Chubb Ltd
For the period ended Mar 31, 2024. Filed Apr 26, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed Apr 26, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Deferred acquisition costs
- Deferred acquisition costs
Deferred acquisition costs comprise capitalized costs on short-duration contracts of $3,510 million and $3,003 million and long-duration contracts of $4,027 million and $3,293 million at March 31, 2024, and 2023, respectively.
The following tables present a roll-forward of deferred acquisitions costs on long-duration contracts included in the Life Insurance segment:
| Three Months Ended March 31, 2024 | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of U.S. dollars) · Term Life · Universal Life · Whole Life · A&H · Other · Total | |||||||
| Balance – beginning of period | $402 | $674 | $534 | $1,301 | $274 | $3,185 | |
| Capitalizations | 47 | 33 | 85 | 158 | 16 | 339 | |
| Amortization expense | (28) | (20) | (8) | (41) | (7) | (104) | |
| Other (including foreign exchange) | (8) | 1 | (3) | 3 | (2) | (9) | |
| Balance - end of period | $413 | $688 | $608 | $1,421 | $281 | $3,411 | |
| Overseas General Insurance segment excluded from table | 616 | ||||||
| Total deferred acquisition costs on long-duration contracts | $4,027 | ||||||
| Three Months Ended March 31, 2023 | |||||||
|---|---|---|---|---|---|---|---|
| (in millions of U.S. dollars) · Term Life · Universal Life · Whole Life · A&H · Other · Total | |||||||
| Balance – beginning of period | $324 | $639 | $392 | $891 | $268 | $2,514 | |
| Capitalizations | 42 | 25 | 28 | 123 | 4 | 222 | |
| Amortization expense | (24) | (19) | (5) | (30) | (6) | (84) | |
| Other (including foreign exchange) | 7 | (1) | 9 | (15) | (1) | (1) | |
| Balance - end of period | $349 | $644 | $424 | $969 | $265 | $2,651 | |
| Overseas General Insurance segment excluded from table | 642 | ||||||
| Total deferred acquisition costs on long-duration contracts | $3,293 | ||||||
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