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 CORP | |||
Ticker: CB Fiscal Year: 2014 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues | |||
| Net premiums written | $ 17,799 | 17,025 | 16,075 |
| Increase in unearned premiums | (373) | (412) | (398) |
| Net premiums earned | 17,426 | 16,613 | 15,677 |
| Net investment income | 2,252 | 2,144 | 2,181 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (75) | (22) | (38) |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 7 | 1 | |
| Net OTTI losses recognized in income | (68) | (22) | (37) |
| Net realized gains (losses) excluding OTTI losses | (439) | 526 | 115 |
| Total net realized gains (losses) | (507) | 504 | 78 |
| Total revenues | 19,171 | 19,261 | 17,936 |
| Expenses | |||
| Losses and loss expenses | 9,649 | 9,348 | 9,653 |
| Policy benefits | 517 | 515 | 521 |
| Policy acquisition costs | 3,075 | 2,659 | 2,446 |
| Administrative expenses | 2,245 | 2,211 | 2,096 |
| Interest expense | 280 | 275 | 250 |
| Other (income) expense | (82) | 15 | (6) |
| Total expenses | 15,684 | 15,023 | 14,960 |
| Income before income tax | 3,487 | 4,238 | 2,976 |
| Income tax expense | 634 | 480 | 270 |
| Net income | 2,853 | 3,758 | 2,706 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | 820 | (1,762) | 1,350 |
| Reclassification adjustment for net realized (gains) losses included in net income | 24 | (105) | (234) |
| Other comprehensive income (loss)after reclassification for net realized gains included in net income | 844 | (1,867) | 1,116 |
| Change in: | |||
| Cumulative translation adjustment | (632) | (339) | 116 |
| Pension liability | 2 | (35) | |
| Other comprehensive income (loss), before income tax | 214 | (2,206) | 1,197 |
| Income tax benefit (expense) related to OCI items | (175) | 471 | (221) |
| Other comprehensive income (loss) | 39 | (1,735) | 976 |
| Comprehensive income | 2,892 | 2,023 | 3,682 |
| Earnings per share | |||
| Basic earnings per share | 8.50 | 11.02 | 7.96 |
| Diluted earnings per share | 8.42 | 10.92 | 7.89 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB CORP | |||
Ticker: CB Fiscal Year: 2014 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash flows from operating activities | |||
| Net income | $ 2,853 | 3,758 | 2,706 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net realized (gains) losses | 507 | (504) | (78) |
| Amortization of premiums/discounts on fixed maturities | 188 | 268 | 220 |
| Deferred income taxes | 145 | 240 | (7) |
| Unpaid losses and loss expenses | 317 | (365) | 203 |
| Unearned premiums | 441 | 402 | 522 |
| Future policy benefits | 236 | 191 | 158 |
| Insurance and reinsurance balances payable | 376 | 176 | (151) |
| Accounts payable, accrued expenses, and other liabilities | 13 | 37 | (42) |
| Income taxes payable | 103 | (45) | (167) |
| Insurance and reinsurance balances receivable | (469) | (624) | 335 |
| Reinsurance recoverable on losses and loss expenses | 119 | 787 | 372 |
| Reinsurance recoverable on policy benefits | 4 | 23 | 52 |
| Deferred policy acquisition costs | (397) | (503) | (340) |
| Prepaid reinsurance premiums | (89) | (31) | (123) |
| Other | 149 | 212 | 335 |
| Net cash flows from operating activities | 4,496 | 4,022 | 3,995 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (15,553) | (21,340) | (23,572) |
| Purchases of to be announced mortgage-backed securities | (58) | (389) | |
