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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☑ | 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
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☐ | 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)
| | | | | |
Switzerland | 98-0091805 |
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Common Shares, par value CHF 24.15 per share | CB | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024 | CB/24A | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027 | CB/27 | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028 | CB/28 | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029 | CB/29A | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031 | CB/31 | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038 | CB/38A | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
Large accelerated filer | ☑ | | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | | Smaller reporting company | ☐ |
| | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
The number of registrant’s Common Shares (CHF 24.15 par value) outstanding as of April 22, 2022 was 423,711,369.
CHUBB LIMITED
INDEX TO FORM 10-Q
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Part I. | FINANCIAL INFORMATION | Page |
Item 1. | | |
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| | |
| | |
| | |
| 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. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
| | |
Part II. | OTHER INFORMATION | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 6. | | |
PART I FINANCIAL INFORMATION
| | |
ITEM 1. Financial Statements |
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | |
| March 31 | | December 31 |
(in millions of U.S. dollars, except share and per share data) | 2022 | | 2021 |
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 value | 3,596 | | | 4,782 | |
Short-term investments, at fair value (amortized cost – $3,408 and $3,147) | 3,407 | | | 3,146 | |
Other investments, at fair value | 11,947 | | | 11,169 | |
Total investments | 118,247 | | | 122,323 | |
Cash | 1,734 | | | 1,659 | |
Restricted cash | 180 | | | 152 | |
Securities lending collateral | 1,800 | | | 1,831 | |
Accrued investment income | 822 | | | 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 benefits | 208 | | | 213 | |
Deferred policy acquisition costs | 5,587 | | | 5,513 | |
| | | |
Value of business acquired | 231 | | | 236 | |
Goodwill | 15,244 | | | 15,213 | |
Other intangible assets | 5,399 | | | 5,455 | |
Deferred tax assets | 333 | | | — | |
Prepaid reinsurance premiums | 3,068 | | | 3,028 | |
Investments in partially-owned insurance companies | 3,161 | | | 3,130 | |
Other assets | 12,763 | | | 11,792 | |
Total assets | $ | 197,990 | | | $ | 200,054 | |
Liabilities | | | |
Unpaid losses and loss expenses | $ | 73,844 | | | $ | 72,943 | |
Unearned premiums | 19,586 | | | 19,101 | |
Future policy benefits | 5,974 | | | 5,947 | |
Insurance and reinsurance balances payable | 7,401 | | | 7,243 | |
| | | |
Securities lending payable | 1,800 | | | 1,831 | |
| | | |
Accounts payable, accrued expenses, and other liabilities | 14,914 | | | 15,004 | |
| | | |
Deferred tax liabilities | — | | | 389 | |
Repurchase agreements | 1,406 | | | 1,406 | |
Short-term debt | 1,474 | | | 999 | |
Long-term debt | 14,585 | | | 15,169 | |
Trust preferred securities | 308 | | | 308 | |
Total liabilities | 141,292 | | | 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 capital | 7,988 | | | 8,478 | |
Retained earnings | 47,148 | | | 47,365 | |
Accumulated other comprehensive income (loss) (AOCI) | (3,404) | | | 350 | |
Total shareholders’ equity | 56,698 | | | 59,714 | |
Total liabilities and shareholders’ equity | $ | 197,990 | | | $ | 200,054 | |
See accompanying notes to the Consolidated Financial Statements
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) | 2022 | | 2021 | | | | |
Revenues | | | | | | | |
Net premiums written | $ | 9,199 | | | $ | 8,662 | | | | | |
Increase in unearned premiums | (453) | | | (441) | | | | | |
Net premiums earned | 8,746 | | | 8,221 | | | | | |
Net investment income | 822 | | | 863 | | | | | |
Net realized gains (losses) (includes $(136) and $24 reclassified from AOCI) | 101 | | | 887 | | | | | |
Total revenues | 9,669 | | | 9,971 | | | | | |
Expenses | | | | | | | |
Losses and loss expenses | 4,787 | | | 5,053 | | | | | |
Policy benefits | 145 | | | 167 | | | | | |
Policy acquisition costs | 1,737 | | | 1,665 | | | | | |
Administrative expenses | 778 | | | 744 | | | | | |
Interest expense | 132 | | | 122 | | | | | |
Other (income) expense | (310) | | | (490) | | | | | |
Amortization of purchased intangibles | 71 | | | 72 | | | | | |
| | | | | | | |
Total expenses | 7,340 | | | 7,333 | | | | | |
Income before income tax | 2,329 | | | 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 adjustment | 67 | | | 22 | | | | | |
Postretirement benefit liability adjustment | 19 | | | (28) | | | | | |
Other comprehensive loss, before income tax | (4,566) | | | (2,323) | | | | | |
Income tax benefit related to OCI items | 812 | | | 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
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | | | | | |
| Three Months Ended | | |
| March 31 | | |
(in millions of U.S. dollars) | 2022 | | 2021 | | | | |
Common Shares | | | | | | | |
Balance – beginning of period | $ | 10,985 | | | $ | 11,064 | | | | | |
Cancellation of treasury shares | (319) | | | — | | | | | |
Balance – end of period | 10,666 | | | 11,064 | | | | | |
Common Shares in treasury | | | | | | | |
Balance – beginning of period | (7,464) | | | (3,644) | | | | | |
Common Shares repurchased | (1,001) | | | (519) | | | | | |
Cancellation of treasury shares | 2,510 | | | — | | | | | |
