other derivative instruments:
Futures contracts on equities (2)	(57)		42
Other	(1)		1
Total other derivative instruments	$	(58)	$	43
	$	(104)	$	90

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

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

Options

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

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

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by

the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

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

(iii) Convertible security investments

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

(iv) TBA

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

(v) Futures contracts on equities

Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

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

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

	Remaining contractual maturity
	March 31, 2023		December 31, 2022
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	842	$	820
U.S. Treasury / Agency	78		72
Non-U.S.	626		604
Corporate and asset-backed securities	36		27
	$	1,582	$	1,523
Gross amount of recognized liability for securities lending payable	$	1,582	$	1,523

At March 31, 2023, and December 31, 2022, our repurchase agreement obligations of $1,420 million and $1,419 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
	March 31, 2023								December 31, 2022
	Up to 30 Days		30-90 Days		Total		Up to 30 Days		30-90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	7	$	—	$	7	$	12	$	—	$	12
U.S. Treasury / Agency	—		102		102		—		101		101
Mortgage-backed securities	907		487		1,394		921		493		1,414
	$	914	$	589	$	1,503	$	933	$	594	$	1,527
Gross amount of recognized liabilities for repurchase agreements					$	1,420					$	1,419
Difference (1)					$	83					$	108

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

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

e) Fixed maturities

At March 31, 2023, and December 31, 2022, commitments to purchase fixed income securities over the next several years were $810 million and $770 million, respectively.

f) Other investments

At March 31, 2023, included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $12.4 billion. In connection with these investments, we have commitments that may require funding of up to $6.7 billion over the next several years. At December 31, 2022, these investments had a carrying value of $12.0 billion with commitments that may have required funding of up to $7.4 billion.

g) Income taxes

At March 31, 2023, $66 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

h) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This

category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

At March 31, 2023, and December 31, 2022, the right-of-use asset was $571 million and $607 million, respectively, recorded within Other assets, and the lease liability was $595 million and $633 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.

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Shareholders' equity

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2023, our Common Shares had a par value of CHF 24.15 per share.

At our May 2022 and 2021 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.32 per share and $3.20 per share, respectively, which were paid in four quarterly installments of $0.83 per share and $0.80 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions per Common Share for the three months ended March 31, 2023 and 2022, were $0.83 (CHF 0.77) and $0.80 (CHF 0.74), respectively.

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. 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 three months ended March 31, 2023, 2,010,400 shares were repurchased and 1,574,224 net shares were issued under employee share-based compensation plans. At March 31, 2023, 32,217,934 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

•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				April 1, 2023 through  May 1, 2023
	March 31
(in millions of U.S. dollars, except share data)	2023		2022
Number of shares repurchased	2,010,400		4,869,900		215,400
Cost of shares repurchased	$	428	$	1,001	$	43
Repurchase authorization remaining at end of period	$	1,193	$	1,648	$	1,150

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

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars)			As Adjusted
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(7,279)	$	2,256
Change in period, before reclassification from AOCI (before tax)	1,606		(4,788)
Amounts reclassified from AOCI (before tax)	180		136
Change in period, before tax	1,786		(4,652)
Income tax (expense) benefit	(166)		812
Balance – end of period, net of tax	(5,659)		(1,584)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(75)		(1,399)
Change in period, before tax	(151)		435
Income tax (expense) benefit	21		(33)
Balance – end of period, net of tax	(205)		(997)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(24)		(57)
Change in period, before and net of tax	(3)		23
Balance – end of period, net of tax	(27)		(34)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,966)		(2,114)
Change in period, before reclassification from AOCI (before tax)	(174)		—
Amounts reclassified from AOCI (before tax)	(3)		—
Change in period, before tax	(177)		67
Income tax benefit	7		4
Balance – end of period, net of tax	(3,136)		(2,043)
Fair value hedging instruments
Balance – beginning of period, net of tax	(66)		—
Change in period, before reclassification from AOCI (before tax)	(17)		—
Amounts reclassified from AOCI (before tax)	(16)		—
Change in period, before tax	(33)		—
Income tax benefit	7		—
Balance – end of period, net of tax	(92)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	225		240
Change in period, before tax	—		19
Income tax expense	(1)		(4)
Balance – end of period, net of tax	224		255
Accumulated other comprehensive income (loss)	$	(8,895)	$	(4,403)

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

	Three Months Ended				Consolidated Statement of Operations Location
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities available for sale	$	(180)	$	(136)	Net realized gains (losses)
Income tax benefit	18		22		Income tax expense
	$	(162)	$	(114)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	3	$	—	Interest expense
Income tax expense	(1)		—		Income tax expense
	$	2	$	—	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	20	$	—	Net realized gains (losses)
Cross-currency swaps	(4)		—		Interest expense
Income tax expense	(3)		—		Income tax expense
	$	13	$	—	Net income
Total amounts reclassified from AOCI	$	(147)	$	(114)

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Share-based compensation	3 Months Ended
	Mar. 31, 2023
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 23, 2023, Chubb granted 1,540,002 stock options with a weighted-average grant date fair value of $51.32 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 23, 2023, Chubb granted 785,319 service-based restricted stock awards, 315,545 service-based restricted stock units, and 407,825 performance-based stock awards to employees and officers with a grant date fair value of $208.60 each. Each restricted stock unit represents our obligation to deliver to the holder one Common Share upon vesting.

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Postretirement benefits

3 Months Ended

Mar. 31, 2023

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
	2023				2022				2023		2022
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	1	$	—	$	—
Non-service cost (benefit):
Interest cost	34		9		21		6		—		—
Expected return on plan assets	(56)		(12)		(71)		(11)		(1)		—
Amortization of net actuarial loss	—		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(22)		(3)		(50)		(5)		(1)		—
Net periodic benefit cost (benefit)	$	(22)	$	(1)	$	(50)	$	(4)	$	(1)	$	—

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 March 31	2023		2022		2023		2022
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		1		—		—
Total service cost	2		1		—		—
Non-service cost (benefit):
Losses and loss expenses	(2)		(5)		—		—
Administrative expenses	(23)		(50)		(1)		—
Total non-service cost (benefit)	(25)		(55)		(1)		—
Net periodic benefit cost (benefit)	$	(23)	$	(54)	$	(1)	$	—

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Other Income and Expense

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Other Income and Expense Disclosure

Other income and expense

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Equity in net income of partially-owned entities (1)	$	340	$	363
Gains (losses) from fair value changes in separate account assets (2)	(25)		(31)
Federal excise and capital taxes	(5)		(4)
Other	(14)		(16)
Total	$	296	$	312

(1)     Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.

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

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

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Segment information

3 Months Ended

Mar. 31, 2023

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. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment results for the three months ended March 31, 2023, include the results of Cigna's business in Asia, which are principally assigned to our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment according to the nature of the business written.

Management uses underwriting income (loss) as the basis for segment performance for its P&C operations. P&C underwriting income (loss) excludes the Life Insurance segment and is calculated 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), market risk benefits 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 several 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 March 31, 2023 (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	$	4,288	$	1,296	$	293	$	3,263	$	277	$	1,293	$	—	$	—	$	10,710
Net premiums earned	4,369		1,320		159		2,786		244		1,264		—		—		10,142
Losses and loss expenses	2,729		888		140		1,237		112		32		11		(1)		5,148
Policy benefits	—		—		—		110		—		712		—		(25)		797
Policy acquisition costs	613		272		15		713		62		273		—		—		1,948
Administrative expenses	295		79		3		280		9		167		97		—		930
Underwriting income (loss)	732		81		1		446		61		80		(108)		26		1,319
Net investment income	698		82		17		188		49		153		11		(91)		1,107
Other (income) expense	7		1		1		(9)		(1)		(15)		(214)		(66)		(296)
Amortization expense of    purchased intangibles	—		2		6		18		—		4		42		—		72
Segment income	$	1,423	$	160	$	11	$	625	$	111	$	244	$	75	$	1	$	2,650
Net realized gains (losses)													(76)		(1)		(77)
Market risk benefits gains (losses)													(115)		—		(115)
Interest expense													160		—		160
Cigna integration expenses													22		—		22
Income tax expense													384		—		384
Net income (loss)													$	(682)	$	—	$	1,892

For the Three Months Ended March 31, 2022 (As Adjusted) (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	$	4,039	$	1,180	$	62	$	3,079	$	253	$	576	$	—	$	—	$	9,189
Net premiums earned	4,114		1,247		(29)		2,628		235		542		—		—		8,737
Losses and loss expenses	2,497		713		(92)		1,296		115		24		10		1		4,564
Policy benefits	—		—		—		93		—		311		—		(31)		373
Policy acquisition costs	573		260		12		679		62		133		—		—		1,719
Administrative expenses	265		69		(1)		269		9		84		83		—		778
Underwriting income (loss)	779		205		52		291		49		(10)		(93)		30		1,303
Net investment income (loss)	489		59		7		147		85		103		(5)		(63)		822
Other (income) expense	6		1		—		2		—		(30)		(259)		(32)		(312)
Amortization expense of    purchased intangibles	—		2		7		14		—		2		46		—		71
Segment income	$	1,262	$	261	$	52	$	422	$	134	$	121	$	115	$	(1)	$	2,366
Net realized gains (losses)													22		1		23
Market risk benefits gains (losses)													49		—		49
Interest expense													132		—		132
Income tax expense													353		—		353
Net income (loss)													$	(299)	$	—	$	1,953

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, DAC, VOBA, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

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Earnings per share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars, except share and per share data)			As Adjusted
Numerator:
Net income	$	1,892	$	1,953
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	414,289,150		425,805,105
Denominator for diluted earnings per share:
Share-based compensation plans	3,639,042		3,985,729
Weighted-average shares outstanding and assumed conversions	417,928,192		429,790,834
Basic earnings per share	$	4.57	$	4.59
Diluted earnings per share	$	4.53	$	4.55
Potential anti-dilutive share conversions	1,731,523		681,032

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 2022 Form 10-K for additional information on stock options.

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General and significant accounting policies (Policies)

3 Months Ended

Mar. 31, 2023

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 18 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 2022 Form 10-K.

Cash and Cash Equivalents, Restricted Cash and Cash Equivalents

Restricted cash

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

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

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash	$	2,288	$	2,012
Restricted cash	94		115
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,382	$	2,127

Accounting guidance adopted

Accounting guidance adopted in 2023

Targeted Improvements to the Accounting for Long-Duration Contracts

Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires 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.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is updated to remove any amounts related to changes to the original discount rate at January 1, 2021 (the transition date) in AOCI and future cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021.

On January 1, 2021, we recognized a cumulative effect adjustment and increased beginning retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders’ account balances, Note 11 Market risk benefits, and Note 12 Separate accounts.

The impact of adoption of the new guidance on our historical financial statements is as follows:

	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment	As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)	302
Deferred policy acquisition costs	5,788		243	6,031
Value of business acquired	3,596		106	3,702
Prepaid reinsurance premiums	3,140		(4)	3,136
Investments in partially-owned insurance companies	2,877		(370)	2,507
Unpaid losses and loss expenses	76,323		(576)	75,747
Unearned premiums	20,360		(647)	19,713
Future policy benefits	10,120		356	10,476
Market risk benefits	—		800	800
Insurance and reinsurance balances payable	7,795		(15)	7,780
Deferred tax liabilities	292		85	377
Retained Earnings	48,334		(29)	48,305
Accumulated other comprehensive income (loss)	(10,193)		8	(10,185)

Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of operations and comprehensive income
Net premiums written	$	9,199	$	(10)	$	9,189
Net premiums earned	8,746		(9)		8,737
Net realized gains (losses)	101		(78)		23
Market risk benefits gains (losses)	—		49		49
Losses and loss expenses	4,787		(223)		4,564
Policy benefits	145		228		373
Policy acquisition costs	1,737		(18)		1,719
Other (income) expense	(310)		(2)		(312)
Income tax expense	355		(2)		353
Net Income	1,974		(21)		1,953
Other comprehensive income
Change in current discount rate on future policy benefits	—		435		435
Change in instrument-specific credit risk on market risk benefits	—		23		23
Income tax benefit related to OCI items	812		(33)		779
Comprehensive income	(1,780)		404		(1,376)

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of cash flows
Net cash flows from operating activities	$	2,440	$	4	$	2,444
Net cash flows used for financing activities	(1,302)		(4)		(1,306)

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:

	Life Insurance								Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020(1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065
Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1)     Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:

(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1)     Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

Deferred policy acquisition costs and value of business acquired

Deferred policy acquisition costs (DAC)

Policy acquisition costs on long-duration contracts are grouped by contract type and issue year into cohorts consistent with the grouping used in estimating the associated liability. Deferred policy acquisition costs are amortized on a constant level basis over the expected term of the related contracts to approximate straight-line amortization. The constant level basis used for amortization is the face amount in force and is projected using the same assumptions used in estimating the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected changes in the in-force portfolio, due to variances in mortality and lapse experience, are recognized over the contract term. Changes in future mortality and lapse assumptions are also recognized prospectively over the remaining expected contract term.

Future policy benefits

Future policy benefits

For traditional and limited-payment contracts, contracts are grouped into cohorts by contract type and issue year to determine a liability for future policy benefits. The future policy benefit liability (FPBL) is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders, and is accrued as premium revenue is recognized. The valuation of this liability requires management to make estimates and assumptions regarding expenses, mortality, and persistency. Estimates are primarily based on historical experience. Actual results could differ materially from these estimates.

The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, we review our future cash flow assumptions at least annually to determine if the net premium ratio (NPR), the mechanism used to record the liability as premium is earned, used to calculate the liability should be changed at that time. We have elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Each quarter, we update the cash flows expected over the entire life of each cohort for actual historical experience and projected future cash

flows. These updated cash flows are used to calculate the revised NPR, which is used to derive an updated FPBL as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, but before the updating of cash flow assumptions, to determine the current period change in FPBL. This current period change in the liability is the liability remeasurement gain or loss and is recorded in Policy benefits in the Consolidated statements of operations. In subsequent periods, the revised NPR is used to measure the FPBL until future revisions become required.

For traditional and limited-payment contracts, the discount rate assumption based on an upper-medium grade fixed-income instrument yield. An equivalent rate is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The discount rate assumption is updated quarterly and used to remeasure the liability at each reporting date, with the resulting change reflected in Other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level, as the basis for a linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Deferred profit liability

For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (DPL) and recorded as a component of Future policy benefits in the Consolidated balance sheets. Net premiums are measured using actual cash flows and future cash flow assumptions consistent with those used in the measurement of the liability for future policy benefits and remeasured quarterly. The DPL is amortized in proportion to the discounted in-force policies. Interest is accreted on the balance of the DPL using the discount rate consistent with the interest accretion on the FPBL. The recalculated DPL, including adjusted amortization through the current period, is compared to the current carrying amount and the difference is recognized as an adjustment to Policy benefits in the Consolidated statements of operations as a remeasurement gain or loss.

Market Risk Benefit

Market risk benefits

Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States, which are referred to as market risk benefits. These reinsurance contracts provide both protection to the ceding entity from other-than-nominal capital market risk and expose us to other-than-nominal capital market risk.

Market risk benefits are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are recognized in Market risk benefits gains (losses) in the Consolidated statements of operations, except the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income. Refer to Note 11 for additional information.

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Fair value measurements (Fair Value Measurement Policy) (Policies)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement, Policy

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

The three levels of the hierarchy are as follows:

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

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

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

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

would use in pricing an asset or liability.

