Acquisitions (Tables)

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes Chubb's best estimate of fair value of the assets acquired and liabilities assumed on July 1, 2023. The fair value of assets and liabilities are preliminary and may change with offsetting adjustments to goodwill. Chubb may make further adjustments to its purchase price allocation and the fair value of noncontrolling interest through the end of the permissible one-year measurement period.


Preliminary estimate of Huatai Group assets and liabilities consolidated	July 1
(in millions of U.S. dollars)	2023
Assets
Investments and Cash	$	13,346
Accrued investment income	60
Insurance and reinsurance balances receivable	277
Reinsurance recoverable on losses and loss expenses	581
Reinsurance recoverable on future policy benefits	27
Value of business acquired	309
Goodwill and intangible assets	5,049
Other assets	748
Total assets	$	20,397
Liabilities
Unpaid losses and loss expenses	$	831
Unearned premiums	800
Future policy benefits	2,287
Policyholders' account balances	4,014
Insurance and reinsurance balances payable	644
Accounts payable, accrued expenses, and other liabilities	682
Deferred tax liabilities	232
Repurchase agreements	1,269
Total liabilities	$	10,759

Net acquired assets, including goodwill, attributable to Chubb	4,428
Net acquired assets, attributable to noncontrolling interests	5,210
Net acquired assets, including goodwill	$	9,638

The following table summarizes the fair value of the assets acquired and liabilities assumed at July 1, 2022:


Assets acquired and liabilities assumed from Cigna's business in Asia	July 1
(in millions of U.S. dollars)	2022
Assets
Investments and Cash	$	5,281
Accrued investment income	33
Insurance and reinsurance balances receivable	52
Reinsurance recoverable on losses and loss expenses	3
Reinsurance recoverable on future policy benefits	85
Value of business acquired	3,633
Goodwill and intangible assets	1,498
Other assets	651
Total assets	$	11,236
Liabilities
Unpaid losses and loss expenses	$	12
Unearned premiums	61
Future policy benefits	3,856
Insurance and reinsurance balances payable	115
Accounts payable, accrued expenses, and other liabilities	925
Deferred tax liabilities	887
Total liabilities	$	5,856

Net acquired assets, including goodwill	5,380
Total	$	11,236

Schedule of Business Acquisitions, by Acquisition

The following table summarizes the results of the acquired Huatai Group operations since the acquisition date that have been included within our Consolidated statements of operations:


	July 1, 2023 to
(in millions of U.S. dollars)	December 31, 2023
Total revenues	$	739
Net loss	$	(30)
Net loss attributable to Chubb	$	(17)

The following table summarizes the results of the acquired Cigna business in Asia that were included within our Consolidated statements of operations for the year ended December 31, 2022:


	July 1, 2022 to
(in millions of U.S. dollars)	December 31, 2022
Total revenues	$	1,507
Net income	$	140

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The preliminary purchase price allocation to intangible assets recorded in connection with the Huatai Group acquisition and their related useful lives at July 1, 2023, are as follows:


(in millions of U.S. dollars)	Amount		Weighted-average useful life
Definite life
Agency distribution relationships	$	332	20 years
Asset management customer contracts	94		16 years
Unearned premium reserves (UPR) intangible asset	95		3 years
Land use rights	569		31 years
Technology	45		6 years
Indefinite life
Trademarks	398		Indefinite
Asset management mutual funds	122		Indefinite
Total identified intangible assets	$	1,655

Business Acquisition, Pro Forma Information

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.


Pro forma:	For the Year Ended December 31
(in millions of U.S. dollars)	2023		2022
Net premiums earned	$	46,502	$	41,903
Total revenues	$	50,550	$	44,936
Net income	$	8,850	$	5,290
Net income attributable to Chubb	$	8,859	$	5,267

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of Cigna's business in Asia that occurred on July 1, 2022, had instead occurred on January 1, 2021. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition been consummated on January 1, 2021, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets and recognition of interest expense associated with the repurchase agreement transactions used to effect the acquisition.


Pro forma:	For the Year Ended December 31
(in millions of U.S. dollars)	2022		2021
Net premiums earned	$	41,884	$	39,432
Total revenues	$	44,605	$	44,072
Net income	$	5,533	$	8,906