
December 31, 2022	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,792	$	—	$	5	$	(171)	$	2,626
Non-U.S.	28,064		(59)		108		(2,205)		25,908
Corporate and asset-backed securities	40,547		(107)		49		(3,534)		36,955
Mortgage-backed securities	17,871		(3)		4		(2,021)		15,851
Municipal	4,081		—		8		(209)		3,880
	$	93,355	$	(169)	$	174	$	(8,140)	$	85,220


	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,417	$	—	$	1,417	$	1	$	(48)	$	1,370
Non-U.S.	1,140		(4)		1,136		—		(82)		1,054
Corporate and asset-backed securities	1,733		(28)		1,705		1		(126)		1,580
Mortgage-backed securities	1,456		(1)		1,455		—		(104)		1,351
Municipal	3,136		(1)		3,135		1		(52)		3,084
	$	8,882	$	(34)	$	8,848	$	3	$	(412)	$	8,439


December 31, 2021	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency	$	2,111	$	—	$	109	$	(6)	$	2,214
Non-U.S.	25,156		(8)		953		(272)		25,829
Corporate and asset-backed securities	37,844		(6)		1,410		(185)		39,063
Mortgage-backed securities	20,080		—		532		(123)		20,489
Municipal	5,302		—		216		(5)		5,513
	$	90,493	$	(14)	$	3,220	$	(591)	$	93,108


	Amortized Cost		Valuation Allowance		Net Carrying Value		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
Held to maturity
U.S. Treasury / Agency	$	1,213	$	—	$	1,213	$	34	$	(3)	$	1,244
Non-U.S.	1,201		(5)		1,196		66		—		1,262
Corporate and asset-backed securities	2,032		(28)		2,004		197		—		2,201
Mortgage-backed securities	1,731		(1)		1,730		74		(1)		1,803
Municipal	3,976		(1)		3,975		162		—		4,137
	$	10,153	$	(35)	$	10,118	$	533	$	(4)	$	10,647


					December 31
			2022				2021
(in millions of U.S. dollars, except for percentages)	Amortized cost		% of Total		Amortized cost		% of Total
AAA	$	1,612	18	%	$	2,089	21	%
AA	5,023		57	%	5,303		52	%
A	1,634		18	%	1,964		19	%
BBB	593		7	%	773		8	%
BB	20		—	%	23		—	%
Other	—		—	%	1		—	%
Total	$	8,882	100	%	$	10,153	100	%


					December 31
			2022				2021
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available for sale
Due in 1 year or less	$	2,962	$	2,962	$	4,498	$	4,498
Due after 1 year through 5 years	24,791		24,791		25,542		25,542
Due after 5 years through 10 years	26,679		26,679		28,207		28,207
Due after 10 years	14,937		14,937		14,372		14,372
	69,369		69,369		72,619		72,619
Mortgage-backed securities	15,851		15,851		20,489		20,489
	$	85,220	$	85,220	$	93,108	$	93,108
Held to maturity
Due in 1 year or less	$	1,015	$	1,003	$	888	$	894
Due after 1 year through 5 years	3,658		3,531		3,744		3,846
Due after 5 years through 10 years	1,460		1,423		2,242		2,349
Due after 10 years	1,260		1,131		1,514		1,755
	7,393		7,088		8,388		8,844
Mortgage-backed securities	1,455		1,351		1,730		1,803
	$	8,848	$	8,439	$	10,118	$	10,647

Fixed maturities in an unrealized loss position at December 31, 2022 and 2021 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase.

The following tables present, for AFS fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected 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
December 31, 2022	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	2,152	$	(125)	$	386	$	(46)	$	2,538	$	(171)
Non-U.S.	15,538		(1,012)		5,490		(704)		21,028		(1,716)
Corporate and asset-backed securities	25,687		(1,793)		4,190		(552)		29,877		(2,345)
Mortgage-backed securities	10,561		(1,033)		4,770		(941)		15,331		(1,974)
Municipal	3,251		(152)		155		(48)		3,406		(200)
Total AFS fixed maturities	$	57,189	$	(4,115)	$	14,991	$	(2,291)	$	72,180	$	(6,406)


	0 – 12 Months				Over 12 Months				Total
December 31, 2021	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	363	$	(3)	$	70	$	(3)	$	433	$	(6)
Non-U.S.	6,917		(196)		1,093		(62)		8,010		(258)
Corporate and asset-backed securities	9,449		(145)		806		(32)		10,255		(177)
Mortgage-backed securities	8,086		(116)		190		(7)		8,276		(123)
Municipal	226		(5)		—		—		226		(5)
Total AFS fixed maturities	$	25,041	$	(465)	$	2,159	$	(104)	$	27,200	$	(569)


	Year Ended December 31
(in millions of U.S. dollars)	2022		2021
Available for sale
Valuation allowance for expected credit losses - beginning of period	$	14	$	20

Provision for expected credit loss	237		14



Recovery of expected credit loss	(82)		(20)
Valuation allowance for expected credit losses - end of period	$	169	$	14
Held to maturity
Valuation allowance for expected credit losses - beginning of period	$	35	$	44

Provision for expected credit loss	2		1


Recovery of expected credit loss	(3)		(10)
Valuation allowance for expected credit losses - end of period	$	34	$	35


	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Fixed maturities:
Gross realized gains	$	619	$	142	$	244
Gross realized losses	(1,379)		(123)		(366)
Net (provision for) recovery of expected credit losses	(154)		14		11
Impairment (1)	(135)		(30)		(170)
Total fixed maturities	(1,049)		3		(281)
Equity securities	(230)		662		586

Other investments	(31)		111		(32)
Foreign exchange	393		348		(483)
Investment and embedded derivative instruments	(43)		(72)		81
Fair value adjustments on insurance derivative	(63)		316		(202)
S&P futures	187		(202)		(108)
Other derivative instruments	(11)		(8)		1
Other	(118)		(6)		(60)
Net realized gains (losses) (pre-tax)	$	(965)	$	1,152	$	(498)

Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available for sale	$	(10,583)	$	(2,901)	$	2,628
Fixed maturities held to maturity	(15)		(18)		(24)

Other	20		(19)		(12)
Income tax (expense) benefit	1,043		521		(462)
Change in net unrealized appreciation (depreciation) on investments (after-tax)	$	(9,535)	$	(2,417)	$	2,130


													Year Ended December 31
	2022						2021						2020
(in millions of U.S. dollars)	Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total		Equity Securities		Other Investments		Total
Net gains (losses) recognized during the period	$	(230)	$	(31)	$	(261)	$	662	$	111	$	773	$	586	$	(32)	$	554
Less: Net gains recognized from sales of securities	409		—		409		157		—		157		455		—		455
Unrealized gains (losses) recognized for securities still held at reporting date	$	(639)	$	(31)	$	(670)	$	505	$	111	$	616	$	131	$	(32)	$	99


	December 31
(in millions of U.S. dollars)	2022		2021
Alternative investments:
Partially-owned investment companies	$	10,527	$	9,210
Limited partnerships	1,455		631
Investment funds	373		267
Alternative investments	12,355		10,108
Life insurance policies	399		481
Policy loans	343		243
Non-qualified separate account assets (1)	223		278
Other	376		59
Total	$	13,696	$	11,169

Alternative investments include partially-owned investment companies, investment funds, and limited partnerships measured at fair value using net asset value (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:


						December 31
		2022				2021
(in millions of U.S. dollars)	Expected Liquidation Period of Underlying Assets	Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,074	$	505	$	1,096	$	267
Real assets	2 to 13 Years	2,166		681		1,193		766
Distressed	2 to 8 Years	1,048		755		753		641
Private credit	3 to 8 Years	215		429		84		279
Traditional	2 to 14 Years	7,424		5,025		6,647		5,200
Vintage	1 to 2 Years	55		—		68		—
Investment funds	Not Applicable	373		—		267		—
		$	12,355	$	7,395	$	10,108	$	7,153

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

Included in partially-owned investment companies and limited partnerships are 168 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio.

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 are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.



	December 31, 2022						December 31, 2021
(in millions of U.S. dollars, except for percentages)	Carrying Value		Goodwill		Direct Ownership Percentage		Carrying Value		Goodwill		Direct Ownership Percentage		Domicile
Huatai Group	$	2,490	$	1,247	47	%	$	2,698	$	1,355	47	%	China
Huatai Life Insurance Company	215		65		20	%	253		71		20	%	China
Freisenbruch-Meyer	11		3		40	%	10		3		40	%	Bermuda
Chubb Arabia Cooperative Insurance Company	24		—		30	%	23		—		30	%	Saudi Arabia
Russian Reinsurance Company	—		—		23	%	4		—		23	%	Russia
ABR Reinsurance Ltd.	137		—		19	%	142		—		17	%	Bermuda

Total	$	2,877	$	1,315			$	3,130	$	1,429

Chubb’s aggregate direct and indirect ownership in Huatai Life is 57.7 percent, comprising 20 percent direct and 37.7 percent indirect ownership interest at December 31, 2022. The table above excludes the 16.9 percent of additional ownership in Huatai Group that was acquired in January 2023 and 22.0 percent that is pending completion of certain closing conditions. Refer to Note 2 for additional information.


	Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
Fixed maturities (1)	$	3,594	$	3,300	$	3,321
Short-term investments	81		35		48
Other interest income	42		11		19
Equity securities	99		150		81
Other investments	104		147		82
Gross investment income (1)	3,920		3,643		3,551
Investment expenses	(178)		(187)		(176)
Net investment income (1)	$	3,742	$	3,456	$	3,375
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(41)	$	(84)	$	(116)

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 are investments, primarily fixed maturities, totaling $15,721 million and $17,092 million, and cash of $115 million and $152 million, at December 31, 2022 and 2021, respectively.


			December 31
(in millions of U.S. dollars)	2022		2021
Trust funds	$	8,120	$	9,915
Deposits with U.S. regulatory authorities	2,345		2,402
Deposits with non-U.S. regulatory authorities	2,959		2,873
Assets pledged under repurchase agreements	1,527		1,420
Other pledged assets	885		634
Total	$	15,836	$	17,244