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Segment information | 9 Months Ended
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Sep. 30, 2019
Segment Reporting [Abstract] |
Segment information | Segment information Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Corporate results primarily include income and expenses not attributable to reportable segments and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income (loss) as the main measures of segment performance. Chubb calculates underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. To calculate Segment income (loss), include Net investment income (loss), Other (income) expense, and Amortization of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income (loss). For example, for the three months ended September 30, 2019, underwriting income in our North America Agricultural Insurance segment was $1 million. This amount includes $14 million of realized losses related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below. For the Life Insurance segment, management includes Net investment income and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income. For example, for the three months ended September 30, 2019, Life Insurance underwriting income of $79 million includes Net investment income of $92 million and losses from fair value changes in separate account assets of $7 million. The losses from fair value changes in separate account assets are reported in Other (income) expense in the table below. The following tables present the Statement of Operations by segment:
For the Three Months Ended September 30, 2019 (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 |  |  | Chubb Consolidated |
Net premiums written | $ | 3,452 |  |  | $ | 1,251 |  |  | $ | 938 |  |  | $ | 2,228 |  |  | $ | 141 |  |  | $ | 612 |  |  | $ | — |  |  | $ | 8,622 |
Net premiums earned | 3,185 |  |  | 1,187 |  |  | 941 |  |  | 2,256 |  |  | 160 |  |  | 598 |  |  | — |  |  | 8,327 |
Losses and loss expenses | 2,051 |  |  | 674 |  |  | 866 |  |  | 1,154 |  |  | 79 |  |  | 190 |  |  | 38 |  |  | 5,052 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 158 |  |  | — |  |  | 158 |
Policy acquisition costs | 459 |  |  | 240 |  |  | 56 |  |  | 630 |  |  | 42 |  |  | 176 |  |  | — |  |  | 1,603 |
Administrative expenses | 256 |  |  | 72 |  |  | 4 |  |  | 257 |  |  | 9 |  |  | 80 |  |  | 74 |  |  | 752 |
Underwriting income (loss) | 419 |  |  | 201 |  |  | 15 |  |  | 215 |  |  | 30 |  |  | (6 | ) |  | (112 | ) |  | 762 |
Net investment income (loss) | 532 |  |  | 66 |  |  | 8 |  |  | 148 |  |  | 55 |  |  | 92 |  |  | (28 | ) |  | 873 |
Other (income) expense | (1 | ) |  | 1 |  |  | — |  |  | 3 |  |  | (16 | ) |  | (10 | ) |  | (34 | ) |  | (57 | )
Amortization expense of purchased intangibles | — |  |  | 3 |  |  | 7 |  |  | 11 |  |  | — |  |  | 1 |  |  | 54 |  |  | 76 |
Segment income (loss) | $ | 952 |  |  | $ | 263 |  |  | $ | 16 |  |  | $ | 349 |  |  | $ | 101 |  |  | $ | 95 |  |  | $ | (160 | ) |  | $ | 1,616 |
Net realized gains (losses) including OTTI |  |  |  |  |  |  |  |  |  |  |  |  | (155 | ) |  | (155 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 138 |  |  | 138 |
Chubb integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 2 |  |  | 2 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 230 |  |  | 230 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (685 | ) |  | $ | 1,091 |
For the Three Months Ended September 30, 2018 (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 |  |  | Chubb Consolidated |
Net premiums written | $ | 3,199 |  |  | $ | 1,218 |  |  | $ | 884 |  |  | $ | 2,081 |  |  | $ | 164 |  |  | $ | 564 |  |  | $ | — |  |  | $ | 8,110 |
Net premiums earned | 3,019 |  |  | 1,167 |  |  | 857 |  |  | 2,157 |  |  | 157 |  |  | 551 |  |  | — |  |  | 7,908 |
Losses and loss expenses | 1,881 |  |  | 860 |  |  | 719 |  |  | 1,114 |  |  | 86 |  |  | 195 |  |  | 13 |  |  | 4,868 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 127 |  |  | — |  |  | 127 |
Policy acquisition costs | 458 |  |  | 236 |  |  | 49 |  |  | 582 |  |  | 40 |  |  | 139 |  |  | — |  |  | 1,504 |
Administrative expenses | 251 |  |  | 69 |  |  | 2 |  |  | 252 |  |  | 10 |  |  | 77 |  |  | 58 |  |  | 719 |
Underwriting income (loss) | 429 |  |  | 2 |  |  | 87 |  |  | 209 |  |  | 21 |  |  | 13 |  |  | (71 | ) |  | 690 |
Net investment income (loss) | 503 |  |  | 59 |  |  | 7 |  |  | 155 |  |  | 63 |  |  | 85 |  |  | (49 | ) |  | 823 |
Other (income) expense | (1 | ) |  | — |  |  | — |  |  | (7 | ) |  | (13 | ) |  | 20 |  |  | (144 | ) |  | (145 | )
