Chubb 10-Q 2024-03-31

Filed 2024-04-26. 1 sections, 435K characters. Original on sec.gov · Markdown · JSON

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2024

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File No. 1-11778

CHUBB LIMITED

(Exact name of registrant as specified in its charter)

Switzerland98-0091805
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

Baerengasse 32Zurich, Switzerland CH-8001 (Address of principal executive offices) (Zip Code)

+41 (0)43 456 76 00

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value CHF 0.50 per shareCBNew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.30% Senior Notes due 2024CB/24ANew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027CB/27New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028CB/28New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029CB/29ANew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031CB/31New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038CB/38ANew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of April 19, 2024 was 406,061,045.

Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.FINANCIAL INFORMATIONPage
Item 1.Financial Statements:
Consolidated Balance Sheets (Unaudited) March 31, 2024 and December 31, 20233
Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31, 2024 and 20234
Consolidated Statements of Shareholders' Equity (Unaudited) Three Months Ended March 31, 2024 and 20235
Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31, 2024 and 20236
Notes to Consolidated Financial Statements (Unaudited)
Note 1.General and significant accounting policies7
Note 2.Acquisitions8
Note 3.Investments9
Note 4.Fair value measurements14
Note 5.Reinsurance20
Note 6.Deferred acquisition costs21
Note 7.Unpaid losses and loss expenses22
Note 8.Future policy benefits24
Note 9.Policyholders' account balances, Separate accounts, and Unearned revenue liabilities28
Note 10.Market risk benefits32
Note 11.Debt33
Note 12.Commitments, contingencies, and guarantees33
Note 13.Shareholders' equity[39](#i40b547c36a6c4567a0e9884952dc1f81_

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