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: 2018 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Revenues | |||
| Net premiums written | $ 30,579 | 29,244 | 28,145 |
| (Increase) decrease in unearned premiums | (515) | (210) | 604 |
| Net premiums earned | 30,064 | 29,034 | 28,749 |
| Net investment income | 3,305 | 3,125 | 2,865 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (52) | (46) | (111) |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 3 | 1 | 8 |
| Net OTTI losses recognized in income | 49 | ||
| Net OTTI losses recognized in income | 45 | 103 | |
| Net realized, Gain (Loss), Excluding Other-than-temporary Impairment Loss | (603) | ||
| Net realized gains (losses) excluding OTTI losses | 129 | (42) | |
| Total net realized gains (losses) (includes ($302) reclassified from AOCI) | (652) | ||
| Net Realized Investment Gains (Losses) (includes $(15), and $(119) reclassified from AOCI) | 84 | (145) | |
| Total revenues | 32,717 | 32,243 | 31,469 |
| Expenses | |||
| Losses and loss expenses | 18,067 | 18,454 | 16,052 |
| Policy benefits | 590 | 676 | 588 |
| Policy Acquisition Costs | 5,912 | 5,781 | 5,904 |
| Administrative expenses | 2,886 | 2,833 | 3,081 |
| Interest expense | 641 | 607 | 605 |
| Other (income) expense | (434) | (400) | (222) |
| Amortization of Purchased Intangibles | 339 | 260 | 19 |
| Chubb integration expenses | 59 | 310 | 492 |
| Total expenses | 28,060 | 28,521 | 26,519 |
| Income before income tax | 4,657 | 3,722 | 4,950 |
| Income tax expense (benefit) (includes $(41), $(13), and $28 on reclassified unrealized gains and losses) | 695 | (139) | 815 |
| Net income | 3,962 | 3,861 | 4,135 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | (2,298) | 618 | (35) |
| Reclassification adjustment for net realized (gains) losses included in net income | 302 | 15 | 119 |
| Other comprehensive income (loss) after reclassification for net realized gains included in net income | (1,996) | 633 | 84 |
| Change in: | |||
| Cumulative foreign currency translation adjustment | (802) | 471 | (154) |
| Postretirement benefit liability adjustment | (321) | (16) | 545 |
| Other comprehensive income (loss), before income tax | (3,119) | 1,088 | 475 |
| Income tax (expense) benefit related to OCI items | 399 | (231) | (54) |
| Other comprehensive income (loss) | (2,720) | 857 | 421 |
| Comprehensive income | 1,242 | 4,718 | 4,556 |
| Earnings per share | |||
| Basic earnings per share | 8.55 | 8.26 | 8.94 |
| Diluted earnings per share | 8.49 | 8.19 | 8.87 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2018 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 | |
| Cash flows from operating activities | |||
| Net income | $ 3,962 | 3,861 | 4,135 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Realized Gain (Loss) | 652 | ||
| Realized Investment Gains (Losses) | (84) | 145 | |
| Amortization of premiums/discounts on fixed maturities | 592 | 694 | 737 |
| Amortization of purchased intangibles | 339 | 260 | 1,578 |
| Deferred income taxes | 16 | (527) | 96 |
| Unpaid losses and loss expenses | 570 | 2,137 | 332 |
| Unearned premiums | 654 | 264 | (680) |
| Future policy benefits | 235 | 217 | 188 |
| Insurance and reinsurance balances payable | 722 | 271 | 848 |
| Accounts payable, accrued expenses, and other liabilities | 375 | (517) | (97) |
| Income taxes payable | 161 | (365) | 147 |
| Insurance and reinsurance balances receivable | (981) | (243) | (616) |
| Reinsurance recoverable | (1,165) | (1,248) | (358) |
| Deferred policy acquisition costs | (301) | (317) | (1,449) |
| Other | (351) | 100 | 286 |
| Net cash flows from operating activities | 5,480 | 4,503 | 5,292 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (24,700) | (25,720) | (30,759) |
| Purchases of to be announced mortgage-backed securities | (35) | (27) | (56) |
| Purchases of fixed maturities held to maturity | (456) | (352) | (282) |
| Payments to acquire equity securities | (207) | ||
| Purchases of equity securities | (207) | (173) | (146) |
| Sales of fixed maturities available for sale | 14,001 | 13,228 | 16,621 |
| Sales of to be announced mortgage-backed securities | 29 | 27 | 56 |
| Proceeds from Sale of Equity Securities | 315 | ||
| Sales of equity securities | 315 | 187 | 1,000 |
| Maturities and redemptions of fixed maturities available for sale | 7,352 | 10,425 | 9,349 |
| Maturities and redemptions of fixed maturities held to maturity | 1,124 | 879 | 958 |
| Net change in short-term investments | 516 | (537) | 12,350 |
| Net derivative instruments settlements | 16 | (265) | (168) |
| Private equity contributions | (1,337) | (648) | (553) |
| Private equity distributions | 980 | 1,084 | 958 |
| Acquisition of subsidiaries (net of cash acquired of $X, nil, and $71) | (14,248) | ||
| Other | (533) | (530) | (402) |
| Net cash flows used for investing activities | (2,935) | (2,422) | (5,322) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (1,337) | (1,308) | (1,173) |
| Common Shares repurchased | (1,044) | (801) | |
| Proceeds from issuance of long-term debt | 2,171 | 0 | |
| Proceeds from issuance of repurchase agreements | 2,029 | 2,353 | 2,310 |
| Repayments of Long-term Debt | (2,001) | (501) | 0 |
| Repayment of repurchase agreements | (2,019) | (2,348) | (2,311) |
| Proceeds from share-based compensation plans | 115 | 151 | 167 |
| Policyholder contract deposits | 453 | 442 | 522 |
| Policyholder contract withdrawals | (358) | (307) | (253) |
| Other | 0 | 0 | (4) |
| Net cash flows used for financing activities | (1,991) | (2,319) | (742) |
| Effect of foreign currency rate changes on cash and restricted cash | (65) | 1 | (25) |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 489 | (237) | (797) |
| Cash and restricted cash - beginning of year | 851 | 1,088 | |
| Cash and restricted cash - end of year | 1,340 [1] | 851 | 1,088 |
| Supplemental cash flow information | |||
| Taxes paid | 503 | 736 | 662 |
| Interest paid | 621 | 644 | 642 |
| [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, 2018 and 2017, 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: 2018 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2018 10-K (Filed: Feb 28, 2019) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2018 | Dec 31, 2017 | |
| Assets | ||
| Fixed maturities available for sale, at fair value (amortized cost $79,323 and $77,835)(includes hybrid financial instruments of $9 and $5) | $ 78,470 | 78,939 |
| Fixed maturities held to maturity, at amortized cost (fair value $13,259 and $14,474) | 13,435 | 14,335 |
| Equity Securities, at fair value (cost - $770) | 770 | |
| Equity securities, available for sale, at fair value (cost $737) | 937 | |
| Short-term investments, at fair value and amortized cost | 3,016 | 3,561 |
| Other investments (cost $5,277 and $4,417) | 5,277 | 4,672 |
| Total investments | 100,968 | 102,444 |
| Cash | 1,247 | 728 |
| Restricted Cash | 93 | 123 |
| Securities lending collateral | 1,926 | 1,737 |
| Accrued investment income | 883 | 909 |
| Insurance and reinsurance balances receivable | 10,075 | 9,334 |
| Reinsurance recoverable on losses and loss expenses | 15,993 | 15,034 |
| Reinsurance recoverable on policy benefits | 202 | 184 |
| Deferred policy acquisition costs | 4,922 | 4,723 |
| Value of business acquired | 295 | 326 |
| Goodwill | 15,271 | 15,541 |
| Other intangible assets | 6,143 | 6,513 |
| Prepaid reinsurance premiums | 2,544 | 2,529 |
| Investments in partially-owned insurance companies | 678 | 662 |
| Other assets | 6,531 | 6,235 |
| Total assets | 167,771 | 167,022 |
| Liabilities | ||
| Unpaid losses and loss expenses | 62,960 | 63,179 |
| Unearned premiums | 15,532 | 15,216 |
| Future policy benefits | 5,506 | 5,321 |
| Insurance and reinsurance balances payable | 6,437 | 5,868 |
| Securities lending payable | 1,926 | 1,737 |
| Accounts payable, accrued expenses, and other liabilities | 10,472 | 9,545 |
| Deferred Income Tax Liabilities, Net | 304 | 699 |
| Repurchase agreements | 1,418 | 1,408 |
| Short-term debt | 509 | 1,013 |
| Long-term debt | 12,087 | 11,556 |
| Trust preferred securities | 308 | 308 |
| Total liabilities | 117,459 | 115,850 |
| Commitments and contingencies | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 459,203,378 and 463,833,179 shares outstanding) | 11,121 | 11,121 |
| Common Shares in treasury (20,580,486 and 15,950,685 shares) | (2,618) | (1,944) |
| Additional Paid in Capital, Common Stock | 12,557 | 13,978 |
| Retained earnings | 31,700 | 27,474 |
| Accumulated other comprehensive income (loss) (AOCI) | (2,448) | 543 |
| Total shareholders' equity | 50,312 | 51,172 |
| Total liabilities and shareholders equity | 167,771 | 167,022 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2018 | |
| 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 |