10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
| ||||||||||||||
|
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2010 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Revenues | |||
| Premiums Earned | $ 11,215 | 11,331 | 11,828 |
| Investment Income | 1,665 | 1,649 | 1,732 |
| Other Revenues | 13 | 13 | 32 |
| Realized Investment Gains (Losses), Net | |||
| Total Other-Than-Temporary Impairment Losses on Investments | (6) | (132) | (446) |
| Other-Than-Temporary Impairment Losses on Investments Recognized in Other Comprehensive Income | (5) | 20 | 0 |
| Other Realized Investment Gains, Net | 437 | 135 | 75 |
| Total Realized Investment Gains (Losses), Net | 426 | 23 | (371) |
| TOTAL REVENUES | 13,319 | 13,016 | 13,221 |
| Losses and Expenses | |||
| Losses and Loss Expenses | 6,499 | 6,268 | 6,898 |
| Amortization of Deferred Policy Acquisition Costs | 3,067 | 3,021 | 3,123 |
| Other Insurance Operating Costs and Expenses | 425 | 416 | 441 |
| Investment Expenses | 35 | 39 | 32 |
| Other Expenses | 15 | 16 | 36 |
| Corporate Expenses | 290 | 294 | 284 |
| TOTAL LOSSES AND EXPENSES | 10,331 | 10,054 | 10,814 |
| INCOME BEFORE FEDERAL AND FOREIGN INCOME TAX | 2,988 | 2,962 | 2,407 |
| Federal and Foreign Income Tax | 814 | 779 | 603 |
| NET INCOME | 2,174 | 2,183 | 1,804 |
| Net Income Per Share | |||
| Basic | 6.81 | 6.24 | 5.00 |
| Diluted | 6.76 | 6.18 | 4.92 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2010 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Net Income | $ 2,174 | 2,183 | 1,804 |
| Other Comprehensive Income (Loss), Net of Tax | |||
| Change in Unrealized Appreciation or Depreciation of Investments | 69 | 1,223 | (669) |
| Change in Unrealized Other-Than-Temporary Impairment Losses on Investments | 7 | (6) | 0 |
| Foreign Currency Translation Gains (Losses) | (18) | 170 | (226) |
| Change in Postretirement Benefit Costs Not Yet Recognized in Net Income | 12 | 98 | (284) |
| Total Other Comprehensive Income, Net of Tax | 70 | 1,485 | (1,179) |
| COMPREHENSIVE INCOME | 2,244 | 3,668 | 625 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2010 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash Flows from Operating Activities | |||
| Net Income | $ 2,174 | 2,183 | 1,804 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||
| Increase in Unpaid Losses and Loss Expenses, Net | 145 | 262 | 389 |
| Increase (Decrease) in Unearned Premiums, Net | 21 | (254) | (46) |
| Decrease in Premiums Receivable | 3 | 100 | 26 |
| Decrease in Reinsurance Recoverable on Paid Losses | 23 | 6 | 148 |
| Change in Income Tax Recoverable or Payable | 178 | (27) | (80) |
| Deferred Income Tax (Credit) | 136 | 86 | (56) |
| Amortization of Premiums and Discounts on Fixed Maturities | 175 | 186 | 206 |
| Depreciation | 63 | 69 | 64 |
| Realized Investment Losses (Gains), Net | (426) | (23) | 371 |
| Other, Net | (140) | (153) | (282) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,352 | 2,435 | 2,544 |
| Cash Flows from Investing Activities | |||
| Proceeds from Fixed Maturities - Sales | 2,287 | 3,029 | 4,145 |
| Proceeds from Fixed Maturities - Maturities, Calls and Redemptions | 2,856 | 2,578 | 2,173 |
| Proceeds from Sales of Equity Securities | 129 | 394 | 432 |
| Purchases of Fixed Maturities | (5,197) | (7,390) | (7,125) |
| Purchases of Equity Securities | (156) | (37) | (191) |
| Investments in Other Invested Assets, Net | 173 | (37) | (45) |
