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Segment information (Tables) | 12 Months Ended
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Dec. 31, 2022
Segment Reporting [Abstract] |
Operations by segment | 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 |
Net premiums earned by line of business | 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 |  |  |  |  |
Net premiums earned by geographic region | 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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