CHUBB LIMITED

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CHUBB : Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-Q)

10/30/2020 | 12:08pm

The following is a discussion of our results of operations, financial condition,
and liquidity and capital resources as of and for the three and nine months
ended September 30, 2020.




All comparisons in this discussion are to the corresponding prior year period
unless otherwise indicated. All dollar amounts are rounded. However, percent
changes and ratios are calculated using whole dollars. Accordingly, calculations
using rounded dollars may differ.

Our results of operations and cash flows for any interim period are not
necessarily indicative of our results for the full year. This discussion should
be read in conjunction with our consolidated financial statements and related
notes and our Management's Discussion and Analysis of Financial Condition and
Results of Operations included in our Annual Report on Form 10-K for the year
ended December 31, 2019 (2019 Form 10-K).

Other Information
We routinely post important information for investors on our website
(investors.chubb.com). We use this website as a means of disclosing material,
non-public information and for complying with our disclosure obligations under
Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure).
Accordingly, investors should monitor the Investor Information portion of our
website, in addition to following our press releases, SEC filings, public
conference calls, and webcasts. The information contained on, or that may be
accessed through, our website is not incorporated by reference into, and is not
a part of, this report.
MD&A Index


Page



Forward-Looking Statements 50
Overview 52
Financial Highlights 52
Consolidated Operating Results 53

Segment Operating Results 59
Net Realized and Unrealized Gains (Losses) 71
Effective Income Tax Rate 72
Non-GAAP Reconciliation 73
Other Income and Expense 78
Amortization of Purchased Intangibles and Other Amortization 78
Net Investment Income 80

Investments 80
Critical Accounting Estimates 84

Unpaid Losses and Loss Expenses 84
Asbestos and Environmental (A&E) 84
Fair Value Measurements 84
Catastrophe Management 85
Natural Catastrophe Property Reinsurance Program 86

Liquidity 87
Capital Resources 88



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Forward-Looking Statements


The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Any written or oral statements made by us or on
our behalf may include forward-looking statements that reflect our current views
with respect to future events and financial performance. These forward-looking
statements are subject to certain risks, uncertainties, and other factors that
could, should potential events occur, cause actual results to differ materially
from such statements. These risks, uncertainties, and other factors, which are
described in more detail elsewhere herein and in other documents we file with
the U.S. Securities and Exchange Commission (SEC), include but are not limited
to:
•losses arising out of natural or man-made catastrophes such as hurricanes,
typhoons, earthquakes, floods, climate change (including effects on weather
patterns; greenhouse gases; sea, land and air temperatures; sea levels; and rain
and snow), nuclear accidents, pandemics (including COVID-19), or terrorism which
could be affected by:
•the number of insureds and ceding companies affected;
•the amount and timing of losses actually incurred and reported by insureds;
•the impact of these losses on our reinsurers and the amount and timing of
reinsurance recoverable actually received;
•the cost of building materials and labor to reconstruct properties or to
perform environmental remediation following a catastrophic event; and
•complex coverage and regulatory issues such as whether losses occurred from
storm surge or flooding and related lawsuits;
•actions that rating agencies may take from time to time, such as financial
strength or credit ratings downgrades or placing these ratings on credit watch
negative or the equivalent;
•the ability to collect reinsurance recoverable, credit developments of
reinsurers, and any delays with respect thereto and changes in the cost,
quality, or availability of reinsurance;
•actual loss experience from insured or reinsured events and the timing of claim
payments;
•actual claims may exceed our best estimate of ultimate insurance losses
incurred through September 30, 2020 resulting directly from the COVID-19
pandemic and consequent economic crises; our COVID-19 related reserve at
September 30, 2020 could change including as a result of, among other things,
the impact of legislative or regulatory actions taken in response to COVID-19;
•the continued impact of COVID-19 and related risks, including from
shelter-in-place orders, unemployment, and the financial market volatility,
could continue to adversely impact our results, including premiums written and
investment income;
•the uncertainties of the loss-reserving and claims-settlement processes,
including the difficulties associated with assessing environmental damage and
asbestos-related latent injuries, the impact of aggregate-policy-coverage
limits, the impact of bankruptcy protection sought by various asbestos producers
and other related businesses, and the timing of loss payments;
•changes to our assessment as to whether it is more likely than not that we will
be required to sell, or have the intent to sell, available for sale fixed
maturity investments before their anticipated recovery;
•infection rates and severity of pandemics, including COVID-19, and their
effects on our business operations and claims activity, and any adverse impact
to our insureds, brokers, agents, and employees;
•developments in global financial markets, including changes in interest rates,
stock markets, and other financial markets, increased government involvement or
intervention in the financial services industry, the cost and availability of
financing, and foreign currency exchange rate fluctuations (which we refer to in
this report as foreign exchange and foreign currency exchange), which could
affect our statement of operations, investment portfolio, financial condition,
and financing plans;
•general economic and business conditions resulting from volatility in the stock
and credit markets and the depth and duration of potential recession;
•global political conditions, the occurrence of any terrorist attacks, including
any nuclear, radiological, biological, or chemical events, or the outbreak and
effects of war, and possible business disruption or economic contraction that
may result from such events;
•the potential impact of the United Kingdom's vote to withdraw from the European
Union
, including political, regulatory, social, and economic uncertainty and
market and exchange rate volatility;


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•judicial decisions and rulings, new theories of liability, legal tactics, and
settlement terms;
•the effects of public company bankruptcies and/or accounting restatements, as
well as disclosures by and investigations of public companies relating to
possible accounting irregularities, and other corporate governance issues,
including the effects of such events on:
•the capital markets;
•the markets for directors and officers (D&O) and errors and omissions (E&O)
insurance; and
•claims and litigation arising out of such disclosures or practices by other
companies;
•uncertainties relating to governmental, legislative and regulatory policies,
developments, actions, investigations, and treaties, which, among other things,
could subject us to insurance regulation or taxation in additional jurisdictions
or affect our current operations;
•the effects of data privacy or cyber laws or regulation on our current or
future business;
•the actual amount of new and renewal business, market acceptance of our
products, and risks associated with the introduction of new products and
services and entering new markets, including regulatory constraints on exit
strategies;
•the competitive environment in which we operate, including trends in pricing or
in policy terms and conditions, which may differ from our projections and
changes in market conditions that could render our business strategies
ineffective or obsolete;
•acquisitions made by us performing differently than expected, our failure to
realize anticipated expense-related efficiencies or growth from acquisitions,
the impact of acquisitions on our pre-existing organization, or announced
acquisitions not closing;
•risks and uncertainties relating to our planned purchases of additional
interests in Huatai Insurance Group Company Limited (Huatai Group), including
our ability to receive Chinese insurance regulatory approval and complete the
purchases;
•risks associated with being a Swiss corporation, including reduced flexibility
with respect to certain aspects of capital management and the potential for
additional regulatory burdens;
•the potential impact from government-mandated insurance coverage for acts of
terrorism;
•the availability of borrowings and letters of credit under our credit
facilities;
•the adequacy of collateral supporting funded high deductible programs;
•changes in the distribution or placement of risks due to increased
consolidation of insurance and reinsurance brokers;
•material differences between actual and expected assessments for guaranty funds
and mandatory pooling arrangements;
•the effects of investigations into market practices in the property and
casualty (P&C) industry;
•changing rates of inflation and other economic conditions, for example,
recession;
•the amount of dividends received from subsidiaries;
•loss of the services of any of our executive officers without suitable
replacements being recruited in a reasonable time frame;
•the ability of our technology resources, including information systems and
security, to perform as anticipated such as with respect to preventing material
information technology failures or third-party infiltrations or hacking
resulting in consequences adverse to Chubb or its customers or partners;
•the ability of our company to increase use of data analytics and technology as
part of our business strategy and adapt to new technologies; and
•management's response to these factors and actual events (including, but not
limited to, those described above).
The words "believe," "anticipate," "estimate," "project," "should," "plan,"
"expect," "intend," "hope," "feel," "foresee," "will likely result," or "will
continue," and variations thereof and similar expressions, identify
forward-looking statements. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of their dates. We
undertake no obligation to publicly update or review any forward-looking
statements, whether as a result of new information, future events or otherwise.


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Overview


Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of
Companies
. Chubb Limited, which is headquartered in Zurich, Switzerland, and its
direct and indirect subsidiaries (collectively, the Chubb Group of Companies,
Chubb, we, us, or our) are a global insurance and reinsurance organization,
serving the needs of a diverse group of clients worldwide. At September 30,
2020
, we had total assets of $188 billion and shareholders' equity of $56
billion
. Chubb was incorporated in 1985 at which time it opened its first
business office in Bermuda and continues to maintain operations in Bermuda. We
operate through six 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. For more
information on our segments refer to "Segment Information" under Item 1 in our
2019 Form 10-K.
Financial Highlights for the Three Months Ended September 30, 2020



•Net income was $1,194 million compared with $1,091 million in the prior year
period.




•Pre-tax net catastrophe losses were $925 million, primarily attributable to
severe weather-related events globally and wildfires. There were no changes to
the previously reported aggregate COVID-19 losses from June 30, 2020.


•Total pre-tax and after-tax favorable prior period development were $146
million
(1.8 percentage points of the combined ratio) and $126 million,
respectively, compared with prior period development of $167 million (2.3
percentage points of the combined ratio) and $112 million, respectively, in the
prior year period.




•Consolidated net premiums written were $9.1 billion, up 5.3 percent, or 6.0
percent in constant dollars. P&C net premiums written were $8.5 billion, up 5.7
percent, or up 6.4 percent in constant dollars. On a constant-dollar basis, P&C
growth comprises 10.8 percent positive growth globally in commercial P&C lines
and 3.3 percent negative growth in consumer lines, which includes A&H, travel
and personal lines.

•The P&C combined ratio was 95.2 percent compared with 90.2 percent in the prior
year, including catastrophe losses of 11.3 percentage points compared with 3.0
percentage points prior year. The P&C current accident year combined ratio
excluding catastrophe losses was 85.7 percent compared with 89.5 percent prior
year.

•Operating cash flow was $3,544 million compared with $2,205 million in the
prior year period. Refer to the Liquidity section for additional information on
our cash flows.






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Consolidated Operating Results - Three and Nine Months Ended September 30, 2020 and 2019



Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except
for percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 9,078 $ 8,622 5.3 % $ 25,410 $ 24,278 4.7 %
Net premiums earned 8,765 8,327 5.3 % 24,687 23,355 5.7 %
Net investment income 840 873 (3.8) % 2,528 2,568 (1.6) %
Net realized gains (losses) (141) (155) (8.8) % (1,069) (475) 125.1 %
Total revenues 9,464 9,045 4.6 % 26,146 25,448 2.7 %
Losses and loss expenses 5,835 5,052 15.5 % 16,897 13,865 21.9 %
Policy benefits 198 158 25.7 % 550 515 6.9 %
Policy acquisition costs 1,645 1,603 2.6 % 4,853 4,611 5.2 %
Administrative expenses 733 752 (2.6) % 2,201 2,220 (0.9) %
Interest expense 130 138 (5.5) % 390 418 (6.5) %
Other (income) expense (485) (57) NM (372) (326) 14.2 %
Amortization of purchased intangibles 72 76 (4.4) % 217 229 (5.0) %
Chubb integration expenses - 2 NM - 9 NM
Total expenses 8,128 7,724 5.2 % 24,736 21,541 14.8 %
Income before income tax 1,336 1,321 1.2 % 1,410 3,907 (63.9) %
Income tax expense 142 230 (38.0) % 295 626 (52.8) %
Net income $ 1,194 $ 1,091 9.4 % $ 1,115 $ 3,281 (66.0) %
Net premiums written - constant dollars
(1)
6.0 % 5.6 %


NM - not meaningful
(1) On a constant-dollar basis. Amounts are calculated by translating prior
period results using the same local currency exchange rates as the comparable
current period.

Net Premiums Written
Net premiums written reflect the premiums we retain after purchasing reinsurance
protection. For the three and nine months ended September 30, 2020, consolidated
net premiums written increased $456 million and $1,132 million, or $512 million
and $1,356 million, respectively, on a constant-dollar basis reflecting growth
across all segments. The adverse impact of COVID-19 partially offset growth in
2020 due to economic contraction and market limitations resulting in lower
exposures in commercial P&C and in personal lines, primarily in personal
automobile, and a decrease in global A&H lines due to less travel volume.

•Net premiums written in our North America Commercial P&C Insurance segment
increased $326 million, or 9.4 percent, and $813 million, or 8.2 percent, for
the three and nine months ended September 30, 2020, respectively. Growth in net
premiums written reflected positive rate increases, strong renewal retention and
new business written across a number of retail and wholesale lines, including
property, financial lines, excess casualty, and commercial multiple peril. Net
premiums written for the nine months ended September 30, 2020 also benefited
from new business written in large risk casualty, including a year-over-year
increase in large structured transactions written. The growth in net premiums
written described above was depressed by economic contraction resulting from the
COVID-19 pandemic including $160 million of exposure adjustments on in-force
policies recognized in the second quarter of 2020, and lower renewal exposures
and new business market limitations that impacted several lines of business,
including A&H, surety, large corporate accounts, entertainment, hospitality,
retail, and construction.

•Net premiums written in our North America Personal P&C Insurance segment
increased $34 million, or 2.8 percent, and $103 million, or 2.9 percent, for the
three and nine months ended September 30, 2020, respectively, primarily due to
rate increases and strong account retention across most lines. In addition, net
premiums written also increased due to the favorable year-over-year impact in
reinstatement premiums of $7 million and $4 million for the three and nine
months ended September 30, 2020. Growth for the three and nine months ended
September 30, 2020 was partially offset by $4


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million and $11 million, respectively, in lower automobile premiums as a result
of reduced exposures related to the conditions caused by the COVID-19 pandemic.




•Net premiums written in our North America Agricultural Insurance segment
increased $48 million, or 5.0 percent, for the three months ended September 30,
2020
, primarily due to an increase in MPCI premiums, driven by new policy
growth, higher reported acreage from policyholders and favorable change in the
mix of crops planted, and growth in our Chubb Agribusiness unit. Net premiums
written increased $70 million, or 4.5 percent, for the nine months ended
September 30, 2020 due to the year-over-year increase in MPCI premiums
reflecting less premiums returned to the U.S. government under the
premium-sharing formulas as well as the items noted above, partially offset by
lower rates resulting from year-over-year commodity price declines. Under the
MPCI premium-sharing formulas, we retained more premiums on the 2019 crop year
due to higher than expected losses for that year. Net premiums written in the
first nine months of 2019 was lower due to higher cessions to the U.S.
government reflecting the more profitable 2018 crop year.

•Net premiums written in our Overseas General Insurance segment increased $10
million
and decreased $24 million, or increased $61 million and $183 million on
a constant-dollar basis, for the three and nine months ended September 30, 2020,
respectively, due to growth in commercial P&C lines across all regions resulting
from new business, retention, and positive rate increases, partially offset by
the impact of the COVID-19 pandemic which negatively impacted several lines,
mainly in consumer personal lines in Latin America and A&H in Asia, resulting
from less travel volume and lower exposures. In addition, for the nine months
ended September 30, 2020, the growth in net premiums written was partially
offset by $24 million of exposure adjustments on in-force policies due to
economic contraction resulting from the COVID-19 pandemic.

•Net premiums written in our Global Reinsurance segment increased $40 million
and $66 million, for the three and nine months ended September 30, 2020,
respectively, primarily driven by new business in casualty lines, rate increases
in property catastrophe lines and reinstatement premiums on catastrophe losses,
partially offset by an increase in retrocessions. In addition, the prior year
had unfavorable premium adjustments which lowered premium in 2019.

•Net premiums written in our Life Insurance segment decreased $2 million, or
increased $1 million on a constant-dollar basis, for the three months ended
September 30, 2020, primarily due to growth in Latin America international life
operations, principally driven by our expanded presence in Chile, offset by
declines in North America Combined Insurance business including the adverse
impact of the COVID-19 pandemic. For the nine months ended September 30, 2020,
net premiums written increased $104 million, or $115 million on a
constant-dollar basis, primarily reflecting growth in Latin America, and Asian
international life operations, partially offset by a decline in our North
America Combined Insurance
business.


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Net Premiums Written By Line of Business



Three Months Ended Nine Months Ended
September 30 September 30
C$ (1) % % Change C$ (1) %
(in millions of U.S. dollars, % Change Q-20 Change YTD-20 vs. Change YTD-20
except for percentages) 2020 2019 vs. Q-19 C$ (1) 2019 Q-20 vs. Q-19 2020 2019 YTD-19 C$ (1) 2019 vs. YTD-19
Commercial casualty $ 1,722 $ 1,508 14.2 % $ 1,506 14.3 % $ 4,541 $ 4,180 8.6 % $ 4,165 9.0 %
Workers' compensation 432 462 (6.4) % 462 (6.4) % 1,485 1,537 (3.4) % 1,537 (3.4) %
Professional liability 1,103 981 12.5 % 981 12.5 % 3,012 2,676 12.6 % 2,659 13.3 %
Surety 127 168 (24.0) % 162 (21.4) % 394 476 (17.2) % 462 (14.7) %
Commercial multiple peril (2) 270 252 7.0 % 252 7.0 % 778 725 7.3 % 725 7.3 %
Property and other short-tail
lines 1,270 1,067 19.0 % 1,055 20.3 % 3,948 3,410 15.8 % 3,359 17.5 %
Total Commercial P&C 4,924 4,438 11.0 % 4,418 11.5 % 14,158 13,004 8.9 % 12,907 9.7 %

Agriculture 986 938 5.0 % 938 5.0 % 1,604 1,534 4.5 % 1,534 4.5 %

Personal automobile 380 444 (14.5) % 421 (9.9) % 1,174 1,338 (12.2) % 1,289 (8.9) %
Personal homeowners 955 935 2.1 % 931 2.6 % 2,708 2,646 2.3 % 2,637 2.7 %
Personal other 417 372 12.2 % 372 11.8 % 1,237 1,123 10.2 % 1,109 11.5 %
Total Personal lines 1,752 1,751 0.1 % 1,724 1.5 % 5,119 5,107 0.2 % 5,035 1.6 %

Total Property and Casualty
lines 7,662 7,127 7.5 % 7,080 8.2 % 20,881 19,645 6.3 % 19,476 7.2 %

Global A&H lines (3) 913 1,052 (13.2) % 1,043 (12.4) % 2,931 3,255 (10.0) % 3,206 (8.6) %
Reinsurance lines 181 141 28.4 % 143 27.2 % 606 540 12.2 % 542 11.9 %
Life 322 302 6.6 % 300 7.5 % 992 838 18.4 % 830 19.6 %
Total consolidated $ 9,078 $ 8,622 5.3 % $ 8,566 6.0 % $ 25,410 $ 24,278 4.7 % $ 24,054 5.6 %


(1)On a constant-dollar basis. Amounts are calculated by translating prior
period results using the same local currency exchange rates as the comparable
current period.
(2)Commercial multiple peril represents retail package business (property and
general liability).
(3)For purposes of this schedule only, A&H results from our Combined North
America
and International businesses, normally included in the Life Insurance
and Overseas General Insurance segments, respectively, as well as the A&H
results of our North America Commercial P&C segment, are included in Global A&H
lines above.

The increase in net premiums written for the three and nine months ended
September 30, 2020 reflects growth across most lines of business, partially
offset by the adverse impact of the economic contraction resulting from the
COVID-19 pandemic.
•The growth in commercial casualty was due to new business, positive rate
increases and growth in Asia and Europe, partially offset by the adverse impact
of the COVID-19 pandemic, including $58 million of exposure adjustments on
in-force policies which depressed growth by 1.4 percentage points for the nine
months ended September 30, 2020. The nine months ended September 30, 2020 also
benefited from the year-over-year increase in large structured transactions in
North America.
•Workers' compensation was adversely impacted by market conditions and by the
adverse impact of the economic contraction resulting from COVID-19 pandemic. For
the nine months ended September 30, 2020, the decrease included $121 million of
exposure adjustments on in-force policies which depressed growth by 7.9
percentage points.
•The increase in professional liability was due to new business and positive
rate increases primarily in North America and Europe.
•Surety decreased in North America and Latin America due to market conditions
and the adverse impact of the economic contraction resulting from the COVID-19
pandemic.
•Commercial multiple peril increased due to higher renewal retention and
positive rate increases in North America. For the nine months ended September
30, 2020
, the increase was partially offset by the adverse impact of the
economic contraction resulting from the COVID-19 pandemic, including $5 million
of exposure adjustments on in-force policies which depressed growth by 0.8
percentage points.
•Property and other short-tail lines increased due to new business and positive
rate increases primarily in North America and Europe.


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•Personal lines increased on a constant-dollar basis primarily due to rate
increases and strong retention in North America, as well as growth in Europe. In
addition, North America benefited from the favorable year-over-year impact in
reinstatement premiums. The increase was partially offset by the impact of the
COVID-19 pandemic, which caused declines in automobile and homeowners business
in Latin America.
•Global A&H lines decreased due to declines in Asia and Latin America,
principally from less travel volume due to COVID-19 pandemic, and in our North
American Combined Insurance
supplemental A&H program.
•The increase in Life was primarily driven by growth in Latin America,
principally driven by our expanded presence in Chile, and Asian international
life operations.
For additional information on net premiums written, refer to the segment results
discussions.

Net Premiums Earned
Net premiums earned for short-duration contracts, typically P&C contracts,
generally reflect the portion of net premiums written that was recorded as
revenues for the period as the exposure periods expire. Net premiums earned for
long-duration contracts, typically traditional life contracts, generally are
recognized as earned when due from policyholders. For the three and nine months
ended September 30, 2020, net premiums earned increased $438 million and $1,332
million
, reflecting the growth in net premiums written described above,
including the impact of premiums that were fully earned when written (e.g.,
large structured transactions and audit and retrospective premium adjustments).
On a constant-dollar basis, for the three and nine months ended September 30,
2020
, net premiums earned increased $488 million and $1,542 million,
respectively.

P&C Combined Ratio
In evaluating our segments excluding Life Insurance financial performance, we
use the P&C combined ratio, the loss and loss expense ratio, the policy
acquisition cost ratio, and the administrative expense ratio. We calculate these
ratios by dividing the respective expense amounts by net premiums earned. We do
not calculate these ratios for the Life Insurance segment as we do not use these
measures to monitor or manage that segment. The P&C combined ratio is determined
by adding the loss and loss expense ratio, the policy acquisition cost ratio,
and the administrative expense ratio. A P&C combined ratio under 100 percent
indicates underwriting income, and a combined ratio exceeding 100 percent
indicates underwriting loss.
Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
Loss and loss expense ratio 69.2 % 63.1 % 71.5 % 61.5 %
Policy acquisition cost ratio 18.0 % 18.4 % 18.8 % 19.2 %
Administrative expense ratio 8.0 % 8.7 % 8.6 % 9.2 %
P&C Combined ratio 95.2 % 90.2 % 98.9 % 89.9 %



The loss and loss expense ratio increased 6.1 percentage points and 10.0
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to higher catastrophe losses and lower prior period
development, partially offset by a decrease in the underlying loss ratio
reflecting earned rate increases outpacing loss cost trends, better underlying
claims experience, as well as lower projected crop losses in the current year.
Included in catastrophe losses for the nine months ended September 30, 2020 were
losses related to COVID-19 pandemic claims.

The policy acquisition cost ratio decreased 0.4 percentage points for both the
three and nine months ended September 30, 2020 primarily due to a shift in mix
of business towards lines that have a lower acquisition cost ratio.

The administrative expense ratio decreased 0.7 percentage points and 0.6
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to lower business expenses from continued expense
management control, including during the COVID-19 pandemic, and the favorable
impact of higher net premiums earned.

Catastrophe Losses and Prior Period Development
Catastrophe losses exclude reinstatement premiums which are additional premiums
paid on certain reinsurance agreements in order to reinstate coverage that had
been exhausted by loss occurrences. The reinstatement premium amount is
typically a pro rata portion of the original ceded premium paid based on how
much of the reinsurance limit had been exhausted. Prior period development is
net of related adjustments which typically relate to either profit commission
reserves or policyholder dividend reserves based on actual claim experience that
develops after the policy period ends. The expense adjustments correlate to the
prior period loss development on these same policies. Refer to the Non-GAAP
Reconciliation section for further information on reinstatement premiums on
catastrophe losses and adjustments to prior period development.


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Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019
Catastrophe losses (excludes reinstatement
premiums) (1) $ 932 $ 234 $ 2,950 $ 759
Favorable prior period development $ 146 $ 167 $ 189 $ 559



(1) Three and nine months ended September 30, 2020 excludes reinstatement
premiums collected (expensed) of $7 million and $(13) million, respectively.




We generally define catastrophe loss events consistent with the definition of
the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines
a catastrophe as an event that causes damage of $25 million or more in insured
losses and affects a significant number of insureds. For events outside of the
U.S. and Canada, we generally use a similar definition. We also define losses
from certain pandemics, such as COVID-19, as a catastrophe loss.

Catastrophe Loss Charge by Event
Three Months Ended North America North America North America
September 30, 2020 Commercial Personal P&C Agricultural Overseas General Total excluding Total including
(in millions of U.S. dollars) P&C Insurance Insurance Insurance Insurance Global Reinsurance RIPs RIPs collected RIPs
Net Losses
U.S. Hurricanes/Tropical storms $ 318 $ 117 $ 1 $ 51 $ 47 $ 534 $ 4 $ 530
U.S. wildfires 30 80 - - - 110 - 110
Midwest derecho 53 34 8 - 1 96 - 96
International weather-related events 1 3 - 28 - 32 - 32
Other events 14 23 1 2 - 40 - 40
IBNR 35 32 - - - 67 - 67
Q1 and Q2 Development (4) 16 - 14 27 53 3 50
Total $ $ 305 $ 10 $ 95 $ 75 $ 932
RIPs collected - - - - 7 7
Total before income tax $ $ 305 $ 10 $ 95 $ 68 $ 925
Income tax benefit 128
Total after income tax $ 797



In addition to the table above, catastrophe losses through September 30, 2020
included COVID-19 pandemic of $1,378 million, severe weather-related events in
the U.S. and internationally, and civil unrest-related losses in the U.S.

Catastrophe losses through September 30, 2019 were primarily due to Hurricane
Dorian and severe weather-related events in the U.S., including winter-related
storms, and storms in Australia.

Pre-tax net favorable prior period development for the three months ended
September 30, 2020 was $146 million, including $35 million adverse development
related to legacy environmental exposures. The remaining favorable development
of $181 million comprises $312 million of favorable development from long-tail
lines, principally from accident years 2016 and prior, and adverse development
of $131 million in short-tail lines.

Pre-tax net favorable prior period development for the nine months ended
September 30, 2020 was $189 million, including adverse development of $259
million
for U.S. child molestation claims, predominately reviver statute-related
and $35 million adverse development related to legacy environmental exposures.
The remaining favorable development of $483 million principally comprises
favorable development from long-tail lines, principally from accident years 2016
and prior.

Pre-tax net favorable PPD for the three months ended September 30, 2019 was $167
million
, including $27 million adverse development related to legacy
environmental exposures. The remaining favorable development of $194 million
comprises $279

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million favorable development from long-tail lines, principally from accident
years 2015 and prior, and adverse development of $85 million in short-tail lines
principally from non-catastrophe large losses in commercial property lines.


Pre-tax net favorable PPD for the nine months ended September 30, 2019 was $559
million
, including $51 million adverse development related to our run-off
non-A&E casualty exposures and environmental liabilities. The remaining
favorable development of $610 million comprises $565 million favorable
development from long-tail lines, principally from accident years 2015 and
prior, and favorable development of $45 million in short-tail lines.



Refer to the prior period development discussion in Footnote 6 to the
Consolidated Financial Statements for additional information.




Current Accident Year (CAY) Loss Ratio excluding CATs and CAY P&C Combined Ratio
excluding CATs
The following table presents the impact of catastrophe losses and prior period
development on our loss and loss expense ratio. Refer to the Non-GAAP
Reconciliation section for additional information.
Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019

Loss and loss expense ratio 69.2 %



63.1 % 71.5 % 61.5 %
Catastrophe losses (11.3) % (3.0) % (12.9) % (3.5) %
Prior period development 1.8 % 2.3 % 0.8 % 2.6 %
CAY loss ratio excluding catastrophe losses 59.7 % 62.4 % 59.4 % 60.6 %




The CAY loss ratio excluding CATs decreased 2.7 percentage points and 1.2
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to a decrease in the underlying loss ratio
reflecting earned rate increases outpacing loss cost trends and better
underlying claims experience as well as lower projected crop losses in the
current year.



