Segment information (Tables)

12 Months Ended

Dec. 31, 2022

The following tables present the Statement of Operations by segment:


For the Year Ended December 31, 2022 (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		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	17,889	$	5,313	$	2,907	$	11,060	$	943	$	3,643	$	—	$	—	$	41,755
Net premiums earned	17,107		5,180		2,838		10,803		922		3,539		—		—		40,389
Losses and loss expenses	10,828		3,186		2,557		5,252		670		497		363		(11)		23,342
Policy benefits	—		—		—		—		—		1,534		—		(42)		1,492
Policy acquisition costs	2,313		1,057		126		2,818		240		838		—		—		7,392
Administrative expenses	1,113		291		(10)		1,070		36		510		385		—		3,395
Underwriting income (loss)	2,853		646		165		1,663		(24)		160		(748)		53		4,768
Net investment income	2,247		283		36		626		281		509		—		(240)		3,742
Other (income) expense	17		4		1		2		1		(45)		292		(198)		74
Amortization expense of purchased intangibles	—		10		26		57		—		10		182		—		285
Segment income (loss)	$	5,083	$	915	$	174	$	2,230	$	256	$	704	$	(1,222)	$	11	$	8,151
Net realized gains (losses)													(954)		(11)		(965)
Interest expense													570		—		570
Cigna integration expenses													48		—		48
Income tax expense													1,255		—		1,255
Net income (loss)													$	(4,049)	$	—	$	5,313


For the Year Ended December 31, 2021 (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		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	16,415	$	5,002	$	2,388	$	10,713	$	873	$	2,477	$	—	$	—	$	37,868
Net premiums earned	15,461		4,915		2,338		10,441		798		2,402		—		—		36,355
Losses and loss expenses	10,015		2,924		1,962		5,143		632		740		572		(8)		21,980
Policy benefits	—		—		—		—		—		707		—		(8)		699
Policy acquisition costs	2,082		1,001		124		2,799		200		712		—		—		6,918
Administrative expenses	1,052		276		(3)		1,078		35		333		365		—		3,136
Underwriting income (loss)	2,312		714		255		1,421		(69)		(90)		(937)		16		3,622
Net investment income (loss)	2,078		249		28		597		331		407		(55)		(179)		3,456
Other (income) expense	31		(2)		1		—		—		(106)		(2,118)		(171)		(2,365)
Amortization expense of purchased intangibles	—		10		26		48		—		5		198		—		287
Segment income	$	4,359	$	955	$	256	$	1,970	$	262	$	418	$	928	$	8	$	9,156
Net realized gains (losses)													1,160		(8)		1,152
Interest expense													492		—		492

Income tax expense													1,277		—		1,277
Net income													$	319	$	—	$	8,539


For the Year Ended December 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		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	14,474	$	4,920	$	1,846	$	9,335	$	731	$	2,514	$	—	$	—	$	33,820
Net premiums earned	13,964		4,866		1,822		9,285		698		2,482		—		—		33,117
Losses and loss expenses	10,129		3,187		1,544		5,255		435		724		435		1		21,710
Policy benefits	—		—		—		—		—		726		—		58		784
Policy acquisition costs	1,942		974		123		2,568		174		766		—		—		6,547
Administrative expenses	1,006		270		9		1,034		37		320		303		—		2,979
Underwriting income (loss)	887		435		146		428		52		(54)		(738)		(59)		1,097
Net investment income (loss)	2,061		260		30		534		307		385		(87)		(115)		3,375
Other (income) expense	23		5		1		13		2		(74)		(791)		(173)		(994)
Amortization expense of purchased intangibles	—		11		27		45		—		4		203		—		290
Segment income (loss)	$	2,925	$	679	$	148	$	904	$	357	$	401	$	(237)	$	(1)	$	5,176
Net realized gains (losses)													(499)		1		(498)
Interest expense													516		—		516

Income tax expense													629		—		629
Net income (loss)													$	(1,881)	$	—	$	3,533

The following table presents net premiums earned for each segment by line of business:



	For the Year Ended December 31
(in millions of U.S. dollars)	2022		2021		2020
North America Commercial P&C Insurance
Property & other short-tail lines	$	3,383	$	2,942	$	2,423
Casualty & all other	13,056		11,905		10,812
A&H	668		614		729
Total North America Commercial P&C Insurance	17,107		15,461		13,964
North America Personal P&C Insurance
Personal automobile	811		781		822
Personal homeowners	3,557		3,384		3,327
Personal other	812		750		717
Total North America Personal P&C Insurance	5,180		4,915		4,866
North America Agricultural Insurance	2,838		2,338		1,822
Overseas General Insurance
Property & other short-tail lines	3,382		3,105		2,468
Casualty & all other	3,232		3,114		2,738
Personal lines	2,020		2,109		1,981
A&H	2,169		2,113		2,098
Total Overseas General Insurance	10,803		10,441		9,285
Global Reinsurance
Property	211		151		104
Property catastrophe	208		190		173
Casualty & all other	503		457		421
Total Global Reinsurance	922		798		698
Life Insurance
Life	1,484		1,320		1,317
A&H	2,055		1,082		1,165
Total Life Insurance	3,539		2,402		2,482
Total net premiums earned	$	40,389	$	36,355	$	33,117

The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:

(1) Europe includes Middle East and Africa regions.