filings.toolsChubb (CB) 10-K risk factor changes: FY2024 vs FY2023
The 2024-12-31 10-K against the 2023-12-31 one, compared heading by heading and sentence by sentence.
Item 1A95 rewritten33 added18 removed254 unchanged
All filing items2,487 rewritten1,153 added967 removed4,572 unchanged
Summary
counted, not written
- Item 1A lists 37 risk factor headings: 1 new, 4 reworded and 32 unchanged since FY2023. 1 heading from FY2023 no longer appears.
- Sentence by sentence, 1,153 added, 967 removed, 2,487 rewritten and 4,572 unchanged across 19 items that differ.
New Item 1A headings (1)
- Operational risk from internal system and process failures, human errors and misconduct may be difficult to detect and prevent and could adversely affect our business, results of operations, and financial condition.
Removed Item 1A headings (1)
- Employee error and misconduct may be difficult to detect and prevent and could adversely affect our business, results of operations, and financial condition.
Reworded Item 1A headings (4)
- We may be unable to purchase reinsurance,
[removed: and/or][added: or] if we successfully purchase reinsurance, we are subject to the possibility of non-payment. - Our ability to pay dividends
[removed: and/or][added: and] to make payments on indebtedness may be constrained by our holding company structure. - Evolving
[removed: privacy and][added: privacy,] data[removed: security][added: security, and artificial intelligence (AI)] regulations could adversely affect our business. - We may be subject to U.S. tax and Bermuda tax which may have an adverse effect on our results of operations and
[removed: shareholder investment.][added: shareholders' equity.]
A heading is new when no FY2023 heading matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. All current risk factor headings.
Sentences by item
24 items, with every count and a link to each item that changed
Underlined words on a shaded ground are new in FY2024; struck-through words were in FY2023. Sentences that are wholly new or wholly gone are labelled rather than marked.
Item 1A. Risk Factors
95 rewritten, 33 added, 18 removed, 254 unchanged
We have substantial exposure to losses resulting from natural disasters, man-made catastrophes, such as terrorism or cyber-attack, and other catastrophic [removed: events, including pandemics.][added: events.]
[removed: Additionally, we] [added: We] cannot predict how legal, regulatory [removed: and/or] [added: or] social responses to concerns around global climate change and the resulting impact on various sectors of the economy may impact our business.
[removed: Exposure] [added: In addition, exposure] to cyber risk is increasing systematically due to greater digital [removed: dependence and increases] [added: dependence, which may increase] possible losses due to a catastrophic cyber event.
Cyber catastrophic scenarios are not bound by time or geographic limitations and cyber catastrophic perils do not have well-established definitions [removed: and] [added: or] fundamental physical properties.
[removed: Any such evaluation] [added: Such evaluations] could result in future changes in estimates of losses or reinsurance recoverables and would be reflected in our results of operations in the period in which the estimates are changed.
During the loss settlement period, which can be many years in duration for some of our lines of business, additional facts regarding individual claims and trends often will become [removed: known] [added: known,] which may result in a change in overall reserves.
At December 31, [removed: 2023,] [added: 2024,] gross A&E liabilities represented approximately [removed: 1.8] [added: 1.6] percent of our gross loss reserves.
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
In addition, the amount and timing of the settlement of our P&C liabilities are uncertain and our actual payments could be higher than contemplated in our loss reserves owing to the [removed: impact] [added: impacts] of insurance, judicial decisions, [removed: and/or] [added: and] social inflation.
For example, "reviver" legislation in certain states [removed: does allow] [added: allows] civil claims relating to molestation to be asserted against policyholders that would otherwise be barred by statutes of limitations.
[removed: In the case of] [added: We also look to limit] our [added: loss by using] assumed proportional reinsurance treaties, [added: in which] we seek per occurrence limitations or loss and loss expense ratio caps to limit the impact of losses ceded by the client.
We [removed: also] [added: further] seek to limit our loss exposure by geographic diversification.
However, there are inherent limitations in all of these tactics, and no assurance can be given against the possibility of an event or series of events that [removed: could] result in loss levels that [removed: could] have an adverse effect on our financial condition or results of operations.
Additionally, various provisions of our policies, [added: negotiated to limit our risks,] such as limitations or exclusions from coverage [removed: or] [added: and] choice of forum [removed: negotiated to limit our risks,] may not be enforceable in the manner we intend.
We may be unable to purchase reinsurance, [removed: and/or] [added: or] if we successfully purchase reinsurance, we are subject to the possibility of non-payment.
We purchase protection from third [removed: parties including, but not limited to, reinsurance] [added: parties, including reinsurance,] to protect against catastrophes and other sources of volatility, to increase the amount of protection we can provide our clients, and as part of our overall risk management strategy.
At December 31, [removed: 2023,] [added: 2024,] we had [removed: $20.2] [added: $20.1] billion of reinsurance recoverables, net of reserves for uncollectible recoverables.
At December 31, [removed: 2023,] [added: 2024,] the aggregate reinsurance balances ceded by our active subsidiaries to Century were approximately [removed: $1.8] [added: $1.9] billion.
Should Century's loss reserves experience adverse development in the future and should Century be placed into rehabilitation or liquidation, the reinsurance recoverables due from Century to its affiliates [removed: would] [added: could] be payable only after the payment in full of third-party expenses and liabilities, including administrative expenses [added: and direct policy liabilities.]
Thus, the intercompany reinsurance recoverables [removed: would] [added: could] be at risk to the extent of the shortage of [removed: assets remaining to pay these recoverables.]
While we believe the intercompany reinsurance recoverables from Century are not impaired at this time, we cannot [removed: assure] [added: provide assurance] that adverse development with respect to Century's loss reserves, if manifested, will not result in Century's [added: rehabilitation or] insolvency, which could result in our recognizing a [removed: loss to the extent of any uncollectible reinsurance from Century.][added: loss.]
Our net income and [removed: Shareholders'] [added: shareholders'] equity may be volatile because certain products sold by our life insurance businesses [removed: expose] [added: expose] us to future policy benefit (FPB) reserve and market risk benefits changes that are directly affected by market and other factors and assumptions.
Our pricing, establishment of liabilities for life insurance and annuity products, including reinsurance programs, are based upon various assumptions, including [removed: but not limited to] equity market changes, interest rates, mortality rates, morbidity rates, and policyholder behavior.
[removed: With the adoption of] [added: Under] long-duration targeted improvements (LDTI), the accounting for our FPB reserves is also sensitive to changing interest rate conditions.
We have exposure to counterparties through a variety of commercial transactions and arrangements, including reinsurance [removed: transactions;] [added: transactions,] agreements with banks, hedge funds and other investment [removed: vehicles;] [added: vehicles,] and derivative transactions, that expose us to credit risk in the event our counterparty fails to perform its obligations.
Under the terms of certain high-deductible policies [removed: which] [added: that] we offer, such as workers’ compensation and general liability, our customers are responsible [removed: to reimburse] [added: for reimbursing] us for an agreed-upon dollar amount per claim.
[removed: through collateral agreements and maintain a provision for uncollectible accounts associated with this credit exposure, an] increased inability of customers to reimburse us in this context could have an adverse effect on our financial condition and results of operations.
Accordingly, our business is dependent on the willingness of these agents and brokers to recommend our products to their customers, [removed: who] [added: and our agents and brokers] may also promote and distribute the products of our competitors.
Realized and unrealized losses in our investment portfolio would reduce our book value, and if [removed: significant,] [added: material,] can affect our ability to conduct business.
However, a smaller portion of the portfolio, approximately 17 percent at December 31, [removed: 2023,] [added: 2024,] is invested in below investment-grade securities.
We may need to raise additional funds through financings or access funds through existing or new credit facilities or through short-term repurchase [removed: agreements.][added: or borrowing arrangements.]
In the case of equity financings, dilution to our shareholders could result, and in any case, such securities may have rights, preferences, and privileges that are senior to those [removed: of our Common]
Our ability to pay dividends [removed: and/or] [added: and] to make payments on indebtedness may be constrained by our holding company structure.
Repayment of loans receivable, guarantee fees and dividends and other permitted distributions from [removed: our insurance] subsidiaries are its primary sources of funds to meet ongoing cash requirements, including any future debt service payments, other expenses, repurchases of its shares, and paying dividends to our shareholders.
In addition, Swiss law requires that the total par value of Chubb's treasury shares must not be in excess of 10 percent of its total share capital, [removed: although an exemption] [added: although, to the extent permitted by Swiss law, exemptions] from the 10 percent limit [removed: applies] [added: apply] for repurchased treasury shares dedicated for cancellation [removed: and] [added: under our shareholder-approved capital band or for shares] acquired pursuant to a shareholder-ratified repurchase [removed: program.][added: program and dedicated for cancellation.]
As a result, in order to maintain our share repurchase program, our shareholders must [added: either] periodically approve [removed: a reduction in] our [removed: share] capital [removed: through the cancellation of designated blocks of repurchased shares held in treasury and may from time] [added: band authorizing our Board] to [removed: time] [added: reduce our share capital or,] as necessary, [removed: in a separate vote,] ratify our share repurchase [removed: program.][added: program authorizing our Board to acquire shares in excess of the 10 percent limit.]
If our shareholders do not approve [removed: the cancellation] [added: either] of [removed: repurchased shares or, if necessary, ratify our share repurchase program,] [added: the foregoing,] we may be restricted or unable to return capital to shareholders through share repurchases in the future.
The principal currencies creating foreign exchange risk are the Korean won, Chinese [removed: yuan,] [added: yuan renminbi,] Canadian dollar, Australian dollar, [removed: Taiwan dollar,] Mexican peso, [removed: Brazilian real, Thai baht,] British pound sterling, [added: Hong Kong dollar, Thai baht, New Taiwan dollar,] and euro.
At December 31, [removed: 2023,] [added: 2024,] approximately [removed: 31.8] [added: 29.9] percent of our unhedged net assets were denominated in foreign currencies.
We may from [removed: time-to-time] [added: time to time] face challenges resulting from changes in applicable law and regulations in particular jurisdictions, or changes in approach to oversight of our business from insurance or other regulators.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
assets remaining to pay these recoverables.
While we generally seek to mitigate this risk through collateral agreements and maintain a provision for uncollectible accounts associated with this credit exposure, an
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
of our Common Shares.
Furthermore, our current repurchase program relies on bank counterparties for execution and Swiss tax rulings confirmed by the competent tax authority for a certain period.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
We can re-apply for such tax rulings in the future but cannot guarantee that they will also be granted going forward.
The IAIS also implements the Holistic Framework for the assessment and mitigation of systemic risk.
As part of ComFrame, in December 2024, the IAIS adopted an international capital standard (ICS) for such IAIGs and concluded that the Aggregation Method developed by the U.S. provides a basis for implementation of the ICS to produce comparable outcomes.
Starting in 2027, the IAIS will initiate detailed jurisdictional assessments of ICS implementation.
The impact to Chubb of these developments remains uncertain.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
to time on various aspects of its policies and strategies relating to climate change.
State insurance regulators in the U.S. have issued and will continue to consider regulations or guidelines on the use of external data, algorithms, and AI in insurance practices.
The European Parliament and European Council have also promulgated the European Union Artificial Intelligence Act, which will regulate the use of AI within the European Union.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
operations without compensation.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
industry data.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
The imposition of the Bermuda corporate income tax will increase our effective tax rate and cash taxes paid beginning in 2025.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
On January 15, 2025, the OECD issued administrative guidance that, if incorporated into law, could cause additional tax to be payable to the extent the deferred tax asset we established upon enactment of Bermuda’s corporate income tax in 2023 reverses after 2026.
It is uncertain at this time whether and to what extent the jurisdictions in which we operate will implement this guidance.
On January 20, 2025, President Trump issued a memorandum announcing that the OECD framework has “no force or effect in the United States” and disavowing any commitments previously made by the United States with respect to the framework.
The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are “extraterritorial or disproportionately affect American companies.” The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States’ response to these rules could cause uncertainties to and increases in our income taxes.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
Swiss law allows our shareholders to authorize the Board of Directors to issue new shares within a pre-defined range under our capital band without further shareholder approval.
Because such capital band is limited in duration, the authorization must be periodically renewed by our shareholders.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
income.
and direct policy liabilities.
To date, we have not experienced any material losses related to this credit risk.
While we generally seek to mitigate this risk
Shares.
Under Swiss law, we would be prohibited from selling shares in an equity financing at a purchase price below our then-current par value.
Furthermore, our current repurchase program relies on Swiss tax rulings.
As part of ComFrame, the IAIS is developing an international capital standard for such IAIGs.
The details of this global capital standard and its applicability to Chubb are evolving and uncertain at this time.
There are also Risk Based
The impact to Chubb of these developments remains uncertain, although currently we do not expect that our capital management strategies, results of operations and financial condition will be materially affected by these regulatory changes.
This risk may be
If an agreement is terminated before closing, the result would be that our
The imposition of the Bermuda corporate income tax could have an adverse effect on our results of operations beginning in 2025.
The enactment of these reforms remains uncertain at this time, but if enacted could cause uncertainties to and increases in our income taxes.
Swiss law allows our shareholders to authorize share capital which can be issued by the Board of Directors without shareholder approval, but this authorization must be renewed by the shareholders every two years.
Swiss law also reserves for approval by shareholders many corporate actions over which the Board of Directors had authority prior to our re-domestication to Switzerland.
For example, dividends must be approved by shareholders.
income tax laws.