CAY P&C Combined Ratio excluding Catastrophe Losses



Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
CAY Loss and loss expense ratio ex CATs 59.7 % 62.4 % 59.4 % 60.6 %
CAY Policy acquisition cost ratio ex CATs 18.0 % 18.4 % 18.8 % 19.2 %
CAY Administrative expense ratio ex CATs 8.0 % 8.7 % 8.6 % 9.2 %
CAY P&C combined ratio ex CATs 85.7 % 89.5 % 86.8 % 89.0 %



Policy benefits
Policy benefits represent losses on contracts classified as long-duration and
generally include accident and supplemental health products, term and whole life
products, endowment products, and annuities. Refer to the Life Insurance segment
operating results section for further discussion.

For the three months ended September 30, 2020 and 2019, Policy benefits were
$198 million, and $158 million, respectively, which included separate account
liabilities (gains) losses of $24 million and $(7) million, respectively. The
offsetting movements of these liabilities are recorded in Other (income) expense
on the Consolidated statements of operations. Excluding the separate account
gains and losses, Policy benefits were $174 million and $165 million for the
three months ended September 30, 2020 and 2019, respectively, reflecting our
expanded presence in Chile.

For the nine months ended September 30, 2020 and 2019, Policy benefits were $550
million
, and $515 million, respectively, which included separate account
liabilities (gains) losses of $8 million and $20 million, respectively. The
offsetting movements of these liabilities are recorded in Other (income) expense
on the Consolidated statements of operations. Excluding the separate account
gains and losses, Policy benefits were $542 million and $495 million for the
nine months ended September 30, 2020 and 2019, respectively, reflecting growth
in new business as described above and our expanded presence in Chile.



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Refer to the respective sections for a discussion of Net investment income,
Other (income) expense, Net realized gains and losses, Amortization of purchased
intangibles, and Income tax expense.



Segment Operating Results - Three and Nine Months Ended September 30, 2020 and 2019





We operate through six 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.
For more information on our segments refer to "Segment Information" under Item 1
in our 2019 Form 10-K.



North America Commercial P&C Insurance




The North America Commercial P&C Insurance segment comprises operations that
provide property and casualty (P&C) insurance and services to large, middle
market, and small commercial businesses in the U.S., Canada, and Bermuda. This
segment includes our North America Major Accounts and Specialty Insurance
division (large corporate accounts and wholesale business), and the North
America Commercial Insurance
division (principally middle market and small
commercial accounts).
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for
percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 3,778 $ 3,452 9.4 % $ 10,750 $ 9,937 8.2 %
Net premiums earned 3,456 3,185 8.5 % 10,427 9,660 7.9 %
Losses and loss expenses 2,444 2,051 19.2 % 8,123 6,238 30.2 %
Policy acquisition costs 489 459 6.6 % 1,452 1,377 5.5 %
Administrative expenses 243 256 (5.2) % 751 755 (0.5) %
Underwriting income 280 419 (33.3) % 101 1,290 (92.2) %
Net investment income 510 538 (4.9) % 1,544 1,584


(2.5) %




Other (income) expense 7 5 55.7 % 19 17 12.3 %

Segment income $ 783 $ 952 (17.7) % $ 1,626 $ 2,857 (43.1) %
Loss and loss expense ratio 70.7 % 64.4 % 6.3 pts 77.9 % 64.6 % 13.3 pts
Policy acquisition cost ratio 14.2 % 14.4 % (0.2) pts 13.9 % 14.2 % (0.3) pts
Administrative expense ratio 7.0 % 8.1 % (1.1) pts 7.2 % 7.8 % (0.6) pts
Combined ratio 91.9 % 86.9 % 5.0 pts 99.0 % 86.6 % 12.4 pts



Premiums
Net premiums written increased $326 million, or 9.4 percent, and $813 million,
or 8.2 percent, for the three and nine months ended September 30, 2020,
respectively. Growth in net premiums written reflected positive rate increases,
strong renewal retention and new business written across a number of retail and
wholesale lines, including property, financial lines, excess casualty, and
commercial multiple peril. Net premiums written for the nine months ended
September 30, 2020 also benefited from new business written in large risk
casualty, including a year-over-year increase in large structured transactions
written.

The growth in net premiums written described above was depressed by economic
contraction resulting from the COVID-19 pandemic including $160 million of
exposure adjustments on in-force policies recognized in the second quarter of
2020, and lower renewal exposures and new business market limitations that
impacted several lines of business, including A&H, surety, large corporate
accounts, entertainment, hospitality, retail, and construction.

Net premiums earned increased $271 million, or 8.5 percent, and $767 million, or
7.9 percent, for the three and nine months ended September 30, 2020,
respectively, reflecting the growth in net premiums written. Growth for the
three and nine months ended September 30, 2020 was adversely impacted by the
impact of the COVID-19 pandemic, including $39 million and $134 million,
respectively, of exposure adjustments on in-force policies written in the second
quarter of 2020.


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Combined Ratio
The loss and loss expense ratio increased 6.3 percentage points and 13.3
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to higher catastrophe losses, partially offset by
higher favorable prior period development and a decrease in the underlying loss
ratio reflecting earned rate increases outpacing loss cost trends. In addition,
the higher catastrophe losses for the nine months ended September 30, 2020
included losses related to COVID-19 pandemic claims.

The administrative expense ratio decreased 1.1 percentage points and 0.6
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to lower business expenses from continued expense
management control, including during the COVID-19 pandemic. These decreases were
partially offset by lower net profit from our third-party claims administration
business, ESIS, and normal inflationary increases.


Catastrophe Losses and Prior Period Development



Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019


Catastrophe losses (excludes reinstatement premiums) $ $ 88 $ 1,835


$ 319
Favorable prior period development $ 200 $ 109 $ 451 $ 425



Catastrophe losses through September 30, 2020 and 2019 were primarily from the
following events:
•2020: COVID-19 pandemic of $973 million, civil unrest in the U.S., and natural
catastrophes including Nashville, Tennessee tornado, Hurricane Laura, Hurricane
Sally, Tropical Storm Isaias, Midwest derecho, U.S. wildfires, and other severe
weather-related events in the U.S.
•2019: Winter-related storms and other severe weather-related events in the
U.S., Hurricane Dorian and Tropical Storm Imelda

Refer to the prior period development discussion in Note 6 to the Consolidated
Financial Statements for additional information.
CAY Loss Ratio excluding Catastrophe Losses
Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
Loss and loss expense ratio 70.7 %



64.4 % 77.9 % 64.6 %
Catastrophe losses (12.9) % (2.8) % (17.6) % (3.3) %
Prior period development 6.0 % 3.9 % 4.4 % 4.5 %
CAY loss ratio excluding catastrophe losses 63.8 % 65.5 % 64.7 % 65.8 %



The CAY loss ratio excluding catastrophe losses decreased 1.7 percentage points
and 1.1 percentage points for the three and nine months ended September 30,
2020
, respectively, primarily due to a decrease in the underlying loss ratio
reflecting earned rate increases outpacing loss cost trends.



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North America Personal P&C Insurance



The North America Personal P&C Insurance segment comprises operations that
provide high net worth personal lines products, including homeowners and
complementary products such as valuable articles, excess liability, automobile,
and recreational marine insurance and services in the U.S. and Canada.



Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for
percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 1,285 $ 1,251 2.8 % $ 3,719 $ 3,616 2.9 %
Net premiums earned 1,231 1,187 3.8 % 3,623 3,509 3.3 %
Losses and loss expenses 961 674 42.5 % 2,406 2,178 10.4 %
Policy acquisition costs 248 240 3.5 % 724 708 2.3 %
Administrative expenses 65 72 (8.8) % 199 211 (5.4) %
Underwriting income (loss) (43) 201 NM 294 412 (28.7) %
Net investment income 64 66 (2.1) % 195 194 1.0 %

Other (income) expense 1 1 - 4 2 118.1 %
Amortization of purchased intangibles 2 3 (5.0) % 8 9 (5.0) %

Segment income $ 18 $ 263 (93.4) % $ 477 $ 595 (19.9) %
Loss and loss expense ratio 78.1 % 56.9 % 21.2 pts 66.4 % 62.1 % 4.3 pts
Policy acquisition cost ratio 20.1 % 20.2 % (0.1) pts 20.0 % 20.2 % (0.2) pts
Administrative expense ratio 5.3 % 6.0 % (0.7) pts 5.5 % 6.0 % (0.5) pts
Combined ratio 103.5 % 83.1 % 20.4 pts 91.9 % 88.3 % 3.6 pts


NM - not meaningful

Premiums
Net premiums written increased $34 million, or 2.8 percent, and $103 million, or
2.9 percent, for the three and nine months ended September 30, 2020,
respectively, primarily due to rate increases and strong account retention
across most lines. In addition, net premiums written also increased due to the
favorable year-over-year impact in reinstatement premiums of $7 million and $4
million
for the three and nine months ended September 30, 2020, respectively.
Growth for the three and nine months ended September 30, 2020 was partially
offset by $4 million and $11 million, respectively, in lower automobile premiums
as a result of reduced exposures related to the conditions caused by the
COVID-19 pandemic.


Net premiums earned increased $44 million, or 3.8 percent, and $114 million, or
3.3 percent, for the three and nine months ended September 30, 2020,
respectively, reflecting the growth in net premiums written described above.




Combined Ratio
The loss and loss expense ratio increased 21.2 percentage points and 4.3
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to higher catastrophe losses and unfavorable prior
period development in the current year compared to favorable prior period
development in the prior year, partially offset by a decrease in the underlying
loss ratio reflecting better underlying claims experience.

The policy acquisition cost ratio was relatively flat for the three months ended
September 30, 2020. The policy acquisition cost ratio decreased 0.2 percentage
points for the nine months ended September 30, 2020 primarily due to a lower
year-over-year amount of supplemental commissions.

The administrative expense ratio decreased 0.7 percentage points and 0.5
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to lower employee benefit-related expenses and lower
business expenses from continued expense management control, including during
the COVID-19 pandemic, partially offset by normal inflationary increases.



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Catastrophe Losses and Prior Period Development



Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019


Catastrophe losses (excludes reinstatement premiums) $ 305 $


83 $ 435 $ 329
Favorable (unfavorable) prior period development $ (48) $


62 $ (48) $ 88





Catastrophe losses through September 30, 2020 and 2019 were primarily from the
following events:
•2020: U.S. wildfires, Tropical Storm Isaias, Midwest derecho, Hurricane Sally,
Hurricane Laura, and other severe weather-related events in the U.S.
•2019: Winter-related storms and other severe weather-related events in the U.S.
and Hurricane Dorian

Refer to the prior period development discussion in Note 6 to the Consolidated
Financial Statements for additional information.
CAY Loss Ratio excluding Catastrophe Losses
Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
Loss and loss expense ratio 78.1 %



56.9 % 66.4 % 62.1 %
Catastrophe losses (24.7) % (7.0) % (12.0) % (9.4) %
Prior period development (4.2) % 5.2 % (1.4) % 2.5 %
CAY loss ratio excluding catastrophe losses 49.2 % 55.1 % 53.0 % 55.2 %



The CAY loss ratio excluding catastrophe losses decreased 5.9 percentage points
and 2.2 percentage points for the three and nine months ended September 30,
2020
, respectively, primarily due to a decrease in the underlying loss ratio
reflecting better underlying claims experience.



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North America Agricultural Insurance




The North America Agricultural Insurance segment comprises our North American
based businesses that provide a variety of coverages in the U.S. and Canada
including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and
crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail) as well
as farm and ranch and specialty P&C commercial insurance products and services
through our Chubb Agribusiness unit.
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for
percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 986 $ 938 5.0 % $ 1,604 $ 1,534 4.5 %
Net premiums earned 971 941 3.2 % 1,441 1,374 4.9 %
Losses and loss expenses 845 880 (3.9) % 1,223 1,163 5.2 %
Policy acquisition costs 56 56 - 96 90 6.2 %
Administrative expenses 5 4 6.9 % 12 9 33.3 %
Underwriting income 65 1 NM 110 112 (1.1) %
Net investment income 7 8 (15.2) % 23 22 5.5 %
Other (income) expense - - - 1 1 -
Amortization of purchased intangibles 7 7 - 20 21 (2.1) %
Segment income $ 65 $ 2 NM $ 112 $ 112 0.6 %
Loss and loss expense ratio 87.1 % 93.5 % (6.4) pts 84.9 % 84.7 % 0.2 pts
Policy acquisition cost ratio 5.8 % 6.0 % (0.2) pts 6.6 % 6.6 % - pts
Administrative expense ratio 0.4 % 0.4 % - pts 0.8 % 0.6 % 0.2 pts
Combined ratio 93.3 % 99.9 % (6.6) pts 92.3 % 91.9 % 0.4 pts


NM - not meaningful

Premiums
Net premiums written increased $48 million, or 5.0 percent, for the three months
ended September 30, 2020 primarily due to an increase in MPCI premiums, driven
by new policy growth, higher reported acreage from policyholders and a favorable
change in the mix of crops planted, and growth in our Chubb Agribusiness unit.
Net premiums written increased $70 million, or 4.5 percent, for the nine months
ended September 30, 2020 due to the year-over-year increase in MPCI premiums
reflecting less premiums returned to the U.S. government under the
premium-sharing formulas as well as the items noted above, partially offset by
lower rates resulting from year-over-year commodity price declines. Under the
MPCI premium-sharing formulas, we retained more premiums on the 2019 crop year
due to higher than expected losses for that year. Net premiums written in the
first nine months of 2019 was lower due to higher cessions to the U.S.
government reflecting the more profitable 2018 crop year.

Net premiums earned increased $30 million, or 3.2 percent, and $67 million, or
4.9 percent, respectively, for the three and nine months ended September 30,
2020
, reflecting the growth in net premiums written described above.

Combined Ratio
The loss and loss expense ratio decreased 6.4 percentage points for the three
months ended September 30, 2020 primarily due to lower projected crop losses in
the current year and the favorable year-over-year impact of our crop
derivatives, partially offset by higher underlying losses in our Chubb
Agribusiness unit. Additionally, the prior year included the adverse impact of
weather conditions. The loss and loss expense ratio increased 0.2 percentage
points for the nine months ended September 30, 2020 primarily due to our MPCI
business, reflecting unfavorable prior period development, which were partially
offset by lower crop losses in the current year and the favorable year-over-year
impact of our crop derivatives; as well as in our Chubb Agribusiness unit,
reflecting higher catastrophe losses, and in our Rain and Hail business, due to
higher underlying losses.

The policy acquisition cost ratio decreased 0.2 percentage points for the three
months ended September 30, 2020 primarily due to the favorable impact of higher
net premiums earned in the current year. The policy acquisition cost ratio was
flat for the nine months ended September 30, 2020.



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The administrative expense ratio was flat for the three months ended September
30, 2020
. The administrative expense ratio increased 0.2 percentage points for
the nine months ended September 30, 2020 primarily due to normal operating
expense and inflationary increases and a reduction in the current year
Administrative and Operating (A&O) reimbursements related to the MPCI business
we earned under the government program.


