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v3.20.4

Segment information (Tables) | 12 Months Ended
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Dec. 31, 2020
Segment Reporting [Abstract] |
Operations By Segment |
For the Year Ended December 31, 2020 (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 | $ | 14,474 |  |  | $ | 4,920 |  |  | $ | 1,846 |  |  | $ | 9,335 |  |  | $ | 731 |  |  | $ | 2,514 |  |  | $ | — |  |  | $ | — |  |  | $ | 33,820 |
Net premiums earned | 13,964 |  |  | 4,866 |  |  | 1,822 |  |  | 9,285 |  |  | 698 |  |  | 2,482 |  |  | — |  |  | — |  |  | 33,117 |
Losses and loss expenses | 10,129 |  |  | 3,187 |  |  | 1,544 |  |  | 5,255 |  |  | 435 |  |  | 724 |  |  | 435 |  |  | 1 |  |  | 21,710 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 726 |  |  | — |  |  | 58 |  |  | 784 |
Policy acquisition costs | 1,942 |  |  | 974 |  |  | 123 |  |  | 2,568 |  |  | 174 |  |  | 766 |  |  | — |  |  | — |  |  | 6,547 |
Administrative expenses | 1,006 |  |  | 270 |  |  | 9 |  |  | 1,034 |  |  | 37 |  |  | 320 |  |  | 303 |  |  | — |  |  | 2,979 |
Underwriting income (loss) | 887 |  |  | 435 |  |  | 146 |  |  | 428 |  |  | 52 |  |  | (54) |  |  | (738) |  |  | (59) |  |  | 1,097 |
Net investment income (loss) | 2,061 |  |  | 260 |  |  | 30 |  |  | 534 |  |  | 307 |  |  | 385 |  |  | (87) |  |  | (115) |  |  | 3,375 |
Other (income) expense | 23 |  |  | 5 |  |  | 1 |  |  | 13 |  |  | 2 |  |  | (74) |  |  | (791) |  |  | (173) |  |  | (994) |
Amortization expense of purchased intangibles | — |  |  | 11 |  |  | 27 |  |  | 45 |  |  | — |  |  | 4 |  |  | 203 |  |  | — |  |  | 290 |
Segment income (loss) | $ | 2,925 |  |  | $ | 679 |  |  | $ | 148 |  |  | $ | 904 |  |  | $ | 357 |  |  | $ | 401 |  |  | $ | (237) |  |  | $ | (1) |  |  | $ | 5,176 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (499) |  |  | 1 |  |  | (498) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 516 |  |  | — |  |  | 516 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 629 |  |  | — |  |  | 629 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,881) |  |  | $ | — |  |  | $ | 3,533 |
For the Year Ended December 31, 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 |  | Segment Measure Reclass |  | Chubb Consolidated
Net premiums written | $ | 13,375 |  |  | $ | 4,787 |  |  | $ | 1,810 |  |  | $ | 9,262 |  |  | $ | 649 |  |  | $ | 2,392 |  |  | $ | — |  |  | $ | — |  |  | $ | 32,275 |
Net premiums earned | 12,922 |  |  | 4,694 |  |  | 1,795 |  |  | 8,882 |  |  | 654 |  |  | 2,343 |  |  | — |  |  | — |  |  | 31,290 |
Losses and loss expenses | 8,206 |  |  | 3,043 |  |  | 1,616 |  |  | 4,606 |  |  | 352 |  |  | 757 |  |  | 158 |  |  | (8) |  |  | 18,730 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 696 |  |  | — |  |  | 44 |  |  | 740 |
Policy acquisition costs | 1,831 |  |  | 948 |  |  | 84 |  |  | 2,501 |  |  | 169 |  |  | 620 |  |  | — |  |  | — |  |  | 6,153 |
Administrative expenses | 1,028 |  |  | 286 |  |  | 6 |  |  | 1,033 |  |  | 35 |  |  | 323 |  |  | 319 |  |  | — |  |  | 3,030 |
Underwriting income (loss) | 1,857 |  |  | 417 |  |  | 89 |  |  | 742 |  |  | 98 |  |  | (53) |  |  | (477) |  |  | (36) |  |  | 2,637 |
Net investment income (loss) | 2,109 |  |  | 258 |  |  | 30 |  |  | 588 |  |  | 279 |  |  | 373 |  |  | (125) |  |  | (86) |  |  | 3,426 |
Other (income) expense | 24 |  |  | 3 |  |  | 1 |  |  | 12 |  |  | 1 |  |  | (48) |  |  | (459) |  |  | (130) |  |  | (596) |
Amortization expense of purchased intangibles | — |  |  | 12 |  |  | 28 |  |  | 45 |  |  | — |  |  | 2 |  |  | 218 |  |  | — |  |  | 305 |
Segment income (loss) | $ | 3,942 |  |  | $ | 660 |  |  | $ | 90 |  |  | $ | 1,273 |  |  | $ | 376 |  |  | $ | 366 |  |  | $ | (361) |  |  | $ | 8 |  |  | $ | 6,354 |
Net realized gains (losses) including OTTI |  |  |  |  |  |  |  |  |  |  |  |  | (522) |  |  | (8) |  |  | (530) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 552 |  |  | — |  |  | 552 |
Chubb integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 23 |  |  | — |  |  | 23 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 795 |  |  | — |  |  | 795 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,253) |  |  | $ | — |  |  | $ | 4,454 |
For the Year Ended December 31, 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 |  | Segment Measure Reclass |  | Chubb Consolidated
