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: 2019 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Revenues | |||
| Net premiums written | $ 32,275 | 30,579 | 29,244 |
| Increase in unearned premiums | (985) | (515) | (210) |
| Net premiums earned | 31,290 | 30,064 | 29,034 |
| Net investment income | 3,426 | 3,305 | 3,125 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (90) | (52) | (46) |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 32 | 3 | 1 |
| Net OTTI losses recognized in income | (58) | (49) | (45) |
| Net realized, Gain (Loss), Excluding Other-than-temporary Impairment Loss | (472) | (603) | 129 |
| Total net realized gains (losses) (includes $(31), $(302), and $(15) reclassified from AOCI) | (530) | (652) | 84 |
| Total revenues | 34,186 | 32,717 | 32,243 |
| Expenses | |||
| Losses and loss expenses | 18,730 | 18,067 | 18,454 |
| Policy benefits | 740 | 590 | 676 |
| Policy Acquisition Costs | 6,153 | 5,912 | 5,781 |
| Administrative expenses | 3,030 | 2,886 | 2,833 |
| Interest expense | 552 | 641 | 607 |
| Other (income) expense | (596) | (434) | (400) |
| Amortization of Purchased Intangibles | 305 | 339 | 260 |
| Chubb integration expenses | 23 | 59 | 310 |
| Total expenses | 28,937 | 28,060 | 28,521 |
| Income before income tax | 5,249 | 4,657 | 3,722 |
| Income tax expense (benefit) (includes nil, $(41), and $(13) on reclassified unrealized gains and losses) | 795 | 695 | (139) |
| Net income | 4,454 | 3,962 | 3,861 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | 3,704 | (2,298) | 618 |
| Reclassification adjustment for net realized (gains) losses included in net income | 31 | 302 | 15 |
| Other comprehensive income (loss) after reclassification for net realized gains included in net income | 3,735 | (1,996) | 633 |
| Change in: | |||
| Cumulative foreign currency translation adjustment | 13 | (802) | 471 |
| Postretirement benefit liability adjustment | (76) | (321) | (16) |
| Other comprehensive income (loss), before income tax | 3,672 | (3,119) | 1,088 |
| Income tax (expense) benefit related to OCI items | (605) | 399 | (231) |
| Other comprehensive income (loss) | 3,067 | (2,720) | 857 |
| Comprehensive income | 7,521 | 1,242 | 4,718 |
| Earnings per share | |||
| Basic earnings per share | 9.77 | 8.55 | 8.26 |
| Diluted earnings per share | 9.71 | 8.49 | 8.19 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2019 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | |
| Cash flows from operating activities | |||
| Net income | $ 4,454 | 3,962 | 3,861 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net Realized Gains Losses | 530 | 652 | (84) |
| Amortization of premiums/discounts on fixed maturities | 395 | 592 | 694 |
| Amortization of purchased intangibles | 305 | 339 | 260 |
| Deferred income taxes | (97) | 16 | (527) |
| Unpaid losses and loss expenses | (257) | 570 | 2,137 |
| Unearned premiums | 1,051 | 654 | 264 |
| Future policy benefits | 215 | 235 | 217 |
| Insurance and reinsurance balances payable | (302) | 722 | 271 |
| Accounts payable, accrued expenses, and other liabilities | (207) | 375 | (517) |
| Income taxes payable | (7) | 161 | (365) |
| Insurance and reinsurance balances receivable | (270) | (981) | (243) |
| Reinsurance recoverable | 838 | (1,165) | (1,248) |
| Deferred policy acquisition costs | (344) | (301) | (317) |
| Other | 38 | (351) | 100 |
| Net cash flows from operating activities | 6,342 | 5,480 | 4,503 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (25,846) | (24,700) | (25,720) |
| Purchases of to be announced mortgage-backed securities | 0 | (35) | (27) |
| Purchases of fixed maturities held to maturity | (229) | (456) | (352) |
| Purchases of equity securities | (531) | (207) | (173) |
| Sales of fixed maturities available for sale | 13,110 | 14,001 | 13,228 |
| Sales of to be announced mortgage-backed securities | 6 | 29 | 27 |
| Sales of equity securities | 611 | 315 | 187 |
| Maturities and redemptions of fixed maturities available for sale | 9,039 | 7,352 | 10,425 |
| Maturities and redemptions of fixed maturities held to maturity | 946 | 1,124 | 879 |
