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Shareholders' equity | 3 Months Ended
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Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Shareholders' equity | Shareholders’ equity All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2024, our Common Shares had a par value of CHF 0.50 per share. At our May 2023 and 2022 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.44 per share and $3.32 per share, respectively, which were paid in four quarterly installments of $0.86 per share and $0.83 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment. Dividend distributions per Common Share for the three months ended March 31, 2024 and 2023, were $0.86 (CHF 0.75) and $0.83 (CHF 0.77), respectively. Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2023 annual general meeting, held on May 17, 2023, our shareholders approved the cancellation of 14,925,028 shares purchased under our share repurchase programs during 2022. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 22, 2023. During the three months ended March 31, 2024, 1,220,121 shares were repurchased and 1,983,550 net shares were issued under employee share-based compensation plans. At March 31, 2024, 25,418,520 Common Shares remain in treasury. Chubb Limited securities repurchase authorizations The Board has authorized share repurchase programs as follows: •$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023; and •$5.0 billion of Chubb Common Shares effective July 1, 2023 with no expiration date. 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 1,2024 through April 25, 2024
|  |  | March 31 |
(in millions of U.S. dollars, except share data) |  |  |  |  | 2024 |  | 2023 |
Number of shares repurchased |  |  |  |  | 1,220,121 |  |  | 2,010,400 |  |  | 250,000 |
Cost of shares repurchased |  |  |  |  | $ | 316 |  |  | $ | 428 |  |  | $ | 62 |
Repurchase authorization remaining at end of period |  |  |  |  | $ | 3,373 |  |  | $ | 1,193 |  |  | $ | 3,312 |
The following table presents changes in accumulated other comprehensive income (loss):
|  |  | Three Months Ended
|  |  | March 31
(in millions of U.S. dollars) |  |  |  |  | 2024 |  | 2023
Accumulated other comprehensive income (loss) (AOCI) |  |  |  |  |  |  |
Net unrealized appreciation (depreciation) on investments |  |  |  |  |  |  |
Balance – beginning of period, net of tax |  |  |  |  | $ | (4,177) |  |  | $ | (7,279) |
Change in period, before reclassification from AOCI (before tax) |  |  |  |  | (796) |  |  | 1,606 |
Amounts reclassified from AOCI (before tax) |  |  |  |  | 119 |  |  | 180 |
Change in period, before tax |  |  |  |  | (677) |  |  | 1,786 |
Income tax (expense) benefit |  |  |  |  | 42 |  |  | (166) |
Total other comprehensive income (loss) |  |  |  |  | (635) |  |  | 1,620 |
Noncontrolling interests, net of tax |  |  |  |  | 13 |  |  | — |
Balance – end of period, net of tax |  |  |  |  | (4,825) |  |  | (5,659) |
Current discount rate on liability for future policy benefits |  |  |  |  |  |  |
Balance – beginning of period, net of tax |  |  |  |  | 51 |  |  | (75) |
Change in period, before tax |  |  |  |  | (53) |  |  | (151) |
Income tax (expense) benefit |  |  |  |  | (20) |  |  | 21 |
Total other comprehensive loss |  |  |  |  | (73) |  |  | (130) |
Noncontrolling interests, net of tax |  |  |  |  | (33) |  |  | — |
Balance – end of period, net of tax |  |  |  |  | 11 |  |  | (205) |
Instrument-specific credit risk on market risk benefits |  |  |  |  |  |  |
Balance – beginning of period, net of tax |  |  |  |  | (22) |  |  | (24) |
Change in period, before and net of tax |  |  |  |  | 5 |  |  | (3) |
Total other comprehensive income (loss) |  |  |  |  | 5 |  |  | (3) |
Noncontrolling interests, net of tax |  |  |  |  | — |  |  | — |
Balance – end of period, net of tax |  |  |  |  | (17) |  |  | (27) |
Cumulative foreign currency translation adjustment |  |  |  |  |  |  |
Balance – beginning of period, net of tax |  |  |  |  | (2,945) |  |  | (2,966) |
Change in period, before reclassification from AOCI (before tax) |  |  |  |  | 83 |  |  | (174) |
Amounts reclassified from AOCI (before tax) |  |  |  |  | (3) |  |  | (3) |
Change in period, before tax |  |  |  |  | 80 |  |  | (177) |
Income tax (expense) benefit |  |  |  |  | (7) |  |  | 7 |
Total other comprehensive income (loss) |  |  |  |  | 73 |  |  | (170) |
Noncontrolling interests, net of tax |  |  |  |  | (8) |  |  | — |
Balance – end of period, net of tax |  |  |  |  | (2,864) |  |  | (3,136) |
|  |  | Three Months Ended
|  |  | March 31
(in millions of U.S. dollars) |  |  |  |  | 2024 |  | 2023
Accumulated other comprehensive income (loss) (AOCI) - continued |  |  |  |  |  |  |
Fair value hedging instruments |  |  |  |  |  |  |
Balance – beginning of period, net of tax |  |  |  |  | (13) |  |  | (66) |
Change in period, before reclassification from AOCI (before tax) |  |  |  |  | (8) |  |  | (17) |
Amounts reclassified from AOCI (before tax) |  |  |  |  | 41 |  |  | (16) |
Change in period, before tax |  |  |  |  | 33 |  |  | (33) |
Income tax (expense) benefit |  |  |  |  | (7) |  |  | 7 |
Total other comprehensive income (loss) |  |  |  |  | 26 |  |  | (26) |
Noncontrolling interests, net of tax |  |  |  |  | — |  |  | — |
Balance – end of period, net of tax |  |  |  |  | 13 |  |  | (92) |
Postretirement benefit liability adjustment |  |  |  |  |  |  |
Balance – beginning of period, net of tax |  |  |  |  | 297 |  |  | 225 |
Change in period, before tax |  |  |  |  | (2) |  |  | — |
Income tax (expense) benefit |  |  |  |  | 1 |  |  | (1) |
Total other comprehensive loss |  |  |  |  | (1) |  |  | (1) |
Noncontrolling interests, net of tax |  |  |  |  | — |  |  | — |
Balance – end of period, net of tax |  |  |  |  | 296 |  |  | 224 |
Accumulated other comprehensive loss |  |  |  |  | $ | (7,386) |  |  | $ | (8,895) |
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) |  |  |  |  | 2024 |  | 2023 |
Fixed maturities available-for-sale |  |  |  |  | $ | (119) |  |  | $ | (180) |  |  | Net realized gains (losses)
Income tax benefit |  |  |  |  | 12 |  |  | 18 |  |  | Income tax expense
|  |  |  |  | $ | (107) |  |  | $ | (162) |  |  | Net income
Cumulative foreign currency translation adjustment |  |  |  |  |  |  |  |  |
Cross-currency swaps |  |  |  |  | $ | 3 |  |  | $ | 3 |  |  | Interest expense
Income tax expense |  |  |  |  | (1) |  |  | (1) |  |  | Income tax expense
|  |  |  |  | $ | 2 |  |  | $ | 2 |  |  | Net income
Net gains (losses) of fair value hedging instruments |  |  |  |  |  |  |  |  |
Cross-currency swaps |  |  |  |  | $ | (37) |  |  | $ | 20 |  |  | Net realized gains (losses)
Cross-currency swaps |  |  |  |  | (4) |  |  | (4) |  |  | Interest expense
Income tax (expense) benefit |  |  |  |  | 9 |  |  | (3) |  |  | Income tax expense
|  |  |  |  | $ | (32) |  |  | $ | 13 |  |  | Net income
Total amounts reclassified from AOCI |  |  |  |  | $ | (137) |  |  | $ | (147) |  |  |

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