Separate accounts

9 Months Ended

Sep. 30, 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:

	September 30		December 31
(in millions of U.S. dollars)	2023		2022
Cash and cash equivalents	$	88	$	141
Mutual funds	5,129		4,960
Fixed maturities	89		89
Total	$	5,306	$	5,190

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

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2023		2022
Balance – beginning of period	$	5,190	$	5,560
Acquisition of Cigna	—		301
Premiums and deposits	724		1,147
Policy charges	(103)		(93)
Surrenders and withdrawals	(407)		(304)
Benefit payments	(291)		(289)
Investment performance	382		(978)
Other (including foreign exchange)	(189)		(453)
Balance – end of period	$	5,306	$	4,891
Cash surrender value (1)	$	5,285	$	4,771

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