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Segment information | 6 Months Ended
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Jun. 30, 2021
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 losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. Management uses underwriting income (loss) as the basis for 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. Our main measure of segment performance is Segment income (loss), which also includes Net investment income (loss), Other (income) expense, and Amortization of purchased intangibles acquired by the segment. We determined that this definition of segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and segment income (loss) measures. Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include: •Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to losses and loss expenses. •Policy benefits include gains and losses from fair value changes in separate account assets, as well as the offsetting movement in separate account liabilities. The gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to policy benefits. •Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as net investment income. The following tables present the Statement of Operations by segment:
For the Three Months Ended June 30, 2021 (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 | $ | 4,285 |  |  | $ | 1,363 |  |  | $ | 512 |  |  | $ | 2,497 |  |  | $ | 274 |  |  | $ | 615 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,546 |
Net premiums earned | 3,803 |  |  | 1,224 |  |  | 410 |  |  | 2,579 |  |  | 192 |  |  | 605 |  |  | — |  |  | — |  |  | 8,813 |
Losses and loss expenses | 2,426 |  |  | 676 |  |  | 331 |  |  | 1,186 |  |  | 110 |  |  | 185 |  |  | 89 |  |  | 3 |  |  | 5,006 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 170 |  |  | — |  |  | 15 |  |  | 185 |
Policy acquisition costs | 489 |  |  | 245 |  |  | 27 |  |  | 699 |  |  | 47 |  |  | 191 |  |  | — |  |  | — |  |  | 1,698 |
Administrative expenses | 245 |  |  | 67 |  |  | 3 |  |  | 279 |  |  | 10 |  |  | 83 |  |  | 88 |  |  | — |  |  | 775 |
Underwriting income (loss) | 643 |  |  | 236 |  |  | 49 |  |  | 415 |  |  | 25 |  |  | (24) |  |  | (177) |  |  | (18) |  |  | 1,149 |
Net investment income (loss) | 535 |  |  | 64 |  |  | 8 |  |  | 149 |  |  | 81 |  |  | 101 |  |  | (15) |  |  | (39) |  |  | 884 |
Other (income) expense(1) | 14 |  |  | (5) |  |  | — |  |  | 2 |  |  | — |  |  | (26) |  |  | (708) |  |  | (54) |  |  | (777) |
Amortization expense of purchased intangibles | — |  |  | 3 |  |  | 6 |  |  | 13 |  |  | — |  |  | 1 |  |  | 50 |  |  | — |  |  | 73 |
Segment income | $ | 1,164 |  |  | $ | 302 |  |  | $ | 51 |  |  | $ | 549 |  |  | $ | 106 |  |  | $ | 102 |  |  | $ | 466 |  |  | $ | (3) |  |  | $ | 2,737 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (36) |  |  | 3 |  |  | (33) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 122 |  |  | — |  |  | 122 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 317 |  |  | — |  |  | 317 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (9) |  |  | $ | — |  |  | $ | 2,265 |
(1)Principally includes our share of operating income and market-to-market gains on private equities where we hold more than three percent. Refer to Note 11 for additional information.
For the Three Months Ended June 30, 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 | $ | 3,720 |  |  | $ | 1,327 |  |  | $ | 461 |  |  | $ | 2,021 |  |  | $ | 207 |  |  | $ | 619 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,355 |
Net premiums earned | 3,595 |  |  | 1,192 |  |  | 376 |  |  | 2,194 |  |  | 163 |  |  | 608 |  |  | — |  |  | — |  |  | 8,128 |
Losses and loss expenses | 3,498 |  |  | 762 |  |  | 313 |  |  | 1,485 |  |  | 73 |  |  | 171 |  |  | 276 |  |  | (1) |  |  | 6,577 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 183 |  |  | — |  |  | 40 |  |  | 223 |
Policy acquisition costs | 471 |  |  | 231 |  |  | 29 |  |  | 624 |  |  | 42 |  |  | 196 |  |  | — |  |  | — |  |  | 1,593 |
Administrative expenses | 249 |  |  | 66 |  |  | 3 |  |  | 241 |  |  | 9 |  |  | 82 |  |  | 77 |  |  | — |  |  | 727 |
Underwriting income (loss) | (623) |  |  | 133 |  |  | 31 |  |  | (156) |  |  | 39 |  |  | (24) |  |  | (353) |  |  | (39) |  |  | (992) |
Net investment income (loss) | 509 |  |  | 65 |  |  | 7 |  |  | 121 |  |  | 60 |  |  | 95 |  |  | (22) |  |  | (8) |  |  | 827 |
Other (income) expense | 6 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | 1 |  |  | (17) |  |  | 109 |  |  | (48) |  |  | 58 |
