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Segment information | 12 Months Ended
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Dec. 31, 2022
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 Insuran ce, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment results for year ended December 31, 2022, include the results of Cigna's business in Asia from July 1, 2022, which are principally assigned to our Life Insurance segment and, to a lesser extent, our Overseas General Insurance segment according to the nature of the business written. •The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts; Commercial Insurance, including Small Commercial Insurance; Chubb Bermuda, our high excess business; and Westchester, our wholesale and specialty division. These divisions write a variety of coverages, including property, casualty, workers’ compensation, package policies, risk management, fin ancial lines, marine, construction, environmental, medical risk, cyber risk, surety, excess casualty, and A&H insurance. •The North America Personal P&C Insurance segment comprises the business written by Chubb Personal Risk Services division, which includes high net worth personal lines business, with operations in the U.S. and Canada. This segment provides affluent and high net worth individuals and families with homeowners, high value automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, and recreational marine insurance and services. •The North America Agricultural Insurance segment includes the business written by Rain and Hail Insurance Service, Inc. in the U.S. and Canada, which provides comprehensive multiple peril crop insurance (MPCI) and crop-hail insurance, and Chubb Agribusiness, which offers farm and ranch property as well as specialty P&C coverages, including commercial agriculture products. •The Overseas General Insurance segment includes the business written by two Chubb divisions that provides both commercial and consumer P&C insurance and services in the 51 countries and territories outside of North America where the company operates. Chubb International, our retail division, provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. CGM provides commercial P&C excess and surplus lines wholesale business primarily through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction, as well as group A&H and traditional and specialty personal lines. •The Global Reinsurance segment includes the reinsurance business written by Chubb Tempest Re, comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Chubb Tempest Re provides a broad range of traditional and specialty reinsurance coverages to a diverse array of primary P&C companies, including small, mid-sized, and multinational ceding companies. •The Life Insurance segment includes our international life operations (Chubb Life) which, commencing on July 1, 2022, includes the acquired Cigna A&H and life insurance business in Korea, Taiwan, New Zealand, Hong Kong, and Indonesia. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life insurance business of Combined Insurance. Corporate primarily includes the results of all run-off A&E exposures, run-off Brandywine business, Westchester specialty operations for 1996 and prior years, and certain other run-off exposures, including molestation claims. In addition, Corporate includes the results of our non-insurance companies including Chubb Limited, Chubb Group Management and Holdings Ltd., and Chubb INA Holdings Inc. Our exposure to A&E and molestation claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1 999, and Chubb Corp in 2016. 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. Segment income (loss) includes underwriting income (loss), net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes 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. Revenue and expenses managed at the corporate level, including net realized gains (losses), interest expense, Cigna integration expenses, and income tax are reported within Corporate. Cigna integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition of Cigna's A&H and Life insurance companies in several Asian markets. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore are excluded from our definition of segment income (loss). 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 ben efits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. G AAP. These gains and losses 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 for segment reporting purposes. The following tables present the Statement of Operations by segment:
For the Year Ended December 31, 2022 (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 | $ | 17,889 |  |  | $ | 5,313 |  |  | $ | 2,907 |  |  | $ | 11,060 |  |  | $ | 943 |  |  | $ | 3,643 |  |  | $ | — |  |  | $ | — |  |  | $ | 41,755 |
Net premiums earned | 17,107 |  |  | 5,180 |  |  | 2,838 |  |  | 10,803 |  |  | 922 |  |  | 3,539 |  |  | — |  |  | — |  |  | 40,389 |
Losses and loss expenses | 10,828 |  |  | 3,186 |  |  | 2,557 |  |  | 5,252 |  |  | 670 |  |  | 497 |  |  | 363 |  |  | (11) |  |  | 23,342 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,534 |  |  | — |  |  | (42) |  |  | 1,492 |
Policy acquisition costs | 2,313 |  |  | 1,057 |  |  | 126 |  |  | 2,818 |  |  | 240 |  |  | 838 |  |  | — |  |  | — |  |  | 7,392 |
Administrative expenses | 1,113 |  |  | 291 |  |  | (10) |  |  | 1,070 |  |  | 36 |  |  | 510 |  |  | 385 |  |  | — |  |  | 3,395 |
Underwriting income (loss) | 2,853 |  |  | 646 |  |  | 165 |  |  | 1,663 |  |  | (24) |  |  | 160 |  |  | (748) |  |  | 53 |  |  | 4,768 |