Net premiums written | $ | 12,485 |  |  | $ | 4,674 |  |  | $ | 1,577 |  |  | $ | 8,902 |  |  | $ | 671 |  |  | $ | 2,270 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,579 |
Net premiums earned | 12,402 |  |  | 4,593 |  |  | 1,569 |  |  | 8,612 |  |  | 670 |  |  | 2,218 |  |  | — |  |  | — |  |  | 30,064 |
Losses and loss expenses | 8,000 |  |  | 3,229 |  |  | 1,114 |  |  | 4,429 |  |  | 479 |  |  | 766 |  |  | 53 |  |  | (3) |  |  | 18,067 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 628 |  |  | — |  |  | (38) |  |  | 590 |
Policy acquisition costs | 1,829 |  |  | 939 |  |  | 79 |  |  | 2,346 |  |  | 162 |  |  | 557 |  |  | — |  |  | — |  |  | 5,912 |
Administrative expenses | 966 |  |  | 269 |  |  | (9) |  |  | 1,014 |  |  | 41 |  |  | 310 |  |  | 295 |  |  | — |  |  | 2,886 |
Underwriting income (loss) | 1,607 |  |  | 156 |  |  | 385 |  |  | 823 |  |  | (12) |  |  | (43) |  |  | (348) |  |  | 41 |  |  | 2,609 |
Net investment income (loss) | 2,061 |  |  | 236 |  |  | 28 |  |  | 622 |  |  | 289 |  |  | 341 |  |  | (209) |  |  | (63) |  |  | 3,305 |
Other (income) expense | 3 |  |  | 1 |  |  | 2 |  |  | 3 |  |  | — |  |  | (12) |  |  | (406) |  |  | (25) |  |  | (434) |
Amortization expense of purchased intangibles | — |  |  | 13 |  |  | 28 |  |  | 41 |  |  | — |  |  | 2 |  |  | 255 |  |  | — |  |  | 339 |
Segment income (loss) | $ | 3,665 |  |  | $ | 378 |  |  | $ | 383 |  |  | $ | 1,401 |  |  | $ | 277 |  |  | $ | 308 |  |  | $ | (406) |  |  | $ | 3 |  |  | $ | 6,009 |
Net realized gains (losses) including OTTI |  |  |  |  |  |  |  |  |  |  |  |  | (649) |  |  | (3) |  |  | (652) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 641 |  |  | — |  |  | 641 |
Chubb integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 59 |  |  | — |  |  | 59 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 695 |  |  | — |  |  | 695 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,450) |  |  | $ | — |  |  | $ | 3,962 |
Net Premiums Earned For Segment By Product | The following table presents net premiums earned for each segment by line of business:
| For the Year Ended December 31 |  |  |  |
(in millions of U.S. dollars) | 2020 |  | 2019 |  | 2018 |  |  |  |
North America Commercial P&C Insurance |  |  |  |  |  |  |  |  |
Property & other short-tail lines | $ | 2,423 |  |  | $ | 1,987 |  |  | $ | 1,861 |  |  |  |  |
Casualty & all other | 10,812 |  |  | 10,136 |  |  | 9,773 |  |  |  |  |
A&H | 729 |  |  | 799 |  |  | 768 |  |  |  |  |
Total North America Commercial P&C Insurance | 13,964 |  |  | 12,922 |  |  | 12,402 |  |  |  |  |
North America Personal P&C Insurance |  |  |  |  |  |  |  |  |
Personal automobile | 822 |  |  | 829 |  |  | 803 |  |  |  |  |
Personal homeowners | 3,327 |  |  | 3,183 |  |  | 3,127 |  |  |  |  |
Personal other | 717 |  |  | 682 |  |  | 663 |  |  |  |  |
Total North America Personal P&C Insurance | 4,866 |  |  | 4,694 |  |  | 4,593 |  |  |  |  |
North America Agricultural Insurance | 1,822 |  |  | 1,795 |  |  | 1,569 |  |  |  |  |
Overseas General Insurance |  |  |  |  |  |  |  |  |
Property & other short-tail lines | 2,468 |  |  | 2,244 |  |  | 2,134 |  |  |  |  |
Casualty & all other | 2,738 |  |  | 2,494 |  |  | 2,429 |  |  |  |  |
Personal lines | 1,981 |  |  | 1,896 |  |  | 1,784 |  |  |  |  |
A&H | 2,098 |  |  | 2,248 |  |  | 2,265 |  |  |  |  |
Total Overseas General Insurance | 9,285 |  |  | 8,882 |  |  | 8,612 |  |  |  |  |
Global Reinsurance |  |  |  |  |  |  |  |  |
Property | 104 |  |  | 131 |  |  | 123 |  |  |  |  |
Property catastrophe | 173 |  |  | 142 |  |  | 170 |  |  |  |  |
Casualty & all other | 421 |  |  | 381 |  |  | 377 |  |  |  |  |
Total Global Reinsurance | 698 |  |  | 654 |  |  | 670 |  |  |  |  |
Life Insurance |  |  |  |  |  |  |  |  |
Life | 1,317 |  |  | 1,101 |  |  | 1,022 |  |  |  |  |
A&H | 1,165 |  |  | 1,242 |  |  | 1,196 |  |  |  |  |
Total Life Insurance | 2,482 |  |  | 2,343 |  |  | 2,218 |  |  |  |  |
Total net premiums earned | $ | 33,117 |  |  | $ | 31,290 |  |  | $ | 30,064 |  |  |  |  |
Net Premiums Earned by Geographic Region |
| North America |  | Europe (1) |  | Asia Pacific / Far East |  | Latin America
2020 | 70 | % |  | 11 | % |  | 12 | % |  | 7 | %
2019 | 70 | % |  | 11 | % |  | 12 | % |  | 7 | %
2018 | 70 | % |  | 11 | % |  | 12 | % |  | 7 | %

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