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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2019
Share-based Payment Arrangement [Abstract] |
Schedule of pre-tax and after-tax share-based compensation expense | The following table presents pre-tax and after-tax share-based compensation expense:
| Year Ended December 31 |
(in millions of U.S. dollars) | 2019 |  |  | 2018 |  |  | 2017 |
Stock options and shares issued under ESPP: |  |  |  |  |
Pre-tax | $ | 42 |  |  | $ | 50 |  |  | $ | 41 |
After-tax (1) | $ | 39 |  |  | $ | 40 |  |  | $ | 26 |
Restricted stock: |  |  |  |  |
Pre-tax | $ | 224 |  |  | $ | 235 |  |  | $ | 259 |
After-tax | $ | 180 |  |  | $ | 178 |  |  | $ | 151 |
(1) The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $12 million, $19 million, and $48 million for the years ended December 31, 2019, 2018, and 2017, respectively.
Schedule of the weighted-average model valuation assumptions |
| Year Ended December 31 |
| 2019 |  |  | 2018 |  |  | 2017 |
Dividend yield | 2.2 | % |  | 2.0 | % |  | 2.0 | %
Expected volatility | 16.0 | % |  | 23.2 | % |  | 19.7 | %
Risk-free interest rate | 2.6 | % |  | 2.7 | % |  | 2.0 | %
Expected life | 5.7 years |  |  | 5.7 years |  |  | 5.8 years |
Rollforward of the company's stock options | The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars) | Number of Options |  |  | Weighted-Average Exercise Price |  |  | Weighted-Average Fair Value |  |  | Total Intrinsic Value |
Options outstanding, December 31, 2016 | 10,180,720 |  |  | $ | 87.29 |  |  |  |  |
Granted | 2,079,522 |  |  | $ | 139.00 |  |  | $ | 22.97 |  |  |
Exercised | (1,632,629 | ) |  | $ | 73.53 |  |  |  |  | $ | 111 |
Forfeited | (194,297 | ) |  | $ | 119.44 |  |  |  |  |
Options outstanding, December 31, 2017 | 10,433,316 |  |  | $ | 99.20 |  |  |  |  |
Granted | 1,842,690 |  |  | $ | 143.07 |  |  | $ | 29.71 |  |  |
Exercised | (1,065,384 | ) |  | $ | 73.57 |  |  |  |  | $ | 71 |
Forfeited | (202,900 | ) |  | $ | 133.92 |  |  |  |  |
Options outstanding, December 31, 2018 | 11,007,722 |  |  | $ | 108.25 |  |  |  |  |
Granted | 2,073,940 |  |  | $ | 133.90 |  |  | $ | 18.76 |  |  |
Exercised | (1,944,604 | ) |  | $ | 84.13 |  |  |  |  | $ | 122 |
Forfeited | (251,801 | ) |  | $ | 136.87 |  |  |  |  |
Options outstanding, December 31, 2019 | 10,885,257 |  |  | $ | 116.79 |  |  |  |  | $ | 423 |
Options exercisable, December 31, 2019 | 7,213,685 |  |  | $ | 106.26 |  |  |  |  | $ | 356 |
Rollforward of the company's restricted stock | The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 19,019 restricted stock awards, 20,784 restricted stock awards, and 22,013 restricted stock awards that were granted to non-management directors during the years ended December 31, 2019, 2018, and 2017, respectively:
| Service-based Restricted Stock Awards and Restricted Stock Units |  |  | Performance-based Restricted Stock Awards and Restricted Stock Units |
| Number of Shares |  |  | Weighted-Average Grant-Date Fair Value |  |  | Number of Shares |  |  | Weighted-Average Grant-Date Fair Value |
Unvested restricted stock, December 31, 2016 | 5,805,126 |  |  | $ | 109.39 |  |  | 931,169 |  |  | $ | 111.17 |
Granted | 1,707,094 |  |  | $ | 139.18 |  |  | 267,282 |  |  | $ | 138.90 |
Vested | (2,646,084 | ) |  | $ | 107.73 |  |  | (222,954 | ) |  | $ | 113.30 |
Forfeited | (156,694 | ) |  | $ | 114.54 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2017 | 4,709,442 |  |  | $ | 121.16 |  |  | 975,497 |  |  | $ | 118.28 |
Granted | 1,326,979 |  |  | $ | 142.76 |  |  | 180,065 |  |  | $ | 143.07 |
Vested | (2,545,090 | ) |  | $ | 114.83 |  |  | (244,332 | ) |  | $ | 103.03 |
Forfeited | (196,482 | ) |  | $ | 131.06 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2018 | 3,294,849 |  |  | $ | 134.17 |  |  | 911,230 |  |  | $ | 127.27 |
Granted | 1,492,900 |  |  | $ | 134.38 |  |  | 212,059 |  |  | $ | 133.90 |
Vested | (1,292,864 | ) |  | $ | 129.18 |  |  | (196,640 | ) |  | $ | 115.62 |
Forfeited | (200,875 | ) |  | $ | 135.98 |  |  | (50,437 | ) |  | $ | 132.36 |
Unvested restricted stock, December 31, 2019 | 3,294,010 |  |  | $ | 136.20 |  |  | 876,212 |  |  | $ | 131.16 |

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