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General and significant accounting policies (Tables)

3 Months Ended

Jan. 01, 2021

Mar. 31, 2023

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:

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash	$	2,288	$	2,012
Restricted cash	94		115
Total cash and restricted cash shown in the Consolidated statements of cash flows	$	2,382	$	2,127

Accounting Standards Update and Change in Accounting Principle

The impact of adoption of the new guidance on our historical financial statements is as follows:

	December 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment	As Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses	$	18,901	(42)	$	18,859
Reinsurance recoverable on policy benefits	303		(1)	302
Deferred policy acquisition costs	5,788		243	6,031
Value of business acquired	3,596		106	3,702
Prepaid reinsurance premiums	3,140		(4)	3,136
Investments in partially-owned insurance companies	2,877		(370)	2,507
Unpaid losses and loss expenses	76,323		(576)	75,747
Unearned premiums	20,360		(647)	19,713
Future policy benefits	10,120		356	10,476
Market risk benefits	—		800	800
Insurance and reinsurance balances payable	7,795		(15)	7,780
Deferred tax liabilities	292		85	377
Retained Earnings	48,334		(29)	48,305
Accumulated other comprehensive income (loss)	(10,193)		8	(10,185)

Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of operations and comprehensive income
Net premiums written	$	9,199	$	(10)	$	9,189
Net premiums earned	8,746		(9)		8,737
Net realized gains (losses)	101		(78)		23
Market risk benefits gains (losses)	—		49		49
Losses and loss expenses	4,787		(223)		4,564
Policy benefits	145		228		373
Policy acquisition costs	1,737		(18)		1,719
Other (income) expense	(310)		(2)		(312)
Income tax expense	355		(2)		353
Net Income	1,974		(21)		1,953
Other comprehensive income
Change in current discount rate on future policy benefits	—		435		435
Change in instrument-specific credit risk on market risk benefits	—		23		23
Income tax benefit related to OCI items	812		(33)		779
Comprehensive income	(1,780)		404		(1,376)

	Three Months Ended
	March 31, 2022
(in millions of U.S. dollars)	As Previously Reported		LDTI Adoption Adjustment		As Adjusted
Consolidated statement of cash flows
Net cash flows from operating activities	$	2,440	$	4	$	2,444
Net cash flows used for financing activities	(1,302)		(4)		(1,306)

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:

	Life Insurance								Overseas General Insurance				Offsetting Equity Line Classification
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Future policy benefits
Balance – December 31, 2020(1)	$	391	$	2,578	$	2,270	$	72	$	754	$	6,065
Effect of change in current discount rate	63		1,189		299		17		19		1,587		AOCI
Balance – January 1, 2021	$	454	$	3,767	$	2,569	$	89	$	773	$	7,652

(1)     Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:

(in millions of U.S. dollars)			Offsetting Equity Line Classification
Market risk benefits
Balance – December 31, 2020	$	1,138
Cumulative effect of changes in instrument-specific credit risk between original contract issuance date and transition date (1)	84		AOCI
Other fair value adjustments	(59)		Retained Earnings
Balance – January 1, 2021	$	1,163

(1)     Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

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Acquisitions (Tables)

3 Months Ended

Mar. 31, 2023

Business Combinations [Abstract]

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. These estimates remain preliminary and are subject to adjustment. While they are not expected to be materially different than those shown, any material adjustments to the estimates will be reflected, retroactively, as of the date of the acquisition as a measurement period adjustment.

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	$	5,274
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	85
Value of business acquired	3,633
Goodwill and intangible assets	1,486
Other assets	648
Total assets	$	11,214
Liabilities
Unpaid losses and loss expenses	$	12
Unearned premiums	60
Future policy benefits	3,856
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	926
Deferred tax liabilities	886
Total liabilities	$	5,855
Net acquired assets, including goodwill	5,359
Total	$	11,214

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
Pro forma:	March 31
(in millions of U.S. dollars)	2022
Net premiums earned	$	9,512
Total revenues	$	10,417
Net income	$	2,059

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Investments (Tables)

3 Months Ended

12 Months Ended

Mar. 31, 2023

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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

March 31, 2023	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	$	2,798	$	—	$	8	$	(127)	$	2,679
Non-U.S.	28,860		(60)		263		(1,671)		27,392
Corporate and asset-backed securities	41,316		(106)		104		(2,854)		38,460
Mortgage-backed securities	17,863		(2)		11		(1,770)		16,102
Municipal	3,872		—		12		(153)		3,731
	$	94,709	$	(168)	$	398	$	(6,575)	$	88,364

December 31, 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	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220

Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,371	$	—	$	1,371	$	4	$	(35)	$	1,340
Non-U.S.	1,110		(4)		1,106		—		(70)		1,036
Corporate and asset-backed securities	1,699		(28)		1,671		2		(97)		1,576
Mortgage-backed securities	1,373		(1)		1,372		—		(90)		1,282
Municipal	2,905		—		2,905		2		(32)		2,875
	$	8,458	$	(33)	$	8,425	$	8	$	(324)	$	8,109

	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439

Debt Securities, Held-to-maturity, Credit Quality Indicator

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

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,505	18	%	$	1,612	18	%
AA	4,760		56	%	5,023		57	%
A	1,594		19	%	1,634		18	%
BBB	579		7	%	593		7	%
BB	20		—	%	20		—	%
Total	$	8,458	100	%	$	8,882	100	%

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:

	March 31, 2023				December 31, 2022
(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	$	3,020	$	3,020	$	2,962	$	2,962
Due after 1 year through 5 years	26,248		26,248		24,791		24,791
Due after 5 years through 10 years	27,608		27,608		26,679		26,679
Due after 10 years	15,386		15,386		14,937		14,937
	72,262		72,262		69,369		69,369
Mortgage-backed securities	16,102		16,102		15,851		15,851
	$	88,364	$	88,364	$	85,220	$	85,220
Held to maturity
Due in 1 year or less	$	1,048	$	1,035	$	1,015	$	1,003
Due after 1 year through 5 years	3,409		3,313		3,658		3,531
Due after 5 years through 10 years	1,385		1,361		1,460		1,423
Due after 10 years	1,211		1,118		1,260		1,131
	7,053		6,827		7,393		7,088
Mortgage-backed securities	1,372		1,282		1,455		1,351
	$	8,425	$	8,109	$	8,848	$	8,439

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
March 31, 2023	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	$	1,564	$	(39)	$	912	$	(88)	$	2,476	$	(127)
Non-U.S.	7,195		(243)		11,689		(1,004)		18,884		(1,247)
Corporate and asset-backed securities	13,577		(507)		15,222		(1,356)		28,799		(1,863)
Mortgage-backed securities	4,769		(205)		10,427		(1,528)		15,196		(1,733)
Municipal	2,172		(30)		735		(123)		2,907		(153)
Total AFS fixed maturities	$	29,277	$	(1,024)	$	38,985	$	(4,099)	$	68,262	$	(5,123)

	0 – 12 Months				Over 12 Months				Total
December 31, 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	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)

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

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	169	$	14
Provision for expected credit loss	59		17
Write-offs charged against the expected credit loss	(2)		—
Recovery of expected credit loss	(58)		(4)
Valuation allowance for expected credit losses - end of period	$	168	$	27
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	35
Recovery of expected credit loss	(1)		(1)
Valuation allowance for expected credit losses - end of period	$	33	$	34

Debt Securities, Held-to-maturity, Allowance for Credit Loss

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	169	$	14
Provision for expected credit loss	59		17
Write-offs charged against the expected credit loss	(2)		—
Recovery of expected credit loss	(58)		(4)
Valuation allowance for expected credit losses - end of period	$	168	$	27
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	35
Recovery of expected credit loss	(1)		(1)
Valuation allowance for expected credit losses - end of period	$	33	$	34

Schedule of Realized Gain (Loss)

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities:
Gross realized gains	$	2	$	39
Gross realized losses	(159)		(127)
Net (provision for) recovery of expected credit losses	2		(12)
Impairment (1)	(25)		(36)
Total fixed maturities	(180)		(136)
Equity securities	11		56
Other investments	15		55
Foreign exchange	131		74
Investment and embedded derivative instruments	(46)		47
Other derivative instruments	(1)		1
Other	(7)		(74)
Net realized gains (losses) (pre-tax)	$	(77)	$	23

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

Gain (Loss) on Securities

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

							Three Months Ended
							March 31
	2023						2022
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	11	$	15	$	26	$	56	$	55	$	111
Less: Net gains (losses) recognized from sales of securities	(5)		—		(5)		255		—		255
Unrealized gains (losses) recognized for securities still held at reporting date	$	16	$	15	$	31	$	(199)	$	55	$	(144)

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

	Expected Liquidation Period of Underlying Assets	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,146	$	472	$	1,074	$	505
Real assets	2 to 13 Years	2,114		640		2,166		681
Distressed	2 to 8 Years	1,096		659		1,048		755
Private credit	3 to 8 Years	216		322		215		429
Traditional	2 to 14 Years	7,800		4,654		7,424		5,025
Vintage	1 to 2 Years	56		—		55		—
Investment funds	Not Applicable	377		—		373		—
		$	12,805	$	6,747	$	12,355	$	7,395

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Trust funds	$	8,263	$	8,120
Deposits with U.S. regulatory authorities	2,350		2,345
Deposits with non-U.S. regulatory authorities	3,094		2,959
Assets pledged under repurchase agreements	1,503		1,527
Other pledged assets	905		885
Total	$	16,115	$	15,836

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Fair value measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Financial Instruments Measured At Fair Value On A Recurring Basis

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

March 31, 2023	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,119	$	560	$	—	$	2,679
Non-U.S.	—		26,831		561		27,392
Corporate and asset-backed securities	—		35,916		2,544		38,460
Mortgage-backed securities	—		16,092		10		16,102
Municipal	—		3,731		—		3,731
	2,119		83,130		3,115		88,364
Equity securities	854		—		88		942
Short-term investments	1,856		1,830		7		3,693
Other investments (1)	559		423		—		982
Securities lending collateral	—		1,582		—		1,582
Investment derivatives	59		—		—		59
Derivatives designated as hedging instruments	—		8		—		8
Other derivative instruments	5		—		—		5
Separate account assets	5,198		102		—		5,300
Total assets measured at fair value (1)	$	10,650	$	87,075	$	3,210	$	100,935
Liabilities:
Investment derivatives	$	158	$	—	$	—	$	158
Derivatives designated as hedging instruments	—		82		—		82
Other derivative instruments	45		2		—		47
Market risk benefits (2)	—		—		830		830
Total liabilities measured at fair value	$	203	$	84	$	830	$	1,117

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,805 million, policy loans of $358 million, and other investments of $47 million at March 31, 2023, measured using NAV as a practical expedient.

(2)Refer to Note 11 for additional information on Market risk benefits.

December 31, 2022	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available for sale
U.S. Treasury / Agency	$	2,100	$	526	$	—	$	2,626
Non-U.S.	—		25,344		564		25,908
Corporate and asset-backed securities	—		34,506		2,449		36,955
Mortgage-backed securities	—		15,840		11		15,851
Municipal	—		3,880		—		3,880
	2,100		80,096		3,024		85,220
Equity securities	737		—		90		827
Short-term investments	3,108		1,849		3		4,960
Other investments (1)	552		399		—		951
Securities lending collateral	—		1,523		—		1,523
Investment derivative instruments	82		—		—		82
Derivatives designated as hedging instruments	—		17		—		17
Other derivative instruments	33		—		—		33
Separate account assets	5,101		89		—		5,190
Total assets measured at fair value (1)	$	11,713	$	83,973	$	3,117	$	98,803
Liabilities:
Investment derivatives	$	139	$	—	$	—	$	139
Derivatives designated as hedging instruments	—		53		—		53
Market risk benefits (2)	—		—		800		800
Total liabilities measured at fair value	$	139	$	53	$	800	$	992

(1)Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,355 million, policy loans of $343 million and other investments of $47 million at December 31, 2022, measured using NAV as a practical expedient.

(2)Refer to Note 11 for additional information on Market risk benefits.

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

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

	Assets
Three Months Ended March 31, 2023 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	564	$	2,449	$	11	$	90	$	3
Transfers out of Level 3	—		(11)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(4)		(2)		—		—		(1)
Net Realized Gains/Losses	—		2		—		(4)		—
Purchases	43		205		—		7		5
Sales	(31)		(20)		—		(5)		—
Settlements	(11)		(79)		(1)		—		—
Balance, end of period	$	561	$	2,544	$	10	$	88	$	7
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	4	$	—	$	(3)	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(6)	$	(5)	$	—	$	—	$	(1)

	Assets
Three Months Ended March 31, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7
Transfers into Level 3	18		29		—		1		—
Transfers out of Level 3	(23)		(50)		(5)		—		—
Change in Net Unrealized Gains/Losses in OCI	(13)		(22)		—		—		—
Net Realized Gains/Losses	(2)		—		—		4		—
Purchases	43		315		—		3		2
Sales	(6)		(27)		—		(3)		—
Settlements	(32)		(65)		(1)		—		(5)
Balance, end of period	$	618	$	2,229	$	20	$	82	$	4
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(2)	$	—	$	—	$	4	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(13)	$	(22)	$	—	$	—	$	—

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

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

	Assets
Three Months Ended March 31, 2023 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	564	$	2,449	$	11	$	90	$	3
Transfers out of Level 3	—		(11)		—		—		—
Change in Net Unrealized Gains/Losses in OCI	(4)		(2)		—		—		(1)
Net Realized Gains/Losses	—		2		—		(4)		—
Purchases	43		205		—		7		5
Sales	(31)		(20)		—		(5)		—
Settlements	(11)		(79)		(1)		—		—
Balance, end of period	$	561	$	2,544	$	10	$	88	$	7
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	—	$	4	$	—	$	(3)	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(6)	$	(5)	$	—	$	—	$	(1)

	Assets
Three Months Ended March 31, 2022 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities		Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities
Balance, beginning of period	$	633	$	2,049	$	26	$	77	$	7
Transfers into Level 3	18		29		—		1		—
Transfers out of Level 3	(23)		(50)		(5)		—		—
Change in Net Unrealized Gains/Losses in OCI	(13)		(22)		—		—		—
Net Realized Gains/Losses	(2)		—		—		4		—
Purchases	43		315		—		3		2
Sales	(6)		(27)		—		(3)		—
Settlements	(32)		(65)		(1)		—		(5)
Balance, end of period	$	618	$	2,229	$	20	$	82	$	4
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet date	$	(2)	$	—	$	—	$	4	$	—
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet date	$	(13)	$	(22)	$	—	$	—	$	—

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

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

March 31, 2023	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	$	1,267	$	73	$	—	$	1,340	$	1,371
Non-U.S.	—		1,036		—		1,036		1,106
Corporate and asset-backed securities	—		1,576		—		1,576		1,671
Mortgage-backed securities	—		1,282		—		1,282		1,372
Municipal	—		2,875		—		2,875		2,905
Total assets	$	1,267	$	6,842	$	—	$	8,109	$	8,425
Liabilities:
Repurchase agreements	$	—	$	1,420	$	—	$	1,420	$	1,420
Long-term debt	—		12,892		—		12,892		14,375
Trust preferred securities	—		368		—		368		308
Total liabilities	$	—	$	14,680	$	—	$	14,680	$	16,103

December 31, 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	$	1,299	$	71	$	—	$	1,370	$	1,417
Non-U.S.	—		1,054		—		1,054		1,136
Corporate and asset-backed securities	—		1,580		—		1,580		1,705
Mortgage-backed securities	—		1,351		—		1,351		1,455
Municipal	—		3,084		—		3,084		3,135
Total assets	$	1,299	$	7,140	$	—	$	8,439	$	8,848
Liabilities:
Repurchase agreements	$	—	$	1,419	$	—	$	1,419	$	1,419
Short-term debt	—		473		—		473		475
Long-term debt	—		12,495		—		12,495		14,402
Trust preferred securities	—		383		—		383		308
Total liabilities	$	—	$	14,770	$	—	$	14,770	$	16,604

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Reinsurance (Tables)

