Chubb Ltd
For the period ended Sep 30, 2024. Filed Oct 30, 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.
Sep 30, 2024 · Filed Oct 30, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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Postretirement benefits
- Postretirement benefits
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
| Pension Benefit Plans · Other PostretirementBenefit Plans | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||
| Three Months Ended September 30 · U.S. Plans · Non-U.S. Plans · U.S. Plans · Non-U.S. Plans | ||||||
| (in millions of U.S. dollars) | ||||||
| Service cost | $— | $2 | $— | $2 | $— | $— |
| Non-service cost (benefit): | ||||||
| Interest cost | 33 | 9 | 35 | 9 | — | 1 |
| Expected return on plan assets | (61) | (13) | (56) | (13) | — | — |
| Amortization of net actuarial (gain) loss | — | — | — | — | (1) | (1) |
| Amortization of prior service cost | — | — | — | — | — | (1) |
| Settlements | 1 | — | 3 | — | — | — |
| Total non-service cost (benefit) | (27) | (4) | (18) | (4) | (1) | (1) |
| Net periodic benefit cost (benefit) | $(27) | $(2) | $(18) | $(2) | $(1) | $(1) |
| Pension Benefit Plans · Other Postretirement Benefit Plans | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · 2024 · 2023 | ||||||
| Nine Months Ended September 30 · U.S. Plans · Non-U.S. Plans · U.S. Plans · Non-U.S. Plans | ||||||
| (in millions of U.S. dollars) | ||||||
| Service cost: | $— | $7 | $— | $6 | $— | $— |
| Non-service cost (benefit): | ||||||
| Interest cost | 100 | 27 | 103 | 27 | 1 | 2 |
| Expected return on plan assets | (183) | (38) | (168) | (38) | (2) | (2) |
| Amortization of net actuarial (gain) loss | (1) | 1 | — | — | (2) | (1) |
| Amortization of prior service cost | — | — | — | — | — | (1) |
| Settlements | 1 | — | 3 | — | — | — |
| Total non-service cost (benefit) | (83) | (10) | (62) | (11) | (3) | (2) |
| Net periodic benefit cost (benefit) | $(83) | $(3) | $(62) | $(5) | $(3) | $(2) |
The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows:
| Pension Benefit Plans | Other Postretirement Benefit Plans | |||
|---|---|---|---|---|
| Three Months Ended September 30 | 2024 | 2023 | 2024 | 2023 |
| (in millions of U.S. dollars) | ||||
| Service cost: | ||||
| Losses and loss expenses | $— | $— | $— | $— |
| Administrative expenses | 2 | 2 | — | — |
| Total service cost | 2 | 2 | — | — |
| Non-service cost (benefit): | ||||
| Losses and loss expenses | (3) | (1) | — | — |
| Administrative expenses | (28) | (21) | (1) | (1) |
| Total non-service cost (benefit) | (31) | (22) | (1) | (1) |
| Net periodic benefit cost (benefit) | $(29) | $(20) | $(1) | $(1) |
| Pension Benefit Plans | Other Postretirement Benefit Plans | |||
|---|---|---|---|---|
| Nine Months Ended September 30 | 2024 | 2023 | 2024 | 2023 |
| (in millions of U.S. dollars) | ||||
| Service cost: | ||||
| Losses and loss expenses | $— | $— | $— | $— |
| Administrative expenses | 7 | 6 | — | — |
| Total service cost | 7 | 6 | — | — |
| Non-service cost (benefit): | ||||
| Losses and loss expenses | (9) | (6) | — | — |
| Administrative expenses | (84) | (67) | (3) | (2) |
| Total non-service cost (benefit) | (93) | (73) | (3) | (2) |
| Net periodic benefit cost (benefit) | $(86) | $(67) | $(3) | $(2) |
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