Amortization expense of purchased intangibles | — |  |  | 3 |  |  | 6 |  |  | 11 |  |  | — |  |  | 1 |  |  | 51 |  |  | — |  |  | 72 |
Segment income (loss) | $ | (120) |  |  | $ | 194 |  |  | $ | 31 |  |  | $ | (51) |  |  | $ | 98 |  |  | $ | 87 |  |  | $ | (535) |  |  | $ | 1 |  |  | $ | (295) |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 31 |  |  | (1) |  |  | 30 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 128 |  |  | — |  |  | 128 |
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | (62) |  |  | — |  |  | (62) |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  | $ | (570) |  |  | $ | — |  |  | $ | (331) |
For the Six Months Ended June 30, 2021 (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 | $ | 7,949 |  |  | $ | 2,461 |  |  | $ | 695 |  |  | $ | 5,387 |  |  | $ | 481 |  |  | $ | 1,235 |  |  | $ | — |  |  | $ | — |  |  | $ | 18,208 |
Net premiums earned | 7,477 |  |  | 2,408 |  |  | 520 |  |  | 5,057 |  |  | 372 |  |  | 1,200 |  |  | — |  |  | — |  |  | 17,034 |
Losses and loss expenses | 4,986 |  |  | 1,495 |  |  | 416 |  |  | 2,449 |  |  | 230 |  |  | 383 |  |  | 98 |  |  | 2 |  |  | 10,059 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 333 |  |  | — |  |  | 19 |  |  | 352 |
Policy acquisition costs | 1,003 |  |  | 492 |  |  | 39 |  |  | 1,367 |  |  | 92 |  |  | 370 |  |  | — |  |  | — |  |  | 3,363 |
Administrative expenses | 499 |  |  | 127 |  |  | 6 |  |  | 545 |  |  | 18 |  |  | 165 |  |  | 159 |  |  | — |  |  | 1,519 |
Underwriting income (loss) | 989 |  |  | 294 |  |  | 59 |  |  | 696 |  |  | 32 |  |  | (51) |  |  | (257) |  |  | (21) |  |  | 1,741 |
Net investment income (loss) | 1,075 |  |  | 129 |  |  | 15 |  |  | 290 |  |  | 151 |  |  | 199 |  |  | (32) |  |  | (80) |  |  | 1,747 |
Other (income) expense | 16 |  |  | (4) |  |  | — |  |  | 3 |  |  | — |  |  | (60) |  |  | (1,123) |  |  | (99) |  |  | (1,267) |
Amortization expense of purchased intangibles | — |  |  | 6 |  |  | 13 |  |  | 25 |  |  | — |  |  | 2 |  |  | 99 |  |  | — |  |  | 145 |
Segment income | $ | 2,048 |  |  | $ | 421 |  |  | $ | 61 |  |  | $ | 958 |  |  | $ | 183 |  |  | $ | 206 |  |  | $ | 735 |  |  | $ | (2) |  |  | $ | 4,610 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 852 |  |  | 2 |  |  | 854 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 244 |  |  | — |  |  | 244 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 655 |  |  | — |  |  | 655 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 688 |  |  | $ | — |  |  | $ | 4,565 |
For the Six Months Ended June 30, 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 | $ | 6,972 |  |  | $ | 2,434 |  |  | $ | 618 |  |  | $ | 4,619 |  |  | $ | 425 |  |  | $ | 1,264 |  |  | $ | — |  |  | $ | — |  |  | $ | 16,332 |
Net premiums earned | 6,971 |  |  | 2,392 |  |  | 470 |  |  | 4,501 |  |  | 349 |  |  | 1,239 |  |  | — |  |  | — |  |  | 15,922 |
Losses and loss expenses | 5,679 |  |  | 1,445 |  |  | 378 |  |  | 2,743 |  |  | 160 |  |  | 373 |  |  | 287 |  |  | (3) |  |  | 11,062 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 368 |  |  | — |  |  | (16) |  |  | 352 |
Policy acquisition costs | 963 |  |  | 476 |  |  | 40 |  |  | 1,266 |  |  | 87 |  |  | 376 |  |  | — |  |  | — |  |  | 3,208 |
Administrative expenses | 508 |  |  | 134 |  |  | 7 |  |  | 499 |  |  | 19 |  |  | 158 |  |  | 143 |  |  | — |  |  | 1,468 |
Underwriting income (loss) | (179) |  |  | 337 |  |  | 45 |  |  | (7) |  |  | 83 |  |  | (36) |  |  | (430) |  |  | 19 |  |  | (168) |
Net investment income (loss) | 1,034 |  |  | 131 |  |  | 16 |  |  | 266 |  |  | 129 |  |  | 190 |  |  | (46) |  |  | (32) |  |  | 1,688 |
Other (income) expense | 12 |  |  | 3 |  |  | 1 |  |  | 9 |  |  | 1 |  |  | (29) |  |  | 132 |  |  | (16) |  |  | 113 |
Amortization expense of purchased intangibles | — |  |  | 6 |  |  | 13 |  |  | 23 |  |  | — |  |  | 2 |  |  | 101 |  |  | — |  |  | 145 |
Segment income (loss) | $ | 843 |  |  | $ | 459 |  |  | $ | 47 |  |  | $ | 227 |  |  | $ | 211 |  |  | $ | 181 |  |  | $ | (709) |  |  | $ | 3 |  |  | $ | 1,262 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (925) |  |  | (3) |  |  | (928) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 260 |  |  | — |  |  | 260 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 153 |  |  | — |  |  | 153 |
Net loss |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,047) |  |  | $ | — |  |  | $ | (79) |
Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Future policy benefits, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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