Net shares issued under employee share-based compensation plans | 255 | | | 262 | | | | | |
Balance – end of period | (5,700) | | | (3,901) | | | | | |
Additional paid-in capital | | | | | | | |
Balance – beginning of period | 8,478 | | | 9,815 | | | | | |
Net shares issued under employee share-based compensation plans | (199) | | | (187) | | | | | |
Exercise of stock options | (21) | | | (24) | | | | | |
Share-based compensation expense | 70 | | | 66 | | | | | |
Funding of dividends declared to Retained earnings | (340) | | | (352) | | | | | |
Balance – end of period | 7,988 | | | 9,318 | | | | | |
Retained earnings | | | | | | | |
Balance – beginning of period | 47,365 | | | 39,337 | | | | | |
Net income | 1,974 | | | 2,300 | | | | | |
Cancellation of treasury shares | (2,191) | | | — | | | | | |
Funding of dividends declared from Additional paid-in capital | 340 | | | 352 | | | | | |
Dividends declared on Common Shares | (340) | | | (352) | | | | | |
Balance – end of period | 47,148 | | | 41,637 | | | | | |
Accumulated other comprehensive income (loss) (AOCI) | | | | | | | |
Net unrealized appreciation (depreciation) on investments | | | | | | | |
Balance – beginning of period | 2,256 | | | 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 period | 240 | | | (167) | | | | | |
Change in period, net of income tax (expense) benefit of $(4) and $5 | 15 | | | (23) | | | | | |
Balance – end of period | 255 | | | (190) | | | | | |
Accumulated other comprehensive income (loss) | (3,404) | | | 958 | | | | | |
Total shareholders’ equity | $ | 56,698 | | | $ | 59,076 | | | | | |
See accompanying notes to the Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | |
| Three Months Ended |
| March 31 |
(in millions of U.S. dollars) | 2022 | | 2021 |
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 maturities | 91 | | | 76 | |
Amortization of purchased intangibles | 71 | | | 72 | |
Equity in net income of partially-owned entities | (361) | | | (497) | |
Deferred income taxes | 93 | | | — | |
Unpaid losses and loss expenses | 957 | | | 1,368 | |
Unearned premiums | 502 | | | 503 | |
Future policy benefits | 36 | | | 47 | |
Insurance and reinsurance balances payable | 147 | | | (36) | |
Accounts payable, accrued expenses, and other liabilities | (338) | | | (663) | |
Income taxes payable | 128 | | | 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 activities | 2,440 | | | 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 sale | 1,838 | | | 1,343 | |
| | | |
| | | |
Sales of equity securities | 1,110 | | | 351 | |
Maturities and redemptions of fixed maturities available for sale | 3,003 | | | 4,289 | |
Maturities and redemptions of fixed maturities held to maturity | 398 | | | 604 | |
Net change in short-term investments | (267) | | | 595 | |
Net derivative instruments settlements | 74 | | | 87 | |
Private equity contributions | (669) | | | (427) | |
Private equity distributions | 207 | | | 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 agreements | 146 | | | 450 | |
Repayment of repurchase agreements | (146) | | | (450) | |
Proceeds from share-based compensation plans | 114 | | | 115 | |
Policyholder contract deposits and other | 118 | | | 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 cash | 103 | | | 5 | |
Cash and restricted cash – beginning of period | 1,811 | | | 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
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 31 | | December 31 |
(in millions of U.S. dollars) | 2022 | | 2021 |
Cash | $ | 1,734 | | | $ | 1,659 | |
Restricted cash | 180 | | | 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.
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, 2022 | Amortized Cost | | Valuation Allowance | | Gross 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 securities | 38,469 | | | (11) | | | 360 | | | (1,149) | | | 37,669 | | | | |
Mortgage-backed securities | 20,511 | | | — | | | 90 | | | (796) | | | 19,805 | | | | |
Municipal | 5,131 | | | — | | | 49 | | | (61) | | | 5,119 | | | | |
| $ | 91,526 | | | $ | (27) | | | $ | 910 | | | $ | (2,930) | | | $ | 89,479 | | | | |
| Amortized Cost | | Valuation Allowance | | Net Carrying Value | | Gross 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 securities | 1,913 | | | (28) | | | 1,885 | | | 56 | | | (6) | | | 1,935 | | |
Mortgage-backed securities | 1,689 | | | — | | | 1,689 | | | 8 | | | (13) | | | 1,684 | | |
Municipal | 3,885 | | | (1) | | | 3,884 | | | 24 | | | (4) | | | 3,904 | | |
| $ | 9,852 | | | $ | (34) | | | $ | 9,818 | | | $ | 119 | | | $ | (49) | | | $ | 9,888 | | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021 | Amortized Cost | | Valuation Allowance | | Gross 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 securities | 37,844 | | | (6) | | | 1,410 | | | (185) | | | 39,063 | | | |
Mortgage-backed securities | 20,080 | | | — | | | 532 | | | (123) | | | 20,489 | | | |
Municipal | 5,302 | | | — | | | 216 | | | (5) | | | 5,513 | | | |
| $ | 90,493 | | | $ | (14) | | | $ | 3,220 | | | $ | (591) | | | $ | 93,108 | | | |
| Amortized Cost | | Valuation Allowance | | Net Carrying Value | | Gross 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 securities | 2,032 | | | (28) | | | 2,004 | | | 197 | | | — | | | 2,201 | |
Mortgage-backed securities | 1,731 | | | (1) | | | 1,730 | | | 74 | | | (1) | | | 1,803 | |
Municipal | 3,976 | | | (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, 2022 | | December 31, 2021 |
(in millions of U.S. dollars, except for percentages) | Amortized cost | | % of Total | | Amortized cost | | % of Total |
AAA | $ | 2,021 | | | 21 | % | | $ | 2,089 | | | 21 | % |
AA | 5,210 | | | 52 | % | | 5,303 | | | 52 | % |
A | 1,922 | | | 20 | % | | 1,964 | | | 19 | % |
BBB | |