3 Months Ended

Mar. 31, 2023

Reinsurance Disclosures [Abstract]

schedule of reinsurance recoverable on ceded insurance

	March 31, 2023				December 31, 2022
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	16,520	$	294	$	17,086	$	289
Reinsurance recoverable on paid losses and loss expenses	1,621		57		1,773		62
Reinsurance recoverable on losses and loss expenses	$	18,141	$	351	$	18,859	$	351
Reinsurance recoverable on policy benefits	$	279	$	1	$	302	$	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:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Valuation allowance for uncollectible reinsurance - beginning of period	$	351	$	329
Provision for uncollectible reinsurance	5		3
Write-offs charged against the valuation allowance	(5)		(4)
Foreign exchange revaluation	—		1
Valuation allowance for uncollectible reinsurance - end of period	$	351	$	329

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Deferred acquisition costs (Tables)

3 Months Ended

Mar. 31, 2023

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

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

	Three Months ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	320	$	776	$	395	$	902	$	121	$	2,514
Capitalizations	36		25		24		126		3		214
Amortization expense	(24)		(19)		(5)		(30)		(5)		(83)
Other (including foreign exchange)	5		1		(1)		(7)		—		(2)
Balance - end of period	$	337	$	783	$	413	$	991	$	119	$	2,643
Overseas General Insurance segment excluded from table											643
Total deferred acquisition costs on long-duration contracts											$	3,286

	Three Months ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	246	$	771	$	334	$	745	$	108	$	2,204
Capitalizations	34		29		10		24		20		117
Amortization expense	(16)		(18)		(5)		(25)		(5)		(69)
Other (including foreign exchange)	5		(8)		(2)		—		(3)		(8)
Balance - end of period	$	269	$	774	$	337	$	744	$	120	$	2,244
Overseas General Insurance segment excluded from table											730
Total deferred acquisition costs on long-duration contracts											$	2,974

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Goodwill, Other intangible assets, and Value of business acquired (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

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, 2022	$	6,945	$	2,230	$	134	$	4,605	$	371	$	1,943	$	16,228
Foreign exchange revaluation and other	(9)		(3)		—		(3)		—		(38)		(53)
Balance at March 31, 2023	$	6,936	$	2,227	$	134	$	4,602	$	371	$	1,905	$	16,175

Schedule of Changes in VOBA

The following table presents a roll-forward of VOBA:

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023
Balance, beginning of period	$	3,702
Amortization of VOBA (1)	(83)
Foreign exchange revaluation and other	(16)
Balance, end of period	$	3,603

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

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Unpaid losses and loss expenses (Tables)

3 Months Ended

Mar. 31, 2023

Liability for Claims and Claims Adjustment Expense [Abstract]

Schedule of Unpaid Losses And Loss Expenses Roll Forward [Table Text Block]

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Gross unpaid losses and loss expenses – beginning of period	$	75,747	$	72,330
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,086)		(16,132)
Net unpaid losses and loss expenses – beginning of period	58,661		56,198
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	5,336		4,963
Prior years (2)	(188)		(399)
Total	5,148		4,564
Net losses and loss expenses paid in respect of losses occurring in:
Current year	805		593
Prior years	3,911		3,569
Total	4,716		4,162
Foreign currency revaluation and other	(196)		3
Net unpaid losses and loss expenses – end of period	58,897		56,603
Reinsurance recoverable on unpaid losses (1)	16,520		16,593
Gross unpaid losses and loss expenses – end of period	$	75,417	$	73,196

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and development on international A&H lines totaling $(8) million and $159 million for the three months ended March 31, 2023 and 2022, respectively.

Prior Period Development, by Segment [Table Text Block]

The following table summarizes (favorable) and adverse PPD by segment:

	Three Months Ended March 31
(in millions of U.S. dollars)	Long-tail		Short-tail		Total
2023
North America Commercial P&C Insurance	$	9	$	(81)	$	(72)
North America Personal P&C Insurance	—		17		17
North America Agricultural Insurance	—		—		—
Overseas General Insurance	—		(143)		(143)
Global Reinsurance	—		(8)		(8)
Corporate	10		—		10
Total	$	19	$	(215)	$	(196)
2022
North America Commercial P&C Insurance	$	(20)	$	(88)	$	(108)
North America Personal P&C Insurance	—		(51)		(51)
North America Agricultural Insurance	—		(26)		(26)
Overseas General Insurance	—		(60)		(60)
Global Reinsurance	—		(3)		(3)
Corporate	8		—		8
Total	$	(12)	$	(228)	$	(240)

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Future policy benefits (Tables)

3 Months Ended

Mar. 31, 2023

Mar. 31, 2022

Liability for Future Policy Benefits Activity [Abstract]

Liability for Future Policy Benefit, Activity

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

Present Value of Expected Net Premiums	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	818	$	1,546	$	10,618	$	42	$	13,024
Beginning balance at original discount rate	879		1,600		11,163		43		13,685
Effect of changes in cash flow assumptions	17		(1)		(786)		1		(769)
Effect of actual variances from expected experience	(3)		(9)		(29)		—		(41)
Adjusted beginning of period balance	893		1,590		10,348		44		12,875
Issuances	36		50		312		1		399
Interest accrual	29		15		126		—		170
Net premiums collected (1)	(44)		(60)		(349)		(6)		(459)
Derecognition (lapses)	(2)		1		(54)		(1)		(56)
Other (including foreign exchange)	—		(1)		32		1		32
Ending balance at original discount rate	912		1,595		10,415		39		12,961
Effect of changes in discount rate assumptions	(62)		(40)		(206)		(3)		(311)
Balance – end of period	$	850	$	1,555	$	10,209	$	36	$	12,650

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

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,429	$	4,781	$	15,457	$	253	$	21,920
Beginning balance at original discount rate	1,556		4,973		16,259		264		23,052
Effect of changes in cash flow assumptions	20		(1)		(798)		2		(777)
Effect of actual variances from expected experience	(1)		(7)		(26)		1		(33)
Adjusted beginning of period balance	1,575		4,965		15,435		267		22,242
Issuances	36		49		309		1		395
Interest accrual	32		48		160		2		242
Benefits payments	(46)		(59)		(368)		(3)		(476)
Derecognition (lapses)	(2)		1		(56)		(1)		(58)
Other (including foreign exchange)	(70)		(292)		448		(24)		62
Ending balance at original discount rate	1,525		4,712		15,928		242		22,407
Effect of changes in discount rate assumptions	(135)		(98)		(388)		(4)		(625)
Balance – end of period	$	1,390	$	4,614	$	15,540	$	238	$	21,782

	March 31, 2023
Liability for Future Policy Benefits	Life Insurance								Overseas General Insurance		Chubb Consolidated
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		A&H		Total
Net liability for future policy benefits	$	540	$	3,059	$	5,331	$	202	$	713	$	9,845
Deferred profit liability	209		555		160		13		—		937
Net liability for future policy benefits, per consolidated balance sheet	749		3,614		5,491		215		713		10,782
Less: Reinsurance recoverable on future policy benefits	143		30		82		—		24		279
Net liability for future policy benefits, after reinsurance recoverable	$	606	$	3,584	$	5,409	$	215	$	689	$	10,503
Weighted average duration (years)	8.0		21.2		10.3		14.5		5.0		13.5

Present Value of Expected Net Premiums	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	422	$	1,341	$	2,520	$	30	$	4,313
Beginning balance at original discount rate	397		1,243		2,323		28		3,991
Effect of changes in cash flow assumptions	—		(2)		—		—		(2)
Effect of actuarial variances from expected experience	(9)		(8)		(37)		—		(54)
Adjusted beginning of period balance	388		1,233		2,286		28		3,935
Issuances	41		38		33		1		113
Interest accrual	25		11		37		—		73
Net premiums collected (1)	(27)		(41)		(64)		(3)		(135)
Other (including foreign exchange)	(2)		(6)		—		—		(8)
Ending balance at original discount rate	425		1,235		2,292		26		3,978
Effect of changes in discount rate assumptions	6		46		94		1		147
Balance – end of period	$	431	$	1,281	$	2,386	$	27	$	4,125

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

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	921	$	4,785	$	4,939	$	130	$	10,775
Beginning balance at original discount rate	858		3,833		4,589		122		9,402
Effect of changes in cash flow assumptions	(5)		(2)		—		11		4
Effect of actuarial variances from expected experience	(9)		(7)		(38)		—		(54)
Adjusted beginning of period balance	844		3,824		4,551		133		9,352
Issuances	42		38		34		—		114
Interest accrual	27		37		51		1		116
Benefits payments	(21)		(46)		(83)		—		(150)
Other (including foreign exchange)	(9)		(27)		(6)		—		(42)
Ending balance at original discount rate	883		3,826		4,547		134		9,390
Effect of changes in discount rate assumptions	7		568		162		4		741
Balance – end of period	$	890	$	4,394	$	4,709	$	138	$	10,131

	March 31, 2022
Liability for Future Policy Benefits	Life Insurance								Overseas General Insurance		Chubb Consolidated
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		A&H		Total
Net liability for future policy benefits	$	459	$	3,113	$	2,323	$	111	$	772	$	6,778
Deferred profit liability	152		401		98		8		—		659
Net liability for future policy benefits, per consolidated balance sheet	611		3,514		2,421		119		772		7,437
Less: Reinsurance recoverable on future policy benefits	115		33		61		—		33		242
Net liability for future policy benefits, after reinsurance recoverable	$	496	$	3,481	$	2,360	$	119	$	739	$	7,195
Weighted average duration (years)	8.3		20.1		10.4		30.0		5.3		14.2

Undiscounted expected gross premiums and expected future policy benefit payments

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

	March 31		March 31
(in millions of U.S. dollars)	2023		2022
Term Life
Undiscounted expected future benefit payments	$	2,352	$	1,309
Undiscounted expected future gross premiums	2,673		1,437
Discounted expected future benefit payments	1,390		890
Discounted expected future gross premiums	1,787		1,122
Whole Life
Undiscounted expected future benefit payments	14,656		9,870
Undiscounted expected future gross premiums	5,375		3,531
Discounted expected future benefit payments	4,614		4,394
Discounted expected future gross premiums	3,994		2,597
A&H
Undiscounted expected future benefit payments	21,563		6,027
Undiscounted expected future gross premiums	31,611		8,914
Discounted expected future benefit payments	15,540		4,709
Discounted expected future gross premiums	18,958		6,209
Other
Undiscounted expected future benefit payments	370		215
Undiscounted expected future gross premiums	97		74
Discounted expected future benefit payments	238		138
Discounted expected future gross premiums	$	87	$	65

Gross premiums and interest accretion recognized in statement of operations

The following table presents the amount of revenue and interest recognized in the statement of operations:

	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	March 31				March 31
(in millions of U.S. dollars)	2023		2022		2023		2022
Life Insurance
Term Life	$	170	$	49	$	3	$	2
Whole Life	162		74		33		26
A&H	795		290		34		14
Other	19		82		2		1
Overseas General Insurance
A&H	364		365		—		—
Total	$	1,510	$	860	$	72	$	43

Weighted-average interests

The following table presents the weighted-average interest rates:

	Interest Accretion Rate				Current Discount Rate
	Three Months Ended				Three Months Ended
	March 31				March 31
	2023		2022		2023		2022
Life Insurance
Term Life	2.9	%	2.4	%	6.5	%	3.6	%
Whole Life	4.4	%	4.4	%	6.1	%	4.6	%
A&H	4.2	%	3.9	%	6.7	%	4.0	%
Other	3.8	%	3.7	%	4.8	%	3.4	%

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Policyholders' account balances (Tables)

3 Months Ended

Mar. 31, 2023

Policyholder Account Balance [Abstract]

Policyholder Account Balances

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

	Three Months Ended March 31, 2023
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,719	$	1,421	$	3,140
Premiums received	85		25		110
Policy charges (1)	(45)		(3)		(48)
Surrenders and withdrawals	(16)		(15)		(31)
Benefit payments	(4)		(7)		(11)
Interest credited	11		5		16
Other (including foreign exchange)	(4)		6		2
Balance, end of period	$	1,746	$	1,432	$	3,178

	Three Months Ended March 31, 2022
(in millions of U.S. dollars)	Universal Life		Other		Total
Balance, beginning of period	$	1,612	$	1,154	$	2,766
Premiums received	95		28		123
Policy charges (1)	(46)		(2)		(48)
Surrenders and withdrawals	(14)		(17)		(31)
Benefit payments	(2)		(5)		(7)
Interest credited	11		6		17
Other (including foreign exchange)	(6)		(46)		(52)
Balance, end of period	$	1,650	$	1,118	$	2,768

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

	March 31
	2023						2022
(in millions of U.S. dollars, except for percentages)	Universal Life			Other			Universal Life			Other
Weighted-average crediting rate	3.6		%	2.6		%	3.6		%	3.4		%
Net amount at risk (1)	$	9,934		$	1,450		$	10,259		$	518
Cash Surrender Value	$	937		$	1,137		$	869		$	865

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

Policyholder Account Balance, Guaranteed Minimum Crediting Rates

Universal Life

	March 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	3	$	—	$	388	$	846	$	1,237
2.01% – 4.00%	453		56		—		—		509
Total	$	456	$	56	$	388	$	846	$	1,746

	March 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	4	$	—	$	420	$	743	$	1,167
2.01% – 4.00%	238		210		35		—		483
Total	$	242	$	210	$	455	$	743	$	1,650

Other policyholders' account balances

	March 31, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	154	$	547	$	188	$	543	$	1,432
Total	$	154	$	547	$	188	$	543	$	1,432

	March 31, 2022
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
0.00% – 2.00%	$	—	$	530	$	219	$	369	$	1,118
Total	$	—	$	530	$	219	$	369	$	1,118

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Market risk benefits (Tables)

3 Months Ended

Mar. 31, 2023

Market Risk Benefit [Abstract]

Market Risk Benefit, Activity

The following table presents a roll-forward of MRB:

	Three Months Ended March 31
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	800	$	812
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	776		755
Interest rate changes	63		(140)
Effect of changes in equity markets	(75)		111
Effect of changes in volatilities	57		37
Effect of timing and all other	(18)		(32)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	803	$	731
Effect of changes in the instrument-specific credit risk	27		34
Balance – end of period	$	830	$	765
Weighted-average age of policyholders (years)	73		73
Net amount at risk	$	2,296	$	1,913

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations

For MRB reinsurance, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

	Valuation Technique	Significant Unobservable Inputs	March 31, 2023			March 31, 2022
			Ranges	Weighted Average(1)		Ranges	Weighted Average(1)
MRB (1)	Actuarial model	Lapse rate	1% – 30%	4.0	%	3% – 31%	4.4	%
		Annuitization rate	0% – 100%	4.4	%	0% – 100%	3.7	%

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

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Separate accounts (Tables)

3 Months Ended

Mar. 31, 2023

Separate Accounts Disclosure [Abstract]

Fair Value, Separate Account Investment

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

	March 31		December 31
(in millions of U.S. dollars)	2023		2022
Cash and cash equivalents	$	116	$	141
Mutual funds	5,082		4,960
Fixed maturities	102		89
Total	$	5,300	$	5,190

Separate Account, Liability

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	5,190	$	5,560
Premiums and deposits	158		467
Policy charges	(15)		(31)
Surrenders and withdrawals	(6)		(124)
Benefit payments	(98)		(95)
Investment performance	83		(283)
Other (including foreign exchange)	(12)		66
Balance – end of period	$	5,300	$	5,560
Cash surrender value (1)	$	5,124	$	4,994

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

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Commitments, contingencies, and guarantees (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments

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

				March 31, 2023						December 31, 2022
	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)	$	33	$	(128)	$	4,387	$	64	$	(115)	$	4,134
Options/Futures contracts on notes and bonds	OA / (AP)	26		(30)		1,861		18		(24)		1,511
Convertible securities (1)	FM AFS / ES	30		—		37		30		—		37
		$	89	$	(158)	$	6,285	$	112	$	(139)	$	5,682
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(45)	$	925	$	33	$	—	$	939
Other	OA / (AP)	5		(2)		457		—		—		—
		$	5	$	(47)	$	1,382	$	33	$	—	$	939
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	8	$	—	$	1,587	$	17	$	—	$	1,595
Cross-currency swaps - net investment hedges	OA / (AP)	—		(82)		1,579		—		(53)		1,604
		$	8	$	(82)	$	3,166	$	17	$	(53)	$	3,199

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

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

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

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(51)	$	(54)
All other futures contracts, options, and equities	5		102
Convertible securities (1)	—		(1)
Total investment and embedded derivative instruments	$	(46)	$	47
Other derivative instruments:
Futures contracts on equities (2)	(57)		42
Other	(1)		1
Total other derivative instruments	$	(58)	$	43
	$	(104)	$	90

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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

	Remaining contractual maturity
	March 31, 2023		December 31, 2022
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	842	$	820
U.S. Treasury / Agency	78		72
Non-U.S.	626		604
Corporate and asset-backed securities	36		27
	$	1,582	$	1,523
Gross amount of recognized liability for securities lending payable	$	1,582	$	1,523

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

	Remaining contractual maturity
	March 31, 2023								December 31, 2022
	Up to 30 Days		30-90 Days		Total		Up to 30 Days		30-90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	7	$	—	$	7	$	12	$	—	$	12
U.S. Treasury / Agency	—		102		102		—		101		101
Mortgage-backed securities	907		487		1,394		921		493		1,414
	$	914	$	589	$	1,503	$	933	$	594	$	1,527
Gross amount of recognized liabilities for repurchase agreements					$	1,420					$	1,419
Difference (1)					$	83					$	108

(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)

3 Months Ended

Mar. 31, 2023

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				April 1, 2023 through  May 1, 2023
	March 31
(in millions of U.S. dollars, except share data)	2023		2022
Number of shares repurchased	2,010,400		4,869,900		215,400
Cost of shares repurchased	$	428	$	1,001	$	43
Repurchase authorization remaining at end of period	$	1,193	$	1,648	$	1,150

Schedule of Accumulated Other Comprehensive Income (Loss)

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

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars)			As Adjusted
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(7,279)	$	2,256
Change in period, before reclassification from AOCI (before tax)	1,606		(4,788)
Amounts reclassified from AOCI (before tax)	180		136
Change in period, before tax	1,786		(4,652)
Income tax (expense) benefit	(166)		812
Balance – end of period, net of tax	(5,659)		(1,584)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(75)		(1,399)
Change in period, before tax	(151)		435
Income tax (expense) benefit	21		(33)
Balance – end of period, net of tax	(205)		(997)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(24)		(57)
Change in period, before and net of tax	(3)		23
Balance – end of period, net of tax	(27)		(34)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,966)		(2,114)
Change in period, before reclassification from AOCI (before tax)	(174)		—
Amounts reclassified from AOCI (before tax)	(3)		—
Change in period, before tax	(177)		67
Income tax benefit	7		4
Balance – end of period, net of tax	(3,136)		(2,043)
Fair value hedging instruments
Balance – beginning of period, net of tax	(66)		—
Change in period, before reclassification from AOCI (before tax)	(17)		—
Amounts reclassified from AOCI (before tax)	(16)		—
Change in period, before tax	(33)		—
Income tax benefit	7		—
Balance – end of period, net of tax	(92)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	225		240
Change in period, before tax	—		19
Income tax expense	(1)		(4)
Balance – end of period, net of tax	224		255
Accumulated other comprehensive income (loss)	$	(8,895)	$	(4,403)

Reclassification out of Accumulated Other Comprehensive Income

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

	Three Months Ended				Consolidated Statement of Operations Location
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities available for sale	$	(180)	$	(136)	Net realized gains (losses)
Income tax benefit	18		22		Income tax expense
	$	(162)	$	(114)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	3	$	—	Interest expense
Income tax expense	(1)		—		Income tax expense
	$	2	$	—	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	20	$	—	Net realized gains (losses)
Cross-currency swaps	(4)		—		Interest expense
Income tax expense	(3)		—		Income tax expense
	$	13	$	—	Net income
Total amounts reclassified from AOCI	$	(147)	$	(114)

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Postretirement benefits (Tables)

3 Months Ended

Mar. 31, 2023

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
	2023				2022				2023		2022
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	1	$	—	$	—
Non-service cost (benefit):
Interest cost	34		9		21		6		—		—
Expected return on plan assets	(56)		(12)		(71)		(11)		(1)		—
Amortization of net actuarial loss	—		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(22)		(3)		(50)		(5)		(1)		—
Net periodic benefit cost (benefit)	$	(22)	$	(1)	$	(50)	$	(4)	$	(1)	$	—

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 March 31	2023		2022		2023		2022
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		1		—		—
Total service cost	2		1		—		—
Non-service cost (benefit):
Losses and loss expenses	(2)		(5)		—		—
Administrative expenses	(23)		(50)		(1)		—
Total non-service cost (benefit)	(25)		(55)		(1)		—
Net periodic benefit cost (benefit)	$	(23)	$	(54)	$	(1)	$	—

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Other Income and Expense (Tables)

3 Months Ended

Mar. 31, 2023

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)

	Three Months Ended
	March 31
(in millions of U.S. dollars)	2023		2022
Equity in net income of partially-owned entities (1)	$	340	$	363
Gains (losses) from fair value changes in separate account assets (2)	(25)		(31)
Federal excise and capital taxes	(5)		(4)
Other	(14)		(16)
Total	$	296	$	312

(1)     Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.

(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)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Operations By Segment

The following tables present the Statement of Operations by segment:

For the Three Months Ended March 31, 2023 (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	$	4,288	$	1,296	$	293	$	3,263	$	277	$	1,293	$	—	$	—	$	10,710
Net premiums earned	4,369		1,320		159		2,786		244		1,264		—		—		10,142
Losses and loss expenses	2,729		888		140		1,237		112		32		11		(1)		5,148
Policy benefits	—		—		—		110		—		712		—		(25)		797
Policy acquisition costs	613		272		15		713		62		273		—		—		1,948
Administrative expenses	295		79		3		280		9		167		97		—		930
Underwriting income (loss)	732		81		1		446		61		80		(108)		26		1,319
Net investment income	698		82		17		188		49		153		11		(91)		1,107
Other (income) expense	7		1		1		(9)		(1)		(15)		(214)		(66)		(296)
Amortization expense of    purchased intangibles	—		2		6		18		—		4		42		—		72
Segment income	$	1,423	$	160	$	11	$	625	$	111	$	244	$	75	$	1	$	2,650
Net realized gains (losses)													(76)		(1)		(77)
Market risk benefits gains (losses)													(115)		—		(115)
Interest expense													160		—		160
Cigna integration expenses													22		—		22
Income tax expense													384		—		384
Net income (loss)													$	(682)	$	—	$	1,892

For the Three Months Ended March 31, 2022 (As Adjusted) (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	$	4,039	$	1,180	$	62	$	3,079	$	253	$	576	$	—	$	—	$	9,189
Net premiums earned	4,114		1,247		(29)		2,628		235		542		—		—		8,737
Losses and loss expenses	2,497		713		(92)		1,296		115		24		10		1		4,564
Policy benefits	—		—		—		93		—		311		—		(31)		373
Policy acquisition costs	573		260		12		679		62		133		—		—		1,719
Administrative expenses	265		69		(1)		269		9		84		83		—		778
Underwriting income (loss)	779		205		52		291		49		(10)		(93)		30		1,303
Net investment income (loss)	489		59		7		147		85		103		(5)		(63)		822
Other (income) expense	6		1		—		2		—		(30)		(259)		(32)		(312)
Amortization expense of    purchased intangibles	—		2		7		14		—		2		46		—		71
Segment income	$	1,262	$	261	$	52	$	422	$	134	$	121	$	115	$	(1)	$	2,366
Net realized gains (losses)													22		1		23
Market risk benefits gains (losses)													49		—		49
Interest expense													132		—		132
Income tax expense													353		—		353
Net income (loss)													$	(299)	$	—	$	1,953

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Earnings per share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share, Basic And Diluted

	Three Months Ended
	March 31
	2023		2022
(in millions of U.S. dollars, except share and per share data)			As Adjusted
Numerator:
Net income	$	1,892	$	1,953
Denominator:
Denominator for basic earnings per share:
Weighted-average shares outstanding	414,289,150		425,805,105
Denominator for diluted earnings per share:
Share-based compensation plans	3,639,042		3,985,729
Weighted-average shares outstanding and assumed conversions	417,928,192		429,790,834
Basic earnings per share	$	4.57	$	4.59
Diluted earnings per share	$	4.53	$	4.55
Potential anti-dilutive share conversions	1,731,523		681,032

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General and significant accounting policies (Narrative) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Jan. 01, 2021
General and significant accounting policies [Line Items]
Retained earnings	$ 50,197	$ 48,305
Accumulated other comprehensive income (loss) (AOCI)	$ (8,895)	(10,185)
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
General and significant accounting policies [Line Items]
Retained earnings		29	$ 52
Accumulated other comprehensive income (loss) (AOCI)		$ 8	$ 1,800

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General and significant account policies (Cash and Cash Equivalents) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Line Items]
Cash	$ 2,288	$ 2,012
Restricted cash	94	115
Total cash and restricted cash shown in the Consolidated statement of cash flows	$ 2,382	$ 2,127	$ 1,914	$ 1,811

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General and significant accounting policies (ASU 2018-12 Transition) (Details) - USD ($) $ in Millions			3 Months Ended
		Jan. 01, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on losses and loss expenses	[1]		$ (18,141)		$ (18,859)
Reinsurance recoverable on policy benefits	[1]		(279)		(302)
Deferred policy acquisition costs			6,296		6,031
Value of business acquired			(3,603)		(3,702)
Prepaid reinsurance premiums			(3,166)		(3,136)
Investments in partially-owned insurance companies			(3,728)		(2,507)
Unpaid losses and loss expenses			(75,417)	$ (73,196)	(75,747)	$ (72,330)
Unearned premiums			(20,261)		(19,713)
Future policy benefits		$ 7,652	10,782	7,437	10,476
Insurance and reinsurance balances payable			(7,778)		(7,780)
Deferred tax liabilities			(541)		(377)
Retained earnings			(50,197)		(48,305)
Accumulated other comprehensive income (loss) (AOCI)			(8,895)		(10,185)
Net premiums written			(10,710)	(9,189)
Net premiums earned			(10,142)	(8,737)
Net realized (gains) losses			77	(23)
Policy benefits			(797)	(373)
Policy acquisition costs			(1,948)	(1,719)
Other (income) expense			(296)	(312)
Income Tax (Expense) Benefit			(384)	(353)
Net income (loss)			(1,892)	(1,953)
Comprehensive income (loss)			3,182	(1,376)
Liability for Future Policy Benefit, Remeasurement Gain (Loss)			1	(5)
Market risk benefits			830		800
Market risk benefits gains (losses)			115	(49)
Equity in net income of partially-owned entities	[2]		(340)	(363)
Increase (Decrease) in Deferred Income Taxes			9	91
Unpaid losses and loss expenses			(14)	923
Unearned premiums			591	492
Future policy benefits			136	21
Accounts payable, accrued expenses, and other liabilities			(390)	(274)
Reinsurance recoverable			622	(444)
Increase (Decrease) in Deferred Policy Acquisition Costs			(254)	(116)
Increase (Decrease) in Other Operating Assets and Liabilities, Net			32	(79)
Other Comprehensive Income (Loss), Tax			(132)	779
Net Cash Provided by (Used in) Operating Activities			2,251	2,444
Net cash flows used for investing activities			(570)	(995)
Net Cash Provided by (Used in) Financing Activities			(1,424)	(1,306)
Losses and loss expenses			(5,148)	(4,564)
Current discount rate on future policy benefits			(151)	435
Instrument-specific credit risk on market risk benefits			(3)	23
Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net premiums written			(1,293)	(576)
Net premiums earned			(1,264)	(542)
Policy benefits			(712)	(311)
Policy acquisition costs			(273)	(133)
Other (income) expense			(15)	(30)
Losses and loss expenses			(32)	(24)
Overseas General Insurance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net premiums written			(3,263)	(3,079)
Net premiums earned			(2,786)	(2,628)
Policy benefits			(110)	(93)
Policy acquisition costs			(713)	(679)
Other (income) expense			(9)	2
Losses and loss expenses			(1,237)	(1,296)
Term Life Insurance | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred policy acquisition costs			337	269	320	246
Future policy benefits		454	749	611
Policy acquisition costs			(24)	(16)
Whole Life Insurance | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred policy acquisition costs			413	337	395	334
Future policy benefits		3,767	3,614	3,514
Policy acquisition costs			(5)	(5)
Accident and Health Insurance Product Line [Member] | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred policy acquisition costs			991	744	902	745
Future policy benefits		2,569	5,491	2,421
Policy acquisition costs			(30)	(25)
Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future policy benefits		773	713	772
Insurance, Other | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Deferred policy acquisition costs			119	120	121	$ 108
Future policy benefits		89	215	119
Policy acquisition costs			$ (5)	(5)
Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefits		1,163
Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on losses and loss expenses					(18,901)
Reinsurance recoverable on policy benefits					(303)
Deferred policy acquisition costs					5,788
Value of business acquired					(3,596)
Prepaid reinsurance premiums					(3,140)
Investments in partially-owned insurance companies					(2,877)
Unpaid losses and loss expenses					(76,323)
Unearned premiums					(20,360)
Future policy benefits					10,120		$ 6,065	[3]
Insurance and reinsurance balances payable					(7,795)
Deferred tax liabilities					(292)
Retained earnings					(48,334)
Accumulated other comprehensive income (loss) (AOCI)					(10,193)
Net premiums written				(9,199)
Net premiums earned				(8,746)
Net realized (gains) losses				(101)
Policy benefits				(145)
Policy acquisition costs				(1,737)
Other (income) expense				(310)
Income Tax (Expense) Benefit				(355)
Net income (loss)				(1,974)
Comprehensive income (loss)				(1,780)
Market risk benefits					0
Market risk benefits gains (losses)				0
Other Comprehensive Income (Loss), Tax				(812)
Net Cash Provided by (Used in) Operating Activities				2,440
Net Cash Provided by (Used in) Financing Activities				(1,302)
Losses and loss expenses				(4,787)
Current discount rate on future policy benefits				0
Instrument-specific credit risk on market risk benefits				0
Previously Reported | Term Life Insurance | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future policy benefits	[3]						391
Previously Reported | Whole Life Insurance | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future policy benefits	[3]						2,578
Previously Reported | Accident and Health Insurance Product Line [Member] | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future policy benefits	[3]						2,270
Previously Reported | Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future policy benefits	[3]						754
Previously Reported | Insurance, Other | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Future policy benefits	[3]						72
Previously Reported | Variable Annuity
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Market risk benefits							$ 1,138
Effect of Modified Retrospective Application Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Reinsurance recoverable on losses and loss expenses					(42)
Reinsurance recoverable on policy benefits					(1)
Deferred policy acquisition costs					243
Value of business acquired					(106)
Prepaid reinsurance premiums					(4)
Investments in partially-owned insurance companies					(370)
Unpaid losses and loss expenses					(576)
Unearned premiums					(647)
Future policy benefits					356
Insurance and reinsurance balances payable					(15)
Deferred tax liabilities					(85)
Retained earnings		(52)			(29)
Accumulated other comprehensive income (loss) (AOCI)		1,800			8
Net premiums written				(10)
Net premiums earned				(9)
Net realized (gains) losses				(78)
Policy benefits				228
Policy acquisition costs				(18)
Other (income) expense				(2)
Income Tax (Expense) Benefit				(2)
Net income (loss)				(21)
Comprehensive income (loss)				404
Liability for Future Policy Benefit, Remeasurement Gain (Loss)		1,587
Market risk benefits					$ 800
Market risk benefits gains (losses)				49
Other Comprehensive Income (Loss), Tax				33
Net Cash Provided by (Used in) Operating Activities				4
Net Cash Provided by (Used in) Financing Activities				(4)
Losses and loss expenses				(223)
Current discount rate on future policy benefits				435
Instrument-specific credit risk on market risk benefits				$ 23
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, before Tax		77
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Term Life Insurance | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)		63
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Whole Life Insurance | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)		1,189
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Accident and Health Insurance Product Line [Member] | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)		299
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)		19
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Insurance, Other | Segment Life [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)		17
Effect of Modified Retrospective Application Accounting Standards Update 2018-12 | Guaranteed Minimum Death Benefit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
OCI, Market Risk Benefit, Instrument-Specific Credit Risk, Gain (Loss), before Adjustments and Tax	[4]	84
Market risk benefits gains (losses)		$ 59

[1] Net of valuation allowance for uncollectible reinsurance.