| Decrease (Increase) in Short Term Investments, Net | 38 | 563 | (654) |
| Increase (Decrease) in Net Payable from Security Transactions not Settled | (24) | 72 | (18) |
| Purchases of Property and Equipment, Net | (54) | (52) | (46) |
| Other, Net | (6) | 6 | 3 |
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 46 | (874) | (1,326) |
| Cash Flows from Financing Activities | |||
| Proceeds from Issuance of Long Term Debt | 0 | 0 | 1,200 |
| Repayment of Long Term Debt | 0 | 0 | (685) |
| Increase (Decrease) in Funds Held under Deposit Contracts | 22 | (53) | (19) |
| Proceeds from Issuance of Common Stock Under Stock-Based Employee Compensation Plans | 74 | 34 | 109 |
| Repurchase of Shares | (2,003) | (1,060) | (1,336) |
| Dividends Paid to Shareholders | (472) | (487) | (471) |
| Other, Net | 0 | 0 | (9) |
| NET CASH USED IN FINANCING ACTIVITIES | (2,379) | (1,566) | (1,211) |
| Net Increase (Decrease) in Cash | 19 | (5) | 7 |
| Cash at Beginning of Year | 51 | 56 | |
| CASH AT END OF YEAR | 70 | 51 | 56 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2010 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Short Term Investments | $ 1,905 | 1,918 |
| Fixed Maturities | ||
| Tax Exempt (cost $19,072 and $18,720) | 19,774 | 19,587 |
| Taxable (cost $15,989 and $16,470) | 16,745 | 16,991 |
| Equity Securities (cost $1,285 and $1,215) | 1,550 | 1,433 |
| Other Invested Assets | 2,239 | 2,075 |
| TOTAL INVESTED ASSETS | 42,213 | 42,004 |
| Cash | 70 | 51 |
| Accrued Investment Income | 447 | 460 |
| Premiums Receivable | 2,098 | 2,101 |
| Reinsurance Recoverable on Unpaid Losses and Loss Expenses | 1,817 | 2,053 |
| Prepaid Reinsurance Premiums | 325 | 308 |
| Deferred Policy Acquisition Costs | 1,562 | 1,533 |
| Deferred Income Tax | 98 | 272 |
| Goodwill | 467 | 467 |
| Other Assets | 1,152 | 1,200 |
| TOTAL ASSETS | 50,249 | 50,449 |
| Liabilities | ||
| Unpaid Losses and Loss Expenses | 22,718 | 22,839 |
| Unearned Premiums | 6,189 | 6,153 |
| Long Term Debt | 3,975 | 3,975 |
| Dividend Payable to Shareholders | 112 | 118 |
| Accrued Expenses and Other Liabilities | 1,725 | 1,730 |
| TOTAL LIABILITIES | 34,719 | 34,815 |
| Commitments and Contingent Liabilities (Note 6 and 13) | ||
| 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 Shares | 372 | 372 |
| Paid-In Surplus | 208 | 224 |
| Retained Earnings | 17,943 | 16,235 |
| Accumulated Other Comprehensive Income | 790 | 720 |
| Treasury Stock, at Cost 74,707,547 and 39,972,796 Shares | (3,783) | (1,917) |
| TOTAL SHAREHOLDERS' EQUITY | 15,530 | 15,634 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 50,249 | 50,449 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2010 | |||
Consolidated Statements of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Dollars) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Revenue: | |||
| Net premiums written | $ 13,708,000,000 | 13,299,000,000 | 13,080,000,000 |
| Change in unearned premiums | (204,000,000) | (59,000,000) | 123,000,000 |
| Net premiums earned | 13,504,000,000 | 13,240,000,000 | 13,203,000,000 |
| Net investment income | 2,070,000,000 | 2,031,000,000 | 2,062,000,000 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (128,000,000) | (699,000,000) | (1,064,000,000) |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 69,000,000 | 302,000,000 | 0 |
| Net OTTI losses recognized in income | (59,000,000) | (397,000,000) | (1,064,000,000) |
