Document and Entity Information
Document and Entity Information - SFr / shares | 3 Months Ended | ||
Mar. 31, 2020 | Apr. 17, 2020 | Dec. 31, 2019 | |
Document Type | 10-Q | ||
Document Period End Date | Mar. 31, 2020 | ||
Document Quarterly Report | true | ||
Document Transition Report | false | ||
Entity Registrant Name | Chubb Ltd | ||
Entity Central Index Key | 0000896159 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | Q1 | ||
Entity File Number | 1-11778 | ||
Entity Incorporation, State or Country Code | V8 | ||
Entity Tax Identification Number | 98-0091805 | ||
Entity Address, Address Line One | Baerengasse 32 | ||
Entity Address, City or Town | Zurich | ||
Entity Address, Country | CH | ||
Entity Address, Postal Zip Code | 8001 | ||
Country Region | 41 | ||
City Area Code | (0)43 | ||
Local Phone Number | 456 76 00 | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Common Shares, par value | SFr 24.15 | SFr 24.15 | |
Common Shares Outstanding | 451,357,210 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Document Transition Report | false | ||
Common Class A [Member] | |||
Title of 12(b) Security | Common Shares, par value CHF 24.15 per share | ||
Trading Symbol | CB | ||
Security Exchange Name | NYSE | ||
INA Senior Notes Due December 2024 [Member] | |||
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024 | ||
Trading Symbol | CB/24A | ||
Security Exchange Name | NYSE | ||
INA Senior Notes Due June 2027 [Member] | |||
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027 | ||
Trading Symbol | CB/27 | ||
Security Exchange Name | NYSE | ||
INA Senior Notes Due March 2028 [Member] | |||
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028 | ||
Trading Symbol | CB/28 | ||
Security Exchange Name | NYSE | ||
INA Senior Notes Due December 2029 [Member] | |||
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029 | ||
Trading Symbol | CB/29A | ||
Security Exchange Name | NYSE | ||
INA Senior Notes Due June 2031 [Member] | |||
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031 | ||
Trading Symbol | CB/31 | ||
Security Exchange Name | NYSE | ||
INA Senior Notes Due March 2038 [Member] | |||
Title of 12(b) Security | Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038 | ||
Trading Symbol | CB/38A | ||
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | ||
Assets | ||||
Fixed maturities available for sale, at fair value, net of valuation allowance - $176 at March 31, 2020 (amortized cost – $80,959 and $82,580) | $ 81,530 | $ 85,488 | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance | 12,025 | |||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 12,070 | 12,581 | ||
Equity securities, at fair value | 2,068 | 812 | ||
Short-term investments, at fair value (amortized cost - $3,582 and $4,291) | 3,586 | 4,291 | ||
Other investments, at fair value | 6,075 | 6,062 | ||
Total investments | 105,284 | 109,234 | ||
Cash | 1,512 | [1] | 1,537 | [2] |
Restricted cash | 146 | 109 | ||
Securities lending collateral | 1,342 | 994 | ||
Accrued investment income | 839 | 867 | ||
Insurance and reinsurance balances receivable | 10,058 | 10,357 | ||
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $305 and $316 | 14,898 | 15,181 | ||
Reinsurance recoverable on policy benefits | 196 | 197 | ||
Deferred policy acquisition costs | 5,162 | 5,242 | ||
Value of business acquired | 289 | 306 | ||
Goodwill | 14,971 | 15,296 | ||
Other intangible assets | 5,902 | 6,063 | ||
Prepaid reinsurance premiums | 2,570 | 2,647 | ||
Investments in partially-owned insurance companies | 1,346 | 1,332 | ||
Other assets | 8,612 | 7,581 | ||
Total assets | 173,127 | 176,943 | ||
Liabilities | ||||
Unpaid losses and loss expenses | 62,214 | 62,690 | ||
Unearned premiums | 16,459 | 16,771 | ||
Future policy benefits | 5,776 | 5,814 | ||
Insurance and reinsurance balances payable | 6,084 | 6,184 | ||
Securities lending payable | 1,342 | 994 | ||
Accounts payable, accrued expenses, and other liabilities | 12,055 | 11,773 | ||
Deferred tax liabilities | 474 | 804 | ||
Repurchase agreements | 1,408 | 1,416 | ||
Short-term debt | 1,300 | 1,299 | ||
Long-term debt | 13,510 | 13,559 | ||
Trust preferred securities | 308 | 308 | ||
Total liabilities | 120,930 | 121,612 | ||
Commitments and contingencies (refer to Note 7) | ||||
Shareholders’ equity | ||||
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 451,367,782 and 451,971,567 shares outstanding) | 11,121 | 11,121 | ||
Common Shares in treasury (28,416,082 and 27,812,297 shares) | (3,872) | (3,754) | ||
Additional Paid in Capital, Common Stock | 10,710 | 11,203 | ||
Retained earnings | 36,331 | 36,142 | ||
Accumulated other comprehensive income (loss) (AOCI) | (2,093) | 619 | ||
Total shareholders’ equity | 52,197 | 55,331 | ||
Total liabilities and shareholders’ equity | $ 173,127 | $ 176,943 | ||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) $ in Millions | Mar. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares |
Statement of Financial Position [Abstract] | ||
Available for sale, at amortized cost | $ 80,959 | $ 82,580 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 176 | 0 |
Held to maturity, at Fair Value | 12,471 | 13,005 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 45 | 0 |
short-term investments amortized cost | 3,582 | 4,291 |
Reinsurance Recoverable, Allowance for Credit Loss | $ 305 | $ 316 |
Common Shares, shares issued | shares | 479,783,864 | 479,783,864 |
Common Shares, shares outstanding | shares | 451,367,782 | 451,971,567 |
Common Shares in treasury, shares | shares | 28,416,082 | 27,812,297 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations and Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | ||
Net premiums written | $ 7,977 | $ 7,313 |
Increase in unearned premiums | (183) | (176) |
Net premiums earned | 7,794 | 7,137 |
Net investment income | 861 | 836 |
Net realized gains (losses): | ||
Other-than-temporary impairment (OTTI) losses gross | 0 | (13) |
Portion of OTTI losses recognized in other comprehensive income (OCI) | 0 | 0 |
Net OTTI losses recognized in income | 0 | (13) |
Net realized gains (losses) excluding OTTI losses | 0 | (84) |
Net Realized Gains Losses | (958) | (97) |
Total revenues | 7,697 | 7,876 |
Expenses | ||
Losses and loss expenses | 4,485 | 4,098 |
Policy benefits | 129 | 196 |
Policy acquisition costs | 1,615 | 1,464 |
Administrative expenses | 741 | 710 |
Interest expense | 132 | 140 |
Other (income) expense | 55 | (39) |
Amortization of purchased intangibles | 73 | 76 |
Chubb integration expenses | 0 | 3 |
Total expenses | 7,230 | 6,648 |
Income before income tax | 467 | 1,228 |
Income tax expense (benefit) (includes $(40) and $(6) on reclassified unrealized gains and losses) | 215 | 188 |
Net income | 252 | 1,040 |
Other comprehensive income (loss) | ||
Unrealized appreciation (depreciation) | (2,479) | 1,845 |
Reclassification adjustment for net realized (gains) losses included in net income | 319 | 44 |
Unrealized appreciation (Depreciation) after reclassification adjustment | (2,160) | 1,889 |
Change in: | ||
Cumulative foreign currency translation adjustment | (859) | 147 |
Postretirement benefit liability adjustment | (14) | (27) |
Other comprehensive income (loss), before income tax | (3,033) | 2,009 |
Income tax (expense) benefit related to OCI items | 321 | (331) |
Other comprehensive income (loss) | (2,712) | 1,678 |
Comprehensive income (loss) | $ (2,460) | $ 2,718 |
Earnings per share | ||
Basic earnings per share | $ 0.56 | $ 2.27 |
Diluted earnings per share | $ 0.55 | $ 2.25 |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Total net realized gains (losses) reclassified from AOCI | $ (319) | $ (44) |
Income tax expense on reclassified unrealized gains and loses | $ (40) | $ (6) |
Consolidated Statements Of Shar
Consolidated Statements Of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Common shares in treasury [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member] | Cumulative Foreign Currency Translation Adjustment [Member] | Postretirement Benefit Liability Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance - beginning of period at Dec. 31, 2018 | $ 11,121 | $ (2,618) | $ 12,557 | $ 31,688 | $ (545) | $ (1,976) | $ 73 | ||
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2018 | 31,700 | ||||||||
Balance - beginning of period (Accounting Standards Update 2017-08 [Member]) at Dec. 31, 2018 | (12) | ||||||||
Common Shares repurchased | (367) | ||||||||
Net shares redeemed under employee share-based compensation plans | 210 | (191) | |||||||
Exercise of stock options | (34) | ||||||||
Share-based compensation expense | 54 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (335) | ||||||||
Net income (loss) | $ 1,040 | 1,040 | |||||||
Funding of dividends declared from Additional paid-in capital | (335) | ||||||||
Dividends declared on Common Shares | (335) | ||||||||
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $324 and $(324) | 1,521 | ||||||||
Amounts reclassified from AOCI, net of income tax expense of $(40) and $(6) | 38 | ||||||||
Change in period, net of income tax (expense) benefit of $284 and $(330) | 1,559 | ||||||||
Change in period, net of income tax (expense) benefit of $34 and $(7) | 140 | ||||||||
Change in period, net of income tax benefit of $3 and $6 | (21) | ||||||||
Balance - end of period at Mar. 31, 2019 | 52,355 | 11,121 | (2,775) | 12,051 | 32,728 | 1,014 | (1,836) | 52 | $ (770) |
Balance - beginning of period at Dec. 31, 2019 | 55,331 | 11,121 | (3,754) | 11,203 | 36,079 | 2,543 | (1,939) | 15 | |
Balance - beginning of period (Previous Accounting Guidance [Member]) at Dec. 31, 2019 | 36,142 | ||||||||
Balance - beginning of period (Accounting Standards Update 2016-13 [Member]) at Dec. 31, 2019 | (63) | ||||||||
Common Shares repurchased | (326) | ||||||||
Net shares redeemed under employee share-based compensation plans | 208 | (196) | |||||||
Exercise of stock options | (26) | ||||||||
Share-based compensation expense | 69 | ||||||||
Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings | (340) | ||||||||
Net income (loss) | 252 | 252 | |||||||
Funding of dividends declared from Additional paid-in capital | (340) | ||||||||
Dividends declared on Common Shares | (340) | ||||||||
Change in period, before reclassification from AOCI, net of income tax (expense) benefit of $324 and $(324) | (2,155) | ||||||||
Amounts reclassified from AOCI, net of income tax expense of $(40) and $(6) | 279 | ||||||||
Change in period, net of income tax (expense) benefit of $284 and $(330) | (1,876) | ||||||||
Change in period, net of income tax (expense) benefit of $34 and $(7) | (825) | ||||||||
Change in period, net of income tax benefit of $3 and $6 | (11) | ||||||||
Balance - end of period at Mar. 31, 2020 | $ 52,197 | $ 11,121 | $ (3,872) | $ 10,710 | 36,331 | $ 667 | $ (2,764) | $ 4 | $ (2,093) |
Balance - end of period (Accounting Standards Update 2016-13 [Member]) at Mar. 31, 2020 | $ (63) |
Consolidated Statements Of Sh_2
Consolidated Statements Of Shareholders' Equity (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Other Comprehensive Income (Loss), Available-for-sale Securities, before Reclassification Adjustments, Tax | $ 324 | $ (324) |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | (40) | (6) |
Net unrealized appreciation on investments, Change in period, income tax (expense) benefit | 284 | (330) |
Cumulative translation adjustment, Change in period, income tax(expense) benefit | 34 | (7) |
Pension liability adjustment, Change in period, income tax (expense) benefit | $ 3 | $ 6 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Cash flows from operating activities | ||||
Net income | $ 252 | $ 1,040 | ||
Adjustments to reconcile net income to net cash flows from operating activities | ||||
Net realized (gains) losses | 958 | 97 | ||
Amortization of premiums/discounts on fixed maturities | 87 | 118 | ||
Amortization of purchased intangibles | 73 | 76 | ||
Deferred income taxes | (13) | (76) | ||
Unpaid losses and loss expenses | 228 | 62 | ||
Unearned premiums | 192 | 274 | ||
Future policy benefits | 31 | 41 | ||
Insurance and reinsurance balances payable | 2 | 13 | ||
Accounts payable, accrued expenses, and other liabilities | (392) | (502) | ||
Income taxes payable | 109 | 266 | ||
Insurance and reinsurance balances receivable | (6) | 278 | ||
Reinsurance recoverable | 116 | (97) | ||
Deferred policy acquisition costs | (65) | (63) | ||
Other | 140 | (205) | ||
Net cash flows from operating activities | 1,712 | 1,322 | ||
Cash flows from investing activities | ||||
Purchases of fixed maturities available for sale | (6,474) | (5,561) | ||
Purchases of fixed maturities held to maturity | (6) | (1) | ||
Purchases of equity securities | (1,380) | (49) | ||
Sales of fixed maturities available for sale | 4,687 | 3,287 | ||
Sales of to be announced mortgage-backed securities | 0 | 6 | ||
Sales of equity securities | 131 | 60 | ||
Maturities and redemptions of fixed maturities available for sale | 2,756 | 1,831 | ||
Maturities and redemptions of fixed maturities held to maturity | 440 | 280 | ||
Net change in short-term investments | 552 | (39) | ||
Net derivative instruments settlements | 109 | (358) | ||
Private equity contribution | (361) | (410) | ||
Private equity distribution | 211 | 368 | ||
Payments for Other Deposits | 1,550 | 0 | ||
Other | (125) | (87) | ||
Net cash flows used for investing activities | (1,010) | (673) | ||
Cash flows from financing activities | ||||
Dividends paid on Common Shares | (339) | (336) | ||
Common Shares repurchased | (323) | (367) | ||
Proceeds from issuance of repurchase agreements | 952 | 471 | ||
Repayment of repurchase agreements | (952) | (470) | ||
Proceeds from share-based compensation plans | 47 | 35 | ||
Policyholder contract deposits | 135 | 115 | ||
Policyholder contract withdrawals | (162) | (78) | ||
Proceeds from (Payments for) Other Financing Activities | (3) | 0 | ||
Net cash flows used for financing activities | (645) | (630) | ||
Effect of foreign currency rate changes on cash and restricted cash | (45) | 34 | ||
Net increase (decrease) in cash and restricted cash | 12 | 53 | ||
Cash and restricted cash - beginning of period | 1,646 | [1] | 1,340 | [2] |
Cash and restricted cash - end of period | 1,658 | [1] | 1,393 | [2] |
Supplemental cash flow information | ||||
Taxes paid | 107 | 14 | ||
Interest paid | $ 91 | $ 85 | ||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General
General | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following 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. Refer to Note 11 for additional information. The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Form 10-K. b) Restricted cash Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows: March 31 December 31 (in millions of U.S. dollars) 2020 2019 Cash $ 1,512 $ 1,537 Restricted cash 146 109 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 1,658 $ 1,646 c) Goodwill During the three months ended March 31, 2020 , Goodwill decreased $325 million, primarily reflecting the impact of foreign exchange. d) Accounting guidance adopted in 2020 Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments Effective January 1, 2020, we adopted, on a modified retrospective basis, new guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities, and reinsurance recoverables, by applying an approach based on the current expected credit losses (CECL). The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. In addition, the guidance also replaced the current available for sale (AFS) security other-than-temporary impairment model by requiring an estimate of the expected credit loss (ECL) only when the fair value is below the amortized cost of the asset. The length of time the fair value of an AFS security has been below its amortized cost no longer impacts the determination of whether a potential credit loss exists. The AFS security model also requires the use of a valuation allowance as compared to the previous practice of writing down the asset. During the first quarter of 2020, we established a valuation allowance for credit losses and recognized a cumulative effect adjustment and decreased beginning retained earnings by $69 million pre-tax, or $63 million after-tax. We also adopted the required disclosures within Note 3 Investments and Note 5 Reinsurance. Results for reporting periods prior to January 1, 2020 are presented in accordance with the previous guidance. Accounting guidance not yet adopted Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to investments, derivatives, or other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. Additionally, a company may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that were classified as held to maturity before January 1, 2020. This standard may be elected over time through December 31, 2022 as reference rate reform activities occur. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. Refer to the 2019 Form 10-K for information on additional accounting guidance not yet adopted. |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions Huatai Group Chubb maintains a direct investment in Huatai Insurance Group Company Limited (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C) and approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life). As of March 31, 2020 Chubb's aggregate ownership interest in Huatai Group was 30.9 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations. In 2019, Chubb entered into agreements to acquire an additional 22.4 percent ownership in Huatai Group for approximately $1.55 billion through two separate purchases, a 15.3 percent ownership interest for approximately $ 1.1 billion and a 7.1 percent ownership interest for approximately $493 million. These purchases are contingent upon Chinese insurance regulatory approval and other important conditions that are expected to be completed by the end of 2021. The purchase of the 7.1 percent ownership stake is also contingent upon the receipt of Chinese insurance regulatory approval of the 15.3 percent purchase. In connection with these purchase agreements, in January 2020, we paid collateralized deposits totaling $1.55 billion to the selling shareholders. This transaction was recorded to Other assets on the Consolidated balance sheet and within investing activities on the Consolidated statement of cash flows. Upon completion of the 7.1 percent purchase, which will result in majority ownership of Huatai Group at 53.3 |
Investments
Investments | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments a) Fixed maturities Effective January 1, 2020, we adopted new accounting guidance that requires a valuation allowance for credit losses to be established for fixed maturity securities classified as held to maturity (HTM) or available for sale (AFS). For information on accounting policies applicable to periods prior to January 1, 2020, refer to the 2019 Form 10-K. March 31, 2020 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 2,773 $ — $ 240 $ — $ 3,013 Foreign 22,615 (44 ) 850 (577 ) 22,844 Corporate securities 31,530 (132 ) 644 (1,374 ) 30,668 Mortgage-backed securities 17,073 — 864 (52 ) 17,885 States, municipalities, and political subdivisions 6,968 — 169 (17 ) 7,120 $ 80,959 $ (176 ) $ 2,767 $ (2,020 ) $ 81,530 Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Held to maturity U.S. Treasury and agency $ 1,208 $ — $ 1,208 $ 75 $ — $ 1,283 Foreign 1,294 (7 ) 1,287 63 (7 ) 1,343 Corporate securities 2,272 (36 ) 2,236 113 (27 ) 2,322 Mortgage-backed securities 2,266 (1 ) 2,265 106 (4 ) 2,367 States, municipalities, and political subdivisions 5,030 (1 ) 5,029 130 (3 ) 5,156 $ 12,070 $ (45 ) $ 12,025 $ 487 $ (41 ) $ 12,471 December 31, 2019 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,188 $ 96 $ (1 ) $ 3,283 $ — Foreign 22,670 1,099 (62 ) 23,707 (25 ) Corporate securities 30,689 1,180 (78 ) 31,791 (5 ) Mortgage-backed securities 18,712 494 (14 ) 19,192 — States, municipalities, and political subdivisions 7,321 205 (11 ) 7,515 — $ 82,580 $ 3,074 $ (166 ) $ 85,488 $ (30 ) Held to maturity U.S. Treasury and agency $ 1,318 $ 29 $ — $ 1,347 $ — Foreign 1,423 62 — 1,485 — Corporate securities 2,349 121 (2 ) 2,468 — Mortgage-backed securities 2,331 65 — 2,396 — States, municipalities, and political subdivisions 5,160 150 (1 ) 5,309 — $ 12,581 $ 427 $ (3 ) $ 13,005 $ — Management evaluates CECL for all HTM securities each quarter. U.S. Treasury and agency securities and U.S. government agency mortgage-backed securities are assumed to have no risk of non-payment and therefore are excluded from the CECL evaluation. The remaining HTM securities are evaluated for potential credit loss on a collective pool basis. We elected to pool HTM securities by 1) external credit rating and 2) time to maturity (duration). These characteristics are the most representative of similar risk characteristics within our portfolio. Chubb will pool HTM securities and calculate an expected credit loss for each pool using Moody’s corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. The multiplier is based on the leading economic index and will adjust the average default frequency for a forward-looking economic outlook. Prior to the adoption of this guidance, HTM securities were evaluated individually for other-than-temporary impairment. Management monitors the credit quality of HTM securities through the review of external credit ratings on a quarterly basis. The following table presents the amortized cost of our HTM securities according to S&P rating: March 31, 2020 (in millions of U.S. dollars) Amortized cost % of Total AAA $ 2,642 22 % AA 6,608 55 % A 2,371 20 % BBB 422 3 % BB 21 — % Other 6 — % Total $ 12,070 100 % Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If management has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to net realized gains and losses. If management does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and the portion of loss that relates to credit losses is recorded in income to Net realized gains (losses) and the portion of loss that relates to non-credit loss is recorded in Other comprehensive income. Examples of criteria that are collectively evaluated to determine if a credit loss has occurred include the following: • The extent to which the fair value is less than amortized cost; • Adverse conditions related to the security, industry, or geographic area; • Downgrades in the security's credit rating by a rating agency; and • Failure of the issuer to make scheduled principal or interest payments AFS securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected future cash flows is less than the amortized cost, a credit loss exists and an allowance for credit losses will be recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, management will conclude an expected credit loss does not exist. We elected to not measure an allowance for accrued investment income as uncollectible balances are written off in a timely manner, typically 30 to 45 days after uncollected balances are due. The following table presents fixed maturities by contractual maturity: March 31 December 31 2020 2019 (in millions of U.S. dollars) Net Carrying Value Fair Value Amortized Cost Fair Value Available for sale Due in 1 year or less $ 3,816 $ 3,816 $ 3,951 $ 3,973 Due after 1 year through 5 years 25,837 25,837 27,142 27,720 Due after 5 years through 10 years 23,712 23,712 23,901 24,874 Due after 10 years 10,280 10,280 8,874 9,729 63,645 63,645 63,868 66,296 Mortgage-backed securities 17,885 17,885 18,712 19,192 $ 81,530 $ 81,530 $ 82,580 $ 85,488 Held to maturity Due in 1 year or less $ 614 $ 620 $ 478 $ 479 Due after 1 year through 5 years 3,695 3,775 3,869 3,940 Due after 5 years through 10 years 3,383 3,479 3,756 3,883 Due after 10 years 2,068 2,230 2,147 2,307 9,760 10,104 10,250 10,609 Mortgage-backed securities 2,265 2,367 2,331 2,396 $ 12,025 $ 12,471 $ 12,581 $ 13,005 Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. b) Gross unrealized loss Fixed maturities in an unrealized loss position at March 31, 2020 comprised both investment grade and below investment grade securities for which fair value declined primarily due to widening credit spreads since the date of purchase. The following table presents, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have 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 March 31, 2020 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) Foreign $ 6,534 $ (376 ) $ 132 $ (21 ) $ 6,666 $ (397 ) Corporate securities 13,492 (858 ) 448 (51 ) 13,940 (909 ) Mortgage-backed securities 914 (48 ) 36 (4 ) 950 (52 ) States, municipalities, and political subdivisions 637 (6 ) 130 (11 ) 767 (17 ) Total AFS fixed maturities $ 21,577 $ (1,288 ) $ 746 $ (87 ) $ 22,323 $ (1,375 ) The following table presents, for all securities in an unrealized loss position (including securities on loan), 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, 2019 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. Treasury and agency $ 234 $ (1 ) $ 339 $ — $ 573 $ (1 ) Foreign 1,846 (34 ) 802 (28 ) 2,648 (62 ) Corporate securities 2,121 (40 ) 988 (40 ) 3,109 (80 ) Mortgage-backed securities 1,174 (6 ) 932 (8 ) 2,106 (14 ) States, municipalities, and political subdivisions 188 — 276 (12 ) 464 (12 ) Total fixed maturities $ 5,563 $ (81 ) $ 3,337 $ (88 ) $ 8,900 $ (169 ) c) Net realized gains (losses) Management reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a fixed maturity security is identified to be uncollectible and written off, the valuation allowance for expected credit losses is reduced by the same amount. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. Below are considerations for when a security may be deemed uncollectible: • We have sufficient information to determine that the issuer of the security is insolvent; • We receive notice that the issuer of the security has filed for bankruptcy, and the collectability is expected to be adversely impacted by the bankruptcy; • The issuer of a security has violated multiple debt covenants; • Amounts have been past due for a specified period of time with no response from the issuer; • A significant deterioration in the value of the collateral has occurred; • We have received correspondence from the issuer of the security indicating that it doesn’t intend to pay the contractual principal and interest. Projected cash flows are driven primarily by assumptions regarding probability of default and also the timing and amount of recoveries associated with defaults. Chubb developed the projected cash flows using market data, issuer-specific information, and credit ratings. In combination with contractual cash flows and the use of historical default and recovery data by Moody’s Investors Service (Moody’s) rating category we generate expected cash flows using the average cumulative issuer-weighted global default rates by letter rating. The following table presents the components of Net realized gains (losses): Three Months Ended March 31 (in millions of U.S. dollars) 2020 2019 Fixed maturities: OTTI on fixed maturities, gross and net $ — $ (13 ) Gross realized gains excluding OTTI 77 27 Gross realized losses excluding OTTI (125 ) (58 ) Provision for expected credit losses (150 ) — Impairment (1) (121 ) — Total fixed maturities $ (319 ) $ (44 ) Equity securities (29 ) 58 Other investments 5 (44 ) Foreign exchange gains (losses) (68 ) 13 Investment and embedded derivative instruments 15 (130 ) Fair value adjustments on insurance derivative (685 ) 114 S&P futures 125 (63 ) Other derivative instruments (2 ) (1 ) Net realized gains (losses) (pre-tax) $ (958 ) $ (97 ) (1) Related to our intent to sell certain securities. Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Three Months Ended March 31 2020 2019 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ (29 ) $ 5 $ (24 ) $ 58 $ (44 ) $ 14 Less: Net gains (losses) recognized from sales of securities (24 ) — (24 ) 1 (2 ) (1 ) Unrealized gains (losses) recognized for securities still held at reporting date $ (5 ) $ 5 $ — $ 57 $ (42 ) $ 15 The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Three Months Ended March 31 (in millions of U.S. dollars) 2020 Available for sale Valuation allowance for expected credit losses - beginning of period $ — Impact of adoption of new accounting guidance 25 Provision for expected credit loss 149 Initial allowance for purchased securities with credit deterioration 2 Valuation allowance for expected credit losses - end of period $ 176 Held to maturity Valuation allowance for expected credit losses - beginning of period $ — Impact of adoption of new accounting guidance 44 Provision for expected credit loss 1 Valuation allowance for expected credit losses - end of period $ 45 Alternative investments Alternative investments include partially-owned investment companies, investment funds, and limited partnerships measured at fair value using their respective net asset values or equivalent (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments of alternative investments: March 31 December 31 Expected Liquidation Period of Underlying Assets 2020 2019 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 590 $ 325 $ 611 $ 329 Real Assets 2 to 11 Years 721 414 712 422 Distressed 2 to 7 Years 262 67 263 80 Private Credit 3 to 8 Years 106 272 104 272 Traditional 2 to 14 Years 3,045 1,868 2,844 2,160 Vintage 1 to 2 Years 103 — 116 — Investment funds Not Applicable 264 — 271 — $ 5,091 $ 2,946 $ 4,921 $ 3,263 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 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 range between 5 and 120 days. Chubb can redeem its investment funds without consent from the investment fund managers. d) Restricted assets 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 at March 31, 2020 and December 31, 2019 are investments, primarily fixed maturities, totaling $20.9 billion and $21.0 billion , respectively, and cash of $146 million and $109 million , respectively. The following table presents the components of restricted assets: March 31 December 31 (in millions of U.S. dollars) 2020 2019 Trust funds $ 13,974 $ 14,004 Deposits with U.S. regulatory authorities 2,424 2,466 Deposits with non-U.S. regulatory authorities 2,669 2,709 Assets pledged under repurchase agreements 1,492 1,464 Other pledged assets 496 490 Total $ 21,055 $ 21,133 |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Fair value measurements a ) Fair value hierarchy Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and • Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement. We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy. Fixed maturities We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market based inputs (i.e., stale pricing), which may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. Equity securities Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3. Short-term investments Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity and, as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3. Other investments Fair values for the majority of Other investments including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective net asset values or equivalent (NAV) and are excluded from the fair value hierarchy table below. Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under GAAP. These assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments also include equity securities classified within Level 1, and fixed maturities, classified within Level 2, held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans and are classified within the valuation hierarchy on the same basis as other equity securities and fixed maturities. Other investments for which pricing is unobservable are classified within Level 3. Securities lending collateral The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets. Investment derivative instruments Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Other derivative instruments We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in reserves for our guaranteed minimum death benefits (GMDB) and guaranteed living benefits (GLB) reinsurance business. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments based on unobservable inputs are classified within Level 3. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Separate account assets Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets. Separate account assets are recorded in Other assets in the Consolidated balance sheets. Guaranteed living benefits The GLB arises from life reinsurance programs covering living benefit guarantees whereby we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. GLB’s are recorded in Accounts payable, accrued expenses, and other liabilities and Future policy benefits in the Consolidated balance sheets. For GLB reinsurance, Chubb estimates fair value using an internal valuation model which includes current market information and estimates of policyholder behavior. All of the treaties contain claim limits, which are factored into the valuation model. The fair value depends on a number of factors, including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. Because of the significant use of unobservable inputs including policyholder behavior, GLB reinsurance is classified within Level 3. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy March 31, 2020 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 2,400 $ 613 $ — $ 3,013 Foreign — 22,379 465 22,844 Corporate securities — 29,166 1,502 30,668 Mortgage-backed securities — 17,825 60 17,885 States, municipalities, and political subdivisions — 7,120 — 7,120 2,400 77,103 2,027 81,530 Equity securities 2,001 — 67 2,068 Short-term investments 2,165 1,420 1 3,586 Other investments (1) 285 335 10 630 Securities lending collateral — 1,342 — 1,342 Investment derivative instruments 64 — — 64 Other derivative instruments 2 — — 2 Separate account assets 2,778 130 — 2,908 Total assets measured at fair value (1) $ 9,695 $ 80,330 $ 2,105 $ 92,130 Liabilities: Investment derivative instruments $ 141 $ — $ — $ 141 GLB (2) — — 1,141 1,141 Total liabilities measured at fair value $ 141 $ — $ 1,141 $ 1,282 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $ 5,091 million , policy loans of $228 million and other investments of $ 126 million at March 31, 2020 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. December 31, 2019 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 2,664 $ 619 $ — $ 3,283 Foreign — 23,258 449 23,707 Corporate securities — 30,340 1,451 31,791 Mortgage-backed securities — 19,132 60 19,192 States, municipalities, and political subdivisions — 7,515 — 7,515 2,664 80,864 1,960 85,488 Equity securities 728 15 69 812 Short-term investments 2,803 1,482 6 4,291 Other investments (1) 412 377 10 799 Securities lending collateral — 994 — 994 Investment derivative instruments 24 — — 24 Other derivative instruments 2 — — 2 Separate account assets 3,437 136 — 3,573 Total assets measured at fair value (1) $ 10,070 $ 83,868 $ 2,045 $ 95,983 Liabilities: Investment derivative instruments $ 93 $ — $ — $ 93 Other derivative instruments 13 — — 13 GLB (2) — — 456 456 Total liabilities measured at fair value $ 106 $ — $ 456 $ 562 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,921 million and other investments of $95 million at December 31, 2019 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. Level 3 financial instruments The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes). (in millions of U.S. dollars, except for percentages) Fair Value Valuation Technique Significant Unobservable Inputs Ranges Weighted Average (1) March 31, 2020 December 31, 2019 GLB (1) $ 1,141 $ 456 Actuarial model Lapse rate 3% – 34% 4.3 % Annuitization rate 0% – 52% 4.6 % (1) The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. The most significant policyholder behavior assumptions include lapse rates and the GMIB annuitization rates. Assumptions regarding lapse rates and GMIB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable. A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. The GMIB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GMIB. All else equal, as GMIB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established in line with data received from other ceding companies adjusted, as appropriate, with industry estimates. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For the three months ended March 31, 2020 and 2019 , no material refinements were made to the model. For detailed information on our lapse and annuitization rate assumptions, refer to Note 4 to the Consolidated Financial Statements of our 2019 Form 10-K. The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) March 31, 2020 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 449 $ 1,451 $ 60 $ 69 $ 6 $ 10 $ 456 Transfers into Level 3 — 91 — — — — — Transfers out of Level 3 (3 ) (1 ) — — — — — Change in Net Unrealized Gains (Losses) in OCI (14 ) (45 ) — 1 — — — Net Realized Gains/Losses (2 ) (13 ) — (2 ) — — 685 Purchases 82 139 — 3 1 — — Sales (46 ) (19 ) — (4 ) — — — Settlements (1 ) (101 ) — — (6 ) — — Balance – end of period $ 465 $ 1,502 $ 60 $ 67 $ 1 $ 10 $ 1,141 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (14 ) $ — $ (2 ) $ — $ — $ 685 Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date $ (15 ) $ (44 ) $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020 , and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million , respectively. Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) March 31, 2019 Foreign Corporate securities MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 5 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains/Losses in OCI, including foreign exchange 6 4 — 1 — — — Net Realized Gains/Losses (1 ) 1 — (2 ) — — (114 ) Purchases 53 128 18 9 — — — Sales (5 ) (37 ) — (10 ) — — — Settlements (26 ) (58 ) (1 ) — (1 ) — — Balance – end of period $ 360 $ 1,342 $ 78 $ 55 $ — $ 11 $ 338 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ (114 ) (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $338 million and $452 million , respectively. b) Financial instruments disclosed, but not measured, at fair value Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below. The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2019 Form 10-K for information on the fair value methods and assumptions for investments in partially-owned insurance companies, short-term and long-term debt, repurchase agreements, and trust-preferred securities. The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: March 31, 2020 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,227 $ 56 $ — $ 1,283 $ 1,208 Foreign — 1,343 — 1,343 1,287 Corporate securities — 2,294 28 2,322 2,236 Mortgage-backed securities — 2,367 — 2,367 2,265 States, municipalities, and political subdivisions — 5,156 — 5,156 5,029 Total assets $ 1,227 $ 11,216 $ 28 $ 12,471 $ 12,025 Liabilities: Repurchase agreements $ — $ 1,408 $ — $ 1,408 $ 1,408 Short-term debt — 1,300 — 1,300 1,300 Long-term debt — 14,353 — 14,353 13,510 Trust preferred securities — 406 — 406 308 Total liabilities $ — $ 17,467 $ — $ 17,467 $ 16,526 December 31, 2019 Fair Value Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,292 $ 55 $ — $ 1,347 $ 1,318 Foreign — 1,485 — 1,485 1,423 Corporate securities — 2,436 32 2,468 2,349 Mortgage-backed securities — 2,396 — 2,396 2,331 States, municipalities, and political subdivisions — 5,309 — 5,309 5,160 Total assets $ 1,292 $ 11,681 $ 32 $ 13,005 $ 12,581 Liabilities: Repurchase agreements $ — $ 1,416 $ — $ 1,416 $ 1,416 Short-term debt — 1,307 — 1,307 1,299 Long-term debt — 15,048 — 15,048 13,559 Trust preferred securities — 467 — 467 308 Total liabilities $ — $ 18,238 $ — $ 18,238 $ 16,582 |
Reinsurance (Notes)
Reinsurance (Notes) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Reinsurance [Text Block] | Reinsurance Management evaluates the need for a valuation allowance for uncollectible reinsurance recoverable using current and historical factors, and forecasts each quarter. These factors include a review of active and run-off lines of business, review of reinsurer financial strength ratings, and review of our largest reinsurers. The evaluation of the valuation allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on incurred but not reported (IBNR) claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. Default factors require considerable judgment and are determined using principally the current financial strength rating, or rating equivalent, of each reinsurer. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. For additional information, refer to Note 1 d) to the Consolidated Financial Statements of our 2019 Form 10-K. The evaluation of the valuation allowance at December 31, 2019 was consistent with the new accounting guidance adopted January 1, 2020, therefore, there was no material change to the valuation allowance upon adoption. The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2020 Reinsurance recoverable Valuation allowance for uncollectible reinsurance - beginning of period $ 316 Provision for uncollectible reinsurance 2 Write-offs charged against the valuation allowance (13 ) Valuation allowance for uncollectible reinsurance - end of period $ 305 |
Unpaid losses and loss expenses
Unpaid losses and loss expenses | 3 Months Ended |
Mar. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Unpaid losses and loss expenses The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2020 2019 Gross unpaid losses and loss expenses – beginning of period $ 62,690 $ 62,960 Reinsurance recoverable on unpaid losses - beginning of period (1) (14,181 ) (14,689 ) Net unpaid losses and loss expenses – beginning of period 48,509 48,271 Net losses and loss expenses incurred in respect of losses occurring in: Current year 4,605 4,326 Prior years (2) (120 ) (228 ) Total 4,485 4,098 Net losses and loss expenses paid in respect of losses occurring in: Current year 920 785 Prior years 3,335 3,234 Total 4,255 4,019 Foreign currency revaluation and other (565 ) 86 Net unpaid losses and loss expenses – end of period 48,174 48,436 Reinsurance recoverable on unpaid losses (1) 14,040 14,707 Gross unpaid losses and loss expenses – end of period $ 62,214 $ 63,143 (1) Net of valuation allowance for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $2 million and $24 million for the three months ended March 31, 2020 and 2019 , respectively. Gross and net unpaid losses and loss expenses decreased $476 million and $335 million , respectively for the three months ended March 31, 2020, reflecting favorable foreign exchange movement, partially offset by an increase in underlying reserves. Prior Period Development Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and professional liability; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment. Three Months Ended March 31 (in millions of U.S. dollars) Long-tail Short-tail Total 2020 North America Commercial P&C Insurance $ (43 ) $ (62 ) $ (105 ) North America Personal P&C Insurance — 1 1 North America Agricultural Insurance — (14 ) (14 ) Overseas General Insurance — (4 ) (4 ) Global Reinsurance — (7 ) (7 ) Corporate 11 — 11 Total $ (32 ) $ (86 ) $ (118 ) 2019 North America Commercial P&C Insurance $ (65 ) $ (66 ) $ (131 ) North America Personal P&C Insurance — (10 ) (10 ) North America Agricultural Insurance — (61 ) (61 ) Overseas General Insurance — (4 ) (4 ) Global Reinsurance (1 ) (7 ) (8 ) Corporate 10 — 10 Total $ (56 ) $ (148 ) $ (204 ) Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate. North America Commercial P&C Insurance 2020 For the three months ended March 31, 2020 , net favorable PPD was $105 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $43 million in long-tail business, primarily from: • Net favorable development of $66 million in professional liability (errors & omissions and cyber), driven by accident years 2016 and prior, which saw lower than expected emergence; • Net favorable development of $43 million in voluntary environmental lines, driven by accident years 2016 and prior, which saw lower than expected emergence and a favorable revision to loss development patterns; • Net favorable development of $28 million in construction workers’ compensation, mainly seen in accident years 2016 and prior, which saw lower than expected reported loss emergence and a favorable revision to loss development patterns; • Net adverse development of $49 million in excess and umbrella portfolios, with accident years 2015 through 2019 experiencing higher than expected reported development, partially offset by lower than expected emergence in accident years 2014 and prior; • Net adverse development of $23 million in wholesale general liability coverages, driven by higher than expected reported loss emergence in accident years 2014 through 2019; and • Net favorable development of $62 million in short-tail business, primarily from: • Net favorable development of $36 million , in accident & health, mainly in accident years 2018 and 2019, driven by lower than expected paid loss emergence; and • Net favorable development of $31 million in surety, driven by accident year 2018, where loss emergence was lower than expected. 2019 For the three months ended March 31, 2019 , net favorable PPD was $131 million , which was the net result of several underlying favorable and adverse movements, and was driven by the following principal changes: • Net favorable development of $65 million in long-tail business, primarily from: • Net favorable development of $57 million in professional liability (errors & omissions and cyber), mainly in the 2015 and prior accident years where case activity was less than expected, partially offset by adverse development in the 2016 accident year, which was driven by several large adverse claim developments; • Net favorable development of $31 million in commercial excess and umbrella portfolios, driven by the 2013 and prior accident years, where case emergence was less than expected and greater weight was given to experience-based methods; this was partially offset by higher than expected claim activity in the 2015, 2016, and 2018 accident years which led to reserve strengthening in those years; • Net favorable development of $30 million in our construction workers' compensation lines, impacting accident years 2015 and prior, and was driven by both lower than expected reported development and related favorable updates to development patterns used in our loss projection methods; • Net adverse development of $50 million from the aggregation of general liability and automobile liability coverages within construction and wholesale portfolios, mainly impacting the 2013 through 2018 accident years, and largely the result of higher than expected reported loss development; and • Net favorable development of $66 million in short-tail business, primarily from net favorable development of $49 million in surety business, mainly in the 2017 accident year, driven by lower than expected reported loss activity. North America Agricultural Insurance For the three months ended March 31, 2020 and 2019, net favorable PPD was related to our Multiple Peril Crop Insurance (MPCI) business and was $14 million , related to the 2019 crop year, and $61 million , related to the 2018 crop year, respectively. |
Commitments, contingencies, and
Commitments, contingencies, and guarantees | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, contingencies, and guarantees | Commitments, contingencies, and guarantees a) Derivative instruments Foreign currency management As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. We do not hedge our net asset non-U.S. dollar capital positions; however, we do consider economic hedging for planned cross border transactions. Derivative instruments employed Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives. Investment derivative instruments are recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP), convertible bonds are recorded in Fixed maturities available for sale (FM AFS), and convertible equity securities are recorded in Equity securities (ES) in the Consolidated balance sheets. These are the most numerous and frequent derivative transactions. In addition, Chubb purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities. Under reinsurance programs covering GLBs, Chubb assumes the risk of GLBs (principally GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income. The GLB reinsurance product meets the definition of a derivative instrument. Benefit reserves in respect of GLBs are classified as Future policy benefits (FPB) while the fair value derivative adjustment is classified within AP. Chubb also generally maintains positions in exchange-traded equity futures contracts on equity market indices to limit equity exposure in the GMDB and GLB book of business. All derivative instruments are carried at fair value with changes in fair value recorded in Net realized gains (losses) in the Consolidated statements of operations. None of the derivative instruments are designated as hedges for accounting purposes. The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: March 31, 2020 December 31, 2019 Consolidated Balance Sheet Location Fair Value Notional Value/ Payment Provision Fair Value Notional Value/ Payment Provision (in millions of U.S. dollars) Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) Investment and embedded derivative instruments: Foreign currency forward contracts OA / (AP) $ 32 $ (109 ) $ 2,639 $ 11 $ (78 ) $ 2,579 Options/Futures contracts on notes, bonds, and equities OA / (AP) 15 (32 ) 1,116 13 (15 ) 1,615 Convertible securities (1) FM AFS / ES 4 — 5 4 — 5 $ 51 $ (141 ) $ 3,760 $ 28 $ (93 ) $ 4,199 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 17 $ — $ 514 $ — $ (13 ) $ 613 Other OA / (AP) 2 — 103 2 — 63 $ 19 $ — $ 617 $ 2 $ (13 ) $ 676 GLB (3) (AP) / (FPB) $ — $ (1,591 ) $ 2,680 $ — $ (897 ) $ 1,510 (1) Includes fair value of embedded derivatives. (2) Related to GMDB and GLB book of business. (3) Includes both future policy benefits reserves of $450 million and $441 million and fair value derivative adjustment of $1,141 million and $456 million at March 31, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. At March 31, 2020 and December 31, 2019 , derivative liabilities of $67 million and $75 million , respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Three Months Ended March 31 (in millions of U.S. dollars) 2020 2019 Investment and embedded derivative instruments: Foreign currency forward contracts $ 43 $ (15 ) Interest rate swaps — (80 ) All other futures contracts, options, and equities (27 ) (36 ) Convertible securities (1) (1 ) 1 Total investment and embedded derivative instruments $ 15 $ (130 ) GLB and other derivative instruments: GLB (2) $ (685 ) $ 114 Futures contracts on equities (3) 125 (63 ) Other (2 ) (1 ) Total GLB and other derivative instruments $ (562 ) $ 50 $ (547 ) $ (80 ) (1) Includes embedded derivatives. (2) Excludes foreign exchange gains (losses) related to GLB. (3) Related to GMDB and GLB book of business. b) Derivative instrument objectives (i) Foreign currency exposure management A foreign currency forward contract (forward) is an agreement between participants to exchange specific foreign currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above. (ii) Duration management and market exposure Futures Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes, and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed. Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and therefore, an increase in reserves for GMDB and GLB reinsurance business. Options An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above. The price of an option is influenced by the underlying security, expected volatility, time to expiration, and supply and demand. The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines. Interest rate swaps An interest rate swap is a contract between two counterparties in which interest payments are made based on a notional principal amount, which itself is never paid or received. Under the terms of an interest rate swap, one counterparty makes interest payments based on a fixed interest rate and the other counterparty’s payments are based on a floating rate. Interest rate swap contracts are used occasionally in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the fair value of the fixed maturity portfolio. By using interest rate swaps in the portfolio, the overall duration or interest rate sensitivity of the portfolio can be impacted. Cross-currency swaps Cross-currency swaps are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. We use cross-currency swaps to reduce the foreign currency and interest rate risk by converting cash flows back into local currency. We invest in foreign currency denominated investments to improve credit diversification and also to obtain better duration matching to our liabilities that is limited in the local currency market. Other Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices. (iii) Convertible security investments A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available for sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature. (iv) TBA By acquiring TBAs, we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the consolidated financial statements. Chubb purchases TBAs both for their total return and for the flexibility they provide related to our mortgage-backed security strategy. (v) GLB Under the GLB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. Premiums received under the reinsurance treaties are classified as premium. Expected losses allocated to premiums received are classified as Future policy benefits and valued similar to GMDB reinsurance. Other changes in fair value arise principally from changes in expected losses allocated to expected future premiums. Fair value represents management’s estimate of an exit price and thus, includes a risk margin. We may recognize a realized loss for other changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets) and changes in actual or estimated future policyholder behavior (e.g., increased annuitization or decreased lapse rates) although we expect the business to be profitable. To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the GLB liability and the exchange-traded equity futures are included in Net realized gains (losses). c) Securities lending and secured borrowings Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets. The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2020 December 31, 2019 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 675 $ 346 U.S. Treasury and agency 15 6 Foreign 609 595 Corporate securities 3 5 Mortgage-backed securities 17 18 Equity securities 23 24 $ 1,342 $ 994 Gross amount of recognized liability for securities lending payable $ 1,342 $ 994 At March 31, 2020 and December 31, 2019 , our repurchase agreement obligations of $1,408 million and $1,416 million , respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available for sale and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets. The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2020 December 31, 2019 30-90 Days Greater than 90 Days Total Up to 30 Days 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Collateral pledged under repurchase agreements: Cash $ — $ 1 $ 1 $ 2 $ — $ — $ 2 U.S. Treasury and agency — 105 105 107 — — 107 Mortgage-backed securities 499 887 1,386 399 476 480 1,355 $ 499 $ 993 $ 1,492 $ 508 $ 476 $ 480 $ 1,464 Gross amount of recognized liabilities for repurchase agreements $ 1,408 $ 1,416 Difference (1) $ 84 $ 48 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction. d) Fixed maturities At March 31, 2020 , we have commitments to purchase fixed income securities of $757 million over the next several years. e) Other investments At March 31, 2020 , included in Other investments in the Consolidated balance sheet are investments in limited partnerships and partially-owned investment companies with a carrying value of $4.8 billion. In connection with these investments, we have commitments that may require funding of up to $2.9 billion over the next several years. f) Income taxes At March 31, 2020 , $48 million of unrecognized tax benefits remain outstanding. It is reasonably possible that over the next twelve months, that the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2010. g) Legal proceedings Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations. h) Leases At March 31, 2020 and December 31, 2019, the right-of-use asset was $509 million and $551 million , respectively, and is recorded within Other assets on the Consolidated balance sheets. At March 31, 2020 and December 31, 2019, the lease liability was $563 million and $603 million , respectively, and is recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease. |
Shareholders' equity
Shareholders' equity | 3 Months Ended |
Mar. 31, 2020 | |
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 consolidated financial statements. Under Swiss corporate law, dividends, including distributions through a reduction in par value (par value reduction) or from legal reserves, must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2020 , our Common Shares had a par value of CHF 24.15 per share. At our May 2019 and 2018 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.00 per share and $2.92 per share, respectively, which were paid in four quarterly installments of $0.75 per share and $0.73 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, 2020 and 2019 were $0.75 (CHF 0.72 ) and $0.73 (CHF 0.72 ), respectively. Common Shares in treasury are used principally for issuance upon the exercise of employee stock options, grants of restricted stock, and purchases under the Employee Stock Purchase Plan (ESPP). At March 31, 2020 , 28,416,082 Common Shares remain in treasury after net shares redeemed under employee share-based compensation plans. Chubb Limited securities repurchase authorizations In December 2018, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from December 1, 2018 through December 31, 2019. In November 2019, the Board authorized the repurchase of up to $1.5 billion of Chubb's Common Shares from November 21, 2019 through December 31, 2020. On April 22, 2020, we announced that given the current economic environment and to preserve capital for both risk and opportunity, we had suspended share repurchases until further notice. We did not engage in any share repurchase activity during April 2020. 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 March 31 (in millions of U.S. dollars, except share data) 2020 2019 Number of shares repurchased 2,266,150 2,753,754 Cost of shares repurchased $ 326 $ 367 Repurchase authorization remaining at end of period $ 1,124 $ 1,112 |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Share-based compensation | Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan (the 2016 LTIP) permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3 -year vesting period and a 10 -year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 27, 2020 , Chubb granted 1,957,505 stock options with a weighted-average grant date fair value of $19.89 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance-based restricted stock awards. Chubb generally grants service-based restricted stock and restricted stock units with a 4 -year vesting period, based on a graded vesting schedule. Beginning in 2017, the performance-based restricted stock awards granted comprise target awards and premium awards that cliff vest at the end of a 3 -year performance period based on both tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to our peer group. The restricted stock is granted at market close price on the grant date. On February 27, 2020 , Chubb granted 1,002,341 service-based restricted stock awards, 344,501 service-based restricted stock units, and 203,533 performance-based stock awards to employees and officers with a grant date fair value of $150.11 |
Postretirement benefits
Postretirement benefits | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Postretirement benefits The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans 2020 2019 2020 2019 Three Months Ended March 31 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ — $ 1 $ 12 $ 3 $ — $ — Non-service cost: Interest cost 25 6 30 7 1 1 Expected return on plan assets (56 ) (10 ) (47 ) (11 ) (1 ) (1 ) Amortization of prior service cost — — — — (20 ) (20 ) Settlements 1 — — — — — Total non-service (benefit) cost (30 ) (4 ) (17 ) (4 ) (20 ) (20 ) Net periodic (benefit) cost $ (30 ) $ (3 ) $ (5 ) $ (1 ) $ (20 ) $ (20 ) The line items in which the service and non-service cost components of net periodic (benefit) cost are included in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended March 31 2020 2019 2020 2019 (in millions of U.S. dollars) Service cost: Losses and loss expenses $ — $ 2 $ — $ — Administrative expenses 1 13 — — Total service cost 1 15 — — Non-service cost: Losses and loss expenses (3 ) (2 ) (2 ) (2 ) Administrative expenses (31 ) (19 ) (18 ) (18 ) Total non-service (benefit) cost (34 ) (21 ) (20 ) (20 ) Net periodic (benefit) cost $ (33 ) $ (6 ) $ (20 ) $ (20 ) |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2020 | |
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. Corporate results primarily include income and expenses not attributable to reportable segments and losses and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures. For segment reporting purposes, certain items are presented in a different manner below than in the consolidated financial statements. Management uses underwriting income (loss) as the main measure of 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. To calculate Segment income (loss), include Net investment income (loss), Other (income) expense, and Amortization expense of purchased intangibles. For the North America Agricultural Insurance segment, management includes gains and losses on crop derivatives as a component of underwriting income (loss). For example, for the three months ended March 31, 2020, underwriting income in our North America Agricultural Insurance segment was $14 million . This amount includes $2 million of realized losses related to crop derivatives which are reported in Net realized gains (losses) in the Corporate column below. For the Life Insurance segment, management includes Net investment income (loss) and (Gains) losses from fair value changes in separate account assets that do not qualify for separate account reporting under GAAP as components of Life Insurance underwriting income (loss). For example, for the three months ended March 31, 2020, Life Insurance underwriting income of $83 million includes Net investment income of $95 million and losses from fair value changes in separate account assets of $56 million . The losses from fair value changes in separate account assets are reported in Other (income) expense in the table below. The following tables present the Statement of Operations by segment: For the Three Months Ended March 31, 2020 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 3,252 $ 1,107 $ 157 $ 2,598 $ 218 $ 645 $ — $ 7,977 Net premiums earned 3,376 1,200 94 2,307 186 631 — 7,794 Losses and loss expenses 2,181 683 63 1,258 87 202 11 4,485 Policy benefits — — — — — 129 — 129 Policy acquisition costs 492 245 11 642 45 180 — 1,615 Administrative expenses 259 68 4 258 10 76 66 741 Underwriting income (loss) 444 204 16 149 44 44 (77 ) 824 Net investment income (loss) 516 66 9 145 54 95 (24 ) 861 Other (income) expense (3 ) 2 — 4 (15 ) 44 23 55 Amortization expense of purchased intangibles — 3 7 12 — 1 50 73 Segment income (loss) $ 963 $ 265 $ 18 $ 278 $ 113 $ 94 $ (174 ) $ 1,557 Net realized gains (losses) (958 ) (958 ) Interest expense 132 132 Income tax expense 215 215 Net income (loss) $ (1,479 ) $ 252 For the Three Months Ended March 31, 2019 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 2,951 $ 1,056 $ 130 $ 2,395 $ 202 $ 579 $ — $ 7,313 Net premiums earned 3,085 1,154 55 2,114 168 561 — 7,137 Losses and loss expenses 1,973 757 (27 ) 1,106 76 202 11 4,098 Policy benefits — — — — — 196 — 196 Policy acquisition costs 459 231 7 596 43 128 — 1,464 Administrative expenses 240 68 1 249 10 79 63 710 Underwriting income (loss) 413 98 74 163 39 (44 ) (74 ) 669 Net investment income (loss) 510 64 10 144 56 89 (37 ) 836 Other (income) expense (5 ) — — 4 (9 ) (40 ) 11 (39 ) Amortization expense of purchased intangibles — 3 7 11 — — 55 76 Segment income (loss) $ 928 $ 159 $ 77 $ 292 $ 104 $ 85 $ (177 ) $ 1,468 Net realized gains (losses) including OTTI (97 ) (97 ) Interest expense 140 140 Chubb integration expenses 3 3 Income tax expense 188 188 Net income (loss) $ (605 ) $ 1,040 Underwriting assets are reviewed in total by management for purposes of decision-making. Other than Unpaid losses and loss expenses, Reinsurance recoverables, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments. |
Earnings per share
Earnings per share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings per share | Earnings per share Three Months Ended March 31 (in millions of U.S. dollars, except share and per share data) 2020 2019 Numerator: Net income $ 252 $ 1,040 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 451,868,658 458,805,185 Denominator for diluted earnings per share: Share-based compensation plans 2,651,610 2,731,755 Weighted-average shares outstanding and assumed conversions 454,520,268 461,536,940 Basic earnings per share $ 0.56 $ 2.27 Diluted earnings per share $ 0.55 $ 2.25 Potential anti-dilutive share conversions 3,154,406 4,343,204 |
Information provided in connect
Information provided in connection with outstanding debt of subsidiaries | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Text Block Supplement [Abstract] | |
Information provided in connection with outstanding debt of subsidiaries | Information provided in connection with outstanding debt of subsidiaries The following tables present condensed consolidating financial information at March 31, 2020 and December 31, 2019 , and for the three months ended March 31, 2020 and 2019 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis. Condensed Consolidating Balance Sheet at March 31, 2020 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 229 $ 105,055 $ — $ 105,284 Cash (1) 10 49 2,193 (740 ) 1,512 Restricted cash — — 146 — 146 Insurance and reinsurance balances receivable — — 12,727 (2,669 ) 10,058 Reinsurance recoverable on losses and loss expenses — — 24,293 (9,395 ) 14,898 Reinsurance recoverable on policy benefits — — 288 (92 ) 196 Value of business acquired — — 289 — 289 Goodwill and other intangible assets — — 20,873 — 20,873 Investments in subsidiaries 49,573 50,731 — (100,304 ) — Due from subsidiaries and affiliates, net 3,695 — — (3,695 ) — Other assets 6 340 21,345 (1,820 ) 19,871 Total assets $ 53,284 $ 51,349 $ 187,209 $ (118,715 ) $ 173,127 Liabilities Unpaid losses and loss expenses $ — $ — $ 71,283 $ (9,069 ) $ 62,214 Unearned premiums — — 17,652 (1,193 ) 16,459 Future policy benefits — — 5,868 (92 ) 5,776 Due to subsidiaries and affiliates, net — 3,338 357 (3,695 ) — Affiliated notional cash pooling programs (1) 740 — — (740 ) — Repurchase agreements — — 1,408 — 1,408 Short-term debt — 1,299 1 — 1,300 Long-term debt — 13,510 — — 13,510 Trust preferred securities — 308 — — 308 Other liabilities 347 1,595 21,635 (3,622 ) 19,955 Total liabilities 1,087 20,050 118,204 (18,411 ) 120,930 Total shareholders’ equity 52,197 31,299 69,005 (100,304 ) 52,197 Total liabilities and shareholders’ equity $ 53,284 $ 51,349 $ 187,209 $ (118,715 ) $ 173,127 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Balance Sheet at December 31, 2019 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 1,013 $ 108,221 $ — $ 109,234 Cash (1) 2 442 1,093 — 1,537 Restricted cash — — 109 — 109 Insurance and reinsurance balances receivable — — 12,920 (2,563 ) 10,357 Reinsurance recoverable on losses and loss expenses — — 24,780 (9,599 ) 15,181 Reinsurance recoverable on policy benefits — — 292 (95 ) 197 Value of business acquired — — 306 — 306 Goodwill and other intangible assets — — 21,359 — 21,359 Investments in subsidiaries 50,853 52,076 — (102,929 ) — Due from subsidiaries and affiliates, net 4,776 — — (4,776 ) — Other assets 12 408 20,072 (1,829 ) 18,663 Total assets $ 55,643 $ 53,939 $ 189,152 $ (121,791 ) $ 176,943 Liabilities Unpaid losses and loss expenses $ — $ — $ 71,916 $ (9,226 ) $ 62,690 Unearned premiums — — 17,978 (1,207 ) 16,771 Future policy benefits — — 5,909 (95 ) 5,814 Due to subsidiaries and affiliates, net — 4,446 330 (4,776 ) — Repurchase agreements — — 1,416 — 1,416 Short-term debt — 1,298 1 — 1,299 Long-term debt — 13,559 — — 13,559 Trust preferred securities — 308 — — 308 Other liabilities 312 1,649 21,352 (3,558 ) 19,755 Total liabilities 312 21,260 118,902 (18,862 ) 121,612 Total shareholders’ equity 55,331 32,679 70,250 (102,929 ) 55,331 Total liabilities and shareholders’ equity $ 55,643 $ 53,939 $ 189,152 $ (121,791 ) $ 176,943 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information. Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) For the Three Months Ended March 31, 2020 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 7,977 $ — $ 7,977 Net premiums earned — — 7,794 — 7,794 Net investment income (2 ) 4 859 — 861 Equity in earnings of subsidiaries 256 593 — (849 ) — Net realized gains (losses) (21 ) 113 (1,050 ) — (958 ) Losses and loss expenses — — 4,485 — 4,485 Policy benefits — — 129 — 129 Policy acquisition costs and administrative expenses 24 (38 ) 2,370 — 2,356 Interest (income) expense (34 ) 148 18 — 132 Other (income) expense (9 ) 8 56 — 55 Amortization of purchased intangibles — — 73 — 73 Income tax expense — 7 208 — 215 Net income $ 252 $ 585 $ 264 $ (849 ) $ 252 Comprehensive income (loss) $ (2,460 ) $ (1,200 ) $ (2,418 ) $ 3,618 $ (2,460 ) Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended March 31, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 7,313 $ — $ 7,313 Net premiums earned — — 7,137 — 7,137 Net investment income 1 (4 ) 839 — 836 Equity in earnings of subsidiaries 990 759 — (1,749 ) — Net realized gains (losses) including OTTI 1 (13 ) (85 ) — (97 ) Losses and loss expenses — — 4,098 — 4,098 Policy benefits — — 196 — 196 Policy acquisition costs and administrative expenses 20 (15 ) 2,169 — 2,174 Interest (income) expense (66 ) 185 21 — 140 Other (income) expense (6 ) 3 (36 ) — (39 ) Amortization of purchased intangibles — — 76 — 76 Chubb integration expenses — 2 1 — 3 Income tax expense (benefit) 4 (42 ) 226 — 188 Net income $ 1,040 $ 609 $ 1,140 $ (1,749 ) $ 1,040 Comprehensive income $ 2,718 $ 1,941 $ 2,788 $ (4,729 ) $ 2,718 Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2020 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from (used for) operating activities $ 65 $ (148 ) $ 1,795 $ — $ 1,712 Cash flows from investing activities Purchases of fixed maturities available for sale — (11 ) (6,463 ) — (6,474 ) Purchases of fixed maturities held to maturity — — (6 ) — (6 ) Purchases of equity securities — — (1,380 ) — (1,380 ) Sales of fixed maturities available for sale — — 4,687 — 4,687 Sales of equity securities — — 131 — 131 Maturities and redemptions of fixed maturities available for sale — 15 2,741 — 2,756 Maturities and redemptions of fixed maturities held to maturity — — 440 — 440 Net change in short-term investments — 781 (229 ) — 552 Net derivative instruments settlements — 78 31 — 109 Private equity contributions — — (361 ) — (361 ) Private equity distributions — — 211 — 211 Deposit paid on share acquisition — — (1,550 ) — (1,550 ) Capital contribution (1,200 ) — — 1,200 — Other — (3 ) (122 ) — (125 ) Net cash flows from (used for) investing activities (1,200 ) 860 (1,870 ) 1,200 (1,010 ) Cash flows from financing activities Dividends paid on Common Shares (339 ) — — — (339 ) Common Shares repurchased (323 ) — — — (323 ) Proceeds from issuance of repurchase agreements — — 952 — 952 Repayment of repurchase agreements — — (952 ) — (952 ) Proceeds from share-based compensation plans — — 47 — 47 Dividend to parent company — — — — — Advances (to) from affiliates 1,066 (1,102 ) 36 — — Capital contribution — — 1,200 (1,200 ) — Net proceeds from (payments to) affiliated notional cash pooling programs (1) 740 — — (740 ) — Policyholder contract deposits — — 135 — 135 Policyholder contract withdrawals — — (162 ) — (162 ) Other — (3 ) — (3 ) Net cash flows from (used for) financing activities 1,144 (1,105 ) 1,256 (1,940 ) (645 ) Effect of foreign currency rate changes on cash and restricted cash (1 ) — (44 ) — (45 ) Net increase (decrease) in cash and restricted cash 8 (393 ) 1,137 (740 ) 12 Cash and restricted cash – beginning of period (1) 2 442 1,202 — 1,646 Cash and restricted cash – end of period (1) $ 10 $ 49 $ 2,339 $ (740 ) $ 1,658 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from (used for) operating activities $ 307 $ (163 ) $ 1,378 $ (200 ) $ 1,322 Cash flows from investing activities Purchases of fixed maturities available for sale — (3 ) (5,558 ) — (5,561 ) Purchases of fixed maturities held to maturity — — (1 ) — (1 ) Purchases of equity securities — — (49 ) — (49 ) Sales of fixed maturities available for sale — — 3,293 — 3,293 Sales of equity securities — — 60 — 60 Maturities and redemptions of fixed maturities available for sale — 6 1,825 — 1,831 Maturities and redemptions of fixed maturities held to maturity — — 280 — 280 Net change in short-term investments — (3 ) (36 ) — (39 ) Net derivative instruments settlements — (28 ) (330 ) — (358 ) Private equity contributions — — (410 ) — (410 ) Private equity distributions — — 368 — 368 Capital contribution — (110 ) — 110 — Other — (12 ) (75 ) — (87 ) Net cash flows used for investing activities — (150 ) (633 ) 110 (673 ) Cash flows from financing activities Dividends paid on Common Shares (336 ) — — — (336 ) Common Shares repurchased — — (367 ) — (367 ) Proceeds from issuance of repurchase agreements — — 471 — 471 Repayment of repurchase agreements — — (470 ) — (470 ) Proceeds from share-based compensation plans — — 35 — 35 Dividend to parent company — — (200 ) 200 — Advances (to) from affiliates (266 ) 308 (42 ) — — Capital contribution — — 110 (110 ) — Net proceeds from affiliated notional cash pooling programs (1) 296 74 — (370 ) — Policyholder contract deposits — — 115 — 115 Policyholder contract withdrawals — — (78 ) — (78 ) Net cash flows from (used for) financing activities (306 ) 382 (426 ) (280 ) (630 ) Effect of foreign currency rate changes on cash and restricted cash — — 34 — 34 Net increase (decrease) in cash and restricted cash 1 69 353 (370 ) 53 Cash and restricted cash – beginning of period (1) 1 2 1,989 (652 ) 1,340 Cash and restricted cash – end of period (1) $ 2 $ 71 $ 2,342 $ (1,022 ) $ 1,393 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General (Policies)
General (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of presentation | Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following 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. Refer to Note 11 for additional information. The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2019 Form 10-K. |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted cash Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements. The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows: March 31 December 31 (in millions of U.S. dollars) 2020 2019 Cash $ 1,512 $ 1,537 Restricted cash 146 109 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 1,658 $ 1,646 |
Accounting guidance adopted in current year | Accounting guidance adopted in 2020 Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments Effective January 1, 2020, we adopted, on a modified retrospective basis, new guidance on the accounting for credit losses of financial instruments that are measured at amortized cost, including held to maturity securities, and reinsurance recoverables, by applying an approach based on the current expected credit losses (CECL). The estimate of expected credit losses considers historical information, current information, as well as reasonable and supportable forecasts, including estimates of prepayments. In addition, the guidance also replaced the current available for sale (AFS) security other-than-temporary impairment model by requiring an estimate of the expected credit loss (ECL) only when the fair value is below the amortized cost of the asset. The length of time the fair value of an AFS security has been below its amortized cost no longer impacts the determination of whether a potential credit loss exists. The AFS security model also requires the use of a valuation allowance as compared to the previous practice of writing down the asset. During the first quarter of 2020, we established a valuation allowance for credit losses and recognized a cumulative effect adjustment and decreased beginning retained earnings by $69 million pre-tax, or $63 million after-tax. We also adopted the required disclosures within Note 3 Investments and Note 5 Reinsurance. Results for reporting periods prior to January 1, 2020 are presented in accordance with the previous guidance. |