An excerpt. Shown here: 40 of 95 rewritten, all 33 added and all 18 removed. The counts are complete. For every sentence, read Item 1A. Risk Factors in the FY2024 filing and the FY2023 filing.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
575 rewritten, 253 added, 211 removed, 921 unchanged
The following is a discussion of our financial condition and results of operations for the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023,] and comparisons between [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]
Comparisons between [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] have been omitted from this Form 10-K, but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, [removed: 2022.][added: 2023.]
| [Forward-Looking [removed: Statements](#idf707741c08f496b986f567184704870_112)] [added: Statements](#i39f5a03dd90d4103ae76f08afd0b0b0b_121)] | | | [removed: [40](#idf707741c08f496b986f567184704870_112)] [added: [40](#i39f5a03dd90d4103ae76f08afd0b0b0b_121)] | | |
| [Critical Accounting [removed: Estimates](#idf707741c08f496b986f567184704870_127)] [added: Estimates](#i39f5a03dd90d4103ae76f08afd0b0b0b_136)] | | | [removed: [42](#idf707741c08f496b986f567184704870_127)] [added: [42](#i39f5a03dd90d4103ae76f08afd0b0b0b_136)] | | |
| [Consolidated Operating [removed: Results](#idf707741c08f496b986f567184704870_154)] [added: Results](#i39f5a03dd90d4103ae76f08afd0b0b0b_163)] | | | [removed: [52](#idf707741c08f496b986f567184704870_154)] [added: [52](#i39f5a03dd90d4103ae76f08afd0b0b0b_163)] | | |
| [Segment Operating [removed: Results](#idf707741c08f496b986f567184704870_166)] [added: Results](#i39f5a03dd90d4103ae76f08afd0b0b0b_175)] | | | [removed: [58](#idf707741c08f496b986f567184704870_166)] [added: [56](#i39f5a03dd90d4103ae76f08afd0b0b0b_175)] | | |
| [Effective Income Tax [removed: Rate](#idf707741c08f496b986f567184704870_208)] [added: Rate](#i39f5a03dd90d4103ae76f08afd0b0b0b_211)] | | | [removed: [66](#idf707741c08f496b986f567184704870_208)] [added: [64](#i39f5a03dd90d4103ae76f08afd0b0b0b_211)] | | |
| [Net Realized and Unrealized Gains [removed: (Losses)](#idf707741c08f496b986f567184704870_202)] [added: (Losses)](#i39f5a03dd90d4103ae76f08afd0b0b0b_214)] | | | [removed: [67](#idf707741c08f496b986f567184704870_202)] [added: [65](#i39f5a03dd90d4103ae76f08afd0b0b0b_214)] | | |
| [Non-GAAP [removed: Reconciliation](#idf707741c08f496b986f567184704870_211)] [added: Reconciliation](#i39f5a03dd90d4103ae76f08afd0b0b0b_220)] | | | [removed: [68](#idf707741c08f496b986f567184704870_211)] [added: [66](#i39f5a03dd90d4103ae76f08afd0b0b0b_220)] | | |
| [removed: [Net Investment Income](#idf707741c08f496b986f567184704870_217)] [added: Net investment income (expense)] | | | [removed: [72](#idf707741c08f496b986f567184704870_217)] [added: $] | [added: (22)] | | [added: | | | $ | (39) | |]
| [Amortization of Purchased Intangibles and Other [removed: Amortization](#idf707741c08f496b986f567184704870_223)] [added: Amortization](#i39f5a03dd90d4103ae76f08afd0b0b0b_232)] | | | [removed: [73](#idf707741c08f496b986f567184704870_223)] [added: [71](#i39f5a03dd90d4103ae76f08afd0b0b0b_232)] | | |
| [Asbestos and Environmental [removed: (A&E)](#idf707741c08f496b986f567184704870_232)] [added: (A&E)](#i39f5a03dd90d4103ae76f08afd0b0b0b_241)] | | | [removed: [78](#idf707741c08f496b986f567184704870_232)] [added: [76](#i39f5a03dd90d4103ae76f08afd0b0b0b_241)] | | |
| [Global [removed: Property](#idf707741c08f496b986f567184704870_238)] [added: Property](#i39f5a03dd90d4103ae76f08afd0b0b0b_247)] [Catastrophe Reinsurance [removed: Program](#idf707741c08f496b986f567184704870_238)] [added: Program](#i39f5a03dd90d4103ae76f08afd0b0b0b_247)] | | | [removed: [81](#idf707741c08f496b986f567184704870_238)] [added: [79](#i39f5a03dd90d4103ae76f08afd0b0b0b_247)] | | |
| [Political Risk and Credit [removed: Insurance](#idf707741c08f496b986f567184704870_241)] [added: Insurance](#i39f5a03dd90d4103ae76f08afd0b0b0b_250)] | | | [removed: [82](#idf707741c08f496b986f567184704870_241)] [added: [79](#i39f5a03dd90d4103ae76f08afd0b0b0b_250)] | | |
| [Information provided in connection with outstanding debt of [removed: subsidiaries](#idf707741c08f496b986f567184704870_268)] [added: subsidiaries](#i39f5a03dd90d4103ae76f08afd0b0b0b_277)] | | | [removed: [89](#idf707741c08f496b986f567184704870_268)] [added: [87](#i39f5a03dd90d4103ae76f08afd0b0b0b_277)] | | |
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
[removed: The] [added: *The] words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will [removed: continue,”] [added: continue,*”] and variations thereof and similar expressions, identify forward-looking statements.
These risks, uncertainties, and other factors, which are described in more detail [removed: under Part I, Item 1A, under Risk Factors, and] elsewhere herein and in other documents we file with the [removed: U.S. Securities and Exchange Commission (SEC),] [added: SEC,] include but are not limited to:
- actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our [removed: projections] [added: projections,] and changes in market conditions that could render our business strategies ineffective or obsolete;
- the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; [added: and] the amount of dividends received from subsidiaries;
- acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization, and risks and uncertainties relating to our [removed: outstanding] [added: planned] purchases of additional interests in Huatai Insurance Group Co., [removed: Ltd. (Huatai Group);][added: Ltd;]
*You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of [removed: their dates.][added: the dates such statements were made.]
We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future [removed: events] [added: events,] or otherwise.*
Profit centers are expected to generate [added: P&C] underwriting [removed: income] [added: income, life segment income,] and appropriate risk-adjusted returns.
We are focused on delivering [added: P&C] underwriting profit [added: and life segment income] by only writing policies which we believe adequately compensate us for the risk we accept.
[removed: Our insurance and reinsurance operations] [added: We] generate gross revenues from [removed: two] [added: three] principal sources: [removed: premiums] [added: P&C income, Life income,] and investment income.
| | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | | | | | December 31, [removed: 2022] [added: 2023] | | | | | | | | | | | | | | |
| Balance, beginning of year | | | $ | [removed: 75,747] [added: 80,122] | | | | | $ | [removed: 17,086] [added: 17,884] | | | | | $ | [removed: 58,661] [added: 62,238] | | | | | $ | [removed: 72,330] [added: 75,747] | | | | | $ | [removed: 16,132] [added: 17,086] | | | | | $ | [removed: 56,198] [added: 58,661] | |
| Losses and loss expenses incurred | | | [removed: 31,346] [added: 32,534] | | | | | | [removed: 7,246] [added: 6,512] | | | | | | [removed: 24,100] [added: 26,022] | | | | | | [removed: 29,424] [added: 31,346] | | | | | | [removed: 6,852] [added: 7,246] | | | | | | [removed: 22,572] [added: 24,100] | | |
| Losses and loss expenses paid | | | [removed: (27,802)] [added: (27,970)] | | | | | | [removed: (6,791)] [added: (6,467)] | | | | | | [removed: (21,011)] [added: (21,503)] | | | | | | [removed: (25,170)] [added: (27,802)] | | | | | | [removed: (5,633)] [added: (6,791)] | | | | | | [removed: (19,537)] [added: (21,011)] | | |
| Other (including foreign exchange translation) | | | [removed: —] [added: (682)] | | | | | | [removed: (83)] [added: (195)] | | | | | | [removed: 83] [added: (487)] | | | | | | [removed: (837)] [added: —] | | | | | | [removed: (265)] [added: (83)] | | | | | | [removed: (572)] [added: 83] | | |
| Consolidation of Huatai | | | [removed: 831] [added: —] | | | | | | [removed: 426] [added: —] | | | | | | [removed: 405] [added: —] | | | | | | [removed: —] [added: 831] | | | | | | [removed: —] [added: 426] | | | | | | [removed: —] [added: 405] | | |
| Balance, end of year | | | $ | [removed: 80,122] [added: 84,004] | | | | | $ | [removed: 17,884] [added: 17,734] | | | | | $ | [removed: 62,238] [added: 66,270] | | | | | $ | [removed: 75,747] [added: 80,122] | | | | | $ | [removed: 17,086] [added: 17,884] | | | | | $ | [removed: 58,661] [added: 62,238] | |
Our loss reserves comprise approximately [removed: 78] [added: 77] percent casualty-related business, which typically encompasses long-tail risks, and other risks where a high degree of judgment is required.
The process of establishing loss reserves for property and casualty claims can be complex and is subject to considerable uncertainty as it requires the use of informed estimates and judgments based on circumstances underlying the insured losses [removed: known at the date of accrual.]
The effects of [removed: recent heightened] inflation create additional uncertainty, while climate change could, over time, add new uncertainties to the loss reserving process.
The judgments involved in projecting the ultimate losses may pertain to the use and interpretation of various standard actuarial reserving methods that place reliance on the extrapolation of actual historical data, loss development patterns, industry data, and other [removed: benchmarks] [added: benchmarks,] as appropriate.
While we believe that our reserve for unpaid losses and loss expenses at December 31, [removed: 2023,] [added: 2024,] is adequate, new information or emerging trends that differ from our assumptions may lead to future development of losses and loss expenses that is significantly greater or less than the recorded reserve, which could have a material effect on future operating results.
This represents an impact of about [removed: 10.7] [added: 10.9] percent relative to recorded net loss and loss expense reserves of approximately $10.2 billion.
As is the case for Workers’ Compensation above, given the long reporting and paid development patterns, the development factors used to project actual current losses to ultimate losses for our current exposure require considerable judgment that could [removed: be material to consolidated loss and loss expense reserves.]
| [Overview](#i39f5a03dd90d4103ae76f08afd0b0b0b_124) | | | [41](#i39f5a03dd90d4103ae76f08afd0b0b0b_124) | | |
| [Interest Expense](#i39f5a03dd90d4103ae76f08afd0b0b0b_229) | | | [70](#i39f5a03dd90d4103ae76f08afd0b0b0b_229) | | |
| [Investments](#i39f5a03dd90d4103ae76f08afd0b0b0b_235) | | | [72](#i39f5a03dd90d4103ae76f08afd0b0b0b_235) | | |
| [Catastrophe Management](#i39f5a03dd90d4103ae76f08afd0b0b0b_244) | | | [77](#i39f5a03dd90d4103ae76f08afd0b0b0b_244) | | |
| [Crop Insurance](#i39f5a03dd90d4103ae76f08afd0b0b0b_253) | | | [80](#i39f5a03dd90d4103ae76f08afd0b0b0b_253) | | |
| [Liquidity](#i39f5a03dd90d4103ae76f08afd0b0b0b_259) | | | [81](#i39f5a03dd90d4103ae76f08afd0b0b0b_259) | | |
| [Capital Resources](#i39f5a03dd90d4103ae76f08afd0b0b0b_268) | | | [84](#i39f5a03dd90d4103ae76f08afd0b0b0b_268) | | |
| [Ratings](#i39f5a03dd90d4103ae76f08afd0b0b0b_271) | | | [86](#i39f5a03dd90d4103ae76f08afd0b0b0b_271) | | |
| [Credit Facilities](#i39f5a03dd90d4103ae76f08afd0b0b0b_280) | | | [88](#i39f5a03dd90d4103ae76f08afd0b0b0b_280) | | |
- the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
known at the date of accrual.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, we use various estimation techniques, which include, but are not limited to: (i) for tenors
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
If we determine that the premium margins or gross
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
In 2024, the published historical default factors by rating class were updated and at December 31, 2024, default factors applied for financial ratings of AAA, AA, A, BBB, BB, B, and CCC, are 0.4 percent, 1.1 percent, 1.5 percent, 3.1 percent, 7.3 percent, 11.2 percent, and 52.8 percent, respectively.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
each company.
| Captives | | | | | | 2,704 | | | | | | 557 | | | | | | 13 | | |
| Total | | | | | | $ | 20,087 | | | | | $ | 16,049 | | | | | $ | 310 | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities.
Impairment is tested at the reporting unit level, which is the same as, or one level below, an operating segment.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
- Total pre-tax catastrophe losses were $2.39 billion compared with $1.83 billion in 2023.
- Life Insurance segment net premiums written increased 15.7 percent, or 18.5 percent in constant dollars, and segment income was a record $1.10 billion, up 4.6 percent, or 7.3 percent in constant dollars.
Life insurance deposits collected increased $981 million, up 61.8 percent, or 65.5 percent in constant dollars.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
2024 was a simply outstanding year, as our results, top and bottom line, continue to demonstrate the broad and diversified nature of our company and the consistency of contributions from our businesses around the world: North America, Asia, Europe, Latin America, both commercial and consumer.
As we look forward to 2025, we have good momentum and are optimistic about the year ahead.
The recent California wildfire disaster, which is a first quarter 2025 event, has an estimated net pre-tax cost of $1.5 billion and highlights our commitment to supporting our policyholders in times of need.
Despite this, we expect continued strong performance across all business segments.
Global P&C market conditions remain favorable, with significant growth opportunities across our operations, including commercial and consumer lines.
| [Overview](#idf707741c08f496b986f567184704870_115) | | | [41](#idf707741c08f496b986f567184704870_115) | | |
| [Interest Expense](#idf707741c08f496b986f567184704870_220) | | | [72](#idf707741c08f496b986f567184704870_220) | | |
| [Investments](#idf707741c08f496b986f567184704870_226) | | | [74](#idf707741c08f496b986f567184704870_226) | | |
| [Catastrophe Management](#idf707741c08f496b986f567184704870_235) | | | [79](#idf707741c08f496b986f567184704870_235) | | |
| [Crop Insurance](#idf707741c08f496b986f567184704870_244) | | | [82](#idf707741c08f496b986f567184704870_244) | | |
| [Liquidity](#idf707741c08f496b986f567184704870_250) | | | [84](#idf707741c08f496b986f567184704870_250) | | |
| [Capital Resources](#idf707741c08f496b986f567184704870_259) | | | [86](#idf707741c08f496b986f567184704870_259) | | |
| [Ratings](#idf707741c08f496b986f567184704870_262) | | | [88](#idf707741c08f496b986f567184704870_262) | | |
| [Credit Facilities](#idf707741c08f496b986f567184704870_271) | | | [90](#idf707741c08f496b986f567184704870_271) | | |
At December 31, 2023, our gross unpaid loss and loss expense reserves were $80.1 billion and our net unpaid loss and loss expense reserves were $62.2 billion.
The following sections discuss the determination of assumptions that management believes to be critical accounting estimates, which depend on the application of significant, subjective, and complex judgments.
change to be gradual over the long term.
At December 31, 2023, our liability for future policy benefits was $13.9 billion.
Default factors applied for financial ratings of AAA, AA, A, BBB, BB, B, and CCC, are 0.8 percent, 1.2 percent, 1.7 percent, 4.9 percent, 19.6 percent, 34.0 percent, and 62.2 percent, respectively.
| Captives | | | | | | 2,653 | | | | | | 420 | | | | | | 16 | | |
| Total | | | | | | $ | 20,319 | | | | | $ | 15,893 | | | | | $ | 367 | |
To the extent the creditworthiness of our reinsurers was to deteriorate due to an adverse
During 2023, our Goodwill balance increased, primarily reflecting the consolidation of Huatai Group, which added $3.4 billion.
Our reporting units are the same as our reportable segments.
Impairment is tested at the reporting unit level.
record the amount of the impairment.
- On July 1, 2023, Chubb acquired a majority controlling interest in its investment in Huatai Group, discontinued the equity method of accounting, and applied consolidation accounting.
Chubb's investment in Huatai Group was approximately 76.5 percent as of December 31, 2023.
Business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements.
The relevant amounts attributable to investors other than Chubb are reflected under Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests on the Consolidated Financial Statements.
In connection with the tax benefit, we elected to step up the tax basis for assets in Bermuda to fair value resulting in the one-time deferred tax benefit.
Life Insurance segment net premiums written increased 51.5 percent, driven substantially by the acquisition of Cigna's Asian business on July 1, 2022 and consolidation of Huatai on July 1, 2023.
The consolidation of Huatai Group added 1.5 percentage points, 1.0 percentage points, and 7.3 percentage points to consolidated, P&C, and Life insurance net premiums written growth, respectively.
- Consolidated net premiums earned were $45.7 billion, up 13.3 percent, or 13.1 percent in constant dollars.
The consolidation of Huatai Group added 1.7 percentage points to consolidated net premiums earned growth.
- Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $1.8 billion (4.5 percentage points of the P&C combined ratio) and $1.5 billion, respectively, compared with $2.2 billion (5.9 percentage points of the P&C combined ratio) and $1.8 billion, respectively, in 2022.