| Net realized gains (losses) excluding OTTI losses | 491,000,000 | 201,000,000 | (569,000,000) |
| Net realized gains (losses) | 432,000,000 | (196,000,000) | (1,633,000,000) |
| Total revenues | 16,006,000,000 | 15,075,000,000 | 13,632,000,000 |
| Expenses: | |||
| Losses and loss expenses | 7,579,000,000 | 7,422,000,000 | 7,603,000,000 |
| Policy benefits | 357,000,000 | 325,000,000 | 399,000,000 |
| Policy acquisition costs | 2,337,000,000 | 2,130,000,000 | 2,135,000,000 |
| Administrative expenses | 1,858,000,000 | 1,811,000,000 | 1,737,000,000 |
| Interest expense | 224,000,000 | 225,000,000 | 230,000,000 |
| Other (income) expense | (16,000,000) | 85,000,000 | (39,000,000) |
| Total expenses | 12,339,000,000 | 11,998,000,000 | 12,065,000,000 |
| Income before income tax | 3,667,000,000 | 3,077,000,000 | 1,567,000,000 |
| Income tax expense | 559,000,000 | 528,000,000 | 370,000,000 |
| Net income (loss) | 3,108,000,000 | 2,549,000,000 | 1,197,000,000 |
| Other comprehensive income (loss): | |||
| Unrealized appreciation (depreciation) | 1,526,000,000 | 2,712,000,000 | (3,948,000,000) |
| Reclassification adjustment for net realized (gains) losses included in net income | (632,000,000) | 75,000,000 | 1,189,000,000 |
| Subtotal | 894,000,000 | 2,787,000,000 | (2,759,000,000) |
| Change in cumulative translation adjustment | (7,000,000) | 568,000,000 | (590,000,000) |
| Change in pension liability | 11,000,000 | (48,000,000) | 23,000,000 |
| Other comprehensive income (loss), before income tax | 898,000,000 | 3,307,000,000 | (3,326,000,000) |
| Income tax expense benefit related to other comprehensive income items | (127,000,000) | (568,000,000) | 647,000,000 |
| Other comprehensive income (loss) | 771,000,000 | 2,739,000,000 | (2,679,000,000) |
| Comprehensive income (loss) | 3,879,000,000 | 5,288,000,000 | (1,482,000,000) |
| Earnings per share: | |||
| Basic earnings per share | 9 | 8 | 4 |
| Diluted earnings per share | 9 | 8 | 4 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2010 | |||
Consolidated Statement of Cash Flows | |||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | |||
| (In Dollars) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | |
| Cash flows from operating activities: | |||
| Net income (loss) | $ 3,108,000,000 | 2,549,000,000 | 1,197,000,000 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net realized (gains) losses | (432,000,000) | 196,000,000 | 1,633,000,000 |
| Amortization of premiums/discounts on fixed maturities | 145,000,000 | 53,000,000 | (1,000,000) |
| Deferred income taxes | 116,000,000 | (19,000,000) | (141,000,000) |
| Unpaid losses and loss expenses (cash flow) | (360,000,000) | 298,000,000 | 1,300,000,000 |
| Unearned premiums (cash flow) | 262,000,000 | 102,000,000 | (128,000,000) |
| Future policy benefits (cash flow) | 48,000,000 | 67,000,000 | 212,000,000 |
| Insurance and reinsurance balances payable (cash flow) | (172,000,000) | 434,000,000 | (26,000,000) |
| Accounts payable, accrued expenses, and other liabilities (cash flow) | 130,000,000 | (206,000,000) | 638,000,000 |
| Income taxes payable (cash flow) | 10,000,000 | 13,000,000 | 46,000,000 |
| Insurance and reinsurance balances receivable (cash flow) | 50,000,000 | (119,000,000) | (6,000,000) |
| Reinsurance recoverable on losses and loss expenses (cash flow) | 626,000,000 | 518,000,000 | (224,000,000) |
| Reinsurance recoverable on policy benefits (cash flow) | 49,000,000 | (51,000,000) | (9,000,000) |
| Deferred policy acquisition costs (cash flow) | (193,000,000) | (309,000,000) | (185,000,000) |
| Prepaid reinsurance premiums (cash flow) | (13,000,000) | 24,000,000 | (15,000,000) |
| Other cash flows from operating activities | 172,000,000 | (215,000,000) | (190,000,000) |
| Net cash flows from operating activities | 3,546,000,000 | 3,335,000,000 | 4,101,000,000 |
| Cash flows used for investing activities: | |||
| Purchases of fixed maturities available for sale | (29,985,000,000) | (31,789,000,000) | (24,537,000,000) |
| Purchases of to be announced mortgage-backed securities | (1,271,000,000) | (5,471,000,000) | (18,969,000,000) |
| Purchases of fixed maturities held to maturity | (616,000,000) | (472,000,000) | (366,000,000) |
| Purchases of equity securities | (794,000,000) | (354,000,000) | (971,000,000) |
| Sales of fixed maturities available for sale | 23,096,000,000 | 23,693,000,000 | 21,087,000,000 |
| Sales of to be announced mortgage-backed securities | 1,183,000,000 | 5,961,000,000 | 18,340,000,000 |
| Sales of fixed maturities held to maturity | 11,000,000 | ||
| Sales of equity securities | 774,000,000 | 1,272,000,000 | 1,164,000,000 |
| Maturities and redemptions of fixed maturities available for sale | 3,660,000,000 | 3,404,000,000 | 2,780,000,000 |
| Maturities and redemptions of fixed maturities held to maturity | 1,353,000,000 | 514,000,000 | 445,000,000 |
| Net derivative instruments settlements | (109,000,000) | (92,000,000) | 32,000,000 |
| Acquisition of subsidiaries (net of cash acquired of $80 in 2010 and $19 in 2008) | (1,139,000,000) | (2,521,000,000) | |
| Other cash flows from investing activities | (333,000,000) | 99,000,000 | (608,000,000) |
| Net cash flows from (used for) investing activities | (4,181,000,000) | (3,224,000,000) | (4,124,000,000) |
| Cash flows (used for) from financing activities: | |||
| Dividends paid on Common Shares | (435,000,000) | (388,000,000) | (362,000,000) |
| Common Shares repurchased (cash flow) | (235,000,000) | ||
| Proceeds from issuance of short term debt | 1,300,000,000 | 266,000,000 | |
| Repayment of short-term debt | (159,000,000) | (466,000,000) | (355,000,000) |
| Proceeds from issuance of long term debt | 699,000,000 | 500,000,000 | 1,245,000,000 |
| Repayment of long-term debt | (500,000,000) | ||
| Proceeds from exercise of options for Common Shares | 53,000,000 | 15,000,000 | 97,000,000 |
| Proceeds from Common Shares issued under Employee Stock Purchase Plan (ESPP) | 10,000,000 | 10,000,000 | 10,000,000 |
| Tax benefit on share-based compensation expense | (1,000,000) | 8,000,000 | 12,000,000 |
| Dividends on Preferred Shares | (24,000,000) | ||
| Redemption of Preferred Shares | (575,000,000) | ||
| Net cash flows (used for) from financing activities | 732,000,000 | (321,000,000) | 314,000,000 |
| Effect of foreign currency rate changes on cash and cash equivalents: | |||
| Effect of foreign currency rate changes on cash and cash equivalents | 6,000,000 | 12,000,000 | 66,000,000 |
| Cash: | |||
| Net (decrease) increase in cash | 103,000,000 | (198,000,000) | 357,000,000 |
| Cash - beginning of period | 669,000,000 | 867,000,000 | |
| Cash - end of period | 772,000,000 | 669,000,000 | 867,000,000 |
| Supplement cash flow disclosures | |||
| Taxes paid (cash flow) | 434,000,000 | 538,000,000 | 403,000,000 |
| Interest paid (cash flow) | 204,000,000 | 228,000,000 | 226,000,000 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2010 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2010 10-K (Filed: Feb 25, 2011) | ||