Accounting guidance not yet adopted | Accounting guidance not yet adopted Effects of Reference Rate Reform on Financial Reporting In March 2020, the FASB issued guidance which provides optional expedients and exceptions for applying GAAP to investments, derivatives, or other transactions that reference the London Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Along with the optional expedients, the amendments include a general principle that permits an entity to consider contract modifications due to reference reform to be an event that does not require contract re-measurement at the modification date or reassessment of a previous accounting determination. Additionally, a company may make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that were classified as held to maturity before January 1, 2020. This standard may be elected over time through December 31, 2022 as reference rate reform activities occur. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. |
Fair value measurements Fair Va
Fair value measurements Fair Value Measurement Policy (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy [Policy Text Block] | Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The three levels of the hierarchy are as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and • Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. |
General General (Tables)
General General (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows: March 31 December 31 (in millions of U.S. dollars) 2020 2019 Cash $ 1,512 $ 1,537 Restricted cash 146 109 Total cash and restricted cash shown in the Consolidated statements of cash flows $ 1,658 $ 1,646 |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In AOCI | March 31, 2020 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 2,773 $ — $ 240 $ — $ 3,013 Foreign 22,615 (44 ) 850 (577 ) 22,844 Corporate securities 31,530 (132 ) 644 (1,374 ) 30,668 Mortgage-backed securities 17,073 — 864 (52 ) 17,885 States, municipalities, and political subdivisions 6,968 — 169 (17 ) 7,120 $ 80,959 $ (176 ) $ 2,767 $ (2,020 ) $ 81,530 Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Held to maturity U.S. Treasury and agency $ 1,208 $ — $ 1,208 $ 75 $ — $ 1,283 Foreign 1,294 (7 ) 1,287 63 (7 ) 1,343 Corporate securities 2,272 (36 ) 2,236 113 (27 ) 2,322 Mortgage-backed securities 2,266 (1 ) 2,265 106 (4 ) 2,367 States, municipalities, and political subdivisions 5,030 (1 ) 5,029 130 (3 ) 5,156 $ 12,070 $ (45 ) $ 12,025 $ 487 $ (41 ) $ 12,471 December 31, 2019 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,188 $ 96 $ (1 ) $ 3,283 $ — Foreign 22,670 1,099 (62 ) 23,707 (25 ) Corporate securities 30,689 1,180 (78 ) 31,791 (5 ) Mortgage-backed securities 18,712 494 (14 ) 19,192 — States, municipalities, and political subdivisions 7,321 205 (11 ) 7,515 — $ 82,580 $ 3,074 $ (166 ) $ 85,488 $ (30 ) Held to maturity U.S. Treasury and agency $ 1,318 $ 29 $ — $ 1,347 $ — Foreign 1,423 62 — 1,485 — Corporate securities 2,349 121 (2 ) 2,468 — Mortgage-backed securities 2,331 65 — 2,396 — States, municipalities, and political subdivisions 5,160 150 (1 ) 5,309 — $ 12,581 $ 427 $ (3 ) $ 13,005 $ — |
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI | March 31, 2020 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 2,773 $ — $ 240 $ — $ 3,013 Foreign 22,615 (44 ) 850 (577 ) 22,844 Corporate securities 31,530 (132 ) 644 (1,374 ) 30,668 Mortgage-backed securities 17,073 — 864 (52 ) 17,885 States, municipalities, and political subdivisions 6,968 — 169 (17 ) 7,120 $ 80,959 $ (176 ) $ 2,767 $ (2,020 ) $ 81,530 Amortized Cost Valuation Allowance Net Carrying Value Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Held to maturity U.S. Treasury and agency $ 1,208 $ — $ 1,208 $ 75 $ — $ 1,283 Foreign 1,294 (7 ) 1,287 63 (7 ) 1,343 Corporate securities 2,272 (36 ) 2,236 113 (27 ) 2,322 Mortgage-backed securities 2,266 (1 ) 2,265 106 (4 ) 2,367 States, municipalities, and political subdivisions 5,030 (1 ) 5,029 130 (3 ) 5,156 $ 12,070 $ (45 ) $ 12,025 $ 487 $ (41 ) $ 12,471 December 31, 2019 Amortized Cost Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value OTTI Recognized in AOCI (in millions of U.S. dollars) Available for sale U.S. Treasury and agency $ 3,188 $ 96 $ (1 ) $ 3,283 $ — Foreign 22,670 1,099 (62 ) 23,707 (25 ) Corporate securities 30,689 1,180 (78 ) 31,791 (5 ) Mortgage-backed securities 18,712 494 (14 ) 19,192 — States, municipalities, and political subdivisions 7,321 205 (11 ) 7,515 — $ 82,580 $ 3,074 $ (166 ) $ 85,488 $ (30 ) Held to maturity U.S. Treasury and agency $ 1,318 $ 29 $ — $ 1,347 $ — Foreign 1,423 62 — 1,485 — Corporate securities 2,349 121 (2 ) 2,468 — Mortgage-backed securities 2,331 65 — 2,396 — States, municipalities, and political subdivisions 5,160 150 (1 ) 5,309 — $ 12,581 $ 427 $ (3 ) $ 13,005 $ — |
Schedule Of Fixed Maturities By Contractual Maturity | The following table presents fixed maturities by contractual maturity: March 31 December 31 2020 2019 (in millions of U.S. dollars) Net Carrying Value Fair Value Amortized Cost Fair Value Available for sale Due in 1 year or less $ 3,816 $ 3,816 $ 3,951 $ 3,973 Due after 1 year through 5 years 25,837 25,837 27,142 27,720 Due after 5 years through 10 years 23,712 23,712 23,901 24,874 Due after 10 years 10,280 10,280 8,874 9,729 63,645 63,645 63,868 66,296 Mortgage-backed securities 17,885 17,885 18,712 19,192 $ 81,530 $ 81,530 $ 82,580 $ 85,488 Held to maturity Due in 1 year or less $ 614 $ 620 $ 478 $ 479 Due after 1 year through 5 years 3,695 3,775 3,869 3,940 Due after 5 years through 10 years 3,383 3,479 3,756 3,883 Due after 10 years 2,068 2,230 2,147 2,307 9,760 10,104 10,250 10,609 Mortgage-backed securities 2,265 2,367 2,331 2,396 $ 12,025 $ 12,471 $ 12,581 $ 13,005 |
Schedule of Realized Gain (Loss) | The following table presents the components of Net realized gains (losses): Three Months Ended March 31 (in millions of U.S. dollars) 2020 2019 Fixed maturities: OTTI on fixed maturities, gross and net $ — $ (13 ) Gross realized gains excluding OTTI 77 27 Gross realized losses excluding OTTI (125 ) (58 ) Provision for expected credit losses (150 ) — Impairment (1) (121 ) — Total fixed maturities $ (319 ) $ (44 ) Equity securities (29 ) 58 Other investments 5 (44 ) Foreign exchange gains (losses) (68 ) 13 Investment and embedded derivative instruments 15 (130 ) Fair value adjustments on insurance derivative (685 ) 114 S&P futures 125 (63 ) Other derivative instruments (2 ) (1 ) Net realized gains (losses) (pre-tax) $ (958 ) $ (97 ) (1) Related to our intent to sell certain securities. |
Gain (Loss) on Securities [Table Text Block] | Realized gains and losses from Equity securities and Other investments from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Three Months Ended March 31 2020 2019 (in millions of U.S. dollars) Equity Securities Other Investments Total Equity Securities Other Investments Total Net gains (losses) recognized during the period $ (29 ) $ 5 $ (24 ) $ 58 $ (44 ) $ 14 Less: Net gains (losses) recognized from sales of securities (24 ) — (24 ) 1 (2 ) (1 ) Unrealized gains (losses) recognized for securities still held at reporting date $ (5 ) $ 5 $ — $ 57 $ (42 ) $ 15 |
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position | The following table presents, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have 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 March 31, 2020 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) Foreign $ 6,534 $ (376 ) $ 132 $ (21 ) $ 6,666 $ (397 ) Corporate securities 13,492 (858 ) 448 (51 ) 13,940 (909 ) Mortgage-backed securities 914 (48 ) 36 (4 ) 950 (52 ) States, municipalities, and political subdivisions 637 (6 ) 130 (11 ) 767 (17 ) Total AFS fixed maturities $ 21,577 $ (1,288 ) $ 746 $ (87 ) $ 22,323 $ (1,375 ) The following table presents, for all securities in an unrealized loss position (including securities on loan), 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, 2019 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. Treasury and agency $ 234 $ (1 ) $ 339 $ — $ 573 $ (1 ) Foreign 1,846 (34 ) 802 (28 ) 2,648 (62 ) Corporate securities 2,121 (40 ) 988 (40 ) 3,109 (80 ) Mortgage-backed securities 1,174 (6 ) 932 (8 ) 2,106 (14 ) States, municipalities, and political subdivisions 188 — 276 (12 ) 464 (12 ) Total fixed maturities $ 5,563 $ (81 ) $ 3,337 $ (88 ) $ 8,900 $ (169 ) |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Table Text Block] | The following table presents the amortized cost of our HTM securities according to S&P rating: March 31, 2020 (in millions of U.S. dollars) Amortized cost % of Total AAA $ 2,642 22 % AA 6,608 55 % A 2,371 20 % BBB 422 3 % BB 21 — % Other 6 — % Total $ 12,070 100 % |
Schedule Of Components Of Restricted Assets | The following table presents the components of restricted assets: March 31 December 31 (in millions of U.S. dollars) 2020 2019 Trust funds $ 13,974 $ 14,004 Deposits with U.S. regulatory authorities 2,424 2,466 Deposits with non-U.S. regulatory authorities 2,669 2,709 Assets pledged under repurchase agreements 1,492 1,464 Other pledged assets 496 490 Total $ 21,055 $ 21,133 |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Table Text Block] | The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Three Months Ended March 31 (in millions of U.S. dollars) 2020 Available for sale Valuation allowance for expected credit losses - beginning of period $ — Impact of adoption of new accounting guidance 25 Provision for expected credit loss 149 Initial allowance for purchased securities with credit deterioration 2 Valuation allowance for expected credit losses - end of period $ 176 Held to maturity Valuation allowance for expected credit losses - beginning of period $ — Impact of adoption of new accounting guidance 44 Provision for expected credit loss 1 Valuation allowance for expected credit losses - end of period $ 45 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Table Text Block] | The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Three Months Ended March 31 (in millions of U.S. dollars) 2020 Available for sale Valuation allowance for expected credit losses - beginning of period $ — Impact of adoption of new accounting guidance 25 Provision for expected credit loss 149 Initial allowance for purchased securities with credit deterioration 2 Valuation allowance for expected credit losses - end of period $ 176 Held to maturity Valuation allowance for expected credit losses - beginning of period $ — Impact of adoption of new accounting guidance 44 Provision for expected credit loss 1 Valuation allowance for expected credit losses - end of period $ 45 |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Table Text Block] | March 31 December 31 Expected Liquidation Period of Underlying Assets 2020 2019 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 590 $ 325 $ 611 $ 329 Real Assets 2 to 11 Years 721 414 712 422 Distressed 2 to 7 Years 262 67 263 80 Private Credit 3 to 8 Years 106 272 104 272 Traditional 2 to 14 Years 3,045 1,868 2,844 2,160 Vintage 1 to 2 Years 103 — 116 — Investment funds Not Applicable 264 — 271 — $ 5,091 $ 2,946 $ 4,921 $ 3,263 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments Measured At Fair Value On A Recurring Basis | Financial instruments measured at fair value on a recurring basis, by valuation hierarchy March 31, 2020 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 2,400 $ 613 $ — $ 3,013 Foreign — 22,379 465 22,844 Corporate securities — 29,166 1,502 30,668 Mortgage-backed securities — 17,825 60 17,885 States, municipalities, and political subdivisions — 7,120 — 7,120 2,400 77,103 2,027 81,530 Equity securities 2,001 — 67 2,068 Short-term investments 2,165 1,420 1 3,586 Other investments (1) 285 335 10 630 Securities lending collateral — 1,342 — 1,342 Investment derivative instruments 64 — — 64 Other derivative instruments 2 — — 2 Separate account assets 2,778 130 — 2,908 Total assets measured at fair value (1) $ 9,695 $ 80,330 $ 2,105 $ 92,130 Liabilities: Investment derivative instruments $ 141 $ — $ — $ 141 GLB (2) — — 1,141 1,141 Total liabilities measured at fair value $ 141 $ — $ 1,141 $ 1,282 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $ 5,091 million , policy loans of $228 million and other investments of $ 126 million at March 31, 2020 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. December 31, 2019 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available for sale U.S. Treasury and agency $ 2,664 $ 619 $ — $ 3,283 Foreign — 23,258 449 23,707 Corporate securities — 30,340 1,451 31,791 Mortgage-backed securities — 19,132 60 19,192 States, municipalities, and political subdivisions — 7,515 — 7,515 2,664 80,864 1,960 85,488 Equity securities 728 15 69 812 Short-term investments 2,803 1,482 6 4,291 Other investments (1) 412 377 10 799 Securities lending collateral — 994 — 994 Investment derivative instruments 24 — — 24 Other derivative instruments 2 — — 2 Separate account assets 3,437 136 — 3,573 Total assets measured at fair value (1) $ 10,070 $ 83,868 $ 2,045 $ 95,983 Liabilities: Investment derivative instruments $ 93 $ — $ — $ 93 Other derivative instruments 13 — — 13 GLB (2) — — 456 456 Total liabilities measured at fair value $ 106 $ — $ 456 $ 562 (1) Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,921 million and other investments of $95 million at December 31, 2019 measured using NAV as a practical expedient. (2) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Fair Value And Maximum Future Funding Commitments Related To Investments | March 31 December 31 Expected Liquidation Period of Underlying Assets 2020 2019 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 590 $ 325 $ 611 $ 329 Real Assets 2 to 11 Years 721 414 712 422 Distressed 2 to 7 Years 262 67 263 80 Private Credit 3 to 8 Years 106 272 104 272 Traditional 2 to 14 Years 3,045 1,868 2,844 2,160 Vintage 1 to 2 Years 103 — 116 — Investment funds Not Applicable 264 — 271 — $ 5,091 $ 2,946 $ 4,921 $ 3,263 |
Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations | The following table presents the significant unobservable inputs used in the Level 3 liability valuations. Excluded from the table below are inputs used to determine the fair value of Level 3 assets which are based on single broker quotes and contain no quantitative unobservable inputs developed by management. The majority of our fixed maturities classified as Level 3 used external pricing when markets are less liquid due to the lack of market inputs (i.e., stale pricing, broker quotes). (in millions of U.S. dollars, except for percentages) Fair Value Valuation Technique Significant Unobservable Inputs Ranges Weighted Average (1) March 31, 2020 December 31, 2019 GLB (1) $ 1,141 $ 456 Actuarial model Lapse rate 3% – 34% 4.3 % Annuitization rate 0% – 52% 4.6 % (1) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) March 31, 2020 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 449 $ 1,451 $ 60 $ 69 $ 6 $ 10 $ 456 Transfers into Level 3 — 91 — — — — — Transfers out of Level 3 (3 ) (1 ) — — — — — Change in Net Unrealized Gains (Losses) in OCI (14 ) (45 ) — 1 — — — Net Realized Gains/Losses (2 ) (13 ) — (2 ) — — 685 Purchases 82 139 — 3 1 — — Sales (46 ) (19 ) — (4 ) — — — Settlements (1 ) (101 ) — — (6 ) — — Balance – end of period $ 465 $ 1,502 $ 60 $ 67 $ 1 $ 10 $ 1,141 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (14 ) $ — $ (2 ) $ — $ — $ 685 Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date $ (15 ) $ (44 ) $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020 , and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million , respectively. Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) March 31, 2019 Foreign Corporate securities MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 5 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains/Losses in OCI, including foreign exchange 6 4 — 1 — — — Net Realized Gains/Losses (1 ) 1 — (2 ) — — (114 ) Purchases 53 128 18 9 — — — Sales (5 ) (37 ) — (10 ) — — — Settlements (26 ) (58 ) (1 ) — (1 ) — — Balance – end of period $ 360 $ 1,342 $ 78 $ 55 $ — $ 11 $ 338 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ (114 ) (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $338 million and $452 million , respectively. |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3): Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity securities Short-term investments Other investments GLB (1) March 31, 2020 Foreign Corporate MBS (in millions of U.S. dollars) Balance – beginning of period $ 449 $ 1,451 $ 60 $ 69 $ 6 $ 10 $ 456 Transfers into Level 3 — 91 — — — — — Transfers out of Level 3 (3 ) (1 ) — — — — — Change in Net Unrealized Gains (Losses) in OCI (14 ) (45 ) — 1 — — — Net Realized Gains/Losses (2 ) (13 ) — (2 ) — — 685 Purchases 82 139 — 3 1 — — Sales (46 ) (19 ) — (4 ) — — — Settlements (1 ) (101 ) — — (6 ) — — Balance – end of period $ 465 $ 1,502 $ 60 $ 67 $ 1 $ 10 $ 1,141 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ (14 ) $ — $ (2 ) $ — $ — $ 685 Change in Net Unrealized Gains/Losses included in OCI at the Balance sheet date $ (15 ) $ (44 ) $ — $ — $ — $ — $ — (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020 , and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million , respectively. Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) March 31, 2019 Foreign Corporate securities MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 5 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains/Losses in OCI, including foreign exchange 6 4 — 1 — — — Net Realized Gains/Losses (1 ) 1 — (2 ) — — (114 ) Purchases 53 128 18 9 — — — Sales (5 ) (37 ) — (10 ) — — — Settlements (26 ) (58 ) (1 ) — (1 ) — — Balance – end of period $ 360 $ 1,342 $ 78 $ 55 $ — $ 11 $ 338 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ (114 ) (1) Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $338 million and $452 million , respectively. |
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value | The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: March 31, 2020 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,227 $ 56 $ — $ 1,283 $ 1,208 Foreign — 1,343 — 1,343 1,287 Corporate securities — 2,294 28 2,322 2,236 Mortgage-backed securities — 2,367 — 2,367 2,265 States, municipalities, and political subdivisions — 5,156 — 5,156 5,029 Total assets $ 1,227 $ 11,216 $ 28 $ 12,471 $ 12,025 Liabilities: Repurchase agreements $ — $ 1,408 $ — $ 1,408 $ 1,408 Short-term debt — 1,300 — 1,300 1,300 Long-term debt — 14,353 — 14,353 13,510 Trust preferred securities — 406 — 406 308 Total liabilities $ — $ 17,467 $ — $ 17,467 $ 16,526 December 31, 2019 Fair Value Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Fixed maturities held to maturity U.S. Treasury and agency $ 1,292 $ 55 $ — $ 1,347 $ 1,318 Foreign — 1,485 — 1,485 1,423 Corporate securities — 2,436 32 2,468 2,349 Mortgage-backed securities — 2,396 — 2,396 2,331 States, municipalities, and political subdivisions — 5,309 — 5,309 5,160 Total assets $ 1,292 $ 11,681 $ 32 $ 13,005 $ 12,581 Liabilities: Repurchase agreements $ — $ 1,416 $ — $ 1,416 $ 1,416 Short-term debt — 1,307 — 1,307 1,299 Long-term debt — 15,048 — 15,048 13,559 Trust preferred securities — 467 — 467 308 Total liabilities $ — $ 18,238 $ — $ 18,238 $ 16,582 |
Reinsurance (Tables)
Reinsurance (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Credit Loss [Abstract] | |
Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block] | The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on loss and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2020 Reinsurance recoverable Valuation allowance for uncollectible reinsurance - beginning of period $ 316 Provision for uncollectible reinsurance 2 Write-offs charged against the valuation allowance (13 ) Valuation allowance for uncollectible reinsurance - end of period $ 305 |
Unpaid losses and loss expens_2
Unpaid losses and loss expenses Unpaid losses and loss expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Liability for Claims and Claims Adjustment Expense [Abstract] | |
Schedule of Liability for Unpaid Claims and Claims Adjustment Expense [Table Text Block] | The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2020 2019 Gross unpaid losses and loss expenses – beginning of period $ 62,690 $ 62,960 Reinsurance recoverable on unpaid losses - beginning of period (1) (14,181 ) (14,689 ) Net unpaid losses and loss expenses – beginning of period 48,509 48,271 Net losses and loss expenses incurred in respect of losses occurring in: Current year 4,605 4,326 Prior years (2) (120 ) (228 ) Total 4,485 4,098 Net losses and loss expenses paid in respect of losses occurring in: Current year 920 785 Prior years 3,335 3,234 Total 4,255 4,019 Foreign currency revaluation and other (565 ) 86 Net unpaid losses and loss expenses – end of period 48,174 48,436 Reinsurance recoverable on unpaid losses (1) 14,040 14,707 Gross unpaid losses and loss expenses – end of period $ 62,214 $ 63,143 (1) Net of valuation allowance for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $2 million and $24 million for the three months ended March 31, 2020 and 2019 , respectively. |
Prior Period Development, by Segment [Table Text Block] | The following table summarizes (favorable) and adverse PPD by segment. Three Months Ended March 31 (in millions of U.S. dollars) Long-tail Short-tail Total 2020 North America Commercial P&C Insurance $ (43 ) $ (62 ) $ (105 ) North America Personal P&C Insurance — 1 1 North America Agricultural Insurance — (14 ) (14 ) Overseas General Insurance — (4 ) (4 ) Global Reinsurance — (7 ) (7 ) Corporate 11 — 11 Total $ (32 ) $ (86 ) $ (118 ) 2019 North America Commercial P&C Insurance $ (65 ) $ (66 ) $ (131 ) North America Personal P&C Insurance — (10 ) (10 ) North America Agricultural Insurance — (61 ) (61 ) Overseas General Insurance — (4 ) (4 ) Global Reinsurance (1 ) (7 ) (8 ) Corporate 10 — 10 Total $ (56 ) $ (148 ) $ (204 ) |
Commitments, contingencies, a_2
Commitments, contingencies, and guarantees (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments | The following table presents the balance sheet locations, fair values of derivative instruments in an asset or (liability) position, and notional values/payment provisions of our derivative instruments: March 31, 2020 December 31, 2019 Consolidated Balance Sheet Location Fair Value Notional Value/ Payment Provision Fair Value Notional Value/ Payment Provision (in millions of U.S. dollars) Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) Investment and embedded derivative instruments: Foreign currency forward contracts OA / (AP) $ 32 $ (109 ) $ 2,639 $ 11 $ (78 ) $ 2,579 Options/Futures contracts on notes, bonds, and equities OA / (AP) 15 (32 ) 1,116 13 (15 ) 1,615 Convertible securities (1) FM AFS / ES 4 — 5 4 — 5 $ 51 $ (141 ) $ 3,760 $ 28 $ (93 ) $ 4,199 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 17 $ — $ 514 $ — $ (13 ) $ 613 Other OA / (AP) 2 — 103 2 — 63 $ 19 $ — $ 617 $ 2 $ (13 ) $ 676 GLB (3) (AP) / (FPB) $ — $ (1,591 ) $ 2,680 $ — $ (897 ) $ 1,510 (1) Includes fair value of embedded derivatives. (2) Related to GMDB and GLB book of business. (3) Includes both future policy benefits reserves of $450 million and $441 million and fair value derivative adjustment of $1,141 million and $456 million at March 31, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. |
Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations | The following table presents net realized gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Three Months Ended March 31 (in millions of U.S. dollars) 2020 2019 Investment and embedded derivative instruments: Foreign currency forward contracts $ 43 $ (15 ) Interest rate swaps — (80 ) All other futures contracts, options, and equities (27 ) (36 ) Convertible securities (1) (1 ) 1 Total investment and embedded derivative instruments $ 15 $ (130 ) GLB and other derivative instruments: GLB (2) $ (685 ) $ 114 Futures contracts on equities (3) 125 (63 ) Other (2 ) (1 ) Total GLB and other derivative instruments $ (562 ) $ 50 $ (547 ) $ (80 ) (1) Includes embedded derivatives. (2) Excludes foreign exchange gains (losses) related to GLB. (3) Related to GMDB and GLB book of business. |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings | The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2020 December 31, 2019 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 675 $ 346 U.S. Treasury and agency 15 6 Foreign 609 595 Corporate securities 3 5 Mortgage-backed securities 17 18 Equity securities 23 24 $ 1,342 $ 994 Gross amount of recognized liability for securities lending payable $ 1,342 $ 994 The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2020 December 31, 2019 30-90 Days Greater than 90 Days Total Up to 30 Days 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Collateral pledged under repurchase agreements: Cash $ — $ 1 $ 1 $ 2 $ — $ — $ 2 U.S. Treasury and agency — 105 105 107 — — 107 Mortgage-backed securities 499 887 1,386 399 476 480 1,355 $ 499 $ 993 $ 1,492 $ 508 $ 476 $ 480 $ 1,464 Gross amount of recognized liabilities for repurchase agreements $ 1,408 $ 1,416 Difference (1) $ 84 $ 48 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Share Repurchase Program [Table Text Block] | 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 March 31 (in millions of U.S. dollars, except share data) 2020 2019 Number of shares repurchased 2,266,150 2,753,754 Cost of shares repurchased $ 326 $ 367 Repurchase authorization remaining at end of period $ 1,124 $ 1,112 |
Postretirement benefits (Tables