| Purchases of fixed maturities held to maturity | (267) | (447) | (388) |
| Purchases of equity securities | (251) | (264) | (135) |
| Sales of fixed maturities available for sale | 7,482 | 10,355 | 14,321 |
| Sales of to be announced mortgage-backed securities | 58 | 448 | |
| Sales of equity securities | 670 | 142 | 119 |
| Maturities and redemptions of fixed maturities available for sale | 6,413 | 6,941 | 5,523 |
| Maturities and redemptions of fixed maturities held to maturity | 875 | 1,488 | 1,451 |
| Net change in short-term investments | (603) | 524 | 117 |
| Net derivative instruments settlements | (230) | (471) | (281) |
| Acquisition of subsidiaries (net of cash acquired of $20, $38, and $8) | (766) | (977) | (98) |
| Other | (274) | (393) | (555) |
| Net cash flows used for investing activities | (2,504) | (4,442) | (3,439) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (862) | (517) | (815) |
| Common Shares repurchased | (1,429) | (287) | (11) |
| Proceeds from issuance of long-term debt | 699 | 947 | |
| Proceeds from issuance of short-term debt | 1,978 | 2,572 | 2,933 |
| Repayment of short-term debt | (1,977) | (2,572) | (2,783) |
| Repayments of Long-term Debt | (501) | ||
| Proceeds from share-based compensation plans, including windfall tax benefits | 127 | 135 | 126 |
| Other | 188 | 113 | |
| Net cash flows (used for) from financing activities | (1,777) | 391 | (550) |
| Effect of foreign currency rate changes on cash and cash equivalents | (139) | (7) | (5) |
| Net increase (decrease) in cash | 76 | (36) | 1 |
| Cash beginning of year | 579 | 615 | |
| Cash end of year | 655 | 579 | 615 |
| Supplemental cash flow information | |||
| Taxes paid | 349 | 218 | 438 |
| Interest paid | 264 | 253 | 240 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB CORP | ||
Ticker: CB Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 27, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Fixed maturities available for sale, at fair value (amortized cost - $47,826 and $48,406) (includes hybrid financial instruments of $274 and $302) | $ 49,395 | 49,254 |
| Fixed maturities held to maturity, at amortized cost (fair value $7,589 and $6,263) | 7,331 | 6,098 |
| Equity securities, at fair value (cost $440 and $841) | 510 | 837 |
| Short-term investments, at fair value and amortized cost | 2,322 | 1,763 |
| Other investments (cost $2,999 and $2,671) | 3,346 | 2,976 |
| Total investments | 62,904 | 60,928 |
| Cash | 655 | 579 |
| Securities lending collateral | 1,330 | 1,632 |
| Accrued investment income | 552 | 556 |
| Insurance and reinsurance balances receivable | 5,426 | 5,026 |
| Reinsurance recoverable on losses and loss expenses | 11,992 | 11,227 |
| Reinsurance recoverable on policy benefits | 217 | 218 |
| Deferred policy acquisition costs | 2,601 | 2,313 |
| Value of business acquired | 466 | 536 |
| Goodwill and other intangible assets | 5,724 | 5,404 |
| Prepaid reinsurance premiums | 2,026 | 1,675 |
| Deferred tax assets | 295 | 616 |
| Investments in partially-owned insurance companies | 504 | 470 |
| Other assets | 3,556 | 3,330 |
| Total assets | 98,248 | 94,510 |
| Liabilities | ||
| Unpaid losses and loss expenses | 38,315 | 37,443 |
| Unearned premiums | 8,222 | 7,539 |
| Future policy benefits | 4,754 | 4,615 |
| Insurance and reinsurance balances payable | 4,095 | 3,628 |
| Securities lending payable | 1,331 | 1,633 |
