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: 2013 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | |||
| Premiums Earned | $ 12,066 | 11,838 | 11,644 |
| Investment Income | 1,465 | 1,556 | 1,644 |
| Other Revenues | 14 | 8 | 9 |
| Realized Investment Gains (Losses), Net | |||
| Total Other-Than-Temporary Impairment Losses on Investments | (11) | (40) | (22) |
| Other-Than-Temporary Impairment Losses on Investments Recognized in Other Comprehensive Income | (5) | (1) | |
| Other Realized Investment Gains, Net | 413 | 238 | 311 |
| Total Realized Investment Gains, Net | 402 | 193 | 288 |
| TOTAL REVENUES | 13,947 | 13,595 | 13,585 |
| Losses and Expenses | |||
| Losses and Loss Expenses | 6,520 | 7,507 | 7,407 |
| Amortization of Deferred Policy Acquisition Costs | 2,454 | 2,411 | 2,330 |
| Other Insurance Operating Costs and Expenses | 1,411 | 1,362 | 1,312 |
| Investment Expenses | 49 | 38 | 39 |
| Other Expenses | 22 | 11 | 11 |
| Corporate Expenses | 254 | 270 | 287 |
| TOTAL LOSSES AND EXPENSES | 10,710 | 11,599 | 11,386 |
| INCOME BEFORE FEDERAL AND FOREIGN INCOME TAX | 3,237 | 1,996 | 2,199 |
| Federal and Foreign Income Tax | 892 | 451 | 521 |
| NET INCOME | 2,345 | 1,545 | 1,678 |
| Net Income Per Share | |||
| Basic | 9.08 | 5.73 | 5.80 |
| Diluted | 9.04 | 5.69 | 5.76 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2013 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Net Income | $ 2,345 | 1,545 | 1,678 |
| Other Comprehensive Income (Loss), Net of Tax | |||
| Change in Unrealized Appreciation of Investments | (788) | 275 | 615 |
| Change in Unrealized Other-Than-Temporary Impairment Losses on Investments | 2 | 1 | |
| Change in Postretirement Benefit Costs Not Yet Recognized in Net Income | 464 | (30) | (215) |
| Foreign Currency Translation Gains (Losses) | (72) | (11) | 4 |
| Total Other Comprehensive Income (Loss) Net of Tax | (396) | 236 | 405 |
| COMPREHENSIVE INCOME | 1,949 | 1,781 | 2,083 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2013 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Cash Flows from Operating Activities | |||
| Net Income | $ 2,345 | 1,545 | 1,678 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||
| Increase (Decrease) in Unpaid Losses and Loss Expenses, Net | (582) | 691 | 361 |
| Increase in Unearned Premiums, Net | 158 | 32 | 114 |
| Increase in Premiums Receivable | (99) | (24) | (63) |
| Change in Income Tax Payable or Recoverable | 93 | (53) | (102) |
| Amortization of Premiums and Discounts on Fixed Maturities | 183 | 163 | 147 |
| Depreciation | 55 | 54 | 58 |
| Realized Investment Gains, Net | (402) | (193) | (288) |
| Other, Net | (20) | 84 | (27) |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 1,731 | 2,299 | 1,878 |
| Cash Flows from Investing Activities | |||
| Proceeds from Fixed Maturities - Sales | 2,449 | 2,271 | 1,730 |
| Proceeds from Fixed Maturities - Maturities, Calls and Redemptions | 4,909 | 4,290 | 3,540 |
| Proceeds from Sales of Equity Securities | 545 | 160 | 167 |
| Purchases of Fixed Maturities | (8,275) | (7,247) | (5,014) |
| Purchases of Equity Securities | (113) | (112) | (95) |
| Investments in Other Invested Assets, Net | 498 | 293 | 285 |
| Decrease (Increase) in Short Term Investments, Net | 383 | (629) | 11 |
| Change in Receivable or Payable from Security Transactions not Settled, Net | (86) | 45 | 8 |
| Purchases of Property and Equipment, Net | (52) | (43) | (52) |
| Other, Net | (6) | ||
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 252 | (972) | 580 |
| Cash Flows from Financing Activities | |||
| Repayment of Long Term Debt | (275) | (400) | |
| Increase (Decrease) in Funds Held under Deposit Contracts | (6) | (12) | 7 |
| Proceeds from Issuance of Common Stock Under Stock-Based Employee Compensation Plans | 38 | 74 | 80 |
| Repurchase of Shares | (1,288) | (959) | (1,707) |
| Dividends Paid to Shareholders | (450) | (438) | (450) |
| NET CASH USED IN FINANCING ACTIVITIES | (1,981) | (1,335) | (2,470) |
| Net Increase (Decrease) in Cash | 2 | (8) | (12) |
| Cash at Beginning of Year | 50 | 58 | |
| CASH AT END OF YEAR | 52 | 50 | 58 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Short Term Investments | $ 2,114 | 2,528 |
| Fixed Maturities (cost $35,959 and $35,398) | 37,091 | 38,076 |
| Equity Securities (cost $1,057 and $1,244) | 1,810 | 1,663 |
| Other Invested Assets | 1,598 | 1,954 |
| TOTAL INVESTED ASSETS | 42,613 | 44,221 |
| Cash | 52 | 50 |
| Accrued Investment Income | 418 | 424 |
| Premiums Receivable | 2,284 | 2,185 |
