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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 June 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from             to             
Commission File No. 1-11778
CHUBB LIMITED
(Exact name of registrant as specified in its charter)
Switzerland98-0091805
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)
+41 (0)43 456 76 00
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share
CBNew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.30% Senior Notes due 2024CB/24ANew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027CB/27New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028CB/28New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029CB/29ANew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031CB/31New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038CB/38ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑                                                 No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☑                                                 No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐                                               No  ☑
The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of July 19, 2024 was 403,934,214.


CHUBB LIMITED
INDEX TO FORM 10-Q


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

PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries                    
June 30December 31
(in millions of U.S. dollars, except share and per share data)20242023
Assets
Investments
Short-term investments, at fair value (amortized cost – $4,547 and $4,551) (includes variable interest entities (VIE) balances of $42 and $217)
$4,546 $4,551 
Fixed maturities available-for-sale, at fair value, net of valuation allowance - $122 and $156
    (amortized cost – $113,529 and $111,128)
107,840 106,571 
Private debt held-for-investment, at amortized cost, net of valuation allowance - $5 and $4
2,680 2,553 
Equity securities, at fair value (includes VIE balances of $1,064 and $1,078)
3,792 3,455 
Private equities (includes VIE balances of $22 and $21)
14,365 14,078 
Other investments (includes VIE balances of $3,955 and $3,773)
7,513 5,527 
Total investments140,736 136,735 
Cash, including restricted cash $168 and $172 (includes VIE balances of $113 and $117)
2,568 2,621 
Securities lending collateral1,889 1,299 
Accrued investment income1,130 1,086 
Insurance and reinsurance balances receivable, net of valuation allowance - $54 and $53
15,929 13,379 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $381 and $367
19,355 19,952 
Reinsurance recoverable on policy benefits291 280 
Deferred policy acquisition costs7,812 7,152 
Value of business acquired3,434 3,674 
Goodwill19,833 19,686 
Other intangible assets6,619 6,775 
Deferred tax assets1,690 1,741 
Prepaid reinsurance premiums3,747 3,221 
Separate account assets5,834 5,573 
Other assets (includes VIE balances of $46 and $33)
7,684 7,508 
Total assets$238,551 $230,682 
Liabilities
Unpaid losses and loss expenses$82,191 $80,122 
Unearned premiums24,102 22,051 
Future policy benefits14,663 13,888 
Market risk benefits576 771 
Policyholders' account balances7,787 7,462 
Separate account liabilities5,834 5,573 
Insurance and reinsurance balances payable9,126 8,302 
Securities lending payable1,889 1,299 
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $33 and $18)
8,047 8,332 
Deferred tax liabilities1,572 1,555 
Repurchase agreements (includes VIE balances of $1,087 and $1,009)
3,149 2,833 
Short-term debt1,553 1,460 
Long-term debt13,178 13,035 
Trust preferred securities309 308 
Total liabilities173,976 166,991 
Commitments and contingencies (refer to Note 12)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 419,625,986 and 431,451,586 shares issued; 404,073,495 and 405,269,637 shares outstanding)
235 241 
Common Shares in treasury (15,552,491 and 26,181,949 shares)
(2,481)(4,400)
Additional paid-in capital14,926 15,665 
Retained earnings56,662 54,810 
Accumulated other comprehensive income (loss) (AOCI)(8,304)(6,809)
Total Chubb shareholders’ equity61,038 59,507 
Noncontrolling interests (includes VIE balances of $2,597 and $2,705)
3,537 4,184 
Total shareholders' equity64,575 63,691 
Total liabilities and shareholders’ equity$238,551 $230,682 
See accompanying notes to the Consolidated Financial Statements

3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars, except per share data)2024202320242023
Revenues
Net premiums written$13,360 $11,951 $25,581 $22,661 
Increase in unearned premiums(1,068)(952)(1,706)(1,520)
Net premiums earned12,292 10,999 23,875 21,141 
Net investment income1,468 1,145 2,859 2,252 
Net realized gains (losses) 104 (304)3 (381)
Market risk benefits gains (losses)(29)(7)(8)(122)
Total revenues13,835 11,833 26,729 22,890 
Expenses
Losses and loss expenses6,431 5,683 12,158 10,831 
Policy benefits (includes remeasurement losses of $3, $5, $22 and $4)
1,219 830 2,399 1,627 
Policy acquisition costs2,226 2,016 4,433 3,964 
Administrative expenses1,094 969 2,164 1,899 
Interest expense182 165 360 325 
Other (income) expense(110)(100)(301)(396)
Amortization of purchased intangibles80 70 160 142 
Cigna integration expenses7 15 14 37 
Total expenses11,129 9,648 21,387 18,429 
Income before income tax2,706 2,185 5,342 4,461 
Income tax expense490 392 832 776 
Net income$2,216 $1,793 $4,510 $3,685 
Net income (loss) attributable to noncontrolling interests(14)— 137 — 
Net income attributable to Chubb$2,230 $1,793 $4,373 $3,685 
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)$(489)$(1,194)$(1,166)$592 
Current discount rate on future policy benefits53 (35)— (186)
Instrument-specific credit risk on market risk benefits5 11 10 8 
Cumulative foreign currency translation adjustment(530)215 (450)38 
Other, including postretirement benefit liability adjustment(29)48 2 15 
Other comprehensive income (loss), before income tax(990)(955)(1,604)467 
Income tax (expense) benefit related to OCI items29 28 38 (104)
Other comprehensive income (loss)(961)(927)(1,566)363 
Comprehensive income1,255 866 2,944 4,048 
Comprehensive income (loss) attributable to noncontrolling interests(57)— 66 — 
Comprehensive income attributable to Chubb$1,312 $866 $2,878 $4,048 
Earnings per share
Basic earnings per share attributable to Chubb$5.51 $4.35 $10.79 $8.92 
Diluted earnings per share attributable to Chubb$5.46 $4.32 $10.68 $8.84 
See accompanying notes to the Consolidated Financial Statements
4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2024202320242023
Common Shares
Balance – beginning of period$241 $10,346 $241 $10,346 
Par value reduction— (9,759)— (9,759)
Cancellation of treasury shares(6)(346)(6)(346)
Balance – end of period235 241 235 241 
Common Shares in treasury
Balance – beginning of period(4,461)(5,341)(4,400)(5,113)
Common Shares repurchased(570)(724)(886)(1,152)
Cancellation of treasury shares2,527 2,869 2,527 2,869 
Net shares issued under employee share-based compensation plans23 22 278 222 
Balance – end of period(2,481)(3,174)(2,481)(3,174)
Additional paid-in capital
Balance – beginning of period15,188 6,680 15,665 7,166 
Net shares redeemed (issued) under employee share-based
   compensation plans		17 5 (142)(206)
Exercise of stock options— — (19)(13)
Share-based compensation expense90 73 172 155 
Par value reduction— 9,759 — 9,759 
Net decrease due to acquisitions— — (31)— 
Funding of dividends declared to Retained earnings(369)(354)(719)(698)
Balance – end of period14,926 16,163 14,926 16,163 
Retained earnings
Balance – beginning of period56,953 50,197 54,810 48,305 
Net income attributable to Chubb2,230 1,793 4,373 3,685 
Cancellation of treasury shares(2,521)(2,523)(2,521)(2,523)
Funding of dividends declared from Additional paid-in capital369 354 719 698 
Dividends declared on Common Shares(369)(354)(719)(698)
Balance – end of period56,662 49,467 56,662 49,467 
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period(7,386)(8,895)(6,809)(10,185)
Other comprehensive income (loss)(918)(927)(1,495)363 
Balance – end of period(8,304)(9,822)(8,304)(9,822)
Total Chubb shareholders’ equity$61,038 $52,875 $61,038 $52,875 
Noncontrolling interests
Balance – beginning of period$3,896 $— $4,184 $— 
Net decrease due to acquisitions(296)— (707)— 
Net income (loss) attributable to noncontrolling interests(14)— 137 — 
Other comprehensive loss attributable to noncontrolling interests(43)— (71)— 
Other(6)— (6)— 
Balance – end of period$3,537 $— $3,537 $— 
Total shareholders' equity$64,575 $52,875 $64,575 $52,875 
See accompanying notes to the Consolidated Financial Statements

5

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

Six Months Ended
June 30
(in millions of U.S. dollars)20242023
Cash flows from operating activities
Net income$4,510 $3,685 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses(3)381 
Market risk benefits (gains) losses8 122 
Amortization of premiums (discounts) on fixed maturities(178)(38)
Amortization of purchased intangibles160 142 
Equity in net income of partially-owned entities (278)(460)
Deferred income taxes131 43 
Unpaid losses and loss expenses2,338 561 
Unearned premiums2,214 1,913 
Future policy benefits954 351 
Insurance and reinsurance balances payable838 588 
Accounts payable, accrued expenses, and other liabilities(410)(388)
Income taxes(144)(38)
Insurance and reinsurance balances receivable(2,666)(2,044)
Reinsurance recoverable511 455 
Deferred policy acquisition costs(796)(546)
Net sales (purchases) of investments by consolidated investment products109 — 
Other1 39 
Net cash flows from operating activities7,299 4,766 
Cash flows from investing activities
Purchases of fixed maturities available-for-sale(15,131)(12,800)
Purchases of fixed maturities held-to-maturity— (208)
Purchases of equity securities(1,778)(240)
Sales of fixed maturities available-for-sale6,292 7,229 
Sales of equity securities1,413 81 
Maturities and redemptions of fixed maturities available-for-sale4,705 3,203 
Maturities and redemptions of fixed maturities held-to-maturity— 708 
Net change in short-term investments(190)898 
Net derivative instruments settlements(31)(63)
Private equity contributions(500)(1,046)
Private equity distributions538 568 
Acquisition of subsidiaries(538)(252)
Other(846)(340)
Net cash flows used for investing activities(6,066)(2,262)
Cash flows from financing activities
Dividends paid on Common Shares(698)(688)
Common Shares repurchased(1,056)(1,267)
Proceeds from issuance of long-term debt996 — 
Proceeds from issuance of repurchase agreements2,662 3,774 
Repayment of long-term debt(700)(475)
Repayment of repurchase agreements(2,418)(3,674)
Proceeds from share-based compensation plans242 102 
Policyholder contract deposits562 170 
Policyholder contract withdrawals(374)(101)
Third-party capital invested into consolidated investment products840 — 
Third-party capital distributed by consolidated investment products(1,047)— 
Other(193)(153)
Net cash flows used for financing activities(1,184)(2,312)
Effect of foreign currency rate changes on cash and restricted cash(102)56 
Net increase (decrease) in cash and restricted cash(53)248 
Cash and restricted cash – beginning of period2,621 2,127 
Cash and restricted cash – end of period$2,568 $2,375 
Supplemental cash flow information
Taxes paid$845 $753 
Interest paid$316 $306 
See accompanying notes to the Consolidated Financial Statements
6

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


1. General and significant accounting policies

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

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

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At June 30, 2024, and December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 85.5 percent and 76.5 percent, respectively. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests. Refer to Note 2 for additional information on the acquisition of Huatai Group.

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

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

b) Debt
On March 7, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion of 5.0 percent senior notes due March 2034. These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb INA's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund.

Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity.

c) New Accounting Pronouncements

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



7

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

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

2. Acquisitions

Healthy Paws
On May 31, 2024, we acquired the business of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc for approximately $300 million in cash. We recognized goodwill of $256 million and intangible assets of $39 million from this acquisition. Chubb has been the exclusive underwriter of Healthy Paws since 2013. The transaction positions Chubb to expand in a niche market with substantial growth potential. This business is assigned to the North America Commercial Insurance segment.

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

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

In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $555 million, $319 million of which was previously paid prior to 2024, and $236 million was paid in 2024. Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of June 30, 2024. Chubb has outstanding agreements for approximately 0.6 percent of incremental ownership interests, pending completion of certain closing conditions. We have paid deposits of $12 million related to these outstanding agreements, with approximately $24 million remaining to be paid upon closing, based on current exchange rates.

The acquisition of a controlling majority interest in Huatai Group on July 1, 2023, generated $3,458 million of Goodwill, attributable to expected growth and profitability, and $1,655 million of Other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition generated $309 million of Value of business acquired (VOBA). Chubb financed the transaction through available cash on hand. Direct costs related to the acquisition are immaterial, and were expensed as incurred. These include one-time costs that are directly attributable to third-party consulting fees and other professional and legal fees related to the acquisition.

The following table summarizes the fair value of the assets acquired and liabilities assumed on July 1, 2023.

8

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

Huatai Group assets and liabilities consolidatedJuly 1
(in millions of U.S. dollars)2023
Assets
Investments and Cash$13,346 
Accrued investment income60 
Insurance and reinsurance balances receivable277 
Reinsurance recoverable on losses and loss expenses581 
Reinsurance recoverable on future policy benefits27 
Value of business acquired309 
Goodwill and intangible assets5,113 
Other assets748 
Total assets$20,461 
Liabilities
Unpaid losses and loss expenses$831 
Unearned premiums800 
Future policy benefits2,351 
Policyholders' account balances4,014 
Insurance and reinsurance balances payable644 
Accounts payable, accrued expenses, and other liabilities682 
Deferred tax liabilities232 
Repurchase agreements1,269 
Total liabilities$10,823 
Net acquired assets, including goodwill, attributable to Chubb4,428 
Net acquired assets, attributable to noncontrolling interests5,210 
Net acquired assets, including goodwill$9,638 

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

Three Months Ended
Six Months Ended
Pro forma:
June 30
June 30
(in millions of U.S. dollars)20232023
Net premiums earned$11,378 $21,931 
Total revenues$12,305 $23,834 
Net income$1,790 $3,690 
Net income attributable to Chubb$1,785 $3,675 



9

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

3. Investments

a) Fixed maturities

June 30, 2024Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$2,906 $— $3 $(168)$2,741 
Non-U.S.35,933 (45)482 (1,452)34,918 
Corporate and asset-backed securities45,952 (76)255 (2,511)43,620 
Mortgage-backed securities26,632 (1)75 (2,092)24,614 
Municipal2,106 — 8 (167)1,947 
$113,529 $(122)$823 $(6,390)$107,840 

December 31, 2023Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency$3,721 $— $13 $(144)$3,590 
Non-U.S.35,918 (49)592 (1,297)35,164