Postretirement benefits (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans 2020 2019 2020 2019 Three Months Ended March 31 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ — $ 1 $ 12 $ 3 $ — $ — Non-service cost: Interest cost 25 6 30 7 1 1 Expected return on plan assets (56 ) (10 ) (47 ) (11 ) (1 ) (1 ) Amortization of prior service cost — — — — (20 ) (20 ) Settlements 1 — — — — — Total non-service (benefit) cost (30 ) (4 ) (17 ) (4 ) (20 ) (20 ) Net periodic (benefit) cost $ (30 ) $ (3 ) $ (5 ) $ (1 ) $ (20 ) $ (20 ) The line items in which the service and non-service cost components of net periodic (benefit) cost are included in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended March 31 2020 2019 2020 2019 (in millions of U.S. dollars) Service cost: Losses and loss expenses $ — $ 2 $ — $ — Administrative expenses 1 13 — — Total service cost 1 15 — — Non-service cost: Losses and loss expenses (3 ) (2 ) (2 ) (2 ) Administrative expenses (31 ) (19 ) (18 ) (18 ) Total non-service (benefit) cost (34 ) (21 ) (20 ) (20 ) Net periodic (benefit) cost $ (33 ) $ (6 ) $ (20 ) $ (20 ) |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Operations By Segment | The following tables present the Statement of Operations by segment: For the Three Months Ended March 31, 2020 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 3,252 $ 1,107 $ 157 $ 2,598 $ 218 $ 645 $ — $ 7,977 Net premiums earned 3,376 1,200 94 2,307 186 631 — 7,794 Losses and loss expenses 2,181 683 63 1,258 87 202 11 4,485 Policy benefits — — — — — 129 — 129 Policy acquisition costs 492 245 11 642 45 180 — 1,615 Administrative expenses 259 68 4 258 10 76 66 741 Underwriting income (loss) 444 204 16 149 44 44 (77 ) 824 Net investment income (loss) 516 66 9 145 54 95 (24 ) 861 Other (income) expense (3 ) 2 — 4 (15 ) 44 23 55 Amortization expense of purchased intangibles — 3 7 12 — 1 50 73 Segment income (loss) $ 963 $ 265 $ 18 $ 278 $ 113 $ 94 $ (174 ) $ 1,557 Net realized gains (losses) (958 ) (958 ) Interest expense 132 132 Income tax expense 215 215 Net income (loss) $ (1,479 ) $ 252 For the Three Months Ended March 31, 2019 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Corporate Chubb Consolidated Net premiums written $ 2,951 $ 1,056 $ 130 $ 2,395 $ 202 $ 579 $ — $ 7,313 Net premiums earned 3,085 1,154 55 2,114 168 561 — 7,137 Losses and loss expenses 1,973 757 (27 ) 1,106 76 202 11 4,098 Policy benefits — — — — — 196 — 196 Policy acquisition costs 459 231 7 596 43 128 — 1,464 Administrative expenses 240 68 1 249 10 79 63 710 Underwriting income (loss) 413 98 74 163 39 (44 ) (74 ) 669 Net investment income (loss) 510 64 10 144 56 89 (37 ) 836 Other (income) expense (5 ) — — 4 (9 ) (40 ) 11 (39 ) Amortization expense of purchased intangibles — 3 7 11 — — 55 76 Segment income (loss) $ 928 $ 159 $ 77 $ 292 $ 104 $ 85 $ (177 ) $ 1,468 Net realized gains (losses) including OTTI (97 ) (97 ) Interest expense 140 140 Chubb integration expenses 3 3 Income tax expense 188 188 Net income (loss) $ (605 ) $ 1,040 |
Earnings per share (Tables)
Earnings per share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule Of Earnings Per Share, Basic And Diluted | Three Months Ended March 31 (in millions of U.S. dollars, except share and per share data) 2020 2019 Numerator: Net income $ 252 $ 1,040 Denominator: Denominator for basic earnings per share: Weighted-average shares outstanding 451,868,658 458,805,185 Denominator for diluted earnings per share: Share-based compensation plans 2,651,610 2,731,755 Weighted-average shares outstanding and assumed conversions 454,520,268 461,536,940 Basic earnings per share $ 0.56 $ 2.27 Diluted earnings per share $ 0.55 $ 2.25 Potential anti-dilutive share conversions 3,154,406 4,343,204 |
Information provided in conne_2
Information provided in connection with outstanding debt of subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Table Text Block Supplement [Abstract] | |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet at March 31, 2020 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 229 $ 105,055 $ — $ 105,284 Cash (1) 10 49 2,193 (740 ) 1,512 Restricted cash — — 146 — 146 Insurance and reinsurance balances receivable — — 12,727 (2,669 ) 10,058 Reinsurance recoverable on losses and loss expenses — — 24,293 (9,395 ) 14,898 Reinsurance recoverable on policy benefits — — 288 (92 ) 196 Value of business acquired — — 289 — 289 Goodwill and other intangible assets — — 20,873 — 20,873 Investments in subsidiaries 49,573 50,731 — (100,304 ) — Due from subsidiaries and affiliates, net 3,695 — — (3,695 ) — Other assets 6 340 21,345 (1,820 ) 19,871 Total assets $ 53,284 $ 51,349 $ 187,209 $ (118,715 ) $ 173,127 Liabilities Unpaid losses and loss expenses $ — $ — $ 71,283 $ (9,069 ) $ 62,214 Unearned premiums — — 17,652 (1,193 ) 16,459 Future policy benefits — — 5,868 (92 ) 5,776 Due to subsidiaries and affiliates, net — 3,338 357 (3,695 ) — Affiliated notional cash pooling programs (1) 740 — — (740 ) — Repurchase agreements — — 1,408 — 1,408 Short-term debt — 1,299 1 — 1,300 Long-term debt — 13,510 — — 13,510 Trust preferred securities — 308 — — 308 Other liabilities 347 1,595 21,635 (3,622 ) 19,955 Total liabilities 1,087 20,050 118,204 (18,411 ) 120,930 Total shareholders’ equity 52,197 31,299 69,005 (100,304 ) 52,197 Total liabilities and shareholders’ equity $ 53,284 $ 51,349 $ 187,209 $ (118,715 ) $ 173,127 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Balance Sheet at December 31, 2019 (in millions of U.S. dollars) Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated Assets Investments $ — $ 1,013 $ 108,221 $ — $ 109,234 Cash (1) 2 442 1,093 — 1,537 Restricted cash — — 109 — 109 Insurance and reinsurance balances receivable — — 12,920 (2,563 ) 10,357 Reinsurance recoverable on losses and loss expenses — — 24,780 (9,599 ) 15,181 Reinsurance recoverable on policy benefits — — 292 (95 ) 197 Value of business acquired — — 306 — 306 Goodwill and other intangible assets — — 21,359 — 21,359 Investments in subsidiaries 50,853 52,076 — (102,929 ) — Due from subsidiaries and affiliates, net 4,776 — — (4,776 ) — Other assets 12 408 20,072 (1,829 ) 18,663 Total assets $ 55,643 $ 53,939 $ 189,152 $ (121,791 ) $ 176,943 Liabilities Unpaid losses and loss expenses $ — $ — $ 71,916 $ (9,226 ) $ 62,690 Unearned premiums — — 17,978 (1,207 ) 16,771 Future policy benefits — — 5,909 (95 ) 5,814 Due to subsidiaries and affiliates, net — 4,446 330 (4,776 ) — Repurchase agreements — — 1,416 — 1,416 Short-term debt — 1,298 1 — 1,299 Long-term debt — 13,559 — — 13,559 Trust preferred securities — 308 — — 308 Other liabilities 312 1,649 21,352 (3,558 ) 19,755 Total liabilities 312 21,260 118,902 (18,862 ) 121,612 Total shareholders’ equity 55,331 32,679 70,250 (102,929 ) 55,331 Total liabilities and shareholders’ equity $ 55,643 $ 53,939 $ 189,152 $ (121,791 ) $ 176,943 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information. |
Condensed Consolidating Statement Of Operations and Comprehensive Income | Condensed Consolidating Statements of Operations and Comprehensive Income (Loss) For the Three Months Ended March 31, 2020 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 7,977 $ — $ 7,977 Net premiums earned — — 7,794 — 7,794 Net investment income (2 ) 4 859 — 861 Equity in earnings of subsidiaries 256 593 — (849 ) — Net realized gains (losses) (21 ) 113 (1,050 ) — (958 ) Losses and loss expenses — — 4,485 — 4,485 Policy benefits — — 129 — 129 Policy acquisition costs and administrative expenses 24 (38 ) 2,370 — 2,356 Interest (income) expense (34 ) 148 18 — 132 Other (income) expense (9 ) 8 56 — 55 Amortization of purchased intangibles — — 73 — 73 Income tax expense — 7 208 — 215 Net income $ 252 $ 585 $ 264 $ (849 ) $ 252 Comprehensive income (loss) $ (2,460 ) $ (1,200 ) $ (2,418 ) $ 3,618 $ (2,460 ) Condensed Consolidating Statements of Operations and Comprehensive Income For the Three Months Ended March 31, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net premiums written $ — $ — $ 7,313 $ — $ 7,313 Net premiums earned — — 7,137 — 7,137 Net investment income 1 (4 ) 839 — 836 Equity in earnings of subsidiaries 990 759 — (1,749 ) — Net realized gains (losses) including OTTI 1 (13 ) (85 ) — (97 ) Losses and loss expenses — — 4,098 — 4,098 Policy benefits — — 196 — 196 Policy acquisition costs and administrative expenses 20 (15 ) 2,169 — 2,174 Interest (income) expense (66 ) 185 21 — 140 Other (income) expense (6 ) 3 (36 ) — (39 ) Amortization of purchased intangibles — — 76 — 76 Chubb integration expenses — 2 1 — 3 Income tax expense (benefit) 4 (42 ) 226 — 188 Net income $ 1,040 $ 609 $ 1,140 $ (1,749 ) $ 1,040 Comprehensive income $ 2,718 $ 1,941 $ 2,788 $ (4,729 ) $ 2,718 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2020 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from (used for) operating activities $ 65 $ (148 ) $ 1,795 $ — $ 1,712 Cash flows from investing activities Purchases of fixed maturities available for sale — (11 ) (6,463 ) — (6,474 ) Purchases of fixed maturities held to maturity — — (6 ) — (6 ) Purchases of equity securities — — (1,380 ) — (1,380 ) Sales of fixed maturities available for sale — — 4,687 — 4,687 Sales of equity securities — — 131 — 131 Maturities and redemptions of fixed maturities available for sale — 15 2,741 — 2,756 Maturities and redemptions of fixed maturities held to maturity — — 440 — 440 Net change in short-term investments — 781 (229 ) — 552 Net derivative instruments settlements — 78 31 — 109 Private equity contributions — — (361 ) — (361 ) Private equity distributions — — 211 — 211 Deposit paid on share acquisition — — (1,550 ) — (1,550 ) Capital contribution (1,200 ) — — 1,200 — Other — (3 ) (122 ) — (125 ) Net cash flows from (used for) investing activities (1,200 ) 860 (1,870 ) 1,200 (1,010 ) Cash flows from financing activities Dividends paid on Common Shares (339 ) — — — (339 ) Common Shares repurchased (323 ) — — — (323 ) Proceeds from issuance of repurchase agreements — — 952 — 952 Repayment of repurchase agreements — — (952 ) — (952 ) Proceeds from share-based compensation plans — — 47 — 47 Dividend to parent company — — — — — Advances (to) from affiliates 1,066 (1,102 ) 36 — — Capital contribution — — 1,200 (1,200 ) — Net proceeds from (payments to) affiliated notional cash pooling programs (1) 740 — — (740 ) — Policyholder contract deposits — — 135 — 135 Policyholder contract withdrawals — — (162 ) — (162 ) Other — (3 ) — (3 ) Net cash flows from (used for) financing activities 1,144 (1,105 ) 1,256 (1,940 ) (645 ) Effect of foreign currency rate changes on cash and restricted cash (1 ) — (44 ) — (45 ) Net increase (decrease) in cash and restricted cash 8 (393 ) 1,137 (740 ) 12 Cash and restricted cash – beginning of period (1) 2 442 1,202 — 1,646 Cash and restricted cash – end of period (1) $ 10 $ 49 $ 2,339 $ (740 ) $ 1,658 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. Condensed Consolidating Statement of Cash Flows Three Months Ended March 31, 2019 Chubb Limited (Parent Guarantor) Chubb INA Holdings Inc. (Subsidiary Issuer) Other Chubb Limited Subsidiaries Consolidating Adjustments and Eliminations Chubb Limited Consolidated (in millions of U.S. dollars) Net cash flows from (used for) operating activities $ 307 $ (163 ) $ 1,378 $ (200 ) $ 1,322 Cash flows from investing activities Purchases of fixed maturities available for sale — (3 ) (5,558 ) — (5,561 ) Purchases of fixed maturities held to maturity — — (1 ) — (1 ) Purchases of equity securities — — (49 ) — (49 ) Sales of fixed maturities available for sale — — 3,293 — 3,293 Sales of equity securities — — 60 — 60 Maturities and redemptions of fixed maturities available for sale — 6 1,825 — 1,831 Maturities and redemptions of fixed maturities held to maturity — — 280 — 280 Net change in short-term investments — (3 ) (36 ) — (39 ) Net derivative instruments settlements — (28 ) (330 ) — (358 ) Private equity contributions — — (410 ) — (410 ) Private equity distributions — — 368 — 368 Capital contribution — (110 ) — 110 — Other — (12 ) (75 ) — (87 ) Net cash flows used for investing activities — (150 ) (633 ) 110 (673 ) Cash flows from financing activities Dividends paid on Common Shares (336 ) — — — (336 ) Common Shares repurchased — — (367 ) — (367 ) Proceeds from issuance of repurchase agreements — — 471 — 471 Repayment of repurchase agreements — — (470 ) — (470 ) Proceeds from share-based compensation plans — — 35 — 35 Dividend to parent company — — (200 ) 200 — Advances (to) from affiliates (266 ) 308 (42 ) — — Capital contribution — — 110 (110 ) — Net proceeds from affiliated notional cash pooling programs (1) 296 74 — (370 ) — Policyholder contract deposits — — 115 — 115 Policyholder contract withdrawals — — (78 ) — (78 ) Net cash flows from (used for) financing activities (306 ) 382 (426 ) (280 ) (630 ) Effect of foreign currency rate changes on cash and restricted cash — — 34 — 34 Net increase (decrease) in cash and restricted cash 1 69 353 (370 ) 53 Cash and restricted cash – beginning of period (1) 1 2 1,989 (652 ) 1,340 Cash and restricted cash – end of period (1) $ 2 $ 71 $ 2,342 $ (1,022 ) $ 1,393 (1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General Schedule of Cash and Ca
General Schedule of Cash and Cash Equivalent (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | [4] | Dec. 31, 2018 | [4] | ||
Cash and Cash Equivalents [Line Items] | ||||||||
Cash | $ 1,512 | [1] | $ 1,537 | [2] | ||||
Restricted cash | 146 | 109 | ||||||
Total cash and restricted cash shown in the Consolidated statement of cash flows | $ 1,658 | [3] | $ 1,646 | [3] | $ 1,393 | $ 1,340 | ||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||||||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information. | |||||||
[3] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||||||
[4] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |
General Goodwill (Details)
General Goodwill (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill, Period Increase (Decrease) | $ (325) |
General Adoption of New Account
General Adoption of New Accounting Pronouncements (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect on Retained Earnings, Net of Tax | $ (52,197) | $ (55,331) | $ (52,355) | |
Retained Earnings [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect on Retained Earnings, Net of Tax | (36,331) | (36,079) | $ (32,728) | $ (31,688) |
Retained Earnings [Member] | Accounting Standards Update 2016-13 [Member] | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Cumulative Effect on Retained Earnings, before Tax | 69 | |||
Cumulative Effect on Retained Earnings, Net of Tax | $ 63 | $ 63 |
Acquisitions Acquisitions (narr
Acquisitions Acquisitions (narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Business Acquisition [Line Items] | ||
Payments for Other Deposits | $ 1,550 | $ 0 |
CHINA | Huatai Group [Member] | ||
Business Acquisition [Line Items] | ||
Payments for Other Deposits | $ 1,550 |
Acquisitions Investments (Detai
Acquisitions Investments (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Mar. 31, 2020 | |
Investment Holdings [Line Items] | ||
Equity Method Investment, Ownership Percentage | 100.00% | |
Huatai Group [Member] | ||
Investment Holdings [Line Items] | ||
Equity Method Investment, Ownership Percentage | 30.90% | |
Huatai Group [Member] | CHINA | Subsequent Event [Member] | ||
Investment Holdings [Line Items] | ||
Equity method investment, additional ownership agreed to be purchased | 22.40% | |
Amount agreed to acquire 22.4 percent of Huatai Group | $ 1,550 | |
Equity method investment, additional 15.3 ownership percentage obtained | 15.30% | |
Portion one of payments to acquire 22.4% of Huatai Group | $ 1,100 | |
Equity method investment, additional 7.1 percentage obtained | 7.10% | |
Portion two of payments to acquire equity method investments | $ 493 | |
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 53.30% |
Investments (Narrative) (Detail
Investments (Narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investments [Line Items] | |||
Equity Method Investment, Ownership Percentage | 100.00% | ||
Restricted assets in fixed maturities and short-term investments | $ 20,900 | $ 21,000 | |
Restricted assets in cash | 146 | $ 109 | |
Mortgage-backed securities | |||
Investments [Line Items] | |||
Credit losses recognized in net income | $ 0 | $ 0 |
Investments Investments (Schedu
Investments Investments (Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities and Related OTTI Recognized in AOCI) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | $ 80,959 | $ 82,580 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (176) | 0 |
Available for Sale, Gross Unrealized Appreciation | 2,767 | 3,074 |
Available for Sale, Gross Unrealized Depreciation | (2,020) | (166) |
Available for sale, Fair Value | 81,530 | 85,488 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | (30) | |
U.S. Treasury and agency | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 2,773 | 3,188 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Available for Sale, Gross Unrealized Appreciation | 240 | 96 |
Available for Sale, Gross Unrealized Depreciation | 0 | (1) |
Available for sale, Fair Value | 3,013 | 3,283 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | |
Foreign | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 22,615 | 22,670 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (44) | |
Available for Sale, Gross Unrealized Appreciation | 850 | 1,099 |
Available for Sale, Gross Unrealized Depreciation | (577) | (62) |
Available for sale, Fair Value | 22,844 | 23,707 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | (25) | |
Corporate securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 31,530 | 30,689 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | (132) | |
Available for Sale, Gross Unrealized Appreciation | 644 | 1,180 |
Available for Sale, Gross Unrealized Depreciation | (1,374) | (78) |
Available for sale, Fair Value | 30,668 | 31,791 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | (5) | |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 17,073 | 18,712 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Available for Sale, Gross Unrealized Appreciation | 864 | 494 |
Available for Sale, Gross Unrealized Depreciation | (52) | (14) |
Available for sale, Fair Value | 17,885 | 19,192 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | 0 | |
States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available for sale, at amortized cost | 6,968 | 7,321 |
Debt Securities, Available-for-sale, Allowance for Credit Loss | 0 | |
Available for Sale, Gross Unrealized Appreciation | 169 | 205 |
Available for Sale, Gross Unrealized Depreciation | (17) | (11) |
Available for sale, Fair Value | $ 7,120 | 7,515 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Available-for-sale, Debt Securities | $ 0 |
Investments (Schedule Of Amorti
Investments (Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities And Related OTTI Recognized In Accumulated Other Comprehensive Income) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Amortized Cost | $ 12,070 | $ 12,581 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (45) | 0 |
Debt securities, held to maturity, net carrying value | 12,025 | |
Held-to-maturity, Gross Unrealized Appreciation | 487 | 427 |
Held-to-maturity, Gross Unrealized Depreciation | (41) | (3) |
Held-to-maturity, Fair Value | 12,471 | 13,005 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | |
U.S. Treasury and agency | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Amortized Cost | 1,208 | 1,318 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | 0 | |
Debt securities, held to maturity, net carrying value | 1,208 | |
Held-to-maturity, Gross Unrealized Appreciation | 75 | 29 |
Held-to-maturity, Gross Unrealized Depreciation | 0 | 0 |
Held-to-maturity, Fair Value | 1,283 | 1,347 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | |
Foreign | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Amortized Cost | 1,294 | 1,423 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (7) | |
Debt securities, held to maturity, net carrying value | 1,287 | |
Held-to-maturity, Gross Unrealized Appreciation | 63 | 62 |
Held-to-maturity, Gross Unrealized Depreciation | (7) | 0 |
Held-to-maturity, Fair Value | 1,343 | 1,485 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | |
Corporate securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Amortized Cost | 2,272 | 2,349 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (36) | |
Debt securities, held to maturity, net carrying value | 2,236 | |
Held-to-maturity, Gross Unrealized Appreciation | 113 | 121 |
Held-to-maturity, Gross Unrealized Depreciation | (27) | (2) |
Held-to-maturity, Fair Value | 2,322 | 2,468 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | |
Mortgage-backed securities | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Amortized Cost | 2,266 | 2,331 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (1) | |
Debt securities, held to maturity, net carrying value | 2,265 | |
Held-to-maturity, Gross Unrealized Appreciation | 106 | 65 |
Held-to-maturity, Gross Unrealized Depreciation | (4) | 0 |
Held-to-maturity, Fair Value | 2,367 | 2,396 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | 0 | |
States, municipalities, and political subdivisions | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held to maturity, Amortized Cost | 5,030 | 5,160 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss | (1) | |
Debt securities, held to maturity, net carrying value | 5,029 | |
Held-to-maturity, Gross Unrealized Appreciation | 130 | 150 |
Held-to-maturity, Gross Unrealized Depreciation | (3) | (1) |
Held-to-maturity, Fair Value | $ 5,156 | 5,309 |
Accumulated Other Comprehensive Income (Loss), Other than Temporary Impairment, Not Credit Loss, Net of Tax, Held-to-maturity, Debt Securities | $ 0 |
Investments (Schedule Of Fixed
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Available for sale, Due in 1 year or less, Amortized Cost | $ 3,951 | |
Available for sale, Due after 1 year through 5 years, Amortized Cost | 27,142 | |
Available for sale, Due after 5 years though 10 years, Amortized Cost | 23,901 | |
Available for sale, Due after 10 years, Amortized Cost | 8,874 | |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Amortized Cost | 63,868 | |
Available for sale, Mortgage-backed securities, Amortized Cost | 18,712 | |
Available for sale, at amortized cost | $ 80,959 | 82,580 |
Available for sale, Due in 1 year or less, Fair Value | 3,816 | 3,973 |
Available for sale, Due after 1 year through 5 years, Fair Value | 25,837 | 27,720 |
Available for sale, Due after 5 years through 10 years, Fair Value | 23,712 | 24,874 |
Available for sale, Due after 10 years, Fair Value | 10,280 | 9,729 |
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value | 63,645 | 66,296 |
Available for sale, Mortgage backed securities, Fair Value | 17,885 | 19,192 |
Available for sale, Fair Value | 81,530 | 85,488 |
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, within one year, net carrying value | 614 | |
Held to maturity, Due in 1 year or less, Amortized Cost | 478 | |
Held to maturity, Due after 1 year through 5 years, Amortized Cost | 3,869 | |
Held to maturity, Due after 5 years through 10 years, Amortized Cost | 3,756 | |
Held to maturity, Due after 10 years, Amortized Cost | 2,147 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Amortized Cost | 10,250 | |
Held to maturity, Mortgage backed securities, Amortized Cost | 2,331 | |
Held to maturity, Amortized Cost | 12,070 | 12,581 |
Held to maturity, Due in 1 year or less, Fair Value | 620 | 479 |
Held-to-maturity, after one through five years, net carrying value | 3,695 | |
Held to maturity, Due after 1 year through 5, Fair Value | 3,775 | 3,940 |
Held-to-maturity, after 5 through 10 years, net carrying value | 3,383 | |
Held to maturity, Due after 5 years through 10 years, Fair Value | 3,479 | 3,883 |
Held-to-maturity, after 10 years, net carrying value | 2,068 | |
Held to maturity, Due after 10 years, Fair Value | 2,230 | 2,307 |
Debt securities, Held-to-maturity, maturity, allocated and single maturity date, net carrying value | 9,760 | |
Debt Securities, Held-to-maturity, Maturity, Allocated and Single Maturity Date, Fair Value | 10,104 | 10,609 |
Held-to-maturity, MBS, net carrying value | 2,265 | |
Held to maturity, Mortgage backed securities, Fair Value | 2,367 | 2,396 |
Debt securities, held to maturity, net carrying value | 12,025 | |
Held to maturity, Fair Value | $ 12,471 | $ 13,005 |
Investments (Net Realized Gains
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Gain (Loss) on Securities [Line Items] | |||
OTTI on fixed maturities, gross | $ 0 | $ (13) | |
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) | 149 | ||
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell | [1] | (121) | 0 |
Foreign exchange gains | (68) | 13 | |
Gain (Loss) on Derivative | (547) | (80) | |
Net Realized Gains (Losses) | (958) | (97) | |
Other than Temporary Impairment Loss, Investments, Portion in Other Comprehensive Loss, before Tax, Portion Attributable to Parent, Available-for-sale Securities | 0 | 0 | |
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings | 0 | (13) | |
Fair Value, Option, Changes in Fair Value, Gain (Loss) | (685) | 114 | |
Investment and embedded derivative instruments | |||
Gain (Loss) on Securities [Line Items] | |||
Gain (Loss) on Derivative | 15 | (130) | |
S&P put options and futures | |||
Gain (Loss) on Securities [Line Items] | |||
Gain (Loss) on Derivative | 125 | (63) | |
Other derivative instruments | |||
Gain (Loss) on Securities [Line Items] | |||
Gain (Loss) on Derivative | (2) | (1) | |
Fixed Maturities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Available-for-sale, Realized Gain, Excluding Other-than-temporary Impairment | 77 | 27 | |
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment | (125) | (58) | |
Debt Securities, Available-for-sale, Realized Gain (Loss) | (319) | (44) | |
Debt Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Other-than-temporary Impairment Loss, Debt Securities, Portion Recognized in Earnings | 0 | (13) | |