Catastrophe Losses and Prior Period Development



Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019


Catastrophe losses (excludes reinstatement premiums) $ 10 $ 3 $ 24 $ 7
Favorable (unfavorable) prior period development $ (18) $ (18) $ (4) $ 43






Catastrophe losses through September 30, 2020 were primarily from the Midwest
derecho and other severe weather-related events in the U.S. in our farm, ranch,
and specialty P&C businesses. Catastrophe losses through September 30, 2019 were
primarily from severe weather-related events in the U.S. in our farm, ranch, and
specialty P&C businesses.


Refer to the prior period development discussion in Note 6 to the Consolidated
Financial Statements for additional information.




For the three months ended September 30, 2020, net unfavorable prior period
development was $18 million. For the nine months ended September 30, 2020, net
unfavorable prior period development was $4 million which included $1 million of
incurred losses due to higher than expected MPCI losses for the 2019 crop year
and a $3 million decrease in net premiums earned related to the MPCI profit and
loss calculation formula. For the three months ended September 30, 2019, net
unfavorable prior period development was $18 million. For the nine months
ended September 30, 2019, net favorable prior period development was $43
million
which included $72 million of favorable incurred losses and $3
million
of lower acquisition costs due to lower than expected MPCI losses for
the 2018 crop year, partially offset by a $32 million decrease in net premiums
earned related to the MPCI profit and loss calculation formula.
CAY Loss Ratio excluding Catastrophe Losses
Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
Loss and loss expense ratio 87.1 %



93.5 % 84.9 % 84.7 %
Catastrophe losses (1.0) % (0.3) % (1.7) % (0.5) %
Prior period development (1.9) % (1.9) % (0.2) % 3.2 %

CAY loss ratio excluding catastrophe losses 84.2 % 91.3 % 83.0 % 87.4 %



The CAY loss ratio excluding catastrophe losses decreased 7.1 percentage points
and 4.4 percentage points for the three and nine months ended September 30,
2020
, respectively, principally due to lower projected crop losses in the
current year and the favorable year-over-year impact of our crop derivatives,
partially offset by higher underlying losses in our Rain and Hail business.



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Overseas General Insurance
Overseas General Insurance segment comprises Chubb International and Chubb
Global Markets (CGM). Chubb International comprises our international commercial
P&C traditional and specialty lines serving large corporations, middle market
and small customers; A&H and traditional and specialty personal lines business
serving local territories outside the U.S., Bermuda, and Canada. CGM, our
London-based international commercial P&C excess and surplus lines business,
includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at
Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb
Underwriting Agencies Limited
.
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for
percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 2,238 $ 2,228 0.5 % $ 6,857 $ 6,881 (0.3) %
Net premiums earned 2,337 2,256 3.6 % 6,838 6,595 3.7 %
Losses and loss expenses 1,192 1,154 3.4 % 3,935 3,385 16.3 %
Policy acquisition costs 637 630 1.2 % 1,903 1,855 2.6 %
Administrative expenses 260 257 1.2 % 759 771 (1.6) %
Underwriting income 248 215 15.2 % 241 584 (58.8) %
Net investment income 130 147 (11.5) % 396 444 (10.7) %
Other (income) expense 1 2 (70.4) % 10 11 (10.5) %
Amortization of purchased intangibles 10 11 - 33 34 (1.9) %
Segment income $ 367 $ 349 5.1 % $ 594 $ 983 (39.6) %
Net premiums written - constant dollars (1) 2.8 % 2.7 %

Loss and loss expense ratio 51.0 % 51.1 % (0.1) pts 57.6 % 51.3 % 6.3 pts
Policy acquisition cost ratio 27.3 % 28.0 % (0.7) pts 27.8 % 28.1 % (0.3) pts
Administrative expense ratio 11.1 % 11.4 % (0.3) pts 11.1 % 11.7 % (0.6) pts
Combined ratio 89.4 % 90.5 % (1.1) pts 96.5 % 91.1 % 5.4 pts



Net Premiums Written by Region Three months ended September 30
(in millions of U.S. dollars,
except for percentages) 2020 2019 C$ (1) C$ (1) Q-20
Region 2020 % of Total 2019 % of Total 2019 Q-20 vs. Q-19 vs. Q-19
Europe $ 915 41 % $ 782 35 % $ 793 17.1 % 15.5 %
Latin America 442 20 % 551 25 % 484 (19.7) % (8.7) %
Asia 794 35 % 798 36 % 804 (0.5) % (1.2) %
Other (2) 87 4 % 97 4 % 96 (10.3) % (9.7) %
Net premiums written $ 2,238 100 % $ 2,228 100 % $ 2,177 0.5 % 2.8 %



Nine months ended September 30
(in millions of U.S. dollars,
except for percentages) 2020 2019 C$ (1) C$ (1) Y-20
Region 2020 % of Total 2019 % of Total 2019 Y-20 vs. Y-19 vs. Y-19
Europe $ 2,994 44 % $ 2,698 39 % $ 2,678 11.0 % 11.8 %
Latin America 1,414 21 % 1,657 24 % 1,496 (14.6) % (5.5) %
Asia 2,203 32 % 2,259 33 % 2,237 (2.5) % (1.5) %
Other (2) 246 3 % 267 4 % 263 (8.0) % (6.6) %
Net premiums written $ 6,857 100 % $ 6,881 100 % $ 6,674 (0.3) % 2.7 %


(1) On a constant-dollar basis, amounts are calculated by translating prior
period results using the same local currency exchange rates as the comparable
current period.
(2) Comprises Combined International, Eurasia and Africa region, and other
international.


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Premiums
Net premiums written increased $10 million and decreased $24 million, or
increased $61 million and $183 million on a constant-dollar basis, for the three
and nine months ended September 30, 2020, respectively, due to growth in
commercial P&C lines across all regions resulting from new business, retention,
and positive rate increases, partially offset by the impact of the COVID-19
pandemic which negatively impacted several lines, mainly in consumer personal
lines in Latin America and A&H in Asia, resulting from less travel volume and
lower exposures. In addition, for the nine months ended September 30, 2020, the
growth in net premiums written was partially offset by $24 million of exposure
adjustments on in-force policies due to economic contraction resulting from the
COVID-19 pandemic.

For the three and nine months ended September 30, 2020 net premiums earned
increased $81 million and $243 million, or $127 million and $436 million on a
constant-dollar basis, respectively, reflecting higher net premiums written in
prior periods.

Combined Ratio
The loss and loss expense ratio was relatively flat for the three months ended
September 30, 2020. The loss and loss expense ratio increased 6.3 percentage
points for the nine months ended September 30, 2020 primarily due to higher
catastrophe losses, primarily related to the COVID-19 pandemic, along with lower
premiums earned from A&H lines in Latin America and Asia, which have a lower
loss ratio. These increases were partially offset by higher favorable prior
period development.


The policy acquisition cost ratio decreased 0.7 percentage points and 0.3
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to a shift in mix of business from A&H lines towards
P&C lines, which have a lower acquisition cost ratio.




The administrative expense ratio decreased 0.3 percentage points and 0.6
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to lower business expenses from continued expense
management control, including during the COVID-19 pandemic, and the favorable
impact of higher net premiums earned in the current year.


Catastrophe Losses and Prior Period Development



Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019
Catastrophe losses (excludes reinstatement
premiums) $ 95 $ 35 $ 568 $ 69
Favorable prior period development $ 60 $ 25


$ 100 $ 49






Catastrophe losses through September 30, 2020 and 2019 were primarily from the
following events:
•2020: COVID-19 pandemic of $373 million, storms in Australia, Australia
wildfires, Hurricane Laura, Hurricane Sally, Tropical Storm Isaias, and other
weather-related events
•2019: Typhoon Faxai, Hurricane Dorian, storms in Australia, and other
international weather-related events


Refer to the prior period development discussion in Note 6 to the Consolidated
Financial Statements for additional information.



CAY Loss Ratio excluding Catastrophe Losses



Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
Loss and loss expense ratio 51.0 % 51.1 % 57.6 % 51.3 %
Catastrophe losses (4.1) % (1.5) % (8.5) % (1.0) %
Prior period development 2.6 % 1.1 % 1.5 % 0.7 %
CAY loss ratio excluding catastrophe losses 49.5 % 50.7 % 50.6 % 51.0 %



The CAY loss ratio excluding catastrophe losses decreased 1.2 percentage points
and 0.4 percentage points for the three and nine months ended September 30,
2020
, respectively, primarily due to a decrease in the underlying loss ratio
from earned rate changes modestly above loss trends and a benefit from lower
current accident year losses resulting from a decrease in exposures


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due to the COVID-19 pandemic, partially offset by lower premiums earned from A&H
lines in Latin America and Asia, which have a lower loss ratio.



Global Reinsurance




The Global Reinsurance segment represents our reinsurance operations comprising
Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International,
and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products
worldwide under the Chubb Tempest Re brand name and provides a broad range of
traditional reinsurance coverage to a diverse array of primary P&C companies.

Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except
for percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 181 $ 141 28.4 % $ 606 $ 540 12.2 %
Net premiums earned 171 160 6.7 % 520 487 6.8 %
Losses and loss expenses 154 79 92.6 % 314 245 28.0 %
Policy acquisition costs 40 42 (3.9) % 127 127 -
Administrative expenses 9 9 - 28 26 6.6 %
Underwriting income (loss) (32) 30 NM 51 89 (42.2) %
Net investment income 85 71 18.5 % 214 206 3.3 %
Other (income) expense - - - 1 - NM

Segment income $ 53 $ 101 (48.2) % $ 264 $ 295 (10.7) %
Net premiums written - constant
dollars (1) 27.2 % 11.9 %

Loss and loss expense ratio 89.6 % 49.6 %



40.0 pts 60.3 % 50.3 % 10.0 pts
Policy acquisition cost ratio 23.5 % 26.2 % (2.7) pts 24.5 % 26.1 % (1.6) pts
Administrative expense ratio 5.2 % 5.3 % (0.1) pts 5.3 % 5.3 % - pts
Combined ratio 118.3 % 81.1 % 37.2 pts 90.1 % 81.7 % 8.4 pts



NM - not meaningful
(1) On a constant-dollar basis. Amounts are calculated by translating prior
period results using the same local currency rates as the comparable current
period.


Premiums



For the three and nine months ended September 30, 2020 net premiums written
increased $40 million and $66 million, respectively, primarily driven by new
business in casualty lines, rate increases in property catastrophe lines and
reinstatement premiums on catastrophe losses, partially offset by an increase in
retrocessions. In addition, the prior year had unfavorable premium adjustments
which lowered premium in 2019.

For the three and nine months ended September 30, 2020 net premiums earned
increased $11 million and $33 million, respectively, principally reflecting the
increase in net premiums written described above.
Combined Ratio
The loss and loss expense ratio increased 40.0 percentage points and 10.0
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to higher catastrophe losses and lower favorable
prior period development, partially offset by a shift in mix of business towards
lines which have a lower loss ratio.


The policy acquisition cost ratio decreased 2.7 percentage points and 1.6
percentage points for the three and nine months ended September 30, 2020,
respectively, primarily due to lower profit commissions paid and a shift in mix
of business towards lines which have lower acquisition costs.



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Catastrophe Losses and Prior Period Development



Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S dollars) 2020 2019 2020 2019
Catastrophe losses (excludes reinstatement
premiums) $ 75 $ 25 $ 88 $ 35
Favorable prior period development $ 6 $ 25


$ 29 $ 33






Catastrophe losses through September 30, 2020 and 2019 were primarily from the
following events:
•2020: COVID-19 pandemic claims of $10 million, Hurricane Laura, Hurricane
Sally, Tropical Storm Isaias, and other severe weather-related events in Canada
and the U.S.
•2019: Hurricane Dorian and various U.S. and Japanese severe weather-related
events


Refer to the prior period development discussion in Note 6 to the Consolidated
Financial Statements for additional information.



CAY Loss Ratio excluding Catastrophe Losses



Three Months Ended Nine Months Ended
September 30 September 30
2020 2019 2020 2019
Loss and loss expense ratio 89.6 % 49.6 % 60.3 % 50.3 %
Catastrophe losses (42.0) % (15.4) % (16.3) % (7.0) %
Prior period development 2.1 % 15.7 % 5.0 % 6.7 %
CAY loss ratio excluding catastrophe losses 49.7 % 49.9 % 49.0 % 50.0 %




The CAY loss ratio excluding catastrophe losses decreased 0.2 percentage points
and 1.0 percentage points for the three and nine months ended September 30,
2020
, respectively, primarily from a shift in mix of business towards
catastrophe lines which have a lower loss ratio.



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Life Insurance

The Life Insurance segment comprises Chubb's international life operations,
Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H
and life business of Combined Insurance. We assess the performance of our life
business based on Life Insurance underwriting income, which includes Net
investment income and (Gains) losses from fair value changes in separate account
assets that do not qualify for separate account reporting under GAAP.
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for
percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Net premiums written $ 610 $ 612 (0.4) % $ 1,874 $ 1,770 5.9 %
Net premiums earned 599 598 - 1,838 1,730 6.2 %
Losses and loss expenses 183 190 4.7 % 556 581 (4.6) %
Policy benefits 174 165 6.1 % 542 495 9.9 %
Policy acquisition costs 175 176 (1.3) % 551 454 21.2 %
Administrative expenses 80 80 - 238 237 0.5 %
Net investment income 95 92 3.3 % 285 278 2.7 %
Life Insurance underwriting income 82 79 5.4 % 236 241 (1.8) %
Other (income) expense (23) (17) 34.9 % (52) (37) 40.7 %
Amortization of purchased intangibles 1 1 - 3 2 50.0 %
Segment income $ 104 $ 95 10.0 % $ 285 $ 276 3.3 %
Net premiums written - constant dollars 0.2 % 6.5 %
(1)



(1)On a constant-dollar basis. Amounts are calculated by translating prior
period results using the same local currency rates as the comparable current
period.



Premiums



For the three months ended September 30, 2020, net premiums written decreased $2
million
, and increased $1 million on a constant-dollar basis, primarily due to
growth in our international life operations of 9.4 percent, principally in Latin
America
driven by our expanded presence in Chile. The growth in international
life operations was offset by declines in North America Combined Insurance
business of 6.9 percent, including the adverse impact of the COVID-19 pandemic.
For the nine months ended September 30, 2020, net premiums written increased
$104 million, or $115 million on a constant-dollar basis, primarily reflecting
growth in international life operations of 22.4 percent, principally in Latin
America
and Asia, partially offset by a decline in our North America Combined
Insurance
business of 5.2 percent.


Deposits



The following table presents deposits collected on universal life and investment
contracts:
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
C$ (1) Y-20 vs. C$ (1)
(in millions of U.S. dollars, Q-20 vs. Q-20 vs. Y-19 Y-20 vs.
except for percentages) 2020 2019 C$ (1) 2019 Q-19 Q-19 2020 2019 C$ (1) 2019 Y-19
Deposits collected on
Universal life and investment
contracts $ 363 $ 369 $ 384 (1.8) % (5.7) % $ 1,115 $ 1,059 $ 1,081 5.3 % 3.2 %


(1) On a constant-dollar basis. Amounts are calculated by translating prior
period results using the same local currency exchange rates as the comparable
current period.

Deposits collected on universal life and investment contracts (life deposits)
are not reflected as revenues in our Consolidated statements of operations in
accordance with GAAP. New life deposits are an important component of
production, and although they do not significantly affect current period income
from operations, they are key to our efforts to grow our business. Life deposits
collected decreased for the three months ended September 30, 2020 due to
competitive market conditions and the impact of the COVID-19 pandemic. Life
deposits collected increased for the nine months ended September 30, 2020 as
growth in Taiwan during the first quarter more than offset declines in the
second and third quarters.


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Life Insurance underwriting income and Segment income
Life Insurance underwriting income increased $3 million for the three months
ended September 30, 2020 primarily due to higher net investment income. Life
Insurance underwriting income decreased $5 million for the nine months ended
September 30, 2020 primarily due to the impact of COVID-19 related catastrophe
losses and a decrease in underwriting income in our variable annuity business,
which continues to decline as no new life reinsurance business is currently
being written. Additionally, segment income included other income of $23 million
and $52 million for the three and nine months ended September 30, 2020,
respectively, principally due to our share of net income from Huatai Life, our
partially-owned life insurance entity in China.


Corporate




Corporate results primarily include the results of our non-insurance companies,
income and expenses not attributable to reportable segments and loss and loss
expenses of asbestos and environmental (A&E) liabilities and certain other
non-A&E run-off exposures.
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for
percentages) 2020 2019 Q-20 vs. Q-19 2020 2019 YTD-20 vs. YTD-19
Losses and loss expenses $ 55 $ 38 47.1 % $ 342 $ 83 NM
Administrative expenses 71 74 (5.1) % 214 211 1.1 %
Underwriting loss 126 112 12.2 % 556 294 89.2 %
Net investment income (loss) (19) (28) (30.2) % (65) (98) (32.6) %
Interest expense 130 138 (5.5) % 390 418 (6.5) %
Net realized gains (losses) (142) (141) 0.9 % (1,067) (467) 128.2 %
Other (income) expense (415) (34) NM (283) (238) 18.9 %
Amortization of purchased intangibles 52 54 (6.6) % 153 163 (7.0) %
Chubb integration expenses - 2 NM - 9 NM
Income tax expense 142 230 (38.0) % 295 626 (52.8) %
Net loss $ (196) $ (671) (70.9) % $ (2,243) $ (1,837) 22.1 %


NM - not meaningful

Losses and loss expenses for the three months ended September 30, 2020 and 2019
were primarily from adverse development relating to our Brandywine environmental
exposures of $35 million and $27 million, respectively, and unallocated loss
adjustment expenses of the A&E claims operations. Losses and loss expenses for
the nine months ended September 30, 2020 also included unfavorable prior period
development of $254 million for U.S. child molestation claims, predominantly
reviver statute-related, while the prior year-to-date period also included
charges for our non-A&E run-off casualty exposures, including workers'
compensation.


Administrative expenses decreased $3 million for the three months ended
September 30, 2020 primarily due to lower advertising expenses and lower
travel-related costs. Administrative expenses increased $3 million for the nine
months ended September 30, 2020 primarily due to the impact of the COVID-19
pandemic and higher legal expenses.




Refer to the respective sections for a discussion of Net investment income, Net
realized gains and losses, Other (income) expense, Amortization of purchased
intangibles, and Income tax expense.



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Net Realized and Unrealized Gains (Losses)


We take a long-term view with our investment strategy, and our investment
managers manage our investment portfolio to maximize total return within certain
specific guidelines designed to minimize risk. The majority of our investment
portfolio is available for sale and reported at fair value. Our held to maturity
investment portfolio is reported at amortized cost, net of valuation allowance.

The effect of market movements on our fixed maturities portfolio impacts Net
income (through Net realized gains (losses)) when securities are sold, when we
write down an asset because we intend to sell the security, or when we record a
change to the allowance for expected credit losses. For a further discussion
related to how we assess the allowance for expected credit losses and the
related impact on Net income, refer to Note 3 c) to the Consolidated Financial
Statements. Additionally, Net income is impacted through the reporting of
changes in the fair value of equity securities, private equity securities where
we own less than three percent, and derivatives, including financial futures,
options, swaps, and GLB reinsurance. Changes in unrealized appreciation and
depreciation on available for sale securities, resulting from the revaluation of
securities held, changes in cumulative foreign currency translation adjustment,
and unrealized postretirement benefit liability adjustment, are reported as
separate components of Accumulated other comprehensive income (loss) in
Shareholders' equity in the Consolidated balance sheets.
The following table presents our net realized and unrealized gains (losses):
Three Months Ended September 30, 2020 Three Months Ended September 30, 2019
Net Net Net Net
Realized Unrealized Realized Unrealized
Gains Gains Net Gains Gains Net
(in millions of U.S. dollars) (Losses) (Losses) Impact (Losses) (Losses) Impact
Fixed maturities $ 49 $ 638 $ 687 $ (11) $ 705 $ 694
Fixed income and equity derivatives 9 - 9 (97) - (97)
Public equity
Sales 34 - 34 24 - 24
Mark-to-market (34) - (34) (21) - (21)
Private equity (less than 3 percent
ownership)
Sales - - - (2) - (2)
Mark-to-market 31 - 31 (2) - (2)
Total investment portfolio 89 638 727 (109) 705 596
Variable annuity reinsurance derivative
transactions, net of applicable hedges (6) - (6) (112) - (112)
Other derivatives 1 - 1 (14) - (14)
Foreign exchange (222) 246 24 84 (193) (109)
Other (3) (23) (26) (4) (17) (21)
Net gains (losses), pre-tax $ (141) $ 861 $ 720 $ (155) $ 495 $ 340




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Nine Months Ended September 30, 2020 Nine Months Ended September 30, 2019
Net Net Net Net
Realized Unrealized Realized Unrealized
Gains Gains Net Gains Gains Net
(in millions of U.S. dollars) (Losses) (Losses) Impact (Losses) (Losses) Impact
Fixed maturities $ (303) $



1,759 $ 1,456 $ (43) $ 3,834 $ 3,791
Fixed income and equity derivatives


38 - 38 (408) - (408)
Public equity
Sales 197 - 197 57 - 57
Mark-to-market (78) - (78) 9 - 9
Private equity (less than 3 percent
ownership)
Sales - - - (4) - (4)
Mark-to-market (71) - (71) (14) - (14)
Total investment portfolio (217) 1,759 1,542 (403) 3,834 3,431
Variable annuity reinsurance derivative
transactions, net of applicable hedges (456) - (456) (146) - (146)
Other derivatives (2) - (2) (8) - (8)
Foreign exchange (351) (168) (519) 86 (143) (57)
Other (43) (59) (102) (4) (62) (66)
Net gains (losses), pre-tax $ (1,069) $ 1,532 $ 463 $ (475) $ 3,629 $ 3,154



Pre-tax net gains of $463 million for the nine months ended September 30, 2020
reflected the financial market volatility in the credit, equity and foreign
exchange markets, driven by the impact of the COVID-19 global pandemic. The
$1,542 million gain in our investment portfolio was principally a result of a
decline in interest rates, partially offset by $163 million of impairments for
securities we intended to sell, and securities written to market entering
default. The $519 million foreign exchange loss reflected the strengthening of
the U.S. dollar against most major currencies. The $456 million realized loss in
our variable annuity reinsurance portfolio was principally driven by lower
interest rates and lower global equities markets, as discussed below.

The variable annuity reinsurance derivative transactions consist of changes in
the fair value of GLB liabilities and gain or losses on other derivative
instruments we maintain that decrease in fair value when the S&P 500 index
increases. The variable annuity reinsurance derivative transactions resulted in
realized losses of $6 million for the three months ended September 30, 2020
reflecting a net decrease in the fair value of the GLB liabilities of $46
million
due to higher equity markets, particularly in the U.S., and a net
realized loss of $52 million related to these other derivatives. For the nine
months ended September 30, 2020, the variable annuity reinsurance derivative
transactions resulted in realized losses of $456 million reflecting a net
increase in the fair value of the GLB liabilities of $426 million due to lower
interest rates and lower international equity markets and a net realized loss of
$30 million related to these other derivatives.

The variable annuity reinsurance derivative transactions resulted in realized
losses of $112 million and $146 million for the three and nine months ended
September 30, 2019, respectively, reflecting a net increase in the fair value of
GLB liabilities of $106 million and $57 million, respectively. The net increase
in the fair value of GLB liabilities was principally due to lower interest
rates. There were realized losses of $6 million and $89 million for the three
and nine months ended September 30, 2019, respectively, related to other
derivative instruments.

Effective Income Tax Rate


Our effective income tax rate reflects a mix of income or losses in
jurisdictions with a wide range of tax rates, permanent differences between US
GAAP and local tax laws, and the timing of recording discrete items. A change in
the geographic mix of earnings could impact our effective tax rate.

Our effective tax rate for the three and nine months ended September 30, 2020
was 10.7 percent and 20.9 percent, respectively. The effective tax rate for each
period was impacted by realized gains and realized losses, respectively,
generated in lower tax jurisdictions. In addition, the effective tax rate for
the nine months ended September 30, 2020 was impacted by the


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high level of catastrophe losses, principally related to COVID-19. This compares
to an effective tax rate on our tax expense of 17.4 percent and 16.0 percent for
the three and nine months ended September 30, 2019, respectively.

Non-GAAP Reconciliation


In presenting our results, we included and discussed certain non-GAAP measures.
These non-GAAP measures, which may be defined differently by other companies,
are important for an understanding of our overall results of operations and
financial condition. However, they should not be viewed as a substitute for
measures determined in accordance with generally accepted accounting principles
(GAAP).

Book value per common share, is shareholders' equity divided by the shares
outstanding. Tangible book value per common share, is shareholders' equity less
goodwill and other intangible assets, net of tax, divided by the shares
outstanding. We believe that goodwill and other intangible assets are not
indicative of our underlying insurance results or trends and make book value
comparisons to less acquisitive peer companies less meaningful. The calculation
of tangible book value per share does not consider the embedded goodwill
attributable to our investments in partially-owned insurance companies until we
attain majority ownership and consolidate.

We provide financial measures, including net premiums written, net premiums
earned, and underwriting income on a constant-dollar basis. We believe it is
useful to evaluate the trends in our results exclusive of the effect of
fluctuations in exchange rates between the U.S. dollar and the currencies in
which our international business is transacted, as these exchange rates could
fluctuate significantly between periods and distort the analysis of trends. The
impact is determined by assuming constant foreign exchange rates between periods
by translating prior period results using the same local currency exchange rates
as the comparable current period.

P&C performance metrics comprise consolidated operating results (including
Corporate) and exclude the operating results of the Life Insurance segment. We
believe that these measures are useful and meaningful to investors as they are
used by management to assess the company's P&C operations which are the most
economically similar. We exclude the Life Insurance segment because the results
of this business do not always correlate with the results of our P&C operations.

P&C combined ratio is the sum of the loss and loss expense ratio, policy
acquisition cost ratio and the administrative expense ratio excluding the life
business and including the realized gains and losses on the crop derivatives.
These derivatives were purchased to provide economic benefit, in a manner
similar to reinsurance protection, in the event that a significant decline in
commodity pricing impacts underwriting results. We view gains and losses on
these derivatives as part of the results of our underwriting operations.

CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and
prior period development (PPD) from the P&C combined ratio. We exclude CATs as
they are not predictable as to timing and amount and PPD as these unexpected
loss developments on historical reserves are not indicative of our current
underwriting performance. The combined ratio numerator is adjusted to exclude
CATs, net premiums earned adjustments on PPD, prior period expense adjustments
and reinstatement premiums on PPD, and the denominator is adjusted to exclude
net premiums earned adjustments on PPD and reinstatement premiums on CATs and
PPD. In periods where there are adjustments on loss sensitive policies, these
adjustments are excluded from PPD and net premiums earned when calculating the
ratios. We believe this measure provides a better evaluation of our underwriting
performance and enhances the understanding of the trends in our P&C business
that may be obscured by these items. This measure is commonly reported among our
peer companies and allows for a better comparison.

Reinstatement premiums are additional premiums paid on certain reinsurance
agreements in order to reinstate coverage that had been exhausted by loss
occurrences. The reinstatement premium amount is typically a pro rata portion of
the original ceded premium paid based on how much of the reinsurance limit had
been exhausted.

Net premiums earned adjustments within PPD are adjustments to the initial
premium earned on retrospectively rated policies based on actual claim
experience that develops after the policy period ends. The premium adjustments
correlate to the prior period loss development on these same policies and are
fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to adjustable commission
reserves or policyholder dividend reserves based on actual claim experience that
develops after the policy period ends. The expense adjustments correlate to the
prior period loss development on these same policies.



