In June 2023, we determined that we no longer have the intent to hold securities in our held to maturity (HTM) portfolio until maturity. As a result, our entire HTM securities portfolio was transferred to the available-for-sale (AFS) portfolio. This decision allowed us to increase our flexibility to execute on our investment strategy and take advantage of the continuing higher reinvestment environment while not making any major change to our current asset allocation. At the time of the transfer on June 30, 2023, these securities had a carrying value of $8.2 billion and a fair value of $7.8 billion, resulting in an increase to Unrealized depreciation in OCI of $428 million, after-tax. This transfer represents a non-cash transaction and does not impact the Consolidated statements of cash flows.


December 31, 2023	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	3,721	$	—	$	13	$	(144)	$	3,590
Non-U.S.	35,918		(49)		592		(1,297)		35,164
Corporate and asset-backed securities	44,695		(104)		390		(2,151)		42,830
Mortgage-backed securities	23,720		(3)		143		(1,802)		22,058
Municipal	3,074		—		10		(155)		2,929
	$	111,128	$	(156)	$	1,148	$	(5,549)	$	106,571


December 31, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220


December 31, 2022	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439


					December 31
			2023				2022
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,729	$	4,729	$	2,962	$	2,962
Due after 1 year through 5 years	33,573		33,573		24,791		24,791
Due after 5 years through 10 years	28,480		28,480		26,679		26,679
Due after 10 years	17,731		17,731		14,937		14,937
	84,513		84,513		69,369		69,369
Mortgage-backed securities	22,058		22,058		15,851		15,851
	$	106,571	$	106,571	$	85,220	$	85,220
Held to maturity
Due in 1 year or less	$	—	$	—	$	1,015	$	1,003
Due after 1 year through 5 years	—		—		3,658		3,531
Due after 5 years through 10 years	—		—		1,460		1,423
Due after 10 years	—		—		1,260		1,131
	—		—		7,393		7,088
Mortgage-backed securities	—		—		1,455		1,351
	$	—	$	—	$	8,848	$	8,439

Fixed maturities in an unrealized loss position at December 31, 2023 and 2022 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase.

The following tables present, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	0 – 12 Months				Over 12 Months				Total
December 31, 2023	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	463	$	(9)	$	2,504	$	(135)	$	2,967	$	(144)
Non-U.S.	2,464		(43)		15,971		(957)		18,435		(1,000)
Corporate and asset-backed securities	2,866		(51)		20,334		(1,194)		23,200		(1,245)
Mortgage-backed securities	1,659		(58)		13,831		(1,706)		15,490		(1,764)
Municipal	1,117		(15)		1,310		(137)		2,427		(152)
Total AFS fixed maturities	$	8,569	$	(176)	$	53,950	$	(4,129)	$	62,519	$	(4,305)


	0 – 12 Months				Over 12 Months				Total
December 31, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	169	$	14

Provision for expected credit loss	214		237


Write-offs charged against the expected credit loss	(5)		—
Recovery of expected credit loss	(222)		(82)
Valuation allowance for expected credit losses - end of period	$	156	$	169
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	34	$	35

Provision for expected credit loss	—		2


Recovery of expected credit loss	(34)		(3)
Valuation allowance for expected credit losses - end of period	$	—	$	34
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	—	$	—
Provision for expected credit loss	4		—
Valuation allowance for expected credit losses - end of period	$	4	$	—


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Fixed maturities:
Gross realized gains	$	208	$	619	$	142
Gross realized losses	(656)		(1,379)		(123)
Other Investments - Fixed maturities	(12)		—		—
Net (provision for) recovery of expected credit losses	43		(154)		14
Impairment (1)	(64)		(135)		(30)
Total fixed maturities	(481)		(1,049)		3
Equity securities	(38)		(230)		662
Private equities (less than 3 percent ownership)	70		(31)		111

Foreign exchange	(183)		397		340
Investment and embedded derivative instruments	(53)		(43)		(72)


Other derivative instruments	(10)		(11)		(8)
Other	88		(118)		(6)
Net realized gains (losses) (pre-tax)	$	(607)	$	(1,085)	$	1,030

Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale	$	3,563	$	(10,583)	$	(2,901)
Fixed maturities held to maturity	(125)		(15)		(18)

Other	10		20		(19)
Income tax (expense) benefit	(328)		1,043		521
Change in net unrealized appreciation (depreciation) on investments (after-tax)	$	3,120	$	(9,535)	$	(2,417)


	Year Ended December 31, 2023
(in millions of U.S. dollars)	Other Investments		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	(12)	$	(38)	$	70	$	20
Less: Net gains (losses) recognized from sales of securities	—		(68)		—		(68)
Unrealized gains (losses) recognized for securities still held at reporting date	$	(12)	$	30	$	70	$	88


	Year Ended December 31, 2022
(in millions of U.S. dollars)	Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	(230)	$	(31)	$	(261)
Less: Net gains (losses) recognized from sales of securities	409		—		409
Unrealized gains (losses) recognized for securities still held at reporting date	$	(639)	$	(31)	$	(670)


	Year Ended December 31, 2021
(in millions of U.S. dollars)	Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	662	$	111	$	773
Less: Net gains (losses) recognized from sales of securities	157		—		157
Unrealized gains (losses) recognized for securities still held at reporting date	$	505	$	111	$	616


	December 31
(in millions of U.S. dollars)	2023		2022





Fixed maturities - Consolidated Investment Products (1)	$	3,773	$	—
Life insurance policies	463		399
Policy loans	651		343
Non-qualified separate account assets (2)	258		223
Other	382		376
Total	$	5,527	$	1,341

Private equities include investment funds and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:


						December 31
		2023				2022
(in millions of U.S. dollars)	Expected Liquidation Period of Underlying Assets	Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,241	$	364	$	1,074	$	505
Real assets	2 to 13 Years	2,137		445		2,166		681
Distressed	2 to 8 Years	1,206		936		1,048		755
Private credit	3 to 8 Years	331		298		215		429
Traditional	2 to 14 Years	8,873		4,167		7,424		5,025
Vintage	1 to 3 Years	72		—		55		—
Investment funds	Not Applicable	218		—		373		—
		$	14,078	$	6,210	$	12,355	$	7,395

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.


Investment Category						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

Included in private equities are 174 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio.

Investment funds employ various investment strategies such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.



	December 31, 2023						December 31, 2022
(in millions of U.S. dollars, except for percentages)	Carrying Value		Goodwill		Direct Ownership Percentage		Carrying Value		Goodwill		Direct Ownership Percentage		Domicile
Huatai Group	$	—	$	—	—	%	$	2,490	$	1,247	47	%	China
Huatai Life Insurance Company	—		—		—	%	215		65		20	%	China
Freisenbruch-Meyer	12		3		40	%	11		3		40	%	Bermuda
Chubb Arabia Cooperative Insurance Company	28		—		30	%	24		—		30	%	Saudi Arabia
ABR Reinsurance Ltd.	151		—		19	%	137		—		19	%	Bermuda

Total	$	191	$	3			$	2,877	$	1,315

Effective July 1, 2023, Huatai Group and Huatai Life Insurance Company are no longer classified as partially-owned insurance companies when Chubb obtained a controlling interest and applied consolidation accounting. Refer to Note 2 for additional information.


	Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
Fixed maturities (1)	$	4,619	$	3,594	$	3,300
Short-term investments	199		81		35
Other interest income	69		42		11
Equity securities	119		99		150
Private equities (less than 3 percent ownership)	55		63		94
Other investments	71		41		53
Gross investment income (1)	5,132		3,920		3,643
Investment expenses	(195)		(178)		(187)
Net investment income (1)	$	4,937	$	3,742	$	3,456
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(21)	$	(41)	$	(84)

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets are investments, primarily fixed maturities, totaling $18,242 million and $15,721 million, and cash of $172 million and $115 million, at December 31, 2023 and 2022, respectively.


			December 31
(in millions of U.S. dollars)	2023		2022
Trust funds	$	8,482	$	8,120
Deposits with U.S. regulatory authorities	2,544		2,345
Deposits with non-U.S. regulatory authorities	3,584		2,959
Assets pledged under repurchase agreements	2,924		1,527
Other pledged assets	880		885
Total	$	18,414	$	15,836

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered Variable interest entities (VIEs). We have determined that we are the primary beneficiary and consolidate these investment products (CIP) if we hold at least 10 percent ownership. Refer to Note 1 g) for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

We do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. At December 31, 2023, the carrying value of these investments was $153 million and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities.