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Table of Contents


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, 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 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 16, 2021 was 449,690,575.


Table of Contents

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

Table of Contents

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)20212020
Assets
Investments
Fixed maturities available for sale, at fair value, net of valuation allowance - $15 and $20
    (amortized cost – $87,873 and $85,188)
$91,071 $90,699 
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $43 and $44
    (fair value – $11,752 and $12,510)
11,132 11,653 
Equity securities, at fair value4,405 4,027 
Short-term investments, at fair value (amortized cost – $3,736 and $4,349)
3,735 4,345 
Other investments, at fair value8,636 7,945 
Total investments118,979 118,669 
Cash1,684 1,747 
Restricted cash157 89 
Securities lending collateral2,076 1,844 
Accrued investment income857 867 
Insurance and reinsurance balances receivable, net of valuation allowance - $43 and $44
10,573 10,480 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $317 and $314
15,914 15,592 
Reinsurance recoverable on policy benefits202 206 
Deferred policy acquisition costs5,443 5,402 
Value of business acquired258 263 
Goodwill15,412 15,400 
Other intangible assets5,749 5,811 
Prepaid reinsurance premiums2,835 2,769 
Investments in partially-owned insurance companies2,871 2,813 
Other assets8,967 8,822 
Total assets$191,977 $190,774 
Liabilities
Unpaid losses and loss expenses$69,255 $67,811 
Unearned premiums18,040 17,652 
Future policy benefits5,839 5,713 
Insurance and reinsurance balances payable6,566 6,708 
Securities lending payable2,076 1,844 
Accounts payable, accrued expenses, and other liabilities14,051 14,052 
Deferred tax liabilities482 892 
Repurchase agreements1,405 1,405 
Long-term debt14,879 14,948 
Trust preferred securities308 308 
Total liabilities132,901 131,333 
Commitments and contingencies (refer to Note 7)
Shareholders’ equity
Common Shares (CHF 24.15 par value; 477,605,264 shares issued; 449,676,959 and 450,732,625 shares outstanding)
11,064 11,064 
Common Shares in treasury (27,928,305 and 26,872,639 shares)
(3,901)(3,644)
Additional paid-in capital9,318 9,815 
Retained earnings41,637 39,337 
Accumulated other comprehensive income (AOCI)958 2,869 
Total shareholders’ equity59,076 59,441 
Total liabilities and shareholders’ equity$191,977 $190,774 
See accompanying notes to the consolidated financial statements

3

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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)20212020
Revenues
Net premiums written$8,662 $7,977 
Increase in unearned premiums(441)(183)
Net premiums earned8,221 7,794 
Net investment income863 861 
Net realized gains (losses) (includes $24 and $(319) reclassified from AOCI)
887 (958)
Total revenues9,971 7,697 
Expenses
Losses and loss expenses5,053 4,485 
Policy benefits167 129 
Policy acquisition costs1,665 1,615 
Administrative expenses744 741 
Interest expense122 132 
Other (income) expense(490)55 
Amortization of purchased intangibles72 73 
Total expenses7,333 7,230 
Income before income tax2,638 467 
Income tax expense (benefit) (includes $4 and $(40) on unrealized gains and losses reclassified from AOCI)
338 215 
Net income$2,300 $252 
Other comprehensive income (loss)
Unrealized depreciation$(2,293)$(2,479)
Reclassification adjustment for net realized (gains) losses included in net income
(24)319 
(2,317)(2,160)
Change in:
Cumulative foreign currency translation adjustment22 (859)
Postretirement benefit liability adjustment(28)(14)
Other comprehensive loss, before income tax(2,323)(3,033)
Income tax benefit related to OCI items412 321 
Other comprehensive loss(1,911)(2,712)
Comprehensive income (loss)$389 $(2,460)
Earnings per share
Basic earnings per share$5.10 $0.56 
Diluted earnings per share$5.07 $0.55 
See accompanying notes to the consolidated financial statements
4

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months Ended
March 31
(in millions of U.S. dollars)20212020
Common Shares
Balance – beginning and end of period$11,064 $11,121 
Common Shares in treasury
Balance – beginning of period(3,644)(3,754)
Common Shares repurchased(519)(326)
Net shares issued under employee share-based compensation plans262 208 
Balance – end of period(3,901)(3,872)
Additional paid-in capital
Balance – beginning of period9,815 11,203 
Net shares issued under employee share-based compensation plans(187)(196)
Exercise of stock options(24)(26)
Share-based compensation expense66 69 
Funding of dividends declared to Retained earnings(352)(340)
Balance – end of period9,318 10,710 
Retained earnings
Balance – beginning of period39,337 36,142 
Cumulative effect of adoption of accounting guidance (63)
Balance – beginning of period, as adjusted39,337 36,079 
Net income 2,300 252 
Funding of dividends declared from Additional paid-in capital352 340 
Dividends declared on Common Shares(352)(340)
Balance – end of period41,637 36,331 
Accumulated other comprehensive income (loss)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period4,673 2,543 
Change in period, before reclassification from AOCI, net of income tax benefit of
    $401 and $324
(1,892)(2,155)
Amounts reclassified from AOCI, net of income tax (expense) benefit of $4 and $(40)
(20)279 
Change in period, net of income tax benefit of $405 and $284
(1,912)(1,876)
Balance – end of period2,761 667 
Cumulative foreign currency translation adjustment
Balance – beginning of period(1,637)(1,939)
Change in period, net of income tax benefit of $2 and $34
24 (825)
Balance – end of period(1,613)(2,764)
Postretirement benefit liability adjustment
Balance – beginning of period(167)15 
Change in period, net of income tax benefit of $5 and $3
(23)(11)
Balance – end of period(190)4 
Accumulated other comprehensive income (loss)958 (2,093)
Total shareholders’ equity$59,076 $52,197 
See accompanying notes to the consolidated financial statements

5

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

Three Months Ended
March 31
(in millions of U.S. dollars)20212020
Cash flows from operating activities
Net income$2,300 $252 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses(887)958 
Amortization of premiums/discounts on fixed maturities76 87 
Amortization of purchased intangibles72 73 
Deferred income taxes (13)
Unpaid losses and loss expenses1,368 228 
Unearned premiums503 192 
Future policy benefits47 31 
Insurance and reinsurance balances payable(36)2 
Accounts payable, accrued expenses, and other liabilities(663)(392)
Income taxes payable101 109 
Insurance and reinsurance balances receivable(209)(6)
Reinsurance recoverable(290)116 
Deferred policy acquisition costs(81)(65)
Other(196)140 
Net cash flows from operating activities2,105 1,712 
Cash flows from investing activities
Purchases of fixed maturities available for sale(7,738)(6,474)
Purchases of fixed maturities held to maturity(102)(6)
Purchases of equity securities(351)(1,380)
Sales of fixed maturities available for sale1,343 4,687 
Sales of equity securities351 131 
Maturities and redemptions of fixed maturities available for sale4,289 2,756 
Maturities and redemptions of fixed maturities held to maturity604 440 
Net change in short-term investments595 552 
Net derivative instruments settlements87 109 
Private equity contributions(427)(361)
Private equity distributions206 211 
Payment, including deposit, for Huatai Group interest(65)(1,550)
Other(44)(125)
Net cash flows used for investing activities(1,252)(1,010)
Cash flows from financing activities
Dividends paid on Common Shares(352)(339)
Common Shares repurchased(519)(323)
Proceeds from issuance of repurchase agreements450 952 
Repayment of repurchase agreements(450)(952)
Proceeds from share-based compensation plans115 47 
Policyholder contract deposits and other133 135 
Policyholder contract withdrawals and other(124)(162)
Other(65)(3)
Net cash flows used for financing activities(812)(645)
Effect of foreign currency rate changes on cash and restricted cash(36)(45)
Net increase in cash and restricted cash5 12 
Cash and restricted cash – beginning of period1,836 1,646 
Cash and restricted cash – end of period$1,841 $1,658 
Supplemental cash flow information
Taxes paid$236 $107 
Interest paid$90 $91 
See accompanying notes to the consolidated financial statements
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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 11 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 2020 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)20212020
Cash$1,684 $1,747 
Restricted cash157 89 
Total cash and restricted cash shown in the Consolidated statements of cash flows$1,841 $1,836 

c) Goodwill
During the three months ended March 31, 2021, Goodwill increased $12 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.



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

2. Acquisitions

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 17 million customers in China. In November 2020, we completed the purchase of an incremental 0.9 percent ownership interest in Huatai Group for approximately $65 million, which was paid in January 2021.

As of March 31, 2021, Chubb's aggregate ownership interest in Huatai Group was approximately 47.1 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. In 2019, Chubb entered into an agreement to acquire an additional 7.1 percent ownership interest in Huatai Group. The purchase of the additional 7.1 percent ownership interest is contingent upon important conditions. Upon completion of the 7.1 percent purchase, Chubb is expected to obtain majority ownership of Huatai Group and control of Huatai. At that time, Chubb is expected to apply consolidation accounting and discontinue the application of the equity method of accounting. 

3. Investments

a) Fixed maturities
March 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$2,413 $ $121 $(7)$2,527 
Non-U.S.25,147 (6)1,214 (189)26,166 
Corporate and asset-backed securities35,224 (9)1,474 (289)36,400 
Mortgage-backed securities18,788  738 (89)19,437 
Municipal6,301  254 (14)6,541 
$87,873 $(15)$3,801 $(588)$91,071 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
Held to maturity
U.S. Treasury / Agency$1,158 $ $1,158 $39 $ $1,197 
Non-U.S.1,276 (6)1,270 82 (1)1,351 
Corporate and asset-backed securities2,163 (35)2,128 183  2,311 
Mortgage-backed securities1,888 (1)1,887 110  1,997 
Municipal4,690 (1)4,689 207  4,896 
$11,175 $(43)$11,132 $621 $(1)$11,752 


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

December 31, 2020Amortized
Cost
Valuation AllowanceGross
Unrealized
Appreciation
Gross
Unrealized
Depreciation
Fair
Value
(in millions of U.S. dollars)
Available for sale
U.S. Treasury / Agency$2,471 $ $199 $ $2,670 
Non-U.S.24,594 (6)1,808 (42)26,354 
Corporate and asset-backed securities34,095 (14)2,322 (72)36,331 
Mortgage-backed securities17,456  1,022 (8)18,470 
Municipal6,572  304 (2)6,874 
$85,188 $(20)$5,655 $(124)$90,699 
Amortized
Cost
Valuation AllowanceNet Carrying ValueGross
Unrealized
Appreciation
Gross Unrealized DepreciationFair
Value
Held to maturity
U.S. Treasury / Agency$1,392 $ $1,392 $60 $ $1,452 
Non-U.S.1,295 (7)1,288 118 (1)1,405 
Corporate and asset-backed securities2,185 (35)2,150 288  2,438 
Mortgage-backed securities2,000 (1)1,999 148 (1)2,146 
Municipal4,825 (1)4,824 245  5,069 
$11,697 $(44)$11,653 $859 $(2)$12,510 

The following table presents the amortized cost of our HTM securities according to S&P rating:
March 31, 2021December 31, 2020
(in millions of U.S. dollars, except for percentages)Amortized cost% of TotalAmortized cost% of Total
AAA$2,404 22 %$2,511 22 %
AA5,815 52 %6,193 53 %
A2,109 19 %2,138 18 %
BBB818 7 %826 7 %
BB28  %28  %
Other1  %1  %
Total$11,175 100 %$11,697 100 %
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries


The following table presents fixed maturities by contractual maturity:
March 31December 31
 2021