10-Q 1 cb-20220331.htm 10-Q cb-20220331
false2022Q10000896159December 31http://fasb.org/us-gaap/2021-01-31#OtherAssetshttp://fasb.org/us-gaap/2021-01-31#OtherAssetshttp://fasb.org/us-gaap/2021-01-31#OtherLiabilitieshttp://fasb.org/us-gaap/2021-01-31#OtherLiabilities00008961592022-01-012022-03-310000896159us-gaap:CommonClassAMember2022-01-012022-03-310000896159cb:INASeniorNotesDueDecember2024Member2022-01-012022-03-310000896159cb:INASeniorNotesDueJune2027Member2022-01-012022-03-310000896159cb:INASeniorNotesDueMarch2028Member2022-01-012022-03-310000896159cb:INASeniorNotesDueDecember2029Member2022-01-012022-03-310000896159cb:INASeniorNotesDueJune2031Member2022-01-012022-03-310000896159cb:INASeniorNotesDueMarch2038Member2022-01-012022-03-3100008961592022-03-31iso4217:CHFxbrli:shares00008961592022-04-22xbrli:sharesiso4217:USD00008961592021-12-3100008961592021-01-012021-03-31iso4217:USDxbrli:shares0000896159us-gaap:CommonStockMember2021-12-310000896159us-gaap:CommonStockMember2020-12-310000896159us-gaap:CommonStockMember2022-01-012022-03-310000896159us-gaap:CommonStockMember2021-01-012021-03-310000896159us-gaap:CommonStockMember2022-03-310000896159us-gaap:CommonStockMember2021-03-310000896159us-gaap:TreasuryStockMember2021-12-310000896159us-gaap:TreasuryStockMember2020-12-310000896159us-gaap:TreasuryStockMember2022-01-012022-03-310000896159us-gaap:TreasuryStockMember2021-01-012021-03-310000896159us-gaap:TreasuryStockMember2022-03-310000896159us-gaap:TreasuryStockMember2021-03-310000896159us-gaap:AdditionalPaidInCapitalMember2021-12-310000896159us-gaap:AdditionalPaidInCapitalMember2020-12-310000896159us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000896159us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310000896159us-gaap:AdditionalPaidInCapitalMember2022-03-310000896159us-gaap:AdditionalPaidInCapitalMember2021-03-310000896159us-gaap:RetainedEarningsMember2021-12-310000896159us-gaap:RetainedEarningsMember2020-12-310000896159us-gaap:RetainedEarningsMember2022-01-012022-03-310000896159us-gaap:RetainedEarningsMember2021-01-012021-03-310000896159us-gaap:RetainedEarningsMember2022-03-310000896159us-gaap:RetainedEarningsMember2021-03-310000896159us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000896159us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310000896159us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-03-310000896159us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-03-310000896159us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-03-310000896159us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310000896159us-gaap:AccumulatedTranslationAdjustmentMember2021-12-310000896159us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310000896159us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-03-310000896159us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-03-310000896159us-gaap:AccumulatedTranslationAdjustmentMember2022-03-310000896159us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310000896159us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000896159us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2020-12-310000896159us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-03-310000896159us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-01-012021-03-310000896159us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-03-310000896159us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-03-310000896159us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000896159us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-3100008961592021-03-3100008961592020-12-310000896159srt:AsiaPacificMembercb:CignasLifeInsuranceBusinessInAsiaPacificMarketsMember2021-10-070000896159country:CNcb:HuataiGroupMembercb:DirectOwnershipMember2022-03-31xbrli:pure0000896159country:CNcb:HuataiGroupMember2021-01-012021-12-310000896159country:CNcb:HuataiGroupMember2021-12-310000896159country:CNcb:HuataiGroupMember2022-01-012022-03-310000896159country:CNcb:HuataiGroupMember2020-01-012020-12-310000896159us-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMember2022-03-310000896159us-gaap:CorporateDebtSecuritiesMember2022-03-310000896159us-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMember2022-03-310000896159us-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMember2021-12-310000896159us-gaap:CorporateDebtSecuritiesMember2021-12-310000896159us-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMember2021-12-310000896159srt:StandardPoorsAAARatingMember2022-03-310000896159srt:StandardPoorsAAARatingMember2021-12-310000896159srt:StandardPoorsAARatingMember2022-03-310000896159srt:StandardPoorsAARatingMember2021-12-310000896159srt:StandardPoorsARatingMember2022-03-310000896159srt:StandardPoorsARatingMember2021-12-310