Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

Dividends Declared

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

	Three Months Ended						Six Months Ended
	June 30						June 30
	2023			2022			2023			2022
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.77	$	0.86	0.80	$	0.83	1.54	$	1.69	1.54	$	1.63

Share Repurchase Program [Table Text Block]

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:

	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share data)	2023		2022		2023		2022
Number of shares repurchased	3,674,300		5,476,300		5,684,700		10,346,200
Cost of shares repurchased	$	724	$	1,129	$	1,152	$	2,130
Repurchase authorization remaining at end of period (1)	$	—	$	2,500	$	—	$	2,500

(1) As of June 30, 2023, $474 million expired under the May 2022 $2.5 billion share repurchase authorization.

Schedule of Accumulated Other Comprehensive Income (Loss)

The following table presents changes in accumulated other comprehensive income (loss):

	Three Months Ended				Six Months Ended
	June 30				June 30
	2023		2022		2023		2022
(in millions of U.S. dollars)			As Adjusted				As Adjusted
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(5,659)	$	(1,584)	$	(7,279)	$	2,256
Change in period, before reclassification from AOCI (before tax)	(1,301)		(4,786)		305		(9,574)
Amounts reclassified from AOCI (before tax)	107		442		287		578
Change in period, before tax	(1,194)		(4,344)		592		(8,996)
Income tax (expense) benefit	44		215		(122)		1,027
Balance – end of period, net of tax	(6,809)		(5,713)		(6,809)		(5,713)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(205)		(997)		(75)		(1,399)
Change in period, before tax	(35)		632		(186)		1,067
Income tax (expense) benefit	(7)		(62)		14		(95)
Balance – end of period, net of tax	(247)		(427)		(247)		(427)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(27)		(34)		(24)		(57)
Change in period, before and net of tax	11		17		8		40
Balance – end of period, net of tax	(16)		(17)		(16)		(17)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(3,136)		(2,043)		(2,966)		(2,114)
Change in period, before reclassification from AOCI (before tax)	219		(756)		45		(689)
Amounts reclassified from AOCI (before tax)	(4)		—		(7)		—
Change in period, before tax	215		(756)		38		(689)
Income tax benefit	1		31		8		35
Balance – end of period, net of tax	(2,920)		(2,768)		(2,920)		(2,768)
Fair value hedging instruments
Balance – beginning of period, net of tax	(92)		—		(66)		—
Change in period, before reclassification from AOCI (before tax)	57		—		40		—
Amounts reclassified from AOCI (before tax)	(7)		—		(23)		—
Change in period, before tax	50		—		17		—
Income tax expense	(11)		—		(4)		—
Balance – end of period, net of tax	(53)		—		(53)		—
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	224		255		225		240
Change in period, before tax	(2)		5		(2)		24
Income tax (expense) benefit	1		(1)		—		(5)
Balance – end of period, net of tax	223		259		223		259
Accumulated other comprehensive income (loss)	$	(9,822)	$	(8,666)	$	(9,822)	$	(8,666)

Reclassification out of Accumulated Other Comprehensive Income

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:

	Three Months Ended				Six Months Ended				Consolidated Statement of Operations Location
	June 30				June 30
(in millions of U.S. dollars)	2023		2022		2023		2022
Fixed maturities available for sale	$	(107)	$	(442)	$	(287)	$	(578)	Net realized gains (losses)
Income tax benefit	16		77		34		99		Income tax expense
	$	(91)	$	(365)	$	(253)	$	(479)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	4	$	—	$	7	$	—	Interest expense
Income tax expense	—		—		(1)		—		Income tax expense
	$	4	$	—	$	6	$	—	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	11	$	—	$	31	$	—	Net realized gains (losses)
Cross-currency swaps	(4)		—		(8)		—		Interest expense
Income tax expense	(2)		—		(5)		—		Income tax expense
	$	5	$	—	$	18	$	—	Net income
Total amounts reclassified from AOCI	$	(82)	$	(365)	$	(229)	$	(479)