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Shareholders' equity
 3 Months Ended
Mar. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity
All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2023, our Common Shares had a par value of CHF 24.15 per share.

At our May 2022 and 2021 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.32 per share and $3.20 per share, respectively, which were paid in four quarterly installments of $0.83 per share and $0.80 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions per Common Share for the three months ended March 31, 2023 and 2022, were $0.83 (CHF 0.77) and $0.80 (CHF 0.74), respectively.

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At the Chubb Limited Extraordinary General Meeting of Shareholders, held on November 3, 2021, shareholders approved the cancellation of 14,465,400 shares repurchased under our share repurchase program during the first six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on January 17, 2022. At our May 2022 annual general meeting, held on May 19, 2022, our shareholders approved the cancellation of 13,179,100 shares purchased under our share repurchase program during the last six months of 2021. The capital reduction by cancellation of shares was subject to publication requirements and a two-month waiting period in accordance with Swiss law and became effective on August 4, 2022. During the three months ended March 31, 2023, 2,010,400 shares were repurchased and 1,574,224 net shares were issued under employee share-based compensation plans. At March 31, 2023, 32,217,934 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations
The Board has authorized share repurchase programs as follows:

•One-time incremental share repurchase program of $5.0 billion of Chubb Common Shares from July 19, 2021, through June 30, 2022; and
•$2.5 billion of Chubb Common Shares from May 19, 2022, through June 30, 2023.
The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Three Months EndedApril 1, 2023
through
 May 1, 2023
March 31
(in millions of U.S. dollars, except share data)20232022
Number of shares repurchased2,010,400 4,869,900 215,400 
Cost of shares repurchased$428 $1,001 $43 
Repurchase authorization remaining at end of period $1,193 $1,648 $1,150 
The following table presents changes in accumulated other comprehensive income (loss):
Three Months Ended
March 31
20232022
(in millions of U.S. dollars)As Adjusted
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax$(7,279)$2,256 
Change in period, before reclassification from AOCI (before tax)1,606 (4,788)
Amounts reclassified from AOCI (before tax)180 136 
Change in period, before tax1,786 (4,652)
Income tax (expense) benefit(166)812 
Balance – end of period, net of tax(5,659)(1,584)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax(75)(1,399)
Change in period, before tax(151)435 
Income tax (expense) benefit21 (33)
Balance – end of period, net of tax(205)(997)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax(24)(57)
Change in period, before and net of tax(3)23 
Balance – end of period, net of tax(27)(34)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax(2,966)(2,114)
Change in period, before reclassification from AOCI (before tax)(174)— 
Amounts reclassified from AOCI (before tax)(3)— 
Change in period, before tax (177)67 
Income tax benefit7 4 
Balance – end of period, net of tax(3,136)(2,043)
Fair value hedging instruments
Balance – beginning of period, net of tax(66)— 
Change in period, before reclassification from AOCI (before tax)(17)— 
Amounts reclassified from AOCI (before tax)(16)— 
Change in period, before tax(33)— 
Income tax benefit7 — 
Balance – end of period, net of tax(92)— 
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax225 240 
Change in period, before tax— 19 
Income tax expense(1)(4)
Balance – end of period, net of tax224 255 
Accumulated other comprehensive income (loss)$(8,895)$(4,403)
The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:
Three Months EndedConsolidated Statement of Operations Location
March 31
(in millions of U.S. dollars)20232022
Fixed maturities available for sale$(180)$(136)Net realized gains (losses)
Income tax benefit18 22 Income tax expense
$(162)$(114)Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps$3 $— Interest expense
Income tax expense(1)— Income tax expense
$2 $— Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps$20 $— Net realized gains (losses)
Cross-currency swaps(4)— Interest expense
Income tax expense(3)— Income tax expense
$13 $— Net income
Total amounts reclassified from AOCI$(147)$(114)