| Net change in short-term investments | (1,117) | 516 | (537) |
| Net derivative instruments settlements | (703) | 16 | (265) |
| Private equity contributions | (1,315) | (1,337) | (648) |
| Private equity distributions | 1,390 | 980 | 1,084 |
| Acquisition of subsidiaries (net of cash acquired of $45, nil, and nil) | (29) | 0 | 0 |
| Other | (1,237) | (533) | (530) |
| Net Cash Provided by (Used in) Investing Activities | (5,905) | (2,935) | (2,422) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (1,354) | (1,337) | (1,308) |
| Common Shares repurchased | (1,530) | (1,044) | (801) |
| Proceeds from issuance of long-term debt | 2,828 | 2,171 | 0 |
| Proceeds from issuance of repurchase agreements | 2,817 | 2,029 | 2,353 |
| Repayments of Long-term Debt | (510) | (2,001) | (501) |
| Repayment of repurchase agreements | (2,817) | (2,019) | (2,348) |
| Proceeds from share-based compensation plans | 204 | 115 | 151 |
| Policyholder contract deposits | 514 | 453 | 442 |
| Policyholder contract withdrawals | (303) | (358) | (307) |
| Net cash flows (used for) from financing activities | (151) | (1,991) | (2,319) |
| Effect of foreign currency rate changes on cash and restricted cash | 20 | (65) | 1 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 306 | 489 | (237) |
| Cash and restricted cash - beginning of year | 1,340 | 851 | |
| Cash and restricted cash - end of year | 1,646 | 1,340 | 851 |
| Supplemental cash flow information | |||
| Taxes paid | 912 | 503 | 736 |
| Interest paid | 512 | 621 | 644 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2019 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2019 10-K (Filed: Feb 27, 2020) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2019 | Dec 31, 2018 | |
| Assets | ||
| Fixed maturities available for sale, at fair value (amortized cost $82,580 and $79,323) | $ 85,488 | 78,470 |
| Fixed maturities held to maturity, at amortized cost (fair value $13,005 and $13,259) | 12,581 | 13,435 |
| Equity Securities, at fair value | 812 | 770 |
| Short-term investments, at fair value and amortized cost | 4,291 | 3,016 |
| Other investments, at fair value | 6,062 | 5,277 |
| Total investments | 109,234 | 100,968 |
| Cash | 1,537 | 1,247 |
| Restricted Cash | 109 | 93 |
| Securities lending collateral | 994 | 1,926 |
| Accrued investment income | 867 | 883 |
| Insurance and reinsurance balances receivable | 10,357 | 10,075 |
| Reinsurance recoverable on losses and loss expenses | 15,181 | 15,993 |
| Reinsurance recoverable on policy benefits | 197 | 202 |
| Deferred policy acquisition costs | 5,242 | 4,922 |
| Value of business acquired | 306 | 295 |
| Goodwill | 15,296 | 15,271 |
| Other intangible assets | 6,063 | 6,143 |
| Prepaid reinsurance premiums | 2,647 | 2,544 |
| Investments in partially-owned insurance companies | 1,332 | 678 |
| Other assets | 7,581 | 6,531 |
| Total assets | 176,943 | 167,771 |
| Liabilities | ||
| Unpaid losses and loss expenses | 62,690 | 62,960 |
| Unearned premiums | 16,771 | 15,532 |
| Future policy benefits | 5,814 | 5,506 |
| Insurance and reinsurance balances payable | 6,184 | 6,437 |
| Securities lending payable | 994 | 1,926 |
| Accounts payable, accrued expenses, and other liabilities | 11,773 | 10,472 |
| Deferred Income Tax Liabilities | 804 | 304 |
| Repurchase agreements | 1,416 | 1,418 |
| Short-term debt | 1,299 | 509 |
| Long-term debt | 13,559 | 12,087 |
| Trust preferred securities | 308 | 308 |
| Total liabilities | 121,612 | 117,459 |
| Commitments and contingencies (refer to Note 10) | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 451,971,567 and 459,203,378 shares outstanding) | 11,121 | 11,121 |
| Common Shares in treasury (27,812,297 and 20,580,486 shares) | (3,754) | (2,618) |
| Additional Paid in Capital | 11,203 | 12,557 |
| Retained earnings | 36,142 | 31,700 |
| Accumulated other comprehensive income (loss) (AOCI) | 619 | (2,448) |
| Total shareholders' equity | 55,331 | 50,312 |
| Total liabilities and shareholders equity | 176,943 | 167,771 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2019 | |
| 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 |