Amortization expense of purchased intangibles | — |  |  | 4 |  |  | 7 |  |  | 8 |  |  | — |  |  | — |  |  | 64 |  |  | 83 |
Segment income (loss) | $ | 933 |  |  | $ | 57 |  |  | $ | 87 |  |  | $ | 363 |  |  | $ | 97 |  |  | $ | 78 |  |  | $ | (40 | ) |  | $ | 1,575 |
Net realized gains (losses) including OTTI |  |  |  |  |  |  |  |  |  |  |  |  | 19 |  |  | 19 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 164 |  |  | 164 |
Chubb integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 16 |  |  | 16 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 183 |  |  | 183 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (384 | ) |  | $ | 1,231 |
For the Nine Months Ended September 30, 2019 (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 |  |  | Chubb Consolidated |
Net premiums written | $ | 9,937 |  |  | $ | 3,616 |  |  | $ | 1,534 |  |  | $ | 6,881 |  |  | $ | 540 |  |  | $ | 1,770 |  |  | $ | — |  |  | $ | 24,278 |
Net premiums earned | 9,660 |  |  | 3,509 |  |  | 1,374 |  |  | 6,595 |  |  | 487 |  |  | 1,730 |  |  | — |  |  | 23,355 |
Losses and loss expenses | 6,238 |  |  | 2,178 |  |  | 1,155 |  |  | 3,385 |  |  | 245 |  |  | 581 |  |  | 83 |  |  | 13,865 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 515 |  |  | — |  |  | 515 |
Policy acquisition costs | 1,377 |  |  | 708 |  |  | 90 |  |  | 1,855 |  |  | 127 |  |  | 454 |  |  | — |  |  | 4,611 |
Administrative expenses | 755 |  |  | 211 |  |  | 9 |  |  | 771 |  |  | 26 |  |  | 237 |  |  | 211 |  |  | 2,220 |
Underwriting income (loss) | 1,290 |  |  | 412 |  |  | 120 |  |  | 584 |  |  | 89 |  |  | (57 | ) |  | (294 | ) |  | 2,144 |
Net investment income (loss) | 1,563 |  |  | 194 |  |  | 22 |  |  | 443 |  |  | 166 |  |  | 278 |  |  | (98 | ) |  | 2,568 |
Other (income) expense | (4 | ) |  | 2 |  |  | 1 |  |  | 10 |  |  | (40 | ) |  | (57 | ) |  | (238 | ) |  | (326 | )
Amortization expense of purchased intangibles | — |  |  | 9 |  |  | 21 |  |  | 34 |  |  | — |  |  | 2 |  |  | 163 |  |  | 229 |
Segment income (loss) | $ | 2,857 |  |  | $ | 595 |  |  | $ | 120 |  |  | $ | 983 |  |  | $ | 295 |  |  | $ | 276 |  |  | $ | (317 | ) |  | $ | 4,809 |
Net realized gains (losses) including OTTI |  |  |  |  |  |  |  |  |  |  |  |  | (475 | ) |  | (475 | )
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 418 |  |  | 418 |
Chubb integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 9 |  |  | 9 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 626 |  |  | 626 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,845 | ) |  | $ | 3,281 |
For the Nine Months Ended September 30, 2018 (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 |  |  | Chubb Consolidated |
Net premiums written | $ | 9,342 |  |  | $ | 3,601 |  |  | $ | 1,380 |  |  | $ | 6,664 |  |  | $ | 554 |  |  | $ | 1,688 |  |  | $ | — |  |  | $ | 23,229 |
Net premiums earned | 9,325 |  |  | 3,463 |  |  | 1,251 |  |  | 6,425 |  |  | 492 |  |  | 1,643 |  |  | — |  |  | 22,599 |
Losses and loss expenses | 5,873 |  |  | 2,474 |  |  | 955 |  |  | 3,263 |  |  | 236 |  |  | 584 |  |  | 72 |  |  | 13,457 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 428 |  |  | — |  |  | 428 |
Policy acquisition costs | 1,378 |  |  | 701 |  |  | 74 |  |  | 1,754 |  |  | 120 |  |  | 405 |  |  | — |  |  | 4,432 |
Administrative expenses | 735 |  |  | 202 |  |  | — |  |  | 757 |  |  | 29 |  |  | 235 |  |  | 200 |  |  | 2,158 |
Underwriting income (loss) | 1,339 |  |  | 86 |  |  | 222 |  |  | 651 |  |  | 107 |  |  | (9 | ) |  | (272 | ) |  | 2,124 |
Net investment income (loss) | 1,516 |  |  | 177 |  |  | 20 |  |  | 461 |  |  | 192 |  |  | 253 |  |  | (162 | ) |  | 2,457 |
Other (income) expense | (20 | ) |  | 1 |  |  | 1 |  |  | (12 | ) |  | (26 | ) |  | 24 |  |  | (275 | ) |  | (307 | )
Amortization expense of purchased intangibles | — |  |  | 10 |  |  | 21 |  |  | 29 |  |  | — |  |  | 1 |  |  | 192 |  |  | 253 |
Segment income (loss) | $ | 2,875 |  |  | $ | 252 |  |  | $ | 220 |  |  | $ | 1,095 |  |  | $ | 325 |  |  | $ | 219 |  |  | $ | (351 | ) |  | $ | 4,635 |
Net realized gains (losses) including OTTI |  |  |  |  |  |  |  |  |  |  |  |  | 35 |  |  | 35 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 488 |  |  | 488 |
Chubb integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 39 |  |  | 39 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 536 |  |  | 536 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,379 | ) |  | $ | 3,607 |
Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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