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: 2015 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 26, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Revenues | |||
| Net premiums written | $ 17,713 | 17,799 | 17,025 |
| Increase in unearned premiums | (500) | (373) | (412) |
| Net premiums earned | 17,213 | 17,426 | 16,613 |
| Net investment income | 2,194 | 2,252 | 2,144 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (151) | (75) | (22) |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | (39) | (7) | |
| Net OTTI losses recognized in income | (112) | (68) | (22) |
| Net realized gains (losses) excluding OTTI losses | (308) | (439) | 526 |
| Total net realized gains (losses) | (420) | (507) | 504 |
| Total revenues | 18,987 | 19,171 | 19,261 |
| Expenses | |||
| Losses and loss expenses | 9,484 | 9,649 | 9,348 |
| Policy benefits | 543 | 517 | 515 |
| Policy acquisition costs | 2,941 | 3,075 | 2,659 |
| Administrative expenses | 2,270 | 2,245 | 2,211 |
| Interest expense | 300 | 280 | 275 |
| Other (income) expense | (51) | (190) | (80) |
| Amortization of Intangible Assets | 171 | 108 | 95 |
| Chubb integration expenses | 33 | 0 | 0 |
| Total expenses | 15,691 | 15,684 | 15,023 |
| Income before income tax | 3,296 | 3,487 | 4,238 |
| Income tax expense | 462 | 634 | 480 |
| Net income | 2,834 | 2,853 | 3,758 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | (1,280) | 820 | (1,762) |
| Reclassification adjustment for net realized (gains) losses included in net income | 151 | 24 | (105) |
| Other comprehensive income (loss)after reclassification for net realized gains included in net income | (1,129) | 844 | (1,867) |
| Change in: | |||
| Cumulative translation adjustment | (958) | (632) | (339) |
| Pension liability | 15 | 2 | |
| Other comprehensive income (loss), before income tax | (2,072) | 214 | (2,206) |
| Income tax benefit (expense) related to OCI items | 146 | (175) | 471 |
| Other comprehensive income (loss) | (1,926) | 39 | (1,735) |
| Comprehensive income | 908 | 2,892 | 2,023 |
| Earnings per share | |||
| Basic earnings per share | 8.71 | 8.50 | 11.02 |
| Diluted earnings per share | 8.62 | 8.42 | 10.92 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2015 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2015 10-K (Filed: Feb 26, 2016) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2015 | Dec 31, 2014 | Dec 31, 2013 | |
| Cash flows from operating activities | |||
| Net income | $ 2,834 | 2,853 | 3,758 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net realized (gains) losses | 420 | 507 | (504) |
| Amortization of premiums/discounts on fixed maturities | 158 | 188 | 268 |
| Deferred income taxes | 113 | 145 | 240 |
| Unpaid losses and loss expenses | (375) | 317 | (365) |
| Unearned premiums | 335 | 441 | 402 |
| Future policy benefits | 216 | 236 | 191 |
| Insurance and reinsurance balances payable | 268 | 376 | 176 |
| Accounts payable, accrued expenses, and other liabilities | 179 | 13 | 37 |
| Income taxes payable | (148) | 103 | (45) |
| Insurance and reinsurance balances receivable | (53) | (469) | (624) |
| Reinsurance recoverable on losses and loss expenses | 218 | 119 | 787 |
| Reinsurance recoverable on policy benefits | 33 | 4 | 23 |
| Deferred policy acquisition costs | (435) | (397) | (503) |
| Prepaid reinsurance premiums | (212) | (89) | (31) |
| Other | 313 | 149 | 212 |
| Net cash flows from operating activities | 3,864 | 4,496 | 4,022 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (16,040) | (15,553) | (21,340) |
| Purchases of to be announced mortgage-backed securities | (31) | (58) | |
| Purchases of fixed maturities held to maturity | (62) | (267) | (447) |
| Purchases of equity securities | (158) | (251) | (264) |
| Sales of fixed maturities available for sale | 10,783 | 7,482 | 10,355 |
| Sales of to be announced mortgage-backed securities | 31 | 58 | |
| Sales of equity securities | 183 | 670 | 142 |
| Maturities and redemptions of fixed maturities available for sale | 6,567 | 6,413 | 6,941 |
| Maturities and redemptions of fixed maturities held to maturity | 669 | 875 | 1,488 |
