Cover
Cover | 12 Months Ended |
Dec. 31, 2023 | |
Document Information [Line Items] | |
Document Type | PRE 14A |
Amendment Flag | false |
Entity Information [Line Items] | |
Entity Registrant Name | Chubb Limited |
Entity Central Index Key | 0000896159 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pay vs Performance Disclosure | ||||
Pay vs Performance Disclosure, Table | U.S. SEC Pay Versus Performance Disclosure This section sets forth the pay versus performance disclosure for the years 2020-2023 in accordance with SEC regulations. This section also includes certain non-GAAP financial measures. These non-GAAP financial measures are core operating income, core operating return on equity, core operating return on tangible equity, P&C combined ratio and tangible book value per share growth. More information on the rationale for the use of these measures and reconciliations to U.S. GAAP can be found in the “Non-GAAP Financial Measures” section in this proxy statement. The following sets forth the tabular pay versus performance disclosure required by SEC regulations, and includes measures that, in the Company’s assessment, are the most important financial performance measures used by the Company to link NEO “compensation actually paid” (as defined by SEC regulations) for the most recently completed fiscal year to Company performance. Pay Versus Performance Table Year Summary (a) Compensation (a)(b) Average (a) Average (a)(c) Value of fixed $100 investment (d) Chubb net Core Total Peer group total 2023 $27,661,317 $35,703,017 $7,867,777 $9,453,265 $156.73 $142.44 $9,028 $9,337 2022 $25,152,070 $44,160,566 $8,148,565 $12,454,746 $150.44 $133.77 $5,246 $6,429 2021 $23,181,184 $42,028,742 $7,014,834 $10,960,083 $129.69 $115.42 $8,525 $5,586 2020 $20,328,167 $14,619,607 $6,700,291 $5,454,658 $101.42 $93.94 $3,533 $3,313 Additional Company Financial Performance Measures Year Core operating Core operating return P&C combined Tangible book value 2023 15.4% 24.2% 86.5% 21.3% 2022 11.1% 17.0% 87.6% -20.4% 2021 9.9% 15.3% 89.1% 7.6% 2020 6.2% 9.8% 96.1% 12.2% (a) The principal executive officer (PEO) for each year reflected in the table is Evan G. Greenberg, the Company’s Chairman and CEO. The non-PEO NEOs are John W. Keogh, John J. Lupica, Peter C. Enns (for years 2021, 2022 and 2023 only), Juan Luis Ortega (for year 2023 only), Sean Ringsted (for year 2023 only), Paul J. Krump (for years 2020, 2021 and 2022 only) and Philip V. Bancroft (for years 2020 and 2021 only). (b) For Mr. Greenberg, the following are the amounts deducted from and added to the Summary Compensation Table amount to derive the “compensation actually paid” as determined in accordance with SEC regulations: Year Summary Stock and option Year-end fair value Change in fair Change in fair Year-end fair value 1 Total 2023 $27,661,317 $(15,650,006) $16,955,424 $423,109 $(2,704,453) $9,017,626 $35,703,017 2022 $25,152,070 $(14,647,433) $18,365,019 $6,082,084 $1,955,057 $7,253,769 $44,160,566 2021 $23,181,184 $(13,121,951) $16,059,140 $7,561,095 $1,856,572 $6,492,703 $42,028,742 2020 $20,328,167 $(12,042,356) $13,053,849 $(53,169) $(11,308,342) $4,641,458 $14,619,607 1 Reflects year-end fair value of performance share Premium Awards at the end of the three-year performance period based on the probable outcome of satisfaction of performance criteria consistent with the fair value methodology to account for Premium Awards for financial reporting purposes in accordance with US GAAP. For 2023, 2022, 2021 and 2020, the table reflects performance share Premium Awards granted in 2021, 2020, 2019 and 2018, respectively. (c) For the other NEOs, the following are the amounts deducted from and added to the Summary Compensation Table amount to derive the “average compensation actually paid” as determined in accordance with SEC regulations: Year Summary Stock and option Year-end fair value Change in fair Change in fair Year-end fair value 1 Total 2 2023 $7,867,777 $(3,829,366) $4,169,896 $95,118 $(494,626) $1,644,466 $9,453,265 2022 $8,148,565 $(4,134,431) $5,183,762 $1,497,256 $459,212 $1,300,382 $12,454,746 2021 $7,014,834 $(3,592,519) $4,424,191 $1,545,637 $357,278 $1,210,662 $10,960,083 2020 $6,700,291 $(3,121,085) $3,383,235 $(14,102) $(2,435,364) $941,683 $5,454,658 1 Reflects year-end fair value of performance share Premium Awards at the end of the three-year performance period based on the probable outcome of satisfaction of performance criteria consistent with the fair value methodology to account for Premium Awards for financial reporting purposes in accordance with US GAAP. For 2023, 2022, 2021 and 2020, the table reflects performance share Premium Awards granted in 2021, 2020, 2019 and 2018, respectively. 