XML 61 R41.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Acquisitions (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023 | Dec. 31, 2022
Business Combinations [Abstract] |  |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed on July 1, 2023. The fair value of assets and liabilities are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation and the fair value of noncontrolling interest through the end of the permissible one-year measurement period.
Preliminary estimate of Huatai Group assets and liabilities consolidated | July 1
(in millions of U.S. dollars) | 2023
Assets |
Investments and Cash | $ | 13,346 |
Accrued investment income | 60 |
Insurance and reinsurance balances receivable | 277 |
Reinsurance recoverable on losses and loss expenses | 581 |
Reinsurance recoverable on future policy benefits | 27 |
Value of business acquired | 309 |
Goodwill and intangible assets | 5,049 |
Other assets | 748 |
Total assets | $ | 20,397 |
Liabilities |
Unpaid losses and loss expenses | $ | 831 |
Unearned premiums | 800 |
Future policy benefits | 2,287 |
Policyholders' account balances | 4,014 |
Insurance and reinsurance balances payable | 644 |
Accounts payable, accrued expenses, and other liabilities | 682 |
Deferred tax liabilities | 232 |
Repurchase agreements | 1,269 |
Total liabilities | $ | 10,759 |
Net acquired assets, including goodwill, attributable to Chubb | 4,428 |
Net acquired assets, attributable to noncontrolling interests | 5,210 |
Net acquired assets, including goodwill | $ | 9,638 |
The following table summarizes the fair value of the assets acquired and liabilities assumed at July 1, 2022:
Assets acquired and liabilities assumed from Cigna's business in Asia | July 1
(in millions of U.S. dollars) | 2022
Assets |
Investments and Cash | $ | 5,281 |
Accrued investment income | 33 |
Insurance and reinsurance balances receivable | 52 |
Reinsurance recoverable on losses and loss expenses | 3 |
Reinsurance recoverable on future policy benefits | 85 |
Value of business acquired | 3,633 |
Goodwill and intangible assets | 1,498 |
Other assets | 651 |
Total assets | $ | 11,236 |
Liabilities |
Unpaid losses and loss expenses | $ | 12 |
Unearned premiums | 61 |
Future policy benefits | 3,856 |
Insurance and reinsurance balances payable | 115 |
Accounts payable, accrued expenses, and other liabilities | 925 |
Deferred tax liabilities | 887 |
Total liabilities | $ | 5,856 |
Net acquired assets, including goodwill | 5,380 |
Total | $ | 11,236 |
Schedule of Business Acquisitions, by Acquisition | The following table summarizes the results of the acquired Huatai Group operations since the acquisition date that have been included within our Consolidated statements of operations:
| July 1, 2023 to
(in millions of U.S. dollars) | December 31, 2023
Total revenues | $ | 739 |
Net loss | $ | (30) |
Net loss attributable to Chubb | $ | (17) |
| The following table summarizes the results of the acquired Cigna business in Asia that were included within our Consolidated statements of operations for the year ended December 31, 2022:
| July 1, 2022 to
(in millions of U.S. dollars) | December 31, 2022
Total revenues | $ | 1,507 |
Net income | $ | 140 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination | The preliminary purchase price allocation to intangible assets recorded in connection with the Huatai Group acquisition and their related useful lives at July 1, 2023, are as follows:
(in millions of U.S. dollars) | Amount |  | Weighted-average useful life
Definite life |  |  |
Agency distribution relationships | $ | 332 |  |  | 20 years
Asset management customer contracts | 94 |  |  | 16 years
Unearned premium reserves (UPR) intangible asset | 95 |  |  | 3 years
Land use rights | 569 |  |  | 31 years
Technology | 45 |  |  | 6 years
Indefinite life |  |  |
Trademarks | 398 |  |  | Indefinite
Asset management mutual funds | 122 |  |  | Indefinite
Total identified intangible assets | $ | 1,655 |  |  |
Business Acquisition, Pro Forma Information | The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.
Pro forma: | For the Year Ended December 31
(in millions of U.S. dollars) | 2023 |  | 2022
Net premiums earned | $ | 46,502 |  |  | $ | 41,903 |
Total revenues | $ | 50,550 |  |  | $ | 44,936 |
Net income | $ | 8,850 |  |  | $ | 5,290 |
Net income attributable to Chubb | $ | 8,859 |  |  | $ | 5,267 |
The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.
Pro forma: | For the Year Ended December 31
(in millions of U.S. dollars) | 2022 |  | 2021
Net premiums earned | $ | 41,884 |  |  | $ | 39,432 |
Total revenues | $ | 44,605 |  |  | $ | 44,072 |
Net income | $ | 5,533 |  |  | $ | 8,906 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(3) -SubTopic 10 -Topic 805 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- Definition Tabular disclosure of finite-lived and indefinite-lived intangible assets acquired as part of a business combination. + References No definition available. + Details
Name: | us-gaap_FiniteLivedAndIndefiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-3 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479328/805-10-50-2 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 805 -SubTopic 20 -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479907/805-20-50-1 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration