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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 32
Zurich, 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 share
CBNew 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 filerSmaller 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.



CHUBB LIMITED
INDEX TO FORM 10-Q


   
Part I.FINANCIAL INFORMATIONPage
Item 1.
Note 1.
Note 2.
Note 3.
Note 4.
Note 5.
Note 6.
Note 7.
Note 8.
Note 9.
Note 10.
Note 11.
Note 12.
Note 13.
Note 14.
Note 15.
Note 16.
Note 17.
Note 18.
Item 2.
Item 3.
Item 4.
Part II.OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.
2


PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries                                
March 31December 31
(in millions of U.S. dollars, except share and per share data)20242023
Assets
Investments
Short-term investments, at fair value (amortized cost – $5,108 and $4,551) (includes variable interest entities (VIE) balances of $65 and $217)
$5,107 $4,551 
Fixed maturities available-for-sale, at fair value, net of valuation allowance - $115 and $156
    (amortized cost – $113,479 and $111,128)
108,289 106,571 
Private debt held-for-investment, at amortized cost, net of valuation allowance - $5 and $4
2,708 2,553 
Equity securities, at fair value (includes VIE balances of $1,163 and $1,078)
3,769 3,455 
Private equities (includes VIE balances of $22 and $21)
14,281 14,078 
Other investments (includes VIE balances of $4,408 and $3,773)
6,216 5,527 
Total investments140,370 136,735 
Cash, including restricted cash $143 and $172 (includes VIE balances of $127 and $117)
2,651 2,621 
Securities lending collateral1,708 1,299 
Accrued investment income1,090 1,086 
Insurance and reinsurance balances receivable, net of valuation allowance - $47 and $53
13,991 13,379 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $375 and $367
19,109 19,952 
Reinsurance recoverable on policy benefits272 280 
Deferred policy acquisition costs7,537 7,152 
Value of business acquired3,617 3,674 
Goodwill19,696 19,686 
Other intangible assets6,709 6,775 
Deferred tax assets1,761 1,741 
Prepaid reinsurance premiums3,241 3,221 
Separate account assets5,864 5,573 
Other assets (includes VIE balances of $14 and $33)
7,251 7,508 
Total assets$234,867 $230,682 
Liabilities
Unpaid losses and loss expenses$80,341 $80,122 
Unearned premiums22,728 22,051 
Future policy benefits14,375 13,888 
Market risk benefits611 771 
Policyholders' account balances7,560 7,462 
Separate account liabilities5,864 5,573 
Insurance and reinsurance balances payable8,505 8,302 
Securities lending payable1,708 1,299 
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $68 and $18)
8,357 8,332 
Deferred tax liabilities1,543 1,555 
Repurchase agreements (includes VIE balances of $1,229 and $1,009)
3,022 2,833 
Short-term debt2,265 1,460 
Long-term debt13,248 13,035 
Trust preferred securities309 308 
Total liabilities170,436 166,991 
Commitments and contingencies (refer to Note 12)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 431,451,586 shares issued; 406,033,066 and 405,269,637 shares outstanding)
241 241 
Common Shares in treasury (25,418,520 and 26,181,949 shares)
(4,461)(4,400)
Additional paid-in capital15,188 15,665 
Retained earnings56,953 54,810 
Accumulated other comprehensive income (loss) (AOCI)(7,386)(6,809)
Total Chubb shareholders’ equity60,535 59,507 
Noncontrolling interests (includes VIE balances of $2,943 and $2,705)
3,896 4,184 
Total shareholders' equity64,431 63,691 
Total liabilities and shareholders’ equity$234,867 $230,682 
See accompanying notes to the Consolidated Financial Statements

