Chubb Ltd
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2023 · Filed Feb 23, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Other income and expense
- Other income and expense
| As Adjusted | |||
|---|---|---|---|
| Year Ended December 31 | |||
| (in millions of U.S. dollars) | 2023 | 2022 | 2021 |
| Equity in net income (loss) of partially-owned entities | $867 | $1 | $2,435 |
| Gains (losses) from fair value changes in separate account assets (1) | (45) | (42) | (8) |
| Asset management and performance fee revenue | 136 | — | — |
| Asset management and performance fee expense | (75) | — | — |
| Federal excise and capital taxes | (24) | (21) | (19) |
| Other | (23) | (27) | (41) |
| Total | $836 | $(89) | $2,367 |
(1)Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP.
Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $434 million, $(219) million, and $2,004 million for the years ended December 31, 2023, 2022, and 2021, respectively.
In addition, this line item includes net income attributable to our investment in Huatai under the equity method of accounting comprising income (expense) of $36 million through June 30, 2023, and $(11) million and $235 million for the years ended December 31, 2022 and 2021, respectively. Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results.
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 U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.
Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed, and for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.
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. Bad debt expense for uncollectible premiums is also included in Other income and expense.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.