| Reinsurance Recoverable on Unpaid Losses and Loss Expenses | 1,802 | 1,941 |
| Prepaid Reinsurance Premiums | 290 | 337 |
| Deferred Policy Acquisition Costs | 1,255 | 1,206 |
| Deferred Income Tax | 47 | |
| Goodwill | 467 | 467 |
| Other Assets | 1,205 | 1,353 |
| TOTAL ASSETS | 50,433 | 52,184 |
| Liabilities | ||
| Unpaid Losses and Loss Expenses | 23,146 | 23,963 |
| Unearned Premiums | 6,423 | 6,361 |
| Long Term Debt | 3,300 | 3,575 |
| Dividend Payable to Shareholders | 110 | 108 |
| Deferred Income Tax | 162 | |
| Accrued Expenses and Other Liabilities | 1,357 | 2,188 |
| TOTAL LIABILITIES | 34,336 | 36,357 |
| Commitments and Contingent Liabilities (Note 5 and 12) | ||
| Shareholders' Equity | ||
| Preferred Stock - Authorized 8,000,000 Shares; $1 Par Value; Issued - None | ||
| Common Stock - Authorized 1,200,000,000 Shares; $1 Par Value; Issued 371,980,460 Shares | 372 | 372 |
| Paid-In Surplus | 171 | 178 |
| Retained Earnings | 21,902 | 20,009 |
| Accumulated Other Comprehensive Income | 1,035 | 1,431 |
| Treasury Stock, at Cost - 123,673,969 and 110,217,445 Shares | (7,383) | (6,163) |
| TOTAL SHAREHOLDERS' EQUITY | 16,097 | 15,827 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 50,433 | 52,184 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2013 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | |||
| Net premiums written | $ 17,025 | 16,075 | 15,372 |
| (Increase) decrease in unearned premiums | (412) | (398) | 15 |
| Net premiums earned | 16,613 | 15,677 | 15,387 |
| Net investment income | 2,144 | 2,181 | 2,242 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (22) | (38) | (65) |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 0 | 1 | 15 |
| Net OTTI losses recognized in income | (22) | (37) | (50) |
| Net realized gains (losses) excluding OTTI losses | 526 | 115 | (745) |
| Total net realized gains (losses) | 504 | 78 | (795) |
| Total revenues | 19,261 | 17,936 | 16,834 |
| Expenses | |||
| Losses and loss expenses | 9,348 | 9,653 | 9,520 |
| Policy benefits | 515 | 521 | 401 |
| Policy acquisition costs | 2,659 | 2,446 | 2,472 |
| Administrative expenses | 2,211 | 2,096 | 2,068 |
| Interest expense | 275 | 250 | 250 |
| Other (income) expense | 15 | (6) | 81 |
| Total expenses | 15,023 | 14,960 | 14,792 |
| Income before income tax | 4,238 | 2,976 | 2,042 |
| Income tax expense | 480 | 270 | 502 |
| Net income | 3,758 | 2,706 | 1,540 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | (1,762) | 1,350 | 646 |
| Reclassification adjustment for net realized gains included in net income | (105) | (234) | (173) |
| Other comprehensive income (loss)after reclassification for net realized gains included in net income | (1,867) | 1,116 | 473 |
| Change in: | |||
| Cumulative translation adjustment | (339) | 116 | (5) |
| Pension liability | 0 | (35) | 8 |
| Other comprehensive income (loss), before income tax | (2,206) | 1,197 | 476 |
| Income tax benefit (expense) related to OCI items | 471 | (221) | (159) |
| Other comprehensive income (loss) | (1,735) | 976 | 317 |
| Comprehensive income | 2,023 | 3,682 | 1,857 |
| Earnings per share | |||
| Basic earnings per share | 11.02 | 7.96 | 4.55 |
| Diluted earnings per share | 10.92 | 7.89 | 4.52 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2013 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Cash flows from operating activities | |||
| Net income | $ 3,758 | 2,706 | 1,540 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net realized (gains) losses | (504) | (78) | 795 |
| Amortization of premiums/discounts on fixed maturities | 268 | 220 | 152 |
| Deferred income taxes | 240 | (7) | 15 |
| Unpaid losses and loss expenses | (365) | 203 | 43 |
| Unearned premiums | 402 | 522 | 9 |
| Future policy benefits | 191 | 158 | 78 |
| Insurance and reinsurance balances payable | 176 | (151) | 216 |
| Accounts payable, accrued expenses, and other liabilities | 37 | (42) | 39 |
| Income taxes payable | (45) | (167) | 39 |
| Insurance and reinsurance balances receivable | (624) | 335 | (217) |
| Reinsurance recoverable on losses and loss expenses | 787 | 372 | 531 |
| Reinsurance recoverable on policy benefits | 23 | 52 | 25 |
| Deferred policy acquisition costs | (503) | (340) | (122) |
| Prepaid reinsurance premiums | (31) | (123) | (34) |
| Other | 212 | 335 | 361 |
| Net cash flows from operating activities | 4,022 | 3,995 | 3,470 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (21,340) | (23,572) | (23,523) |