Equity Securities [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Equity Securities, FV-NI, Realized Gain (Loss) | (29) | 58 | |
Other Investments [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Other investments gain (loss) | 5 | (44) | |
Accounting Standards Update 2016-13 [Member] | |||
Gain (Loss) on Securities [Line Items] | |||
Debt Securities, Allowance for Credit Loss, Period Increase (Decrease) | $ (150) | $ 0 | |
[1] | Related to our intent to sell certain securities. |
Investments Schedule of Gains a
Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Securities [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Equity Securities, FV-NI, Realized Gain (Loss) | $ (29) | $ 58 |
Less: Net gains (losses) recognized from sales of securities | (24) | 1 |
Unrealized gains (losses) recognized for securities still held at reporting date | (5) | 57 |
Other Investments [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net gains (losses) recognized during the period | 5 | (44) |
Less: Net gains (losses) recognized from sales of securities | 0 | (2) |
Unrealized gains (losses) recognized for securities still held at reporting date | 5 | (42) |
Equity securities and other investments [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Net gains (losses) recognized during the period | (24) | 14 |
Less: Net gains (losses) recognized from sales of securities | (24) | (1) |
Unrealized gains (losses) recognized for securities still held at reporting date | $ 0 | $ 15 |
Investments Entities that Calcu
Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 2,946 | $ 3,263 |
Alternative Investment | 5,091 | 4,921 |
Financial [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | 325 | 329 |
Alternative Investment | $ 590 | $ 611 |
Financial [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Financial [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 10 years | 10 years |
Real Estate Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 414 | $ 422 |
Alternative Investment | $ 721 | $ 712 |
Real Estate Funds [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Real Estate Funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 11 years | 11 years |
Distressed Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 67 | $ 80 |
Alternative Investment | $ 262 | $ 263 |
Distressed Alternative Investments [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Distressed Alternative Investments [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 7 years | 7 years |
Private Credit Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 272 | $ 272 |
Alternative Investment | $ 106 | $ 104 |
Private Credit Alternative Investments [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 3 years | 3 years |
Private Credit Alternative Investments [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 8 years | 8 years |
Private Equity Funds [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 1,868 | $ 2,160 |
Alternative Investment | $ 3,045 | $ 2,844 |
Private Equity Funds [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Private Equity Funds [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 14 years | 14 years |
Vintage Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Alternative Investment | $ 103 | $ 116 |
Vintage Alternative Investments [Member] | Minimum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 1 year | 1 year |
Vintage Alternative Investments [Member] | Maximum [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period | 2 years | 2 years |
Investment Funds Alternative Investments [Member] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items] | ||
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments | $ 0 | $ 0 |
Alternative Investment | $ 264 | $ 271 |
Investments (Aggregate Fair Val
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Detail) - Fixed Maturities [Member] - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $ 21,577 | $ 5,563 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,288) | (81) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 746 | 3,337 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (87) | (88) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 22,323 | 8,900 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1,375) | (169) |
U.S. Treasury and agency | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 234 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 339 | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Debt Securities, Available-for-sale, Unrealized Loss Position | 573 | |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (1) | |
Foreign | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 6,534 | 1,846 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (376) | (34) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 132 | 802 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (21) | (28) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 6,666 | 2,648 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (397) | (62) |
Corporate securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 13,492 | 2,121 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (858) | (40) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 448 | 988 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (51) | (40) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 13,940 | 3,109 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (909) | (80) |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 914 | 1,174 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (48) | (6) |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 36 | 932 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (4) | (8) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 950 | 2,106 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | (52) | (14) |
States, municipalities, and political subdivisions | ||
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items] | ||
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | 637 | 188 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (6) | 0 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | 130 | 276 |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (11) | (12) |
Debt Securities, Available-for-sale, Unrealized Loss Position | 767 | 464 |
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss | $ (17) | $ (12) |
Investments (Schedule Of Compon
Investments (Schedule Of Components Of Restricted Assets) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Trust funds | $ 13,974 | $ 14,004 |
Deposits with U.S. regulatory authorities | 2,424 | 2,466 |
Restricted Assets Deposits With United States Regulatory Authorities | 2,669 | 2,709 |
Assets pledged under repurchase agreements | 1,492 | 1,464 |
Other pledged assets | 496 | 490 |
Total restricted assets | $ 21,055 | $ 21,133 |
Investments Investments (Rollfo
Investments Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | $ 176 | $ 0 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss, Purchased with Credit Deterioration, Increase | 2 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | 149 | ||
Accounting Standards Update 2016-13 [Member] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | |||
Debt Securities, Available-for-sale, Allowance for Credit Loss | 25 | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) | $ (150) | $ 0 |
Investments Investments (Roll_2
Investments Investments (Rollforward of expected credit losses HTM) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 45 | $ 0 |
Debt Securities, Held-to-maturity, Allowance for Credit Loss, Period Increase (Decrease) | 1 | |
Accounting Standards Update 2016-13 [Member] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Line Items] | ||
Debt Securities, Held-to-maturity, Allowance for Credit Loss | $ 44 |
Investments Investments (held-t
Investments Investments (held-to-maturity credit quality indicator) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 12,070 | $ 12,581 |
Fixed Maturities Percent of Total Amortized cost | 100.00% | |
Standard & Poor's, AAA Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 2,642 | |
Fixed Maturities Percent of Total Amortized cost | 22.00% | |
Standard & Poor's, AA Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 6,608 | |
Fixed Maturities Percent of Total Amortized cost | 55.00% | |
Standard & Poor's, A Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 2,371 | |
Fixed Maturities Percent of Total Amortized cost | 20.00% | |
Standard & Poor's, BBB Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 422 | |
Fixed Maturities Percent of Total Amortized cost | 3.00% | |
Standard & Poor's, BB Rating [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 21 | |
Fixed Maturities Percent of Total Amortized cost | 0.00% | |
Other [Member] | ||
Debt Securities, Held-to-maturity, Credit Quality Indicator [Line Items] | ||
Debt Securities, Held-to-maturity | $ 6 | |
Fixed Maturities Percent of Total Amortized cost | 0.00% |
Fair Value Measurements (Financ
Fair Value Measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | $ 81,530 | $ 85,488 | |||||
Equity securities, at fair value | 2,068 | 812 | |||||
Short-term investments | 3,586 | 4,291 | |||||
Other Investments | 6,075 | 6,062 | |||||
Securities lending collateral | 1,342 | 994 | |||||
U.S. Treasury and agency | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 3,013 | 3,283 | |||||
Foreign | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 22,844 | 23,707 | |||||
Corporate securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 30,668 | 31,791 | |||||
Mortgage-backed securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 17,885 | 19,192 | |||||
States, municipalities, and political subdivisions | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 7,120 | 7,515 | |||||
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Other Investments | 5,091 | 4,921 | |||||
Other Investments [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Other Investments | 126 | 95 | |||||
Policy Loans [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Other Investments | 228 | ||||||
Fair Value, Recurring [Member] | Level 1 | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 2,400 | 2,664 | |||||
Equity securities, at fair value | 2,001 | 728 | |||||
Short-term investments | 2,165 | 2,803 | |||||
Other Investments | 285 | [1] | 412 | [2] | |||
Securities lending collateral | 0 | 0 | |||||
Investment derivative instruments, assets | 64 | 24 | |||||
Other Derivative Instruments Fair Value | 2 | 2 | |||||
Separate Account Asset | 2,778 | 3,437 | |||||
Total assets measured at fair value | 9,695 | [1] | 10,070 | [2] | |||
Investment derivative instruments, liabilities | 141 | 93 | |||||
Other derivative instruments, liability | 13 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 141 | 106 | |||||
Fair Value, Recurring [Member] | Level 1 | U.S. Treasury and agency | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 2,400 | 2,664 | |||||
Fair Value, Recurring [Member] | Level 1 | Foreign | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 0 | 0 | |||||
Fair Value, Recurring [Member] | Level 1 | Corporate securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 0 | 0 | |||||
Fair Value, Recurring [Member] | Level 1 | Mortgage-backed securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 0 | 0 | |||||
Fair Value, Recurring [Member] | Level 1 | States, municipalities, and political subdivisions | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 0 | 0 | |||||
Fair Value, Recurring [Member] | Level 2 | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 77,103 | 80,864 | |||||
Equity securities, at fair value | 0 | 15 | |||||
Short-term investments | 1,420 | 1,482 | |||||
Other Investments | 335 | [1] | 377 | [2] | |||
Securities lending collateral | 1,342 | 994 | |||||
Investment derivative instruments, assets | 0 | 0 | |||||
Other Derivative Instruments Fair Value | 0 | 0 | |||||
Separate Account Asset | 130 | 136 | |||||
Total assets measured at fair value | 80,330 | [1] | 83,868 | [2] | |||
Investment derivative instruments, liabilities | 0 | 0 | |||||
Other derivative instruments, liability | 0 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 0 | 0 | |||||
Fair Value, Recurring [Member] | Level 2 | U.S. Treasury and agency | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 613 | 619 | |||||
Fair Value, Recurring [Member] | Level 2 | Foreign | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 22,379 | 23,258 | |||||
Fair Value, Recurring [Member] | Level 2 | Corporate securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 29,166 | 30,340 | |||||
Fair Value, Recurring [Member] | Level 2 | Mortgage-backed securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 17,825 | 19,132 | |||||
Fair Value, Recurring [Member] | Level 2 | States, municipalities, and political subdivisions | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 7,120 | 7,515 | |||||
Fair Value, Recurring [Member] | Level 3 | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 2,027 | 1,960 | |||||
Equity securities, at fair value | 67 | 69 | |||||
Short-term investments | 1 | 6 | |||||
Other Investments | 10 | [1] | 10 | [2] | |||
Securities lending collateral | 0 | 0 | |||||
Investment derivative instruments, assets | 0 | 0 | |||||
Other Derivative Instruments Fair Value | 0 | 0 | |||||
Separate Account Asset | 0 | 0 | |||||
Total assets measured at fair value | 2,105 | [1] | 2,045 | [2] | |||
Investment derivative instruments, liabilities | 0 | 0 | |||||
Other derivative instruments, liability | 0 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 1,141 | 456 | |||||
Fair Value, Recurring [Member] | Level 3 | U.S. Treasury and agency | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 0 | 0 | |||||
Fair Value, Recurring [Member] | Level 3 | Foreign | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 465 | 449 | |||||
Fair Value, Recurring [Member] | Level 3 | Corporate securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 1,502 | 1,451 | |||||
Fair Value, Recurring [Member] | Level 3 | Mortgage-backed securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 60 | 60 | |||||
Fair Value, Recurring [Member] | Level 3 | States, municipalities, and political subdivisions | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 0 | 0 | |||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 81,530 | 85,488 | |||||
Equity securities, at fair value | 2,068 | 812 | |||||
Short-term investments | 3,586 | 4,291 | |||||
Other Investments | 630 | [1] | 799 | [2] | |||
Securities lending collateral | 1,342 | 994 | |||||
Investment derivative instruments, assets | 64 | 24 | |||||
Other Derivative Instruments Fair Value | 2 | 2 | |||||
Separate Account Asset | 2,908 | 3,573 | |||||
Total assets measured at fair value | 92,130 | [1] | 95,983 | [2] | |||
Investment derivative instruments, liabilities | 141 | 93 | |||||
Other derivative instruments, liability | 13 | ||||||
Liabilities Related to Investment Contracts, Fair Value Disclosure | 1,282 | 562 | |||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 3,013 | 3,283 | |||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Foreign | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 22,844 | 23,707 | |||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Corporate securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 30,668 | 31,791 | |||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | Mortgage-backed securities | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 17,885 | 19,192 | |||||
Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Available for sale, Fair Value | 7,120 | 7,515 | |||||
Guaranteed Minimum Income Benefit [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 1,141 | 456 | $ 338 | $ 452 | |||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 1 | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | [3] | 0 | [4] | |||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 2 | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 0 | [3] | 0 | [4] | |||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3 | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [5] | 1,141 | 456 | [4] | |||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Estimate of Fair Value Measurement [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items] | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 1,141 | [3] | $ 456 | [4] | |||
[1] | Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $ 5,091 million , policy loans of $228 million and other investments of $ 126 million at March 31, 2020 measured using NAV as a practical expedient. | ||||||
[2] | Excluded from the table above are partially-owned investments, investment funds, and limited partnerships of $4,921 million and other investments of $95 million at December 31, 2019 measured using NAV as a practical expedient. | ||||||
[3] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. | ||||||
[4] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. | ||||||
[5] | The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value Measurements, Valuation Processes, Description | [1] | Actuarial model | ||||
Weighted Average [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 4.30% | ||||
Significant Unobservable Inputs Annuitization Rate | [1] | 4.60% | ||||
Minimum [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 3.00% | ||||
Significant Unobservable Inputs Annuitization Rate | [1] | 0.00% | ||||
Maximum [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate | [1] | 34.00% | ||||
Significant Unobservable Inputs Annuitization Rate | [1] | 52.00% | ||||
Guaranteed Minimum Income Benefit [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 1,141 | $ 456 | $ 338 | $ 452 | ||
Guaranteed Minimum Income Benefit [Member] | Level 3 | Fair Value, Recurring [Member] | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [1] | $ 1,141 | $ 456 | [2] | ||
[1] | The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. | |||||
[2] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Fair Value Measurements (Assets
Fair Value Measurements (Assets Measured At Fair Value Using Significant Unobservable Inputs) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||||||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||||
Level 3 | Foreign | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Balance- Beginning of Period, Assets | $ 449 | $ 345 | |||||||
Transfers Into Level 3, Asset | 0 | 3 | |||||||
Transfers out of Level 3, Assets | (3) | (15) | |||||||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | (14) | 6 | |||||||
Net Realized Gains/ (Losses), Assets | (2) | (1) | |||||||
Purchases, Assets | 82 | 53 | |||||||
Sales, Assets | (46) | (5) | |||||||
Settlements, Assets | (1) | (26) | |||||||
Balance-End of Period, Assets | 465 | 360 | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||||
Level 3 | Corporate securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Balance- Beginning of Period, Assets | 1,451 | 1,299 | |||||||
Transfers Into Level 3, Asset | 91 | 5 | |||||||
Transfers out of Level 3, Assets | (1) | 0 | |||||||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | (45) | 4 | |||||||
Net Realized Gains/ (Losses), Assets | (13) | 1 | |||||||
Purchases, Assets | 139 | 128 | [1] | ||||||
Sales, Assets | (19) | (37) | |||||||
Settlements, Assets | (101) | (58) | |||||||
Balance-End of Period, Assets | 1,502 | 1,342 | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (14) | 0 | |||||||
Level 3 | Mortgage-backed securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Balance- Beginning of Period, Assets | 60 | 61 | |||||||
Transfers Into Level 3, Asset | 0 | 0 | |||||||
Transfers out of Level 3, Assets | 0 | 0 | |||||||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||||
Net Realized Gains/ (Losses), Assets | 0 | 0 | |||||||
Purchases, Assets | 0 | 18 | |||||||
Sales, Assets | 0 | 0 | |||||||
Settlements, Assets | 0 | (1) | |||||||
Balance-End of Period, Assets | 60 | 78 | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||||
Level 3 | Equity Securities [Member] | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||||||||
Balance- Beginning of Period, Assets | 69 | 57 | |||||||
Transfers Into Level 3, Asset | 0 | 0 | |||||||
Transfers out of Level 3, Assets | 0 | 0 | |||||||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 1 | 1 | |||||||
Net Realized Gains/ (Losses), Assets | (2) | (2) | |||||||
Purchases, Assets | 3 | 9 | |||||||
Sales, Assets | (4) | (10) | |||||||
Settlements, Assets | 0 | 0 | |||||||
Balance-End of Period, Assets | 67 | 55 | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | (2) | (1) | |||||||
Level 3 | Short-term Investments [Member] | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||||||||
Balance- Beginning of Period, Assets | 6 | 1 | |||||||
Transfers Into Level 3, Asset | 0 | 0 | |||||||
Transfers out of Level 3, Assets | 0 | 0 | |||||||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||||
Net Realized Gains/ (Losses), Assets | 0 | 0 | |||||||
Purchases, Assets | 1 | 0 | |||||||
Sales, Assets | 0 | 0 | |||||||
Settlements, Assets | (6) | (1) | |||||||
Balance-End of Period, Assets | 1 | 0 | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||||
Level 3 | Other Long-term Investments [Member] | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||||||||
Balance- Beginning of Period, Assets | 10 | 11 | |||||||
Transfers Into Level 3, Asset | 0 | 0 | |||||||
Transfers out of Level 3, Assets | 0 | 0 | |||||||
Asset, Net realized Gain (Loss) Included in Other Comprehensive Income (Loss) | 0 | 0 | |||||||
Net Realized Gains/ (Losses), Assets | 0 | 0 | |||||||
Purchases, Assets | 0 | 0 | |||||||
Sales, Assets | 0 | 0 | |||||||
Settlements, Assets | 0 | 0 | |||||||
Balance-End of Period, Assets | 10 | 11 | |||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss) | 0 | 0 | |||||||
Available-for-sale Securities [Member] | Level 3 | Foreign | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (15) | ||||||||
Available-for-sale Securities [Member] | Level 3 | Corporate securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | (44) | ||||||||
Available-for-sale Securities [Member] | Level 3 | Mortgage-backed securities | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||||||||
Guaranteed Minimum Income Benefit [Member] | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 1,141 | 338 | $ 456 | $ 452 | |||||
Guaranteed Minimum Income Benefit [Member] | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss), OCI | 0 | ||||||||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [2] | 1,141 | 456 | [3] | |||||
Guaranteed Minimum Income Benefit [Member] | Guarantees [Member] | Level 3 | |||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | $ 1,141 | [4] | $ 338 | [5] | $ 456 | [4] | $ 452 | [5] | |
[1] | Assets Liabilities Three Months Ended Available-for-Sale Debt Securities Equity Short-term investments Other GLB (1) March 31, 2019 Foreign Corporate securities MBS (in millions of U.S. dollars) Balance – beginning of period $ 345 $ 1,299 $ 61 $ 57 $ 1 $ 11 $ 452 Transfers into Level 3 3 5 — — — — — Transfers out of Level 3 (15 ) — — — — — — Change in Net Unrealized Gains/Losses in OCI, including foreign exchange 6 4 — 1 — — — Net Realized Gains/Losses (1 ) 1 — (2 ) — — (114 ) Purchases 53 128 18 9 — — — Sales (5 ) (37 ) — (10 ) — — — Settlements (26 ) (58 ) (1 ) — (1 ) — — Balance – end of period $ 360 $ 1,342 $ 78 $ 55 $ — $ 11 $ 338 Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date $ — $ — $ — $ (1 ) $ — $ — $ (114 ) | ||||||||
[2] | The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. | ||||||||
[3] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. | ||||||||
[4] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020 , and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million | ||||||||
[5] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $338 million and $452 million |
Fair value measurements Fair _2
Fair value measurements Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Details) - Guaranteed Minimum Income Benefit [Member] - USD ($) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Guaranteed Benefit Liability, Net | $ 1,591 | $ 741 | $ 897 | $ 861 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Balance - Beginning of Period, Liabilities | 456 | 452 | ||||
Balance - End of Period, Liabilities | 1,141 | 338 | ||||
Guarantees [Member] | Level 3 | ||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||||
Balance - Beginning of Period, Liabilities | 456 | [1] | 452 | [2] | ||
Transfers into level 3, liability | 0 | 0 | ||||
Transfers out of Level 3, Liabilities | 0 | 0 | ||||
Change in Net Unrealized Gains (Losses) included in OCI, Liabilities | 0 | 0 | ||||
Net Realized Gains/Losses, Liabilities | 685 | (114) | ||||
Purchases, Liabilities | 0 | 0 | ||||
Sales, Liabilities | 0 | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements | 0 | 0 | ||||
Balance - End of Period, Liabilities | 1,141 | [1] | 338 | [2] | ||
Fair Value, Liability, Recurring Basis, Still Held, Unrealized Gain (Loss) | $ 685 | $ (114) | ||||
[1] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $1,591 million at March 31, 2020 , and $897 million at December 31, 2019, which includes a fair value derivative adjustment of $1,141 million and $456 million | |||||
[2] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. The liability for GLB reinsurance was $741 million at March 31, 2019 , and $861 million at December 31, 2018 , which includes a fair value derivative adjustment of $338 million and $452 million |
Fair Value Measurements (Carryi
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | $ 12,471 | $ 13,005 |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 12,070 | 12,581 |
Debt securities, held to maturity, net carrying value | 12,025 | |