- Total pre-tax and after-tax favorable prior period development were $773 million (1.9 percentage points of the P&C combined ratio) and $604 million, respectively, including pre-tax adverse development of $149 million related to legacy asbestos and environmental exposures, and $49 million for molestation claims.
Excluding the adverse development we had pre-tax favorable development of $971 million, with 5 percent in long-tail lines, and 95 percent in short-tail lines.
This compares with $876 million (2.5 percentage points of the P&C combined ratio) and $729 million, respectively, in 2022.
- Net loss attributable to noncontrolling interests of $13 million reflects segment income that was more than offset by realized losses principally from mark-to-market movement in Huatai’s investment portfolio.
- Operating cash flow was a record $12.6 billion compared with $11.3 billion in 2022.
- Chubb shareholders' equity increased $9.0 billion in 2023, primarily from net income attributable to Chubb of $9.0 billion and net unrealized gains on investments of $3.1 billion after-tax, partially offset by total capital returned to shareholders of $3.9 billion.
Total capital returned to shareholders comprises share repurchases of $2.5 billion, at an average purchase price of $209.52 per share, and dividends of $1.4 billion.
Relative to our share repurchase program, our Board of Directors approved a new program of up to $5 billion with no expiration date, effective July 1, 2023.
- Effective January 1, 2023, we adopted the Long-Duration Targeted Improvements (LDTI) U.S. GAAP guidance, which principally impacted the Life Insurance segment.
An excerpt. Shown here: 40 of 575 rewritten, 40 of 253 added and 40 of 211 removed. The counts are complete. For every sentence, read Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in the FY2024 filing and the FY2023 filing.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
50 rewritten, 18 added, 13 removed, 103 unchanged
Further, through writing [removed: the GLB] [added: guaranteed living benefits (GLB)] and [removed: GMDB] [added: guaranteed minimum death benefits (GMDB)] products, collectively referred to as market risk benefits (MRB), we are exposed to volatility in the equity and credit markets, as well as interest rates.
From time to time, we also use derivative instruments such as futures, options, swaps, and foreign currency forward contracts to manage the duration of our investment portfolio and foreign currency [removed: exposures] [added: exposures,] and also to obtain exposure to a particular financial market.
At December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] our notional exposure to derivative instruments was [added: $10.2 billion and] $10.4 [added: billion, respectively.]
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
As part of our investing activities, from time to time we purchase to be announced [removed: mortgage backed securities (TBAs).]
From [removed: time-to-time,] [added: time to time,] we use derivatives to hedge planned [removed: cross border transactions and, beginning in September 2022, we designated] [added: cross-border transactions, and designate] certain derivatives to hedge foreign currency risk on our euro denominated debt and exposure in the net investments of certain foreign subsidiaries.
The following is a discussion of our primary market risk exposures at December 31, [removed: 2023.][added: 2024.]
Our policies to address these risks in [removed: 2023] [added: 2024] were not materially different from [removed: 2022.][added: 2023.]
The following table presents the impact at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] on the fair value of our fixed income portfolio of a hypothetical increase in interest rates of 100 bps applied instantly across the U.S. yield curve (an immediate time horizon was used as this presents the worst case scenario):
| (in billions of U.S. dollars, except for percentages) | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | |
| Fair value of fixed income portfolio | | | | | | $ | [removed: 114.9] [added: 121.8] | | | | | $ | [removed: 98.6] [added: 114.9] | |
| | | | Decrease in dollars | | | $ | [removed: 5.5] [added: 6.2] | | | | | $ | [removed: 4.4] [added: 5.5] | |
| | | | As a percentage of total fixed income portfolio at fair value | | | [removed: 4.8] [added: 5.1] | | % | | | | [removed: 4.5] [added: 4.8] | | % |
Although our debt and [removed: trust preferred securities] [added: hybrid debt] (collectively referred to as debt obligations) are reported at amortized cost and not adjusted for fair value changes, changes in interest rates could have a material impact on their fair value, albeit there would be no impact on our Consolidated Financial Statements.
The following table presents the impact at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] on the fair value of our debt obligations of a hypothetical decrease in interest rates of 100 bps applied instantly across the U.S. yield curve (an immediate time horizon was used as this presents the worst case scenario):
| Fair value of debt obligations, including repurchase agreements | | | | | | $ | [removed: 16.6] [added: 17.0] | | | | | $ | [removed: 14.8] [added: 16.6] | |
| | | | As a percentage of total debt obligations at fair value | | | [removed: 6.6] [added: 6.2] | | % | | | | [removed: 7.4] [added: 6.6] | | % |
The following table summarizes the unhedged portion of net assets (liabilities) in non-U.S. currencies at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] and excludes noncontrolling interests:
| | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2023] [added: 2024] vs. [removed: 2022] [added: 2023] % change in exchange rate per USD | | |
| (in millions of U.S. dollars, except for percentages) | | | | | | Value [removed: of] [added: of unhedged] net assets (liabilities) | | | | | | Exchange rate per USD | | | | | | Value of [added: unhedged] net assets (liabilities) | | | | | | Exchange rate per USD | | | | | | | | |
| Korean won (KRW) (x100) | | | | | | $ | [removed: 6,115] [added: 6,516] | | | | | [removed: 0.0775] [added: 0.0676] | | | | | | $ | [removed: 5,333] [added: 6,115] | | | | | [removed: 0.0793] [added: 0.0775] | | | | | | [removed: (2.3)] [added: (12.8)] | | % |
| Chinese yuan renminbi (CNY) [added: (1)] | | | | | | [removed: 5,172] [added: 3,709] | | | | | | [removed: 0.1408] [added: 0.1370] | | | | | | [removed: 4,664] [added: 5,172] | | | | | | [removed: 0.1450] [added: 0.1408] | | | | | | [removed: (2.9)] [added: (2.7)] | | % |
| Canadian dollar (CAD) | | | | | | [removed: 2,362] [added: 2,194] | | | | | | [removed: 0.7551] [added: 0.6952] | | | | | | [removed: 2,166] [added: 2,362] | | | | | | [removed: 0.7378] [added: 0.7551] | | | | | | [removed: 2.3] [added: (7.9)] | | % |
| Australian dollar (AUD) | | | | | | [removed: 1,661] [added: 1,660] | | | | | | [removed: 0.6812] [added: 0.6188] | | | | | | [removed: 1,269] [added: 1,661] | | | | | | [removed: 0.6813] [added: 0.6812] | | | | | | [removed: —] [added: (9.2)] | | [added: %] |
| Mexican peso (MXN) | | | | | | [removed: 973] [added: 852] | | | | | | [removed: 0.0589] [added: 0.0480] | | | | | | [removed: 801] [added: 973] | | | | | | [removed: 0.0513] [added: 0.0589] | | | | | | [removed: 14.9] [added: (18.5)] | | % |
| New Taiwan dollar (TWD) | | | | | | [removed: 647] [added: 539] | | | | | | [removed: 0.0327] [added: 0.0305] | | | | | | [removed: 880] [added: 647] | | | | | | [removed: 0.0325] [added: 0.0327] | | | | | | [removed: 0.5] [added: (6.7)] | | % |
| British pound sterling (GBP) | | | | | | [removed: 588] [added: 608] | | | | | | [removed: 1.2731] [added: 1.2516] | | | | | | [removed: 486] [added: 588] | | | | | | [removed: 1.2083] [added: 1.2731] | | | | | | [removed: 5.4] [added: (1.7)] | | % |
| Euro (EUR) [removed: (1)] [added: (2)] | | | | | | [removed: (1,835)] [added: (797)] | | | | | | [removed: 1.1039] [added: 1.0354] | | | | | | [removed: (2,006)] [added: (1,835)] | | | | | | [removed: 1.0705] [added: 1.1039] | | | | | | [removed: 3.1] [added: (6.2)] | | % |
| Other foreign currencies | | | | | | [removed: 1,952] [added: 2,716] | | | | | | various | | | | | | [removed: 2,106] [added: 2,924] | | | | | | various | | | | | | NM | | |
| Value of unhedged portion of net assets denominated in foreign currencies [removed: (2)] [added: (3)] | | | | | | $ | [removed: 18,928] [added: 19,126] | | | | | | | | | | | $ | [removed: 16,845] [added: 19,570] | | | | | | | | | | | | | |
| As a percentage of total net assets | | | | | | [removed: 31.8] [added: 29.9] | | % | | | | | | | | | | [removed: 33.3] [added: 32.9] | | % | | | | | | | | | | | | |
| Pre-tax decrease to Chubb Shareholders' equity of a hypothetical 10 percent strengthening of the USD | | | | | | $ | [removed: 1,721] [added: 1,739] | | | | | | | | | | | $ | [removed: 1,531] [added: 1,779] | | | | | | | | | | | | | |
[removed: (1)] [added: (2)] Includes unhedged portion of euro denominated debt of [removed: $3.1] [added: $2.3] billion and net assets of [removed: $1.3] [added: $1.5] billion in [removed: 2023,] [added: 2024,] and [removed: $3.0] [added: $3.1] billion and [removed: $1.0] [added: $1.3] billion, respectively, in [removed: 2022.][added: 2023.]
Excludes hedged euro denominated debt of $1.6 billion in [removed: 2023] [added: 2024] and [removed: 2022.][added: 2023.]
[removed: (2)] [added: (3)] The unhedged net assets denominated in foreign currencies comprised goodwill and other intangible assets of approximately [removed: 54] [added: 47] percent and [removed: 37] [added: 52] percent at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.
[removed: In September 2022,] Chubb [removed: entered into] [added: holds] certain cross-currency swaps designated as fair value hedges and net investment hedges for foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively.
The objective of the net investment cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling (GBP 957 million), Japanese yen (JPY [removed: 43] [added: 43.0] billion), [removed: and] Swiss franc (CHF 96 [removed: million).][added: million), and Chinese yuan renminbi (CNY 9.3 billion).]
[removed: MRB] [added: Market risk benefits (MRB)] are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors.
The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock, etc.) at December 31, [removed: 2023,] [added: 2024,] for both the fair value of the MRB liability (FVL) and the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the MRB reinsurance portfolio.
- Our liabilities are also sensitive to global interest rates at various points on the yield curve, mainly the U.S. Treasury curve in the following proportions: up to 15 percent short-term rates (maturing in less than 5 years), 15 [removed: percent—25] [added: percent—30] percent medium-term rates (maturing between 5 years and 10 years, inclusive), and [removed: 70] [added: 65] percent—80 percent long-term rates (maturing beyond 10 years).
mortgage-backed securities (TBAs).
| (in billions of U.S. dollars, except for percentages) | | | | | | 2024 | | | | | | 2023 | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| Hong Kong dollar (HKD) | | | | | | 568 | | | | | | 0.1287 | | | | | | 388 | | | | | | 0.1280 | | | | | | 0.5 | | % |
| Thai baht (THB) | | | | | | 561 | | | | | | 0.0291 | | | | | | 575 | | | | | | 0.0292 | | | | | | (0.3) | | % |
(1) 2024 excludes hedged Chinese yuan renminbi net assets of $1.3 billion.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| +100 bps | | | (Increase)/decrease in FVL | | | $ | 244 | | | | | $ | 164 | | | | | $ | 64 | | | | | $ | (61) | | | | | $ | (218) | | | | | $ | (427) | |
| | | | Increase/(decrease) in hedge value | | | (101) | | | | | | — | | | | | | 101 | | | | | | 202 | | | | | | 304 | | | | | | 405 | | |
| Flat | | | (Increase)/decrease in FVL | | | $ | 99 | | | | | $ | — | | | | | $ | (120) | | | | | $ | (266) | | | | | $ | (452) | | | | | $ | (690) | |
| | | | Increase/(decrease) in hedge value | | | (101) | | | | | | — | | | | | | 101 | | | | | | 202 | | | | | | 304 | | | | | | 405 | | |
| \-100 bps | | | (Increase)/decrease in FVL | | | $ | (84) | | | | | $ | (202) | | | | | $ | (342) | | | | | $ | (511) | | | | | $ | (728) | | | | | $ | (992) | |
| | | | Increase/(decrease) in hedge value | | | (101) | | | | | | — | | | | | | 101 | | | | | | 202 | | | | | | 304 | | | | | | 405 | | |
| | | | Increase/(decrease) in net income | | | $ | (185) | | | | | $ | (202) | | | | | $ | (241) | | | | | $ | (309) | | | | | $ | (424) | | | | | $ | (587) | |
| GLB net amount at risk | | | $ | 702 | | | | | $ | 912 | | | | | $ | 1,242 | | | | | $ | 1,762 | | | | | $ | 2,059 | | | | | $ | 2,335 | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| GLB net amount at risk | | | 292 | | | | | | 359 | | | | | | 449 | | | | | | 561 | | | | | | 673 | | | | | | 719 | | |
billion and $9.8 billion, respectively.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Brazilian real (BRL) | | | | | | 718 | | | | | | 0.2061 | | | | | | 624 | | | | | | 0.1892 | | | | | | 8.9 | | % |
| Baht (THB) | | | | | | 575 | | | | | | 0.0292 | | | | | | 522 | | | | | | 0.0289 | | | | | | 1.0 | | % |
The additional 17 percentage point increase in goodwill and other intangible assets was driven by the consolidation of Huatai Group in 2023.
Effective January 1, 2023, we adopted new U.S. GAAP accounting guidance for long-duration contracts that affected the accounting for guaranteed minimum death benefits (GMDB) and guaranteed living benefits (GLB) liabilities, collectively referred to as market risk benefits (MRB).
| +100 bps | | | (Increase)/decrease in FVL | | | $ | 283 | | | | | $ | 187 | | | | | $ | 73 | | | | | $ | (69) | | | | | $ | (263) | | | | | $ | (507) | |
| | | | Increase/(decrease) in hedge value | | | (119) | | | | | | — | | | | | | 119 | | | | | | 239 | | | | | | 358 | | | | | | 478 | | |
| Flat | | | (Increase)/decrease in FVL | | | $ | 113 | | | | | $ | — | | | | | $ | (135) | | | | | $ | (313) | | | | | $ | (539) | | | | | $ | (813) | |
| \-100 bps | | | (Increase)/decrease in FVL | | | $ | (100) | | | | | $ | (231) | | | | | $ | (398) | | | | | $ | (608) | | | | | $ | (860) | | | | | $ | (1,160) | |
| | | | Increase/(decrease) in net income | | | $ | (219) | | | | | $ | (231) | | | | | $ | (279) | | | | | $ | (369) | | | | | $ | (502) | | | | | $ | (682) | |
| GLB net amount at risk | | | $ | 846 | | | | | $ | 1,136 | | | | | $ | 1,596 | | | | | $ | 2,121 | | | | | $ | 2,486 | | | | | $ | 2,767 | |
| GLB net amount at risk | | | 351 | | | | | | 436 | | | | | | 546 | | | | | | 668 | | | | | | 790 | | | | | | 817 | | |
An excerpt. Shown here: 40 of 50 rewritten, all 18 added and all 13 removed. The counts are complete. For every sentence, read Item 7A. Quantitative and Qualitative Disclosures about Market Risk in the FY2024 filing and the FY2023 filing.
Item 1. Business
98 rewritten, 65 added, 43 removed, 471 unchanged
At December 31, [removed: 2023,] [added: 2024,] we had total assets of [removed: $231] [added: $247] billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of [removed: $60] [added: $64] billion.
At December 31, [removed: 2023,] [added: 2024,] our ownership interest in Huatai Group was approximately [removed: 76.5] [added: 85.5] percent.
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
The average age of our workforce is 41 years, and the average tenure is [removed: 7.8] [added: 7.4] years.
In [removed: 2023,] [added: 2024,] consolidated net premiums earned (NPE) was [removed: $45.7] [added: $49.8] billion.
North America Commercial P&C Insurance (40 percent of [removed: 2023] [added: 2024] Consolidated NPE)
- Commercial Insurance [removed: (40] [added: (39] percent of this segment's [removed: 2023] [added: 2024] NPE), which includes our retail division focused on middle market customers and small businesses
- Major Accounts (38 percent of this segment's [removed: 2023] [added: 2024] NPE), our retail division focused on large institutional organizations and corporate companies
- Westchester [removed: (17] [added: (18] percent of this segment's [removed: 2023] [added: 2024] NPE), our wholesale and specialty division
- Chubb Bermuda (5 percent of this segment’s [removed: 2023] [added: 2024] NPE), our high excess retail division
The Commercial Insurance operations provide a broad range of P&C, financial lines, and A&H products targeted to U.S and Canadian-based middle market customers in a variety of industries, while the Small Commercial operations provide a broad range of [removed: property and casualty,] [added: P&C,] workers' compensation, small commercial management and professional liability for small businesses based in the U.S.
- Commercial Insurance products and services offered include traditional [removed: property and casualty] [added: P&C] lines of business, including Package, which combines property and general liability, workers' compensation, automobile, umbrella; financial lines of business, including professional liability, management liability and cyber risk coverage; and other lines including environmental, A&H, and [removed: international coverages.]
- Small Commercial Insurance products and services offered include property and casualty lines of business, including a business owner policy which contains property and general liability; financial lines, including professional liability, management [removed: liability] [added: liability,] and cyber risk coverage; and other lines including workers’ compensation, automobile liability, and international coverages.
Products and services offered include property, professional liability, cyber risk, excess casualty, workers’ compensation, general liability, automobile liability, commercial marine, surety, environmental, construction, medical risk, inland marine, [added: and] A&H coverages, as well as claims and risk management products and services.
- Chubb Global Casualty offers a range of customized risk management primary casualty products designed to help large insureds, including national accounts, [removed: and managing] [added: manage] risk for workers’ compensation, general liability, and automobile liability [removed: coverages as well as offering casualty insurance solutions for commercial real estate.][added: coverages.]
Within Chubb Global Casualty, Chubb Alternative Risk Solutions Group underwrites contractual indemnification policies which [removed: provides] [added: provide] prospective coverage for loss events within the insured’s policy retention levels, and underwrites assumed loss portfolio transfer (LPT) contracts in which insured loss events have occurred prior to the inception of the contract.
- Casualty [removed: Risk] provides coverages including umbrella and excess liability, environmental risk, casualty programs for commercial construction related projects for companies and institutions, [removed: and] medical risk specialty liability products for the healthcare [removed: industry.][added: industry, and casualty insurance solutions for commercial real estate.]
- Financial Lines provides management liability and professional liability (D&O and E&O), transactional risk, and cyber risk products to public companies as well as to private and [removed: not for profit] [added: not-for-profit] organizations.
Westchester is our wholesale and specialty division that serves the market for business risks that tend to be hard to place or not easily covered by traditional policies due to unique or complex [removed: exposures and provides specialty products for property, casualty, environmental, professional liability, inland marine, product recall, small business, binding and program coverages in the U.S. and Canada.][added: exposures.]
Westchester competes against a number of large, national carriers as well as regional competitors and other entities offering risk alternatives such as self-insured retentions and captive [removed: programs.][added: programs, and also employs digital-based distribution.]
North America Personal P&C Insurance (12 percent of [removed: 2023] [added: 2024] Consolidated NPE)
The North America Personal P&C Insurance segment includes the business written by Chubb Personal Risk Services division, which includes [removed: high net worth] [added: high-net-worth] personal lines business, with operations in the U.S. and Canada.
This segment provides affluent and [removed: high net worth] [added: high-net-worth] individuals and families with homeowners, high value automobile and collector cars, valuable articles (including fine arts), personal and excess liability/umbrella, travel insurance, cyber, and recreational marine insurance and services.
Our homeowners business, including valuable articles, represented 69 percent of North America Personal P&C Insurance’s net premiums earned in [removed: 2023.][added: 2024.]
Chubb Personal Risk Services offers comprehensive personal insurance products and services to meet the evolving needs of [removed: high net worth] [added: high-net-worth] families and individuals.
Our target customers consist of [removed: high net worth] [added: high-net-worth] consumers with insurance needs that typically extend beyond what mass market carriers can offer.
We achieve a competitive advantage through our ability to address the specific needs of [removed: high net worth] [added: high-net-worth] families and individuals, to provide superior service to our customers, and to develop and deploy digital production and processes.
North America Agricultural Insurance [removed: (7] [added: (5] percent of [removed: 2023] [added: 2024] Consolidated NPE)
The North America Agricultural Insurance segment comprises our U.S. and Canadian based businesses that provide a variety of coverages including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail insurance through Rain and Hail Insurance Service, Inc. (Rain and [removed: Hail)] [added: Hail),] as well as farm and ranch and specialty P&C commercial insurance products and services through our Chubb Agribusiness unit.
MPCI products include revenue protection (defined as providing both commodity price and yield coverages), yield protection, margin protection, prevented planting [removed: coverage] [added: coverage,] and replant coverage.
- Commercial Agribusiness offers specialty P&C coverages for commercial companies that manufacture, [removed: process] [added: process,] and distribute agricultural products.
Overseas General Insurance (27 percent of [removed: 2023] [added: 2024] Consolidated NPE)
Syndicate 2488 has an underwriting capacity of £630 million for the Lloyd’s [removed: 2024] [added: 2025] account year.
At December 31, [removed: 2023,] [added: 2024,] our ownership interest in Huatai P&C was approximately [removed: 76.5] [added: 85.5] percent.
Chubb International maintains a presence in every major insurance market in the world and is organized geographically along product lines as follows: Europe, Middle East and Africa, Asia [removed: Pacific] (including Huatai P&C), [removed: Japan,] and Latin America.
[removed: Products offered] include commercial P&C and corporate A&H lines, including specialty coverages and services, and consumer lines, including A&H and personal lines insurance products.
Huatai P&C provides a range of commercial and personal P&C products in China, including automobile, homeowners, property, professional liability, product liability, employer liability, business interruption, marine cargo, personal accident, [added: supplemental health,] and specialty risk.
The main lines of business include aviation, property, energy, [removed: professional lines,] marine, financial lines, [added: cyber,] political risk, and credit.
[added: A competitive strength of our international operations is our global] network and breadth of insurance programs, which assist individuals and business organizations to meet their risk management objectives, while also having a significant presence in all of the countries in which we operate, giving us the advantage of accessing local technical expertise and regulatory environments, understanding local markets and culture, accomplishing a spread of risk, and offering a global network to service multinational accounts.
Global Reinsurance [removed: (2] [added: (3] percent of [removed: 2023] [added: 2024] Consolidated NPE)
Global Workforce
At Chubb, our employees are central to our commitment to deliver excellence in all we do, to provide exceptional service for our customers and business partners, and to be there when our customers need us most.
We operate in 54 countries and territories and our global workforce of 43,000 employees is geographically dispersed with 39 percent in North America, 38 percent in Asia, 13 percent in Latin America and 10 percent in Europe, Eurasia, and Africa.
Our success depends on diversity of opportunity and capability — our mix of products, our geographic reach, our presence across the world’s many cultures, and our effort and ability to attract, develop, and retain the very best talent, wherever we operate, without regard to color, gender, ethnicity, religion, sexual orientation or any other personal characteristic unrelated to work responsibilities.
Our culture supports a consistency in how we approach our business and how we work together in our company towards a common objective.
We are clear about what it takes to succeed at Chubb — professionalism, skill and craftsmanship, and a commitment to execution excellence, both individually and as a team.
We foster an environment where frank, yet respectful communication thrives, driven by a shared vision and pride that unites us for a greater good.
We expect decisions about hiring, career opportunities, development, promotion, and compensation to be based on merit and free from bias related to individual differences.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
Human Capital Management Measures
We have multiple measures of human capital management, including how well we are doing in providing opportunity for everyone to succeed:
- Women lead lines of business that account for 40 percent of our global premium, lead several of our key global functions (including Enterprise Risk Management, Operations and Technology, Human Resources and Communications) and hold about a third of our executive level manager roles, as well as more than 40 percent of the next most senior manager roles.
- Our business leaders reflect the ethnic diversity of our global footprint.
The most senior executives who lead the company’s largest businesses and functions come from Ecuador, Argentina, Australia, the U.K., Korea, Canada, China, Chile, South Africa, and the U.S. Within the U.S., nearly 20 percent of our executive level managers are racially diverse, as well as more than 27 percent of the next most senior managers.
- Investing in opportunities for personal growth and development is a key to our success.
These development opportunities help our employees gain exposure and experiences that empower them to grow and contribute and enable our leaders to be intentional in maximizing the potential of each team member.
In 2024, over 8,000 employees participated in facilitated learning programs, and close to 3,500 colleagues engaged in programs designed to enhance cultural awareness and inclusion.
- Our Business Roundtable groups, engagement committees, and inclusion councils strive to support and drive meaningful connections and a sense of belonging across Chubb.
Their commitment not only enhances our workplace culture but also drives positive business outcomes.
They exemplify Chubb’s culture through their passion, spirit of generosity and dedication to something bigger than themselves.
- Chubb delivers market competitive compensation and benefits to its employees utilizing benchmarking support from consultants for an external perspective and leveraging analytical tools to monitor and ensure internal pay equity.
As an example, Chubb’s 2023 and 2024 U.S. pay equity analysis determined that there was no racial or gender pay gap in Chubb’s U.S. employee population for employees in similar roles.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
international coverages.
Westchester provides specialty products for property,
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
casualty, environmental, professional liability, inland marine, product recall, small business, and pet insurance, with digital and program coverages in the U.S. Products are offered through the wholesale distribution channel.
In 2024, Westchester expanded its operations through the acquisition of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc.
Chubb has been the exclusive underwriter of Healthy Paws Pet Insurance LLC since 2013.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
Products offered
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
Insurance and asset management form an integral part of our China strategy to help customers with their protection and savings needs.
Chubb Life provides individual life, accident and health, and group benefit insurance primarily in Asia which accounts for 95 percent of Chubb Life net written premiums and deposits.
Chubb Life operates a multichannel distribution network enabling wider consumer reach.
Our controlled distribution channels are a majority of net written premiums and include tied agency and telemarketing where we focus on recruiting, training and management of quality active distributors.
In China, Huatai Life has a network of over 300 branches across 20 provinces.
Chubb Life growth is focused on maximizing opportunities in Asia, where we have market leading positions in direct marketing notably in South Korea, Taiwan and Indonesia.
Our workforce includes approximately 40,000 people across our 54 countries and territories around the world, including 40 percent in North America, 10 percent in Europe, Eurasia and Africa, 37 percent in Asia (including Huatai Group in China), and 13 percent in Latin America.
Chubb effectively manages voluntary turnover, which, during 2023, generally moderated and returned to pre-pandemic levels.
We seek to attract, retain, and develop the very best insurance professionals and to provide an inclusive and supportive culture that allows all of our employees to reach their full potential.
We strive to achieve a true meritocracy as we recognize our responsibility to ensure that all employees feel comfortable and energized to do their best, contribute, and be recognized and rewarded.
We know that our success in a diverse world requires a team reflecting the global diversity of the talent that we seek to recruit.
As we continue to recruit and advance top talent, Chubb is committed to improving gender and racial diversity across the company and within our executive leadership.
To ensure progress on diversity, we hold our leaders accountable, applying the same rigor to our diversity efforts that exist in other areas of our business.
Chubb leadership tracks several metrics that are aligned to our talent objectives, and these are shared and discussed with the Board of Directors (Board).
The metrics include workforce diversity, hiring, promotion, retention, turnover and learning and development activity.
Senior management also provides our Board with regular updates on matters including employee succession and talent development, including detailed overviews of bench strength and talent profiles multiple levels below the senior executive level, highlighting qualifications, experience, and development areas.
In 2023, there was year-over-year progress on gender and racial diversity at the leadership level, most notably on racial diversity at our senior vice president and above levels, and we also improved the diversity of hiring into our development programs.
At December 31, 2023, 31 percent of Chubb's U.S. workforce are underrepresented minorities.
Chubb is a diverse group of professionals, committed to Chubb’s superior underwriting, service and execution.
Our extensive efforts in this area include mentorships, affinity groups, diversity awareness training, and education, open dialogue on race and racism, management development programs, and inclusive hiring practices.
We depend on our culture of leadership accountability to foster a diverse and inclusive meritocracy at Chubb.
Our embrace of diversity is reflected in Chubb's variety of employee resource groups, called Business Roundtables, that are aimed at fostering an inclusive work environment.
These groups provide support, mentorship, and networking opportunities for various underrepresented groups.
They also play a significant role in business development, community outreach and influence.
Some of the Business Roundtables at Chubb include: Mosaic aims to foster the professional development of diverse talent including Black, Asian and Latinx employees through networking, coaching, mentoring, and through individual Black Alliance, Asian Alliance, and Latinx Alliance Business Roundtables within Mosaic; Impact is dedicated to the support, development, and advancement of women to realize their career goals while strengthening ties to clients, brokers, and the insurance industry; Thrive seeks to advance the development of and engagement of colleagues with visible and invisible disabilities, while leveraging the group’s diverse perspectives to strengthen Chubb’s culture and market position; Pride provides a supportive community for LGBTQ+ employees and their allies; Salute supports employees who are veterans, active service members, military spouses, and family members.
These groups not only help to create a more inclusive work environment, but they also contribute to our overall success by promoting a wide range of ideas and perspectives.
In 2023, we also continued our leadership and involvement externally in the Black Insurance Industry Collective (BIIC), whose mission is to accelerate the advancement of Black professionals within the insurance industry and to increase representation of Black leaders at the executive level.
Other internal programs include: Chubb Start, which supports the continuous professional development of women who are early in their careers; Chubb Signatures, a global and regional lecture series for successful senior women, diverse men and inclusion champions to share their unique backgrounds, experiences and hard-earned lessons in business; and Advancing Women Leaders, a global program to enable executives to understand challenges and opportunities for advancing women.
Talent Strategy
Our ability to deliver excellence in underwriting and superior service depends upon attracting, retaining, and engaging top talent and building a talent pipeline for the future.
Chubb has several formalized programs to support the recruitment and retention of the talent that is necessary to the growth and success of our business.
Formal training and development opportunities include the Chubb Associate Program in North America, which is a technical, experiential learning program for early career professionals.
In addition, Chubb Apprenticeships are earn-and-learn programs that combine formal classroom learning with on-the-job training.
Chubb recruits early-career professionals without a 4-year university degree for Apprentice roles in Claims, Underwriting and Technology.
Since inception eighteen months ago, more than 50 Apprentices have been hired in North America; 89 percent are racially diverse, 53 percent are women, and 81 percent are still with the organization, having graduated into full-time positions.
Compensation and Benefits
Chubb is committed to delivering competitive compensation and benefits to its employees worldwide to attract and retain a highly qualified, experienced, talented, and motivated workforce.
We vary and adjust our compensation to support the human resources requirements of our business in markets around the world and we utilize various analytical tools to monitor and address racial and gender pay equity.
Additionally, we structure our compensation programs for leaders to include a mix of short- and long-term awards, with a focus on linking pay to Chubb's performance and the enhancement of shareholder value over the medium- and long-term.
Products are offered through the wholesale distribution channel.
A competitive strength of our international operations is our global
Chubb Life sells to consumers through a variety of distribution channels including captive and independent agencies, bancassurance, worksite marketing, retailers, brokers, telemarketing, and direct to consumer marketing.
Huatai Life offers a broad portfolio of insurance products including whole life, universal life, medical and health, personal accident, and disability.
These products are marketed through a variety of distribution channels including nearly 400 licensed sales locations in 20 Chinese provinces.
We continue to grow Chubb Life with a focus on opportunities in Asia that we believe will result in sustainable operating profits and achieve our target returns on invested capital.
We have developed a substantial sales force of agents principally located in our Asia businesses and have market leading positions in telemarketing industry in South Korea, Taiwan and Indonesia.
An excerpt. Shown here: 40 of 98 rewritten, 40 of 65 added and 40 of 43 removed. The counts are complete. For every sentence, read Item 1. Business in the FY2024 filing and the FY2023 filing.
Cover and table of contents
33 rewritten, 2 added, 3 removed, 68 unchanged
For the fiscal year ended December 31, [removed: 2023][added: 2024]
| Guarantee of Chubb INA Holdings [removed: Inc. 0.30%] [added: LLC 0.875%] Senior Notes due [removed: 2024] [added: 2027] | | | | | | [removed: CB/24A] [added: CB/27] | | | New York Stock Exchange | | |
| Guarantee of Chubb INA Holdings [removed: Inc.] [added: LLC] 0.875% Senior Notes due [removed: 2027] [added: 2029] | | | | | | [removed: CB/27] [added: CB/29A] | | | New York Stock Exchange | | |
| Guarantee of Chubb INA Holdings [removed: Inc.] [added: LLC] 1.55% Senior Notes due 2028 | | | | | | CB/28 | | | New York Stock Exchange | | |
| Guarantee of Chubb INA Holdings [removed: Inc. 0.875%] [added: LLC 1.40%] Senior Notes due [removed: 2029] [added: 2031] | | | | | | [removed: CB/29A] [added: CB/31] | | | New York Stock Exchange | | |
| Guarantee of Chubb INA Holdings [removed: Inc. 1.40%] [added: LLC 2.50%] Senior Notes due [removed: 2031] [added: 2038] | | | | | | [removed: CB/31] [added: CB/38A] | | | New York Stock Exchange | | |
The aggregate market value of voting stock held by non-affiliates as of June 30, [removed: 2023] [added: 2024] (the last business day of the registrant's most recently completed second fiscal quarter), was approximately [removed: $79] [added: $103] billion.
As of February [removed: 16, 2024,] [added: 20, 2025,] there were [removed: 405,758,796] [added: 400,412,084] Common Shares par value CHF 0.50 of the registrant outstanding.
Certain portions of the registrant's definitive proxy statement relating to its [removed: 2024] [added: 2025] Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.
| ITEM 1. | | | [removed: [Business](#idf707741c08f496b986f567184704870_13)] [added: [Business](#i39f5a03dd90d4103ae76f08afd0b0b0b_13)] | | | | | | [removed: [2](#idf707741c08f496b986f567184704870_13)] [added: [2](#i39f5a03dd90d4103ae76f08afd0b0b0b_13)] | | |
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| ITEM 1B. | | | [Unresolved Staff [removed: Comments](#idf707741c08f496b986f567184704870_85)] [added: Comments](#i39f5a03dd90d4103ae76f08afd0b0b0b_88)] | | | | | | [removed: [34](#idf707741c08f496b986f567184704870_85)] [added: [34](#i39f5a03dd90d4103ae76f08afd0b0b0b_88)] | | |
| ITEM 1C. | | | [Cybersecurity [removed: and](#idf707741c08f496b986f567184704870_4113) [R](#idf707741c08f496b986f567184704870_4113)[isk Governance](#idf707741c08f496b986f567184704870_4113)] [added: and Risk Governance](#i39f5a03dd90d4103ae76f08afd0b0b0b_91)] | | | | | | [removed: [34](#idf707741c08f496b986f567184704870_85)] [added: [34](#i39f5a03dd90d4103ae76f08afd0b0b0b_88)] | | |
| ITEM 2. | | | [removed: [Properties](#idf707741c08f496b986f567184704870_88)] [added: [Properties](#i39f5a03dd90d4103ae76f08afd0b0b0b_94)] | | | | | | [removed: [36](#idf707741c08f496b986f567184704870_88)] [added: [36](#i39f5a03dd90d4103ae76f08afd0b0b0b_94)] | | |
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| ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#idf707741c08f496b986f567184704870_109)] [added: Operations](#i39f5a03dd90d4103ae76f08afd0b0b0b_118)] | | | | | | [removed: [39](#idf707741c08f496b986f567184704870_109)] [added: [39](#i39f5a03dd90d4103ae76f08afd0b0b0b_118)] | | |
| ITEM 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#idf707741c08f496b986f567184704870_274)] [added: Risk](#i39f5a03dd90d4103ae76f08afd0b0b0b_283)] | | | | | | [removed: [90](#idf707741c08f496b986f567184704870_274)] [added: [88](#i39f5a03dd90d4103ae76f08afd0b0b0b_283)] | | |
| ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#idf707741c08f496b986f567184704870_277)] [added: Data](#i39f5a03dd90d4103ae76f08afd0b0b0b_286)] | | | | | | [removed: [95](#idf707741c08f496b986f567184704870_277)] [added: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_286)] | | |
| ITEM 9. | | | [Changes in and [removed: Disagreements](#idf707741c08f496b986f567184704870_280) [w](#idf707741c08f496b986f567184704870_280)[ith] [added: Disagreements](#i39f5a03dd90d4103ae76f08afd0b0b0b_289) [w](#i39f5a03dd90d4103ae76f08afd0b0b0b_289)[ith] Accountants on Accounting and Financial [removed: Disclosure](#idf707741c08f496b986f567184704870_280)] [added: Disclosure](#i39f5a03dd90d4103ae76f08afd0b0b0b_289)] | | | | | | [removed: [95](#idf707741c08f496b986f567184704870_280)] [added: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_289)] | | |
| ITEM 9A. | | | [Controls and [removed: Procedures](#idf707741c08f496b986f567184704870_283)] [added: Procedures](#i39f5a03dd90d4103ae76f08afd0b0b0b_292)] | | | | | | [removed: [95](#idf707741c08f496b986f567184704870_283)] [added: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_292)] | | |
| ITEM 9B. | | | [Other [removed: Information](#idf707741c08f496b986f567184704870_286)] [added: Information](#i39f5a03dd90d4103ae76f08afd0b0b0b_295)] | | | | | | [removed: [95](#idf707741c08f496b986f567184704870_286)] [added: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_295)] | | |
| ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#idf707741c08f496b986f567184704870_289)] [added: Inspections](#i39f5a03dd90d4103ae76f08afd0b0b0b_298)] | | | | | | [removed: [95](#idf707741c08f496b986f567184704870_289)] [added: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_298)] | | |
| ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#idf707741c08f496b986f567184704870_295)] [added: Governance](#i39f5a03dd90d4103ae76f08afd0b0b0b_304)] | | | | | | [removed: [96](#idf707741c08f496b986f567184704870_295)] [added: [94](#i39f5a03dd90d4103ae76f08afd0b0b0b_304)] | | |
| ITEM 11. | | | [Executive [removed: Compensation](#idf707741c08f496b986f567184704870_298)] [added: Compensation](#i39f5a03dd90d4103ae76f08afd0b0b0b_307)] | | | | | | [removed: [96](#idf707741c08f496b986f567184704870_298)] [added: [94](#i39f5a03dd90d4103ae76f08afd0b0b0b_307)] | | |
| ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#idf707741c08f496b986f567184704870_301)] [added: Matters](#i39f5a03dd90d4103ae76f08afd0b0b0b_310)] | | | | | | [removed: [96](#idf707741c08f496b986f567184704870_301)] [added: [94](#i39f5a03dd90d4103ae76f08afd0b0b0b_310)] | | |
| ITEM 13. | | | [Certain Relationships and Related [removed: Transactions](#idf707741c08f496b986f567184704870_304) [and] [added: Transactions and] Director [removed: Independence](#idf707741c08f496b986f567184704870_304)] [added: Independence](#i39f5a03dd90d4103ae76f08afd0b0b0b_316)] | | | | | | [removed: [96](#idf707741c08f496b986f567184704870_304)] [added: [95](#i39f5a03dd90d4103ae76f08afd0b0b0b_316)] | | |
| ITEM 14. | | | [Principal Accounting Fees and [removed: Services](#idf707741c08f496b986f567184704870_307)] [added: Services](#i39f5a03dd90d4103ae76f08afd0b0b0b_319)] | | | | | | [removed: [96](#idf707741c08f496b986f567184704870_307)] [added: [95](#i39f5a03dd90d4103ae76f08afd0b0b0b_319)] | | |
| ITEM 15. | | | [Exhibits, Financial Statements [removed: Schedules](#idf707741c08f496b986f567184704870_313)] [added: Schedules](#i39f5a03dd90d4103ae76f08afd0b0b0b_325)] | | | | | | [removed: [97](#idf707741c08f496b986f567184704870_313)] [added: [96](#i39f5a03dd90d4103ae76f08afd0b0b0b_325)] | | |
| ITEM 16. | | | [Form 10-K [removed: Summary](#idf707741c08f496b986f567184704870_319)] [added: Summary](#i39f5a03dd90d4103ae76f08afd0b0b0b_331)] | | | | | | [removed: [103](#idf707741c08f496b986f567184704870_319)] [added: [102](#i39f5a03dd90d4103ae76f08afd0b0b0b_331)] | | |
| [INDEX TO CONSOLIDATED FINANCIAL [removed: STATEMENTS](#idf707741c08f496b986f567184704870_328)] [added: STATEMENTS](#i39f5a03dd90d4103ae76f08afd0b0b0b_340)] | | | | | | | | | [removed: [F-2](#idf707741c08f496b986f567184704870_328)] [added: [F-2](#i39f5a03dd90d4103ae76f08afd0b0b0b_340)] | | |
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
| ITEM 6. | | | [\[Reserved\]](#i39f5a03dd90d4103ae76f08afd0b0b0b_112) | | | | | | [38](#i39f5a03dd90d4103ae76f08afd0b0b0b_112) | | |
| [SIGNATURES](#i39f5a03dd90d4103ae76f08afd0b0b0b_334) | | | | | | | | | [102](#i39f5a03dd90d4103ae76f08afd0b0b0b_334) | | |
| Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038 | | | | | | CB/38A | | | New York Stock Exchange | | |
| ITEM 6. | | | [\[Reserved\]](#idf707741c08f496b986f567184704870_103) | | | | | | [38](#idf707741c08f496b986f567184704870_103) | | |
| [SIGNATURES](#idf707741c08f496b986f567184704870_322) | | | | | | | | | [103](#idf707741c08f496b986f567184704870_322) | | |
Item 1C. Cybersecurity and Risk Governance
11 rewritten, 2 added, 0 removed, 39 unchanged
We have implemented a risk-based approach to identify and assess the cybersecurity threats that could affect our business and information systems, and we evaluate changes and enhancements to our technology environment as well as conduct [removed: third party] [added: third-party] assessments to confirm that they meet our information security control requirements.
Our cybersecurity program and control environment incorporate appropriate industry standards and best practices, such as the National [removed: Institutes] [added: Institute] of Standards and Technology Cyber Security Framework (NIST CSF), and [removed: is] [added: are] designed to comply with numerous U.S. federal and state and international laws, [removed: rules] [added: rules,] and regulations governing the protection of personal and confidential information of our clients and employees.
We use various tools and methods to assess, [removed: identify] [added: identify,] and manage cybersecurity risk that are tested regularly, including the following:
Employees involved with information protection, [removed: privacy] [added: privacy,] and other risk management specialties also engage in specialized role-based training as is practicable.
We use a variety of training methods, including computer-based training, role-based training, company intranet awareness [removed: campaigns] [added: campaigns,] and various simulation exercises.
The policies and standards are developed by a multi-disciplinary team, with participation from information security and IT compliance, privacy, IT legal, [removed: compliance] [added: compliance,] and business representatives.
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
[removed: Cybersecurity] [added: The management-level responsibility for assessing and managing cybersecurity] risk [removed: management oversight] is led by our CISO and CTO.
Chubb management continues to prioritize investments in cybersecurity to protect the confidentiality, [removed: integrity] [added: integrity,] and availability of our data.
In accordance with our cybersecurity risk assessment processes, we have deployed a set of cybersecurity controls to [removed: protect Chubb.]
We also maintain a data security incident response plan, applied at an enterprise level, to facilitate our ability to rapidly detect and address data security incidents with the goals of: (i) minimizing risk to data and systems; (ii) quickly recovering and resuming operations; (iii) where applicable, providing timely notice of an incident to regulators and providing timely notice and remediation services to affected individuals; (iv) minimizing potential brand damage; (v) managing litigation, [removed: investigations] [added: investigations,] and disputes that may arise in the aftermath of an incident; and (vi) identifying opportunities to enhance Chubb’s data security approach.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
protect Chubb.
Item 4. Mine Safety Disclosures
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[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
11 rewritten, 7 added, 7 removed, 18 unchanged
In [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] our annual dividends were paid by way of a distribution from capital contribution reserves (Additional paid-in capital) through the transfer of dividends from Additional paid-in capital to Retained earnings (free reserves) as approved by our shareholders.
The number of record holders of Common Shares as of February [removed: 16, 2024] [added: 20, 2025,] was [removed: 6,922.][added: 6,594.]
Issuer's Repurchases of Equity Securities for the Three Months Ended December 31, [removed: 2023][added: 2024]
(2)The aggregate value of shares purchased in the three months ended December 31, [removed: 2023] [added: 2024,] as part of the publicly announced plan was [removed: $720] [added: $725] million.
(3)For the period January 1, [removed: 2024] [added: 2025,] through February [removed: 22, 2024,] [added: 26, 2025,] we repurchased [removed: 269,450] [added: 543,782] Common Shares for a total of [removed: $67] [added: $148] million in a series of open market transactions.
As of February [removed: 22, 2024, $3.62] [added: 26, 2025, $1.53] billion in share repurchase authorization remained.
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
Set forth below is a line graph comparing the dollar change in the cumulative total shareholder return on Chubb's Common Shares from December 31, [removed: 2018,] [added: 2019,] through December 31, [removed: 2023,] [added: 2024,] as compared to the cumulative total return of the Standard & Poor's 500 Stock Index and the cumulative total return of the Standard & Poor's Property-Casualty Insurance Index.
The chart depicts the value on December 31, [removed: 2019,] 2020, 2021, 2022, [removed: and] 2023, [added: and 2024,] of a $100 investment made on December 31, [removed: 2018,] [added: 2019,] with all dividends reinvested.