| Accounts payable, accrued expenses, and other liabilities | 5,726 | 4,810 |
| Short-term debt | 2,552 | 1,901 |
| Long-term debt | 3,357 | 3,807 |
| Trust preferred securities | 309 | 309 |
| Total liabilities | 68,661 | 65,685 |
| Commitments and contingencies | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.77 and CHF 27.04 par value; 342,832,412 shares issued; 328,659,686 and 339,793,935 shares outstanding) | 8,055 | 8,899 |
| Common Shares in treasury (14,172,726 and 3,038,477 shares) | (1,448) | (255) |
| Additional paid-in capital | 5,145 | 5,238 |
| Retained earnings | 16,644 | 13,791 |
| Accumulated other comprehensive income (AOCI) | 1,191 | 1,152 |
| Total shareholders equity | 29,587 | 28,825 |
| Total liabilities and shareholders equity | 98,248 | 94,510 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB CORP | |||
Ticker: CB Fiscal Year: 2014 | |||
Consolidated Statements of Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Revenues | |||
| Premiums Earned | $ 12,328 | 12,066 | 11,838 |
| Investment Income | 1,394 | 1,465 | 1,556 |
| Other Revenues | 7 | 14 | 8 |
| Realized Investment Gains (Losses), Net | |||
| Total Other-Than-Temporary Impairment Losses on Investments | (7) | (11) | (40) |
| Other-Than-Temporary Impairment Losses on Investments Recognized in Other Comprehensive Income | (5) | ||
| Other Realized Investment Gains, Net | 376 | 413 | 238 |
| Total Realized Investment Gains, Net | 369 | 402 | 193 |
| TOTAL REVENUES | 14,098 | 13,947 | 13,595 |
| Losses and Expenses | |||
| Losses and Loss Expenses | 6,985 | 6,520 | 7,507 |
| Amortization of Deferred Policy Acquisition Costs | 2,548 | 2,454 | 2,411 |
| Other Insurance Operating Costs and Expenses | 1,397 | 1,411 | 1,362 |
| Investment Expenses | 42 | 49 | 38 |
| Other Expenses | 16 | 22 | 11 |
| Corporate Expenses | 249 | 254 | 270 |
| TOTAL LOSSES AND EXPENSES | 11,237 | 10,710 | 11,599 |
| INCOME BEFORE FEDERAL AND FOREIGN INCOME TAX | 2,861 | 3,237 | 1,996 |
| Federal and Foreign Income Tax | 761 | 892 | 451 |
| NET INCOME | 2,100 | 2,345 | 1,545 |
| Net Income Per Share | |||
| Basic | 8.65 | 9.08 | 5.73 |
| Diluted | 8.62 | 9.04 | 5.69 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB CORP | |||
Ticker: CB Fiscal Year: 2014 | |||
Consolidated Statements of Comprehensive Income | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Net Income | $ 2,100 | 2,345 | 1,545 |
| Other Comprehensive Income (Loss), Net of Tax | |||
| Change in Unrealized Appreciation of Investments | 528 | (788) | 275 |
| Change in Unrealized Other-Than-Temporary Impairment Losses on Investments | 2 | ||
| Change in Postretirement Benefit Costs Not Yet Recognized in Net Income | (336) | 464 | (30) |
| Foreign Currency Translation Losses | (117) | (72) | (11) |
| Total Other Comprehensive Income (Loss) Net of Tax | 75 | (396) | 236 |
| COMPREHENSIVE INCOME | 2,175 | 1,949 | 1,781 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB CORP | |||
Ticker: CB Fiscal Year: 2014 | |||
Consolidated Statements of Cash Flows | |||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2014 | Dec 31, 2013 | Dec 31, 2012 | |
| Cash Flows from Operating Activities | |||
| Net Income | $ 2,100 | 2,345 | 1,545 |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities | |||
| Increase (Decrease) in Unpaid Losses and Loss Expenses, Net | (45) | (582) | 691 |
| Increase in Unearned Premiums, Net | 264 | 158 | 32 |
| Amortization of Premiums and Discounts on Fixed Maturities | 196 | 183 | 163 |
| Depreciation | 54 | 55 | 54 |
| Realized Investment Gains, Net | (369) | (402) | (193) |
| Other, Net | (47) | (26) | 7 |
| NET CASH PROVIDED BY OPERATING ACTIVITIES | 2,153 | 1,731 | 2,299 |
| Cash Flows from Investing Activities | |||
| Proceeds from Fixed Maturities - Sales | 4,229 | 2,449 | 2,271 |
| Proceeds from Fixed Maturities - Maturities, Calls and Redemptions | 4,231 | 4,909 | 4,290 |
| Proceeds from Sales of Equity Securities | 213 | 545 | 160 |
| Purchases of Fixed Maturities | (9,987) | (8,275) | (7,247) |
| Purchases of Equity Securities | (110) | (113) | (112) |
| Investments in Other Invested Assets, Net | 315 | 498 | 293 |
| Decrease (Increase) in Short Term Investments, Net | 780 | 383 | (629) |
| Change in Receivable or Payable from Security Transactions not Settled, Net | 222 | (86) | 45 |
| Purchases of Property and Equipment, Net | (49) | (52) | (43) |
| Other, Net | (6) | ||
| NET CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | (156) | 252 | (972) |
| Cash Flows from Financing Activities | |||
| Repayment of Long Term Debt | (275) | ||
| Decrease in Funds Held under Deposit Contracts | (2) | (6) | (12) |
| Proceeds from Issuance of Common Stock Under Stock-Based Employee Compensation Plans | 22 | 38 | 74 |
| Repurchase of Shares | (1,547) | (1,288) | (959) |
| Dividends Paid to Shareholders | (475) | (450) | (438) |
| NET CASH USED IN FINANCING ACTIVITIES | (2,002) | (1,981) | (1,335) |
| Net Increase (Decrease) in Cash | (5) | 2 | (8) |
| Cash at Beginning of Year | 52 | 50 | |
| CASH AT END OF YEAR | 47 | 52 | 50 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB CORP | ||
Ticker: CB Fiscal Year: 2014 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2014 10-K (Filed: Feb 26, 2015) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2014 | Dec 31, 2013 | |
| Assets | ||
| Short Term Investments | $ 1,318 | 2,114 |
| Fixed Maturities (cost $36,958 and $35,959) | 38,780 | 37,091 |
| Equity Securities (cost $1,089 and $1,057) | 1,964 | 1,810 |
| Other Invested Assets | 1,423 | 1,598 |
| TOTAL INVESTED ASSETS | 43,485 | 42,613 |
| Cash | 47 | 52 |
| Accrued Investment Income | 410 | 418 |
| Premiums Receivable | 2,560 | 2,284 |
| Reinsurance Recoverable on Unpaid Losses and Loss Expenses | 1,639 | 1,802 |
| Prepaid Reinsurance Premiums | 256 | 290 |
| Deferred Policy Acquisition Costs | 1,284 | 1,255 |
| Deferred Income Tax | 47 | |
| Goodwill | 467 | 467 |
| Other Assets | 1,138 | 1,205 |
| TOTAL ASSETS | 51,286 | 50,433 |
| Liabilities | ||
| Unpaid Losses and Loss Expenses | 22,678 | 23,146 |
| Unearned Premiums | 6,581 | 6,423 |
| Long Term Debt | 3,300 | 3,300 |
| Dividend Payable to Shareholders | 117 | 110 |
| Deferred Income Tax | 15 | |
| Accrued Expenses and Other Liabilities | 2,299 | 1,357 |
| TOTAL LIABILITIES | 34,990 | 34,336 |
| Commitments and Contingent Liabilities (Notes 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 | 171 |
| Retained Earnings | 23,520 | 21,902 |
| Accumulated Other Comprehensive Income | 1,110 | 1,035 |
| Treasury Stock, at Cost - 139,551,071 and 123,673,969 Shares | (8,877) | (7,383) |
| TOTAL SHAREHOLDERS' EQUITY | 16,296 | 16,097 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 51,286 | 50,433 |
| External Links | |
| CHUBB CORP (CB) Fiscal Year 2014 | |
| 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 |