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: 2022 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Revenues | |||
| Net premiums written | $ 41,755 | 37,868 | 33,820 |
| Increase in unearned premiums | (1,366) | (1,513) | (703) |
| Net premiums earned | 40,389 | 36,355 | 33,117 |
| Net investment income | 3,742 | 3,456 | 3,375 |
| Net realized gains (losses) | (965) | 1,152 | (498) |
| Total revenues | 43,166 | 40,963 | 35,994 |
| Expenses | |||
| Losses and loss expenses | 23,342 | 21,980 | 21,710 |
| Policy benefits | 1,492 | 699 | 784 |
| Policy acquisition costs | 7,392 | 6,918 | 6,547 |
| Administrative expenses | 3,395 | 3,136 | 2,979 |
| Interest expense | 570 | 492 | 516 |
| Other (income) expense | 74 | (2,365) | (994) |
| Amortization of purchased intangibles | 285 | 287 | 290 |
| Cigna integration expenses | 48 | 0 | 0 |
| Total expenses | 36,598 | 31,147 | 31,832 |
| Income before income tax | 6,568 | 9,816 | 4,162 |
| Income tax expense | 1,255 | 1,277 | 629 |
| Net income | 5,313 | 8,539 | 3,533 |
| Other comprehensive income (loss): | |||
| Change in unrealized appreciation (depreciation) | (10,578) | (2,938) | 2,592 |
| Change in cumulative foreign currency translation adjustment | (986) | (530) | 306 |
| Change in other, including postretirement benefit liability adjustment | (100) | 522 | (232) |
| Other comprehensive income (loss), before income tax | (11,664) | (2,946) | 2,666 |
| Income tax (expense) benefit related to OCI items | 1,121 | 427 | (416) |
| Other comprehensive income (loss) | (10,543) | (2,519) | 2,250 |
| Comprehensive income (loss) | (5,230) | 6,020 | 5,783 |
| Earnings per share | |||
| Basic earnings per share | 12.66 | 19.41 | 7.82 |
| Diluted earnings per share | 12.55 | 19.27 | 7.79 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2022 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
| Cash flows from operating activities | |||
| Net income | $ 5,313 | 8,539 | 3,533 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net Realized Gains Losses | 965 | (1,152) | 498 |
| Accretion (Amortization) of Discounts and Premiums, Investments | 189 | 332 | 367 |
| Amortization of purchased intangibles | 285 | 287 | 290 |
| Deferred income taxes | 132 | (74) | (333) |
| Equity in net income of subsidiaries and affiliates | (16) [1] | (2,433) | (1,019) |
| Unpaid losses and loss expenses | 4,222 | 5,791 | 4,664 |
| Unearned premiums | 1,477 | 1,857 | 846 |
| Future policy benefits | 464 | 239 | 236 |
| Insurance and reinsurance balances payable | 461 | 582 | 535 |
| Accounts payable, accrued expenses, and other liabilities | 223 | 536 | (98) |
| Income taxes payable | (149) | 48 | 46 |
| Insurance and reinsurance balances receivable | (696) | (984) | (114) |
| Reinsurance recoverable | (1,776) | (1,953) | (336) |
| Deferred policy acquisition costs | (328) | (247) | (89) |
| Other | 477 | (219) | 759 |
| Net Cash Provided by (Used in) Operating Activities, Total | 11,243 | 11,149 | 9,785 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (27,844) | (30,222) | (26,298) |
| Purchases of fixed maturities held to maturity | (618) | (594) | (202) |
| Purchases of equity securities | (895) | (1,167) | (6,419) |
| Sales of fixed maturities available for sale | 16,855 | 6,596 | 11,377 |
| Sales of equity securities | 4,615 | 1,018 | 3,880 |
| Maturities and redemptions of fixed maturities available for sale | 9,415 | 17,361 | 12,450 |
| Maturities and redemptions of fixed maturities held to maturity | 1,712 | 1,964 | 995 |
| Net change in short-term investments | (1,452) | 1,175 | (81) |
| Net derivative instruments settlements | (84) | (219) | (113) |
| Private equity contributions | (2,649) | (2,471) | (1,924) |
| Private equity distributions | 1,017 | 1,421 | 907 |
| Acquisition of subsidiaries (net of cash acquired of $366, nil, and nil) | (4,982) | 0 | 0 |
| Payment, including deposit, for Huatai Group Interest | (184) | (1,184) | (1,623) |
| Other | (560) | (337) | (470) |
| Net Cash Provided by (Used in) Investing Activities | (5,654) | (6,659) | (7,521) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (1,375) | (1,401) | (1,388) |
| Common Shares repurchased | (2,894) | (4,861) | (523) |
| Proceeds from issuance of long-term debt | 0 | 1,576 | 988 |