| (In Dollars) | ||
| As of | As of | |
| Dec 31, 2010 | Dec 31, 2009 | |
| Assets | ||
| Investments | ||
| Fixed maturities available for sale, at fair value (amortized cost - $36,542 and $38,985) (includes hybrid financial instruments of $416 and $354) | $ 37,539,000,000 | 39,525,000,000 |
| Fixed maturities held to maturity, at amortized cost (fair value - $9,461 and $3,561) | 9,501,000,000 | 3,481,000,000 |
| Equity securities, at fair value (cost - $666 and $398) | 692,000,000 | 467,000,000 |
| Short-term investments, at fair value and amortized cost | 1,983,000,000 | 1,667,000,000 |
| Other investments (cost - $1,511 and $1,258) | 1,692,000,000 | 1,375,000,000 |
| Total investments | 51,407,000,000 | 46,515,000,000 |
| Cash | 772,000,000 | 669,000,000 |
| Securities lending collateral | 1,495,000,000 | 1,544,000,000 |
| Accrued investment income | 521,000,000 | 502,000,000 |
| Insurance and reinsurance balances receivable | 4,233,000,000 | 3,671,000,000 |
| Reinsurance recoverables on losses and loss expenses | 12,871,000,000 | 13,595,000,000 |
| Reinsurance recoverable on policy benefits | 281,000,000 | 298,000,000 |
| Deferred policy acquisition costs | 1,641,000,000 | 1,445,000,000 |
| Value of business acquired | 634,000,000 | 748,000,000 |
| Goodwill and other intangible assets | 4,664,000,000 | 3,931,000,000 |
| Prepaid reinsurance premiums | 1,511,000,000 | 1,521,000,000 |
| Deferred tax assets | 769,000,000 | 1,154,000,000 |
| Investments in partially-owned insurance companies (cost - $357 and $314) | 360,000,000 | 433,000,000 |
| Other assets | 2,196,000,000 | 1,954,000,000 |
| Total assets | 83,355,000,000 | 77,980,000,000 |
| Liabilities | ||
| Unpaid losses and loss expenses | 37,391,000,000 | 37,783,000,000 |
| Unearned premiums | 6,330,000,000 | 6,067,000,000 |
| Future policy benefits | 3,106,000,000 | 3,008,000,000 |
| Insurance and reinsurance balances payable | 3,282,000,000 | 3,295,000,000 |
| Deposit liabilities | 421,000,000 | 332,000,000 |
| Securities lending payable | 1,518,000,000 | 1,586,000,000 |
| Payable for securities purchased | 292,000,000 | 154,000,000 |
| Accounts payable, accrued expenses, and other liabilities | 2,958,000,000 | 2,349,000,000 |
| Income taxes payable | 116,000,000 | 111,000,000 |
| Short-term debt | 1,300,000,000 | 161,000,000 |
| Long-term debt | 3,358,000,000 | 3,158,000,000 |
| Trust preferred securities | 309,000,000 | 309,000,000 |
| Total liabilities | 60,381,000,000 | 58,313,000,000 |
| Shareholders' equity | ||
| Common Shares (CHF 30.57 and CHF 31.88 par value, 341,094,559 and 337,841,616 shares issued, 334,942,852 and 336,524,657 shares outstanding) | 10,161,000,000 | 10,503,000,000 |
| Common Shares in treasury (6,151,707 and 1,316,959 shares) | (330,000,000) | (3,000,000) |
| Additional paid-in capital | 5,623,000,000 | 5,526,000,000 |
| Retained earnings | 5,926,000,000 | 2,818,000,000 |
| Deferred compensation obligation | 2,000,000 | 2,000,000 |
| Accumulated other comprehensive income (AOCI) | 1,594,000,000 | 823,000,000 |
| Common shares issued to employee trust | (2,000,000) | (2,000,000) |
| Total shareholders' equity | 22,974,000,000 | 19,667,000,000 |
| Total liabilities and shareholders' equity | 83,355,000,000 | 77,980,000,000 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2010 | |
| 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 |