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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2021
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) | 2021 |  | 2020 |  | 2019
Stock options and shares issued under ESPP: |  |  |  |  |
Pre-tax | $ | 55 |  |  | $ | 45 |  |  | $ | 42 |
After-tax (1) | $ | 36 |  |  | $ | 38 |  |  | $ | 39 |
Restricted stock: |  |  |  |  |
Pre-tax | $ | 210 |  |  | $ | 210 |  |  | $ | 224 |
After-tax (1) | $ | 164 |  |  | $ | 164 |  |  | $ | 180 |
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million, $10 million, and $12 million for the years ended December 31, 2021, 2020, and 2019, respectively.
Schedule of the weighted-average model valuation assumptions |
| Year Ended December 31
| 2021 |  | 2020 |  | 2019
Dividend yield | 1.9 | % |  | 2.1 | % |  | 2.2 | %
Expected volatility | 26.0 | % |  | 18.0 | % |  | 16.0 | %
Risk-free interest rate | 1.0 | % |  | 1.2 | % |  | 2.6 | %
Expected life | 5.8 years |  | 5.7 years |  | 5.7 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, 2018 | 11,007,722 |  |  | $ | 108.25 |  |  |  |  |
Granted | 2,073,940 |  |  | $ | 133.90 |  |  | $ | 18.76 |  |  |
Exercised | (1,944,604) |  |  | $ | 84.13 |  |  |  |  | $ | 122 |
Forfeited and expired | (251,801) |  |  | $ | 136.87 |  |  |  |  |
Options outstanding, December 31, 2019 | 10,885,257 |  |  | $ | 116.79 |  |  |  |  |
Granted | 1,958,279 |  |  | $ | 150.10 |  |  | $ | 19.89 |  |  |
Exercised | (1,158,633) |  |  | $ | 86.90 |  |  |  |  | $ | 76 |
Forfeited and expired | (206,720) |  |  | $ | 138.77 |  |  |  |  |
Options outstanding, December 31, 2020 | 11,478,183 |  |  | $ | 125.09 |  |  |  |  |
Granted | 1,805,234 |  |  | $ | 164.89 |  |  | $ | 33.05 |  |  |
Exercised | (2,284,795) |  |  | $ | 112.12 |  |  |  |  | $ | 140 |
Forfeited and expired | (236,135) |  |  | $ | 150.16 |  |  |  |  |
Options outstanding, December 31, 2021 | 10,762,487 |  |  | $ | 133.94 |  |  |  |  | $ | 639 |
Options exercisable, December 31, 2021 | 7,278,516 |  |  | $ | 124.03 |  |  |  |  | $ | 504 |
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 15,586 restricted stock awards, 27,679 restricted stock awards, and 19,019 restricted stock awards that were granted to non-management directors during the years ended December 31, 2021, 2020, and 2019, 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, 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 |
Granted | 1,425,667 |  |  | $ | 148.56 |  |  | 186,291 |  |  | $ | 151.14 |
Vested | (1,304,308) |  |  | $ | 134.02 |  |  | (490,185) |  |  | $ | 125.66 |
Forfeited | (152,074) |  |  | $ | 140.72 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2020 | 3,263,295 |  |  | $ | 142.32 |  |  | 572,318 |  |  | $ | 142.38 |
Granted | 1,288,042 |  |  | $ | 165.32 |  |  | 294,315 |  |  | $ | 164.75 |
Vested | (1,283,185) |  |  | $ | 140.62 |  |  | (169,442) |  |  | $ | 143.07 |
Forfeited | (216,341) |  |  | $ | 150.19 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2021 | 3,051,811 |  |  | $ | 152.19 |  |  | 697,191 |  |  | $ | 151.74 |

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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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