10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2009 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2009 10-K (Filed: Feb 26, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Revenues | |||
| Premiums Earned | $ 11,331 | 11,828 | 11,946 |
| Investment Income | 1,649 | 1,732 | 1,738 |
| Other Revenues | 13 | 32 | 49 |
| Realized Investment Gains (Losses), Net | |||
| Total Other-Than-Temporary Impairment Losses on Investments | (132) | (446) | (109) |
| Other-Than-Temporary Impairment Losses on Investments Recognized in Other Comprehensive Income | 20 | 0 | 0 |
| Other Realized Investment Gains, Net | 135 | 75 | 483 |
| Total Realized Investment Gains (Losses), Net | 23 | (371) | 374 |
| TOTAL REVENUES | 13,016 | 13,221 | 14,107 |
| Losses and Expenses | |||
| Losses and Loss Expenses | 6,268 | 6,898 | 6,299 |
| Amortization of Deferred Policy Acquisition Costs | 3,021 | 3,123 | 3,092 |
| Other Insurance Operating Costs and Expenses | 416 | 441 | 444 |
| Investment Expenses | 39 | 32 | 35 |
| Other Expenses | 16 | 36 | 48 |
| Corporate Expenses | 294 | 284 | 252 |
| TOTAL LOSSES AND EXPENSES | 10,054 | 10,814 | 10,170 |
| INCOME BEFORE FEDERAL AND FOREIGN INCOME TAX | 2,962 | 2,407 | 3,937 |
| Federal and Foreign Income Tax | 779 | 603 | 1,130 |
| NET INCOME | 2,183 | 1,804 | 2,807 |
| Net Income Per Share | |||
| Basic | 6.24 | 5.00 | 7.13 |
| Diluted | 6.18 | 4.92 | 7.01 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2009 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2009 10-K (Filed: Feb 26, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Net Income | $ 2,183 | 1,804 | 2,807 |
| Other Comprehensive Income (Loss), Net of Tax | |||
| Change in Unrealized Appreciation or Depreciation of Investments | 1,223 | (669) | 134 |
| Change in Unrealized Other-Than-Temporary Impairment Losses on Investments | (6) | 0 | 0 |
| Foreign Currency Translation Gains (Losses) | 170 | (226) | 125 |
| Change in Postretirement Benefit Costs Not Yet Recognized in Net Income | 98 | (284) | (17) |
| Total Other Comprehensive Income (Loss), Net of Tax | 1,485 | (1,179) | 242 |
| COMPREHENSIVE INCOME | 3,668 | 625 | 3,049 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2009 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2009 10-K (Filed: Feb 26, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Cash Flows from Operating Activities | |||
| Net Income | $ 2,183 | 1,804 | 2,807 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||
| Increase in Unpaid Losses and Loss Expenses, Net | 262 | 389 | 350 |
| Decrease in Unearned Premiums, Net | (254) | (46) | (74) |
| Decrease in Premiums Receivable | 100 | 26 | 87 |
| Decrease in Reinsurance Recoverable on Paid Losses | 6 | 148 | 258 |
| Amortization of Premiums and Discounts on Fixed Maturities | 186 | 206 | 233 |
| Depreciation | 69 | 64 | 69 |
| Realized Investment Losses (Gains), Net | (23) | 371 | (374) |
| Other, Net | (94) | (418) | (165) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,435 | 2,544 | 3,191 |
| Cash Flows from Investing Activities | |||
| Proceeds from Fixed Maturities - Sales | 3,029 | 4,145 | 4,616 |
| Proceeds from Fixed Maturities - Maturities, Calls and Redemptions | 2,578 | 2,173 | 1,790 |
| Proceeds from Sales of Equity Securities | 394 | 432 | 360 |
| Purchases of Fixed Maturities | (7,390) | (7,125) | (7,909) |
| Purchases of Equity Securities | (37) | (191) | (650) |
| Investments in Other Invested Assets, Net | (37) | (45) | (164) |
| Decrease (Increase) in Short Term Investments, Net | 563 | (654) | 455 |
| Increase (Decrease) in Net Payable from Security Transactions not Settled | 72 | (18) | (106) |
| Purchases of Property and Equipment, Net | (52) | (46) | (53) |
