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: 2020 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Revenues | |||
| Net premiums written | $ 33,820 | 32,275 | 30,579 |
| Increase in unearned premiums | (703) | (985) | (515) |
| Net premiums earned | 33,117 | 31,290 | 30,064 |
| Net investment income | 3,375 | 3,426 | 3,305 |
| Realized Investment Gains (Losses) | (498) | (530) | (652) |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (90) | (52) | |
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 0 | 32 | 3 |
| Net OTTI losses recognized in income | (58) | (49) | |
| Net realized, Gain (Loss), Excluding Other-than-temporary Impairment Loss | (498) | (472) | (603) |
| Total revenues | 35,994 | 34,186 | 32,717 |
| Expenses | |||
| Losses and loss expenses | 21,710 | 18,730 | 18,067 |
| Policy benefits | 784 | 740 | 590 |
| Policy Acquisition Costs | 6,547 | 6,153 | 5,912 |
| Administrative expenses | 2,979 | 3,030 | 2,886 |
| Interest expense | 516 | 552 | 641 |
| Other (income) expense | (994) | (596) | (434) |
| Amortization of Purchased Intangibles | 290 | 305 | 339 |
| Chubb integration expenses | 0 | 23 | 59 |
| Total expenses | 31,832 | 28,937 | 28,060 |
| Income before income tax | 4,162 | 5,249 | 4,657 |
| Income tax expense (includes benefit of $(36), nil, and $(41) on unrealized gains and losses reclassified from AOCI) | 629 | 795 | 695 |
| Net income | 3,533 | 4,454 | 3,962 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | 2,311 | 3,704 | (2,298) |
| Reclassification adjustment for net realized (gains) losses included in net income | 281 | 31 | 302 |
| Other comprehensive income (loss) after reclassification for net realized gains included in net income | 2,592 | 3,735 | (1,996) |
| Change in: | |||
| Cumulative foreign currency translation adjustment | 306 | 13 | (802) |
| Postretirement benefit liability adjustment | (232) | (76) | (321) |
| Other comprehensive income (loss), before income tax | 2,666 | 3,672 | (3,119) |
| Income tax (expense) benefit related to OCI items | (416) | (605) | 399 |
| Other comprehensive income (loss) | 2,250 | 3,067 | (2,720) |
| Comprehensive income | 5,783 | 7,521 | 1,242 |
| Earnings per share | |||
| Basic earnings per share | 7.82 | 9.77 | 8.55 |
| Diluted earnings per share | 7.79 | 9.71 | 8.49 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2020 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | |
| Cash flows from operating activities | |||
| Net income | $ 3,533 | 4,454 | 3,962 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net Realized Gains Losses | 498 | 530 | 652 |
| Amortization of premiums/discounts on fixed maturities | 367 | 395 | 592 |
| Amortization of purchased intangibles | 290 | 305 | 339 |
| Deferred income taxes | (333) | (97) | 16 |
| Unpaid losses and loss expenses | 4,664 | (257) | 570 |
| Unearned premiums | 846 | 1,051 | 654 |
| Future policy benefits | 236 | 215 | 235 |
| Insurance and reinsurance balances payable | 535 | (302) | 722 |
| Accounts payable, accrued expenses, and other liabilities | (98) | (207) | 375 |
| Income taxes payable | 46 | (7) | 161 |
| Insurance and reinsurance balances receivable | (114) | (270) | (981) |
| Reinsurance recoverable | (336) | 838 | (1,165) |
| Deferred policy acquisition costs | (89) | (344) | (301) |
| Other | (260) | 38 | (351) |
| Net cash flows from operating activities | 9,785 | 6,342 | 5,480 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (26,298) | (25,846) | (24,700) |
| Purchases of to be announced mortgage-backed securities | 0 | 0 | (35) |
| Purchases of fixed maturities held to maturity | (202) | (229) | (456) |
| Purchases of equity securities | (6,419) | (531) | (207) |
| Sales of fixed maturities available for sale | 11,377 | 13,110 | 14,001 |
| Sales of to be announced mortgage-backed securities | 0 | 6 | 29 |
| Sales of equity securities | 3,880 | 611 | 315 |
| Maturities and redemptions of fixed maturities available for sale | 12,450 | 9,039 | 7,352 |
| Maturities and redemptions of fixed maturities held to maturity | 995 | 946 | 1,124 |
| Net change in short-term investments | (81) | (1,117) | 516 |
| Net derivative instruments settlements | (113) | (703) | 16 |
| Private equity contributions | (1,924) | (1,315) | (1,337) |
| Private equity distributions | 907 | 1,390 | 980 |
| Acquisition of subsidiaries (net of cash acquired of nil, $45, and nil) | 0 | (29) | 0 |
| Payment, including deposit, for Huatai Group Interest | (1,623) | (580) | |
| Other | (470) | (657) | (533) |
| Net Cash Provided by (Used in) Investing Activities | (7,521) | (5,905) | (2,935) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (1,388) | (1,354) | (1,337) |
| Common Shares repurchased | (523) | (1,530) | (1,044) |
| Proceeds from issuance of long-term debt | 988 | 2,828 | 2,171 |
| Proceeds from issuance of repurchase agreements | 2,354 | 2,817 | 2,029 |
| Repayments of Long-term Debt | (1,301) | (510) | (2,001) |
| Repayment of repurchase agreements | (2,354) | (2,817) | (2,019) |
| Proceeds from share-based compensation plans | 145 | 204 | 115 |
| Policyholder contract deposits | 470 | 514 | 453 |
| Policyholder contract withdrawals | (386) | (303) | (358) |
| Other | (87) | 0 | 0 |
| Net cash flows (used for) from financing activities | (2,082) | (151) | (1,991) |
| Effect of foreign currency rate changes on cash and restricted cash | 8 | 20 | (65) |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | 190 | 306 | 489 |
| Cash and restricted cash - beginning of year | 1,646 | 1,340 | |
| Cash and restricted cash - end of year | 1,836 | 1,646 | 1,340 |
| Supplemental cash flow information | |||
| Taxes paid | 902 | 912 | 503 |
| Interest paid | 524 | 512 | 621 |
| Cash Acquired from Acquisition | 0 | 45 | 0 |
| Geographical | |||
| CHINA | |||
| Legal Entity | |||
| Huatai Group | |||
| Payment, including deposit, for Huatai Group Interest | (1,623) | (580) | 0 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2020 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2020 10-K (Filed: Feb 25, 2021) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2020 | Dec 31, 2019 | |
| