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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 September 30, 2021
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 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 October 15, 2021 was 430,741,280.


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
September 30December 31
(in millions of U.S. dollars, except share and per share data)20212020
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $12 and $20
    (amortized cost – $89,335 and $85,188)
$92,685 $90,699 
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $35 and $44
    (fair value – $11,119 and $12,510)
10,515 11,653 
Equity securities, at fair value4,557 4,027 
Short-term investments, at fair value (amortized cost – $3,529 and $4,349)
3,529 4,345 
Other investments, at fair value10,843 7,945 
Total investments122,129 118,669 
Cash1,620 1,747 
Restricted cash176 89 
Securities lending collateral2,368 1,844 
Accrued investment income825 867 
Insurance and reinsurance balances receivable, net of valuation allowance - $42 and $44
11,723 10,480 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $325 and $314
16,648 15,592 
Reinsurance recoverable on policy benefits206 206 
Deferred policy acquisition costs5,532 5,402 
Value of business acquired245 263 
Goodwill15,387 15,400 
Other intangible assets5,578 5,811 
Prepaid reinsurance premiums3,092 2,769 
Investments in partially-owned insurance companies3,006 2,813 
Other assets10,519 8,822 
Total assets$199,054 $190,774 
Liabilities
Unpaid losses and loss expenses$72,631 $67,811 
Unearned premiums19,519 17,652 
Future policy benefits5,890 5,713 
Insurance and reinsurance balances payable7,104 6,708 
Securities lending payable2,368 1,844 
Accounts payable, accrued expenses, and other liabilities15,470 14,052 
Deferred tax liabilities217 892 
Repurchase agreements1,406 1,405 
Long-term debt14,823 14,948 
Trust preferred securities308 308 
Total liabilities139,736 131,333 
Commitments and contingencies (refer to Note 7)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 474,021,114 and 477,605,264 shares issued; 430,876,252 and 450,732,625 shares outstanding)
10,985 11,064 
Common Shares in treasury (43,144,862 and 26,872,639 shares)
(6,621)(3,644)
Additional paid-in capital8,752 9,815 
Retained earnings45,224 39,337 
Accumulated other comprehensive income (AOCI)978 2,869 
Total shareholders’ equity59,318 59,441 
Total liabilities and shareholders’ equity$199,054 $190,774 
See accompanying notes to the consolidated financial statements

3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except per share data)2021202020212020
Revenues
Net premiums written$10,510 $9,078 $28,718 $25,410 
Increase in unearned premiums(510)(313)(1,684)(723)
Net premiums earned10,000 8,765 27,034 24,687 
Net investment income866 840 2,613 2,528 
Net realized gains (losses) (includes $(10), $49, $26, and $(303) reclassified from AOCI)
(21)(141)833 (1,069)
Total revenues10,845 9,464 30,480 26,146 
Expenses
Losses and loss expenses6,629 5,835 16,688 16,897 
Policy benefits151 198 503 550 
Policy acquisition costs1,778 1,645 5,141 4,853 
Administrative expenses806 733 2,325 2,201 
Interest expense122 130 366 390 
Other (income) expense(763)(485)(2,030)(372)
Amortization of purchased intangibles71 72 216 217 
Total expenses8,794 8,128 23,209 24,736 
Income before income tax2,051 1,336 7,271 1,410 
Income tax expense (includes $(3), $7, $(5), and $(35) on unrealized gains and losses reclassified from AOCI)
218 142 873 295 
Net income$1,833 $1,194 $6,398 $1,115 
Other comprehensive income (loss)
Unrealized appreciation (depreciation)$(564)$687 $(2,151)$1,456 
Reclassification adjustment for net realized (gains) losses included in net income
10 (49)(26)303 
(554)638 (2,177)1,759 
Change in:
Cumulative foreign currency translation adjustment(414)246 (84)(168)
Postretirement benefit liability adjustment4 (23)(33)(59)
Other comprehensive income (loss), before income tax(964)861 (2,294)1,532 
Income tax (expense) benefit related to OCI items120 (103)403 (295)
Other comprehensive income (loss)(844)758 (1,891)1,237 
Comprehensive income$989 $1,952 $4,507 $2,352 
Earnings per share
Basic earnings per share$4.21 $2.64 $14.42 $2.47 
Diluted earnings per share$4.18 $2.63 $14.33 $2.46 
See accompanying notes to the consolidated financial statements
4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2021202020212020
Common Shares
Balance – beginning of period$11,064 $11,121 $11,064 $11,121 
Cancellation of treasury shares(79)(57)(79)(57)
Balance – end of period10,985 11,064 10,985 11,064 
Common Shares in treasury
Balance – beginning of period(5,772)(3,866)(3,644)(3,754)
Common Shares repurchased(1,516)— (3,956)(326)
Cancellation of treasury shares590 323 590 323 
Net shares issued under employee share-based compensation plans77 2 389 216 
Balance – end of period(6,621)(3,541)(6,621)(3,541)
Additional paid-in capital
Balance – beginning of period9,046 10,416 9,815 11,203 
Net shares issued under employee share-based compensation plans(2)(6)(184)(195)
Exercise of stock options(15)(1)(45)(30)
Share-based compensation expense69 59 216 183 
Funding of dividends declared to Retained earnings(346)(353)(1,050)(1,046)
Balance – end of period8,752 10,115 8,752 10,115 
Retained earnings
Balance – beginning of period43,902 35,991 39,337 36,142 
Cumulative effect of adoption of accounting guidance— — — (72)
Balance – beginning of period, as adjusted43,902 35,991 39,337 36,070 
Net income1,833 1,194 6,398 1,115 
Cancellation of treasury shares(511)(266)(511)(266)
Funding of dividends declared from Additional paid-in capital346 353 1,050 1,046 
Dividends declared on Common Shares(346)(353)(1,050)(1,046)
Balance – end of period45,224 36,919 45,224 36,919 
Accumulated other comprehensive income
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period3,342 3,424 4,673 2,543 
Change in period, before reclassification from AOCI, net of income tax
    (expense) benefit of $101, $(102), $395 and $(300)
(463)585 (1,756)1,156 
Amounts reclassified from AOCI, net of income tax (expense) benefit of
    $(3), $7, $(5), $(35)
7 (42)(31)268 
Change in period, net of income tax (expense) benefit of $98, $(95),
    $390 and $(335)
(456)543 (1,787)1,424 
Balance – end of period2,886 3,967 2,886 3,967 
Cumulative foreign currency translation adjustment
Balance – beginning of period(1,323)(2,313)(1,637)(1,939)
Change in period, net of income tax (expense) benefit of $23, $(13), $7
    and $27
(391)233 (77)(141)
Balance – end of period(1,714)(2,080)(1,714)(2,080)
Postretirement benefit liability adjustment
Balance – beginning of period(197)(13)(167)15 
Change in period, net of income tax (expense) benefit of $(1), $5, $6
    and $13
3 (18)(27)(46)
Balance – end of period(194)(31)(194)(31)
Accumulated other comprehensive income 978 1,856 978 1,856 
Total shareholders’ equity$59,318 $56,413 $59,318 $56,413 
See accompanying notes to the consolidated financial statements

5

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

Nine Months Ended
September 30
(in millions of U.S. dollars)20212020
Cash flows from operating activities
Net income$6,398 $1,115 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses(833)1,069 
Amortization of premiums/discounts on fixed maturities242 280 
Amortization of purchased intangibles216 217 
Deferred income taxes(268)(287)
Unpaid losses and loss expenses4,907 5,112 
Unearned premiums2,032 881 
Future policy benefits163 138 
Insurance and reinsurance balances payable408 280 
Accounts payable, accrued expenses, and other liabilities45 190 
Income taxes payable212 (95)
Insurance and reinsurance balances receivable(1,257)(324)
Reinsurance recoverable(1,071)(496)
Deferred policy acquisition costs(208)(77)
Other
(2,437)(762)
Net cash flows from operating activities8,549 7,241 
Cash flows from investing activities
Purchases of fixed maturities available for sale(23,028)(20,793)
Purchases of fixed maturities held to maturity(434)(42)
Purchases of equity securities(799)(3,622)
Sales of fixed maturities available for sale5,225 9,537 
Sales of equity securities750 1,526 
Maturities and redemptions of fixed maturities available for sale13,710 8,709 
Maturities and redemptions of fixed maturities held to maturity1,488 841 
Net change in short-term investments809 (434)
Net derivative instruments settlements(66)(74)
Private equity contributions(1,872)(1,056)
Private equity distributions891 588 
Payment, including deposit, for Huatai Group interest(208)(1,557)
Other(217)(352)
Net cash flows used for investing activities(3,751)