[removed: ][added: ]
| | | | [removed: 12/31/2018 | | |] 12/31/2019 | | | 12/31/2020 | | | 12/31/2021 | | | 12/31/2022 | | | 12/31/2023 | | | [added: 12/31/2024 | | |]
| October 1 through October 31 | | | | | | 338 | | | | | | $ | 289.85 | | | | | — | | | | | | $ | 2.40 | billion | | | |
| November 1 through November 30 | | | | | | 421,683 | | | | | | $ | 281.73 | | | | | 420,000 | | | | | | $ | 2.28 | billion | | | |
| December 1 through December 31 | | | | | | 2,185,641 | | | | | | $ | 278.21 | | | | | 2,182,601 | | | | | | $ | 1.68 | billion | | | |
| Total | | | | | | 2,607,662 | | | | | | $ | 278.78 | | | | | 2,602,601 | | | | | | | | | | | |
| Chubb Limited | | | $100 | | | $101 | | | $130 | | | $150 | | | $157 | | | $194 | | |
| S&P 500 Index | | | $100 | | | $118 | | | $152 | | | $125 | | | $158 | | | $197 | | |
| S&P 500 P&C Index | | | $100 | | | $107 | | | $128 | | | $152 | | | $168 | | | $228 | | |
| October 1 through October 31 | | | | | | 98,280 | | | | | | $ | 209.37 | | | | | 96,000 | | | | | | $ | 4.38 | billion | | | |
| November 1 through November 30 | | | | | | 955,371 | | | | | | $ | 224.25 | | | | | 953,000 | | | | | | $ | 4.17 | billion | | | |
| December 1 through December 31 | | | | | | 2,146,123 | | | | | | $ | 226.90 | | | | | 2,142,000 | | | | | | $ | 3.68 | billion | | | |
| Total | | | | | | 3,199,774 | | | | | | $ | 225.57 | | | | | 3,191,000 | | | | | | | | | | | |
| Chubb Limited | | | $100 | | | $123 | | | $125 | | | $159 | | | $185 | | | $193 | | |
| S&P 500 Index | | | $100 | | | $131 | | | $156 | | | $200 | | | $164 | | | $207 | | |
| S&P 500 P&C Index | | | $100 | | | $126 | | | $135 | | | $161 | | | $191 | | | $212 | | |
Item 6. [Reserved]
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[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
Item 9A. Controls and Procedures
3 rewritten, 0 added, 3 removed, 1 unchanged
Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of December 31, [removed: 2023.][added: 2024.]
[removed: Other than working to incorporate Huatai Group, as noted above, there] [added: There] have been no changes in Chubb's internal controls over financial reporting during the three months ended December 31, [removed: 2023,] [added: 2024,] that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.
Chubb's management report on internal control over financial reporting is included on page F-3 and PricewaterhouseCoopers LLP's audit report is included on pages [removed: F-4, F-5,] [added: F-4] and [removed: F-6.][added: F-5.]
Effective July 1, 2023, Chubb discontinued the equity method of accounting to its investment in Huatai Group and applied consolidation accounting.
As of and for the year ended December 31, 2023, Huatai Group represented approximately 1 percent of consolidated revenues and approximately 7 percent of total assets.
We currently exclude, and are in the process of working to incorporate, Huatai Group in our evaluation of internal controls over financial reporting, and related disclosure controls and procedures.
Item 9B. Other Information
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During the three months ended December 31, [removed: 2023,] [added: 2024,] no [removed: other] director or officer of Chubb (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of SEC Regulation S-K.
On February 27, 2025, the Board of Directors (Board) amended Section 2.2.1(d) of the Organizational Regulations of Chubb Limited.
The amendment reflects that the Board’s Compensation Committee is responsible for recommending to the Board the aggregate amount of director compensation to be submitted for shareholder vote at Chubb’s annual general meeting of shareholders.
This role had previously been the responsibility of the Board’s Nominating & Governance Committee.
A copy of the amended and restated Organizational Regulations is attached hereto as Exhibit 3.2 and incorporated herein by reference.
On December 20, 2023, John J.
Lupica, Vice Chairman, Chubb Group, and President, North America Insurance, adopted a "Rule 10b5-1 trading arrangement" as defined under Item 408 of SEC Regulation S-K.
The trading arrangement provides for (i) the sale of up to 8,985 shares of Chubb's common stock and (ii) the potential exercise of 25,479 stock options expiring December 20, 2025, and the associated sale of up to 25,479 shares of Chubb's common stock.
The arrangement is scheduled to expire on December 20, 2025, subject to earlier termination in accordance with its terms, or upon the completion of all authorized transactions under the plan.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
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[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
Item 10. Directors, Executive Officers and Corporate Governance
1 rewritten, 0 added, 0 removed, 5 unchanged
Information pertaining to this item is incorporated by reference to the sections entitled “Agenda Item 5 - Election of the Board of Directors”, "Corporate Governance - Delinquent Section 16(a) Reports", “Corporate Governance - The Board of Directors - Director Nomination Process”, [removed: and] “Corporate Governance - The Committees of the Board - Audit [removed: Committee”] [added: Committee”, and “Corporate Governance – Governance Practices and Policies that Guide Our Actions – Global Restrictions on Insider Trading and Trading Chubb Securities Policy”] of the definitive proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
Item 11. Executive Compensation
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This item is incorporated by reference to the sections entitled “Executive Compensation”, “Compensation Committee Report” and “Director Compensation” of the definitive proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
1 rewritten, 29 added, 0 removed, 0 unchanged
[removed: This item] [added: Additional information] is incorporated by reference to the [removed: sections] [added: section] entitled "Information About Our Share Ownership" [removed: and "Agenda Item 11 - Approval] of the [removed: Amended and Restated Chubb Limited Employee Stock Purchase Plan" of the] definitive proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of [removed: Shareholders,] [added: Shareholders] which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
The following table presents securities authorized for issuance under equity compensation plans at December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Plan category | | | | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | | | | Weighted-average exercise price of outstanding options, warrants, and rights (3) | | | | | | Number of securities remaining available for future issuance under equity compensation plans | | |
| Equity compensation plans approved by security holders (1) | | | | | | 9,511,719 | | | | | | $ | 174.86 | | | | | 12,811,070 | | |
| Equity compensation plans not approved by security holders (2) | | | | | | 15,321 | | | | | | | | | | | | | | |
(1) These totals include securities available for future issuance under the following plans:
(i) Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (Amended 2016 LTIP).
A total of 32,900,000 shares are authorized to be issued pursuant to awards made as options, stock appreciation rights, stock units, performance shares, performance units, restricted stock, and restricted stock units.
The maximum number of shares that may be delivered to participants and their beneficiaries under the Amended 2016 LTIP shall be equal to the sum of: (x) 32,900,000 shares of stock; and (y) any shares of stock that have not been delivered pursuant to the ACE LTIP (as defined in clause (ii) of this footnote (1) below) and remain available for grant pursuant to the ACE LTIP, including shares of stock represented by awards granted under the ACE LTIP that are forfeited, expire or are canceled after the effective date of the Amended 2016 LTIP without delivery of shares of stock or which result in the forfeiture of the shares of stock back to the Company to the extent that such shares would have been added back to the reserve under the terms of the ACE LTIP.
As of December 31, 2024, a total of 8,663,626 option awards and 711,504 restricted stock unit awards are outstanding, and 10,072,965 shares remain available for future issuance under this plan.
(ii) ACE Limited 2004 Long-Term Incentive Plan (ACE LTIP).
As of December 31, 2024, a total of 838,800 option awards are outstanding.
No additional grants will be made pursuant to the ACE LTIP.
(iii) Chubb Corporation Long-Term Incentive Plans (Chubb Corp. LTIP).
As of December 31, 2024, a total of 9,293 option awards and 9,603 deferred stock unit awards are outstanding.
No additional grants will be made pursuant to the Chubb Corp. LTIP.
(iv) ESPP.
A total of 9,000,000 shares are authorized for purchase at a discount.
As of December 31, 2024, 2,738,105 shares remain available for future issuance under this plan.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
(2) These plans are the Chubb Corp. CCAP Excess Benefit Plan (CCAP Excess Benefit Plan) and the Chubb Corp. Deferred Compensation Plan for Directors, under which no Common Shares are available for future issuance other than with respect to outstanding rewards.
The CCAP Excess Benefit Plan is a nonqualified, defined contribution plan and covers those participants in the Capital Accumulation Plan of The Chubb Corporation (CCAP) (Chubb Corp.’s legacy 401(k) plan) and Chubb Corp.’s legacy employee stock ownership plan (ESOP) whose total benefits under those plans are limited by certain provisions of the Internal Revenue Code.
A participant in the CCAP Excess Benefit Plan is entitled to a benefit equaling the difference between the participant’s benefits under the CCAP and the ESOP, without considering the applicable limitations of the Code, and the participant’s actual benefits under such plans.
A participant’s excess ESOP benefit is expressed as Common Shares.
Payments under the CCAP Excess Benefit Plan are generally made: (i) for excess benefits related to the CCAP, in cash annually as soon as practical after the amount of excess benefit can be determined; and (ii) for excess benefits related to the ESOP, in Common Shares as soon as practicable after the participant’s termination of employment.
Allocations under the ESOP ceased in 2004.
Accordingly, other than dividends, no new contributions are made to the ESOP or the CCAP Excess Benefit Plan with respect to excess ESOP benefits.
(3) Weighted-average exercise price excludes shares issuable under performance unit awards and restricted stock unit awards.
Item 13. Certain Relationships and Related Transactions and Director Independence
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This item is incorporated by reference to the sections entitled “Corporate Governance - [removed: What Is Our] Related Party [removed: Transactions Approval Policy And What Procedures Do We Use To Implement It?”, “Corporate Governance - What Related Party Transactions Do We Have?”,] [added: Transactions",] and “Corporate Governance - The Board of Directors - Director Independence” of the definitive proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
Item 14. Principal Accounting Fees and Services
2 rewritten, 0 added, 0 removed, 1 unchanged
This item is incorporated by reference to the section entitled “Agenda Item 4 – Election of Auditors – 4.2 – Ratification of appointment of PricewaterhouseCoopers LLP (United States) as independent registered public accounting firm for purposes of U.S. securities law reporting” of the definitive proxy statement for the [removed: 2024] [added: 2025] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
Item 15. Exhibits, Financial Statement Schedules
121 rewritten, 12 added, 3 removed, 148 unchanged
| – | | | [Management's Responsibility for Financial Statements and Internal Control over Financial [removed: Reporting](#idf707741c08f496b986f567184704870_331)] [added: Reporting](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] | | | [removed: [F-3](#idf707741c08f496b986f567184704870_331)] [added: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] | | |
| – | | | [Report of Independent Registered Public Accounting [removed: Firm](#idf707741c08f496b986f567184704870_334)] [added: Firm](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] | | | [removed: [F-4](#idf707741c08f496b986f567184704870_334)] [added: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] | | |
| – | | | [Consolidated Balance Sheets at December 31, [removed: 20](#idf707741c08f496b986f567184704870_337)[2](#idf707741c08f496b986f567184704870_337)[3](#idf707741c08f496b986f567184704870_337) [and 20](#idf707741c08f496b986f567184704870_337)22] [added: 2024 and 2023](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)] | | | [removed: [F-7](#idf707741c08f496b986f567184704870_337)] [added: [F-6](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)] | | |
| – | | | [Consolidated Statements of Operations and Comprehensive Income for the years ended December 31, [removed: 20](#idf707741c08f496b986f567184704870_340)[2](#idf707741c08f496b986f567184704870_340)[3](#idf707741c08f496b986f567184704870_340)[, 20](#idf707741c08f496b986f567184704870_340)[2](#idf707741c08f496b986f567184704870_340)[2](#idf707741c08f496b986f567184704870_340)[,] [added: 2024, 2023,] and [removed: 20](#idf707741c08f496b986f567184704870_340)21] [added: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)] | | | [removed: [F-8](#idf707741c08f496b986f567184704870_340)] [added: [F-7](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)] | | |
| – | | | [Consolidated Statements of Shareholders' Equity for the years ended December 31, [removed: 20](#idf707741c08f496b986f567184704870_349)[2](#idf707741c08f496b986f567184704870_349)[3](#idf707741c08f496b986f567184704870_349)[, 20](#idf707741c08f496b986f567184704870_349)[2](#idf707741c08f496b986f567184704870_349)[2](#idf707741c08f496b986f567184704870_349)[,] [added: 2024, 2023,] and [removed: 20](#idf707741c08f496b986f567184704870_349)21] [added: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)] | | | [removed: [F-9](#idf707741c08f496b986f567184704870_349)] [added: [F-8](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)] | | |
| – | | | [Consolidated Statements of Cash Flows for the years ended December 31, [removed: 20](#idf707741c08f496b986f567184704870_355)[2](#idf707741c08f496b986f567184704870_355)[3](#idf707741c08f496b986f567184704870_355)[, 20](#idf707741c08f496b986f567184704870_355)[2](#idf707741c08f496b986f567184704870_355)[2](#idf707741c08f496b986f567184704870_355)[,] [added: 2024, 2023,] and [removed: 20](#idf707741c08f496b986f567184704870_355)21] [added: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)] | | | [removed: [F-10](#idf707741c08f496b986f567184704870_355)] [added: [F-9](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)] | | |
| – | | | [Notes to Consolidated Financial [removed: Statements](#idf707741c08f496b986f567184704870_367)] [added: Statements](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)] | | | [removed: [F-11](#idf707741c08f496b986f567184704870_367)] [added: [F-10](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)] | | |
| – | | | [Schedule I - Summary of Investments - Other Than Investments in Related Parties at December 31, [removed: 20](#idf707741c08f496b986f567184704870_496)23] [added: 2024](#i39f5a03dd90d4103ae76f08afd0b0b0b_517)] | | | [removed: [F-](#idf707741c08f496b986f567184704870_496)[117](#idf707741c08f496b986f567184704870_496)] [added: [F-111](#i39f5a03dd90d4103ae76f08afd0b0b0b_517)] | | |
| – | | | [Schedule II - Condensed Financial Information of Registrant (Parent Company Only) at December 31, [removed: 20](#idf707741c08f496b986f567184704870_499)[2](#idf707741c08f496b986f567184704870_499)[3](#idf707741c08f496b986f567184704870_499) [and 20](#idf707741c08f496b986f567184704870_499)[2](#idf707741c08f496b986f567184704870_499)[2](#idf707741c08f496b986f567184704870_499)[,](#idf707741c08f496b986f567184704870_499) [and] [added: 2024 and 2023, and] for the years ended December 31, [removed: 20](#idf707741c08f496b986f567184704870_499)[2](#idf707741c08f496b986f567184704870_499)[3](#idf707741c08f496b986f567184704870_499)[, 20](#idf707741c08f496b986f567184704870_499)[2](#idf707741c08f496b986f567184704870_499)[2](#idf707741c08f496b986f567184704870_499)[,] [added: 2024, 2023,] and [removed: 20](#idf707741c08f496b986f567184704870_499)21] [added: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_520)] | | | [removed: [F-](#idf707741c08f496b986f567184704870_499)[118](#idf707741c08f496b986f567184704870_499)] [added: [F-112](#i39f5a03dd90d4103ae76f08afd0b0b0b_520)] | | |
| – | | | [Schedule IV - Supplemental Information Concerning Reinsurance for the years ended December 31, [removed: 20](#idf707741c08f496b986f567184704870_502)[2](#idf707741c08f496b986f567184704870_502)[3](#idf707741c08f496b986f567184704870_502)[, 20](#idf707741c08f496b986f567184704870_502)[2](#idf707741c08f496b986f567184704870_502)[2](#idf707741c08f496b986f567184704870_502)[,] [added: 2024, 2023,] and [removed: 20](#idf707741c08f496b986f567184704870_502)21] [added: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_523)] | | | [removed: [F-](#idf707741c08f496b986f567184704870_502)[1](#idf707741c08f496b986f567184704870_502)[20](#idf707741c08f496b986f567184704870_502)] [added: [F-114](#i39f5a03dd90d4103ae76f08afd0b0b0b_523)] | | |
| – | | | [Schedule VI - Supplementary Information Concerning Property and Casualty Operations as of and for the years ended December 31, [removed: 202](#idf707741c08f496b986f567184704870_505)[3](#idf707741c08f496b986f567184704870_505)[, 202](#idf707741c08f496b986f567184704870_505)[2](#idf707741c08f496b986f567184704870_505)[,] [added: 2024, 2023,] and [removed: 20](#idf707741c08f496b986f567184704870_505)21] [added: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_526)] | | | [removed: [F-1](#idf707741c08f496b986f567184704870_505)[21](#idf707741c08f496b986f567184704870_505)] [added: [F-115](#i39f5a03dd90d4103ae76f08afd0b0b0b_526)] | | |
| [removed: [3.1](https://www.sec.gov/Archives/edgar/data/896159/000110465923061862/tm2316055d1_ex3-1.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] | | | | | | [Articles of Association of the Company, as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465923061862/tm2316055d1_ex3-1.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] | | | | | | 8-K | | | | | | 3.1 | | | | | | May [removed: 17, 2023] [added: 16, 2024] | | | | | | | | |
| [removed: [3.2](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm)] [added: [3.2](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm)] | | | | | | [Organizational Regulations of the [removed: Company](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm)[,](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm) [as amended](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm)] [added: Company, as amended](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 3.2] | | | | | | [removed: February 24, 2023] | | | | | | [added: X] | | |
| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/896159/000110465923061862/tm2316055d1_ex3-1.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] | | | | | | [Articles of Association of the Company, as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465923061862/tm2316055d1_ex3-1.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | May [removed: 17, 2023] [added: 16, 2024] | | | | | | | | |
| [removed: [4.2](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm)] [added: [4.2](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm)] | | | | | | [Organizational Regulations of the [removed: Company](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm)[,](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm) [as amended](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex32.htm)] [added: Company, as amended](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm)] | | | | | | [removed: 10-K] | | | | | | [removed: 3.2] | | | | | | [removed: February 24, 2023] | | | | | | [added: X] | | |
| [removed: [4.3](http://www.sec.gov/Archives/edgar/data/896159/000119312508153347/dex43.htm)] [added: [4.3](https://www.sec.gov/Archives/edgar/data/896159/000119312508153347/dex43.htm)] | | | | | | [Specimen share certificate representing Common [removed: Shares](http://www.sec.gov/Archives/edgar/data/896159/000119312508153347/dex43.htm)] [added: Shares](https://www.sec.gov/Archives/edgar/data/896159/000119312508153347/dex43.htm)] | | | | | | 8-K | | | | | | 4.3 | | | | | | July 18, 2008 | | | | | | | | |
| [removed: [4.4](http://www.sec.gov/Archives/edgar/data/896159/000095013102001024/dex41.txt)] [added: [4.4](https://www.sec.gov/Archives/edgar/data/896159/000095013102001024/dex41.txt)] | | | | | | [Indenture, dated March 15, 2002, between ACE Limited and Bank One Trust Company, [removed: N.A.](http://www.sec.gov/Archives/edgar/data/896159/000095013102001024/dex41.txt)] [added: N.A.](https://www.sec.gov/Archives/edgar/data/896159/000095013102001024/dex41.txt)] | | | | | | 8-K | | | | | | 4.1 | | | | | | March 22, 2002 | | | | | | | | |
| [removed: [4.5](http://www.sec.gov/Archives/edgar/data/896159/000119312514439022/d799078dex44.htm)] [added: [4.5](https://www.sec.gov/Archives/edgar/data/896159/000119312514439022/d799078dex44.htm)] | | | | | | [Senior Indenture, dated August 1, 1999, among ACE INA Holdings, Inc., ACE Limited and Bank of New York Mellon Trust Company, N.A. (as successor), as [removed: trustee](http://www.sec.gov/Archives/edgar/data/896159/000119312514439022/d799078dex44.htm)] [added: trustee](https://www.sec.gov/Archives/edgar/data/896159/000119312514439022/d799078dex44.htm)] | | | | | | S-3 ASR | | | | | | 4.4 | | | | | | December 10, 2014 | | | | | | | | |
| [removed: [4.6](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] [added: [4.6](https://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] | | | | | | [Indenture, dated November 30, 1999, among ACE INA Holdings, Inc. and Bank One Trust Company, N.A., as [removed: trustee](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] [added: trustee](https://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] | | | | | | 10-K | | | | | | 10.38 | | | | | | March 29, 2000 | | | | | | | | |
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
| [removed: [4.7](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] [added: [4.7](https://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] | | | | | | [Indenture, dated December 1, 1999, among ACE INA Holdings, Inc., ACE Limited and Bank One Trust Company, National Association, as [removed: trustee](http://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] [added: trustee](https://www.sec.gov/Archives/edgar/data/896159/000095013100002158/0000950131-00-002158.txt)] | | | | | | 10-K | | | | | | 10.41 | | | | | | March 29, 2000 | | | | | | | | |
| [removed: [4.8](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex417.htm)] [added: [4.8](https://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex417.htm)] | | | | | | [Amended and Restated Trust Agreement, dated March 31, 2000, among ACE INA Holdings, Inc., Bank One Trust Company, National Association, as property trustee, Bank One Delaware Inc., as Delaware trustee and the administrative trustees named [removed: therein](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex417.htm)] [added: therein](https://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex417.htm)] | | | | | | 10-K | | | | | | 4.17 | | | | | | March 16, 2006 | | | | | | | | |
| [removed: [4.9](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex418.htm)] [added: [4.9](https://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex418.htm)] | | | | | | [Common Securities Guarantee Agreement, dated March 31, [removed: 2000](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex418.htm)] [added: 2000](https://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex418.htm)] | | | | | | 10-K | | | | | | 4.18 | | | | | | March 16, 2006 | | | | | | | | |
| [removed: [4.10](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex419.htm)] [added: [4.10](https://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex419.htm)] | | | | | | [Capital Securities Guarantee Agreement, dated March 31, [removed: 2000](http://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex419.htm)] [added: 2000](https://www.sec.gov/Archives/edgar/data/896159/000119312506056531/dex419.htm)] | | | | | | 10-K | | | | | | 4.19 | | | | | | March 16, 2006 | | | | | | | | |
| [removed: [4.11](https://www.sec.gov/Archives/edgar/data/896159/000089615924000003/cb-12312023xex411.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex411.htm)] | | | | | | [Description of the Registrant's [removed: Securities](https://www.sec.gov/Archives/edgar/data/896159/000089615924000003/cb-12312023xex411.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex411.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |
| [removed: [4.12](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex42.htm)] [added: [4.12](https://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex42.htm)] | | | | | | [Form of 4.15 percent Senior Notes due [removed: 2043](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex42.htm)] [added: 2043](https://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex42.htm)] | | | | | | 8-K | | | | | | 4.2 | | | | | | March 13, 2013 | | | | | | | | |
| [removed: [4.13](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex43.htm)] [added: [4.13](https://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex43.htm)] | | | | | | [First Supplemental Indenture dated as of March 13, 2013 to the Indenture dated as of August 1, 1999 among ACE INA Holdings, Inc., as Issuer, ACE Limited, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Successor [removed: Trustee](http://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex43.htm)] [added: Trustee](https://www.sec.gov/Archives/edgar/data/896159/000119312513104493/d500703dex43.htm)] | | | | | | 8-K | | | | | | 4.3 | | | | | | March 13, 2013 | | | | | | | | |
| [removed: [4.14](http://www.sec.gov/Archives/edgar/data/896159/000119312514212221/d733052dex41.htm)] [added: [4.14](https://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm)] | | | | | | [Form of [removed: 3.35] [added: 3.150] percent Senior Notes due [removed: 2024](http://www.sec.gov/Archives/edgar/data/896159/000119312514212221/d733052dex41.htm)] [added: 2025](https://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | [removed: May 27, 2014] [added: March 16, 2015] | | | | | | | | |
| [removed: [4.15](http://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm)] [added: [4.16](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] | | | | | | [Form of [removed: 3.150] [added: 3.35] percent Senior Notes due [removed: 2025](http://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm)] [added: 2026](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] | | | | | | 8-K | | | | | | [removed: 4.1] [added: 4.3] | | | | | | [removed: March 16,] [added: November 3,] 2015 | | | | | | | | |
| [removed: [4.16](http://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm)] | | | | | | [Form of Global Note for the 3.050% Senior Notes due [removed: 2061](http://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm)] [added: 2061](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm)] | | | | | | 8-K | | | | | | 4.3 | | | | | | November 18, 2021 | | | | | | | | |
| [removed: [4.17](http://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] [added: [4.17](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm)] | | | | | | [Form of [removed: 3.35] [added: 4.35] percent Senior Notes due [removed: 2026](http://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] [added: 2045](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm)] | | | | | | 8-K | | | | | | [removed: 4.3] [added: 4.4] | | | | | | November 3, 2015 | | | | | | | | |
| [removed: [4.19](http://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm)] [added: [4.18](https://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm)] | | | | | | [First Supplemental Indenture to the Chubb Corp Senior Indenture dated as of January 15, 2016 to the Indenture dated as of October 25, 1989 among ACE INA Holdings, Inc., as Successor Issuer, ACE Limited, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as [removed: Trustee](http://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm)] [added: Trustee](https://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | January 15, 2016 | | | | | | | | |
| [removed: 4.20] [added: 4.19] | | | | | | Chubb Corp Senior Indenture (incorporated by reference to Exhibit 4(a) to Chubb Corp's Registration Statement on Form S-3 filed on October 27, 1989) (File No. 33-31796) | | | | | | S-3 | | | | | | 4(a) | | | | | | October 27, 1989 | | | | | | | | |
| [removed: [4.21](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] [added: [4.20](https://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] | | | | | | [Chubb Corp Junior Subordinated Indenture (incorporated by reference to Exhibit 4.1 to Chubb Corp's Current Report on Form 8-K filed on March 30, 2007) (File No. [removed: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] [added: 001-08661)](https://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | March 30, 2007 | | | | | | | | |
| [removed: 4.22] [added: 4.21] | | | | | | Form of 6.80 percent Chubb Corp Debentures due 2031 (incorporated by reference to Exhibit 4(a) to Chubb Corp's Registration Statement on Form S-3 filed on October 27, 1989) (File No. 33-31796) | | | | | | S-3 | | | | | | 4(a) | | | | | | October 27, 1989 | | | | | | | | |
| [removed: [4.23](http://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] [added: [4.22](https://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] | | | | | | [Form of 6.00 percent Chubb Corp Senior Notes due 2037 (incorporated by reference to Exhibit 4.1 to Chubb Corp's Current Report on Form 8-K filed on May 11, 2007) (File No. [removed: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] [added: 001-08661)](https://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | May 11, 2007 | | | | | | | | |
| [removed: [4.24](http://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] [added: [4.23](https://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] | | | | | | [Form of 6.50 percent Chubb Corp Senior Notes due 2038 (incorporated by reference to Exhibit 4.2 to Chubb Corp's Current Report on Form 8-K filed on May 6, 2008) (File No. [removed: 001-08661)](http://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] [added: 001-08661)](https://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] | | | | | | 8-K | | | | | | 4.2 | | | | | | May 6, 2008 | | | | | | | | |
| [removed: [4.25](http://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] [added: [4.24](https://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] | | | | | | [Procedures regarding the registration of shareholders in the share register of Chubb [removed: Limited](http://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] [added: Limited](https://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] | | | | | | 10-K | | | | | | 4.32 | | | | | | February 28, 2017 | | | | | | | | |
| [removed: [4.26](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] [added: [4.25](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 1.550% Senior Notes due 2028 and 2.500% Senior Notes due [removed: 2038](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] [added: 2038](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | March 6, 2018 | | | | | | | | |
| [removed: [4.27](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] [added: [4.26](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] | | | | | | [Form of Global Note for the 1.550% Senior Notes due [removed: 2028](http://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] [added: 2028](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] | | | | | | 8-K | | | | | | 4.2 | | | | | | March 6, 2018 | | | | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| [4.37](https://www.sec.gov/Archives/edgar/data/896159/000119312524061525/d771387dex41.htm) | | | | | | [Form of Officer's Certificate related to the 5.000% Senior Notes due 2034](https://www.sec.gov/Archives/edgar/data/896159/000119312524061525/d771387dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | March 7, 2024 | | | | | | | | |
| [4.39](https://www.sec.gov/Archives/edgar/data/896159/000119312524189531/d867766dex41.htm) | | | | | | [Form of Officer's Certificate related to the 4.650% Senior Notes due 2029 and the 5.000% Senior Notes due 2034](https://www.sec.gov/Archives/edgar/data/896159/000119312524189531/d867766dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | July 31, 2024 | | | | | | | | |
| [4.40](https://www.sec.gov/Archives/edgar/data/896159/000119312524189531/d867766dex42.htm) | | | | | | [Form of Global Note for the 4.650% Senior Notes due 2029](https://www.sec.gov/Archives/edgar/data/896159/000119312524189531/d867766dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | July 31, 2024 | | | | | | | | |
| [4.41](https://www.sec.gov/Archives/edgar/data/896159/000119312524189531/d867766dex43.htm) | | | | | | [Form of Global Note for the 5.000% Senior Notes due 2034](https://www.sec.gov/Archives/edgar/data/896159/000119312524189531/d867766dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | July 31, 2024 | | | | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| [10.35](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex1035.htm)* | | | | | | [Amendments to the Chubb U.S. Supplemental Employee Retirement Plan and the Chubb U.S. Deferred Compensation Plan (December 31, 2024)](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex1035.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| [10.62](https://www.sec.gov/Archives/edgar/data/896159/000089615924000006/cb-3312024xex103.htm)* | | | | | | [Form of Restricted Stock Unit Award Terms under the Chubb Limited 2016 Long-Term Incentive Plan for Executive Officers](https://www.sec.gov/Archives/edgar/data/896159/000089615924000006/cb-3312024xex103.htm) | | | | | | 10-Q | | | | | | 10.3 | | | | | | April 26, 2024 | | | | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| [19](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex19.htm) | | | | | | [Global Restrictions on Insider Trading and Trading Chubb Securities Policy](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex19.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
| [4.18](http://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm) | | | | | | [Form of 4.35 percent Senior Notes due 2045](http://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm) | | | | | | 8-K | | | | | | 4.4 | | | | | | November 3, 2015 | | | | | | | | |
An excerpt. Shown here: 40 of 121 rewritten, all 12 added and all 3 removed. The counts are complete. For every sentence, read Item 15. Exhibits, Financial Statement Schedules in the FY2024 filing and the FY2023 filing.