| Proceeds from issuance of repurchase agreements | 4,510 | 1,858 | 2,354 |
| Repayments of Long-term Debt | (1,000) | 0 | (1,301) |
| Repayment of repurchase agreements | (4,508) | (1,858) | (2,354) |
| Proceeds from share-based compensation plans | 264 | 300 | 145 |
| Policyholder contract deposits | 496 | 512 | 470 |
| Policyholder contract withdrawals | (519) | (454) | (386) |
| Tax withholding payments for share-based compensation plans | (101) | (81) | (87) |
| Net cash flows (used for) from financing activities | (5,127) | (4,409) | (2,082) |
| Effect of foreign currency rate changes on cash and restricted cash | (146) | (106) | 8 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 316 | (25) | 190 |
| Cash and restricted cash - beginning of year | 1,811 | 1,836 | |
| Cash and restricted cash - end of year | 2,127 | 1,811 | 1,836 |
| Supplemental cash flow information | |||
| Taxes paid | 1,242 | 1,298 | 902 |
| Interest paid | 552 | 492 | 524 |
| [1] Equity in net income (loss) of partially-owned entities includes mark-to-market gain (loss) on private equities where we own more than three percent, totaling $(219) million, $2,004 million, and $747 million for the years ended December 31, 2022, 2021, and 2020, respectively. This line item also includes net income of $5 million, $233 million, and $167 million attributable to our investments in Huatai for the years ended December 31, 2022, 2021, and 2020, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2022 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2022 10-K (Filed: Feb 24, 2023) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2022 | Dec 31, 2021 | |
| Assets | ||
| Fixed maturities available for sale, at fair value, net of valuation allowance - $169 and $14 (amortized cost $93,355 and $90,493) | $ 85,220 | 93,108 |
| Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $34 and $35 (fair value $8,439 and $10,647) | 8,848 | 10,118 |
| Equity securities, at fair value | 827 | 4,782 |
| Short-term investments, at fair value (amortized cost $4,962 and $3,147) | 4,960 | 3,146 |
| Other investments, at fair value | 13,696 | 11,169 |
| Total investments | 113,551 | 122,323 |
| Cash | 2,012 | 1,659 |
| Restricted cash | 115 | 152 |
| Securities lending collateral | 1,523 | 1,831 |
| Accrued investment income | 941 | 821 |
| Insurance and reinsurance balances receivable, net of valuation allowance - $52 and $46 | 11,933 | 11,322 |
| Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $351 and $329 | 18,901 | 17,366 |
| Reinsurance recoverable on policy benefits | 303 | 213 |
| Deferred policy acquisition costs | 5,788 | 5,513 |
| Value of business acquired | 3,596 | 236 |
| Goodwill | 16,287 | 15,213 |
| Other intangible assets | 5,441 | 5,455 |
| Prepaid reinsurance premiums | 3,140 | 3,028 |
| Investments in partially-owned insurance companies | 2,877 | 3,130 |
| Other assets | 12,736 | 11,792 |
| Total assets | 199,144 | 200,054 |
| Liabilities | ||
| Unpaid losses and loss expenses | 76,323 | 72,943 |
| Unearned premiums | 20,360 | 19,101 |
| Future policy benefits | 10,120 | 5,947 |
| Insurance and reinsurance balances payable | 7,795 | 7,243 |
| Securities lending payable | 1,523 | 1,831 |
| Accounts payable, accrued expenses, and other liabilities | 15,587 | 15,004 |
| Deferred tax liabilities | 292 | 389 |
| Repurchase agreements | 1,419 | 1,406 |
| Short-term debt | 475 | 999 |
| Long-term debt | 14,402 | 15,169 |
| Trust preferred securities | 308 | 308 |
| Total liabilities | 148,604 | 140,340 |
| Commitments and contingencies (refer to Note 10) | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.15 par value; 446,376,614 and 474,021,114 shares issued; 414,594,856 and 426,572,612 shares outstanding) | 10,346 | 10,985 |
| Common Shares in treasury (31,781,758 and 47,448,502 shares) | (5,113) | (7,464) |
| Additional paid-in capital | 7,166 | 8,478 |
| Retained earnings | 48,334 | 47,365 |
| Accumulated other comprehensive income (loss) (AOCI) | (10,193) | 350 |
| Total shareholders equity | 50,540 | 59,714 |
| Total liabilities and shareholders equity | 199,144 | 200,054 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2022 | |
| 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 |