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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 June 30, 2023
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 0.50 per share
CBNew 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 filerSmaller 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 0.50 par value) outstanding as of July 21, 2023 was 410,734,972.


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.
Note 15.
Note 16.
Note 17.
Note 18.
Note 19.
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
June 30December 31
20232022
(in millions of U.S. dollars, except share and per share data)As Adjusted
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $193 and $169
    (amortized cost – $104,224 and $93,355)
$96,789 $85,220 
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - nil and $34
    (fair value – nil and $8,439)
 8,848 
Equity securities, at fair value1,043 827 
Short-term investments, at fair value (amortized cost – $4,099 and $4,962)
4,097 4,960 
Other investments, at fair value14,707 13,696 
Total investments116,636 113,551 
Cash2,285 2,012 
Restricted cash90 115 
Securities lending collateral1,525 1,523 
Accrued investment income983 941 
Insurance and reinsurance balances receivable, net of valuation allowance - $52 and $52
14,128 11,933 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $361 and $351
18,398 18,859 
Reinsurance recoverable on policy benefits315 302 
Deferred policy acquisition costs6,666 6,031 
Value of business acquired3,575 3,702 
Goodwill16,322 16,228 
Other intangible assets5,320 5,441 
Prepaid reinsurance premiums3,599 3,136 
Investments in partially-owned insurance companies3,542 2,507 
Separate account assets5,574 5,190 
Other assets6,490 7,546 
Total assets$205,448 $199,017 
Liabilities
Unpaid losses and loss expenses$76,480 $75,747 
Unearned premiums21,860 19,713 
Future policy benefits11,064 10,476 
Market risk benefits722 800 
Policyholders' account balances3,215 3,140 
Separate account liabilities5,574 5,190 
Insurance and reinsurance balances payable8,429 7,780 
Securities lending payable1,525 1,523 
Accounts payable, accrued expenses, and other liabilities6,864 7,148 
Deferred tax liabilities533 377 
Repurchase agreements1,518 1,419 
Short-term debt699 475 
Long-term debt13,782 14,402 
Trust preferred securities308 308 
Total liabilities152,573 148,498 
Commitments and contingencies (refer to Note 13)
Shareholders’ equity
Common Shares (CHF 0.50 and 24.15 par value; 431,451,586 and 446,376,614 shares issued; 410,691,354 and 414,594,856 shares outstanding)
241 10,346 
Common Shares in treasury (20,760,232 and 31,781,758 shares)
(3,174)(5,113)
Additional paid-in capital16,163 7,166 
Retained earnings49,467 48,305 
Accumulated other comprehensive income (loss) (AOCI)(9,822)(10,185)
Total shareholders’ equity52,875 50,519 
Total liabilities and shareholders’ equity$205,448 $199,017 
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 EndedSix Months Ended
June 30June 30
2023202220232022
(in millions of U.S. dollars, except per share data)As AdjustedAs Adjusted
Revenues
Net premiums written$11,951 $10,293 $22,661 $19,482 
Increase in unearned premiums(952)(744)(1,520)(1,196)
Net premiums earned10,999 9,549 21,141 18,286 
Net investment income1,145 888 2,252 1,710 
Net realized gains (losses) (304)(503)(381)(480)
Market risk benefits gains (losses)(7)(33)(122)16 
Total revenues11,833 9,901 22,890 19,532 
Expenses
Losses and loss expenses5,683 5,206 10,831 9,770 
Policy benefits (includes remeasurement losses of $5, nil, $4, and $6)
830 361 1,627 734 
Policy acquisition costs2,016 1,726 3,964 3,445 
Administrative expenses969 818 1,899 1,596 
Interest expense165 134 325 266 
Other (income) expense(100)101 (396)(211)
Amortization of purchased intangibles70 71 142 142 
Cigna integration expenses15 3 37 3 
Total expenses9,648 8,420 18,429 15,745 
Income before income tax2,185 1,481 4,461 3,787 
Income tax expense392 291 776 644 
Net income $1,793 $1,190 $3,685 $3,143 
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)$(1,194)$(4,344)$592 $(8,996)
Current discount rate on future policy benefits(35)632 (186)1,067 
Instrument-specific credit risk on market risk benefits11 17 8 40 
Cumulative foreign currency translation adjustment215 (756)38 (689)
Other, including postretirement benefit liability adjustment48 5 15 24 
Other comprehensive income (loss), before income tax(955)(4,446)467 (8,554)
Income tax (expense) benefit related to OCI items28 183 (104)962 
Other comprehensive income (loss)(927)(4,263)363 (7,592)
Comprehensive income (loss)$866 $(3,073)$4,048 $(4,449)
Earnings per share
Basic earnings per share$4.35 $2.82 $8.92 $7.42 
Diluted earnings per share$4.32 $2.80 $8.84 $7.35 
See accompanying notes to the Consolidated Financial Statements
4

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedSix Months Ended
June 30June 30
2023202220232022
(in millions of U.S. dollars)As AdjustedAs Adjusted
Common Shares
Balance – beginning of period$10,346 $10,666 $10,346 $10,985 
Par value reduction(9,759) (9,759) 
Cancellation of treasury shares(346) (346)(319)
Balance – end of period241 10,666 241 10,666 
Common Shares in treasury
Balance – beginning of period(5,341)(5,700)(5,113)(7,464)
Common Shares repurchased(724)(1,129)(1,152)(2,130)
Cancellation of treasury shares2,869  2,869 2,510 
Net shares issued under employee share-based compensation plans22 35 222 290 
Balance – end of period(3,174)(6,794)(3,174)(6,794)
Additional paid-in capital
Balance – beginning of period6,680 7,988 7,166 8,478 
Net shares redeemed (issued) under employee share-based
   compensation plans
5 4 (206)(195)
Exercise of stock options (6)(13)(27)
Share-based compensation expense73 69 155 139 
Par value reduction9,759  9,759  
Funding of dividends declared to Retained earnings(354)(348)(698)(688)
Balance – end of period16,163 7,707 16,163 7,707 
Retained earnings
Balance – beginning of period50,197 47,165 48,305 47,403 
Net income1,793 1,190 3,685 3,143 
Cancellation of treasury shares(2,523) (2,523)(2,191)
Funding of dividends declared from Additional paid-in capital354 348 698 688 
Dividends declared on Common Shares(354)(348)(698)(688)
Balance – end of period49,467 48,355 49,467 48,355 
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period(8,895)(4,403)(10,185)(1,074)
Other comprehensive income (loss)(927)(4,263)363 (7,592)
Balance – end of period(9,822)(8,666)(9,822)(8,666)
Total shareholders’ equity$52,875 $51,268 $52,875 $51,268 
See accompanying notes to the Consolidated Financial Statements















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

Six Months Ended
June 30
20232022
(in millions of U.S. dollars)As Adjusted
Cash flows from operating activities
Net income$3,685 $3,143 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses381 480 
Market risk benefits (gains) losses122 (16)
Amortization of premiums/discounts on fixed maturities(38)148 
Amortization of purchased intangibles142 142 
Equity in net income of partially-owned entities (460)(291)
Deferred income taxes43 108 
Unpaid losses and loss expenses561 1,949 
Unearned premiums1,913 1,554 
Future policy benefits351 99 
Insurance and reinsurance balances payable588 670 
Accounts payable, accrued expenses, and other liabilities(388)67 
Income taxes payable(38)(83)
Insurance and reinsurance balances receivable(2,044)(1,560)
Reinsurance recoverable455 (642)
Deferred policy acquisition costs(546)(232)
Other39 (370)
Net cash flows from operating activities4,766 5,166 
Cash flows from investing activities
Purchases of fixed maturities available for sale(12,800)(13,474)
Purchases of fixed maturities held to maturity(208)(380)
Purchases of equity securities(240)(664)
Sales of fixed maturities available for sale7,229 8,053 
Sales of equity securities81 2,445 
Maturities and redemptions of fixed maturities available for sale3,203 5,753 
Maturities and redemptions of fixed maturities held to maturity708 820 
Net change in short-term investments898 (340)
Net derivative instruments settlements(63)117 
Private equity contributions(1,046)(1,287)
Private equity distributions568 448 
Acquisition of subsidiaries(23) 
Payment for Huatai Group interest(229)(113)
Other(340)(253)
Net cash flows from (used for) investing activities(2,262)1,125 
Cash flows from financing activities
Dividends paid on Common Shares(688)(681)
Common Shares repurchased(1,267)(2,127)
Proceeds from issuance of repurchase agreements3,774 3,002 
Repayment of long-term debt(475) 
Repayment of repurchase agreements(3,674)(1,000)
Proceeds from share-based compensation plans102 170 
Policyholder contract deposits170 188 
Policyholder contract withdrawals(101)(144)
Tax withholding payments for share-based compensation plans(97)(98)
Other(56)(35)
Net cash flows used for financing activities(2,312)(725)
Effect of foreign currency rate changes on cash and restricted cash56 (138)
Net increase in cash and restricted cash248 5,428 
Cash and restricted cash – beginning of period2,127 1,811 
Cash and restricted cash – end of period$2,375 $7,239 
Supplemental cash flow information
Taxes paid$753 $612 
Interest paid$306 $290 
See accompanying notes to the Consolidated Financial Statements
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Chubb Limited and Subsidiaries


