XML 43 R33.htm IDEA: XBRL DOCUMENT v3.23.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
September 30, 2023Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$3,944 $— $2 $(265)$3,681 
Non-U.S.34,912 (53)239 (2,381)32,717 
Corporate and asset-backed securities44,932 (104)61 (4,034)40,855 
Mortgage-backed securities22,402 (1)6 (2,802)19,605 
Municipal3,165 — 2 (259)2,908 
$109,355 $(158)$310 $(9,741)$99,766 

December 31, 2022Amortized
Cost		Valuation AllowanceGross
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 securities40,547 (107)49 (3,534)36,955 
Mortgage-backed securities17,871 (3)4 (2,021)15,851 
Municipal4,081 — 8 (209)3,880 
$93,355 $(169)$174 $(8,140)$85,220 
Schedule Of Amortized Cost And Fair Value Of HTM Fixed Maturities
December 31, 2022Amortized
Cost		Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
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 securities1,733 (28)1,705 1 (126)1,580 
Mortgage-backed securities1,456 (1)1,455 — (104)1,351 
Municipal3,136 (1)3,135 1 (52)3,084 
$8,882 $(34)$8,848 $3 $(412)$8,439 
Debt Securities, Held-to-maturity, Credit Quality Indicator
The following table presents the amortized cost of our held to maturity securities according to S&P rating:
December 31, 2022
(in millions of U.S. dollars, except for percentages)Amortized cost% of Total
AAA$1,612 18 %
AA5,023 57 %
A1,634 18 %
BBB593 7 %
BB20 — %
Total$8,882 100 %
Schedule Of Fixed Maturities By Contractual Maturity
The following table presents fixed maturities by contractual maturity:
 September 30, 2023December 31, 2022
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available for sale
Due in 1 year or less$4,805 $4,805 $2,962 $2,962 
Due after 1 year through 5 years31,738 31,738 24,791 24,791 
Due after 5 years through 10 years27,452 27,452 26,679 26,679 
Due after 10 years16,166 16,166 14,937 14,937 
80,161 80,161 69,369 69,369 
Mortgage-backed securities19,605 19,605 15,851 15,851 
$99,766 $99,766 $85,220 $85,220 
Held to maturity
Due in 1 year or less$— $— $1,015 $1,003 
Due after 1 year through 5 years— — 3,658 3,531 
Due after 5 years through 10 years— — 1,460 1,423 
Due after 10 years— — 1,260 1,131 
— — 7,393 7,088 
Mortgage-backed securities— — 1,455 1,351 
$— $— $8,848 $8,439 
Schedule Of Aggregate Fair Value And Gross Unrealized Loss By Length Of Time The Security Has Continuously Been In An Unrealized Loss Position
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 been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
September 30, 2023Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$1,108 $(32)$2,449 $(233)$3,557 $(265)
Non-U.S.8,591 (280)16,631 (1,670)25,222 (1,950)
Corporate and asset-backed securities10,120 (362)22,672 (2,441)32,792 (2,803)
Mortgage-backed securities5,827 (249)13,450 (2,510)19,277 (2,759)
Municipal1,389 (51)1,269 (208)2,658 (259)
Total AFS fixed maturities $27,035 $(974)$56,471 $(7,062)$83,506 $(8,036)

0 – 12 MonthsOver 12 MonthsTotal
December 31, 2022Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
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 securities25,687 (1,793)4,190 (552)29,877 (2,345)
Mortgage-backed securities10,561 (1,033)4,770 (941)15,331 (1,974)
Municipal3,251 (152)155 (48)3,406 (200)
Total AFS fixed maturities$57,189 $(4,115)$14,991 $(2,291)$72,180 $(6,406)
Debt Securities, Available-for-sale, Allowance for Credit Loss
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2023202220232022
Available for sale
Valuation allowance for expected credit losses - beginning of period$193 $78 $169 $14 
Provision for expected credit loss34 91 172 169 
Write-offs charged against the expected credit loss(1)— (5)— 
Foreign currency revaluation— (2)— (2)
Recovery of expected credit loss(68)(20)(178)(34)
Valuation allowance for expected credit losses - end of period$158 $147 $158 $147 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$— $34 $34 $35 
Provision for expected credit loss— — — 1 
Recovery of expected credit loss— (1)(34)(3)
Valuation allowance for expected credit losses - end of period$— $33 $— $33 
Debt Securities, Held-to-maturity, Allowance for Credit Loss
The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2023202220232022
Available for sale
Valuation allowance for expected credit losses - beginning of period$193 $78 $169 $14 
Provision for expected credit loss34 91 172 169 
Write-offs charged against the expected credit loss(1)— (5)— 
Foreign currency revaluation— (2)— (2)
Recovery of expected credit loss(68)(20)(178)(34)
Valuation allowance for expected credit losses - end of period$158 $147 $158 $147 
Held to maturity
Valuation allowance for expected credit losses - beginning of period$— $34 $34 $35 
Provision for expected credit loss— — — 1 
Recovery of expected credit loss— (1)(34)(3)
Valuation allowance for expected credit losses - end of period$— $33 $— $33 
Schedule of Realized Gain (Loss)
The following table presents the components of Net realized gains (losses):
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2023202220232022
Fixed maturities:
Gross realized gains$97 $144 $116 $545 
Gross realized losses(185)(331)(457)(1,158)
Net (provision for) recovery of expected credit losses34 (70)44 (133)
Impairment (1)
(16)(22)(60)(111)
Total fixed maturities (70)(279)(357)(857)
Equity securities(100)(80)(61)(287)
Private equities40 (42)75 17 
Foreign exchange(67)202 (122)546 
Investment and embedded derivative instruments9 (198)(92)(232)
Other derivative instruments(7)(19)(6)(9)
Other (2)
92 (40)79 (114)
Net realized gains (losses) (pre-tax)$(103)$(456)$(484)$(936)
(1)Relates to certain securities we intended to sell and securities written to market entering default.
(2)The three and nine months ended September 30, 2023 Includes a one-time realized gain of $116 million as a result of the consolidation of Huatai Group.
Gain (Loss) on Securities
Realized gains and losses from Other investments, Equity securities and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
September 30
20232022
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotalEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$(1)$(100)$40 $(61)$(80)$(42)$(122)
Less: Net gains (losses) recognized from sales of securities— (45)— (45)(12)— (12)
Unrealized gains (losses) recognized for securities still held at reporting date$(1)$(55)$40 $(16)$(68)$(42)$(110)
Nine Months Ended
September 30
20232022
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotalEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$(1)$(61)$75 $13 $(287)$17 $(270)
Less: Net gains (losses) recognized from sales of securities— (48)— (48)406 — 406 
Unrealized gains (losses) recognized for securities still held at reporting date$(1)$(13)$75 $61 $(693)$17 $(676)
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
 Expected
Liquidation
Period of Underlying Assets		September 30, 2023December 31, 2022
(in millions of U.S. dollars)Fair
Value		Maximum
Future Funding
Commitments		Fair
Value		Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,219 $384 $1,074 $505 
Real assets
2 to 13 Years
2,136 526 2,166 681 
Distressed
2 to 8 Years
1,160 810 1,048 755 
Private credit
3 to 8 Years
319 309 215 429 
Traditional
2 to 14 Years
8,222 4,280 7,424 5,025 
Vintage
1 to 3 Years
78 — 55 — 
Investment fundsNot Applicable228 — 373 — 
$13,362 $6,309 $12,355 $7,395 
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20232022
Trust funds$8,462 $8,120 
Deposits with U.S. regulatory authorities2,290 2,345 
Deposits with non-U.S. regulatory authorities3,366 2,959 
Assets pledged under repurchase agreements2,753 1,527 
Other pledged assets826 885 
Total$17,697 $15,836 
Consolidated Variable Interest Entities
The following table presents the balances related to these sponsored investment products accounted for as VIEs that were recorded on our Consolidated balance sheets, including our net interest in these sponsored investment products:

September 30
(in millions of U.S. dollars)
2023
Short-term investments
$466 
Equity securities
986 
Private equities
21 
Other investments
3,937 
Total investments of consolidated VIEs
5,410 
Cash
164 
Other assets
22 
Total assets of consolidated VIEs
$5,596 
Other liabilities
32 
Repurchase agreements
837 
Total liabilities of consolidated VIEs
869 
Noncontrolling interests
3,176 
Chubb's net interest in consolidated VIEs
$1,551