| Net change in short-term investments | (8,216) | (603) | 524 |
| Net derivative instruments settlements | (21) | (230) | (471) |
| Acquisition of subsidiaries (net of cash acquired of $20, $38, and $8) | 264 | (766) | (977) |
| Other | (263) | (274) | (393) |
| Net cash flows used for investing activities | (6,294) | (2,504) | (4,442) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (862) | (862) | (517) |
| Common Shares repurchased | (758) | (1,429) | (287) |
| Proceeds from issuance of long-term debt | 6,090 | 699 | 947 |
| Proceeds from issuance of repurchase agreements | 2,029 | 1,978 | 2,572 |
| Repayment of repurchase agreements | (2,027) | (1,977) | (2,572) |
| Repayments of Long-term Debt | (1,150) | (501) | |
| Proceeds from share-based compensation plans, including windfall tax benefits | 131 | 127 | 135 |
| Additions to Contract Holders Funds | 503 | 366 | 233 |
| Withdrawal from Contract Holders Funds | (221) | (172) | (120) |
| Other | (40) | (6) | 0 |
| Net cash flows (used for) from financing activities | 3,695 | (1,777) | 391 |
| Effect of foreign currency rate changes on cash and cash equivalents | (145) | (139) | (7) |
| Net increase (decrease) in cash | 1,120 | 76 | (36) |
| Cash beginning of year | 655 | 579 [1] | |
| Cash end of year | 1,775 | 655 | 579 [1] |
| Supplemental cash flow information | |||
| Taxes paid | 469 | 349 | 218 |
| Interest paid | 259 | 264 | 253 |
| [1] Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2014 and 2013, 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: 2015 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2015 10-K (Filed: Feb 26, 2016) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2015 | Dec 31, 2014 | |
| Assets | ||
| Fixed maturities available for sale, at fair value (amortized cost - $43,149 and $47,826) (includes hybrid financial instruments of $31 and $274) | $ 43,587 | 49,395 |
| Fixed maturities held to maturity, at amortized cost (fair value $8,552 and $7,589) | 8,430 | 7,331 |
| Equity securities, at fair value (cost $441 and $440) | 497 | 510 |
| Short-term investments, at fair value and amortized cost | 10,446 | 2,322 |
| Other investments (cost $2,993 and $2,999) | 3,291 | 3,346 |
| Total investments | 66,251 | 62,904 |
| Cash | 1,775 | 655 |
| Securities lending collateral | 1,046 | 1,330 |
| Accrued investment income | 513 | 552 |
| Insurance and reinsurance balances receivable | 5,323 | 5,426 |
| Reinsurance recoverable on losses and loss expenses | 11,386 | 11,992 |
| Reinsurance recoverable on policy benefits | 187 | 217 |
| Deferred policy acquisition costs | 2,873 | 2,601 |
| Value of business acquired | 395 | 466 |
| Goodwill and other intangible assets | 5,683 | 5,724 |
| Prepaid reinsurance premiums | 2,082 | 2,026 |
| Deferred tax assets | 318 | 295 |
| Investments in partially-owned insurance companies | 653 | 504 |
| Other assets | 3,881 | 3,556 |
| Total assets | 102,366 | 98,248 |
| Liabilities | ||
| Unpaid losses and loss expenses | 37,303 | 38,315 |
| Unearned premiums | 8,439 | 8,222 |
| Future policy benefits | 4,807 | 4,754 |
| Insurance and reinsurance balances payable | 4,270 | 4,095 |
| Securities lending payable | 1,047 | 1,331 |
| Accounts payable, accrued expenses, and other liabilities | 6,205 | 5,726 |
| Short-term debt | 1,150 | |
| Repurchase agreements | 1,404 | 1,402 |
| Long-term debt | 9,447 | 3,357 |
| Trust preferred securities | 309 | 309 |
| Total liabilities | 73,231 | 68,661 |
| Commitments and contingencies | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.15 and CHF 24.77 par value; 342,832,412 shares issued; 324,563,441 and 328,659,686 shares outstanding) | 7,833 | 8,055 |
| Common Shares in treasury (18,268,971 and 14,172,726 shares) | (1,922) | (1,448) |
| Additional paid-in capital | 4,481 | 5,145 |
| Retained earnings | 19,478 | 16,644 |
| Accumulated other comprehensive income (AOCI) | (735) | 1,191 |
| Total shareholders equity | 29,135 | 29,587 |
| Total liabilities and shareholders equity | 102,366 | 98,248 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2015 | |
| 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 |