2 No adjustment to the change in fair value of Mr. Krump’s pension benefit for 2020, 2021 and 2022 is required because benefit accruals in the Chubb Corp. Pension Plan and Chubb Corp. Pension Excess Benefit Plan were frozen effective as of December 31, 2019. Mr. Krump retired from the Company effective January 1, 2023. (d) For purposes of calculating cumulative total shareholder return (TSR) of the Company and peer group, (i) 2023 TSR is based on 2020-2023 results; (ii) 2022 TSR is based on 2020-2022 results, (iii) 2021 TSR is based on 2020-2021 results and (iv) 2020 TSR is based on 2020 results. The peer group used in this table is the Company’s Financial Performance Peer Group described elsewhere in this proxy statement. These companies for each period presented are The Allstate Corporation, American International Group, Inc., CNA Financial Corporation, The Hartford Financial Services Group, Inc., The Travelers Companies, Inc. and Zurich Insurance Group. The TSR of each company in the peer group has been weighted according to its respective stock market capitalization at the beginning of each period for which a TSR is provided. Calculations for both the Company and peer group include reinvested dividends. | |||
Company Selected Measure Name | Coreoperatingincome | |||
Named Executive Officers, Footnote | (a) The principal executive officer (PEO) for each year reflected in the table is Evan G. Greenberg, the Company’s Chairman and CEO. The non-PEO NEOs are John W. Keogh, John J. Lupica, Peter C. Enns (for years 2021, 2022 and 2023 only), Juan Luis Ortega (for year 2023 only), Sean Ringsted (for year 2023 only), Paul J. Krump (for years 2020, 2021 and 2022 only) and Philip V. Bancroft (for years 2020 and 2021 only). | |||
Peer Group Issuers, Footnote | (d) For purposes of calculating cumulative total shareholder return (TSR) of the Company and peer group, (i) 2023 TSR is based on 2020-2023 results; (ii) 2022 TSR is based on 2020-2022 results, (iii) 2021 TSR is based on 2020-2021 results and (iv) 2020 TSR is based on 2020 results. The peer group used in this table is the Company’s Financial Performance Peer Group described elsewhere in this proxy statement. These companies for each period presented are The Allstate Corporation, American International Group, Inc., CNA Financial Corporation, The Hartford Financial Services Group, Inc., The Travelers Companies, Inc. and Zurich Insurance Group. The TSR of each company in the peer group has been weighted according to its respective stock market capitalization at the beginning of each period for which a TSR is provided. Calculations for both the Company and peer group include reinvested dividends. | |||
PEO Total Compensation Amount | $ 27,661,317 | $ 25,152,070 | $ 23,181,184 | $ 20,328,167 |
PEO Actually Paid Compensation Amount | $ 35,703,017 | 44,160,566 | 42,028,742 | 14,619,607 |
Adjustment To PEO Compensation, Footnote | (b) For Mr. Greenberg, the following are the amounts deducted from and added to the Summary Compensation Table amount to derive the “compensation actually paid” as determined in accordance with SEC regulations: Year Summary Stock and option Year-end fair value Change in fair Change in fair Year-end fair value 1 Total 2023 $27,661,317 $(15,650,006) $16,955,424 $423,109 $(2,704,453) $9,017,626 $35,703,017 2022 $25,152,070 $(14,647,433) $18,365,019 $6,082,084 $1,955,057 $7,253,769 $44,160,566 2021 $23,181,184 $(13,121,951) $16,059,140 $7,561,095 $1,856,572 $6,492,703 $42,028,742 2020 $20,328,167 $(12,042,356) $13,053,849 $(53,169) $(11,308,342) $4,641,458 $14,619,607 1 Reflects year-end fair value of performance share Premium Awards at the end of the three-year performance period based on the probable outcome of satisfaction of performance criteria consistent with the fair value methodology to account for Premium Awards for financial reporting purposes in accordance with US GAAP. For 2023, 2022, 2021 and 2020, the table reflects performance share Premium Awards granted in 2021, 2020, 2019 and 2018, respectively. | |||
Non-PEO NEO Average Total Compensation Amount | $ 7,867,777 | 8,148,565 | 7,014,834 | 6,700,291 |
Non-PEO NEO Average Compensation Actually Paid Amount | $ 9,453,265 | 12,454,746 | 10,960,083 | 5,454,658 |
