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Segment information
 6 Months Ended
Jun. 30, 2024
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 Insurance, 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 intermediaries. Effective July 1, 2023, the results of Huatai's life and asset management businesses, included within the Life Insurance segment, and the results of Huatai's P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatai's results prior to July 1, 2023 were included net within Other (income) expense based on our ownership interest as required under equity method accounting.

Management uses Underwriting income (loss) as the basis for segment performance. Chubb calculates Underwriting income (loss) 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 expense, 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 U.S. 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. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.
•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
June 30, 2024
(in millions of U.S. dollars) 		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$5,501 $1,776 $758 $3,334 $411 $1,580 $— $— $13,360 
Net premiums earned4,900 1,512 626 3,347 339 1,568 — — 12,292 
Losses and loss expenses3,074 876 543 1,671 155 22 93 (3)6,431 
Policy benefits— — — 92 — 1,031 — 96 1,219 
Policy acquisition costs660 299 45 842 80 300 — — 2,226 
Administrative expenses327 88 3 348 11 218 99 1,094 
Underwriting income (loss)839 249 35 394 93 (3)(192)(93)1,322 
Net investment income863 108 21 283 58 258 (32)(91)1,468 
Other (income) expense15 (2)— 4 — (32)7 (102)(110)
Amortization expense of
   purchased intangibles		— 2 7 20 — 11 40 — 80 
Segment income (loss)$1,687 $357 $49 $653 $151 $276 $(271)$(82)$2,820 
Net realized gains (losses)22 82 104 
Market risk benefits gains (losses)(29)— (29)
Interest expense182 — 182 
Cigna integration expenses7 — 7 
Income tax expense490 — 490 
Net income (loss)$(957)$— $2,216 
Net loss attributable to noncontrolling interests(14)— (14)
Net income (loss) attributable to Chubb$(943)$— $2,230 
For the Three Months Ended
June 30, 2023
(in millions of U.S. dollars)		North America Commercial P&C Insurance North America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General Insurance Global
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb
Consolidated
Net premiums written$5,155 $1,581 $767 $2,885 $293 $1,270 $— $— $11,951 
Net premiums earned4,606 1,357 635 2,908 237 1,256 — — 10,999 
Losses and loss expenses2,871 846 507 1,267 91 35 61 5 5,683 
Policy benefits— — — 137 — 705 — (12)830 
Policy acquisition costs614 277 37 746 65 277 — — 2,016 
Administrative expenses316 84 3 292 9 170 95 — 969 
Underwriting income (loss)805 150 88 466 72 69 (156)7 1,501 
Net investment income
726 86 14 200 48 161 3 (93)1,145 
Other (income) expense5 (1)(1)(10)— (26)14 (81)(100)
Amortization expense of
   purchased intangibles		— 3 7 15 — 2 43 — 70 
Segment income$1,526 $234 $96 $661 $120 $254 $(210)$(5)$2,676 
Net realized gains (losses)(309)5 (304)
Market risk benefits gains (losses)(7)— (7)
Interest expense165 — 165 
Cigna integration expenses15 — 15 
Income tax expense392 — 392 
Net income (loss)$(1,098)$— $1,793 
For the Six Months Ended
June 30, 2024
(in millions of U.S. dollars) 		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$10,190 $3,232 $1,007 $7,169 $770 $3,213 $— $— $25,581 
Net premiums earned9,780 2,983 754 6,545 634 3,179 — — 23,875 
Losses and loss expenses6,249 1,775 592 3,097 292 54 103 (4)12,158 
Policy benefits— — — 192 — 2,101 — 106 2,399 
Policy acquisition costs1,348 599 66 1,665 161 594 — — 4,433 
Administrative expenses655 174 5 679 20 425 206 — 2,164 
Underwriting income (loss)1,528 435 91 912 161 5 (309)(102)2,721 
Net investment income1,689 210 42 550 115 488 (58)(177)2,859 
Other (income) expense22 (1)— 9 — (72)(61)(198)(301)
Amortization expense of
   purchased intangibles		— 4 13 40 — 21 82 — 160 
Segment income (loss)$3,195 $642 $120 $1,413 $276 $544 $(388)$(81)$5,721 
Net realized gains (losses)(78)81 3 
Market risk benefits gains (losses)(8)— (8)
Interest expense360 — 360 
Cigna integration expenses14 — 14 
Income tax expense832 — 832 
Net income (loss)$(1,680)$— $4,510 
Net income attributable to noncontrolling interests137 — 137 
Net income (loss) attributable to Chubb$(1,817)$— $4,373 
For the Six Months Ended
June 30, 2023
(in millions of U.S. dollars) 		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceCorporateSegment Measure ReclassChubb Consolidated
Net premiums written$9,443 $2,877 $1,060 $6,148 $570 $2,563 $— $— $22,661 
Net premiums earned8,975 2,677 794 5,694 481 2,520 — — 21,141 
Losses and loss expenses5,600 1,734 647 2,504 203 67 72 4 10,831 
Policy benefits— — — 247 — 1,417 — (37)1,627 
Policy acquisition costs1,227 549 52 1,459 127 550 — — 3,964 
Administrative expenses611 163 6 572 18 337 192 — 1,899 
Underwriting income (loss)1,537 231 89 912 133 149 (264)33 2,820 
Net investment income1,424 168 31 388 97 314 14 (184)2,252 
Other (income) expense12 — — (19)(1)(41)(200)(147)(396)
Amortization expense of
   purchased intangibles		— 5 13 33 — 6 85 — 142 
Segment income (loss)$2,949 $394 $107 $1,286 $231 $498 $(135)$(4)$5,326 
Net realized gains (losses)(385)4 (381)
Market risk benefits gains (losses)(122)— (122)
Interest expense325 — 325 
Cigna integration expenses37 — 37 
Income tax expense776 — 776 
Net income (loss)$(1,780)$— $3,685 


Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.