[2] Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.

[3] Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

[4] Includes $77 million of instrument-specific credit risk allocated from retained earnings to AOCI.

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Acquisitions (Investment holdings) (Details) - USD ($) $ in Millions			3 Months Ended		12 Months Ended
	Jan. 31, 2023	Jul. 01, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Business Acquisition [Line Items]
Goodwill			$ 16,175		$ 16,228
Other intangible assets			5,364		5,441
Value of business acquired (preliminary)			3,603		3,702
Repurchase agreements			1,420		1,419
Cigna integration expenses			22	$ 0
Huatai Group
Business Acquisition [Line Items]
Equity method investment, outstanding 22.0 percent agreed on	22.00%
Equity method investment, outstanding 3.0 percent requiring regulatory approval	3.00%
Equity Method Investment, Outstanding payment to be made			800
Equity method investment, additional 31.8 percent agreed on					$ 567
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		$ 5,400
Goodwill		1,177
Other intangible assets		309
Value of business acquired (preliminary)		3,633
Repurchase agreements		$ 2,000
Cigna integration expenses			$ 22
Direct ownership | Huatai Group
Business Acquisition [Line Items]
Equity Method Investment, Ownership Percentage			64.20%		47.30%

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Acquisitions (Schedule of recognized identifiable assets acquired and liabilities assumed) (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022	Jul. 01, 2022	Mar. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Business Acquisition [Line Items]
Accrued investment income		$ 953	$ 941
Insurance and reinsurance balances receivable		12,340	11,933
Reinsurance recoverable on losses and loss expenses	[1]	18,141	18,859
Reinsurance recoverable on policy benefits	[1]	279	302
Other assets		6,490	7,546
Total assets		201,415	199,017
Unpaid losses and loss expenses		75,417	75,747		$ 73,196	$ 72,330
Unearned premiums		20,261	19,713
Future policy benefits		10,782	10,476		7,437		$ 7,652
Insurance and reinsurance balances payable		7,778	7,780
Accounts payable, accrued expenses, and other liabilities		6,656	7,148
Deferred tax liabilities		541	377
Total liabilities		148,428	148,498
Net acquired assets, including goodwill		52,987	50,519		$ 55,716
Total		$ 201,415	$ 199,017
Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Business Acquisition [Line Items]
Investments and Cash				$ 5,274
Accrued investment income				33
Insurance and reinsurance balances receivable				52
Reinsurance recoverable on losses and loss expenses				3
Reinsurance recoverable on policy benefits				85
Goodwill and other intangible assets				1,486
Other assets				648
Total assets				11,214
Unpaid losses and loss expenses				12
Unearned premiums				60
Future policy benefits				3,856
Insurance and reinsurance balances payable				115
Accounts payable, accrued expenses, and other liabilities				926
Deferred tax liabilities				886
Total liabilities				5,855
Net acquired assets, including goodwill				5,359
Total				$ 11,214

[1] Net of valuation allowance for uncollectible reinsurance.

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Acquisitions (Pro forma) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Business Acquisition [Line Items]
Net premiums earned	$ 10,142	$ 8,737
Cigna's Life Insurance Business in Asia-Pacific Markets [Member] | Pro Forma
Business Acquisition [Line Items]
Net premiums earned		9,512
Total revenues		10,417
Net income		$ 2,059

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Investments (Narrative) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Investments [Line Items]
Restricted assets in fixed maturities and short-term investments	$ 16,021	$ 15,721
Restricted assets in cash	94	$ 115
Investments
Investments [Line Items]
Deferred Tax Assets, Valuation Allowance	$ 646

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Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 94,709	$ 93,355
Debt Securities, Available-for-sale, Allowance for Credit Loss	(168)	(169)	$ (27)	$ (14)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	398	174
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(6,575)	(8,140)
Available for sale, Fair Value	88,364	85,220
U.S. Treasury / Agency
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	2,798	2,792
Debt Securities, Available-for-sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	8	5
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(127)	(171)
Available for sale, Fair Value	2,679	2,626
Non-U.S.
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	28,860	28,064
Debt Securities, Available-for-sale, Allowance for Credit Loss	(60)	(59)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	263	108
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(1,671)	(2,205)
Available for sale, Fair Value	27,392	25,908
Corporate and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	41,316	40,547
Debt Securities, Available-for-sale, Allowance for Credit Loss	(106)	(107)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	104	49
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(2,854)	(3,534)
Available for sale, Fair Value	38,460	36,955
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	17,863	17,871
Debt Securities, Available-for-sale, Allowance for Credit Loss	(2)	(3)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	11	4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(1,770)	(2,021)
Available for sale, Fair Value	16,102	15,851
Municipal
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	3,872	4,081
Debt Securities, Available-for-sale, Allowance for Credit Loss	0	0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	12	8
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(153)	(209)
Available for sale, Fair Value	$ 3,731	$ 3,880

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Investments (Schedule Of Amortized Cost And Fair Value Of Held-to-Maturity Fixed Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-Maturity	$ 8,458	$ 8,882
Debt Securities, Held to maturity, Allowance for Credit Loss	33	34	$ 34	$ 35
Debt securities, held to maturity, net carrying value	8,425	8,848
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	8	3
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	(324)	(412)
Held to maturity, Fair Value	8,109	8,439
U.S. Treasury / Agency
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-Maturity	1,371	1,417
Debt Securities, Held to maturity, Allowance for Credit Loss	0	0
Debt securities, held to maturity, net carrying value	1,371	1,417
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	4	1
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	(35)	(48)
Held to maturity, Fair Value	1,340	1,370
Non-U.S.
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-Maturity	1,110	1,140
Debt Securities, Held to maturity, Allowance for Credit Loss	4	4
Debt securities, held to maturity, net carrying value	1,106	1,136
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0	0
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	(70)	(82)
Held to maturity, Fair Value	1,036	1,054
Corporate and asset-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-Maturity	1,699	1,733
Debt Securities, Held to maturity, Allowance for Credit Loss	28	28
Debt securities, held to maturity, net carrying value	1,671	1,705
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	2	1
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	(97)	(126)
Held to maturity, Fair Value	1,576	1,580
Mortgage-backed securities
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-Maturity	1,373	1,456
Debt Securities, Held to maturity, Allowance for Credit Loss	1	1
Debt securities, held to maturity, net carrying value	1,372	1,455
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	0	0
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	(90)	(104)
Held to maturity, Fair Value	1,282	1,351
Municipal
Schedule of Held-to-maturity Securities [Line Items]
Debt Securities, Held-to-Maturity	2,905	3,136
Debt Securities, Held to maturity, Allowance for Credit Loss	0	1
Debt securities, held to maturity, net carrying value	2,905	3,135
Debt Securities, Held-to-maturity, Accumulated Unrecognized Gain	2	1
Debt Securities, Held-to-Maturity, Accumulated Unrecognized Loss	(32)	(52)
Held to maturity, Fair Value	$ 2,875	$ 3,084

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Investments (Held-to-Maturity Credit Quality Indicator) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 8,458	$ 8,882
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	$ 1,505	$ 1,612
Fixed Maturities Percent of Total Amortized cost	18.00%	18.00%
Standard & Poor's, AA Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 4,760	$ 5,023
Fixed Maturities Percent of Total Amortized cost	56.00%	57.00%
Standard & Poor's, A Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 1,594	$ 1,634
Fixed Maturities Percent of Total Amortized cost	19.00%	18.00%
Standard & Poor's, BBB Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 579	$ 593
Fixed Maturities Percent of Total Amortized cost	7.00%	7.00%
Standard & Poor's, BB Rating [Member]
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items]
Debt Securities, Held-to-maturity	$ 20	$ 20
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	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value	$ 3,020	$ 2,962
Available for sale, Due after 1 year through 5 years, Fair Value & Net Carrying Value	26,248	24,791
Available for sale, Due after 5 years through 10 years, Fair Value & Net Carrying Value	27,608	26,679
Available for sale, Due after 10 years, Fair Value & Net Carrying Value	15,386	14,937
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	72,262	69,369
Available for sale, Mortgage backed securities, Fair Value & Net Carrying Value	16,102	15,851
Available for sale, Fair Value	88,364	85,220
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value	1,048	1,015
Held to maturity, Due in 1 year or less, Fair Value	1,035	1,003
Held-to-maturity, after one through five years, net carrying value	3,409	3,658
Held to maturity, Due after 1 year through 5, Fair Value	3,313	3,531
Held-to-maturity, after 5 through 10 years, net carrying value	1,385	1,460
Held to maturity, Due after 5 years through 10 years, Fair Value	1,361	1,423
Held-to-maturity, after 10 years, net carrying value	1,211	1,260
Held to maturity, Due after 10 years, Fair Value	1,118	1,131
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value	7,053	7,393
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value	6,827	7,088
Held-to-maturity, MBS, net carrying value	1,372	1,455
Held to maturity, Mortgage backed securities, Fair Value	1,282	1,351
Debt securities, held to maturity, net carrying value	8,425	8,848
Held to maturity, Fair Value	$ 8,109	$ 8,439

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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	Mar. 31, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 29,277	$ 57,189
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(1,024)	(4,115)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	38,985	14,991
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(4,099)	(2,291)
Debt Securities, Available-for-sale, Unrealized Loss Position	68,262	72,180
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(5,123)	(6,406)
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	1,564	2,152
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(39)	(125)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	912	386
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(88)	(46)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,476	2,538
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(127)	(171)
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	7,195	15,538
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(243)	(1,012)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	11,689	5,490
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,004)	(704)
Debt Securities, Available-for-sale, Unrealized Loss Position	18,884	21,028
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,247)	(1,716)
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	13,577	25,687
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(507)	(1,793)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	15,222	4,190
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,356)	(552)
Debt Securities, Available-for-sale, Unrealized Loss Position	28,799	29,877
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,863)	(2,345)
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	4,769	10,561
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(205)	(1,033)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	10,427	4,770
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,528)	(941)
Debt Securities, Available-for-sale, Unrealized Loss Position	15,196	15,331
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(1,733)	(1,974)
Municipal
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	2,172	3,251
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(30)	(152)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	735	155
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(123)	(48)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,907	3,406
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (153)	$ (200)

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Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available for sale, Allowance for Credit Loss	$ 168	$ 27	$ 169	$ 14
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	59	17
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	(2)	0
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery	$ (58)	$ (4)

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Investments (Rollforward of expected credit losses HTM) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items]
Debt Securities, Held to maturity, Allowance for Credit Loss	$ 33	$ 34	$ 34	$ 35
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Recovery	$ (1)	$ (1)

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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
		Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Period Increase (Decrease)		$ 59	$ 17
Debt Securities, Available-for-sale, Gain (Loss), Total		(180)	(136)
Net realized gains (losses)		(77)	23
Foreign exchange		131	74
Gain (Loss) on Derivative		(104)	90
Other		(7)	(74)
Fixed Maturities [Member]
Gain (Loss) on Securities [Line Items]
Debt Securities, Available-for-Sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment		2	39
Debt Securities, Available-for-Sale, Realized Loss, Excluding Other-than-temporary Impairment		(159)	(127)
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Period Increase (Decrease)		2	(12)
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell	[1]	(25)	(36)
Equity Securities
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)		11	56
Other Investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)		15	55
Other derivative instruments
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative		(1)	1
Investment and embedded derivative instruments
Gain (Loss) on Securities [Line Items]
Gain (Loss) on Derivative		$ (46)	$ 47

[1] 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
	Mar. 31, 2023	Mar. 31, 2022
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	$ (77)	$ 23
Equity Securities
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	11	56
Less: Net gains (losses) recognized from sales of securities	(5)	255
Unrealized Gain (Loss) on Investments	16	(199)
Other Investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	15	55
Less: Net gains (losses) recognized from sales of securities	0	0
Unrealized Gain (Loss) on Investments	15	55
Equity securities and other investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	26	111
Less: Net gains (losses) recognized from sales of securities	(5)	255
Unrealized Gain (Loss) on Investments	$ 31	$ (144)

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Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2022
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	$ 6,747		$ 7,395
Alternative Investment	12,805		12,355
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	472		505
Alternative Investment	1,146		1,074
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	640		681
Alternative Investment	2,114		2,166
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	659		755
Alternative Investment	1,096		1,048
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	322		429
Alternative Investment	216		215
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	4,654		5,025
Alternative Investment	7,800		7,424
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	56		55
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	$ 377		$ 373
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	Mar. 31, 2023	Dec. 31, 2022
Investments [Line Items]
Total restricted assets	$ 16,115	$ 15,836
Asset Pledged as Collateral without Right
Investments [Line Items]
Trust funds	8,263	8,120
Deposits with U.S. regulatory authorities	2,350	2,345
Deposits with non-U.S. regulatory authorities	3,094	2,959
Assets pledged under repurchase agreements	1,503	1,527
Other pledged assets	$ 905	$ 885

XML

Fair value measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($) $ in Millions	Mar. 31, 2023		Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	$ 88,364		$ 85,220
Equity securities, at fair value	942		827
Other Short-Term Investments	3,693		4,960
Other investments, at fair value	14,192		13,696
Securities lending collateral	1,582		1,523
Separate account assets	5,300		5,190
Market risk benefits	830		800
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	12,805		12,355
Policy Loans
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Other investments, at fair value	358		343
Other Investments
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Other investments, at fair value	47		47
U.S. Treasury / Agency
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	2,679		2,626
Non-U.S.
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	27,392		25,908
Corporate and asset-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	38,460		36,955
Mortgage-backed securities
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	16,102		15,851
Municipal
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	3,731		3,880
Level 1 | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	2,119		2,100
Equity securities, at fair value	854		737
Other Short-Term Investments	1,856		3,108
Other investments, at fair value	559	[1]	552
Securities lending collateral	0		0
Investment derivative instruments	59		82
Derivatives designated as hedging instruments	0		0
Other derivative instruments	5		33
Separate account assets	5,198		5,101
Total assets measured at fair value	10,650	[1]	11,713
Investment derivatives	158		139
Derivatives designated as hedging instruments	0		0
Other derivative instruments, liability	45
Market risk benefits	0	[2]	0
Total liabilities measured at fair value	203		139
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	2,119		2,100
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	83,130		80,096
Equity securities, at fair value	0		0
Other Short-Term Investments	1,830		1,849
Other investments, at fair value	423	[1]	399
Securities lending collateral	1,582		1,523
Investment derivative instruments	0		0
Derivatives designated as hedging instruments	8		17
Other derivative instruments	0		0
Separate account assets	102		89
Total assets measured at fair value	87,075	[1]	83,973
Investment derivatives	0		0
Derivatives designated as hedging instruments	82		53
Other derivative instruments, liability	2
Market risk benefits	0	[2]	0
Total liabilities measured at fair value	84		53
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	560		526
Level 2 | Non-U.S. | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	26,831		25,344
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	35,916		34,506
Level 2 | Mortgage-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	16,092		15,840
Level 2 | Municipal | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	3,731		3,880
Level 3 | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	3,115		3,024
Equity securities, at fair value	88		90
Other Short-Term Investments	7		3
Other investments, at fair value	0	[1]	0
Securities lending collateral	0		0
Investment derivative instruments	0		0
Derivatives designated as hedging instruments	0		0
Other derivative instruments	0		0
Separate account assets	0		0
Total assets measured at fair value	3,210	[1]	3,117
Investment derivatives	0		0
Derivatives designated as hedging instruments	0		0
Other derivative instruments, liability	0
Market risk benefits	830	[2]	800
Total liabilities measured at fair value	830		800
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	561		564
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	2,544		2,449
Level 3 | Mortgage-backed securities | Fair Value, Recurring
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]
Available for sale, Fair Value	10		11
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	88,364		85,220
Equity securities, at fair value	942		827
Other Short-Term Investments	3,693		4,960
Other investments, at fair value	982	[1]	951
Securities lending collateral	1,582		1,523
Investment derivative instruments	59		82
Derivatives designated as hedging instruments	8		17
Other derivative instruments	5		33
Separate account assets	5,300		5,190
Total assets measured at fair value	100,935	[1]	98,803
Investment derivatives	158		139
Derivatives designated as hedging instruments	82		53
Other derivative instruments, liability	47
Market risk benefits	830	[2]	800
Total liabilities measured at fair value	1,117		992
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	2,679		2,626
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	27,392		25,908
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	38,460		36,955
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	16,102		15,851
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	$ 3,731		$ 3,880

[1] Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $12,805 million, policy loans of $358 million, and other investments of $47 million at March 31, 2023, measured using NAV as a practical expedient.

[2] Refer to Note 11 for additional information on Market risk benefits.

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Fair value measurements (Assets and Liabilities, Measured At Fair Value Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive income (loss), before income tax	Other comprehensive income (loss), before income tax
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues
Level 3 | Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	$ 90	$ 77
Transfers Into Level 3, Asset		1
Transfers out of Level 3, Assets	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0
Net Realized Gains/ (Losses), Assets	(4)	4
Purchases, Assets	7	3
Sales, Assets	(5)	(3)
Settlements, Assets	0	0
Balance-End of Period, Assets	88	82
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(3)	4
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0	0
Level 3 | Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	3	7
Transfers Into Level 3, Asset		0
Transfers out of Level 3, Assets	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(1)	0
Net Realized Gains/ (Losses), Assets	0	0
Purchases, Assets	5	2
Sales, Assets	0	0
Settlements, Assets	0	(5)
Balance-End of Period, Assets	7	4
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	(1)	0
Level 3 | Available-for-Sale Debt Securities | Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	564	633
Transfers Into Level 3, Asset		18
Transfers out of Level 3, Assets	0	(23)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(4)	(13)
Net Realized Gains/ (Losses), Assets	0	(2)
Purchases, Assets	43	43
Sales, Assets	(31)	(6)
Settlements, Assets	(11)	(32)
Balance-End of Period, Assets	561	618
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	0	(2)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	(6)	(13)
Level 3 | Available-for-Sale Debt Securities | Corporate and asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	2,449	2,049
Transfers Into Level 3, Asset		29
Transfers out of Level 3, Assets	(11)	(50)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(2)	(22)
Net Realized Gains/ (Losses), Assets	2	0
Purchases, Assets	205	315
Sales, Assets	(20)	(27)
Settlements, Assets	(79)	(65)
Balance-End of Period, Assets	2,544	2,229
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	4	0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	(5)	(22)
Level 3 | Available-for-Sale Debt Securities | Mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	11	26
Transfers Into Level 3, Asset		0
Transfers out of Level 3, Assets	0	(5)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0
Net Realized Gains/ (Losses), Assets	0	0
Purchases, Assets	0	0
Sales, Assets	0	0
Settlements, Assets	(1)	(1)
Balance-End of Period, Assets	10	20
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

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Fair value measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	$ 8,109	$ 8,439
Debt Securities, Held-to-maturity	8,458	8,882
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,420	1,419
Short-term debt	0	475
Long-term debt	14,375	14,402
Total liabilities	148,428	148,498
Portion at Other than Fair Value Measurement | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,267	1,299
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value		0
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Portion at Other than Fair Value Measurement | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	6,842	7,140
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,420	1,419
Short-Term Debt, Fair Value		473
Long-term Debt, Fair Value	12,892	12,495
Trust preferred securities	368	383
Total liabilities	14,680	14,770
Portion at Other than Fair Value Measurement | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, 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
Long-term Debt, Fair Value	0	0
Trust preferred securities	0	0
Total liabilities	0	0
Portion at Other than Fair Value Measurement | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	8,109	8,439
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,420	1,419
Short-Term Debt, Fair Value		473
Long-term Debt, Fair Value	12,892	12,495
Trust preferred securities	368	383
Total liabilities	14,680	14,770
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	8,425	8,848
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	1,420	1,419
Short-term debt		475
Long-term debt	14,375	14,402
Trust preferred securities	308	308
Total liabilities	16,103	16,604
U.S. Treasury / Agency
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,340	1,370
Debt Securities, Held-to-maturity	1,371	1,417
U.S. Treasury / Agency | Portion at Other than Fair Value Measurement | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,267	1,299
U.S. Treasury / Agency | Portion at Other than Fair Value Measurement | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	73	71
U.S. Treasury / Agency | Portion at Other than Fair Value Measurement | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
U.S. Treasury / Agency | Portion at Other than Fair Value Measurement | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,340	1,370
U.S. Treasury / Agency | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,371	1,417
Non-U.S.
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,036	1,054
Debt Securities, Held-to-maturity	1,110	1,140
Non-U.S. | Portion at Other than Fair Value Measurement | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Non-U.S. | Portion at Other than Fair Value Measurement | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,036	1,054
Non-U.S. | Portion at Other than Fair Value Measurement | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Non-U.S. | Portion at Other than Fair Value Measurement | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,036	1,054
Non-U.S. | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,106	1,136
Corporate and asset-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,576	1,580
Debt Securities, Held-to-maturity	1,699	1,733
Corporate and asset-backed securities | Portion at Other than Fair Value Measurement | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Corporate and asset-backed securities | Portion at Other than Fair Value Measurement | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,576	1,580
Corporate and asset-backed securities | Portion at Other than Fair Value Measurement | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Corporate and asset-backed securities | Portion at Other than Fair Value Measurement | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,576	1,580
Corporate and asset-backed securities | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,671	1,705
Mortgage-backed securities
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,282	1,351
Debt Securities, Held-to-maturity	1,373	1,456
Mortgage-backed securities | Portion at Other than Fair Value Measurement | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Mortgage-backed securities | Portion at Other than Fair Value Measurement | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,282	1,351
Mortgage-backed securities | Portion at Other than Fair Value Measurement | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Mortgage-backed securities | Portion at Other than Fair Value Measurement | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	1,282	1,351
Mortgage-backed securities | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	1,372	1,455
Municipal
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	2,875	3,084
Debt Securities, Held-to-maturity	2,905	3,136
Municipal | Portion at Other than Fair Value Measurement | Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Municipal | Portion at Other than Fair Value Measurement | Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	2,875	3,084
Municipal | Portion at Other than Fair Value Measurement | Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	0	0
Municipal | Portion at Other than Fair Value Measurement | Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Fixed maturities, held-to-maturity, fair value	2,875	3,084
Municipal | Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Debt Securities, Held-to-maturity	$ 2,905	$ 3,135

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Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Reinsurance Disclosures [Abstract]
Reinsurance recoverable on unpaid losses and loss expenses	[1]	$ 16,520	$ 17,086	$ 16,593	$ 16,132
Reinsurance recoverable on paid losses and loss expenses	[1]	1,621	1,773
Reinsurance recoverable on losses and loss expenses	[1]	18,141	18,859
Reinsurance recoverable on policy benefits	[1]	279	302
Reinsurance Recoverables on Unpaid Losses, Allowance		294	289
Reinsurance Recoverables on Paid Losses, Allowance		57	62
Reinsurance Recoverable, Allowance for Credit Loss, Total		351	351	$ 329	$ 329
Reinsurance Recoverables on Future Policy Benefits, Allowance		$ 1	$ 4

[1] Net of valuation allowance for uncollectible reinsurance.

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Reinsurance, Allowance (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reinsurance Disclosures [Abstract]
Valuation allowance for uncollectible reinsurance - beginning of period	$ 351	$ 329
Provision for uncollectible reinsurance	5	3
Write-offs charged against the valuation allowance	(5)	(4)
Foreign exchange revaluation	0	1
Valuation allowance for uncollectible reinsurance - end of period	$ 351	$ 329

XML

Deferred acquisition costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	$ 6,296
Balance – beginning of period	6,031
Amortization expense	(1,948)	$ (1,719)
Balance - end of period	6,296
Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Amortization expense	(273)	(133)
Overseas General Insurance [Member]
Deferred Policy Acquisition Cost [Line Items]
Amortization expense	(713)	(679)
Term Life Insurance | Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	337	269
Balance – beginning of period	320	246
Capitalizations	36	34
Amortization expense	(24)	(16)
Other (including foreign exchange)	5	5
Balance - end of period	337	269
Universal Life | Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	783	774
Balance – beginning of period	776	771
Capitalizations	25	29
Amortization expense	(19)	(18)
Other (including foreign exchange)	1	(8)
Balance - end of period	783	774
Whole Life Insurance | Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	413	337
Balance – beginning of period	395	334
Capitalizations	24	10
Amortization expense	(5)	(5)
Other (including foreign exchange)	(1)	(2)
Balance - end of period	413	337
Accident and Health Insurance Product Line [Member] | Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	991	744
Balance – beginning of period	902	745
Capitalizations	126	24
Amortization expense	(30)	(25)
Other (including foreign exchange)	(7)	0
Balance - end of period	991	744
Insurance, Other | Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	119	120
Balance – beginning of period	121	108
Capitalizations	3	20
Amortization expense	(5)	(5)
Other (including foreign exchange)	0	(3)
Balance - end of period	119	120
Short-Duration Insurance, Other
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	3,010	2,808
Balance - end of period	3,010	2,808
Long-Duration Insurance, Other
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	3,286	2,974
Balance - end of period	3,286	2,974
Long-Duration Insurance, Other | Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	2,643	2,244
Balance – beginning of period	2,514	2,204
Capitalizations	214	117
Amortization expense	(83)	(69)
Other (including foreign exchange)	(2)	(8)
Balance - end of period	2,643	2,244
Long-Duration Insurance, Other | Overseas General Insurance [Member]
Deferred Policy Acquisition Cost [Line Items]
Deferred Policy Acquisition Cost	643	730
Balance - end of period	$ 643	$ 730

XML

Goodwill, Other intangible assets, and Value of business acquired (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Present Value of Future Insurance Profits [Line Items]
Amortization of VOBA (1)	$ 83	[1]
Cigna's Life Insurance Business in Asia-Pacific Markets [Member]
Present Value of Future Insurance Profits [Line Items]
Amortization of VOBA (1)	$ 78

[1] Recognized in Policy acquisition costs in the Consolidated statements of operations.

XML

Goodwill, Other intangible assets, and Value of business acquired (Roll-forward of Goodwill by Business Segment) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at beginning of period	$ 16,228
Foreign exchange revaluation and other	(53)
Balance at end of period	16,175
North America Commercial P&C Insurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	6,945
Foreign exchange revaluation and other	(9)
Balance at end of period	6,936
North America Personal P&C Insurance [Member]
Goodwill [Roll Forward]
Balance at beginning of period	2,230
Foreign exchange revaluation and other	(3)
Balance at end of period	2,227
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	4,605
Foreign exchange revaluation and other	(3)
Balance at end of period	4,602
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	1,943
Foreign exchange revaluation and other	(38)
Balance at end of period	$ 1,905

XML

Goodwill, Other intangible assets, and Value of business acquired (Other Intangible Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Other intangible assets	$ 5,364	$ 5,441

XML

Goodwill, Other intangible assets, and Value of business acquired (VOBA) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
VOBA Roll Forward
Balance, beginning of period	$ 3,702
Amortization of VOBA (1)	83	[1]
Foreign exchange revaluation and other	(16)
Balance, end of period	$ 3,603

[1] Recognized in Policy acquisition costs in the Consolidated statements of operations.

XML

Unpaid losses and loss expenses (RF) (Details) - USD ($) $ in Millions		3 Months Ended		12 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Unpaid Losses and Loss Expenses [Roll Forward]
Gross unpaid losses and loss expenses – beginning of period		$ 75,747	$ 72,330	$ 72,330
Reinsurance recoverable on unpaid losses – beginning of period (1)	[1]	(17,086)	(16,132)	(16,132)
Net unpaid losses and loss expenses – beginning of period		58,661	56,198	56,198
Current Year Claims and Claims Adjustment Expense		5,336	4,963
Prior Year Claims and Claims Adjustment Expense	[2]	(188)	(399)
Total, Incurred		5,148	4,564
Net loss and loss expenses paid, Current Year		805	593
Net loss and loss expenses paid, Prior Years		3,911	3,569
Total, Paid		4,716	4,162
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other		(196)	3
Net unpaid losses and loss expenses – end of period		58,897	56,603	58,661
Reinsurance recoverable on unpaid losses (1)	[1]	16,520	16,593	17,086
Gross unpaid losses and loss expenses – end of period		75,417	73,196	$ 75,747
prior period development, net adjustments		(8)	$ 159
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross		(330)
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease)		$ 236

[1] Net of valuation allowance for uncollectible reinsurance.

[2] Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and development on international A&H lines totaling $(8) million and $159 million for the three months ended March 31, 2023 and 2022, respectively.

XML

Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (196)	$ (240)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(72)	(108)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	17	(51)
North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(26)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(143)	(60)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(8)	(3)
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	10	8
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(215)	(228)
Short Tail [Member] | North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(81)	(88)
Short Tail [Member] | North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	17	(51)
Short Tail [Member] | North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(26)
Short Tail [Member] | Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(143)	(60)
Short Tail [Member] | Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(8)	(3)
Short Tail [Member] | Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	19	(12)
Long Tail [Member] | North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	(20)
Long Tail [Member] | North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Long Tail [Member] | North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Long Tail [Member] | Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Long Tail [Member] | Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Long Tail [Member] | Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 10	$ 8

XML

Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (196)	$ (240)
Unpaid losses and loss expenses	75,417	73,196	$ 75,747	$ 72,330
Net loss and loss expenses paid, Prior Years	3,911	3,569
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	19	(12)
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(215)	(228)
Boy Scouts of America Agreement in Principle [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Unpaid losses and loss expenses	300		800
Net loss and loss expenses paid, Prior Years	200		$ 300
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(72)	(108)
North America Commercial P&C Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	9	(20)
North America Commercial P&C Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(81)	(88)
North America Commercial P&C Insurance [Member] | Accident and Health Insurance Product Line [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development		(76)
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		60
North America Agricultural Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(26)
North America Agricultural Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
North America Agricultural Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	(26)
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	10	8
Corporate Segment [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	10	8
Corporate Segment [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(143)	(60)
Overseas General Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Overseas General Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(143)	(60)
Overseas General Insurance [Member] | Property, Liability and Casualty Insurance Product Line
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(85)
Overseas General Insurance [Member] | Property, Liability and Casualty Insurance Product Line | Catastrophe [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(43)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	17	(51)
North America Personal P&C Insurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
North America Personal P&C Insurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	17	(51)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(8)	(3)
Global Reinsurance [Member] | Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0
Global Reinsurance [Member] | Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (8)	$ (3)

XML

Future policy benefits (Rollforward) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Jan. 01, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Balance – beginning of period		$ 13,024	$ 4,313
Beginning balance at original discount rate				$ 13,685	$ 3,991
Effect of changes in cash flow assumptions				(769)	(2)
Effect of actual variances from expected experience				(41)	(54)
Adjusted beginning of period balance		12,875	3,935
Issuances		399	113
Interest accrual		170	73
Net premiums collected (1)	[1]	(459)	(135)
Derecognition (lapses)		(56)
Other (including foreign exchange)		(32)	(8)
Ending balance at original discount rate		12,961	3,978
Effect of changes in discount rate assumptions		(311)	147
Balance – end of period		12,650	4,125
Balance – beginning of period		21,920	10,775
Beginning balance at original discount rate				23,052	9,402
Effect of changes in cash flow assumptions				(777)	4
Effect of actual variances from expected experience				(33)	(54)
Adjusted beginning of period balance		22,242	9,352
Issuances		395	114
Interest accrual		242	116
Benefits payments		(476)	(150)
Derecognition (lapses)		(58)
Other (including foreign exchange)		62	42
Ending balance at original discount rate		22,407	9,390
Effect of changes in discount rate assumptions		(625)	741
Balance – end of period		21,782	10,131
Net liability for future policy benefits		9,845	6,778
Deferred profit liability		937	659
Net liability for future policy benefits, per consolidated balance sheet		10,782	7,437	10,476		$ 7,652
Less: Reinsurance recoverable on future policy benefits		279	242
Net liability for future policy benefits, after reinsurance recoverable		$ 10,503	$ 7,195
Weighted average duration (years)		13 years 6 months	14 years 2 months 12 days
Term Life Insurance | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Balance – beginning of period		$ 818	$ 422
Beginning balance at original discount rate				879	397
Effect of changes in cash flow assumptions				17	0
Effect of actual variances from expected experience				(3)	(9)
Adjusted beginning of period balance		893	388
Issuances		36	41
Interest accrual		29	25
Net premiums collected (1)	[1]	(44)	(27)
Derecognition (lapses)		(2)
Other (including foreign exchange)		0	(2)
Ending balance at original discount rate		912	425
Effect of changes in discount rate assumptions		(62)	6
Balance – end of period		850	431
Balance – beginning of period		1,429	921
Beginning balance at original discount rate				1,556	858
Effect of changes in cash flow assumptions				20	(5)
Effect of actual variances from expected experience				(1)	(9)
Adjusted beginning of period balance		1,575	844
Issuances		36	42
Interest accrual		32	27
Benefits payments		(46)	(21)
Derecognition (lapses)		(2)
Other (including foreign exchange)		(70)	9
Ending balance at original discount rate		1,525	883
Effect of changes in discount rate assumptions		(135)	7
Balance – end of period		1,390	890
Net liability for future policy benefits		540	459
Deferred profit liability		209	152
Net liability for future policy benefits, per consolidated balance sheet		749	611			454
Less: Reinsurance recoverable on future policy benefits		143	115
Net liability for future policy benefits, after reinsurance recoverable		$ 606	$ 496
Weighted average duration (years)		8 years	8 years 3 months 18 days
Whole Life Insurance | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Balance – beginning of period		$ 1,546	$ 1,341
Beginning balance at original discount rate				1,600	1,243
Effect of changes in cash flow assumptions				(1)	(2)
Effect of actual variances from expected experience				(9)	(8)
Adjusted beginning of period balance		1,590	1,233
Issuances		50	38
Interest accrual		15	11
Net premiums collected (1)	[1]	(60)	(41)
Derecognition (lapses)		1
Other (including foreign exchange)		1	(6)
Ending balance at original discount rate		1,595	1,235
Effect of changes in discount rate assumptions		(40)	46
Balance – end of period		1,555	1,281
Balance – beginning of period		4,781	4,785
Beginning balance at original discount rate				4,973	3,833
Effect of changes in cash flow assumptions				(1)	(2)
Effect of actual variances from expected experience				(7)	(7)
Adjusted beginning of period balance		4,965	3,824
Issuances		49	38
Interest accrual		48	37
Benefits payments		(59)	(46)
Derecognition (lapses)		1
Other (including foreign exchange)		(292)	27
Ending balance at original discount rate		4,712	3,826
Effect of changes in discount rate assumptions		(98)	568
Balance – end of period		4,614	4,394
Net liability for future policy benefits		3,059	3,113
Deferred profit liability		555	401
Net liability for future policy benefits, per consolidated balance sheet		3,614	3,514			3,767
Less: Reinsurance recoverable on future policy benefits		30	33
Net liability for future policy benefits, after reinsurance recoverable		$ 3,584	$ 3,481
Weighted average duration (years)		21 years 2 months 12 days	20 years 1 month 6 days
Accident and Health Insurance Product Line [Member] | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Balance – beginning of period		$ 10,618	$ 2,520
Beginning balance at original discount rate				11,163	2,323
Effect of changes in cash flow assumptions				(786)	0
Effect of actual variances from expected experience				(29)	(37)
Adjusted beginning of period balance		10,348	2,286
Issuances		312	33
Interest accrual		126	37
Net premiums collected (1)	[1]	(349)	(64)
Derecognition (lapses)		(54)
Other (including foreign exchange)		(32)	0
Ending balance at original discount rate		10,415	2,292
Effect of changes in discount rate assumptions		(206)	94
Balance – end of period		10,209	2,386
Balance – beginning of period		15,457	4,939
Beginning balance at original discount rate				16,259	4,589
Effect of changes in cash flow assumptions				(798)	0
Effect of actual variances from expected experience				(26)	(38)
Adjusted beginning of period balance		15,435	4,551
Issuances		309	34
Interest accrual		160	51
Benefits payments		(368)	(83)
Derecognition (lapses)		(56)
Other (including foreign exchange)		448	6
Ending balance at original discount rate		15,928	4,547
Effect of changes in discount rate assumptions		(388)	162
Balance – end of period		15,540	4,709
Net liability for future policy benefits		5,331	2,323
Deferred profit liability		160	98
Net liability for future policy benefits, per consolidated balance sheet		5,491	2,421			2,569
Less: Reinsurance recoverable on future policy benefits		82	61
Net liability for future policy benefits, after reinsurance recoverable		$ 5,409	$ 2,360
Weighted average duration (years)		10 years 3 months 18 days	10 years 4 months 24 days
Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Net liability for future policy benefits		$ 713	$ 772
Deferred profit liability		0	0
Net liability for future policy benefits, per consolidated balance sheet		713	772			773
Less: Reinsurance recoverable on future policy benefits		24	33
Net liability for future policy benefits, after reinsurance recoverable		$ 689	$ 739
Weighted average duration (years)		5 years	5 years 3 months 18 days
Insurance, Other | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Balance – beginning of period		$ 42	$ 30
Beginning balance at original discount rate				43	28
Effect of changes in cash flow assumptions				1	0
Effect of actual variances from expected experience				0	0
Adjusted beginning of period balance		44	28
Issuances		1	1
Interest accrual		0	0
Net premiums collected (1)	[1]	(6)	(3)
Derecognition (lapses)		(1)
Other (including foreign exchange)		(1)	0
Ending balance at original discount rate		39	26
Effect of changes in discount rate assumptions		(3)	1
Balance – end of period		36	27
Balance – beginning of period		253	130
Beginning balance at original discount rate				264	122
Effect of changes in cash flow assumptions				2	11
Effect of actual variances from expected experience				$ 1	$ 0
Adjusted beginning of period balance		267	133
Issuances		1	0
Interest accrual		2	1
Benefits payments		(3)	0
Derecognition (lapses)		(1)
Other (including foreign exchange)		(24)	0
Ending balance at original discount rate		242	134
Effect of changes in discount rate assumptions		(4)	4
Balance – end of period		238	138
Net liability for future policy benefits		202	111
Deferred profit liability		13	8
Net liability for future policy benefits, per consolidated balance sheet		215	119			$ 89
Less: Reinsurance recoverable on future policy benefits		0	0
Net liability for future policy benefits, after reinsurance recoverable		$ 215	$ 119
Weighted average duration (years)		14 years 6 months	30 years

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

XML

Future policy benefits (Undiscounted & discounted FPB) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Liability for Future Policy Benefit, Activity [Line Items]
Discounted expected future benefit payments	$ 21,782	$ 21,920	$ 10,131	$ 10,775
Term Life Insurance | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	2,352		1,309
Undiscounted expected future gross premiums	2,673		1,437
Discounted expected future benefit payments	1,390	1,429	890	921
Discounted expected future gross premiums	1,787		1,122
Whole Life Insurance | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	14,656		9,870
Undiscounted expected future gross premiums	5,375		3,531
Discounted expected future benefit payments	4,614	4,781	4,394	4,785
Discounted expected future gross premiums	3,994		2,597
Accident and Health Insurance Product Line [Member] | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	21,563		6,027
Undiscounted expected future gross premiums	31,611		8,914
Discounted expected future benefit payments	15,540	15,457	4,709	4,939
Discounted expected future gross premiums	18,958		6,209
Insurance, Other | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	370		215
Undiscounted expected future gross premiums	97		74
Discounted expected future benefit payments	238	$ 253	138	$ 130
Discounted expected future gross premiums	$ 87		$ 65

XML

Future policy benefits (Premiums & interest) (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	$ 1,510	$ 860
Interest Accretion	72	43
Term Life Insurance | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	170	49
Interest Accretion	3	2
Whole Life Insurance | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	162	74
Interest Accretion	33	26
Accident and Health Insurance Product Line [Member] | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	795	290
Interest Accretion	34	14
Accident and Health Insurance Product Line [Member] | Overseas General Insurance [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	364	365
Interest Accretion	0	0
Insurance, Other | Segment Life [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	19	82
Interest Accretion	$ 2	$ 1

XML

Future policy benefits (Weighted average interest rates) (Details) - Segment Life [Member]	Mar. 31, 2023	Mar. 31, 2022
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	2.90%	2.40%
Current Discount Rate	6.50%	3.60%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	4.40%	4.40%
Current Discount Rate	6.10%	4.60%
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	4.20%	3.90%
Current Discount Rate	6.70%	4.00%
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.80%	3.70%
Current Discount Rate	4.80%	3.40%

XML

Policyholders' account balances (Policyholder Account Balance Rollforward) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance		$ 3,140	$ 2,766
Policyholder Account Balance, Premium Received		110	123
Policyholder Account Balance, Policy Charge	[1]	(48)	(48)
Policyholder Account Balance, Surrender and Withdrawal		(31)	(31)
Policyholder Account Balance, Benefit Payment		(11)	(7)
Policyholder Account Balance, Interest Expense		16	17
Policyholder Account Balance, Increase (Decrease) from Other Change		2	52
Policyholder Account Balance, Ending Balance		3,178	2,768
Universal Life
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance		1,719	1,612
Policyholder Account Balance, Premium Received		85	95
Policyholder Account Balance, Policy Charge	[1]	(45)	(46)
Policyholder Account Balance, Surrender and Withdrawal		(16)	(14)
Policyholder Account Balance, Benefit Payment		(4)	(2)
Policyholder Account Balance, Interest Expense		11	11
Policyholder Account Balance, Increase (Decrease) from Other Change		(4)	6
Policyholder Account Balance, Ending Balance		$ 1,746	$ 1,650
Policyholder Account Balance, Weighted Average Crediting Rate		3.60%	3.60%
Policyholder Account Balance, Net Amount at Risk	[2]	$ 9,934	$ 10,259
Policyholder Account Balance, Cash Surrender Value		937	869
Insurance, Other
Policyholder Account Balance [Line Items]
Policyholder Account Balance, Beginning Balance		1,421	1,154
Policyholder Account Balance, Premium Received		25	28
Policyholder Account Balance, Policy Charge	[1]	(3)	(2)
Policyholder Account Balance, Surrender and Withdrawal		(15)	(17)
Policyholder Account Balance, Benefit Payment		(7)	(5)
Policyholder Account Balance, Interest Expense		5	6
Policyholder Account Balance, Increase (Decrease) from Other Change		6	46
Policyholder Account Balance, Ending Balance		$ 1,432	$ 1,118
Policyholder Account Balance, Weighted Average Crediting Rate		2.60%	3.40%
Policyholder Account Balance, Net Amount at Risk	[2]	$ 1,450	$ 518
Policyholder Account Balance, Cash Surrender Value		$ 1,137	$ 865

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

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

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Policyholders' account balances (Guaranteed Minimum Crediting Rates) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	$ 3,178	$ 3,140	$ 2,768	$ 2,766
Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,746	1,719	1,650	1,612
Universal Life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	456		242
Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	56		210
Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	388		455
Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	846		743
Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,432	$ 1,421	1,118	$ 1,154
Insurance, Other | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	154		0
Insurance, Other | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	547		530
Insurance, Other | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	188		219
Insurance, Other | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	543		369
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,237		1,167
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Universal Life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	3		4
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	388		420
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	846		743
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,432		1,118
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	154		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	547		530
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	188		219
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	543		369
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	509		483
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Universal Life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	453		238
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	56		210
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		35
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Universal Life | Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	$ 0		$ 0
Minimum | Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	0.00%
Minimum | Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%
Maximum | Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%
Maximum | Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%

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Market risk benefits (MRB Roll-Forward) (Details) - USD ($) $ in Millions		3 Months Ended
	Jan. 01, 2021	Mar. 31, 2023	Mar. 31, 2022
Market Risk Benefit [Line Items]
Market Risk Benefit, Liability, beginning of period		$ 800
Market Risk Benefit, Liability, end of period		830
Market risk benefits gains (losses)		(115)	$ 49
Variable Annuity
Market Risk Benefit [Line Items]
Market Risk Benefit, Liability, end of period	$ 1,163
Long-Duration Insurance, Other | Variable Annuity
Market Risk Benefit [Line Items]
Market Risk Benefit, Liability, beginning of period		800	812
Balance, beginning of period, before effect of changes in the instrument-specific credit risk		776	755
Interest rate changes		63	(140)
Effect of changes in equity markets		(75)	111
Effect of changes in volatilities		57	37
Effect of timing and all other		(18)	(32)
Balance, end of period, before effect of changes in the instrument-specific credit risk		803	731
Effect of changes in the instrument-specific credit risk		27	34
Market Risk Benefit, Liability, end of period		$ 830	$ 765
Market risk benefit, weighted-average age of policyholders (age)		73 years	73 years
Market Risk Benefit, Net Amount at Risk		$ 2,296	$ 1,913
Market Risk Benefits Other Gains (Losses)		$ (89)	$ 26

XML

Market Risk Benefits (MRB Valuation) (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Minimum
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate	1.00%	3.00%
Significant Unobservable Inputs Annuitization Rate	0.00%	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%	31.00%
Significant Unobservable Inputs Annuitization Rate	100.00%	100.00%
Weighted Average
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate	4.00%	4.40%
Significant Unobservable Inputs Annuitization Rate	4.40%	3.70%

XML

Separate accounts (Fair Value of Assets) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 5,300	$ 5,190
Separate Account, Cash and Cash Equivalents
Fair Value, Separate Account Investment [Line Items]
Separate account assets	116	141
Separate Account, equity securities and mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	5,082	4,960
Separate Account, Non-U.S. Government Treasuries
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 102	$ 89

XML

Separate accounts (Liabilities) (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Separate Account, Liability, Surrender and Withdrawal [Abstract]
Separate Account, Liability, Beginning Balance		$ 5,190	$ 5,560
Separate Account, Liability, Premium and Deposit		158	467
Separate Account, Liability, Policy Charge		(15)	(31)
Separate Account, Liability, Surrender and Withdrawal		(6)	(124)
Separate Account, Liability, Benefit Payment		(98)	(95)
Separate Account, Liability, Increase (Decrease) from Invested Performance		83	(283)
Separate Account, Liability, Increase (Decrease) from Other Change		(12)	66
Separate Account, Liability, Ending Balance		5,300	5,560
Separate Account, Liability, Cash Surrender Value, Amount	[1]	$ 5,124	$ 4,994

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

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Commitments, Contingencies, And Guarantees (Narrative) (Detail) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 EUR (€)	Dec. 31, 2022 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Derivative liability subject to a master netting agreement	$ 214			$ 60
Hedged Liability, Fair Value Hedge	1,600		€ 1,500
Other comprehensive income (loss), before income tax	1,422	$ (4,108)
Interest expense	160	$ 132
Repurchase agreements	1,420			1,419
Purchase Commitment, Remaining Minimum Amount Committed	810			770
Carrying value of limited partnerships and partially-owned investment companies included in other investments	12,400			12,000
Funding commitments relating to limited partnerships and partially-owned investment companies	6,700			7,400
Unrecognized tax benefits	66
Operating Lease, Right-of-Use Asset	571			607
Operating Lease, Liability	$ 595			$ 633
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
Fair Value Hedging
Financial Instruments Owned and Pledged as Collateral [Line Items]
OCI, before Reclassifications, Net of Tax, Attributable to Parent	$ (17)
Derivative Instruments, Loss Reclassified from Accumulated OCI into Income, Effective Portion	20
Other comprehensive income (loss), before income tax	(33)
Interest expense	4
Net Investment Hedging
Financial Instruments Owned and Pledged as Collateral [Line Items]
OCI, before Reclassifications, Net of Tax, Attributable to Parent	(23)
Other comprehensive income (loss), before income tax	(26)
Interest Income, Other	$ (3)

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Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		$ 4,387	$ 4,134
Options/Futures contracts on notes and bonds
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,861	1,511
Convertible securities
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	[1]	37	37
Investment And Embedded Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		89	112
Fair Value, Liability		(158)	(139)
Derivative, Notional Amount		6,285	5,682
Futures contracts on equities
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount	[2]	925	939
Other Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		457	0
Other Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,382	939
Designated as Hedging Instrument
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		8	17
Fair Value, Liability		(82)	53
Derivative, Notional Amount		3,166	3,199
Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,587	1,595
Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative, Notional Amount		1,579	1,604
Other Assets [Member] | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		33	64
Other Assets [Member] | Options/Futures contracts on notes and bonds
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		26	18
Other Assets [Member] | Futures contracts on equities
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	[2]	0	33
Other Assets [Member] | Other Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		5	0
Other Assets [Member] | Other Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		5	33
Other Assets [Member] | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		8	17
Other Assets [Member] | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset		0	0
Fixed Maturities [Member] | Convertible securities
Derivatives, Fair Value [Line Items]
Derivative Asset, Fair Value, Gross Asset	[1]	30	30
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(128)	(115)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes and bonds
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(30)	(24)
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities
Derivatives, Fair Value [Line Items]
Fair Value, Liability	[2]	(45)	0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivatives [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(2)	0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member]
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(47)	0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Fair Value Hedging
Derivatives, Fair Value [Line Items]
Fair Value, Liability		0	0
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Net Investment Hedging
Derivatives, Fair Value [Line Items]
Fair Value, Liability		(82)	(53)
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 MRB book of business.

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Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		$ (104)	$ 90
Foreign currency forward contracts
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		(51)	(54)
All Other Futures Contracts, Options and equities [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		5	102
Convertible securities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	[1]	0	(1)
Investment And Embedded Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		(46)	47
Futures contracts on equities
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative	[2]	(57)	42
Other Derivatives [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		(1)	1
Guaranteed Living Benefit And Other Derivative Instruments [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Gain (Loss) on Derivative		$ (58)	$ 43

[1] Includes embedded derivatives.

[2] Related to MRB book of business.

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Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Detail) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 1,582	$ 1,523
Securities lending payable	1,582	1,523
Cash [Member] | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	842	820
U.S. Treasury / Agency | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	78	72
Foreign [Member] | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	626	604
Corporate and asset-backed securities | Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 36	$ 27

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Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($) $ in Millions		Mar. 31, 2023	Dec. 31, 2022
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Repurchase agreements		$ 1,420	$ 1,419
Asset Pledged as Collateral without Right
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Assets pledged under repurchase agreements		1,503	1,527
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		7	12
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	101
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		1,394	1,414
Repurchase Agreements [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Secured Borrowings, Gross, Difference, Amount	[1]	83	108
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		914	933
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		7	12
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	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		907	921
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		589	594
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		0	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	101
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		$ 487	$ 493

[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
	Aug. 04, 2022 shares	Jan. 17, 2022 shares	Mar. 31, 2023 SFr / shares shares	Dec. 31, 2022 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
Treasury Stock, Shares, Retired	13,179,100	14,465,400
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures			1,574,224
Common Stock, Dividend Rate Approved | $ / shares					$ 0.83	$ 0.80
Annual dividend per share approved by shareholders | $ / shares					3.32	3.20
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividend Rate Approved | $ / shares					$ 0.83	$ 0.80
Treasury Stock, Shares, Retired	13,179,100	14,465,400
Treasury Stock, Common, Shares			32,217,934	31,781,758

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Shareholders' equity Dividends Declared (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares	Mar. 31, 2023 SFr / shares	Mar. 31, 2022 $ / shares	Mar. 31, 2022 SFr / shares
United States of America, Dollars
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.83		$ 0.80
Switzerland, Francs
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | SFr / shares		SFr 0.77		SFr 0.74

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Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	May 01, 2023	Mar. 31, 2023	Mar. 31, 2022	May 19, 2022	Jul. 19, 2021
July 2021 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount					$ 5,000
Number of shares repurchased			4,869,900
Cost of shares repurchased			$ 1,001
Repurchase authorization remaining at end of period			$ 1,648
May 2022 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Stock Repurchase Program, Authorized Amount				$ 2,500
Number of shares repurchased		2,010,400
Cost of shares repurchased		$ 428
Repurchase authorization remaining at end of period		$ 1,193
Subsequent Event [Member] | May 2022 Stock Repurchase Plan
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	215,400
Cost of shares repurchased	$ 43
Repurchase authorization remaining at end of period	$ 1,150

XML

Shareholders' equity AOCI (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	$ 50,519
Balance – end of period, net of tax	52,987	$ 55,716
Current discount rate on future policy benefits	(151)	435
OCI, Liability for Future Policy Benefit, Gain (Loss), after Reclassification Adjustment, Tax, Parent	21	(33)
AOCI, Liability for Future Policy Benefit, after Tax	(205)	(997)	$ (75)	$ (1,399)
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, after Tax	(27)	(34)	$ (24)	$ (57)
Instrument-specific credit risk on market risk benefits	(3)	23
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	(7,279)	2,256
OCI, before Reclassifications, before Tax, Attributable to Parent	1,606	(4,788)
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	180	136
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	1,786	(4,652)
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(166)	812
Balance – end of period, net of tax	(5,659)	(1,584)
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	(2,966)	(2,114)
OCI, before Reclassifications, before Tax, Attributable to Parent	(174)	0
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(3)	0
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(177)	67
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	7	4
Balance – end of period, net of tax	(3,136)	(2,043)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	(66)	0
OCI, before Reclassifications, before Tax, Attributable to Parent	(17)	0
Reclassification from AOCI, Current Period, before Tax, Attributable to Parent	(16)	0
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(33)	0
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	7	0
Balance – end of period, net of tax	(92)	0
Postretirement Benefit Liability Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	225	240
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	0	19
Other Comprehensive Income (Loss), Tax, Portion Attributable to Parent	(1)	(4)
Balance – end of period, net of tax	224	255
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance – beginning of period, net of tax	(10,185)	(1,074)
Balance – end of period, net of tax	$ (8,895)	$ (4,403)

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Shareholders' equity AOCI Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity, Class of Treasury Stock [Line Items]
Interest expense	$ 160	$ 132
Income Tax (Expense) Benefit	(384)	(353)
Net income (loss)	1,892	1,953
Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Net income (loss)	(147)	(114)
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	(180)	(136)
Income Tax (Expense) Benefit	18	22
Net income (loss)	(162)	(114)
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	20	0
Interest expense	(4)	0
Income Tax (Expense) Benefit	(3)	0
Net income (loss)	13	0
Cumulative Foreign Currency Translation Adjustment [Member] | Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Interest expense	3	0
Income Tax (Expense) Benefit	(1)	0
Net income (loss)	$ 2	$ 0

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Share-Based Compensation (Detail) - $ / shares		3 Months Ended
	Feb. 23, 2023	Mar. 31, 2023
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	1,540,002
Weighted-average grant date fair value for stock options granted	$ 51.32
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	785,319
Grant date fair value of awards except for options granted to employees and officers of the company	$ 208.60
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	407,825
Grant date fair value of awards except for options granted to employees and officers of the company	$ 208.60
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	315,545
Grant date fair value of awards except for options granted to employees and officers of the company	$ 208.60

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Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 2	$ 1
Non-service (benefit) cost	(25)	(55)
Net periodic benefit cost (benefit)	(23)	(54)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Interest cost	0	0
Expected return on plan assets	(1)	0
Defined Benefit Plan, Amortization of Gain (Loss)	0	0
Amortization of prior service cost	0	0
Settlements	0	0
Non-service (benefit) cost	(1)	0
Net periodic benefit cost (benefit)	(1)	0
Losses and loss expenses | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Non-service (benefit) cost	(2)	(5)
Losses and loss expenses | Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Non-service (benefit) cost	0	0
Administrative Expense | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	1
Non-service (benefit) cost	(23)	(50)
Administrative Expense | Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Non-service (benefit) cost	(1)	0
Foreign Plan [Member] | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	1
Interest cost	9	6
Expected return on plan assets	(12)	(11)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0
Amortization of prior service cost	0	0
Settlements	0	0
Non-service (benefit) cost	(3)	(5)
Net periodic benefit cost (benefit)	(1)	(4)
UNITED STATES | Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0
Interest cost	34	21
Expected return on plan assets	(56)	(71)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0
Amortization of prior service cost	0	0
Settlements	0	0
Non-service (benefit) cost	(22)	(50)
Net periodic benefit cost (benefit)	$ (22)	$ (50)

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Other Income and Expense (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022
Equity in net income of partially-owned entities	[1]	$ 340	$ 363
Gains (losses) from fair value changes in separate account assets	[2]	(25)	(31)
Federal excise and capital taxes		(5)	(4)
Other		(14)	(16)
Total		296	312
Partially-owned Investment Companies
Unrealized Gain (Loss) on Investments		242	255
Huatai Group
Equity in net income of partially-owned entities		$ 14	$ 42

[1] Equity in net income of partially-owned entities includes mark-to-market gains on private equities where we own more than three percent of $242 million and $255 million for the three months ended March 31, 2023 and 2022, respectively. This line item also includes net income of $14 million and $42 million attributable to our investments in Huatai for the three months ended March 31, 2023 and 2022, respectively.

[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
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net premiums written	$ 10,710	$ 9,189
Net premiums earned	10,142	8,737
Losses and loss expenses	5,148	4,564
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	797	373
Policy acquisition costs	1,948	1,719
Administrative expenses	930	778
Underwriting income (loss)	1,319	1,303
Net investment income (loss)	1,107	822
Other (income) expense	(296)	(312)
Amortization of purchased intangibles	72	71
Segment Income (loss)	2,650	2,366
Net realized gains (losses)	(77)	23
Market risk benefits gains (losses)	(115)	49
Interest Income (Expense), Net	160	132
Cigna integration expenses	22	0
Income tax expense	384	353
Net income	1,892	1,953
Segment Reconciling Items
Segment Reporting Information [Line Items]
Net premiums written	0	0
Net premiums earned	0	0
Losses and loss expenses	(1)	1
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	(25)	(31)
Policy acquisition costs	0	0
Administrative expenses	0	0
Underwriting income (loss)	26	30
Net investment income (loss)	(91)	(63)
Other (income) expense	(66)	(32)
Amortization of purchased intangibles	0	0
Segment Income (loss)	1	(1)
Net realized gains (losses)	(1)	1
Market risk benefits gains (losses)	0	0
Interest Income (Expense), Net	0	0
Cigna integration expenses	0
Income tax expense	0	0
Net income	0	0
North America Commercial P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written		4,039
Net premiums earned		4,114
Losses and loss expenses		2,497
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))		0
Policy acquisition costs		573
Administrative expenses		265
Underwriting income (loss)		779
Net investment income (loss)		489
Other (income) expense		6
Amortization of purchased intangibles		0
Segment Income (loss)		1,262
North America Personal P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written		1,180
Net premiums earned		1,247
Losses and loss expenses		713
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))		0
Policy acquisition costs		260
Administrative expenses		69
Underwriting income (loss)		205
Net investment income (loss)		59
Other (income) expense		1
Amortization of purchased intangibles		2
Segment Income (loss)		261
North America Agricultural Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	293	62
Net premiums earned	159	(29)
Losses and loss expenses	140	(92)
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	0	0
Policy acquisition costs	15	12
Administrative expenses	3	(1)
Underwriting income (loss)	1	52
Net investment income (loss)	17	7
Other (income) expense	1	0
Amortization of purchased intangibles	6	7
Segment Income (loss)	11	52
Overseas General Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	3,263	3,079
Net premiums earned	2,786	2,628
Losses and loss expenses	1,237	1,296
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	110	93
Policy acquisition costs	713	679
Administrative expenses	280	269
Underwriting income (loss)	446	291
Net investment income (loss)	188	147
Other (income) expense	(9)	2
Amortization of purchased intangibles	18	14
Segment Income (loss)	625	422
Global Reinsurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	277	253
Net premiums earned	244	235
Losses and loss expenses	112	115
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	0	0
Policy acquisition costs	62	62
Administrative expenses	9	9
Underwriting income (loss)	61	49
Net investment income (loss)	49	85
Other (income) expense	(1)	0
Amortization of purchased intangibles	0	0
Segment Income (loss)	111	134
Life Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	1,293	576
Net premiums earned	1,264	542
Losses and loss expenses	32	24
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	712	311
Policy acquisition costs	273	133
Administrative expenses	167	84
Underwriting income (loss)	80	(10)
Net investment income (loss)	153	103
Other (income) expense	(15)	(30)
Amortization of purchased intangibles	4	2
Segment Income (loss)	244	121
Segment Corporate and Other
Segment Reporting Information [Line Items]
Net premiums written	0	0
Net premiums earned	0	0
Losses and loss expenses	11	10
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	0	0
Policy acquisition costs	0	0
Administrative expenses	97	83
Underwriting income (loss)	(108)	(93)
Net investment income (loss)	11	(5)
Other (income) expense	(214)	(259)
Amortization of purchased intangibles	42	46
Segment Income (loss)	75	115
Net realized gains (losses)	(76)	22
Market risk benefits gains (losses)	(115)	49
Interest Income (Expense), Net	160	132
Cigna integration expenses	22
Income tax expense	384	353
Net income	(682)	$ (299)
North America Commercial P&C Insurance [Member]
Segment Reporting Information [Line Items]
Net premiums written	4,288
Net premiums earned	4,369
Losses and loss expenses	2,729
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	0
Policy acquisition costs	613
Administrative expenses	295
Underwriting income (loss)	732
Net investment income (loss)	698
Other (income) expense	7
Amortization of purchased intangibles	0
Segment Income (loss)	1,423
Segment Insurance North American Personal P&C
Segment Reporting Information [Line Items]
Net premiums written	1,296
Net premiums earned	1,320
Losses and loss expenses	888
Policy benefits (includes remeasurement gains (losses) of $1 and $(5))	0
Policy acquisition costs	272
Administrative expenses	79
Underwriting income (loss)	81
Net investment income (loss)	82
Other (income) expense	1
Amortization of purchased intangibles	2
Segment Income (loss)	$ 160

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Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income (loss)	$ 1,892	$ 1,953
Weighted-average shares outstanding	414,289,150	425,805,105
Share-based compensation plans	3,639,042	3,985,729
Weighted-average shares outstanding and assumed conversions	417,928,192	429,790,834
Basic earnings (loss) per share (US$ per share)	$ 4.57	$ 4.59
Diluted earnings (loss) per share (US$ per share)	$ 4.53	$ 4.55
Potential anti-dilutive share conversions	1,731,523	681,032