XML 35 R25.htm IDEA: XBRL DOCUMENT
v3.23.3

Segment information | 9 Months Ended
--- | ---
Sep. 30, 2023
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 intermediar ies. Commencing in the third quarter of 2023, the results of Huatai Group's life and asset management business are included in the Life Insurance segment, and the results of Huatai Group's P&C business are included in the Overseas General Insurance segment. Results for Huatai Group’s non-insurance operations, comprising real estate and holding company activity, are included in Corporate. Commencing in the third quarter of 2022, the results of Cigna's business in Asia are included in our Life Insurance segment and, to a lesser extent, Overseas General Insurance segment according to the nature of the business written. Management uses underwriting income (loss) as the basis for segment performance for its P&C operations. P&C underwriting income (loss) excludes the Life Insurance segment and is calculated 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), Market risk benefits gains (losses), Interest expense, Cigna integration expenses, Income tax, and Net income (loss) attributable to noncontrolling interests 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 primarily related to the acquisition of Cigna's business in Asia. 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 benefits include fair value changes on separate accounts that do not qualify for separate accounting under GAAP. 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 Three Months Ended September 30, 2023 (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 | $ | 5,132 |  |  | $ | 1,527 |  |  | $ | 1,521 |  |  | $ | 3,211 |  |  | $ | 261 |  |  | $ | 1,452 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,104 |
Net premiums earned | 4,735 |  |  | 1,407 |  |  | 1,540 |  |  | 3,311 |  |  | 239 |  |  | 1,442 |  |  | — |  |  | — |  |  | 12,674 |
Losses and loss expenses | 3,025 |  |  | 900 |  |  | 1,356 |  |  | 1,635 |  |  | 116 |  |  | 20 |  |  | 61 |  |  | (7) |  |  | 7,106 |
Policy benefits | — |  |  | — |  |  | — |  |  | 91 |  |  | — |  |  | 866 |  |  | — |  |  | (19) |  |  | 938 |
Policy acquisition costs | 640 |  |  | 287 |  |  | 76 |  |  | 827 |  |  | 69 |  |  | 279 |  |  | — |  |  | — |  |  | 2,178 |
Administrative expenses | 323 |  |  | 84 |  |  | 3 |  |  | 327 |  |  | 9 |  |  | 216 |  |  | 98 |  |  | — |  |  | 1,060 |
Underwriting income (loss) | 747 |  |  | 136 |  |  | 105 |  |  | 431 |  |  | 45 |  |  | 61 |  |  | (159) |  |  | 26 |  |  | 1,392 |
Net investment income | 780 |  |  | 94 |  |  | 12 |  |  | 248 |  |  | 47 |  |  | 211 |  |  | 14 |  |  | (92) |  |  | 1,314 |
Other (income) expense | 6 |  |  | 2 |  |  | — |  |  | (10) |  |  | — |  |  | (28) |  |  | (51) |  |  | (73) |  |  | (154) |
Amortization expense of purchased intangibles | — |  |  | 3 |  |  | 6 |  |  | 19 |  |  | — |  |  | 12 |  |  | 44 |  |  | — |  |  | 84 |
Segment income (loss) | $ | 1,521 |  |  | $ | 225 |  |  | $ | 111 |  |  | $ | 670 |  |  | $ | 92 |  |  | $ | 288 |  |  | $ | (138) |  |  | $ | 7 |  |  | $ | 2,776 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (96) |  |  | (7) |  |  | (103) |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (32) |  |  | — |  |  | (32) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 174 |  |  | — |  |  | 174 |
Cigna integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 14 |  |  | — |  |  | 14 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 413 |  |  | — |  |  | 413 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | (867) |  |  | — |  |  | 2,040 |
Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | (3) |  |  | — |  |  | (3) |
Net income (loss) attributable to Chubb |  |  |  |  |  |  |  |  |  |  |  |  | $ | (864) |  |  | $ | — |  |  | $ | 2,043 |
For the Three Months Ended September 30, 2022 (As Adjusted) (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 | $ | 4,722 |  |  | $ | 1,392 |  |  | $ | 1,723 |  |  | $ | 2,645 |  |  | $ | 265 |  |  | $ | 1,265 |  |  | $ | — |  |  | $ | — |  |  | $ | 12,012 |
Net premiums earned | 4,283 |  |  | 1,334 |  |  | 1,673 |  |  | 2,741 |  |  | 255 |  |  | 1,244 |  |  | — |  |  | — |  |  | 11,530 |
Losses and loss expenses | 3,036 |  |  | 857 |  |  | 1,444 |  |  | 1,333 |  |  | 311 |  |  | 27 |  |  | 74 |  |  | (19) |  |  | 7,063 |
Policy benefits | — |  |  | — |  |  | — |  |  | 108 |  |  | — |  |  | 666 |  |  | — |  |  | (67) |  |  | 707 |
Policy acquisition costs | 583 |  |  | 274 |  |  | 68 |  |  | 720 |  |  | 59 |  |  | 266 |  |  | — |  |  | — |  |  | 1,970 |
Administrative expenses | 272 |  |  | 71 |  |  | 3 |  |  | 264 |  |  | 8 |  |  | 174 |  |  | 91 |  |  | — |  |  | 883 |
Underwriting income (loss) | 392 |  |  | 132 |  |  | 158 |  |  | 316 |  |  | (123) |  |  | 111 |  |  | (165) |  |  | 86 |  |  | 907 |
Net investment income | 589 |  |  | 76 |  |  | 9 |  |  | 151 |  |  | 71 |  |  | 147 |  |  | 5 |  |  | (69) |  |  | 979 |
Other (income) expense | 6 |  |  | 1 |  |  | 1 |  |  | (2) |  |  | — |  |  | 4 |  |  | 194 |  |  | (2) |  |  | 202 |
Amortization expense of purchased intangibles | — |  |  | 2 |  |  | 7 |  |  | 12 |  |  | — |  |  | 2 |  |  | 46 |  |  | — |  |  | 69 |
Segment income (loss) | $ | 975 |  |  | $ | 205 |  |  | $ | 159 |  |  | $ | 457 |  |  | $ | (52) |  |  | $ | 252 |  |  | $ | (400) |  |  | $ | 19 |  |  | $ | 1,615 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (437) |  |  | (19) |  |  | (456) |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 69 |  |  | — |  |  | 69 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 150 |  |  | — |  |  | 150 |
Cigna integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 23 |  |  | — |  |  | 23 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 263 |  |  | — |  |  | 263 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (1,204) |  |  | $ | — |  |  | $ | 792 |
For the Nine Months Ended September 30, 2023 (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 | $ | 14,575 |  |  | $ | 4,404 |  |  | $ | 2,581 |  |  | $ | 9,359 |  |  | $ | 831 |  |  | $ | 4,015 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,765 |
Net premiums earned | 13,710 |  |  | 4,084 |  |  | 2,334 |  |  | 9,005 |  |  | 720 |  |  | 3,962 |  |  | — |  |  | — |  |  | 33,815 |
Losses and loss expenses | 8,625 |  |  | 2,634 |  |  | 2,003 |  |  | 4,139 |  |  | 319 |  |  | 87 |  |  | 133 |  |  | (3) |  |  | 17,937 |
Policy benefits | — |  |  | — |  |  | — |  |  | 338 |  |  | — |  |  | 2,283 |  |  | — |  |  | (56) |  |  | 2,565 |
Policy acquisition costs | 1,867 |  |  | 836 |  |  | 128 |  |  | 2,286 |  |  | 196 |  |  | 829 |  |  | — |  |  | — |  |  | 6,142 |
Administrative expenses | 934 |  |  | 247 |  |  | 9 |  |  | 899 |  |  | 27 |  |  | 553 |  |  | 290 |  |  | — |  |  | 2,959 |
Underwriting income (loss) | 2,284 |  |  | 367 |  |  | 194 |  |  | 1,343 |  |  | 178 |  |  | 210 |  |  | (423) |  |  | 59 |  |  | 4,212 |
Net investment income | 2,204 |  |  | 262 |  |  | 43 |  |  | 636 |  |  | 144 |  |  | 525 |  |  | 28 |  |  | (276) |  |  | 3,566 |