Net investment income | 2,247 |  |  | 283 |  |  | 36 |  |  | 626 |  |  | 281 |  |  | 509 |  |  | — |  |  | (240) |  |  | 3,742 |
Other (income) expense | 17 |  |  | 4 |  |  | 1 |  |  | 2 |  |  | 1 |  |  | (45) |  |  | 292 |  |  | (198) |  |  | 74 |
Amortization expense of purchased intangibles | — |  |  | 10 |  |  | 26 |  |  | 57 |  |  | — |  |  | 10 |  |  | 182 |  |  | — |  |  | 285 |
Segment income (loss) | $ | 5,083 |  |  | $ | 915 |  |  | $ | 174 |  |  | $ | 2,230 |  |  | $ | 256 |  |  | $ | 704 |  |  | $ | (1,222) |  |  | $ | 11 |  |  | $ | 8,151 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (954) |  |  | (11) |  |  | (965) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 570 |  |  | — |  |  | 570 |
Cigna integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 48 |  |  | — |  |  | 48 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 1,255 |  |  | — |  |  | 1,255 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (4,049) |  |  | $ | — |  |  | $ | 5,313 |
For the Year Ended December 31, 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 | $ | 16,415 |  |  | $ | 5,002 |  |  | $ | 2,388 |  |  | $ | 10,713 |  |  | $ | 873 |  |  | $ | 2,477 |  |  | $ | — |  |  | $ | — |  |  | $ | 37,868 |
Net premiums earned | 15,461 |  |  | 4,915 |  |  | 2,338 |  |  | 10,441 |  |  | 798 |  |  | 2,402 |  |  | — |  |  | — |  |  | 36,355 |
Losses and loss expenses | 10,015 |  |  | 2,924 |  |  | 1,962 |  |  | 5,143 |  |  | 632 |  |  | 740 |  |  | 572 |  |  | (8) |  |  | 21,980 |
Policy benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 707 |  |  | — |  |  | (8) |  |  | 699 |
Policy acquisition costs | 2,082 |  |  | 1,001 |  |  | 124 |  |  | 2,799 |  |  | 200 |  |  | 712 |  |  | — |  |  | — |  |  | 6,918 |
Administrative expenses | 1,052 |  |  | 276 |  |  | (3) |  |  | 1,078 |  |  | 35 |  |  | 333 |  |  | 365 |  |  | — |  |  | 3,136 |
Underwriting income (loss) | 2,312 |  |  | 714 |  |  | 255 |  |  | 1,421 |  |  | (69) |  |  | (90) |  |  | (937) |  |  | 16 |  |  | 3,622 |
Net investment income (loss) | 2,078 |  |  | 249 |  |  | 28 |  |  | 597 |  |  | 331 |  |  | 407 |  |  | (55) |  |  | (179) |  |  | 3,456 |
Other (income) expense | 31 |  |  | (2) |  |  | 1 |  |  | — |  |  | — |  |  | (106) |  |  | (2,118) |  |  | (171) |  |  | (2,365) |
Amortization expense of purchased intangibles | — |  |  | 10 |  |  | 26 |  |  | 48 |  |  | — |  |  | 5 |  |  | 198 |  |  | — |  |  | 287 |
Segment income | $ | 4,359 |  |  | $ | 955 |  |  | $ | 256 |  |  | $ | 1,970 |  |  | $ | 262 |  |  | $ | 418 |  |  | $ | 928 |  |  | $ | 8 |  |  | $ | 9,156 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 1,160 |  |  | (8) |  |  | 1,152 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 492 |  |  | — |  |  | 492 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 1,277 |  |  | — |  |  | 1,277 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 319 |  |  | $ | — |  |  | $ | 8,539 |
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 |
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. 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) | 2022 |  | 2021 |  | 2020 |  |  |  |
North America Commercial P&C Insurance |  |  |  |  |  |  |  |  |
Property & other short-tail lines | $ | 3,383 |  |  | $ | 2,942 |  |  | $ | 2,423 |  |  |  |  |
Casualty & all other | 13,056 |  |  | 11,905 |  |  | 10,812 |  |  |  |  |
A&H | 668 |  |  | 614 |  |  | 729 |  |  |  |  |
Total North America Commercial P&C Insurance | 17,107 |  |  | 15,461 |  |  | 13,964 |  |  |  |  |
North America Personal P&C Insurance |  |  |  |  |  |  |  |  |
Personal automobile | 811 |  |  | 781 |  |  | 822 |  |  |  |  |
Personal homeowners | 3,557 |  |  | 3,384 |  |  | 3,327 |  |  |  |  |
Personal other | 812 |  |  | 750 |  |  | 717 |  |  |  |  |
Total North America Personal P&C Insurance | 5,180 |  |  | 4,915 |  |  | 4,866 |  |  |  |  |
North America Agricultural Insurance | 2,838 |  |  | 2,338 |  |  | 1,822 |  |  |  |  |
Overseas General Insurance |  |  |  |  |  |  |  |  |
Property & other short-tail lines | 3,382 |  |  | 3,105 |  |  | 2,468 |  |  |  |  |
Casualty & all other | 3,232 |  |  | 3,114 |  |  | 2,738 |  |  |  |  |
Personal lines | 2,020 |  |  | 2,109 |  |  | 1,981 |  |  |  |  |
A&H | 2,169 |  |  | 2,113 |  |  | 2,098 |  |  |  |  |
Total Overseas General Insurance | 10,803 |  |  | 10,441 |  |  | 9,285 |  |  |  |  |
Global Reinsurance |  |  |  |  |  |  |  |  |
Property | 211 |  |  | 151 |  |  | 104 |  |  |  |  |
Property catastrophe | 208 |  |  | 190 |  |  | 173 |  |  |  |  |
Casualty & all other | 503 |  |  | 457 |  |  | 421 |  |  |  |  |
Total Global Reinsurance | 922 |  |  | 798 |  |  | 698 |  |  |  |  |
Life Insurance |  |  |  |  |  |  |  |  |
Life | 1,484 |  |  | 1,320 |  |  | 1,317 |  |  |  |  |
A&H | 2,055 |  |  | 1,082 |  |  | 1,165 |  |  |  |  |
Total Life Insurance | 3,539 |  |  | 2,402 |  |  | 2,482 |  |  |  |  |
Total net premiums earned | $ | 40,389 |  |  | $ | 36,355 |  |  | $ | 33,117 |  |  |  |  |
The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:
| North America |  | Europe (1) |  | Asia Pacific / Japan |  |  |  | Latin America
2022 | 69 | % |  | 11 | % |  | 14 | % |  |  |  | 6 | %
2021 | 70 | % |  | 12 | % |  | 12 | % |  |  |  | 6 | %
2020 | 70 | % |  | 11 | % |  | 12 | % |  |  |  | 7 | %
(1) Europe includes Middle East and Africa regions.

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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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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