1. General and significant accounting policies

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 18 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 2022 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:
June 30December 31
(in millions of U.S. dollars)20232022
Cash$2,285 $2,012 
Restricted cash90 115 
Total cash and restricted cash shown in the Consolidated statements of cash flows$2,375 $2,127 




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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

c) Accounting guidance adopted in 2023
Targeted Improvements to the Accounting for Long-Duration Contracts
Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures.

With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is updated to remove any amounts related to changes to the original discount rate at January 1, 2021 (the transition date) in AOCI and future cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021.

On January 1, 2021, we recognized a cumulative effect adjustment and increased beginning retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders’ account balances, Note 11 Market risk benefits, and Note 12 Separate accounts.

The impact of adoption of the new guidance on our historical financial statements is as follows:

December 31, 2022
(in millions of U.S. dollars)As Previously ReportedLDTI Adoption AdjustmentAs
Adjusted
Consolidated balance sheet
Reinsurance recoverable on losses and loss expenses$18,901 $(42)$18,859 
Reinsurance recoverable on policy benefits303 (1)302 
Deferred policy acquisition costs5,788 243 6,031 
Value of business acquired3,596 106 3,702 
Prepaid reinsurance premiums3,140 (4)3,136 
Investments in partially-owned insurance companies2,877 (370)2,507 
Unpaid losses and loss expenses76,323 (576)75,747 
Unearned premiums20,360 (647)19,713 
Future policy benefits 10,120 356 10,476 
Market risk benefits 800 800 
Insurance and reinsurance balances payable7,795 (15)7,780 
Deferred tax liabilities292 85 377 
Retained Earnings48,334 (29)48,305 
Accumulated other comprehensive income (loss)(10,193)8 (10,185)

Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

Three Months EndedSix Months Ended
June 30, 2022June 30, 2022
(in millions of U.S. dollars)As Previously ReportedLDTI Adoption AdjustmentAs
Adjusted
As Previously ReportedLDTI Adoption AdjustmentAs
Adjusted
Consolidated statements of operations and comprehensive income
Net premiums written$10,302 $(9)$10,293 $19,501 $(19)$19,482 
Net premiums earned9,557 (8)9,549 18,303 (17)18,286 
Net realized gains (losses) (504)1 (503)(403)(77)(480)
Market risk benefits gains (losses)  (33)(33) 16 16 
Losses and loss expenses5,408 (202)5,206 10,195 (425)9,770 
Policy benefits159 202 361 304 430 734 
Policy acquisition costs1,739 (13)1,726 3,476 (31)3,445 
Other (income) expense101  101 (209)(2)(211)
Income tax expense293 (2)291 648 (4)644 
Net Income1,215 (25)1,190 3,189 (46)3,143 
Other comprehensive income
Change in current discount rate on future policy benefits 632 632  1,067 1,067 
Change in instrument-specific credit risk on market risk benefits  17 17  40 40 
Income tax benefit related to OCI items245 (62)183 1,057 (95)962 
Comprehensive income(3,656)583 (3,073)(5,436)987 (4,449)


Six Months Ended
June 30,2022
(in millions of U.S. dollars)As Previously ReportedLDTI Adoption AdjustmentAs
Adjusted
Consolidated statement of cash flows
Net cash flows from operating activities$5,160 $6 $5,166 
Net cash flows used for financing activities(719)(6)(725)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:
Life InsuranceOverseas General InsuranceOffsetting Equity Line Classification
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherA&HTotal
Future policy benefits
Balance – December 31, 2020(1)
$391 $2,578 $2,270 $72 $754 $6,065 
Effect of change in current discount rate63 1,189 299 17 19 1,587 AOCI
Balance – January 1, 2021$454 $3,767 $2,569 $89 $773 $7,652 
(1)     Includes future policy benefits previously included within Unpaid losses on the pre-adoption consolidated balance sheets, primarily certain international A&H business, and excludes deferred profit liability and certain guaranteed minimum death benefits reclassified to Market risk benefits on the post adoption period balance sheets.

The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of market risk benefits:
(in millions of U.S. dollars)Offsetting Equity Line Classification
Market risk benefits