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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2022
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from             to             
Commission File No. 1-11778
CHUBB LIMITED
(Exact name of registrant as specified in its charter)
Switzerland98-0091805
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)
+41 (0)43 456 76 00
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value CHF 24.15 per shareCBNew York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024CB/24ANew York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027CB/27New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028CB/28New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029CB/29ANew York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031CB/31New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038CB/38ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑                                                 No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☑                                                 No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐                                               No  ☑
The number of registrant’s Common Shares (CHF 24.15 par value) outstanding as of October 21, 2022 was 415,050,274.

Table of Contents

CHUBB LIMITED
INDEX TO FORM 10-Q


 
   
Part I.FINANCIAL INFORMATIONPage
Item 1.
Note 1.
Note 2.
Note 3.
Note 4.
Note 5.
Note 6.
Note 7.
Note 8.
Note 9.
Note 10.
Note 11.
Note 12.
Note 13.
Note 14.
Item 2.
Item 3.
Item 4.
Part II.OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 6.
2
Table of Contents

PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries
September 30December 31
(in millions of U.S. dollars, except share and per share data)20222021
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $147 and $14
    (amortized cost – $93,316 and $90,493)
$83,741 $93,108 
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $33 and $35
    (fair value – $8,491 and $10,647)
8,976 10,118 
Equity securities, at fair value844 4,782 
Short-term investments, at fair value (amortized cost – $4,536 and $3,147)
4,534 3,146 
Other investments, at fair value13,645 11,169 
Total investments111,740 122,323 
Cash2,128 1,659 
Restricted cash136 152 
Securities lending collateral1,626 1,831 
Accrued investment income900 821 
Insurance and reinsurance balances receivable, net of valuation allowance - $51 and $46
12,853 11,322 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $352 and $329
18,754 17,366 
Reinsurance recoverable on policy benefits297 213 
Deferred policy acquisition costs5,578 5,513 
Value of business acquired3,324 236 
Goodwill16,107 15,213 
Other intangible assets5,383 5,455 
Prepaid reinsurance premiums3,265 3,028 
Investments in partially-owned insurance companies2,943 3,130 
Other assets13,077 11,792 
Total assets$198,111 $200,054 
Liabilities
Unpaid losses and loss expenses$75,992 $72,943 
Unearned premiums20,520 19,101 
Future policy benefits9,586 5,947 
Insurance and reinsurance balances payable7,829 7,243 
Securities lending payable1,626 1,831 
Accounts payable, accrued expenses, and other liabilities16,673 15,004 
Deferred tax liabilities2 389 
Repurchase agreements2,417 1,406 
Short-term debt1,475 999 
Long-term debt14,044 15,169 
Trust preferred securities308 308 
Total liabilities150,472 140,340 
Commitments and contingencies (refer to Note 8)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 446,376,614 and 474,021,114 shares issued; 415,020,484 and 426,572,612 shares outstanding)
10,346 10,985 
Common Shares in treasury (31,356,130 and 47,448,502 shares)
(4,978)(7,464)
Additional paid-in capital7,429 8,478 
Retained earnings47,022 47,365 
Accumulated other comprehensive income (loss) (AOCI)(12,180)350 
Total shareholders’ equity47,639 59,714 
Total liabilities and shareholders’ equity$198,111 $200,054 
See accompanying notes to the Consolidated Financial Statements

3
Table of Contents

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except per share data)2022202120222021
Revenues
Net premiums written$12,020 $10,510 $31,521 $28,718 
Increase in unearned premiums(485)(510)(1,683)(1,684)
Net premiums earned11,535 10,000 29,838 27,034 
Net investment income979 866 2,689 2,613 
Net realized gains (losses) (384)(21)(787)833 
Total revenues12,130 10,845 31,740 30,480 
Expenses
Losses and loss expenses7,279 6,629 17,474 16,688 
Policy benefits486 151 790 503 
Policy acquisition costs1,975 1,778 5,451 5,141 
Administrative expenses883 806 2,479 2,325 
Interest expense150 122 416 366 
Other (income) expense188 (763)(21)(2,030)
Amortization of purchased intangibles69 71 211 216 
Cigna integration expenses23 — 26 — 
Total expenses11,053 8,794 26,826 23,209 
Income before income tax1,077 2,051 4,914 7,271 
Income tax expense265 218 913 873 
Net income $812 $1,833 $4,001 $6,398 
Other comprehensive income (loss)
Change in:
Unrealized depreciation$(3,045)$(554)$(12,041)$(2,177)
Cumulative foreign currency translation adjustment(966)(414)(1,676)(84)
Other, including postretirement benefit liability adjustment(59)4 (35)(33)
Other comprehensive loss, before income tax(4,070)(964)(13,752)(2,294)
Income tax benefit related to OCI items165 120 1,222 403 
Other comprehensive loss(3,905)(844)(12,530)(1,891)
Comprehensive income (loss)$(3,093)$989 $(8,529)$4,507 
Earnings per share
Basic earnings per share$1.95 $4.21 $9.50 $14.42 
Diluted earnings per share$1.94 $4.18 $9.41 $14.33 
See accompanying notes to the Consolidated Financial Statements
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2022202120222021
Common Shares
Balance – beginning of period$10,666 $11,064 $10,985 $11,064 
Cancellation of treasury shares(320)(79)(639)(79)
Balance – end of period10,346 10,985 10,346 10,985 
Common Shares in treasury
Balance – beginning of period(6,794)(5,772)(7,464)(3,644)
Common Shares repurchased(685)(1,516)(2,815)(3,956)
Cancellation of treasury shares2,473 590 4,983 590 
Net shares issued under employee share-based compensation plans28 77 318 389 
Balance – end of period(4,978)(6,621)(4,978)(6,621)
Additional paid-in capital
Balance – beginning of period7,707 9,046 8,478 9,815 
Net shares redeemed (issued) under employee share-based
   compensation plans		10 (2)(185)(184)
Exercise of stock options(8)(15)(35)(45)
Share-based compensation expense66 69 205 216 
Funding of dividends declared to Retained earnings(346)(346)(1,034)(1,050)
Balance – end of period7,429 8,752 7,429 8,752 
Retained earnings
Balance – beginning of period48,363 43,902 47,365 39,337 
Net income812 1,833 4,001 6,398 
Cancellation of treasury shares(2,153)(511)(4,344)(511)
Funding of dividends declared from Additional paid-in capital346 346 1,034 1,050 
Dividends declared on Common Shares(346)(346)(1,034)(1,050)
Balance – end of period47,022 45,224 47,022 45,224 
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period(8,275)1,822 350 2,869 
Total other comprehensive loss(3,905)(844)(12,530)(1,891)
Balance – end of period(12,180)978 (12,180)978 
Total shareholders’ equity$47,639 $59,318 $47,639 $59,318 
See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries

Nine Months Ended
September 30
(in millions of U.S. dollars)20222021
Cash flows from operating activities
Net income$4,001 $6,398 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses787 (833)
Amortization of premiums/discounts on fixed maturities185 242 
Amortization of purchased intangibles211 216 
Equity in net income of partially-owned entities (192)(2,073)
Deferred income taxes(7)(268)
Unpaid losses and loss expenses4,848 4,907 
Unearned premiums2,035 2,032 
Future policy benefits40 163 
Insurance and reinsurance balances payable559 408 
Accounts payable, accrued expenses, and other liabilities573 45 
Income taxes payable(108)212 
Insurance and reinsurance balances receivable(1,756)(1,257)
Reinsurance recoverable(1,881)(1,071)
Deferred policy acquisition costs(320)(208)
Other(383)(364)
Net cash flows from operating activities8,592 8,549 
Cash flows from investing activities
Purchases of fixed maturities available for sale(23,533)(23,028)
Purchases of fixed maturities held to maturity(454)(434)
Purchases of equity securities(837)(799)
Sales of fixed maturities available for sale14,142 5,225 
Sales of equity securities4,453 750 
Maturities and redemptions of fixed maturities available for sale7,882 13,710 
Maturities and redemptions of fixed maturities held to maturity1,357 1,488 
Net change in short-term investments(1,106)809 
Net derivative instruments settlements(52)(66)
Private equity contributions(2,194)(1,872)
Private equity distributions649 891 
Acquisition of subsidiaries (net of cash acquired of $366 and nil)
(4,982)— 
Payment for Huatai Group interest(113)(208)
Other(414)(217)
Net cash flows used for investing activities(5,202)(3,751)
Cash flows from financing activities
Dividends paid on Common Shares(1,030)(1,056)
Common Shares repurchased(2,783)(3,941)
Proceeds from issuance of repurchase agreements3,552 1,405 
Repayment of repurchase agreements(2,554)(1,405)
Proceeds from share-based compensation plans198 239 
Policyholder contract deposits and other357 365 
Policyholder contract withdrawals and other(362)(331)
Tax withholding payments for share-based compensation plans(100)(81)
Net cash flows used for financing activities(2,722)(4,805)
Effect of foreign currency rate changes on cash and restricted cash(215)(33)
Net increase (decrease) in cash and restricted cash453 (40)
Cash and restricted cash – beginning of period1,811 1,836 
Cash and restricted cash – end of period$2,264 $1,796 
Supplemental cash flow information
Taxes paid$964 $931 
Interest paid$339 $316 
See accompanying notes to the Consolidated Financial Statements
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Chubb Limited and Subsidiaries


1. 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 13 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 2021 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:
September 30December 31
(in millions of U.S. dollars)20222021
Cash$2,128 $1,659 
Restricted cash136