3


CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
Three Months Ended
March 31
(in millions of U.S. dollars, except per share data)20242023
Revenues
Net premiums written$12,221 $10,710 
Increase in unearned premiums(638)(568)
Net premiums earned11,583 10,142 
Net investment income1,391 1,107 
Net realized gains (losses) (101)(77)
Market risk benefits gains (losses)21 (115)
Total revenues12,894 11,057 
Expenses
Losses and loss expenses5,727 5,148 
Policy benefits (includes remeasurement gains (losses) of $(19) and $1)
1,180 797 
Policy acquisition costs2,207 1,948 
Administrative expenses1,070 930 
Interest expense178 160 
Other (income) expense(191)(296)
Amortization of purchased intangibles80 72 
Cigna integration expenses7 22 
Total expenses10,258 8,781 
Income before income tax2,636 2,276 
Income tax expense342 384 
Net income$2,294 $1,892 
Net income attributable to noncontrolling interests151  
Net income attributable to Chubb$2,143 $1,892 
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)$(677)$1,786 
Current discount rate on future policy benefits(53)(151)
Instrument-specific credit risk on market risk benefits5 (3)
Cumulative foreign currency translation adjustment80 (177)
Other, including postretirement benefit liability adjustment31 (33)
Other comprehensive income (loss), before income tax(614)1,422 
Income tax (expense) benefit related to OCI items9 (132)
Other comprehensive income (loss)(605)1,290 
Comprehensive income1,689 3,182 
Comprehensive income attributable to noncontrolling interests123  
Comprehensive income attributable to Chubb$1,566 $3,182 
Earnings per share
Basic earnings per share attributable to Chubb$5.28 $4.57 
Diluted earnings per share attributable to Chubb$5.23 $4.53 
See accompanying notes to the Consolidated Financial Statements
4


CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months Ended
March 31
(in millions of U.S. dollars)20242023
Common Shares
Balance – beginning and end of period$241 $10,346 
Common Shares in treasury
Balance – beginning of period(4,400)(5,113)
Common Shares repurchased(316)(428)
Net shares issued under employee share-based compensation plans255 200 
Balance – end of period(4,461)(5,341)
Additional paid-in capital
Balance – beginning of period15,665 7,166 
Net shares issued under employee share-based compensation plans(159)(211)
Exercise of stock options(19)(13)
Share-based compensation expense82 82 
Net decrease due to acquisitions(31) 
Funding of dividends declared to Retained earnings(350)(344)
Balance – end of period15,188 6,680 
Retained earnings
Balance – beginning of period54,810 48,305 
Net income attributable to Chubb2,143 1,892 
Funding of dividends declared from Additional paid-in capital350 344 
Dividends declared on Common Shares(350)(344)
Balance – end of period56,953 50,197 
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period(6,809)(10,185)
Other comprehensive income (loss)(577)1,290 
Balance – end of period(7,386)(8,895)
Total Chubb shareholders’ equity$60,535 $52,987 
Noncontrolling interests
Balance – beginning of period$4,184 $ 
Net decrease due to acquisitions(411) 
Net income attributable to noncontrolling interests151  
Other comprehensive loss attributable to noncontrolling interests(28) 
Balance – end of period$3,896 $ 
Total shareholders' equity$64,431 $52,987 
See accompanying notes to the Consolidated Financial Statements


5


CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries

Three Months Ended
March 31
(in millions of U.S. dollars)20242023
Cash flows from operating activities
Net income$2,294 $1,892 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses101 77 
Market risk benefits (gains) losses(21)115 
Amortization of premiums/discounts on fixed maturities(80)(14)
Amortization of purchased intangibles80 72 
Equity in net income of partially-owned entities (184)(340)
Deferred income taxes(24)9 
Unpaid losses and loss expenses175 (14)
Unearned premiums633 591 
Future policy benefits445 136 
Insurance and reinsurance balances payable155 (9)
Accounts payable, accrued expenses, and other liabilities(267)(390)
Income taxes257 128 
Insurance and reinsurance balances receivable(586)(402)
Reinsurance recoverable852 622 
Deferred policy acquisition costs(390)(254)
Net purchases of investments by consolidated investment products(404) 
Other184 32 
Net cash flows from operating activities3,220 2,251 
Cash flows from investing activities
Purchases of fixed maturities available-for-sale(8,617)(7,169)
Purchases of fixed maturities held-to-maturity (88)
Purchases of equity securities(752)(135)
Sales of fixed maturities available-for-sale4,368 3,854 
Sales of equity securities520 43 
Maturities and redemptions of fixed maturities available-for-sale2,149 1,541 
Maturities and redemptions of fixed maturities held-to-maturity 472 
Net change in short-term investments(708)1,256 
Net derivative instruments settlements(17)(38)
Private equity contributions(248)(384)
Private equity distributions177 273 
Acquisition of subsidiaries(236)(23)
Other(382)(172)
Net cash flows used for investing activities(3,746)(570)
Cash flows from financing activities
Dividends paid on Common Shares(349)(345)
Common Shares repurchased(404)(545)
Proceeds from issuance of long-term debt996  
Proceeds from issuance of repurchase agreements1,062 1,308 
Repayment of long-term debt (475)
Repayment of repurchase agreements(984)(1,307)
Proceeds from share-based compensation plans163 55 
Policyholder contract deposits336 95 
Policyholder contract withdrawals(245)(101)
Third-party capital invested into consolidated investment products509  
Third-party capital distributed by consolidated investment products(413) 
Other(109)(109)
Net cash flows from (used for) financing activities562 (1,424)
Effect of foreign currency rate changes on cash and restricted cash(6)(2)
Net increase in cash and restricted cash30 255 
Cash and restricted cash – beginning of period2,621 2,127 
Cash and restricted cash – end of period$2,651 $2,382 
Supplemental cash flow information
Taxes paid$89 $219 
Interest paid$112 $99 
See accompanying notes to the Consolidated Financial Statements
6


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Chubb Limited and Subsidiaries


1. General and significant accounting policies

a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 17 for additional information.

The interim unaudited consolidated financial statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At March 31, 2024, and December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 85.5 percent and 76.5 percent, respectively. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests. Refer to Note 2 for additional information on the acquisition of Huatai Group.

Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment. Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2023 Form 10-K.

b) Goodwill
During the three months ended March 31, 2024, Goodwill increased $10 million, primarily reflecting the impact of foreign exchange.

c) New Accounting Pronouncements

Accounting guidance not yet adopted
Improvements to Reportable Segment Disclosures
In November 2023, the Financial Accounting Standards Board (FASB) issued guidance that requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. We are currently evaluating the impact of this disclosure-only requirement.

Improvements to Income Tax Disclosures
In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. We are currently evaluating the impact of this disclosure-only requirement.



7


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

2. Acquisitions

Huatai Group
Huatai Insurance Group Co., Ltd. (Huatai Group) is a Chinese financial services holding company and the parent company of, among others, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), Huatai Life Insurance Co., Ltd. (Huatai Life), Huatai Asset Management Co., Ltd., and Huatai Baoxing Fund Management Co., Ltd., of which Huatai Group owns 100 percent, 80 percent, 91 percent, and 85 percent, respectively (collectively, Huatai).

On July 1, 2023, Chubb increased ownership interest from approximately 64.2 percent to approximately 69.6 percent. At that time, Chubb discontinued the equity method of accounting and applied consolidation accounting. Refer to Note 2 to the Consolidated Financial Statements in our 2023 Form 10-K for additional information.

In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $555 million, $319 million of which was previously paid prior to 2024, and $236 million was paid in 2024. Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of March 31, 2024. Chubb has outstanding agreements for approximately 0.6 percent of incremental ownership interests, pending completion of certain closing conditions. We have paid deposits of $12 million related to these outstanding agreements, with approximately $24 million remaining to be paid upon closing, based on current exchange rates.

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.

Three Months Ended
Pro forma:
March 31
(in millions of U.S. dollars)2023
Net premiums earned$10,553 
Total revenues$11,529 
Net income$1,900 
Net income attributable to Chubb$1,890 


8


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities

March 31, 2024Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$3,058 $ $5 $(164)$2,899 
Non-U.S.36,962 (41)605 (1,381)36,145 
Corporate and asset-backed securities45,567 (73)306 (2,353)43,447 
Mortgage-backed securities25,696 (1)89 (2,029)23,755 
Municipal2,196  7 (160)2,043 
$113,479 $(115)$1,012 $(6,087)$108,289 

December 31, 2023Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$3,721 $ $13 $(144)$3,590 
Non-U.S.35,918 (49)592 (1,297)35,164 
Corporate and asset-backed securities44,695 (104)390 (2,151)42,830 
Mortgage-backed securities23,720 (3)143 (1,802)22,058 
Municipal3,074  10 (155)2,929 
$111,128 $(156)$1,148 $(5,549)$106,571 

The following table presents fixed maturities by contractual maturity:
 March 31, 2024December 31, 2023
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,521 $4,521 $4,729 $4,729 
Due after 1 year through 5 years33,533 33,533 33,573 33,573 
Due after 5 years through 10 years28,198 28,198 28,480 28,480 
Due after 10 years18,282 18,282 17,731 17,731 
84,534 84,534 84,513 84,513 
Mortgage-backed securities23,755 23,755 22,058 22,058 
$108,289 $108,289 $106,571 $106,571 

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. 


b) Gross unrealized loss
Fixed maturities in an unrealized loss position at March 31, 2024, and December 31, 2023, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2023 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

9


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
March 31, 2024Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$632 $(13)$2,007 $(151)$2,639 $(164)
Non-U.S.3,793 (64)15,928 (1,079)19,721 (1,143)
Corporate and asset-backed securities4,675 (71)19,646 (1,487)24,321 (1,558)
Mortgage-backed securities4,907 (82)13,783 (1,919)18,690 (2,001)
Municipal443 (12)1,218 (148)1,661 (160)
Total AFS fixed maturities $14,450 $(242)$52,582 $(4,784)$67,032 $(5,026)

0 – 12 MonthsOver 12 MonthsTotal
December 31, 2023Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency$463 $(9)$2,504 $(135)$2,967 $(144)
Non-U.S.2,464 (43)15,971 (957)18,435 (1,000)
Corporate and asset-backed securities2,866 (51)20,334 (1,194)23,200 (1,245)
Mortgage-backed securities1,659 (58)13,831 (1,706)15,490 (1,764)
Municipal1,117 (15)1,310 (137)2,427 (152)
Total AFS fixed maturities$8,569 $(176)$53,950 $(4,129)$62,519 $(4,305)

At March 31, 2024, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $543 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize these losses, we considered realized gains, carryback ability and available tax planning strategies.


10


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months Ended
March 31
(in millions of U.S. dollars)20242023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$156 $169 
Provision for expected credit loss31 59 
Write-offs charged against the expected credit loss(5)(2)
Recovery of expected credit loss(67)(58)
Valuation allowance for expected credit losses - end of period$115 $168 
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period$ $34 
Recovery of expected credit loss (1)
Valuation allowance for expected credit losses - end of period$ $33 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$4 $ 
Provision for expected credit loss1  
Valuation allowance for expected credit losses - end of period$5 $ 
11


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

c) Net realized gains (losses)

The following table presents the components of net realized gains (losses):
Three Months Ended
March 31
(in millions of U.S. dollars)20242023
Fixed maturities:
Gross realized gains$16 $2 
Gross realized losses(141)(159)
Other investments - Fixed maturities168  
Net (provision for) recovery of expected credit losses40 2 
Impairment (1)
(34)(25)
Total fixed maturities 49 (180)
Equity securities3 11 
Private equities (less than 3 percent ownership) 31 15 
Foreign exchange(131)131 
Investment and embedded derivative instruments(43)(46)
Other derivative instruments(2)(1)
Other(8)(7)
Net realized gains (losses) (pre-tax)$(101)$(77)
(1)Relates to certain securities we intended to sell and securities written to market entering default.


Realized gains and losses from Other investments, Equity securities and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Three Months Ended
March 31
20242023
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$3 $168 $31 $202 $11 $15 $26 
Less: Net gains (losses) recognized from sales of securities(3)  (3)(5) (5)
Unrealized gains (losses) recognized for securities still held at reporting date$6 $168 $31 $205 $16 $15 $31 


12


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

d) Private equities
Private equities include investment funds and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:
 Expected
Liquidation
Period of Underlying Assets
March 31, 2024December 31, 2023
(in millions of U.S. dollars)Fair
Value
Maximum
Future Funding
Commitments
Fair
Value
Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,289 $341 $1,241 $364 
Real assets
2 to 13 Years
2,095 424 2,137 445 
Distressed
2 to 8 Years
1,218 928 1,206 936 
Private credit
3 to 8 Years
328 296