| Other, Net | 6 | 3 | 12 |
| NET CASH USED IN INVESTING ACTIVITIES | (874) | (1,326) | (1,649) |
| Cash Flows from Financing Activities | |||
| Proceeds from Issuance of Long Term Debt | 0 | 1,200 | 1,800 |
| Repayment of Long Term Debt | 0 | (685) | (800) |
| Decrease in Funds Held under Deposit Contracts | (53) | (19) | (8) |
| Proceeds from Issuance of Common Stock Under Stock-Based Employee Compensation Plans | 34 | 109 | 130 |
| Repurchase of Shares | (1,060) | (1,336) | (2,185) |
| Dividends Paid to Shareholders | (487) | (471) | (451) |
| Other, Net | 0 | (9) | (17) |
| NET CASH USED IN FINANCING ACTIVITIES | (1,566) | (1,211) | (1,531) |
| Net Increase (Decrease) in Cash | (5) | 7 | 11 |
| Cash at Beginning of Year | 56 | 49 | |
| CASH AT END OF YEAR | 51 | 56 | 49 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2009 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2009 10-K (Filed: Feb 26, 2010) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2009 | Dec 31, 2008 | |
| Assets | ||
| Short Term Investments | $ 1,918 | 2,478 |
| Fixed Maturities | ||
| Tax Exempt (cost $18,720 and $18,299) | 19,587 | 18,345 |
| Taxable (cost $16,470 and $14,592) | 16,991 | 14,410 |
| Equity Securities (cost $1,215 and $1,563) | 1,433 | 1,479 |
| Other Invested Assets | 2,075 | 2,026 |
| TOTAL INVESTED ASSETS | 42,004 | 38,738 |
| Cash | 51 | 56 |
| Accrued Investment Income | 460 | 435 |
| Premiums Receivable | 2,101 | 2,201 |
| Reinsurance Recoverable on Unpaid Losses and Loss Expenses | 2,053 | 2,212 |
| Prepaid Reinsurance Premiums | 308 | 373 |
| Deferred Policy Acquisition Costs | 1,533 | 1,532 |
| Deferred Income Tax | 272 | 1,144 |
| Goodwill | 467 | 467 |
| Other Assets | 1,200 | 1,271 |
| TOTAL ASSETS | 50,449 | 48,429 |
| Liabilities | ||
| Unpaid Losses and Loss Expenses | 22,839 | 22,367 |
| Unearned Premiums | 6,153 | 6,367 |
| Long Term Debt | 3,975 | 3,975 |
| Dividend Payable to Shareholders | 118 | 118 |
| Accrued Expenses and Other Liabilities | 1,730 | 2,170 |
| TOTAL LIABILITIES | 34,815 | 34,997 |
| Commitments and Contingent Liabilities (Note 7 and 16) | ||
| Shareholders' Equity | ||
| Preferred Stock - Authorized 8,000,000 Shares; $1 Par Value; Issued - None | 0 | 0 |
| Common Stock - Authorized 1,200,000,000 Shares; $1 Par Value; Issued 371,980,460 and 371,980,710 Shares | 372 | 372 |
| Paid-In Surplus | 224 | 253 |
| Retained Earnings | 16,235 | 14,509 |
| Accumulated Other Comprehensive Income (Loss) | 720 | (735) |
| Treasury Stock, at Cost - 39,972,796 and 19,726,097 Shares | (1,917) | (967) |
| TOTAL SHAREHOLDERS' EQUITY | 15,634 | 13,432 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 50,449 | 48,429 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2009 | |||
Consolidated Statements of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2009 10-K (Filed: Feb 25, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Revenue: | |||
| Net premiums written | $ 13,299 | 13,080 | 11,979 |
| Change in unearned premiums | (59) | 123 | 318 |
| Net premiums earned | 13,240 | 13,203 | 12,297 |
| Net investment income | 2,031 | 2,062 | 1,918 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (699) | (1,064) | (141) |
| Portion of OTTI losses recognized in other comprehensive income | 302 | 0 | 0 |
| Net OTTI losses recognized in income | (397) | (1,064) | (141) |
| Net realized gains (losses) excluding OTTI losses | 201 | (569) | 80 |
| Net realized (gains) losses | (196) | (1,633) | (61) |
| Total revenues | 15,075 | 13,632 | 14,154 |
| Expenses: | |||
| Losses and loss expenses | 7,422 | 7,603 | 7,351 |
| Policy benefits | 325 | 399 | 168 |
| Policy acquisition costs | 2,130 | 2,135 | 1,771 |
| Administrative expenses | 1,811 | 1,737 | 1,455 |
| Interest expense | 225 | 230 | 175 |
| Other (income) expense | 85 | (39) | 81 |
| Total expenses | 11,998 | 12,065 | 11,001 |
| Net income before tax | 3,077 | 1,567 | 3,153 |
| Income tax expense | 528 | 370 | 575 |
| Net income | 2,549 | 1,197 | 2,578 |
| Other comprehensive income (loss): | |||
| Unrealized appreciation (depreciation) | 2,712 | (3,948) | (3) |
| Reclassification adjustment for net realized (gains) losses included in net income | 75 | 1,189 | 27 |
| Subtotal | 2,787 | (2,759) | 24 |
| Change in cumulative translation adjustment | 568 | (590) | 105 |
| Change in pension liability | (48) | 23 | (4) |
| Other comprehensive income (loss), before income tax | 3,307 | (3,326) | 125 |
| Income tax (expense) benefit related to other comprehensive income items | (568) | 647 | (60) |
| Other comprehensive income (loss) | 2,739 | (2,679) | 65 |
| Comprehensive income (loss) | 5,288 | (1,482) | 2,643 |
| Earnings per share: | |||
| Basic earnings per share | 7.57 | 3.52 | 7.70 |
| Diluted earnings per share | 7.55 | 3.50 | 7.63 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2009 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2009 10-K (Filed: Feb 25, 2010) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
| Cash flows from operating activities: | |||
| Net income | $ 2,549 | 1,197 | 2,578 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net realized (gains) losses | 196 | 1,633 | 61 |
| Amortization of premiums/discounts on fixed maturities | 53 | (1) | (6) |
| Deferred income taxes | (19) | (141) | 25 |
| Unpaid losses and loss expenses (cash flow) | 298 | 1,300 | 1,194 |
| Unearned premiums (cash flow) | 102 | (128) | (356) |
| Future policy benefits (cash flow) | 67 | 212 | 27 |
| Insurance and reinsurance balances payable (cash flow) | 434 | (26) | 298 |
| Accounts payable, accrued expenses, and other liabilities (cash flow) | (206) | 638 | 242 |
| Income taxes payable (cash flow) | 13 | 46 | (72) |
| Insurance and reinsurance balances receivable (cash flow) | (119) | (6) | 155 |
| Reinsurance recoverable on losses and loss expenses (cash flow) | 518 | (224) | 341 |
| Reinsurance recoverable on policy benefits (cash flow) | (51) | (9) | 2 |
| Deferred policy acquisition costs (cash flow) | (309) | (185) | (10) |
| Prepaid reinsurance premiums (cash flow) | 24 | (15) | 35 |
| Other cash flows from operating activities | (215) | (190) | 187 |
| Net cash flows from operating activities | 3,335 | 4,101 | 4,701 |
| Cash flows used for investing activities: | |||
| Purchases of fixed maturities available for sale | (31,789) | (24,537) | (25,195) |
| Purchases of to be announced mortgage-backed securities | (5,471) | (18,969) | (22,923) |
| Purchases of fixed maturities held to maturity | (472) | (366) | (324) |
| Purchases of equity securities | (354) | (971) | (929) |
| Sales of fixed maturities available for sale | 23,693 | 21,087 | 19,266 |
| Sales of to be announced mortgage-backed securities | 5,961 | 18,340 | 21,550 |
| Sales of fixed maturities held to maturity | 11 | 0 | 0 |
| Sales of equity securities | 1,272 | 1,164 | 863 |
| Maturities and redemptions of fixed maturities available for sale | 3,404 | 2,780 | 3,232 |
| Maturities and redemptions of fixed maturities held to maturity | 514 | 445 | 365 |
| Net derivative instruments settlements | (92) | 32 | (16) |
| Other cash flows from investing activities | 99 | (608) | (419) |
| Acquisition of subsidiary (net of cash acquired of $19) | 0 | 2,521 | 0 |
| Net cash flows used for investing activities | (3,224) | (4,124) | (4,530) |
| Cash flows (used for) from financing activities: | |||
| Dividends paid on Common Shares | (388) | (362) | (341) |
| Net repayment of short-term debt | (466) | (89) | (465) |
| Net proceeds from issuance of long-term debt | 500 | 1,245 | 500 |
| Proceeds from exercise of options for Common Shares | 15 | 97 | 65 |
| Proceeds from Common Shares issued under ESPP | 10 | 10 | 9 |
| Tax benefit on share-based compensation expense | 8 | 12 | 24 |
| Dividends paid on Preferred Shares | 0 | (24) | (45) |
| Redemption of Preferred Shares | 0 | (575) | 0 |
| Net cash flows (used for) from financing activities | (321) | 314 | (253) |
| Effect of foreign currency rate changes on cash and cash equivalents: | |||
| Effect of foreign currency rate changes on cash and cash equivalents | 12 | 66 | 27 |
| Cash: | |||
| Net (decrease) increase in cash | (198) | 357 | (55) |
| Cash - beginning of period | 867 | 510 | |
| Cash - end of period | 669 | 867 | 510 |
| Supplemental cash flow information | |||
| Taxes paid | 538 | 403 | 561 |
| Interest paid | 228 | 226 | 177 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2009 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2009 10-K (Filed: Feb 25, 2010) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2009 | Dec 31, 2008 | |
| Assets | ||
| Investments | ||
| Fixed maturities available for sale, at fair value (amortized cost - $38,985 and $33,109) (includes hybrid financial instruments of $354 and $239) | $ 39,525 | 31,155 |
| Fixed maturities held to maturity, at amortized cost (fair value - $3,561 and $2,865) | 3,481 | 2,860 |
| Equity securities, at fair value (cost - $398 and $1,132) | 467 | 988 |
| Short-term investments, at fair value and amortized cost | 1,667 | 3,350 |
| Other investments (cost - $1,258 and $1,368) | 1,375 | 1,362 |
| Total investments | 46,515 | 39,715 |
| Cash | 669 | 867 |
| Securities lending collateral | 1,544 | 1,230 |
| Accrued investment income | 502 | 443 |
| Insurance and reinsurance balances receivable | 3,671 | 3,453 |
| Reinsurance recoverable on losses and loss expenses | 13,595 | 13,917 |
| Reinsurance recoverable on policy benefits | 298 | 259 |
| Deferred policy acquisition costs | 1,445 | 1,214 |
| Value of business acquired | 748 | 823 |
| Goodwill and other intangible assets | 3,931 | 3,747 |
| Prepaid reinsurance premiums | 1,521 | 1,539 |
| Deferred tax assets | 1,154 | 1,835 |
| Investments in partially-owned insurance companies (cost - $314 and $737) | 433 | 832 |
| Other assets | 1,954 | 2,183 |
| Total assets | 77,980 | 72,057 |
| Liabilities | ||
| Unpaid losses and loss expenses | 37,783 | 37,176 |
| Unearned premiums | 6,067 | 5,950 |
| Future policy benefits | 3,008 | 2,904 |
| Insurance and reinsurance balances payable | 3,295 | 2,841 |
| Deposit liabilities | 332 | 345 |
| Securities lending payable | 1,586 | 1,296 |
| Payable for securities purchased | 154 | 740 |
| Accounts payable, accrued expenses, and other liabilities | 2,349 | 2,635 |
| Income taxes payable | 111 | 138 |
| Short-term debt | 161 | 471 |
| Long-term debt | 3,158 | 2,806 |
| Trust preferred securities | 309 | 309 |
| Total liabilities | 58,313 | 57,611 |
| Shareholders' equity | ||
| Common Shares (CHF 31.88 and CHF 33.14 par value, 337,841,616 and 335,413,501 shares issued, 336,524,657 and 333,645,471 shares outstanding) | 10,503 | 10,827 |
| Common Shares in treasury (1,316,959 and 1,768,030 shares) | (3) | (3) |
| Additional paid-in capital | 5,526 | 5,464 |
| Retained earnings | 2,818 | 74 |
| Deferred compensation obligation | 2 | 3 |
| Accumulated other comprehensive income (loss) | 823 | (1,916) |
| Common shares issued to employee trust | (2) | (3) |
| Total shareholders' equity | 19,667 | 14,446 |
| Total liabilities and shareholders' equity | 77,980 | 72,057 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2009 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |