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Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Assets    
Short-term investments, at fair value (amortized cost – $4,551 and $4,962) (includes variable interest entities (VIE) balances of $217 and nil) $ 4,551 $ 4,960
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $156 and $169 (amortized cost – $111,128 and $93,355) 106,571 85,220
Fixed maturities held to maturity, at amortized cost, net of valuation allowance – nil and $34 (fair value – nil and $8,439) 0 8,848
Private debt held-for-investment, at amortized cost, net of valuation allowance – $4 and nil 2,553 0
Equity securities, at fair value (includes VIE balances of $1,078 and nil) 3,455 827
Private equities (includes VIE balances of $21 and nil) 14,078 12,355
Other investments (includes VIE balances of $3,773 and nil) 5,527 1,341
Total investments 136,735 113,551
Cash, including restricted cash $172 and $115 (includes VIE balances of $117 and nil) 2,621 2,127
Securities lending collateral 1,299 1,523
Accrued investment income 1,086 941
Insurance and reinsurance balances receivable, net of valuation allowance – $53 and $52 13,379 11,933
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $367 and $351 [1] 19,952 18,859
Reinsurance recoverable on policy benefits [1] 280 302
Deferred policy acquisition costs 7,152 6,031
Value of business acquired 3,674 3,702
Goodwill 19,686 [2] 16,228
Other intangible assets 6,775 5,441
Deferred tax assets 1,741 0
Prepaid reinsurance premiums 3,221 3,136
Investments in partially-owned insurance companies 191 2,507
Separate account assets 5,573 5,190
Other assets (includes VIE balances of $33 and nil) 7,317 7,546
Total assets 230,682 199,017
Liabilities    
Unpaid losses and loss expenses 80,122 75,747
Unearned premiums 22,051 19,713
Future policy benefits 13,888 10,476
Market risk benefits 771 800
Policyholders' account balances 7,462 3,140
Separate account liabilities 5,573 5,190
Insurance and reinsurance balances payable 8,302 7,780
Securities lending payable 1,299 1,523
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $18 and nil) 8,332 7,148
Deferred tax liabilities 1,555 377
Repurchase agreements (includes VIE balances of $1,009 and nil) 2,833 1,419
Short-term debt 1,460 475
Long-term debt 13,035 14,402
Trust preferred securities 308 308
Total liabilities 166,991 148,498
Commitments and contingencies (refer to Note 14)
Shareholders' equity    
Common Shares (CHF 0.50 and 24.15 par value; 431,451,586 and 446,376,614 shares issued; 405,269,637 and 414,594,856 shares outstanding) 241 10,346
Common Shares in treasury (26,181,949 and 31,781,758 shares) (4,400) (5,113)
Additional paid-in capital 15,665 7,166
Retained earnings 54,810 48,305
Accumulated other comprehensive income (loss) (AOCI) (6,809) (10,185)
Total Chubb shareholders' equity 59,507 50,519
Noncontrolling interests (includes VIE balances of $2,705 and nil) 4,184 0
Total shareholders’ equity 63,691 50,519
Total liabilities and shareholders’ equity $ 230,682 $ 199,017
[1] Net of valuation allowance for uncollectible reinsurance.
[2] At December 31, 2023, Goodwill from Huatai Group includes approximately $759 million attributable to noncontrolling interests