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Acquisitions (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed at July 1, 2022. The fair value of assets and liabilities, including intangible assets and tax-related items (classified below in Other assets and Other liabilities), are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation through the end of the permissible one-year measurement period. Chubb does not expect changes, if any, to materially affect its financial position, results of operations, or cash flows.
Preliminary estimate of assets acquired and liabilities assumed from Cigna's business in Asia | July 1
(in millions of U.S. dollars) | 2022
Assets |
Investments and Cash | $ | 5,275 |
Accrued investment income | 33 |
Insurance and reinsurance balances receivable | 52 |
Reinsurance recoverable on losses and loss expenses | 3 |
Reinsurance recoverable on future policy benefits | 82 |
Value of business acquired | 3,503 |
Goodwill and intangible assets | 1,559 |
Other assets | 649 |
Total assets | $ | 11,156 |
Liabilities |
Unpaid losses and loss expenses | $ | 12 |
Unearned premiums | 59 |
Future policy benefits | 3,817 |
Insurance and reinsurance balances payable | 115 |
Accounts payable, accrued expenses, and other liabilities | 924 |
Deferred tax liabilities | 870 |
Total liabilities | $ | 5,797 |
Net acquired assets, including goodwill | 5,359 |
Total | $ | 11,156 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the results of the acquired Cigna's A&H and Life business operations since the acquisition date that have been included within our Consolidated statements of operations.
| July 1, 2022 to
(in millions of U.S. dollars) | December 31, 2022
Total revenues | $ | 1,507 |
Net income | $ | 148 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary purchase price allocation to intangible assets recorded in connection with the Cigna acquisition and their related useful lives at July 1, 2022, are as follows:
(in millions of U.S. dollars) | Amount |  | Weighted-average useful life
Definite life |  |  |
Agency distribution relationships and renewal rights | $ | 230 |  |  | 22 years
Unearned premium reserves (UPR) intangible asset | 9 |  |  | 1 year
Indefinite life |  |  |
Trademarks | 70 |  |  | Indefinite
Total identified intangible assets | $ | 309 |  |  |
Business Acquisition, Pro Forma Information | The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021, for each of the respective periods. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.
Pro forma: |  |  | For the Year Ended December 31
(in millions of U.S. dollars, except per share data) |  |  |  |  | 2022 |  | 2021
Net premiums earned |  |  |  |  | $ | 41,913 |  |  | $ | 39,495 |
Total revenues |  |  |  |  | $ | 44,673 |  |  | $ | 44,166 |
Net income |  |  |  |  | $ | 5,503 |  |  | $ | 8,921 |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=128092470&loc=d3e4845-128472 + Details
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