| Purchases of to be announced mortgage-backed securities | (58) | (389) | (755) |
| Purchases of fixed maturities held to maturity | (447) | (388) | (340) |
| Purchases of equity securities | (264) | (135) | (309) |
| Sales of fixed maturities available for sale | 10,355 | 14,321 | 17,176 |
| Sales of to be announced mortgage-backed securities | 58 | 448 | 795 |
| Sales of equity securities | 142 | 119 | 376 |
| Maturities and redemptions of fixed maturities available for sale | 6,941 | 5,523 | 3,720 |
| Maturities and redemptions of fixed maturities held to maturity | 1,488 | 1,451 | 1,279 |
| Net change in short-term investments | 524 | 117 | (300) |
| Net derivative instruments settlements | (471) | (281) | (67) |
| Acquisition of subsidiaries (net of cash acquired of $38, $8, and $91) | (977) | (98) | (606) |
| Other | (393) | (555) | (482) |
| Net cash flows used for investing activities | (4,442) | (3,439) | (3,036) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (517) | (815) | (459) |
| Common Shares repurchased | (287) | (11) | (195) |
| Proceeds from issuance of long-term debt | 947 | ||
| Proceeds from issuance of short-term debt | 2,572 | 2,933 | 5,238 |
| Repayment of short-term debt | (2,572) | (2,783) | (5,288) |
| Proceeds from share-based compensation plans, including windfall tax benefits | 135 | 126 | 139 |
| Other | 113 | ||
| Net cash flows from (used for) financing activities | 391 | (550) | (565) |
| Effect of foreign currency rate changes on cash and cash equivalents | (7) | (5) | (27) |
| Net increase (decrease) in cash | (36) | 1 | (158) |
| Cash beginning of year | 615 | 614 [1] | |
| Cash end of year | 579 | 615 | 614 [1] |
| Supplemental cash flow information | |||
| Taxes paid | 218 | 438 | 460 |
| Interest paid | 253 | 240 | 234 |
| [1] ACE maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2012, the cash balance of one or more entities was negative; however, the overall Pool balances were positive. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2013 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2013 10-K (Filed: Feb 28, 2014) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2013 | Dec 31, 2012 | |
| Assets | ||
| Fixed maturities available for sale, at fair value (amortized cost - $48,406 and $44,666) (includes hybrid financial instruments of $302 and $309) | $ 49,254 | 47,306 |
| Fixed maturities held to maturity, at amortized cost (fair value $6,263 and $7,633) | 6,098 | 7,270 |
| Equity securities, at fair value (cost $841 and $707) | 837 | 744 |
| Short-term investments, at fair value and amortized cost | 1,763 | 2,228 |
| Other investments (cost $2,671 and $2,465) | 2,976 | 2,716 |
| Total investments | 60,928 | 60,264 |
| Cash | 579 | 615 |
| Securities lending collateral | 1,632 | 1,791 |
| Accrued investment income | 556 | 552 |
| Insurance and reinsurance balances receivable | 5,026 | 4,147 |
| Reinsurance recoverable on losses and loss expenses | 11,227 | 12,078 |
| Reinsurance recoverable on policy benefits | 218 | 241 |
| Deferred policy acquisition costs | 2,313 | 1,873 |
| Value of business acquired | 536 | 614 |
| Goodwill and other intangible assets | 5,404 | 4,975 |
| Prepaid reinsurance premiums | 1,675 | 1,617 |
| Deferred tax assets | 616 | 453 |
| Investments in partially-owned insurance companies (cost $467 and $451) | 470 | 454 |
| Other assets | 3,330 | 2,871 |
| Total assets | 94,510 | 92,545 |
| Liabilities | ||
| Unpaid losses and loss expenses | 37,443 | 37,946 |
| Unearned premiums | 7,539 | 6,864 |
| Future policy benefits | 4,615 | 4,470 |
| Insurance and reinsurance balances payable | 3,628 | 3,472 |
| Securities lending payable | 1,633 | 1,795 |
| Accounts payable, accrued expenses, and other liabilities | 4,810 | 5,397 |
| Short-term debt | 1,901 | 1,401 |
| Long-term debt | 3,807 | 3,360 |
| Trust preferred securities | 309 | 309 |
| Total liabilities | 65,685 | 65,014 |
| Shareholders' equity | ||
| Common Shares (CHF 27.04 and CHF 28.89 par value; 342,832,412 shares issued; 339,793,935 and 340,321,534 shares outstanding) | 8,899 | 9,591 |
| Common Shares in treasury (3,038,477 and 2,510,878 shares) | (255) | (159) |
| Additional paid-in capital | 5,238 | 5,179 |
| Retained earnings | 13,791 | 10,033 |
| Accumulated other comprehensive income (AOCI) | 1,152 | 2,887 |
| Total shareholders equity | 28,825 | 27,531 |
| Total liabilities and shareholders equity | 94,510 | 92,545 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2013 | |
| 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 |