000896159srt:StandardPoorsBBBRatingMember2022-03-310000896159srt:StandardPoorsBBBRatingMember2021-12-310000896159srt:StandardPoorsBBRatingMember2022-03-310000896159srt:StandardPoorsBBRatingMember2021-12-310000896159cb:OtherMember2022-03-310000896159cb:OtherMember2021-12-310000896159us-gaap:FixedMaturitiesMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2022-03-310000896159us-gaap:FixedMaturitiesMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2022-03-310000896159us-gaap:FixedMaturitiesMember2022-03-310000896159us-gaap:FixedMaturitiesMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2021-12-310000896159us-gaap:FixedMaturitiesMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FixedMaturitiesMember2021-12-310000896159us-gaap:FixedMaturitiesMember2021-12-310000896159us-gaap:FixedMaturitiesMember2022-01-012022-03-310000896159us-gaap:FixedMaturitiesMember2021-01-012021-03-310000896159us-gaap:EquitySecuritiesMember2022-01-012022-03-310000896159us-gaap:EquitySecuritiesMember2021-01-012021-03-310000896159us-gaap:OtherInvestmentsMember2022-01-012022-03-310000896159us-gaap:OtherInvestmentsMember2021-01-012021-03-310000896159us-gaap:ForeignExchangeContractMember2022-01-012022-03-310000896159us-gaap:ForeignExchangeContractMember2021-01-012021-03-310000896159us-gaap:EquityContractMember2022-01-012022-03-310000896159us-gaap:EquityContractMember2021-01-012021-03-310000896159us-gaap:OtherContractMember2022-01-012022-03-310000896159us-gaap:OtherContractMember2021-01-012021-03-310000896159cb:EquitysecuritiesandotherinvestmentsMember2022-01-012022-03-310000896159cb:EquitysecuritiesandotherinvestmentsMember2021-01-012021-03-310000896159srt:MinimumMembercb:FinancialMember2022-01-012022-03-310000896159srt:MinimumMembercb:FinancialMember2021-10-012021-12-310000896159cb:FinancialMembersrt:MaximumMember2022-01-012022-03-310000896159cb:FinancialMembersrt:MaximumMember2021-10-012021-12-310000896159cb:FinancialMember2022-03-310000896159cb:FinancialMember2021-12-310000896159srt:MinimumMemberus-gaap:RealEstateFundsMember2022-01-012022-03-310000896159srt:MinimumMemberus-gaap:RealEstateFundsMember2021-10-012021-12-310000896159us-gaap:RealEstateFundsMembersrt:MaximumMember2022-01-012022-03-310000896159us-gaap:RealEstateFundsMembersrt:MaximumMember2021-10-012021-12-310000896159us-gaap:RealEstateFundsMember2022-03-310000896159us-gaap:RealEstateFundsMember2021-12-310000896159srt:MinimumMembercb:DistressedAlternativeInvestmentsMember2022-01-012022-03-310000896159srt:MinimumMembercb:DistressedAlternativeInvestmentsMember2021-10-012021-12-310000896159cb:DistressedAlternativeInvestmentsMembersrt:MaximumMember2022-01-012022-03-310000896159cb:DistressedAlternativeInvestmentsMembersrt:MaximumMember2021-10-012021-12-310000896159cb:DistressedAlternativeInvestmentsMember2022-03-310000896159cb:DistressedAlternativeInvestmentsMember2021-12-310000896159srt:MinimumMembercb:PrivateCreditAlternativeInvestmentsMember2022-01-012022-03-310000896159srt:MinimumMembercb:PrivateCreditAlternativeInvestmentsMember2021-10-012021-12-310000896159cb:PrivateCreditAlternativeInvestmentsMembersrt:MaximumMember2022-01-012022-03-310000896159cb:PrivateCreditAlternativeInvestmentsMembersrt:MaximumMember2021-10-012021-12-310000896159cb:PrivateCreditAlternativeInvestmentsMember2022-03-310000896159cb:PrivateCreditAlternativeInvestmentsMember2021-12-310000896159srt:MinimumMemberus-gaap:PrivateEquityFundsMember2022-01-012022-03-310000896159srt:MinimumMemberus-gaap:PrivateEquityFundsMember2021-10-012021-12-310000896159srt:MaximumMemberus-gaap:PrivateEquityFundsMember2022-01-012022-03-310000896159srt:MaximumMemberus-gaap:PrivateEquityFundsMember2021-10-012021-12-310000896159us-gaap:PrivateEquityFundsMember2022-03-310000896159us-gaap:PrivateEquityFundsMember2021-12-310000896159srt:MinimumMembercb:VintageAlternativeInvestmentsMember2022-01-012022-03-310000896159srt:MinimumMembercb:VintageAlternativeInvestmentsMember2021-10-012021-12-310000896159cb:VintageAlternativeInvestmentsMembersrt:MaximumMember2022-01-012022-03-310000896159cb:VintageAlternativeInvestmentsMembersrt:MaximumMember2021-10-012021-12-310000896159cb:VintageAlternativeInvestmentsMember2022-03-310000896159cb:VintageAlternativeInvestmentsMember2021-12-310000896159cb:InvestmentFundsAlternativeInvestmentsMember2022-03-310000896159cb:InvestmentFundsAlternativeInvestmentsMember2021-12-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2022-03-310000896159cb:InvestmentFundsLimitedPartnershipsPartiallyOwnedInvestmentCompaniesFairValueMember2022-03-310000896159us-gaap:PolicyLoansMember2022-03-310000896159us-gaap:OtherInvestmentsMember2022-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310000896159cb:InvestmentFundsLimitedPartnershipsPartiallyOwnedInvestmentCompaniesFairValueMember2021-12-310000896159us-gaap:PolicyLoansMember2021-12-310000896159us-gaap:OtherInvestmentsMember2021-12-310000896159srt:MinimumMember2022-03-310000896159srt:MaximumMember2022-03-310000896159srt:WeightedAverageMember2022-03-310000896159srt:MinimumMember2022-01-012022-03-310000896159srt:MaximumMember2022-01-012022-03-310000896159srt:WeightedAverageMember2022-01-012022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:AvailableforsaleSecuritiesMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2021-12-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000896159us-gaap:AvailableforsaleSecuritiesMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000896159us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2022-01-012022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:AvailableforsaleSecuritiesMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000896159us-gaap:AvailableforsaleSecuritiesMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000896159us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2020-12-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2020-12-310000896159us-gaap:OtherLongTermInvestmentsMemberus-gaap:FairValueInputsLevel3Member2020-12-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueInputsLevel3Member2020-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000896159us-gaap:AvailableforsaleSecuritiesMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000896159us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2021-01-012021-03-310000896159us-gaap:OtherLongTermInvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueInputsLevel3Member2021-01-012021-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:AvailableforsaleSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310000896159us-gaap:AvailableforsaleSecuritiesMemberus-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310000896159us-gaap:EquitySecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-03-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:ShortTermInvestmentsMember2021-03-310000896159us-gaap:OtherLongTermInvestmentsMemberus-gaap:FairValueInputsLevel3Member2021-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:FairValueInputsLevel3Member2021-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000896159us-gaap:FairValueInputsLevel1Member2022-03-310000896159us-gaap:FairValueInputsLevel2Member2022-03-310000896159us-gaap:FairValueInputsLevel3Member2022-03-310000896159us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-03-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMember2022-03-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000896159us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:MortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000896159us-gaap:FairValueInputsLevel1Member2021-12-310000896159us-gaap:FairValueInputsLevel2Member2021-12-310000896159us-gaap:FairValueInputsLevel3Member2021-12-310000896159us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-12-310000896159us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-12-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:ShortTailMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMember2022-01-012022-03-310000896159cb:NorthAmericaPersonalPCInsuranceMembercb:LongTailMember2022-01-012022-03-310000896159cb:NorthAmericaPersonalPCInsuranceMembercb:ShortTailMember2022-01-012022-03-310000896159cb:NorthAmericaPersonalPCInsuranceMember2022-01-012022-03-310000896159cb:LongTailMembercb:SegmentInsuranceNorthAmericanAgricultureMember2022-01-012022-03-310000896159cb:ShortTailMembercb:SegmentInsuranceNorthAmericanAgricultureMember2022-01-012022-03-310000896159cb:SegmentInsuranceNorthAmericanAgricultureMember2022-01-012022-03-310000896159cb:LongTailMembercb:SegmentInsuranceOverseasGeneralMember2022-01-012022-03-310000896159cb:SegmentInsuranceOverseasGeneralMembercb:ShortTailMember2022-01-012022-03-310000896159cb:SegmentInsuranceOverseasGeneralMember2022-01-012022-03-310000896159cb:LongTailMembercb:SegmentGlobalReinsuranceMember2022-01-012022-03-310000896159cb:SegmentGlobalReinsuranceMembercb:ShortTailMember2022-01-012022-03-310000896159cb:SegmentGlobalReinsuranceMember2022-01-012022-03-310000896159cb:LongTailMemberus-gaap:CorporateMember2022-01-012022-03-310000896159us-gaap:CorporateMembercb:ShortTailMember2022-01-012022-03-310000896159us-gaap:CorporateMember2022-01-012022-03-310000896159cb:LongTailMember2022-01-012022-03-310000896159cb:ShortTailMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMember2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:ShortTailMember2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMember2021-01-012021-03-310000896159cb:NorthAmericaPersonalPCInsuranceMembercb:LongTailMember2021-01-012021-03-310000896159cb:NorthAmericaPersonalPCInsuranceMembercb:ShortTailMember2021-01-012021-03-310000896159cb:NorthAmericaPersonalPCInsuranceMember2021-01-012021-03-310000896159cb:LongTailMembercb:SegmentInsuranceNorthAmericanAgricultureMember2021-01-012021-03-310000896159cb:ShortTailMembercb:SegmentInsuranceNorthAmericanAgricultureMember2021-01-012021-03-310000896159cb:SegmentInsuranceNorthAmericanAgricultureMember2021-01-012021-03-310000896159cb:LongTailMembercb:SegmentInsuranceOverseasGeneralMember2021-01-012021-03-310000896159cb:SegmentInsuranceOverseasGeneralMembercb:ShortTailMember2021-01-012021-03-310000896159cb:SegmentInsuranceOverseasGeneralMember2021-01-012021-03-310000896159cb:LongTailMembercb:SegmentGlobalReinsuranceMember2021-01-012021-03-310000896159cb:SegmentGlobalReinsuranceMembercb:ShortTailMember2021-01-012021-03-310000896159cb:SegmentGlobalReinsuranceMember2021-01-012021-03-310000896159cb:LongTailMemberus-gaap:CorporateMember2021-01-012021-03-310000896159us-gaap:CorporateMembercb:ShortTailMember2021-01-012021-03-310000896159us-gaap:CorporateMember2021-01-012021-03-310000896159cb:LongTailMember2021-01-012021-03-310000896159cb:ShortTailMember2021-01-012021-03-310000896159us-gaap:WorkersCompensationInsuranceMembercb:AccidentYears2017AndPriorMembercb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMemberus-gaap:PropertyAndCasualtyPersonalInsuranceProductLineMembercb:LongTailMembercb:AccidentYears2020And2021Member2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMembercb:CommercialExcessandUmbrellaMembercb:AccidentYears2019AndPriorMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMemberus-gaap:AccidentAndHealthInsuranceSegmentMembercb:AccidentYears2020And2021Membercb:ShortTailMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Memberus-gaap:SuretySegmentMembercb:ShortTailMember2022-01-012022-03-310000896159us-gaap:ShortDurationInsuranceContractAccidentYear2021Membercb:SegmentNorthAmericaCommercialPCInsuranceMemberus-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembercb:ShortTailMember2022-01-012022-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMemberus-gaap:ProfessionalMalpracticeLiabilityMembercb:AccidentYears2016And2017Member2021-01-012021-03-310000896159cb:AccidentYears2017AndPriorMembercb:EnvironmentallinesMembercb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMember2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:LongTailMembercb:CommercialExcessandUmbrellaMembercb:AccidentYears2015To2019Member2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:Accidentyears20182019Memberus-gaap:SuretySegmentMembercb:ShortTailMember2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMemberus-gaap:AccidentAndHealthInsuranceSegmentMembercb:AccidentYears20192020Membercb:ShortTailMember2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Membercb:PropertyAndInlandMarineMembercb:ShortTailMember2021-01-012021-03-310000896159cb:SegmentNorthAmericaCommercialPCInsuranceMembercb:AccidentYears20192020Membercb:FirstPartyCyberRiskMembercb:ShortTailMember2021-01-012021-03-310000896159us-gaap:ShortDurationInsuranceContractAccidentYear2021Membercb:NorthAmericaPersonalPCInsuranceMember2022-01-012022-03-310000896159cb:NorthAmericaPersonalPCInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-01-012021-03-310000896159us-gaap:ShortDurationInsuranceContractAccidentYear2021Membercb:SegmentInsuranceNorthAmericanAgricultureMember2022-01-012022-03-310000896159us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMembercb:AccidentYears2020And2021Membercb:SegmentInsuranceOverseasGeneralMembercb:ShortTailMember2022-01-012022-03-310000896159us-gaap:AccidentAndHealthInsuranceSegmentMembercb:AccidentYears2020And2021Membercb:SegmentInsuranceOverseasGeneralMembercb:ShortTailMember2022-01-012022-03-310000896159us-gaap:ShortDurationInsuranceContractAccidentYear2020Membercb:SegmentInsuranceOverseasGeneralMember2021-01-012021-03-310000896159us-gaap:ForeignExchangeFutureMemberus-gaap:OtherAssetsMember2022-03-310000896159us-gaap:ForeignExchangeFutureMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310000896159us-gaap:ForeignExchangeFutureMember2022-03-310000896159us-gaap:ForeignExchangeFutureMemberus-gaap:OtherAssetsMember2021-12-310000896159us-gaap:ForeignExchangeFutureMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310000896159us-gaap:ForeignExchangeFutureMember2021-12-310000896159us-gaap:FutureMemberus-gaap:OtherAssetsMember2022-03-310000896159us-gaap:FutureMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310000896159us-gaap:FutureMember2022-03-310000896159us-gaap:FutureMemberus-gaap:OtherAssetsMember2021-12-310000896159us-gaap:FutureMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310000896159us-gaap:FutureMember2021-12-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMemberus-gaap:FixedMaturitiesMember2022-03-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMemberus-gaap:EquitySecuritiesMember2022-03-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMember2022-03-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMemberus-gaap:FixedMaturitiesMember2021-12-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMemberus-gaap:EquitySecuritiesMember2021-12-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMember2021-12-310000896159cb:InvestmentAndEmbeddedDerivativeInstrumentsMember2022-03-310000896159cb:InvestmentAndEmbeddedDerivativeInstrumentsMember2021-12-310000896159us-gaap:SingleStockFutureMemberus-gaap:OtherAssetsMember2022-03-310000896159us-gaap:SingleStockFutureMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310000896159us-gaap:SingleStockFutureMember2022-03-310000896159us-gaap:SingleStockFutureMemberus-gaap:OtherAssetsMember2021-12-310000896159us-gaap:SingleStockFutureMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310000896159us-gaap:SingleStockFutureMember2021-12-310000896159cb:OtherDerivativesMemberus-gaap:OtherAssetsMember2022-03-310000896159cb:OtherDerivativesMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310000896159cb:OtherDerivativesMember2022-03-310000896159cb:OtherDerivativesMemberus-gaap:OtherAssetsMember2021-12-310000896159cb:OtherDerivativesMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310000896159cb:OtherDerivativesMember2021-12-310000896159cb:OtherDerivativesTotalMemberus-gaap:OtherAssetsMember2022-03-310000896159us-gaap:AccountsPayableAndAccruedLiabilitiesMembercb:OtherDerivativesTotalMember2022-03-310000896159cb:OtherDerivativesTotalMember2022-03-310000896159cb:OtherDerivativesTotalMemberus-gaap:OtherAssetsMember2021-12-310000896159us-gaap:AccountsPayableAndAccruedLiabilitiesMembercb:OtherDerivativesTotalMember2021-12-310000896159cb:OtherDerivativesTotalMember2021-12-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMember2022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMember2021-12-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMemberus-gaap:AccountsPayableAndAccruedLiabilitiesMember2021-12-310000896159us-gaap:ForeignExchangeFutureMember2022-01-012022-03-310000896159us-gaap:ForeignExchangeFutureMember2021-01-012021-03-310000896159cb:OtherFuturesContractsAndOptionsMember2022-01-012022-03-310000896159cb:OtherFuturesContractsAndOptionsMember2021-01-012021-03-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMember2022-01-012022-03-310000896159us-gaap:ConvertiblesAndBondsWithWarrantsAttachedMember2021-01-012021-03-310000896159cb:InvestmentAndEmbeddedDerivativeInstrumentsMember2022-01-012022-03-310000896159cb:InvestmentAndEmbeddedDerivativeInstrumentsMember2021-01-012021-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMember2022-01-012022-03-310000896159us-gaap:GuaranteedMinimumIncomeBenefitMember2021-01-012021-03-310000896159us-gaap:SingleStockFutureMember2022-01-012022-03-310000896159us-gaap:SingleStockFutureMember2021-01-012021-03-310000896159cb:OtherDerivativesMember2022-01-012022-03-310000896159cb:OtherDerivativesMember2021-01-012021-03-310000896159cb:GuaranteedLivingBenefitAndOtherDerivativeInstrumentsMember2022-01-012022-03-310000896159cb:GuaranteedLivingBenefitAndOtherDerivativeInstrumentsMember2021-01-012021-03-310000896159us-gaap:MaturityOvernightMemberus-gaap:CashAndCashEquivalentsMember2022-03-310000896159us-gaap:MaturityOvernightMemberus-gaap:CashAndCashEquivalentsMember2021-12-310000896159us-gaap:MaturityOvernightMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:MaturityOvernightMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:ForeignGovernmentDebtMemberus-gaap:MaturityOvernightMember2022-03-310000896159us-gaap:ForeignGovernmentDebtMemberus-gaap:MaturityOvernightMember2021-12-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2022-03-310000896159us-gaap:CorporateDebtSecuritiesMemberus-gaap:MaturityOvernightMember2021-12-310000896159us-gaap:MaturityOvernightMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:MaturityOvernightMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:EquitySecuritiesMemberus-gaap:MaturityOvernightMember2022-03-310000896159us-gaap:EquitySecuritiesMemberus-gaap:MaturityOvernightMember2021-12-310000896159us-gaap:MaturityUpTo30DaysMemberus-gaap:CashAndCashEquivalentsMember2022-03-310000896159us-gaap:Maturity30To90DaysMemberus-gaap:CashAndCashEquivalentsMember2022-03-310000896159us-gaap:MaturityOver90DaysMemberus-gaap:CashAndCashEquivalentsMember2022-03-310000896159us-gaap:CashAndCashEquivalentsMember2022-03-310000896159us-gaap:Maturity30To90DaysMemberus-gaap:CashAndCashEquivalentsMember2021-12-310000896159us-gaap:MaturityOver90DaysMemberus-gaap:CashAndCashEquivalentsMember2021-12-310000896159us-gaap:CashAndCashEquivalentsMember2021-12-310000896159us-gaap:MaturityUpTo30DaysMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:Maturity30To90DaysMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:MaturityOver90DaysMemberus-gaap:USTreasuryAndGovernmentMember2022-03-310000896159us-gaap:Maturity30To90DaysMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:MaturityOver90DaysMemberus-gaap:USTreasuryAndGovernmentMember2021-12-310000896159us-gaap:MaturityUpTo30DaysMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:Maturity30To90DaysMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:MaturityOver90DaysMemberus-gaap:MortgageBackedSecuritiesMember2022-03-310000896159us-gaap:Maturity30To90DaysMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:MaturityOver90DaysMemberus-gaap:MortgageBackedSecuritiesMember2021-12-310000896159us-gaap:MaturityUpTo30DaysMember2022-03-310000896159us-gaap:Maturity30To90DaysMember2022-03-310000896159us-gaap:MaturityOver90DaysMember2022-03-310000896159us-gaap:Maturity30To90DaysMember2021-12-310000896159us-gaap:MaturityOver90DaysMember2021-12-310000896159us-gaap:RepurchaseAgreementsMember2022-03-310000896159us-gaap:RepurchaseAgreementsMember2021-12-3100008961592021-05-2000008961592020-05-200000896159currency:USD2022-01-012022-03-310000896159currency:CHF2022-01-012022-03-310000896159currency:USD2021-01-012021-03-310000896159currency:CHF2021-01-012021-03-3100008961592022-01-172022-01-170000896159cb:July2021StockRepurchasePlanMember2022-01-012022-03-310000896159cb:Nov2020StockRepurchasePlanMember2020-11-190000896159cb:Nov2020StockRepurchasePlanMember2021-02-010000896159cb:July2021StockRepurchasePlanMember2021-07-190000896159cb:Nov2020StockRepurchasePlanMember2021-01-012021-03-310000896159cb:July2021StockRepurchasePlanMemberus-gaap:SubsequentEventMember2022-04-012022-04-280000896159cb:July2021StockRepurchasePlanMember2022-03-310000896159cb:Nov2020StockRepurchasePlanMember2021-03-310000896159cb:July2021StockRepurchasePlanMemberus-gaap:SubsequentEventMember2022-04-280000896159us-gaap:EmployeeStockOptionMember2022-01-012022-03-310000896159us-gaap:EmployeeStockOptionMember2022-02-242022-02-240000896159us-gaap:RestrictedStockUnitsRSUMember2022-01-012022-03-310000896159us-gaap:RestrictedStockMember2022-01-012022-03-310000896159us-gaap:PerformanceSharesMember2022-01-012022-03-310000896159us-gaap:RestrictedStockMember2022-02-242022-02-240000896159us-gaap:RestrictedStockUnitsRSUMember2022-02-242022-02-240000896159us-gaap:PerformanceSharesMember2022-02-242022-02-240000896159us-gaap:PensionPlansDefinedBenefitMembercountry:US2022-01-012022-03-310000896159us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000896159us-gaap:PensionPlansDefinedBenefitMembercountry:US2021-01-012021-03-310000896159us-gaap:ForeignPlanMemberus-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000896159us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2022-01-012022-03-310000896159us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2021-01-012021-03-310000896159us-gaap:PensionPlansDefinedBenefitMembercb:LossesandlossexpensesMember2022-01-012022-03-310000896159us-gaap:PensionPlansDefinedBenefitMembercb:LossesandlossexpensesMember2021-01-012021-03-310000896159us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercb:LossesandlossexpensesMember2022-01-012022-03-310000896159us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMembercb:LossesandlossexpensesMember2021-01-012021-03-310000896159us-gaap:PensionPlansDefinedBenefitMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310000896159us-gaap:PensionPlansDefinedBenefitMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310000896159us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-03-310000896159us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-03-310000896159us-gaap:PensionPlansDefinedBenefitMember2022-01-012022-03-310000896159us-gaap:PensionPlansDefinedBenefitMember2021-01-012021-03-310000896159cb:HuataiGroupMember2022-01-012022-03-310000896159cb:HuataiGroupMember2021-01-012021-03-310000896159cb:SegmentInsuranceNorthAmericanCommercialPCMemberMemberMember2022-01-012022-03-310000896159cb:SegmentInsuranceNorthAmericanPersonalPCMemberMember2022-01-012022-03-310000896159cb:SegmentLifeMember2022-01-012022-03-310000896159cb:SegmentCorporateAndOtherMember2022-01-012022-03-310000896159us-gaap:MaterialReconcilingItemsMember2022-01-012022-03-310000896159cb:SegmentInsuranceNorthAmericanCommercialPCMemberMemberMember2021-01-012021-03-310000896159cb:SegmentInsuranceNorthAmericanPersonalPCMemberMember2021-01-012021-03-310000896159cb:SegmentLifeMember2021-01-012021-03-310000896159cb:SegmentCorporateAndOtherMember2021-01-012021-03-310000896159us-gaap:MaterialReconcilingItemsMember2021-01-012021-03-31