Item 16. Form 10-K Summary
1,480 rewritten, 728 added, 662 removed, 2,531 unchanged
[Table of [removed: Contents](#idf707741c08f496b986f567184704870_7)][added: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)]
| /s/ Evan G. Greenberg | | | | | | Chairman, Chief Executive Officer, and Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Peter C. Enns | | | | | | Executive Vice President and Chief Financial Officer | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ [removed: Annmarie T. Hagan] [added: George F. Ohsiek] | | | | | | Chief Accounting Officer | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| [removed: Annmarie T. Hagan] [added: George F. Ohsiek] | | | | | | (Principal Accounting Officer) | | | | | |
| /s/ Michael G. Atieh | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Nancy K. Buese | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Sheila P. Burke | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Michael P. Connors | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Michael L. Corbat | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Robert J. Hugin | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Robert W. Scully | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Theodore E. Shasta | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ David H. Sidwell | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Olivier Steimer | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
| /s/ Frances F. Townsend | | | | | | Director | | | February [removed: 23, 2024] [added: 27, 2025] | | |
[added: | | | | | | |] December 31, [removed: 2023][added: 2024 | | | | | | | | | | | | December 31, 2023 | | | | | | | | |]
| | | | | | | | | | | | | Page | | | [added: | | | | | | | | |]
| [Management's Responsibility for Financial Statements and Internal Control over Financial [removed: Reporting](#idf707741c08f496b986f567184704870_331)] [added: Reporting](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] | | | | | | | | | | | | [removed: [F-3](#idf707741c08f496b986f567184704870_331)] [added: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] | | | [added: | | | | | | | | |]
| [Report of Independent Registered Public Accounting [removed: Firm](#idf707741c08f496b986f567184704870_334)] [added: Firm](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] (PCAOB ID 238) | | | | | | | | | | | | [removed: [F-4](#idf707741c08f496b986f567184704870_334)] [added: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] | | | [added: | | | | | | | | |]
| Consolidated Financial Statements | | | | | | | | | | | | | | | [added: | | | | | | | | |]
| [Consolidated Balance [removed: Sheets](#idf707741c08f496b986f567184704870_337)] [added: Sheets](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)] | | | | | | | | | | | | [removed: [F-7](#idf707741c08f496b986f567184704870_337)] [added: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)6] | | | [added: | | | | | | | | |]
| [Consolidated Statements of Operations and Comprehensive [removed: Income](#idf707741c08f496b986f567184704870_340)] [added: Income](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)] | | | | | | | | | | | | [removed: [F-](#idf707741c08f496b986f567184704870_340)[8](#idf707741c08f496b986f567184704870_340)] [added: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)7] | | | [added: | | | | | | | | |]
| [Consolidated Statements of Shareholders’ [removed: Equity](#idf707741c08f496b986f567184704870_349)] [added: Equity](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)] | | | | | | | | | | | | [removed: [F-9](#idf707741c08f496b986f567184704870_349)] [added: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)8] | | | [added: | | | | | | | | |]
| [Consolidated Statements of Cash [removed: Flows](#idf707741c08f496b986f567184704870_355)] [added: Flows](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)] | | | | | | | | | | | | [removed: [F-10](#idf707741c08f496b986f567184704870_355)] [added: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)9] | | | [added: | | | | | | | | |]
| [Notes to Consolidated Financial [removed: Statements](#idf707741c08f496b986f567184704870_364)] [added: Statements](#i39f5a03dd90d4103ae76f08afd0b0b0b_379)] | | | | | | | | | | | | | | | [added: | | | | | | | | |]
| Note 1. | | | [Summary of significant accounting [removed: policies](#idf707741c08f496b986f567184704870_367)] [added: policies](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)] | | | | | | | | | [removed: [F-11](#idf707741c08f496b986f567184704870_367)] [added: [F-1](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)0] | | | [added: | | | | | | | | |]
| Note 4. | | | [Fair value [removed: measurements](#idf707741c08f496b986f567184704870_397)] [added: measurements](#i39f5a03dd90d4103ae76f08afd0b0b0b_412)] | | | | | | | | | [removed: [F-36](#idf707741c08f496b986f567184704870_397)] [added: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_412)0] | | | [added: | | | | | | | | |]
| Note 6. | | | [removed: [Deferred acquisition costs](#idf707741c08f496b986f567184704870_4023)] [added: [Deferred](#i39f5a03dd90d4103ae76f08afd0b0b0b_433) [policy](#i39f5a03dd90d4103ae76f08afd0b0b0b_433) [acquisition costs](#i39f5a03dd90d4103ae76f08afd0b0b0b_433)] | | | | | | | | | [removed: [F-45](#idf707741c08f496b986f567184704870_4023)] [added: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_433)39] | | | [added: | | | | | | | | |]
| Note 7. | | | [removed: [Goodwill,](#idf707741c08f496b986f567184704870_418) [Value] [added: [Goodwill, Value] of business [removed: acquired](#idf707741c08f496b986f567184704870_418),] [added: acquired](#i39f5a03dd90d4103ae76f08afd0b0b0b_436),] and [Other intangible [removed: assets](#idf707741c08f496b986f567184704870_418)] [added: assets](#i39f5a03dd90d4103ae76f08afd0b0b0b_436)] | | | | | | | | | [removed: [F-46](#idf707741c08f496b986f567184704870_418)] [added: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_436)0] | | | [added: | | | | | | | | |]
| Note 8. | | | [Unpaid losses and loss [removed: expenses](#idf707741c08f496b986f567184704870_427)] [added: expenses](#i39f5a03dd90d4103ae76f08afd0b0b0b_445)] | | | | | | | | | [removed: [F-48](#idf707741c08f496b986f567184704870_427)] [added: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_445)2] | | | [added: | | | | | | | | |]
| Note 10. | | | [Policyholders' account balances, Separate accounts, and Unearned revenue [removed: liabilities](#idf707741c08f496b986f567184704870_4080)] [added: liabilities](#i39f5a03dd90d4103ae76f08afd0b0b0b_457)] | | | | | | | | | [removed: [F-77](#idf707741c08f496b986f567184704870_4080)] [added: [F-7](#i39f5a03dd90d4103ae76f08afd0b0b0b_457)0] | | | [added: | | | | | | | | |]
| Note 11. | | | [removed: [M](#idf707741c08f496b986f567184704870_4087)[arket] [added: [Market] risk [removed: benefits](#idf707741c08f496b986f567184704870_4087)] [added: benefits](#i39f5a03dd90d4103ae76f08afd0b0b0b_460)] | | | | | | | | | [removed: [F-82](#idf707741c08f496b986f567184704870_4087)] [added: [F-7](#i39f5a03dd90d4103ae76f08afd0b0b0b_460)4] | | | [added: | | | | | | | | |]
| Note 12. | | | [removed: [Taxation](#idf707741c08f496b986f567184704870_436)] [added: [Taxation](#i39f5a03dd90d4103ae76f08afd0b0b0b_463)] | | | | | | | | | [removed: [F-83](#idf707741c08f496b986f567184704870_436)] [added: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_463)[\-](#i39f5a03dd90d4103ae76f08afd0b0b0b_463)75] | | | [added: | | | | | | | | |]
| Note 13. | | | [removed: [Debt](#idf707741c08f496b986f567184704870_442)] [added: [Debt](#i39f5a03dd90d4103ae76f08afd0b0b0b_469)] | | | | | | | | | [removed: [F-87](#idf707741c08f496b986f567184704870_442)] [added: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_469)79] | | | [added: | | | | | | | | |]
| Note 14. | | | [Commitments, contingencies, and [removed: guarantees](#idf707741c08f496b986f567184704870_451)] [added: guarantees](#i39f5a03dd90d4103ae76f08afd0b0b0b_475)] | | | | | | | | | [removed: [F-89](#idf707741c08f496b986f567184704870_451)] [added: [F-8](#i39f5a03dd90d4103ae76f08afd0b0b0b_475)1] | | | [added: | | | | | | | | |]
| Note 15. | | | [Shareholders' [removed: equity](#idf707741c08f496b986f567184704870_460)] [added: equity](#i39f5a03dd90d4103ae76f08afd0b0b0b_484)] | | | | | | | | | [removed: [F-95](#idf707741c08f496b986f567184704870_460)] [added: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_484)[\-](#i39f5a03dd90d4103ae76f08afd0b0b0b_484)87] | | | [added: | | | | | | | | |]
| Note 16. | | | [Share-based [removed: compensation](#idf707741c08f496b986f567184704870_466)] [added: compensation](#i39f5a03dd90d4103ae76f08afd0b0b0b_490)] | | | | | | | | | [removed: [F-99](#idf707741c08f496b986f567184704870_466)] [added: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_490)[\-9](#i39f5a03dd90d4103ae76f08afd0b0b0b_490)1] | | | [added: | | | | | | | | |]
| Note 17. | | | [Postretirement [removed: benefits](#idf707741c08f496b986f567184704870_469)] [added: benefits](#i39f5a03dd90d4103ae76f08afd0b0b0b_493)] | | | | | | | | | [removed: [F-102](#idf707741c08f496b986f567184704870_469)] [added: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_493)[\-](#i39f5a03dd90d4103ae76f08afd0b0b0b_493)[9](#i39f5a03dd90d4103ae76f08afd0b0b0b_493)4] | | | [added: | | | | | | | | |]
| Note 18. | | | [Other income and [removed: expense](#idf707741c08f496b986f567184704870_472)] [added: expense](#i39f5a03dd90d4103ae76f08afd0b0b0b_496)] | | | | | | | | | [removed: [F-108](#idf707741c08f496b986f567184704870_472)] [added: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_496)[\-10](#i39f5a03dd90d4103ae76f08afd0b0b0b_496)0] | | | [added: | | | | | | | | |]
February 27, 2025
| /s/ Nelson J. Chai | | | | | | Director | | | February 27, 2025 | | |
| Nelson J. Chai | | | | | | | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| Note 2. | | | [Acquisitions](#i39f5a03dd90d4103ae76f08afd0b0b0b_388) | | | | | | | | | [F-2](#i39f5a03dd90d4103ae76f08afd0b0b0b_388)1 | | | | | | | | | | | |
| Note 3. | | | [Investments](#i39f5a03dd90d4103ae76f08afd0b0b0b_391) | | | | | | | | | [F-2](#i39f5a03dd90d4103ae76f08afd0b0b0b_391)4 | | | | | | | | | | | |
| Note 5. | | | [Reinsurance](#i39f5a03dd90d4103ae76f08afd0b0b0b_424) | | | | | | | | | [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_424)7 | | | | | | | | | | | |
| Note 22. | | | [Stat](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)[utory fina](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)[ncial](#i39f5a03dd90d4103ae76f08afd0b0b0b_511) [informat](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)[ion](#i39f5a03dd90d4103ae76f08afd0b0b0b_511) | | | | | | | | | [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)109 | | | | | | | | | | | |
| Note 23. | | | [S](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)[u](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)[bsequent Eve](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)[nt](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150) | | | | | | | | | [F-11](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)0 | | | | | | | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| February 27, 2025 | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| Hybrid debt | | | | | | | | | 419 | | | | | | 308 | | | | | | | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| Net increase (decrease) due to consolidation, deconsolidation, and other transactions | | | (26) | | | | | | 4,212 | | | | | | — | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
| Amortization of purchased intangibles | | | 323 | | | | | | 310 | | | | | | 285 | | |
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
- Fixed maturities supporting certain participating policy liabilities principally relate to the Huatai investment portfolio.
These investments are reported at fair value with changes in fair value recorded through Net realized gains (losses) on the Consolidated statements of operations.
We have elected to account for these investments using the fair value option so that changes in fair value of the fixed maturities are recorded in Net realized gains (losses), as opposed to a component within AOCI, to offset corresponding changes in policyholder liabilities within Policy benefits.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
Chubb's policy for releasing income tax effects from AOCI is to release them as investments are sold or mature and as pension and postretirement benefit liabilities are extinguished.
These expenses principally
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
We retrospectively adopted this disclosure-only guidance for our annual 2024 reporting, and modified the presentation of our segment financial information disclosure.
The guidance is effective for our 2025 annual reporting.
Disaggregation of Income Statement Expenses
| | | | | | |
February 23, 2024
| /s/ Kathy Bonanno | | | | | | Director | | | February 23, 2024 | | |
| Kathy Bonanno | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Note 2. | | | [Acquisitions](#idf707741c08f496b986f567184704870_373) | | | | | | | | | [F-24](#idf707741c08f496b986f567184704870_373) | | |
| Note 3. | | | [Investments](#idf707741c08f496b986f567184704870_376) | | | | | | | | | [F-28](#idf707741c08f496b986f567184704870_376) | | |
| Note 5. | | | [Reinsurance](#idf707741c08f496b986f567184704870_409) | | | | | | | | | [F-43](#idf707741c08f496b986f567184704870_409) | | |
| Note 9. | | | [F](#idf707741c08f496b986f567184704870_3298534887389)[u](#idf707741c08f496b986f567184704870_3298534887389)[ture policy benefi](#idf707741c08f496b986f567184704870_3298534887389)[ts](#idf707741c08f496b986f567184704870_3298534887389) | | | | | | | | | [F-71](#idf707741c08f496b986f567184704870_3298534887389) | | |
| Note 22. | | | [Statutory financial information](#idf707741c08f496b986f567184704870_487) | | | | | | | | | [F-116](#idf707741c08f496b986f567184704870_487) | | |
In conducting our evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2023, we have excluded the consolidation of Huatai Group as permitted by the guidance issued by the Office of the Chief Accountant of the Securities and Exchange Commission (not to extend one year beyond the date of acquisition or one annual reporting period).
Effective July 1, 2023, Chubb discontinued the equity method of accounting to its investment in Huatai Group and applied consolidation accounting.
See Note 2 for further discussion of this acquisition and its impact on Chubb's Consolidated financial statements.
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
As described in Management’s Report on Internal Control over Financial Reporting, management has excluded Huatai Group from its assessment of internal control over financial reporting as of December 31, 2023 because it was acquired by the Company in a purchase business combination during 2023.
We have also excluded Huatai Group from our audit of internal control over financial reporting.
Huatai Group is a subsidiary whose total assets and total revenues excluded from management’s assessment and our audit of internal control over financial reporting represent 7 percent and 1 percent, respectively, of the related consolidated financial statement amounts as of and for the year ended December 31, 2023.
A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
| | | |
| --- | --- | --- |
| PricewaterhouseCoopers LLP | | |
| February 23, 2024 | | |
Chubb Limited and Subsidiaries
| | | | | | | | | | | | | | | | As Adjusted | | | | | | | | |
| | | | Fixed maturities held to maturity, at amortized cost, net of valuation allowance – nil and $34 (fair value – nil and $8,439) | | | | | | — | | | | | | 8,848 | | | | | | | | |
| Investments in partially-owned insurance companies | | | | | | | | | 191 | | | | | | 2,507 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cumulative effect of adoption of accounting standards | | | — | | | | | | — | | | | | | 52 | | |
| Cumulative effect of adoption of accounting standards | | | — | | | | | | — | | | | | | (1,802) | | |
| Balance – beginning of year, as adjusted | | | (10,185) | | | | | | (1,074) | | | | | | 1,067 | | |
| Net increase due to acquisitions | | | 4,212 | | | | | | — | | | | | | — | | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
unexpired portion of the policies in force.
Prior to June 2023, we classified securities for which we had the ability and intent to hold to maturity or redemption as held to maturity (HTM), and reported these securities at amortized cost, net of a valuation allowance for credit losses.
In June 2023, we determined that we no longer had the intent to hold securities in HTM portfolio until maturity.
As a result, our entire HTM portfolio was transferred to the AFS portfolio.
Projected cash flows are driven primarily by
Investments in partially-owned insurance companies
An excerpt. Shown here: 40 of 1,480 rewritten, 40 of 728 added and 40 of 662 removed. The counts are complete. For every sentence, read Item 16. Form 10-K Summary in the FY2024 filing and the FY2023 filing.