Shareholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Stockholders' Equity Note [Abstract]

Share Repurchase Program [Table Text Block]

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				April 1, 2023 through May 1, 2023
	March 31
(in millions of U.S. dollars, except share data)	2023		2022
Number of shares repurchased	2,010,400		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

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income (loss):


	Three Months Ended
	March 31
	2023		2022
(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 tax	1,786		(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) benefit	21		(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 benefit	7		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 benefit	7		—
Balance – end of period, net of tax	(92)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	225		240
Change in period, before tax	—		19
Income tax expense	(1)		(4)
Balance – end of period, net of tax	224		255
Accumulated other comprehensive income (loss)	$	(8,895)	$	(4,403)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:


	Three Months Ended				Consolidated Statement of Operations Location
	March 31
(in millions of U.S. dollars)	2023		2022
Fixed maturities available for sale	$	(180)	$	(136)		Net realized gains (losses)
Income tax benefit	18		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)