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, 2022
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 24.15 per shareCBNew York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024CB/24ANew York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027CB/27New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028CB/28New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029CB/29ANew York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031CB/31New York Stock Exchange
Guarantee of Chubb INA Holdings Inc. 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 24.15 par value) outstanding as of April 22, 2022 was 423,711,369.



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.
Item 2.
Item 3.
Item 4.
Part II.OTHER INFORMATION
Item 1.
Item 1A.
Item 2.
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)20222021
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $27 and $14
    (amortized cost – $91,526 and $90,493)
$89,479 $93,108 
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $34 and $35
    (fair value – $9,888 and $10,647)
9,818 10,118 
Equity securities, at fair value3,596 4,782 
Short-term investments, at fair value (amortized cost – $3,408 and $3,147)
3,407 3,146 
Other investments, at fair value11,947 11,169 
Total investments118,247 122,323 
Cash1,734 1,659 
Restricted cash180 152 
Securities lending collateral1,800 1,831 
Accrued investment income822 821 
Insurance and reinsurance balances receivable, net of valuation allowance - $50 and $46
11,452 11,322 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $329 and $329
17,761 17,366 
Reinsurance recoverable on policy benefits208 213 
Deferred policy acquisition costs5,587 5,513 
Value of business acquired231 236 
Goodwill15,244 15,213 
Other intangible assets5,399 5,455 
Deferred tax assets333  
Prepaid reinsurance premiums3,068 3,028 
Investments in partially-owned insurance companies3,161 3,130 
Other assets12,763 11,792 
Total assets$197,990 $200,054 
Liabilities
Unpaid losses and loss expenses$73,844 $72,943 
Unearned premiums19,586 19,101 
Future policy benefits5,974 5,947 
Insurance and reinsurance balances payable7,401 7,243 
Securities lending payable1,800 1,831 
Accounts payable, accrued expenses, and other liabilities14,914 15,004 
Deferred tax liabilities 389 
Repurchase agreements1,406 1,406 
Short-term debt1,474 999 
Long-term debt14,585 15,169 
Trust preferred securities308 308 
Total liabilities141,292 140,340 
Commitments and contingencies (refer to Note 7)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 459,555,714 and 474,021,114 shares issued; 423,675,327 and 426,572,612 shares outstanding)
10,666 10,985 
Common Shares in treasury (35,880,387 and 47,448,502 shares)
(5,700)(7,464)
Additional paid-in capital7,988 8,478 
Retained earnings47,148 47,365 
Accumulated other comprehensive income (loss) (AOCI)(3,404)350 
Total shareholders’ equity56,698 59,714 
Total liabilities and shareholders’ equity$197,990 $200,054 
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)20222021
Revenues
Net premiums written$9,199 $8,662 
Increase in unearned premiums(453)(441)
Net premiums earned8,746 8,221 
Net investment income822 863 
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI)
101 887 
Total revenues9,669 9,971 
Expenses
Losses and loss expenses4,787 5,053 
Policy benefits145 167 
Policy acquisition costs1,737 1,665 
Administrative expenses778 744 
Interest expense132 122 
Other (income) expense(310)(490)
Amortization of purchased intangibles71 72 
Total expenses7,340 7,333 
Income before income tax2,329 2,638 
Income tax expense (includes $(22) and $4 on unrealized gains and losses reclassified from AOCI)
355 338 
Net income$1,974 $2,300 
Other comprehensive loss
Unrealized depreciation$(4,788)$(2,293)
Reclassification adjustment for net realized (gains) losses included in net income
136 (24)
(4,652)(2,317)
Change in:
Cumulative foreign currency translation adjustment67 22 
Postretirement benefit liability adjustment19 (28)
Other comprehensive loss, before income tax(4,566)(2,323)
Income tax benefit related to OCI items812 412 
Other comprehensive loss(3,754)(1,911)
Comprehensive income (loss)$(1,780)$389 
Earnings per share
Basic earnings per share$4.64 $5.10 
Diluted earnings per share$4.59 $5.07 
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)20222021
Common Shares
Balance – beginning of period$10,985 $11,064 
Cancellation of treasury shares(319) 
Balance – end of period10,666 11,064 
Common Shares in treasury
Balance – beginning of period(7,464)(3,644)
Common Shares repurchased(1,001)(519)
Cancellation of treasury shares2,510  
Net shares issued under employee share-based compensation plans255 262 
Balance – end of period(5,700)(3,901)
Additional paid-in capital
Balance – beginning of period8,478 9,815 
Net shares issued under employee share-based compensation plans(199)(187)
Exercise of stock options(21)(24)
Share-based compensation expense70 66 
Funding of dividends declared to Retained earnings(340)(352)
Balance – end of period7,988 9,318 
Retained earnings
Balance – beginning of period47,365 39,337 
Net income1,974 2,300 
Cancellation of treasury shares(2,191) 
Funding of dividends declared from Additional paid-in capital340 352 
Dividends declared on Common Shares(340)(352)
Balance – end of period47,148 41,637 
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period2,256 4,673 
Change in period, before reclassification from AOCI, net of income tax
    benefit of $834 and $401
(3,954)(1,892)
Amounts reclassified from AOCI, net of income tax (expense) benefit of $(22) and $4
114 (20)
Change in period, net of income tax benefit of $812 and $405
(3,840)(1,912)
Balance – end of period(1,584)2,761 
Cumulative foreign currency translation adjustment
Balance – beginning of period(2,146)(1,637)
Change in period, net of income tax benefit of $4 and $2
71 24 
Balance – end of period(2,075)(1,613)
Postretirement benefit liability adjustment
Balance – beginning of period240 (167)
Change in period, net of income tax (expense) benefit of $(4) and $5
15 (23)
Balance – end of period255 (190)
Accumulated other comprehensive income (loss)(3,404)958 
Total shareholders’ equity$56,698 $59,076 
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)20222021
Cash flows from operating activities
Net income$1,974 $2,300 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses(101)(887)
Amortization of premiums/discounts on fixed maturities91 76 
Amortization of purchased intangibles71 72 
Equity in net income of partially-owned entities (361)(497)
Deferred income taxes93  
Unpaid losses and loss expenses957 1,368 
Unearned premiums502 503 
Future policy benefits36 47 
Insurance and reinsurance balances payable147 (36)
Accounts payable, accrued expenses, and other liabilities(338)(663)
Income taxes payable128 101 
Insurance and reinsurance balances receivable(125)(209)
Reinsurance recoverable(456)(290)
Deferred policy acquisition costs(96)(81)
Other(82)301 
Net cash flows from operating activities2,440 2,105 
Cash flows from investing activities
Purchases of fixed maturities available for sale(5,933)(7,738)
Purchases of fixed maturities held to maturity(143)(102)
Purchases of equity securities(380)(351)
Sales of fixed maturities available for sale1,838 1,343 
Sales of equity securities1,110 351 
Maturities and redemptions of fixed maturities available for sale3,003 4,289 
Maturities and redemptions of fixed maturities held to maturity398 604 
Net change in short-term investments(267)595 
Net derivative instruments settlements74 87 
Private equity contributions(669)(427)
Private equity distributions207 206 
Payment for Huatai Group interest(113)(65)
Other(120)(44)
Net cash flows used for investing activities(995)(1,252)
Cash flows from financing activities
Dividends paid on Common Shares(341)(352)
Common Shares repurchased(1,001)(519)
Proceeds from issuance of repurchase agreements146 450 
Repayment of repurchase agreements(146)(450)
Proceeds from share-based compensation plans114 115 
Policyholder contract deposits and other118 133 
Policyholder contract withdrawals and other(111)(124)
Tax withholding payments for share-based compensation plans(81)(65)
Net cash flows used for financing activities(1,302)(812)
Effect of foreign currency rate changes on cash and restricted cash(40)(36)
Net increase in cash and restricted cash103 5 
Cash and restricted cash – beginning of period1,811 1,836 
Cash and restricted cash – end of period$1,914 $1,841 
Supplemental cash flow information
Taxes paid$132 $236 
Interest paid$85 $90 
See accompanying notes to the Consolidated Financial Statements
6


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


1. General

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 12 for additional information.

The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (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.

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 2021 Form 10-K.

b) Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
March 31December 31
(in millions of U.S. dollars)20222021
Cash$1,734 $1,659 
Restricted cash180 152 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,914 $1,811 

c) Goodwill
During the three months ended March 31, 2022, Goodwill increased $31 million, primarily reflecting the impact of foreign exchange.

d) Accounting guidance not yet adopted
Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued guidance to improve the existing recognition, measurement, presentation, and disclosure requirements for long-duration contracts issued by an insurance entity. The amendments in this update require more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures. This standard will be effective in the first quarter of 2023 with early adoption permitted. We are currently assessing the effect of adopting this guidance on our financial condition and results of operations. We will be better able to quantify the effect of adopting this standard as we progress in our implementation process and draw nearer to the date of adoption.



7


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

2. Acquisitions

Cigna’s Life and Accident and Health (A&H) Insurance Business in Asia-Pacific Markets
On October 7, 2021, we entered into a definitive agreement to acquire the life and non-life insurance companies that house the personal accident, supplemental health and life insurance business of Cigna in six Asia-Pacific markets, for approximately $5.72 billion in cash, subject to certain post-closing purchase adjustments. The transaction is expected to be completed in 2022. The timing of completion is subject to required regulatory approvals and customary closing conditions.

Huatai Group
Chubb maintains a direct investment in Huatai Insurance Group Co., Ltd. (Huatai Group). Huatai Group is the parent company of, and owns 100 percent of, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), approximately 80 percent of Huatai Life Insurance Co., Ltd. (Huatai Life), and approximately 82 percent of Huatai Asset Management Co., Ltd. (collectively, Huatai). Huatai Group's insurance operations have more than 600 branches and approximately 19 million customers in China.

As of March 31, 2022, Chubb's aggregate ownership interest in Huatai Group was approximately 47.3 percent. Chubb applies the equity method of accounting to its investment in Huatai Group by recording its share of net income or loss in Other (income) expense in the Consolidated statements of operations.

During 2021, Chubb entered into agreements with several counterparties to purchase incremental ownership interests in Huatai Group totaling approximately 31.8 percent for approximately $2.2 billion. In connection with these agreements, Chubb paid approximately $1.1 billion in deposits. In January 2022, we paid $113 million relating to these agreements. Chubb entered into an agreement to acquire an approximate 7.1 percent ownership interest in Huatai Group for approximately $0.5 billion, which was paid as a deposit in 2020. The purchase of the additional ownership interests is contingent upon important conditions. As Chubb’s ownership interest increases, we will continue to evaluate the appropriateness of consolidation accounting in accordance with the Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 810, Consolidation, and other applicable regulations.

3. Investments

a) Fixed maturities
March 31, 2022Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $ $31 $(40)$2,102 
Non-U.S.25,304 (16)380 (884)24,784 
Corporate and asset-backed securities38,469 (11)360 (1,149)37,669 
Mortgage-backed securities20,511  90 (796)19,805 
Municipal5,131  49 (61)5,119 
$91,526 $(27)$910 $(2,930)$89,479 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,180 $ $1,180 $12 $(18)$1,174 
Non-U.S.1,185 (5)1,180 19 (8)1,191 
Corporate and asset-backed securities1,913 (28)1,885 56 (6)1,935 
Mortgage-backed securities1,689  1,689 8 (13)1,684 
Municipal3,885 (1)3,884 24 (4)3,904 
$9,852 $(34)$9,818 $119 $(49)$9,888 


8


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

December 31, 2021Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,111 $ $109 $(6)$2,214 
Non-U.S.25,156 (8)953 (272)25,829 
Corporate and asset-backed securities37,844 (6)1,410 (185)39,063 
Mortgage-backed securities20,080  532 (123)20,489 
Municipal5,302  216 (5)5,513 
$90,493 $(14)$3,220 $(591)$93,108 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair Value
Held to maturity
U.S. Treasury / Agency$1,213 $ $1,213 $34 $(3)$1,244 
Non-U.S.1,201 (5)1,196 66  1,262 
Corporate and asset-backed securities2,032 (28)2,004 197  2,201 
Mortgage-backed securities1,731 (1)1,730 74 (1)1,803 
Municipal3,976 (1)3,975 162  4,137 
$10,153 $(35)$10,118 $533 $(4)$10,647 


The following table presents the amortized cost of our HTM securities according to S&P rating:
March 31, 2022December 31, 2021
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost% of Total
AAA$2,021 21 %$2,089 21 %
AA5,210 52 %5,303 52 %
A1,922 20 %1,964 19 %
BBB