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The following tables present the calculation of combined ratio, as reported for
each segment to P&C combined ratio, adjusted for catastrophe losses (CATs) and
PPD:

Three Months Ended
September 30, 2020 North America North America
(in millions of U.S. dollars except Commercial P&C Personal P&C North America Overseas General Global
for ratios) Insurance Insurance Agricultural Insurance Insurance Reinsurance Corporate Total P&C
Numerator

Losses and loss expenses A $ 2,444 $ 961 $ 845 $ 1,192 $ 154 $ 55 $ 5,651
Catastrophe losses and related
adjustments
Catastrophe losses, net of related
adjustments () (305) (10) (95) (68) - (925)
Reinstatement premiums collected
(expensed) on catastrophe losses - - - - 7 - 7
Catastrophe losses, gross of
related adjustments () (305) (10) (95) (75) - (932)
PPD and related adjustments
PPD, net of related adjustments -
favorable (unfavorable) 200 (48) (18) 60 6 (54) 146
Net premiums earned adjustments on
PPD - unfavorable (favorable) 28 - - - - - 28
Expense adjustments - unfavorable
(favorable) (1) - - - (2) - (3)
PPD reinstatement premiums -
unfavorable (favorable) - (8) - - - - (8)
PPD, gross of related adjustments -
favorable (unfavorable) 227 (56) (18) 60 4 (54) 163
CAY loss and loss expense ex CATs B $ 2,224 $ 600 $ 817 $ 1,157 $ 83 $ 1 $ 4,882
Policy acquisition costs and
administrative expenses
Policy acquisition costs and
administrative expenses C $ 732 $ 313 $ 61 $ 897 $ 49 $ 71 $ 2,123
Expense adjustments - favorable
(unfavorable) 1 - - - 2 - 3
Policy acquisition costs and
administrative expenses, adjusted D $ 733 $ 313 $ 61 $ 897 $ 51 $ 71 $ 2,126
Denominator
Net premiums earned E $ 3,456 $ 1,231 $ 971 $ 2,337 $ 171 $ 8,166
Reinstatement premiums (collected)
expensed on catastrophe losses - - - - (7) (7)
Net premiums earned adjustments on
PPD - unfavorable (favorable) 28 - - - - 28
PPD reinstatement premiums -
unfavorable (favorable) - (8) - - - (8)
Net premiums earned excluding
adjustments F $ 3,484 $ 1,223 $ 971 $ 2,337 $ 164 $ 8,179
P&C Combined ratio
Loss and loss expense ratio A/E 70.7 % 78.1 % 87.1 % 51.0 % 89.6 % 69.2 %
Policy acquisition cost and
administrative expense ratio C/E 21.2 % 25.4 % 6.2 % 38.4 % 28.7 % 26.0 %
P&C Combined ratio 91.9 % 103.5 % 93.3 % 89.4 % 118.3 % 95.2 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio,
adjusted B/F 63.8 % 49.2 % 84.2 % 49.5 % 49.7 % 59.7 %
Policy acquisition cost and
administrative expense ratio,
adjusted D/F 21.1 % 25.6 % 6.2 % 38.4 % 31.1 % 26.0 %
CAY P&C Combined ratio ex CATs 84.9 % 74.8 % 90.4 % 87.9 % 80.8 % 85.7 %
Combined ratio
Combined ratio 95.2 %
Add: impact of gains and losses on
crop derivatives -
P&C Combined ratio 95.2 %



Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for
calculating the ratios above.



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Three Months Ended
September 30, 2019 North America North America
(in millions of U.S. dollars Commercial P&C



Personal P&C North America Overseas General
except for ratios) Insurance Insurance Agricultural Insurance Insurance Global Reinsurance Corporate Total P&C
Numerator
Losses and loss expenses $ 2,051 $ 674 $ 880 $ 1,154 $ 79 $ 38 $ 4,876

Catastrophe losses and related
adjustments
Catastrophe losses, net of related
adjustments (88) (83) (3) (35) (23) - (232)
Reinstatement premiums collected
(expensed) on catastrophe losses - - - - 2 - 2
Catastrophe losses, gross of
related adjustments (88) (83) (3) (35) (25) - (234)
PPD and related adjustments
PPD, net of related adjustments -
favorable (unfavorable) 109 62 (18) 25 25 (36) 167
Net premiums earned adjustments on
PPD - unfavorable (favorable) 39 - - - 1 - 40
Expense adjustments - unfavorable
(favorable) 3 - - - (1) - 2
PPD reinstatement premiums -
unfavorable (favorable) (1) (1) - 1 - - (1)
PPD, gross of related adjustments
- favorable (unfavorable) 150 61 (18) 26 25 (36) 208
CAY loss and loss expense ex CATs B $ 2,113 $ 652 $ 859 $ 1,145 $ 79 $ 2 $ 4,850
Policy acquisition costs and
administrative expenses
Policy acquisition costs and
administrative expenses C $ 715 $ 312 $ 60 $ 887 $ 51 $ 74 $ 2,099
Expense adjustments - favorable
(unfavorable) (3) - - - 1 - (2)
Policy acquisition costs and
administrative expenses, adjusted D $ 712 $ 312 $ 60 $ 887 $ 52 $ 74 $ 2,097
Denominator
Net premiums earned E $ 3,185 $ 1,187 $ 941 $ 2,256 $ 160 $ 7,729
Reinstatement premiums (collected)
expensed on catastrophe losses - - - - (2) (2)
Net premiums earned adjustments on
PPD - unfavorable (favorable) 39 - - - 1 40
PPD reinstatement premiums -
unfavorable (favorable) (1) (1) - 1 - (1)
Net premiums earned excluding
adjustments F $ 3,223 $ 1,186 $ 941 $ 2,257 $ 159 $ 7,766
P&C Combined ratio
Loss and loss expense ratio A/E 64.4 % 56.9 % 93.5 % 51.1 % 49.6 % 63.1 %
Policy acquisition cost and
administrative expense ratio C/E 22.5 % 26.2 % 6.4 % 39.4 % 31.5 % 27.1 %
P&C Combined ratio 86.9 % 83.1 % 99.9 % 90.5 % 81.1 % 90.2 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio,
adjusted B/F 65.5 % 55.1 % 91.3 % 50.7 % 49.9 % 62.4 %
Policy acquisition cost and
administrative expense ratio,
adjusted D/F 22.1 % 26.2 % 6.4 % 39.3 % 32.2 % 27.1 %
CAY P&C Combined ratio ex CATs 87.6 % 81.3 % 97.7 % 90.0 % 82.1 % 89.5 %
Combined ratio
Combined ratio 90.0 %
Add: impact of gains and losses on
crop derivatives 0.2 %
P&C Combined ratio 90.2 %



Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating
the ratios above.







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Nine Months Ended
September 30, 2020 North America North America North America
(in millions of U.S. dollars Commercial P&C Personal P&C Agricultural Overseas General
except for ratios) Insurance Insurance Insurance Insurance Global Reinsurance Corporate Total P&C
Numerator

Losses and loss expenses A $ 8,123 $ 2,406 $ 1,223 $ 3,935 $ 314 $ 342 $ 16,343
Catastrophe losses and related
adjustments
Catastrophe losses, net of related
adjustments (1,838) (436) (24) (584) (81) - (2,963)
Reinstatement premiums collected
(expensed) on catastrophe losses (3) (1) - (16) 7 - (13)
Catastrophe losses, gross of
related adjustments (1,835) (435) (24) (568) (88) - (2,950)
PPD and related adjustments
PPD, net of related adjustments -
favorable (unfavorable) 451 (48) (4) 100 29 (339) 189
Net premiums earned adjustments on
PPD - unfavorable (favorable) 32 - 3 - - - 35
Expense adjustments - unfavorable
(favorable) (1) - - - (2) - (3)
PPD reinstatement premiums -
unfavorable (favorable) - (8) - - (1) - (9)
PPD, gross of related adjustments
- favorable (unfavorable) 482 (56) (1) 100 26 (339) 212
CAY loss and loss expense ex CATs B $ 6,770 $ 1,915 $ 1,198 $ 3,467 $ 252 $ 3 $ 13,605
Policy acquisition costs and
administrative expenses
Policy acquisition costs and
administrative expenses C $ 2,203 $ 923 $ 108 $ 2,662 $ 155 $ 214 $ 6,265
Expense adjustments - favorable
(unfavorable) 1 - - - 2 - 3
Policy acquisition costs and
administrative expenses, adjusted D $ 2,204 $ 923 $ 108 $ 2,662 $ 157 $ 214 $ 6,268
Denominator
Net premiums earned E $ 10,427 $ 3,623 $ 1,441 $ 6,838 $ 520 $ 22,849
Reinstatement premiums (collected)
expensed on catastrophe losses 3 1 - 16 (7) 13
Net premiums earned adjustments on
PPD - unfavorable (favorable) 32 - 3 - - 35
PPD reinstatement premiums -
unfavorable (favorable) - (8) - - (1) (9)
Net premiums earned excluding
adjustments F $ 10,462 $ 3,616 $ 1,444 $ 6,854 $ 512 $ 22,888
P&C Combined ratio
Loss and loss expense ratio A/E 77.9 % 66.4 % 84.9 % 57.6 % 60.3 % 71.5 %
Policy acquisition cost and
administrative expense ratio C/E 21.1 % 25.5 % 7.4 % 38.9 % 29.8 % 27.4 %
P&C Combined ratio 99.0 % 91.9 % 92.3 % 96.5 % 90.1 % 98.9 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio,
adjusted B/F 64.7 % 53.0 % 83.0 % 50.6 % 49.0 % 59.4 %
Policy acquisition cost and
administrative expense ratio,
adjusted D/F 21.1 % 25.5 % 7.4 % 38.8 % 30.7 % 27.4 %
CAY P&C Combined ratio ex CATs 85.8 % 78.5 % 90.4 % 89.4 % 79.7 % 86.8 %
Combined ratio
Combined ratio 98.9 %
Add: impact of gains and losses on
crop derivatives -
P&C Combined ratio 98.9 %



Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for
calculating the ratios above.



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Nine Months Ended
September 30, 2019 North America North America North America
(in millions of U.S. dollars except Commercial P&C Personal P&C Agricultural Overseas General Global
for ratios) Insurance Insurance Insurance Insurance Reinsurance Corporate Total P&C
Numerator

Losses and loss expenses A $ 6,238 $ 2,178 $ 1,163 $ 3,385 $ 245 $ 83 $ 13,292
Catastrophe losses and related
adjustments
Catastrophe losses, net of related
adjustments (319) (329) (7) (69) (33) - (757)
Reinstatement premiums collected
(expensed) on catastrophe losses - - - - 2 - 2
Catastrophe losses, gross of
related adjustments (319) (329) (7) (69) (35) - (759)
PPD and related adjustments
PPD, net of related adjustments -
favorable (unfavorable) 425 88 43 49 33 (79) 559
Net premiums earned adjustments on
PPD - unfavorable (favorable) 38 - 32 - 1 - 71
Expense adjustments - unfavorable
(favorable) (3) - (3) - (1) - (7)
PPD reinstatement premiums -
unfavorable (favorable) (1) (4) - 1 - - (4)
PPD, gross of related adjustments -
favorable (unfavorable) 459 84 72 50 33 (79) 619
CAY loss and loss expense ex CATs B $ 6,378 $ 1,933 $ 1,228 $ 3,366 $ 243 $ 4 $ 13,152
Policy acquisition costs and
administrative expenses
Policy acquisition costs and
administrative expenses C $ 2,132 $ 919 $ 99 $ 2,626 $ 153 $ 211 $ 6,140
Expense adjustments - favorable
(unfavorable) 3 - 3 - 1 - 7
Policy acquisition costs and
administrative expenses, adjusted D $ 2,135 $ 919 $ 102 $ 2,626 $ 154 $ 211 $ 6,147
Denominator
Net premiums earned E $ 9,660 $ 3,509 $ 1,374 $ 6,595 $ 487 $ 21,625
Reinstatement premiums (collected)
expensed on catastrophe losses - - - - (2) (2)
Net premiums earned adjustments on
PPD - unfavorable (favorable) 38 - 32 - 1 71
PPD reinstatement premiums -
unfavorable (favorable) (1) (4) - 1 - (4)
Net premiums earned excluding
adjustments F $ 9,697 $ 3,505 $ 1,406 $ 6,596 $ 486 $ 21,690
P&C Combined ratio
Loss and loss expense ratio A/E 64.6 % 62.1 % 84.7 % 51.3 % 50.3 % 61.5 %
Policy acquisition cost and
administrative expense ratio C/E 22.0 % 26.2 % 7.2 % 39.8 % 31.4 % 28.4 %
P&C Combined ratio 86.6 % 88.3 % 91.9 % 91.1 % 81.7 % 89.9 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio,
adjusted B/F 65.8 % 55.2 % 87.4 % 51.0 % 50.0 % 60.6 %
Policy acquisition cost and
administrative expense ratio,
adjusted D/F 22.0 % 26.2 % 7.2 % 39.8 % 31.7 % 28.4 %
CAY P&C Combined ratio ex CATs 87.8 % 81.4 % 94.6 % 90.8 % 81.7 % 89.0 %
Combined ratio
Combined ratio 89.9 %
Add: impact of gains and losses on
crop derivatives -
P&C Combined ratio 89.9 %



Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for
calculating the ratios above.



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Other Income and Expense


Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019
Equity in net income (loss) of partially-owned
entities (1) $ 479 $


81 $ 435 $ 353
Gains (losses) from fair value changes in separate
account assets (2)


24 (7) 8 20
Federal excise and capital taxes (4) (5) (16) (17)

Other (14) (12) (55) (30)
Total $ 485 $ 57 $ 372 $ 326


(1) Equity in net income (loss) of partially-owned entities includes $37
million
and $86 million attributable to our investments in Huatai (Huatai Group,
Huatai P&C, and Huatai Life) for the three and nine months ended September 30,
2020
, respectively, compared to $30 million and $59 million, respectively, for
the prior year periods.
(2) Related to gains (losses) from fair value changes in separate account
assets that do not qualify for separate account reporting under GAAP.
Other income and expense includes equity in net income of partially-owned
entities, which includes our share of net income or loss related to
partially-owned investment companies (private equity) and partially-owned
insurance companies. Also included in Other income and expense are gains
(losses) from fair value changes in separate account assets that do not qualify
for separate account reporting under GAAP. The offsetting movement in the
separate account liabilities is included in Policy benefits in the Consolidated
statements of operations. Certain federal excise and capital taxes incurred as a
result of capital management initiatives are included in Other income and
expense as these are considered capital transactions and are excluded from
underwriting results.

Amortization of purchased intangibles and Other amortization


Amortization expense related to purchased intangibles was $72 million and $217
million
for the three and nine months ended September 30, 2020, respectively,
compared with $76 million and $229 million, respectively, in the prior year
periods and principally relates to the Chubb Corp acquisition. The decrease in
amortization expense of purchased intangibles reflects lower intangible
amortization expense related to agency distribution relationships and renewal
rights.

The following table presents, as of September 30, 2020, the estimated pre-tax
amortization expense (benefit) of purchased intangibles, at current foreign
currency exchange rates, for the fourth quarter of 2020 and the next five years:
Associated with the Chubb Corp Acquisition
Fair value
For the Years Ending Agency adjustment on Total
December 31 distribution Unpaid losses Amortization of
(in millions of U.S. relationships and and loss Other intangible purchased
dollars) renewal rights expenses Total (1) assets (2) intangibles
Fourth quarter of 2020 $ 60 $ (9) $ 51 $ 22 $ 73
2021 216 (20) 196 86 282
2022 196 (14) 182 98 280
2023 177 (7) 170 93 263
2024 160 (5) 155 87 242
2025 144 (6) 138 86 224
Total $ 953 $ (61) $ 892 $ 472 $ 1,364


(1)Recorded in Corporate.
(2)Recorded in applicable segment(s) that acquired the intangible assets.



