Segment information (Tables)

12 Months Ended

Dec. 31, 2023

The following tables present the Statement of Operations by segment:


For the Year Ended December 31, 2023 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	19,237	$	5,878	$	3,188	$	12,575	$	1,018	$	5,465	$	—	$	—	$	47,361
Net premiums earned	18,416		5,536		3,169		12,231		962		5,398		—		—		45,712
Losses and loss expenses	11,256		3,511		2,874		5,643		426		114		281		(5)		24,100
Policy benefits	—		—		—		457		—		3,216		—		(45)		3,628
Policy acquisition costs	2,515		1,128		150		3,113		264		1,089		—		—		8,259
Administrative expenses	1,250		329		(1)		1,219		37		771		402		—		4,007
Underwriting income (loss)	3,395		568		146		1,799		235		208		(683)		50		5,718
Net investment income	3,017		358		63		895		208		756		25		(385)		4,937
Other (income) expense	22		3		1		(25)		(2)		(115)		(380)		(340)		(836)
Amortization expense of purchased intangibles	—		9		25		70		—		30		176		—		310
Segment income (loss)	$	6,390	$	914	$	183	$	2,649	$	445	$	1,049	$	(454)	$	5	$	11,181
Net realized gains (losses)													(602)		(5)		(607)
Market risk benefits gains (losses)													(307)		—		(307)
Interest expense													672		—		672
Cigna integration expenses													69		—		69
Income tax expense													511		—		511
Net income (loss)													$	(2,615)	$	—	$	9,015
Net loss attributable to noncontrolling interests													(13)		—		(13)
Net income (loss) attributable to Chubb													$	(2,602)	$	—	$	9,028


For the Year Ended December 31, 2022 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	17,889	$	5,313	$	2,907	$	11,060	$	943	$	3,608	$	—	$	—	$	41,720
Net premiums earned	17,107		5,180		2,838		10,803		922		3,510		—		—		40,360
Losses and loss expenses	10,828		3,186		2,557		4,894		670		85		363		(11)		22,572
Policy benefits	—		—		—		358		—		1,998		—		(42)		2,314
Policy acquisition costs	2,313		1,057		126		2,818		240		785		—		—		7,339
Administrative expenses	1,113		291		(10)		1,070		36		510		385		—		3,395
Underwriting income (loss)	2,853		646		165		1,663		(24)		132		(748)		53		4,740
Net investment income	2,247		283		36		626		281		509		—		(240)		3,742
Other (income) expense	17		4		1		2		1		(30)		292		(198)		89
Amortization expense of purchased intangibles	—		10		26		57		—		10		182		—		285
Segment income (loss)	$	5,083	$	915	$	174	$	2,230	$	256	$	661	$	(1,222)	$	11	$	8,108
Net realized gains (losses)													(1,074)		(11)		(1,085)
Market risk benefits gains (losses)													80		—		80
Interest expense													570		—		570
Cigna integration expenses													48		—		48
Income tax expense													1,239		—		1,239
Net income (loss)													$	(4,073)	$	—	$	5,246


For the Year Ended December 31, 2021 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated
Net premiums written	$	16,415	$	5,002	$	2,388	$	10,713	$	873	$	2,436	$	—	$	—	$	37,827
Net premiums earned	15,461		4,915		2,338		10,441		798		2,339		—		—		36,292
Losses and loss expenses	10,015		2,924		1,962		4,783		632		150		572		(8)		21,030
Policy benefits	—		—		—		360		—		1,388		—		(8)		1,740
Policy acquisition costs	2,082		1,001		124		2,799		200		552		—		—		6,758
Administrative expenses	1,052		276		(3)		1,078		35		332		365		—		3,135
Underwriting income (loss)	2,312		714		255		1,421		(69)		(83)		(937)		16		3,629
Net investment income	2,078		249		28		597		331		407		(55)		(179)		3,456
Other (income) expense	31		(2)		1		—		—		(108)		(2,118)		(171)		(2,367)
Amortization expense of purchased intangibles	—		10		26		48		—		5		198		—		287
Segment income	$	4,359	$	955	$	256	$	1,970	$	262	$	427	$	928	$	8	$	9,165
Net realized gains (losses)													1,038		(8)		1,030
Market risk benefits gains (losses)													91		—		91
Interest expense													492		—		492

Income tax expense													1,269		—		1,269
Net income													$	296	$	—	$	8,525

The following table presents net premiums earned for each segment by line of business:


	For the Year Ended December 31
(in millions of U.S. dollars)	2023		2022		2021
North America Commercial P&C Insurance
Property & other short-tail lines	$	3,985	$	3,383	$	2,942
Casualty & all other	13,764		13,056		11,905
A&H	667		668		614
Total North America Commercial P&C Insurance	18,416		17,107		15,461
North America Personal P&C Insurance
Personal automobile	859		811		781
Personal homeowners	3,833		3,557		3,384
Personal other	844		812		750
Total North America Personal P&C Insurance	5,536		5,180		4,915
North America Agricultural Insurance	3,169		2,838		2,338
Overseas General Insurance
Property & other short-tail lines	3,831		3,382		3,105
Casualty & all other	3,526		3,232		3,114
Personal lines	2,405		2,020		2,109
A&H	2,469		2,169		2,113
Total Overseas General Insurance	12,231		10,803		10,441
Global Reinsurance
Property	331		211		151
Property catastrophe	159		208		190
Casualty & all other	472		503		457
Total Global Reinsurance	962		922		798
Life Insurance
Life	2,301		1,455		1,257
A&H	3,097		2,055		1,082
Total Life Insurance	5,398		3,510		2,339
Total net premiums earned	$	45,712	$	40,360	$	36,292

The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:

(1) Europe includes Middle East and Africa regions.

(2) 2023 includes the consolidated results of Huatai Group effective July 1, 2023.