Adjustment to Non-PEO NEO Compensation Footnote | (c) For the other NEOs, the following are the amounts deducted from and added to the Summary Compensation Table amount to derive the “average compensation actually paid” as determined in accordance with SEC regulations: Year Summary Stock and option Year-end fair value Change in fair Change in fair Year-end fair value 1 Total 2 2023 $7,867,777 $(3,829,366) $4,169,896 $95,118 $(494,626) $1,644,466 $9,453,265 2022 $8,148,565 $(4,134,431) $5,183,762 $1,497,256 $459,212 $1,300,382 $12,454,746 2021 $7,014,834 $(3,592,519) $4,424,191 $1,545,637 $357,278 $1,210,662 $10,960,083 2020 $6,700,291 $(3,121,085) $3,383,235 $(14,102) $(2,435,364) $941,683 $5,454,658 1 Reflects year-end fair value of performance share Premium Awards at the end of the three-year performance period based on the probable outcome of satisfaction of performance criteria consistent with the fair value methodology to account for Premium Awards for financial reporting purposes in accordance with US GAAP. For 2023, 2022, 2021 and 2020, the table reflects performance share Premium Awards granted in 2021, 2020, 2019 and 2018, respectively. 2 No adjustment to the change in fair value of Mr. Krump’s pension benefit for 2020, 2021 and 2022 is required because benefit accruals in the Chubb Corp. Pension Plan and Chubb Corp. Pension Excess Benefit Plan were frozen effective as of December 31, 2019. Mr. Krump retired from the Company effective January 1, 2023. | |||
Compensation Actually Paid vs. Total Shareholder Return | ||||
Compensation Actually Paid vs. Net Income | Net Income and Core Operating Income to “Compensation Actually Paid” | |||
Compensation Actually Paid vs. Company Selected Measure | Net Income and Core Operating Income to “Compensation Actually Paid” | |||
Total Shareholder Return Vs Peer Group | ||||
Tabular List, Table | Most Important Financial Performance Measures Core operating income Core operating return on equity Core operating return on tangible equity P&C combined ratio Tangible book value per share growth | |||
Total Shareholder Return Amount | $ 156.73 | 150.44 | 129.69 | 101.42 |
Peer Group Total Shareholder Return Amount | 142.44 | 133.77 | 115.42 | 93.94 |
Net Income (Loss) | $ 9,028,000,000 | $ 5,246,000,000 | $ 8,525,000,000 | $ 3,533,000,000 |
Company Selected Measure Amount | 9,337,000,000 | 6,429,000,000 | 5,586,000,000 | 3,313,000,000 |
PEO Name | Evan G. Greenberg | |||
Percentage Of Core Operating Return On Equity | 15.40% | 11.10% | 9.90% | 6.20% |
Percentage Of Core Operating Return On Tangible Equity | 24.20% | 17% | 15.30% | 9.80% |
Percentage Of P&C Combined Ratio | 86.50% | 87.60% | 89.10% | 96.10% |
Percentage Of Tangible Book Value Per Share Growth | 21.30% | (20.40%) | 7.60% | 12.20% |
Measure:: 1 | ||||
Pay vs Performance Disclosure | ||||
Name | Core operating income | |||
Measure:: 2 | ||||
Pay vs Performance Disclosure | ||||
Name | Core operating return on equity | |||
Measure:: 3 | ||||
Pay vs Performance Disclosure | ||||
Name | Core operating return on tangible equity | |||
Measure:: 4 | ||||
Pay vs Performance Disclosure | ||||
Compensation Actually Paid vs. Other Measure | ||||
Name | P&C combined ratio | |||
Measure:: 5 | ||||
Pay vs Performance Disclosure | ||||
Compensation Actually Paid vs. Other Measure | ||||
Name | Tangible book value per share growth | |||
Measure:: 6 | ||||
Pay vs Performance Disclosure | ||||
Compensation Actually Paid vs. Other Measure | ||||
PEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ (15,650,006) | $ (14,647,433) | $ (13,121,951) | $ (12,042,356) |
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 16,955,424 | 18,365,019 | 16,059,140 | 13,053,849 |
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 423,109 | 6,082,084 | 7,561,095 | (53,169) |
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (2,704,453) | 1,955,057 | 1,856,572 | (11,308,342) |
PEO | Year-End Fair Value Of Premium Award Shares At The End Of Three-Year Performance Period [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 9,017,626 | 7,253,769 | 6,492,703 | 4,641,458 |
Non-PEO NEO | Equity Awards Value In Summary Compensation Table (Grant Date Value) [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (3,829,366) | (4,134,431) | (3,592,519) | (3,121,085) |
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 4,169,896 | 5,183,762 | 4,424,191 | 3,383,235 |
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | 95,118 | 1,497,256 | 1,545,637 | (14,102) |
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | (494,626) | 459,212 | 357,278 | (2,435,364) |
Non-PEO NEO | Year-End Fair Value Of Premium Award Shares At The End Of Three-Year Performance Period [Member] | ||||
Pay vs Performance Disclosure | ||||
Adjustment to Compensation, Amount | $ 1,644,466 | $ 1,300,382 | $ 1,210,662 | $ 941,683 |