Repurchase agreements | 1,408 | 1,416 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term debt | 1,300 | 1,299 |
Long-term debt | 13,510 | 13,559 |
Total liabilities | 120,930 | 121,612 |
U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,283 | 1,347 |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 1,208 | 1,318 |
Debt securities, held to maturity, net carrying value | 1,208 | |
Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,343 | 1,485 |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 1,294 | 1,423 |
Debt securities, held to maturity, net carrying value | 1,287 | |
Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 2,322 | 2,468 |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 2,272 | 2,349 |
Debt securities, held to maturity, net carrying value | 2,236 | |
Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 2,367 | 2,396 |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 2,266 | 2,331 |
Debt securities, held to maturity, net carrying value | 2,265 | |
States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 5,156 | 5,309 |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 5,030 | 5,160 |
Debt securities, held to maturity, net carrying value | 5,029 | |
Level 1 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,227 | 1,292 |
Repurchase agreements | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Trust preferred securities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 1 | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,227 | 1,292 |
Level 1 | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 1 | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 1 | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 1 | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 2 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 11,216 | 11,681 |
Repurchase agreements | 1,408 | 1,416 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term Debt, Fair Value | 1,300 | 1,307 |
Long-term Debt, Fair Value | 14,353 | 15,048 |
Trust preferred securities | 406 | 467 |
Total liabilities | 17,467 | 18,238 |
Level 2 | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 56 | 55 |
Level 2 | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,343 | 1,485 |
Level 2 | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 2,294 | 2,436 |
Level 2 | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 2,367 | 2,396 |
Level 2 | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 5,156 | 5,309 |
Level 3 | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 28 | 32 |
Repurchase agreements | 0 | 0 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 0 | 0 |
Trust preferred securities | 0 | 0 |
Total liabilities | 0 | 0 |
Level 3 | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 3 | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 3 | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 28 | 32 |
Level 3 | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Level 3 | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 0 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 12,471 | 13,005 |
Repurchase agreements | 1,408 | 1,416 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term Debt, Fair Value | 1,300 | 1,307 |
Long-term Debt, Fair Value | 14,353 | 15,048 |
Trust preferred securities | 406 | 467 |
Total liabilities | 17,467 | 18,238 |
Estimate of Fair Value Measurement [Member] | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,283 | 1,347 |
Estimate of Fair Value Measurement [Member] | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 1,343 | 1,485 |
Estimate of Fair Value Measurement [Member] | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 2,322 | 2,468 |
Estimate of Fair Value Measurement [Member] | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 2,367 | 2,396 |
Estimate of Fair Value Measurement [Member] | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Held-to-maturity, Fair Value | 5,156 | 5,309 |
Reported Value Measurement [Member] | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 12,581 | |
Debt securities, held to maturity, net carrying value | 12,025 | |
Repurchase agreements | 1,408 | 1,416 |
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract] | ||
Short-term debt | 1,300 | 1,299 |
Long-term debt | 13,510 | 13,559 |
Trust preferred securities | 308 | 308 |
Total liabilities | 16,526 | 16,582 |
Reported Value Measurement [Member] | U.S. Treasury and agency | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 1,318 | |
Debt securities, held to maturity, net carrying value | 1,208 | |
Reported Value Measurement [Member] | Foreign | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 1,423 | |
Debt securities, held to maturity, net carrying value | 1,287 | |
Reported Value Measurement [Member] | Corporate securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 2,349 | |
Debt securities, held to maturity, net carrying value | 2,236 | |
Reported Value Measurement [Member] | Mortgage-backed securities | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | 2,331 | |
Debt securities, held to maturity, net carrying value | 2,265 | |
Reported Value Measurement [Member] | States, municipalities, and political subdivisions | ||
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract] | ||
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45 at March 31, 2020 (fair value – $12,471 and $13,005) | $ 5,160 | |
Debt securities, held to maturity, net carrying value | $ 5,029 |
Reinsurance (Details)
Reinsurance (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Credit Loss [Abstract] | |
Reinsurance Recoverable, Allowance for Credit Loss, Beginning of period | $ 316 |
Reinsurance Recoverable, Credit Loss Expense (Reversal) | 2 |
Reinsurance, Loss on Uncollectible Accounts in Period, Amount | (13) |
Reinsurance Recoverable, Allowance for Credit Loss, end of period | $ 305 |
Unpaid losses and loss expens_3
Unpaid losses and loss expenses (RF) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Unpaid Losses and Loss Expenses [Roll Forward] | |||
Gross unpaid losses and loss expenses – beginning of period | $ 62,690 | $ 62,960 | |
Reinsurance recoverable on unpaid losses - beginning of period (1) | [1] | (14,181) | (14,689) |
Net unpaid losses and loss expenses – beginning of period | 48,509 | 48,271 | |
Current Year Claims and Claims Adjustment Expense | 4,605 | 4,326 | |
Prior Year Claims and Claims Adjustment Expense | [2] | (120) | (228) |
Total, Incurred | 4,485 | 4,098 | |
Net loss and loss expenses paid, Current Year | 920 | 785 | |
Net loss and loss expenses paid, Prior Years | 3,335 | 3,234 | |
Total, Paid | 4,255 | 4,019 | |
Liability For Unpaid Claims And Claims Adjustment Expense Foreign Currency Revaluation And Other | (565) | 86 | |
Net unpaid losses and loss expenses – end of period | 48,174 | 48,436 | |
Reinsurance recoverable on unpaid losses (1) | [1] | 14,040 | 14,707 |
Gross unpaid losses and loss expenses – end of period | 62,214 | 63,143 | |
prior period development, net adjustments | 2 | $ 24 | |
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease), Gross | (476) | ||
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease) | $ (335) | ||
[1] | Net of valuation allowance for uncollectible reinsurance. | ||
[2] | Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments and earned premiums totaling $2 million and $24 million for the three months ended March 31, 2020 and 2019 , respectively. |
Unpaid losses and loss expens_4
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ (118) | $ (204) |
North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (105) | (131) |
North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 1 | (10) |
North American Agriculture Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (14) | (61) |
Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (4) | (4) |
Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (7) | (8) |
Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 11 | 10 |
Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (86) | (148) |
Short Tail [Member] | North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (62) | (66) |
Short Tail [Member] | North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 1 | (10) |
Short Tail [Member] | North American Agriculture Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (14) | (61) |
Short Tail [Member] | Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (4) | (4) |
Short Tail [Member] | Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (7) | (7) |
Short Tail [Member] | Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (32) | (56) |
Long Tail [Member] | North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (43) | (65) |
Long Tail [Member] | North America Personal P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | North American Agriculture Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | Overseas General Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
Long Tail [Member] | Global Reinsurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | (1) |
Long Tail [Member] | Corporate Segment [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ 11 | $ 10 |
Unpaid losses and loss expens_5
Unpaid losses and loss expenses Unpaid losses and loss expenses (narrative) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ (118) | $ (204) |
Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (32) | (56) |
Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (86) | (148) |
North America Commercial P&C Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (105) | (131) |
North America Commercial P&C Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (43) | (65) |
North America Commercial P&C Insurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (62) | (66) |
North America Commercial P&C Insurance [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 49 | |
North America Commercial P&C Insurance [Member] | Accident Year 2013 and prior [Member] | Commercial Excess and Umbrella [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (31) | |
North America Commercial P&C Insurance [Member] | Accident years 2013 to 2018 [Member] | Auto & General Liability [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 50 | |
North America Commercial P&C Insurance [Member] | Accident years 2014 - 2019 [Member] | General Liability [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 23 | |
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (57) | |
North America Commercial P&C Insurance [Member] | Accident year 2015 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (30) | |
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Professional Malpractice Liability Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (66) | |
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | Environmental lines [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (43) | |
North America Commercial P&C Insurance [Member] | Accident years 2016 and prior [Member] | North America Workers' Compensation [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (28) | |
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2017 [Member] | Surety Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (49) | |
North America Commercial P&C Insurance [Member] | Short-duration Insurance Contracts, Accident Year 2018 [Member] | Surety Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (31) | |
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2019 [Member] | Credit card enhancement coverages [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 20 | |
North America Commercial P&C Insurance [Member] | Accident years 2018 - 2019 [Member] | Accident and Health Insurance Product Line [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (36) | |
North America Agricultural Insurance [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | (14) | (61) |
North America Agricultural Insurance [Member] | Long Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | 0 | 0 |
North America Agricultural Insurance [Member] | Short Tail [Member] | ||
Liability for Claims and Claims Adjustment Expense [Line Items] | ||
Net Prior Period Development | $ (14) | $ (61) |
Commitments, Contingencies, A_3
Commitments, Contingencies, And Guarantees (Narrative) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Owned and Pledged as Collateral [Line Items] | ||
Derivative liability subject to a master netting agreement | $ 67 | $ 75 |
Repurchase agreements | 1,408 | 1,416 |
Purchase Commitment, Remaining Minimum Amount Committed | 757 | |
Carrying value of limited partnerships and partially-owned investment companies included in other investments | 4,800 | |
Funding commitments relating to limited partnerships and partially-owned investment companies | 2,900 | |
Unrecognized tax benefits | 48 | |
Operating Lease, Right-of-Use Asset | 509 | 551 |
Operating Lease, Liability | $ 563 | $ 603 |
Commitments, Contingencies, A_4
Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | ||
Derivatives, Fair Value [Line Items] | ||||||
Future policy benefits | $ 5,776 | $ 5,814 | ||||
Foreign currency forward contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 2,639 | 2,579 | ||||
Options/Futures contracts on notes, bonds, and equities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 1,116 | 1,615 | ||||
Convertible securities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | [1] | 5 | 5 | |||
Total investment and embedded derivative instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | 51 | 28 | ||||
Derivative, Notional Amount | 3,760 | 4,199 | ||||
Futures contracts on equities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | [2] | 514 | 613 | |||
Other | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 103 | 63 | ||||
Other Derivative Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Derivative, Notional Amount | 617 | 676 | ||||
Guaranteed Minimum Income Benefit [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | [3] | 0 | 0 | |||
Derivative, Notional Amount | [3] | 2,680 | 1,510 | |||
Future policy benefits | 450 | 441 | ||||
Other Assets [Member] | Foreign currency forward contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | 32 | 11 | ||||
Other Assets [Member] | Options/Futures contracts on notes, bonds, and equities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | 15 | 13 | ||||
Other Assets [Member] | Futures contracts on equities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | [2] | 17 | 0 | |||
Other Assets [Member] | Other | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | 2 | 2 | ||||
Other Assets [Member] | Other Derivative Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | 19 | 2 | ||||
Fixed Maturities [Member] | Convertible securities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Asset | [1] | 4 | 4 | |||
Equity Securities [Member] | Convertible securities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | [1] | 0 | 0 | |||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | (109) | (78) | ||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures contracts on notes, bonds, and equities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | (32) | (15) | ||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Total investment and embedded derivative instruments | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | (141) | (93) | ||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | [2] | 0 | (13) | |||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | 0 | 0 | ||||
Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | 0 | (13) | ||||
Balance Sheet Location Accounts Payable Future Policy Benefits [Member] | Guaranteed Minimum Income Benefit [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Liability | [3] | (1,591) | (897) | |||
Guaranteed Minimum Income Benefit [Member] | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | 1,141 | 456 | $ 338 | $ 452 | ||
Guaranteed Benefit Liability, Net | 1,591 | 897 | $ 741 | $ 861 | ||
Guaranteed Minimum Income Benefit [Member] | Fair Value, Recurring [Member] | Level 3 | ||||||
Derivatives, Fair Value [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value | [4] | $ 1,141 | $ 456 | [5] | ||
[1] | Includes fair value of embedded derivatives. | |||||
[2] | Related to GMDB and GLB book of business. | |||||
[3] | Includes both future policy benefits reserves of $450 million and $441 million and fair value derivative adjustment of $1,141 million and $456 million at March 31, 2020 and December 31, 2019, respectively. Note that the payment provision related to GLB is the net amount at risk. The concept of a notional value does not apply to the GLB reinsurance contracts. | |||||
[4] | The weighted average lapse and annuitization rates are determined by weighting each treaty's rates by the GLB contracts fair value. | |||||
[5] | Our GLB reinsurance product meets the definition of a derivative instrument for accounting purposes and is accordingly carried at fair value. Excluded from the table above is the portion of the GLB derivative liability classified as Future policy benefits in the Consolidated balance sheets. |
Commitments, Contingencies, A_5
Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | $ (547) | $ (80) | |
Foreign currency forward contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | 43 | (15) | |
Interest Rate Swap [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | 0 | (80) | |
All Other Futures Contracts, Options and equities [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | (27) | (36) | |
Convertible securities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | [1] | (1) | 1 |
Total investment and embedded derivative instruments | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | 15 | (130) | |
GLB | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | [2] | (685) | 114 |
Futures contracts on equities | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | [3] | 125 | (63) |
Other | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | (2) | (1) | |
Guaranteed Living Benefit And Other Derivative Instruments [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) on Derivative | $ (562) | $ 50 | |
[1] | Includes embedded derivatives. | ||
[2] | Excludes foreign exchange gains (losses) related to GLB. | ||
[3] | Related to GMDB and GLB book of business. |
Commitments, contingencies, a_6
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 1,342 | $ 994 |
Securities lending payable | 1,342 | 994 |
Cash [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 675 | 346 |
U.S. Treasury and agency | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 15 | 6 |
Foreign [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 609 | 595 |
Corporate securities | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 3 | 5 |
Mortgage-backed securities | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | 17 | 18 |
Equity Securities [Member] | Overnight and Continuous [Member] | ||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | ||
Securities lending collateral | $ 23 | $ 24 |
Commitments, contingencies, a_7
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | |
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | $ 1,492 | $ 1,464 | |
Repurchase agreements | 1,408 | 1,416 | |
Cash [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1 | 2 | |
U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 105 | 107 | |
Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1,386 | 1,355 | |
Repurchase Agreements [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Secured Borrowings, Gross, Difference, Amount | [1] | 84 | 48 |
Maturity Less than 30 Days [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 508 | ||
Maturity Less than 30 Days [Member] | Cash [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 2 | ||
Maturity Less than 30 Days [Member] | U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 107 | ||
Maturity Less than 30 Days [Member] | Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 399 | ||
Maturity 30 to 90 Days [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 499 | 476 | |
Maturity 30 to 90 Days [Member] | Cash [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 0 | 0 | |
Maturity 30 to 90 Days [Member] | U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 0 | 0 | |
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 499 | 476 | |
Maturity Greater than 90 Days [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 993 | 480 | |
Maturity Greater than 90 Days [Member] | Cash [Member] | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 1 | 0 | |
Maturity Greater than 90 Days [Member] | U.S. Treasury and agency | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | 105 | 0 | |
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | |||
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items] | |||
Assets pledged under repurchase agreements | $ 887 | $ 480 | |
[1] | Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. |
Shareholders' equity (Details)
Shareholders' equity (Details) - SFr / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Stockholders' Equity Note [Abstract] | ||
Common Shares, par value | SFr 24.15 | SFr 24.15 |
Common Shares in treasury, shares | 28,416,082 | 27,812,297 |
Shareholders' equity Dividends
Shareholders' equity Dividends Declared (Details) | 3 Months Ended | |||||
Mar. 31, 2020$ / shares | Mar. 31, 2020SFr / shares | Mar. 31, 2019$ / shares | Mar. 31, 2019SFr / shares | May 31, 2019$ / shares | May 31, 2018$ / shares | |
Equity, Class of Treasury Stock [Line Items] | ||||||
Annual dividend per share approved by shareholders | $ 3 | $ 2.92 | ||||
Common Stock, Dividend Rate Approved | $ 0.75 | $ 0.73 | ||||
United States of America, Dollars | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | $ 0.75 | $ 0.73 | ||||
Switzerland, Francs | ||||||
Equity, Class of Treasury Stock [Line Items] | ||||||
Common Stock, Dividends, Per Share, Declared | SFr / shares | SFr 0.72 | SFr 0.72 |
Shareholders' equity Share Repu
Shareholders' equity Share Repurchases (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Nov. 21, 2019 | Dec. 01, 2018 | |
Dec 2018 Stock Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||
Number of shares repurchased | 2,753,754 | |||
Cost of shares repurchased | $ 367 | |||
Repurchase authorization remaining at end of period | $ 1,112 | |||
Nov 2019 Stock Repurchase Plan [Member] | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 1,500 | |||
Number of shares repurchased | 2,266,150 | |||
Cost of shares repurchased | $ 326 | |||
Repurchase authorization remaining at end of period | $ 1,124 |
Share-Based Compensation (Detai
Share-Based Compensation (Detail) - $ / shares | Feb. 27, 2020 | Mar. 31, 2020 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 3 years | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period | 3 years | |
Award term period in years | 10 years | |
Stock options granted | 1,957,505 | |
Weighted-average grant date fair value for stock options granted | $ 19.89 | |
Restricted Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 4 years | |
Restricted stock awards granted to employees and officers of the company | 1,002,341 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 150.11 | |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 3 years | |
Restricted stock awards granted to employees and officers of the company | 203,533 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 150.11 | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award vesting period in years | 4 years | |
Restricted stock awards granted to employees and officers of the company | 344,501 | |
Grant date fair value of awards except for options granted to employees and officers of the company | $ 150.11 |
Postretirement benefits Compone
Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | $ 1 | $ 15 |
Non-service (benefit) cost | (34) | (21) |
Net periodic (benefit) cost | (33) | (6) |
Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Interest cost | 1 | 1 |
Expected return on plan assets | (1) | (1) |
Amortization of prior service cost | (20) | (20) |
Settlements | 0 | 0 |
Non-service (benefit) cost | (20) | (20) |
Net periodic (benefit) cost | (20) | (20) |
Losses and loss expenses | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 2 |
Non-service (benefit) cost | (3) | (2) |
Losses and loss expenses | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Non-service (benefit) cost | (2) | (2) |
Administrative Expense | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 1 | 13 |
Non-service (benefit) cost | (31) | (19) |
Administrative Expense | Other Postretirement Benefits Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 0 |
Non-service (benefit) cost | (18) | (18) |
Foreign Plan [Member] | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 1 | 3 |
Interest cost | 6 | 7 |
Expected return on plan assets | (10) | (11) |
Amortization of prior service cost | 0 | 0 |
Settlements | 0 | 0 |
Non-service (benefit) cost | (4) | (4) |
Net periodic (benefit) cost | (3) | (1) |
UNITED STATES | Pension Plan [Member] | ||
Defined Benefit Plans and Other Postretirement Benefit Plans | ||
Service cost | 0 | 12 |
Interest cost | 25 | 30 |
Expected return on plan assets | (56) | (47) |
Amortization of prior service cost | 0 | 0 |
Settlements | 1 | 0 |
Non-service (benefit) cost | (30) | (17) |
Net periodic (benefit) cost | $ (30) | $ (5) |
Segment information Segment Inf
Segment information Segment Information (narrative Detail (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Gain (Loss) on Derivative | $ 547 | $ 80 |
Net investment income | 861 | 836 |
North America Agricultural Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Segment Income Loss Including Gains Losses On Crop Derivatives | 14 | |
Gain (Loss) on Derivative | (2) | |
Net investment income | 9 | 10 |
Segment Life [Member] | ||
Segment Reporting Information [Line Items] | ||
Net investment income | 95 | $ 89 |
Management Underwriting Income (Loss) | 83 | |
Gains(Losses) On Fair Value Changes In Separate Account Assets | $ (56) |
Segment Information (Operations
Segment Information (Operations By Segment) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Segment Reporting Information [Line Items] | ||
Net premiums written | $ 7,977 | $ 7,313 |
Net premiums earned | 7,794 | 7,137 |
Losses and loss expenses | 4,485 | 4,098 |
Policy benefits | 129 | 196 |
Policy acquisition costs | 1,615 | 1,464 |
Administrative expenses | 741 | 710 |
Underwriting income (loss) | 824 | 669 |
Net investment income (loss) | 861 | 836 |
Other (income) expense | 55 | (39) |
Amortization of purchased intangibles | 73 | 76 |
Segment Income (loss) | 1,557 | 1,468 |
Net Realized Gains Losses | (958) | (97) |
Interest expense | 132 | 140 |
Chubb integration expenses | 0 | 3 |
Income tax expense | 215 | 188 |
Net income | 252 | 1,040 |
North America Commercial P&C Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 3,252 | 2,951 |
Net premiums earned | 3,376 | 3,085 |
Losses and loss expenses | 2,181 | 1,973 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 492 | 459 |
Administrative expenses | 259 | 240 |
Underwriting income (loss) | 444 | 413 |
Net investment income (loss) | 516 | 510 |
Other (income) expense | (3) | (5) |
Amortization of purchased intangibles | 0 | 0 |
Segment Income (loss) | 963 | 928 |
North America Personal P&C Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 1,107 | 1,056 |
Net premiums earned | 1,200 | 1,154 |
Losses and loss expenses | 683 | 757 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 245 | 231 |
Administrative expenses | 68 | 68 |
Underwriting income (loss) | 204 | 98 |
Net investment income (loss) | 66 | 64 |
Other (income) expense | 2 | 0 |
Amortization of purchased intangibles | 3 | 3 |
Segment Income (loss) | 265 | 159 |
North America Agricultural Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 157 | 130 |
Net premiums earned | 94 | 55 |
Losses and loss expenses | 63 | (27) |
Policy benefits | 0 | 0 |
Policy acquisition costs | 11 | 7 |
Administrative expenses | 4 | 1 |
Underwriting income (loss) | 16 | 74 |
Net investment income (loss) | 9 | 10 |
Other (income) expense | 0 | 0 |
Amortization of purchased intangibles | 7 | 7 |
Segment Income (loss) | 18 | 77 |
Overseas General Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 2,598 | 2,395 |
Net premiums earned | 2,307 | 2,114 |
Losses and loss expenses | 1,258 | 1,106 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 642 | 596 |
Administrative expenses | 258 | 249 |
Underwriting income (loss) | 149 | 163 |
Net investment income (loss) | 145 | 144 |
Other (income) expense | 4 | 4 |
Amortization of purchased intangibles | 12 | 11 |
Segment Income (loss) | 278 | 292 |
Global Reinsurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 218 | 202 |
Net premiums earned | 186 | 168 |
Losses and loss expenses | 87 | 76 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 45 | 43 |
Administrative expenses | 10 | 10 |
Underwriting income (loss) | 44 | 39 |
Net investment income (loss) | 54 | 56 |
Other (income) expense | (15) | (9) |
Amortization of purchased intangibles | 0 | 0 |
Segment Income (loss) | 113 | 104 |
Life Insurance [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 645 | 579 |
Net premiums earned | 631 | 561 |
Losses and loss expenses | 202 | 202 |
Policy benefits | 129 | 196 |
Policy acquisition costs | 180 | 128 |
Administrative expenses | 76 | 79 |
Underwriting income (loss) | 44 | (44) |
Net investment income (loss) | 95 | 89 |
Other (income) expense | 44 | (40) |
Amortization of purchased intangibles | 1 | 0 |
Segment Income (loss) | 94 | 85 |
Corporate Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net premiums written | 0 | 0 |
Net premiums earned | 0 | 0 |
Losses and loss expenses | 11 | 11 |
Policy benefits | 0 | 0 |
Policy acquisition costs | 0 | 0 |
Administrative expenses | 66 | 63 |
Underwriting income (loss) | (77) | (74) |
Net investment income (loss) | (24) | (37) |
Other (income) expense | 23 | 11 |
Amortization of purchased intangibles | 50 | 55 |
Segment Income (loss) | (174) | (177) |
Net Realized Gains Losses | (958) | (97) |
Interest expense | 132 | 140 |
Chubb integration expenses | 3 | |
Income tax expense | 215 | 188 |
Net income | $ (1,479) | $ (605) |
Earnings Per Share (Detail)
Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income | $ 252 | $ 1,040 |
Weighted-average shares outstanding | 451,868,658 | 458,805,185 |
Share-based compensation plans | 2,651,610 | 2,731,755 |
Weighted-average shares outstanding and assumed conversions | 454,520,268 | 461,536,940 |
Basic earnings per share (US$ per share) | $ 0.56 | $ 2.27 |
Diluted earnings per share (US$ per share) | $ 0.55 | $ 2.25 |
Potential anti-dilutive share conversions | 3,154,406 | 4,343,204 |
Information provided in conne_3
Information provided in connection with outstanding debt of subsidiaries Information provided in connection with outstanding debt of subsidiaries (Narrative) (Details) | Mar. 31, 2020 |
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] | |
Equity Method Investment, Ownership Percentage | 100.00% |
Information Provided In Conne_4
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Balance Sheet) (Detail) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | |||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Investments | $ 105,284 | $ 109,234 | |||||
Cash | 1,512 | [1] | 1,537 | [2] | |||
Restricted cash | 146 | 109 | |||||
Insurance and reinsurance balances receivable | 10,058 | 10,357 | |||||
Reinsurance recoverable on losses and loss expenses | 14,898 | 15,181 | |||||
Reinsurance recoverable on policy benefits | 196 | 197 | |||||
Operating Lease, Right-of-Use Asset | 509 | 551 | |||||
Value of business acquired | 289 | 306 | |||||
Goodwill and other intangible assets | 20,873 | 21,359 | |||||
Investments in subsidiaries | 0 | 0 | |||||
Due from subsidiaries and affiliates, net | 0 | 0 | |||||
Other assets | 19,871 | 18,663 | |||||
Total assets | 173,127 | 176,943 | |||||
Unpaid losses and loss expenses | 62,214 | 62,690 | $ 63,143 | $ 62,960 | |||
Unearned premiums | 16,459 | 16,771 | |||||
Future policy benefits | 5,776 | 5,814 | |||||
Due to subsidiaries and affiliates, net | 0 | 0 | |||||
Affiliated notional cash pooling programs | [1] | 0 | |||||
Operating Lease, Liability | 563 | 603 | |||||
Repurchase agreements | 1,408 | 1,416 | |||||
Short-term debt | 1,300 | 1,299 | |||||
Long-term debt | 13,510 | 13,559 | |||||
Trust preferred securities | 308 | 308 | |||||
Other liabilities | 19,955 | 19,755 | |||||
Total liabilities | 120,930 | 121,612 | |||||
Total shareholders' equity | 52,197 | 55,331 | $ 52,355 | ||||
Total liabilities and shareholders’ equity | 173,127 | 176,943 | |||||
Chubb Limited (Parent Guarantor) | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Investments | 0 | 0 | |||||
Cash | 10 | [1] | 2 | [2] | |||
Restricted cash | 0 | 0 | |||||
Insurance and reinsurance balances receivable | 0 | 0 | |||||
Reinsurance recoverable on losses and loss expenses | 0 | 0 | |||||
Reinsurance recoverable on policy benefits | 0 | 0 | |||||
Value of business acquired | 0 | 0 | |||||
Goodwill and other intangible assets | 0 | 0 | |||||
Investments in subsidiaries | 49,573 | 50,853 | |||||
Due from subsidiaries and affiliates, net | 3,695 | 4,776 | |||||
Other assets | 6 | 12 | |||||
Total assets | 53,284 | 55,643 | |||||
Unpaid losses and loss expenses | 0 | 0 | |||||
Unearned premiums | 0 | 0 | |||||
Future policy benefits | 0 | 0 | |||||
Due to subsidiaries and affiliates, net | 0 | 0 | |||||
Affiliated notional cash pooling programs | [1] | 740 | |||||
Repurchase agreements | 0 | 0 | |||||
Short-term debt | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Trust preferred securities | 0 | 0 | |||||
Other liabilities | 347 | 312 | |||||
Total liabilities | 1,087 | 312 | |||||
Total shareholders' equity | 52,197 | 55,331 | |||||
Total liabilities and shareholders’ equity | 53,284 | 55,643 | |||||
Chubb INA Holdings Inc (Subsidiary Issuer) | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Investments | 229 | 1,013 | |||||
Cash | 49 | [1] | 442 | [2] | |||
Restricted cash | 0 | 0 | |||||
Insurance and reinsurance balances receivable | 0 | 0 | |||||
Reinsurance recoverable on losses and loss expenses | 0 | 0 | |||||
Reinsurance recoverable on policy benefits | 0 | 0 | |||||
Value of business acquired | 0 | 0 | |||||
Goodwill and other intangible assets | 0 | 0 | |||||
Investments in subsidiaries | 50,731 | 52,076 | |||||
Due from subsidiaries and affiliates, net | 0 | 0 | |||||
Other assets | 340 | 408 | |||||
Total assets | 51,349 | 53,939 | |||||
Unpaid losses and loss expenses | 0 | 0 | |||||
Unearned premiums | 0 | 0 | |||||
Future policy benefits | 0 | 0 | |||||
Due to subsidiaries and affiliates, net | 3,338 | 4,446 | |||||
Affiliated notional cash pooling programs | [1] | 0 | |||||
Repurchase agreements | 0 | 0 | |||||
Short-term debt | 1,299 | 1,298 | |||||
Long-term debt | 13,510 | 13,559 | |||||
Trust preferred securities | 308 | 308 | |||||
Other liabilities | 1,595 | 1,649 | |||||
Total liabilities | 20,050 | 21,260 | |||||
Total shareholders' equity | 31,299 | 32,679 | |||||
Total liabilities and shareholders’ equity | 51,349 | 53,939 | |||||
Other Chubb Limited Subsidiaries | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Investments | 105,055 | 108,221 | |||||
Cash | 2,193 | [1] | 1,093 | [2] | |||
Restricted cash | 146 | 109 | |||||
Insurance and reinsurance balances receivable | 12,727 | 12,920 | |||||
Reinsurance recoverable on losses and loss expenses | 24,293 | 24,780 | |||||
Reinsurance recoverable on policy benefits | 288 | 292 | |||||
Value of business acquired | 289 | 306 | |||||
Goodwill and other intangible assets | 20,873 | 21,359 | |||||
Investments in subsidiaries | 0 | 0 | |||||
Due from subsidiaries and affiliates, net | 0 | 0 | |||||
Other assets | 21,345 | 20,072 | |||||
Total assets | 187,209 | 189,152 | |||||
Unpaid losses and loss expenses | 71,283 | 71,916 | |||||
Unearned premiums | 17,652 | 17,978 | |||||
Future policy benefits | 5,868 | 5,909 | |||||
Due to subsidiaries and affiliates, net | 357 | 330 | |||||
Affiliated notional cash pooling programs | [1] | 0 | |||||
Repurchase agreements | 1,408 | 1,416 | |||||
Short-term debt | 1 | 1 | |||||
Long-term debt | 0 | 0 | |||||
Trust preferred securities | 0 | 0 | |||||
Other liabilities | 21,635 | 21,352 | |||||
Total liabilities | 118,204 | 118,902 | |||||
Total shareholders' equity | 69,005 | 70,250 | |||||
Total liabilities and shareholders’ equity | 187,209 | 189,152 | |||||
Consolidating Adjustments and Eliminations | |||||||
Condensed Balance Sheet Statements, Captions [Line Items] | |||||||
Investments | 0 | 0 | |||||
Cash | (740) | [1] | 0 | [2] | |||
Restricted cash | 0 | 0 | |||||
Insurance and reinsurance balances receivable | (2,669) | (2,563) | |||||
Reinsurance recoverable on losses and loss expenses | (9,395) | (9,599) | |||||
Reinsurance recoverable on policy benefits | (92) | (95) | |||||
Value of business acquired | 0 | 0 | |||||
Goodwill and other intangible assets | 0 | 0 | |||||
Investments in subsidiaries | (100,304) | (102,929) | |||||
Due from subsidiaries and affiliates, net | (3,695) | (4,776) | |||||
Other assets | (1,820) | (1,829) | |||||
Total assets | (118,715) | (121,791) | |||||
Unpaid losses and loss expenses | (9,069) | (9,226) | |||||
Unearned premiums | (1,193) | (1,207) | |||||
Future policy benefits | (92) | (95) | |||||
Due to subsidiaries and affiliates, net | (3,695) | (4,776) | |||||
Affiliated notional cash pooling programs | [1] | (740) | |||||
Repurchase agreements | 0 | 0 | |||||
Short-term debt | 0 | 0 | |||||
Long-term debt | 0 | 0 | |||||
Trust preferred securities | 0 | 0 | |||||
Other liabilities | (3,622) | (3,558) | |||||
Total liabilities | (18,411) | (18,862) | |||||
Total shareholders' equity | (100,304) | (102,929) | |||||
Total liabilities and shareholders’ equity | $ (118,715) | $ (121,791) | |||||
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | ||||||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to the 2019 Form 10-K for additional information. |
Information Provided In Conne_5
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Operations) (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Condensed Statement of Income Captions [Line Items] | ||
Net premiums written | $ 7,977 | $ 7,313 |
Net premiums earned | 7,794 | 7,137 |
Net investment income | 861 | 836 |
Equity In Earnings Of Subsidiaries | 0 | 0 |
Net Realized Gains Losses | (958) | (97) |
Losses and loss expenses | 4,485 | 4,098 |
Policy benefits | 129 | 196 |
Policy acquisition costs and administrative expenses | 2,356 | 2,174 |
Interest (income) expense | 132 | 140 |
Other (income) expense | 55 | (39) |
Amortization of purchased intangibles | 73 | 76 |
Chubb integration expenses | 0 | 3 |
Income tax expense | 215 | 188 |
Net income | 252 | 1,040 |
Comprehensive income (loss) | (2,460) | 2,718 |
Chubb Limited (Parent Guarantor) | ||
Condensed Statement of Income Captions [Line Items] | ||
Net premiums written | 0 | 0 |
Net premiums earned | 0 | 0 |
Net investment income | (2) | 1 |
Equity In Earnings Of Subsidiaries | 256 | 990 |
Net Realized Gains Losses | (21) | 1 |
Losses and loss expenses | 0 | 0 |
Policy benefits | 0 | 0 |
Policy acquisition costs and administrative expenses | 24 | 20 |
Interest (income) expense | (34) | (66) |
Other (income) expense | (9) | (6) |
Amortization of purchased intangibles | 0 | 0 |
Chubb integration expenses | 0 | |
Income tax expense | 0 | 4 |
Net income | 252 | 1,040 |
Comprehensive income (loss) | (2,460) | 2,718 |
Chubb INA Holdings Inc (Subsidiary Issuer) | ||
Condensed Statement of Income Captions [Line Items] | ||
Net premiums written | 0 | 0 |
Net premiums earned | 0 | 0 |
Net investment income | 4 | (4) |
Equity In Earnings Of Subsidiaries | 593 | 759 |
Net Realized Gains Losses | 113 | (13) |
Losses and loss expenses | 0 | 0 |
Policy benefits | 0 | 0 |
Policy acquisition costs and administrative expenses | (38) | (15) |
Interest (income) expense | 148 | 185 |
Other (income) expense | 8 | 3 |
Amortization of purchased intangibles | 0 | 0 |
Chubb integration expenses | 2 | |
Income tax expense | 7 | (42) |
Net income | 585 | 609 |
Comprehensive income (loss) | (1,200) | 1,941 |
Other Chubb Limited Subsidiaries | ||
Condensed Statement of Income Captions [Line Items] | ||
Net premiums written | 7,977 | 7,313 |
Net premiums earned | 7,794 | 7,137 |
Net investment income | 859 | 839 |
Equity In Earnings Of Subsidiaries | 0 | 0 |
Net Realized Gains Losses | (1,050) | (85) |
Losses and loss expenses | 4,485 | 4,098 |
Policy benefits | 129 | 196 |
Policy acquisition costs and administrative expenses | 2,370 | 2,169 |
Interest (income) expense | 18 | 21 |
Other (income) expense | 56 | (36) |
Amortization of purchased intangibles | 73 | 76 |
Chubb integration expenses | 1 | |
Income tax expense | 208 | 226 |
Net income | 264 | 1,140 |
Comprehensive income (loss) | (2,418) | 2,788 |
Consolidating Adjustments and Eliminations | ||
Condensed Statement of Income Captions [Line Items] | ||
Net premiums written | 0 | 0 |
Net premiums earned | 0 | 0 |
Net investment income | 0 | 0 |
Equity In Earnings Of Subsidiaries | (849) | (1,749) |
Net Realized Gains Losses | 0 | 0 |
Losses and loss expenses | 0 | 0 |
Policy benefits | 0 | 0 |
Policy acquisition costs and administrative expenses | 0 | 0 |
Interest (income) expense | 0 | 0 |
Other (income) expense | 0 | 0 |
Amortization of purchased intangibles | 0 | 0 |
Chubb integration expenses | 0 | |
Income tax expense | 0 | 0 |
Net income | (849) | (1,749) |
Comprehensive income (loss) | $ 3,618 | $ (4,729) |
Information Provided In Conne_6
Information Provided In Connection With Outstanding Debt Of Subsidiaries (Condensed Consolidating Statement Of Cash Flows) (Detail) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | |||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | $ 1,712 | $ 1,322 | ||
Purchases of fixed maturities available for sale | (6,474) | (5,561) | ||
Purchases of fixed maturities held to maturity | (6) | (1) | ||
Purchases of equity securities | (1,380) | (49) | ||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 4,687 | 3,293 | ||
Sales of equity securities | 131 | 60 | ||
Maturities and redemptions of fixed maturities available for sale | 2,756 | 1,831 | ||
Maturities and redemptions of fixed maturities held to maturity | 440 | 280 | ||
Net change in short-term investments | 552 | (39) | ||
Net derivative instruments settlements | 109 | (358) | ||
Private equity contribution | (361) | (410) | ||
Private equity distribution | 211 | 368 | ||
Payments for Other Deposits | 1,550 | 0 | ||
Capital contribution | 0 | 0 | ||
Other | (125) | (87) | ||
Net cash flows used for investing activities | (1,010) | (673) | ||
Dividends paid on Common Shares | (339) | (336) | ||
Common Shares repurchased | (323) | (367) | ||
Proceeds from issuance of repurchase agreements | 952 | 471 | ||
Repayments of repurchase agreements | (952) | (470) | ||
Proceeds from share-based compensation plans | 47 | 35 | ||
Dividend to Parent Company | 0 | 0 | ||
Advances (to) from affiliates | 0 | 0 | ||
Capital contribution | 0 | 0 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 0 | [1] | 0 | [2] |
Policyholder contract deposits | 135 | 115 | ||
Policyholder contract withdrawals | (162) | (78) | ||
Proceeds from (Payments for) Other Financing Activities | (3) | 0 | ||
Net cash flows used for financing activities | (645) | (630) | ||
Effect of foreign currency rate changes on cash and restricted cash | (45) | 34 | ||
Net Increase (Decrease) in cash and restricted cash | 12 | 53 | ||
Cash and restricted cash - beginning of period | 1,646 | [1] | 1,340 | [2] |
Cash and restricted cash - end of period | 1,658 | [1] | 1,393 | [2] |
Chubb Limited (Parent Guarantor) | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 65 | 307 | ||
Purchases of fixed maturities available for sale | 0 | 0 | ||
Purchases of fixed maturities held to maturity | 0 | 0 | ||
Purchases of equity securities | 0 | 0 | ||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 0 | 0 | ||
Sales of equity securities | 0 | 0 | ||
Maturities and redemptions of fixed maturities available for sale | 0 | 0 | ||
Maturities and redemptions of fixed maturities held to maturity | 0 | 0 | ||
Net change in short-term investments | 0 | 0 | ||
Net derivative instruments settlements | 0 | 0 | ||
Private equity contribution | 0 | 0 | ||
Private equity distribution | 0 | 0 | ||
Payments for Other Deposits | 0 | |||
Capital contribution | (1,200) | 0 | ||
Other | 0 | 0 | ||
Net cash flows used for investing activities | (1,200) | 0 | ||
Dividends paid on Common Shares | (339) | (336) | ||
Common Shares repurchased | (323) | 0 | ||
Proceeds from issuance of repurchase agreements | 0 | 0 | ||
Repayments of repurchase agreements | 0 | 0 | ||
Proceeds from share-based compensation plans | 0 | 0 | ||
Dividend to Parent Company | 0 | 0 | ||
Advances (to) from affiliates | 1,066 | (266) | ||
Capital contribution | 0 | 0 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 740 | [1] | 296 | [2] |
Policyholder contract deposits | 0 | 0 | ||
Policyholder contract withdrawals | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | 0 | |||
Net cash flows used for financing activities | 1,144 | (306) | ||
Effect of foreign currency rate changes on cash and restricted cash | (1) | 0 | ||
Net Increase (Decrease) in cash and restricted cash | 8 | 1 | ||
Cash and restricted cash - beginning of period | 2 | [1] | 1 | [2] |
Cash and restricted cash - end of period | 10 | [1] | 2 | [2] |
Chubb INA Holdings Inc (Subsidiary Issuer) | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | (148) | (163) | ||
Purchases of fixed maturities available for sale | (11) | (3) | ||
Purchases of fixed maturities held to maturity | 0 | 0 | ||
Purchases of equity securities | 0 | 0 | ||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 0 | 0 | ||
Sales of equity securities | 0 | 0 | ||
Maturities and redemptions of fixed maturities available for sale | 15 | 6 | ||
Maturities and redemptions of fixed maturities held to maturity | 0 | 0 | ||
Net change in short-term investments | 781 | (3) | ||
Net derivative instruments settlements | 78 | (28) | ||
Private equity contribution | 0 | 0 | ||
Private equity distribution | 0 | 0 | ||
Payments for Other Deposits | 0 | |||
Capital contribution | 0 | (110) | ||
Other | (3) | (12) | ||
Net cash flows used for investing activities | 860 | (150) | ||
Dividends paid on Common Shares | 0 | 0 | ||
Common Shares repurchased | 0 | 0 | ||
Proceeds from issuance of repurchase agreements | 0 | 0 | ||
Repayments of repurchase agreements | 0 | 0 | ||
Proceeds from share-based compensation plans | 0 | 0 | ||
Dividend to Parent Company | 0 | 0 | ||
Advances (to) from affiliates | (1,102) | 308 | ||
Capital contribution | 0 | 0 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 0 | [1] | 74 | [2] |
Policyholder contract deposits | 0 | 0 | ||
Policyholder contract withdrawals | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | (3) | |||
Net cash flows used for financing activities | (1,105) | 382 | ||
Effect of foreign currency rate changes on cash and restricted cash | 0 | 0 | ||
Net Increase (Decrease) in cash and restricted cash | (393) | 69 | ||
Cash and restricted cash - beginning of period | 442 | [1] | 2 | [2] |
Cash and restricted cash - end of period | 49 | [1] | 71 | [2] |
Other Chubb Limited Subsidiaries | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 1,795 | 1,378 | ||
Purchases of fixed maturities available for sale | (6,463) | (5,558) | ||
Purchases of fixed maturities held to maturity | (6) | (1) | ||
Purchases of equity securities | (1,380) | (49) | ||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 4,687 | 3,293 | ||
Sales of equity securities | 131 | 60 | ||
Maturities and redemptions of fixed maturities available for sale | 2,741 | 1,825 | ||
Maturities and redemptions of fixed maturities held to maturity | 440 | 280 | ||
Net change in short-term investments | (229) | (36) | ||
Net derivative instruments settlements | 31 | (330) | ||
Private equity contribution | (361) | (410) | ||
Private equity distribution | 211 | 368 | ||
Payments for Other Deposits | 1,550 | |||
Capital contribution | 0 | 0 | ||
Other | (122) | (75) | ||
Net cash flows used for investing activities | (1,870) | (633) | ||
Dividends paid on Common Shares | 0 | 0 | ||
Common Shares repurchased | 0 | (367) | ||
Proceeds from issuance of repurchase agreements | 952 | 471 | ||
Repayments of repurchase agreements | (952) | (470) | ||
Proceeds from share-based compensation plans | 47 | 35 | ||
Dividend to Parent Company | 0 | (200) | ||
Advances (to) from affiliates | 36 | (42) | ||
Capital contribution | 1,200 | 110 | ||
Net proceeds from (payments to) affiliated notional cash pooling program | 0 | [1] | 0 | [2] |
Policyholder contract deposits | 135 | 115 | ||
Policyholder contract withdrawals | (162) | (78) | ||
Proceeds from (Payments for) Other Financing Activities | 0 | |||
Net cash flows used for financing activities | 1,256 | (426) | ||
Effect of foreign currency rate changes on cash and restricted cash | (44) | 34 | ||
Net Increase (Decrease) in cash and restricted cash | 1,137 | 353 | ||
Cash and restricted cash - beginning of period | 1,202 | [1] | 1,989 | [2] |
Cash and restricted cash - end of period | 2,339 | [1] | 2,342 | [2] |
Consolidation, Eliminations [Member] | ||||
Condensed Cash Flow Statements, Captions [Line Items] | ||||
Net Cash Provided by (Used in) Operating Activities | 0 | (200) | ||
Purchases of fixed maturities available for sale | 0 | 0 | ||
Purchases of fixed maturities held to maturity | 0 | 0 | ||
Purchases of equity securities | 0 | 0 | ||
Proceeds From Sale Of Available For Sale Securities Debt Condensed | 0 | 0 | ||
Sales of equity securities | 0 | 0 | ||
Maturities and redemptions of fixed maturities available for sale | 0 | 0 | ||
Maturities and redemptions of fixed maturities held to maturity | 0 | 0 | ||
Net change in short-term investments | 0 | 0 | ||
Net derivative instruments settlements | 0 | 0 | ||
Private equity contribution | 0 | 0 | ||
Private equity distribution | 0 | 0 | ||
Payments for Other Deposits | 0 | |||
Capital contribution | 1,200 | 110 | ||
Other | 0 | 0 | ||
Net cash flows used for investing activities | 1,200 | 110 | ||
Dividends paid on Common Shares | 0 | 0 | ||
Common Shares repurchased | 0 | 0 | ||
Proceeds from issuance of repurchase agreements | 0 | 0 | ||
Repayments of repurchase agreements | 0 | 0 | ||
Proceeds from share-based compensation plans | 0 | 0 | ||
Dividend to Parent Company | 0 | 200 | ||
Advances (to) from affiliates | 0 | 0 | ||
Capital contribution | (1,200) | (110) | ||
Net proceeds from (payments to) affiliated notional cash pooling program | (740) | [1] | (370) | [2] |
Policyholder contract deposits | 0 | 0 | ||
Policyholder contract withdrawals | 0 | 0 | ||
Proceeds from (Payments for) Other Financing Activities | ||||
Net cash flows used for financing activities | (1,940) | (280) | ||
Effect of foreign currency rate changes on cash and restricted cash | 0 | 0 | ||
Net Increase (Decrease) in cash and restricted cash | (740) | (370) | ||
Cash and restricted cash - beginning of period | 0 | [1] | (652) | [2] |
Cash and restricted cash - end of period | $ (740) | [1] | $ (1,022) | [2] |
[1] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2020 and December 31, 2019 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
[2] | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At March 31, 2019 and December 31, 2018 , the cash balance of one or more entities was negative; however, the overall Pool balances were positive. |