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 loss and loss expenses of asbestos and environmental (A&E) liabilities.

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 measures 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 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, 2019, underwriting income in our North America Agricultural Insurance segment was $73 million. This amount includes $1 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 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. For example, for the three months ended March 31, 2019, Life Insurance underwriting income of $75 million includes Net investment income of $89 million and gains from fair value changes in separate account assets of $30 million. The gains 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, 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



For the Three Months Ended March 31, 2018 (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	$	2,812		$	1,048		$	108		$	2,384	$	193		$	559		$	—		$	7,104
Net premiums earned	3,029			1,140			43			2,107		168			540			—			7,027
Losses and loss expenses	1,908			886			(53		)	1,078		67			205			11			4,102
Policy benefits	—			—			—			—		—			151			—			151
Policy acquisition costs	472			237			(1		)	588		40			128			—			1,464
Administrative expenses	231			65			(3		)	239		10			78			72			692
Underwriting income (loss)	418			(48		)	100			202		51			(22		)	(83		)	618
Net investment income (loss)	503			59			7			151		64			83			(61		)	806
Other (income) expense	(6		)	—			—			7		(7		)	(4		)	(37		)	(47		)
Amortization expense of purchased intangibles	—			3			7			10		—			1			64			85
Segment income (loss)	$	927		$	8		$	100		$	336	$	122		$	64		$	(171	)	$	1,386
Net realized gains (losses) including OTTI																		(2		)	(2		)
Interest expense																		157			157
Chubb integration expenses																		10			10
Income tax expense																		135			135
Net income (loss)																		$	(475	)	$	1,082

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.