Other (income) expense | 18 |  |  | 2 |  |  | — |  |  | (29) |  |  | (1) |  |  | (69) |  |  | (251) |  |  | (220) |  |  | (550) |
Amortization expense of purchased intangibles | — |  |  | 8 |  |  | 19 |  |  | 52 |  |  | — |  |  | 18 |  |  | 129 |  |  | — |  |  | 226 |
Segment income (loss) | $ | 4,470 |  |  | $ | 619 |  |  | $ | 218 |  |  | $ | 1,956 |  |  | $ | 323 |  |  | $ | 786 |  |  | $ | (273) |  |  | $ | 3 |  |  | $ | 8,102 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (481) |  |  | (3) |  |  | (484) |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (154) |  |  | — |  |  | (154) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 499 |  |  | — |  |  | 499 |
Cigna integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 51 |  |  | — |  |  | 51 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 1,189 |  |  | — |  |  | 1,189 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,647) |  |  | $ | — |  |  | $ | 5,725 |
Net loss attributable to noncontrolling interests |  |  |  |  |  |  |  |  |  |  |  |  | (3) |  |  | — |  |  | (3) |
Net income (loss) attributable to Chubb |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,644) |  |  | $ | — |  |  | $ | 5,728 |
For the Nine Months Ended September 30, 2022 (As Adjusted) (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 | $ | 13,426 |  |  | $ | 3,998 |  |  | $ | 2,523 |  |  | $ | 8,364 |  |  | $ | 780 |  |  | $ | 2,403 |  |  | $ | — |  |  | $ | — |  |  | $ | 31,494 |
Net premiums earned | 12,645 |  |  | 3,852 |  |  | 2,217 |  |  | 8,065 |  |  | 712 |  |  | 2,325 |  |  | — |  |  | — |  |  | 29,816 |
Losses and loss expenses | 7,979 |  |  | 2,343 |  |  | 1,830 |  |  | 3,772 |  |  | 565 |  |  | 78 |  |  | 275 |  |  | (9) |  |  | 16,833 |
Policy benefits | — |  |  | — |  |  | — |  |  | 282 |  |  | — |  |  | 1,275 |  |  | — |  |  | (116) |  |  | 1,441 |
Policy acquisition costs | 1,701 |  |  | 792 |  |  | 111 |  |  | 2,096 |  |  | 178 |  |  | 537 |  |  | — |  |  | — |  |  | 5,415 |
Administrative expenses | 814 |  |  | 213 |  |  | 4 |  |  | 811 |  |  | 27 |  |  | 346 |  |  | 264 |  |  | — |  |  | 2,479 |
Underwriting income (loss) | 2,151 |  |  | 504 |  |  | 272 |  |  | 1,104 |  |  | (58) |  |  | 89 |  |  | (539) |  |  | 125 |  |  | 3,648 |
Net investment income (loss) | 1,600 |  |  | 199 |  |  | 23 |  |  | 460 |  |  | 232 |  |  | 359 |  |  | (4) |  |  | (180) |  |  | 2,689 |
Other (income) expense | 12 |  |  | 3 |  |  | 1 |  |  | 3 |  |  | 1 |  |  | (38) |  |  | 73 |  |  | (64) |  |  | (9) |
Amortization expense of purchased intangibles | — |  |  | 7 |  |  | 20 |  |  | 40 |  |  | — |  |  | 7 |  |  | 137 |  |  | — |  |  | 211 |
Segment income (loss) | $ | 3,739 |  |  | $ | 693 |  |  | $ | 274 |  |  | $ | 1,521 |  |  | $ | 173 |  |  | $ | 479 |  |  | $ | (753) |  |  | $ | 9 |  |  | $ | 6,135 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (927) |  |  | (9) |  |  | (936) |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 85 |  |  | — |  |  | 85 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 416 |  |  | — |  |  | 416 |
Cigna integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 26 |  |  | — |  |  | 26 |
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | 907 |  |  | — |  |  | 907 |
Net income (loss) |  |  |  |  |  |  |  |  |  |  |  |  | $ | (2,944) |  |  | $ | — |  |  | $ | 3,935 |
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, DAC, VOBA, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration