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Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2024
Dec. 31, 2023
Assets    
Short-term investments, at fair value (amortized cost – $5,108 and $4,551) (includes variable interest entities (VIE) balances of $65 and $217) $ 5,107 $ 4,551
Fixed maturities available-for-sale, at fair value, net of valuation allowance - $115 and $156 (amortized cost – $113,479 and $111,128) 108,289 106,571
Private debt held-for-investment, at amortized cost, net of valuation allowance - $5 and $4 2,708 2,553
Equity securities, at fair value (includes VIE balances of $1,163 and $1,078) 3,769 3,455
Private equities (includes VIE balances of $22 and $21) 14,281 14,078
Other investments (includes VIE balances of $4,408 and $3,773) 6,216 5,527
Total investments 140,370 136,735
Cash, including restricted cash $143 and $172 (includes VIE balances of $127 and $117) 2,651 2,621
Securities lending collateral 1,708 1,299
Accrued investment income 1,090 1,086
Insurance and reinsurance balances receivable, net of valuation allowance - $47 and $53 13,991 13,379
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $375 and $367 [1] 19,109 19,952
Reinsurance recoverable on policy benefits [1] 272 280
Deferred policy acquisition costs 7,537 7,152
Value of business acquired 3,617 3,674
Goodwill 19,696 19,686
Other intangible assets 6,709 6,775
Deferred tax assets 1,761 1,741
Prepaid reinsurance premiums 3,241 3,221
Separate account assets 5,864 5,573
Other assets (includes VIE balances of $14 and $33) 7,251 7,508
Total assets 234,867 230,682
Liabilities    
Unpaid losses and loss expenses 80,341 80,122
Unearned premiums 22,728 22,051
Future policy benefits 14,375 13,888
Market risk benefits 611 771
Policyholders' account balances 7,560 7,462
Separate account liabilities 5,864 5,573
Insurance and reinsurance balances payable 8,505 8,302
Securities lending payable 1,708 1,299
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $68 and $18) 8,357 8,332
Deferred tax liabilities 1,543 1,555
Repurchase agreements (includes VIE balances of $1,229 and $1,009) 3,022 2,833
Short-term debt 2,265 1,460
Long-term debt 13,248 13,035
Trust preferred securities 309 308
Total liabilities 170,436 166,991
Commitments and contingencies (refer to Note 12)
Shareholders’ equity    
Common Shares (CHF 0.50 par value; 431,451,586 shares issued; 406,033,066 and 405,269,637 shares outstanding) 241 241
Common Shares in treasury (25,418,520 and 26,181,949 shares) (4,461) (4,400)
Additional paid-in capital 15,188 15,665
Retained earnings 56,953 54,810
Accumulated other comprehensive income (loss) (AOCI) (7,386) (6,809)
Total Chubb shareholders’ equity 60,535 59,507
Noncontrolling interests (includes VIE balances of $2,943 and $2,705) 3,896 4,184
Total shareholders' equity 64,431 63,691
Total liabilities and shareholders’ equity $ 234,867 $ 230,682
[1] Net of valuation allowance for uncollectible reinsurance.