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Share-based compensation (Tables) | 12 Months Ended
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Dec. 31, 2023
Share-Based Payment Arrangement [Abstract] |
Schedule of pre-tax and after-tax share-based compensation expense | The following table presents pre-tax and after-tax share-based compensation expense:
| Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022 |  | 2021
Stock options and shares issued under ESPP: |  |  |  |  |
Pre-tax | $ | 71 |  |  | $ | 60 |  |  | $ | 55 |
After-tax (1) | $ | 56 |  |  | $ | 38 |  |  | $ | 36 |
Restricted stock: |  |  |  |  |
Pre-tax | $ | 253 |  |  | $ | 230 |  |  | $ | 210 |
After-tax (1) | $ | 202 |  |  | $ | 179 |  |  | $ | 164 |
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $19 million, $29 million, and $19 million for the years ended December 31, 2023, 2022, and 2021, respectively.
Schedule of the weighted-average model valuation assumptions |
| Year Ended December 31
| 2023 |  | 2022 |  | 2021
Dividend yield | 1.7 | % |  | 1.7 | % |  | 1.9 | %
Expected volatility | 23.0 | % |  | 20.1 | % |  | 26.0 | %
Risk-free interest rate | 4.1 | % |  | 1.9 | % |  | 1.0 | %
Expected life | 5.7 years |  | 5.8 years |  | 5.8 years
Rollforward of the company's stock options | The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars) | Number of Options |  | Weighted-Average Exercise Price |  | Weighted-Average Fair Value |  | Total Intrinsic Value
Options outstanding, December 31, 2020 | 11,478,183 |  |  | $ | 125.09 |  |  |  |  |
Granted | 1,805,234 |  |  | $ | 164.89 |  |  | $ | 33.05 |  |  |
Exercised | (2,284,795) |  |  | $ | 112.12 |  |  |  |  | $ | 140 |
Forfeited and expired | (236,135) |  |  | $ | 150.16 |  |  |  |  |
Options outstanding, December 31, 2021 | 10,762,487 |  |  | $ | 133.94 |  |  |  |  |
Granted | 1,731,904 |  |  | $ | 198.36 |  |  | $ | 35.46 |  |  |
Exercised | (1,878,147) |  |  | $ | 117.83 |  |  |  |  | $ | 163 |
Forfeited and expired | (205,966) |  |  | $ | 171.45 |  |  |  |  |
Options outstanding, December 31, 2022 | 10,410,278 |  |  | $ | 146.81 |  |  |  |  |
Granted | 1,540,002 |  |  | $ | 208.60 |  |  | $ | 51.32 |  |  |
Exercised | (1,249,350) |  |  | $ | 127.45 |  |  |  |  | $ | 107 |
Forfeited and expired | (220,046) |  |  | $ | 191.57 |  |  |  |  |
Options outstanding, December 31, 2023 | 10,480,884 |  |  | $ | 157.24 |  |  |  |  | $ | 721 |
Options exercisable, December 31, 2023 | 7,497,652 |  |  | $ | 141.08 |  |  |  |  | $ | 637 |
Rollforward of the company's restricted stock | The following table presents a roll-forward of our restricted stock awards. Included in the roll-forward below are 12,994 restricted stock awards, 13,440 restricted stock awards, and 15,586 restricted stock awards that were granted to non-management directors during the years ended December 31, 2023, 2022, and 2021, respectively:
| Service-based Restricted Stock Awards and Restricted Stock Units |  | Performance-based Restricted Stock Awards and Restricted Stock Units
| Number of Shares |  | Weighted-Average Grant-Date Fair Value |  | Number of Shares |  | Weighted-Average Grant-Date Fair Value
Unvested restricted stock, December 31, 2020 | 3,263,295 |  |  | $ | 142.32 |  |  | 572,318 |  |  | $ | 142.38 |
Granted | 1,288,042 |  |  | $ | 165.32 |  |  | 294,315 |  |  | $ | 164.75 |
Vested | (1,283,185) |  |  | $ | 140.62 |  |  | (169,442) |  |  | $ | 143.07 |
Forfeited | (216,341) |  |  | $ | 150.19 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2021 | 3,051,811 |  |  | $ | 152.19 |  |  | 697,191 |  |  | $ | 151.74 |
Granted | 1,193,016 |  |  | $ | 199.18 |  |  | 296,944 |  |  | $ | 199.09 |
Vested | (1,191,452) |  |  | $ | 148.18 |  |  | (199,343) |  |  | $ | 133.90 |
Forfeited | (199,505) |  |  | $ | 168.12 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2022 | 2,853,870 |  |  | $ | 172.39 |  |  | 794,792 |  |  | $ | 173.83 |
Granted | 1,166,706 |  |  | $ | 208.07 |  |  | 407,825 |  |  | $ | 208.60 |
Vested | (1,142,911) |  |  | $ | 161.88 |  |  | (203,533) |  |  | $ | 150.11 |
Forfeited | (203,850) |  |  | $ | 186.58 |  |  | — |  |  | $ | — |
Unvested restricted stock, December 31, 2023 | 2,673,815 |  |  | $ | 191.35 |  |  | 999,084 |  |  | $ | 192.85 |

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