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Reduction of deferred tax liability associated with intangible assets related to
Other intangible assets (excluding the fair value adjustment on Unpaid losses
and loss expense)
At September 30, 2020, the deferred tax liability associated with Other
intangible assets (excluding the fair value adjustment on Unpaid losses and loss
expense) was $1,301 million.

The following table presents, as of September 30, 2020, the expected reduction
of the deferred tax liability associated with Other intangible assets (which
reduces as agency distribution relationships and renewal rights and other
intangible assets amortize), at current foreign currency exchange rates, for the
fourth quarter of 2020 and for the next five years:
Reduction to
deferred tax
liability
For the Years Ending December 31 associated with
(in millions of U.S. dollars) intangible assets
Fourth quarter of 2020 $ 18
2021 67
2022 65
2023 60
2024 55
2025 51
Total $ 316



Amortization of the fair value adjustment on acquired invested assets and
assumed long-term debt
The following table presents at September 30, 2020, the expected amortization
expense of the fair value adjustment on acquired invested assets, at current
foreign currency exchange rates, and the expected amortization benefit from the
amortization of the fair value adjustment on assumed long-term debt for the
fourth quarter of 2020 and for the next five years:
Amortization


(expense) benefit of the fair



value adjustment on
For the Years Ending December 31 Acquired invested Assumed long-term
(in millions of U.S. dollars) assets (1) debt (2)
Fourth quarter of 2020 $ (30) $ 6
2021 (110) 21
2022 (99) 21
2023 - 21
2024 - 21
2025 - 21
Total $ (239) $ 111


(1)Recorded as a reduction to Net investment income in the Consolidated
statements of operations.
(2)Recorded as a reduction to Interest expense in the Consolidated statements of
operations.

The estimate of amortization expense of the fair value adjustment on acquired
invested assets could vary materially based on current market conditions, bond
calls, overall duration of the acquired investment portfolio, and foreign
exchange.


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Net Investment Income


Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019
Fixed maturities (1) $ 826 $ 862 $ 2,487 $ 2,533
Short-term investments 11 21 39 67
Other interest income 4 7 16 19
Equity securities 24 6 57 22
Other investments 18 20 59 57
Gross investment income 883 916 2,658 2,698
Investment expenses (43) (43) (130) (130)
Net investment income $ 840 $ 873 $ 2,528 $ 2,568
(1) Includes amortization expense related to
fair value adjustment on acquired invested
assets related to the Chubb Corp acquisition $ (28) $ (37) $ (90) $ (126)



Net investment income is influenced by a number of factors including the amounts
and timing of inward and outward cash flows, the level of interest rates, and
changes in overall asset allocation. Net investment income decreased 3.8 percent
and 1.6 percent for the three and nine months ended September 30, 2020,
respectively, primarily due to lower reinvestment rates on new and reinvested
assets, partially offset by higher average invested assets.

For private equities where we own less than three percent, investment income is
included within Net investment income in the table above. For private equities
where we own more than three percent, investment income is included within Other
income (expense) in the Consolidated statements of operations. Excluded from Net
investment income is the mark-to-market movement for private equities, which is
recorded within either Other income (expense) or Net realized gains (losses)
based on our percentage of ownership. The total mark-to-market movement for
private equities excluded from Net investment income was as follows:
Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2020 2019 2020 2019

Total mark-to-market gain on private equity,
pre-tax $ 436 $ 34 $ 229 $ 227



Investments


Our investment portfolio is invested primarily in publicly traded, investment
grade, fixed income securities with an average credit quality of A/Aa as rated
by the independent investment rating services Standard and Poor's (S&P)/Moody's
Investors Service (Moody's). The portfolio is externally managed by independent,
professional investment managers and is broadly diversified across geographies,
sectors, and issuers. Other investments principally comprise direct investments,
investment funds, and limited partnerships. We hold no collateralized debt
obligations in our investment portfolio, and we provide no credit default
protection. We have long-standing global credit limits for our entire portfolio
across the organization. Exposures are aggregated, monitored, and actively
managed by our Global Credit Committee, comprising senior executives, including
our Chief Financial Officer, our Chief Risk Officer, our Chief Investment
Officer, and our Treasurer. We also have well-established, strict contractual
investment rules requiring managers to maintain highly diversified exposures to
individual issuers and closely monitor investment manager compliance with
portfolio guidelines.


The average duration of our fixed income securities, including the effect of
options and swaps, was 4.0 years and 3.8 years at September 30, 2020 and
December 31, 2019, respectively. We estimate that a 100 basis point (bps)
increase in interest rates would reduce the valuation of our fixed income
portfolio by approximately $4.3 billion at September 30, 2020.




We established credit loss valuation allowances as a result of our adoption of
guidance on Financial Instruments - Credit Losses: Measurement of Credit Losses
on Financial Instruments (CECL) on January 1, 2020 and established a valuation
allowance of $69 million. The COVID-19 global pandemic and related economic
conditions adversely impacted our investment portfolio and


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resulted in an increase in our valuation allowance. This adverse impact was
mitigated by the overall high credit quality of the portfolio and the
stabilization of the valuation of investment grade securities due to measures
announced by the U.S. Federal Reserve, including programs to support corporate
and asset backed securities. Overall, the valuation allowance increased by $10
million
for the nine months ended September 30, 2020. Refer to Note 3 to the
Consolidated Financial Statements for additional information on expected credit
losses.


The following table shows the fair value and cost/amortized cost, net of
valuation allowance, of our invested assets:



September 30, 2020 December 31, 2019
Cost/ Cost/
Fair Amortized Fair Amortized
(in millions of U.S. dollars) Value Cost, Net Value Cost
Fixed maturities available for sale $ 89,852 $ 85,167 $ 85,488 $ 82,580
Fixed maturities held to maturity 12,473 11,651 13,005 12,581
Short-term investments 4,660 4,662 4,291 4,291
106,985 101,480 102,784 99,452
Equity securities 3,088 3,088 812 812
Other investments 6,100% 6,100% 6,062 6,062
Total investments $ 116,869 $ 111,364 $ 109,658 $ 106,326


The fair value of our total investments increased $7.2 billion during the nine
months ended September 30, 2020, primarily due to the investing of operating
cash flow, unrealized appreciation and the investing of debt issuance proceeds.
This increase was partially offset by the payment of collateralized deposits for
the purchase of additional ownership in Huatai Group.

The following tables present the fair value of our fixed maturities and
short-term investments at September 30, 2020 and December 31, 2019. The first
table lists investments according to type and second according to S&P credit
rating:
September 30, 2020 December 31, 2019
Fair Fair
(in millions of U.S. dollars, except for percentages) Value % of Total Value % of Total
U.S. Treasury / Agency $ 4,100 4 % $ 4,630 5 %
Corporate and asset-backed securities 37,712 35 % 34,259 33 %
Mortgage-backed securities 21,590 20 % 21,588 21 %
Municipal 12,267 12 % 12,824 12 %
Non-U.S. 26,656 25 % 25,192 25 %
Short-term investments 4,660 4 % 4,291 4 %
Total $ 106,985 100 % $ 102,784 100 %
AAA $ 16,177 15 % $ 15,714 15 %
AA 36,759 34 % 37,504 37 %
A 19,359 18 % 19,236 19 %
BBB 17,009 16 % 13,650 13 %
BB 9,609 9 % 9,474 9 %
B 7,466 7 % 6,897 7 %
Other 606 1 % 309 -
Total $ 106,985 100 % $ 102,784 100 %




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Corporate and asset-backed securities
The following table presents our 10 largest global exposures to corporate bonds
by fair value at September 30, 2020:
(in millions of U.S. dollars) Fair Value
Wells Fargo & Co $ 762
Bank of America Corp 670
JP Morgan Chase & Co 658
Comcast Corp 511
Morgan Stanley 459
Citigroup Inc 441
Verizon Communications Inc 430
AT&T Inc 393
Goldman Sachs Group Inc 377
HSBC Holdings Plc 376



Mortgage-backed securities



The following table shows the fair value and amortized cost, net of valuation
allowance, of our mortgage-backed securities:



Fair Amortized
S&P Credit Rating Value Cost, Net
September 30, 2020 BB and
(in millions of U.S. dollars) AAA AA A BBB below Total Total
Agency residential mortgage-backed
(RMBS) $ 127 $ 17,765 $ - $ - $ - $ 17,892 $ 16,845
Non-agency RMBS 147 43 78 16 10 294 290
Commercial mortgage-backed
securities 2,949 303 137 13 2 3,404 3,240



Total mortgage-backed securities $ 3,223 $ 18,111 $ 215 $ 29 $ 12 $ 21,590 $ 20,375



Municipal



As part of our overall investment strategy, we may invest in states,
municipalities, and other political subdivisions fixed maturity securities
(Municipal). We apply the same investment selection process described previously
to our Municipal investments. The portfolio is highly diversified primarily in
state general obligation bonds and essential service revenue bonds including
education and utilities (water, power, and sewers).


Non-U.S.



Our exposure to the Euro results primarily from Chubb European Group SE which is
headquartered in France and offers a broad range of coverages throughout the
European Union, Central, and Eastern Europe. Chubb primarily invests in Euro
denominated investments to support its local currency insurance obligations and
required capital levels. Chubb's local currency investment portfolios have
strict contractual investment guidelines requiring managers to maintain a high
quality and diversified portfolio to both sector and individual issuers.
Investment portfolios are monitored daily to ensure investment manager
compliance with portfolio guidelines.

Our non-U.S. investment grade fixed income portfolios are currency-matched with
the insurance liabilities of our non-U.S. operations. The average credit quality
of our non-U.S. fixed income securities is A and 48 percent of our holdings are
rated AAA or guaranteed by governments or quasi-government agencies. Within the
context of these investment portfolios, our government and corporate bond
holdings are highly diversified across industries and geographies. Issuer limits
are based on credit rating (AA-two percent, A-one percent, BBB-0.5 percent of
the total portfolio) and are monitored daily via an internal compliance system.
We manage our indirect exposure using the same credit rating based investment
approach. Accordingly, we do not believe our indirect exposure is material.


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The following table summarizes the fair value and amortized cost, net of
valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign
for non-U.S. government securities at September 30, 2020:
(in millions of U.S. dollars) Fair Value Amortized Cost, Net
Republic of Korea $ 1,058 $ 935
Canada 942 896
United Kingdom 905 868
Province of Ontario 681 637
Kingdom of Thailand 612 528
Province of Quebec 539 501
Federative Republic of Brazil 512 502
Commonwealth of Australia 454 397
United Mexican States 453 434
Socialist Republic of Vietnam 380 264
Other Non-U.S. Government Securities 5,486 5,188
Total $ 12,022 $ 11,150



The following table summarizes the fair value and amortized cost, net of
valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign
for non-U.S. corporate securities at September 30, 2020:



(in millions of U.S. dollars) Fair Value Amortized



Cost, Net
United Kingdom $ 2,288 $ 2,179
Canada 1,833 1,744
France 1,189 1,126
United States (1) 1,155 1,114
Australia 887 839
Netherlands 617 580
Japan 581 557
Switzerland 566 527
Germany 536 511
China 443 424



Other Non-U.S. Corporate Securities 4,539



4,364
Total $ 14,634 $ 13,965



(1) The countries that are listed in the non-U.S. corporate fixed income
portfolio above represent the ultimate parent company's country of risk.
Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S.
corporations.




Below-investment grade corporate fixed income portfolio
Below-investment grade securities have different characteristics than investment
grade corporate debt securities. Risk of loss from default by the borrower is
greater with below-investment grade securities. Below-investment grade
securities are generally unsecured and are often subordinated to other creditors
of the issuer. Also, issuers of below-investment grade securities usually have
higher levels of debt and are more sensitive to adverse economic conditions,
such as recession or increasing interest rates, than investment grade issuers.
At September 30, 2020, our corporate fixed income investment portfolio included
below-investment grade and non-rated securities which, in total, comprised
approximately 15 percent of our fixed income portfolio. Our below-investment
grade and non-rated portfolio includes over 1,400 issuers, with the greatest
single exposure being $162 million.

We manage high-yield bonds as a distinct and separate asset class from
investment grade bonds. The allocation to high-yield bonds is explicitly set by
internal management and is targeted to securities in the upper tier of credit
quality (BB/B). Our minimum rating for initial purchase is BB/B. Fourteen
external investment managers are responsible for high-yield security selection
and portfolio construction. Our high-yield managers have a conservative approach
to credit selection and very low historical default experience. Holdings are
highly diversified across industries and generally subject to a 1.5 percent
issuer limit


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as a percentage of high-yield allocation. We monitor position limits daily
through an internal compliance system. Derivative and structured securities
(e.g., credit default swaps and collateralized loan obligations) are not
permitted in the high-yield portfolio.



Critical Accounting Estimates



As of September 30, 2020, there were no material changes to our critical
accounting estimates. For a full discussion of our critical accounting
estimates, refer to Item 7 in our 2019 Form 10-K.




Unpaid losses and loss expenses
As an insurance and reinsurance company, we are required by applicable laws and
regulations and GAAP to establish loss and loss expense reserves for the
estimated unpaid portion of the ultimate liability for losses and loss expenses
under the terms of our policies and agreements with our insured and reinsured
customers. With the exception of certain structured settlements, for which the
timing and amount of future claim payments are reliably determinable, and
certain reserves for unsettled claims, our loss reserves are not discounted for
the time value of money.


The following table presents a roll-forward of our unpaid losses and loss
expenses:



Gross Reinsurance Net
(in millions of U.S. dollars) Losses Recoverable (1) Losses
Balance at December 31, 2019 $ 62,690 $ 14,181 $ 48,509
Losses and loss expenses incurred 20,682 3,785 16,897
Losses and loss expenses paid (15,561) (3,198) (12,363)
Other (including foreign exchange translation) 94 (1) 95
Balance at September 30, 2020 $ 67,905


$ 14,767 $ 53,138



(1)Net of valuation allowance for uncollectible reinsurance.




The estimate of the liabilities includes provisions for claims that have been
reported but are unpaid at the balance sheet date (case reserves) and for
obligations on claims that have been incurred but not reported (IBNR) at the
balance sheet date. IBNR may also include provisions to account for the
possibility that reported claims may settle for amounts that differ from the
established case reserves. Loss reserves also include an estimate of expenses
associated with processing and settling unpaid claims (loss expenses).


Refer to Note 6 to the Consolidated Financial Statements for a discussion on the
changes in the loss reserves.




Asbestos and Environmental (A&E)
During the three months ended September 30, 2020, we increased environmental net
loss reserves for Brandywine managed operations by $35 million. A&E reserves are
included in Corporate. Refer to our 2019 Form 10-K for further information on
our A&E exposures.


Fair value measurements
Accounting guidance defines fair value as the price to sell an asset or transfer
a liability (an exit price) in an orderly transaction between market
participants and establishes a three-level valuation hierarchy based on the
reliability of the inputs. The fair value hierarchy gives the highest priority
to quoted prices in active markets (Level 1 inputs) and the lowest priority to
unobservable data (Level 3 inputs). Level 2 includes inputs, other than quoted
prices within Level 1, that are observable for assets or liabilities either
directly or indirectly. Refer to Note 4 to the Consolidated Financial Statements
for information on our fair value measurements.



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Catastrophe management


We actively monitor and manage our catastrophe risk accumulation around the
world such as setting risk limits based on probable maximum loss (PML) and
purchasing catastrophe reinsurance. The table below presents our modeled pre-tax
estimates of natural catastrophe PML, net of reinsurance, at September 30, 2020,
for Worldwide, U.S. hurricane and California earthquake events, based on our
in-force portfolio at July 1, 2020 and reflecting the April 1, 2020 reinsurance
program (see Natural Catastrophe Property Reinsurance Program section) as well
as inuring reinsurance protection coverages. According to the model, for the
1-in-100 return period scenario, there is a one percent chance that our pre-tax
annual aggregate losses incurred in any year from U.S. hurricane events could be
in excess of $2,720 million (or 4.8 percent of our total shareholders' equity at
September 30, 2020). These estimates assume that reinsurance recoverable is
fully collectible.


Modeled Net Probable Maximum Loss (PML) Pre-tax



Worldwide (1) U.S. Hurricane (2) California Earthquake (3)
Annual Aggregate Annual Aggregate Single Occurrence
(in millions of U.S. % of Total % of Total % of Total
dollars, except for Shareholders' Shareholders' Shareholders'
percentages) Chubb Equity Chubb Equity Chubb Equity
1-in-10 $ 1,880 3.3 % $ 1,096 1.9 % $ 141 0.2 %
1-in-100 $ 3,963 7.0 % $ 2,720 4.8 % $ 1,306 2.3 %
1-in-250 $ 6,577 11.7 % $ 4,929 8.7 % $ 1,478 2.6 %


(1) Worldwide losses are comprised of losses arising only from hurricanes,
typhoons, convective storms and earthquakes and do not include "non-modeled"
perils such as wildfire and flood.
(2) U.S. Hurricane losses include losses from wind and storm-surge and exclude
rainfall.
(3) California earthquakes include fire-following perils.

The above estimates of Chubb's loss profile are inherently uncertain for many
reasons, including the following:
•While the use of third-party catastrophe modeling packages to simulate
potential hurricane and earthquake losses is prevalent within the insurance
industry, the models are reliant upon significant meteorology, seismology, and
engineering assumptions to estimate catastrophe losses. In particular, modeled
catastrophe events are not always a representation of actual events and ensuing
additional loss potential;
•There is no universal standard in the preparation of insured data for use in
the models, the running of the modeling software and interpretation of loss
output. These loss estimates do not represent our potential maximum exposures
and it is highly likely that our actual incurred losses would vary materially
from the modeled estimates; and
•The potential effects of climate change add to modeling complexity.




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Natural Catastrophe Property Reinsurance Program



Chubb's core property catastrophe reinsurance program provides protection
against natural catastrophes impacting its primary property operations (i.e.,
excluding our Global Reinsurance and Life Insurance segments).




We regularly review our reinsurance protection and corresponding property
catastrophe exposures. This may or may not lead to the purchase of additional
reinsurance prior to a program's renewal date. In addition, prior to each
renewal date, we consider how much, if any, coverage we intend to buy and we may
make material changes to the current structure in light of various factors,
including modeled PML assessment at various return periods, reinsurance pricing,
our risk tolerance and exposures, and various other structuring considerations.

Chubb renewed its Global Property Catastrophe Reinsurance Program for our North
American and International operations effective April 1, 2020 through March 31,
2021
, with no material changes in coverage from the expiring program. The
program consists of three layers in excess of losses retained by Chubb on a per
occurrence basis. In addition, Chubb also renewed its terrorism coverage
(excluding nuclear, biological, chemical and radiation coverage, with an
inclusion of coverage for biological and chemical coverage for personal lines)
for the United States from April 1, 2020 through March 31, 2021 with the same
limits and retention and percentage placed except that the majority of terrorism
coverage is on an aggregate basis above our retentions without a reinstatement.
Loss Location Layer of Loss Comments Notes
United States $0 million - Losses retained by Chubb (a)
(excluding Alaska and Hawaii) $1.0 billion
United States $1.0 billion - All natural perils and terrorism (b)
(excluding Alaska and Hawaii) $1.15 billion
United States $1.15 billion - All natural perils and terrorism (c)
(excluding Alaska and Hawaii) $2.15 billion
United States $2.15 billion - All natural perils and terrorism (d)
(excluding Alaska and Hawaii) $3.5 billion
International $0 million - Losses retained by Chubb (a)
(including Alaska and Hawaii) $175 million
International $175 million - All natural perils and terrorism (c)
(including Alaska and Hawaii) $1.175 billion
Alaska, Hawaii, and Canada $1.175 billion - All natural perils and terrorism (d)
$2.525 billion


(a) Ultimate retention will depend upon the nature of the loss and the
interplay between the underlying per risk programs and certain other catastrophe
programs purchased by individual business units. These other catastrophe
programs have the potential to reduce our effective retention below the stated
levels.
(b) These coverages are partially placed with Reinsurers.
(c) These coverages are both part of the same Second layer within the Global
Catastrophe Program and are fully placed with Reinsurers.
(d) These coverages are both part of the same Third layer within the Global
Catastrophe Program and are fully placed with Reinsurers.



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Liquidity


We anticipate that positive cash flows from operations (underwriting activities
and investment income) should be sufficient to cover cash outflows under most
loss scenarios for the near term. In addition to cash from operations, routine
sales of investments, and financing arrangements, we have agreements with a
third-party bank provider which implemented two international multi-currency
notional cash pooling programs to enhance cash management efficiency during
periods of short-term timing mismatches between expected inflows and outflows of
cash by currency. The programs allow us to optimize investment income by
avoiding portfolio disruption. Should the need arise, we generally have access
to capital markets and to credit facilities with letter of credit capacity of
$4.0 billion with a sub-limit of $1.9 billion for revolving credit. At September
30, 2020
, our usage under these facilities was $1.7 billion in letters of
credit. Our access to credit under these facilities is dependent on the ability
of the banks that are a party to the facilities to meet their funding
commitments. The facilities require that we maintain certain financial
covenants, all of which we met at September 30, 2020. Should the existing credit
providers on these facilities experience financial difficulty, we may be
required to replace credit sources, possibly in a difficult market. If we cannot
obtain adequate capital or sources of credit on favorable terms, on a timely
basis, or at all, our business, operating results, and financial condition could
be adversely affected. To date, we have not experienced difficulty accessing our
credit facilities.

The payment of dividends or other statutorily permissible distributions from our
operating companies are subject to the laws and regulations applicable to each
jurisdiction, as well as the need to maintain capital levels adequate to support
the insurance and reinsurance operations, including financial strength ratings
issued by independent rating agencies. During the nine months ended September
30, 2020
, we were able to meet all our obligations, including the payments of
dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of
factors. Considerations such as regulatory and legal restrictions as well as the
subsidiary's financial condition are paramount to the dividend decision. Chubb
Limited
received dividends of $800 million and $200 million from its Bermuda
subsidiaries during the nine months ended September 30, 2020 and 2019,
respectively. Chubb Limited also received non-cash dividends of $844 million and
nil from a Swiss subsidiary during the nine months ended September 30, 2020 and
2019, respectively.

The payment of any dividends from CGM or its subsidiaries is subject to
applicable U.K. insurance laws and regulations. In addition, the release of
funds by Syndicate 2488 to subsidiaries of CGM is subject to regulations
promulgated by the Society of Lloyd's. The U.S. insurance subsidiaries of Chubb
INA Holdings Inc.
(Chubb INA) may pay dividends, without prior regulatory
approval, subject to restrictions set out in state law of the subsidiary's
domicile (or, if applicable, commercial domicile). Chubb INA's international
subsidiaries are also subject to insurance laws and regulations particular to
the countries in which the subsidiaries operate. These laws and regulations
sometimes include restrictions that limit the amount of dividends payable
without prior approval of regulatory insurance authorities. Chubb Limited
received no dividends from CGM or Chubb INA during the nine months ended
September 30, 2020 and 2019. Debt issued by Chubb INA is serviced by statutorily
permissible distributions by Chubb INA's insurance subsidiaries to Chubb INA as
well as other group resources. Chubb INA received dividends of $180 million and
$1.7 billion from its subsidiaries during the nine months ended September 30,
2020
and 2019, respectively.

Cash Flows
Our sources of liquidity include cash from operations, routine sales of
investments, and financing arrangements. The following is a discussion of our
cash flows for the nine months ended September 30, 2020 and 2019.

Operating cash flows were $7.2 billion in the nine months ended September 30,
2020
, compared to $4.9 billion in the prior year period, an increase of $2.3
billion
, principally reflecting higher premiums collected and reduced payment
activity due to the economic slowdown related to COVID-19 pandemic.

Cash used for investing was $6.7 billion in the nine months ended September 30,
2020
, compared to $3.6 billion in the prior year period. The current year
included a payment of $1,054 million and a deposit, net of return, of
approximately $500 million for the purchase of an additional 22.4 percent
ownership in Huatai Group, while the prior year included the purchase of an
additional 6.2 percent ownership interest in Huatai Group for $329 million.
Refer to Note 2 to the Consolidated Financial Statements for additional
information. In addition, the current year had cash used of $4.3 billion for net
investments purchased, excluding derivative settlements, compared to cash used
of $2.0 billion in the prior year.


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Cash used for financing was $234 million in the nine months ended September 30,
2020
, compared to $1.1 billion in the prior year period, a decrease of $890
million
principally from fewer share repurchases in the current year due to the
suspension of share repurchases in April 2020. Refer to Note 9 to the
Consolidated Financial Statements for additional information on share
repurchases.

Both internal and external forces influence our financial condition, results of
operations, and cash flows. Claim settlements, premium levels, and investment
returns may be impacted by changing rates of inflation and other economic
conditions. In many cases, significant periods of time, ranging up to several
years or more, may lapse between the occurrence of an insured loss, the
reporting of the loss to us, and the settlement of the liability for that loss.


We use repurchase agreements as a funding alternative. At September 30, 2020,
there were $1.4 billion in repurchase agreements outstanding with various
maturities over the next five months.



Capital Resources



Capital resources consist of funds deployed or available to be deployed to
support our business operations.



September 30 December 31
(in millions of U.S. dollars, except for ratios) 2020 2019
Short-term debt $ 1,300 $ 1,299
Long-term debt 14,830 13,559
Total financial debt 16,130 14,858
Trust preferred securities 308 308
Total shareholders' equity 56,413 55,331
Total capitalization $ 72,851 $ 70,497
Ratio of financial debt to total capitalization 22.1 % 21.1 %
Ratio of financial debt plus trust preferred securities to total
capitalization 22.5 % 21.5 %



Repurchase agreements are excluded from the table above and are disclosed
separately from short-term debt in the Consolidated balance sheets. The
repurchase agreements are collateralized borrowings where we maintain the right
and ability to redeem the collateral on short notice, unlike short-term debt
which comprises the current maturities of our long-term debt instruments.

In September 2020, Chubb INA Holdings Inc. (Chubb INA) issued $1.0 billion of
1.375 percent senior notes due September 2030. At September 30, 2020 and
December 31, 2019, total debt included $2.3 billion and $1.3 billion,
respectively, of senior notes issued to provide proceeds to retire existing debt
coming due in November 2022 and November 2020, respectively. These prefundings
had the effect of increasing the leverage ratios at September 30, 2020 and
December 31, 2019 by 2.5 percentage points and 1.4 percentage points,
respectively. Refer to Note 7 to the Consolidated Financial Statements for
additional details about the debt issued.

For the nine months ended September 30, 2020, we repurchased $326 million of
Common Shares in a series of open market transactions under the Board of
Directors (Board) share repurchase authorization. At September 30, 2020, there
were 26,229,070 Common Shares in treasury with a weighted average cost of
$135.00 per share, and $1.12 billion in share repurchase authorization remained
through December 31, 2020. We suspended share repurchase activity during the
second and third quarters of 2020, given the economic environment. Subsequently,
we resumed share repurchases, and on October 29, 2020, we repurchased 52,500
Common Shares for a total of $7 million in a series of open market transactions.
At October 29, 2020, $1.12 billion in share repurchase authorization remained
through December 31, 2020.

We generally maintain the ability to issue certain classes of debt and equity
securities via an unlimited Securities and Exchange Commission (SEC) shelf
registration which is renewed every three years. This allows us capital market
access for refinancing as well as for unforeseen or opportunistic capital needs.


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Dividends
We have paid dividends each quarter since we became a public company in 1993.
Under Swiss law, dividends must be stated in Swiss francs though dividend
payments are made by Chubb in U.S. dollars. Refer to Note 9 to the Consolidated
Financial Statements for a discussion of our dividend methodology.

At our May 2020 annual general meeting, our shareholders approved an annual
dividend for the following year of up to $3.12 per share, or CHF 3.01 per share,
calculated using the USD/CHF exchange rate as published in the Wall Street
Journal
on May 20, 2020, expected to be paid in four quarterly installments of
$0.78 per share after the general meeting by way of a distribution from capital
contribution reserves, transferred to free reserves for payment. The Board
determines the record and payment dates at which the annual dividend may be paid
until the date of the 2021 annual general meeting, and is authorized to abstain
from distributing a dividend at its discretion. The annual dividend approved in
May 2020 represented an $0.12 per share increase ($0.03 per quarter) over the
prior year dividend.

The following table represents dividends paid per Common Share to shareholders
of record on each of the following dates:
Shareholders of record as of: Dividends paid as of:
December 20, 2019 January 10, 2020 $0.75 (CHF 0.74)
March 20, 2020 April 10, 2020 $0.75 (CHF 0.72)
June 19, 2020 July 10, 2020 $0.78 (CHF 0.75)
September 18, 2020 October 9, 2020 $0.78 (CHF 0.71)

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