Segment information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment information

Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Effective July 1, 2023, the results of Huatai’s life and asset management businesses, included within the Life Insurance segment, and the results of Huatai’s P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatai’s results prior to July 1, 2023, were included net within Other (income) expense based on our ownership interest as required under equity method accounting. Effective July 1, 2022, the results of the acquired Cigna's business in Asia are included in our Life Insurance segment and, to a lesser extent, Overseas General Insurance segment according to the nature of the business written.

•The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts; Commercial Insurance, including Small Commercial Insurance; Chubb Bermuda, our high excess business; and Westchester, our wholesale and specialty division. These divisions write a variety of coverages, including property, casualty, workers’ compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, excess casualty, and A&H insurance.

•The North America Personal P&C Insurance segment comprises the business written by Chubb Personal Risk Services division, which includes high net worth personal lines business, with operations in the U.S. and Canada. This segment provides affluent and high net worth individuals and families with homeowners, high value automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, and recreational marine insurance and services.

•The North America Agricultural Insurance segment includes the business written by Rain and Hail Insurance Service, Inc. in the U.S. and Canada, which provides comprehensive multiple peril crop insurance (MPCI) and crop-hail insurance, and Chubb Agribusiness, which offers farm and ranch property as well as specialty P&C coverages, including commercial agriculture products.

•The Overseas General Insurance segment includes the business written by two Chubb divisions that provides both commercial and consumer P&C insurance and services in the 51 countries and territories outside of North America where the company operates. Chubb International, our retail division, provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. CGM provides commercial P&C excess and surplus lines wholesale business primarily through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction, as well as group A&H and traditional and specialty personal lines.

•The Global Reinsurance segment includes the assumed reinsurance business written by Chubb Tempest Re, comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Chubb Tempest Re provides a broad range of traditional and specialty reinsurance coverages to a diverse array of primary P&C companies, including small, mid-sized, and multinational ceding companies.

•The Life Insurance segment includes our international life operations (Chubb Life), which includes individual life and group benefit insurance primarily in Asia and Latin America. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life insurance business of Combined Insurance.

Corporate primarily includes the results of all run-off A&E exposures, run-off Brandywine business, Westchester specialty operations for 1996 and prior years, and certain other run-off exposures, including molestation claims and is shown in the tables below as reconciling items. In addition, Corporate includes the results of our non-insurance companies including Chubb Limited, Chubb Group Management and Holdings Ltd., and Chubb INA Holdings LLC. Effective July 1, 2023, the results of Huatai Group’s non-insurance operations, comprising real estate and holding company activity, are included in Corporate. Our exposure to A&E and molestation claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1999, and Chubb Corp in 2016.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore integration expenses are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:

•Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Year Ended December 31, 2024 (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		Total
Net premiums written	$	20,589	$	6,532	$	2,703	$	13,972	$	1,346	$	6,326	$	51,468
Net premiums earned	20,008		6,188		2,705		13,400		1,272		6,273		49,846
Losses and loss expenses	12,737		3,584		2,170		6,414		711		112
Policy benefits	—		—		—		408		—		4,101
Policy acquisition costs	2,718		1,239		191		3,410		342		1,202
Administrative expenses	1,337		351		(10)		1,351		39		880
Underwriting income	3,216		1,014		354		1,817		180		NM
Net investment income	3,556		433		84		1,136		253		1,003
Other (income) expense	32		1		1		14		—		(159)
Amortization of purchased intangibles	3		9		25		81		—		42
Segment income	$	6,737	$	1,437	$	412	$	2,858	$	433	$	1,098	$	12,975
Net realized gains (losses)													117
Market risk benefits gains (losses)													(140)
Interest expense													741
Integration expenses													39
Corporate underwriting loss													(731)
Corporate net investment loss													(105)
Corporate other (income) expense													(490)
Corporate amortization of purchased intangibles													163
Other reclassification													(208)
Income before income tax													$	11,455

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance 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		Total
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
Policy benefits	—		—		—		457		—		3,216
Policy acquisition costs	2,515		1,128		150		3,113		264		1,089
Administrative expenses	1,250		329		(1)		1,219		37		771
Underwriting income	3,395		568		146		1,799		235		NM
Net investment income	3,017		358		63		895		208		756
Other (income) expense	22		3		1		(25)		(2)		(115)
Amortization of purchased intangibles	—		9		25		70		—		30
Segment income	$	6,390	$	914	$	183	$	2,649	$	445	$	1,049	$	11,630
Net realized gains (losses)													(607)
Market risk benefits gains (losses)													(307)
Interest expense													672
Integration expenses													69
Corporate underwriting loss													(683)
Corporate net investment income													25
Corporate other (income) expense													(380)
Corporate amortization of purchased intangibles													176
Other reclassification													5
Income before income tax													$	9,526

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

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		Total
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
Policy benefits	—		—		—		358		—		1,998
Policy acquisition costs	2,313		1,057		126		2,818		240		785
Administrative expenses	1,113		291		(10)		1,070		36		510
Underwriting income (loss)	2,853		646		165		1,663		(24)		NM
Net investment income	2,247		283		36		626		281		509
Other (income) expense	17		4		1		2		1		(30)
Amortization of purchased intangibles	—		10		26		57		—		10
Segment income	$	5,083	$	915	$	174	$	2,230	$	256	$	661	$	9,319
Net realized gains (losses)													(1,085)
Market risk benefits gains (losses)													80
Interest expense													570
Integration expenses													48
Corporate underwriting loss													(748)
Corporate other (income) expense													292
Corporate amortization of purchased intangibles													182
Other reclassification													11
Income before income tax													$	6,485

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

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)	2024		2023		2022
North America Commercial P&C Insurance
Property & other short-tail lines	$	4,756	$	3,985	$	3,383
Casualty & all other	14,560		13,764		13,056
A&H	692		667		668
Total North America Commercial P&C Insurance	20,008		18,416		17,107
North America Personal P&C Insurance
Personal automobile	968		859		811
Personal homeowners	4,293		3,833		3,557
Personal other	927		844		812
Total North America Personal P&C Insurance	6,188		5,536		5,180
North America Agricultural Insurance	2,705		3,169		2,838
Overseas General Insurance
Property & other short-tail lines	4,338		3,831		3,382
Casualty & all other	3,705		3,526		3,232
Personal lines	2,785		2,405		2,020
A&H	2,572		2,469		2,169
Total Overseas General Insurance	13,400		12,231		10,803
Global Reinsurance
Property	490		331		211
Property catastrophe	232		159		208
Casualty & all other	550		472		503
Total Global Reinsurance	1,272		962		922
Life Insurance
Life	3,049		2,301		1,455
A&H	3,224		3,097		2,055
Total Life Insurance	6,273		5,398		3,510
Total net premiums earned	$	49,846	$	45,712	$	40,360

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

	North America		Europe (1)		Asia (2)		Latin America
2024	64	%	11	%	19	%	6	%
2023	65	%	11	%	18	%	6	%
2022	69	%	11	%	14	%	6	%

(1)     Europe includes Middle East and Africa regions.

(2)     2023 and 2024 include the consolidated results of Huatai Group effective July 1, 2023.