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Shareholders' equity | 6 Months Ended
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Jun. 30, 2021
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 June 30, 2021, our Common Shares had a par value of CHF 24.15 per share. At our May 2021 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.20 per share, expected to be paid in four quarterly installments of $0.80 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of the 2022 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. At our May 2020 and 2019 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.12 per share and $3.00 per share, respectively, which were paid in four quarterly installments of $0.78 per share and $0.75 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
| Three Months Ended |  | Six Months Ended
| June 30 |  | June 30
| 2021 |  | 2020 |  | 2021 |  | 2020
CHF |  | USD |  | CHF |  | USD |  | CHF |  | USD |  | CHF |  | USD
Total dividend distributions per common share | 0.71 |  |  | $ | 0.80 |  |  | 0.75 |  |  | $ | 0.78 |  |  | 1.41 |  |  | $ | 1.58 |  |  | 1.47 |  |  | $ | 1.53 |
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. During the six months ended June 30, 2021, 14,465,400 shares were repurchased and 2,449,988 net shares were issued under employee share-based compensation plans. At June 30, 2021, 38,888,051 Common Shares remain in treasury. Chubb Limited securities repurchase authorizations The Board has authorized share repurchase programs as follows: •$1.5 billion of Chubb Common Shares from November 21, 2019 through December 31, 2020 •$1.5 billion of Chubb Common Shares from November 19, 2020 through December 31, 2021 In February 2021, the Board approved an increase to the November 2020 share repurchase program of $1.0 billion to a total of $2.5 billion, effective through December 31, 2021. Subsequently, on July 19, 2021, the Board authorized a one-time incremental share repurchase program of up to $5.0 billion through June 30, 2022. The $2.5 billion share repurchase authorization will be used prior to the $5.0 billion share repurchase authorization. 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 |  | Six Months Ended |  | July 1, 2021 through July 28, 2021
|  |  | June 30 |  |  |  | June 30 |
(in millions of U.S. dollars, except share data) | 2021 |  | 2020 |  | 2021 |  | 2020 |
Number of shares repurchased | 11,355,400 |  |  | — |  |  | 14,465,400 |  |  | 2,266,150 |  |  | — |
Cost of shares repurchased | $ | 1,921 |  |  | $ | — |  |  | $ | 2,440 |  |  | $ | 326 |  |  | $ | — |
Repurchase authorization remaining at end of period | $ | 65 |  |  | $ | 1,124 |  |  | $ | 65 |  |  | $ | 1,124 |  |  | $ | 5,065 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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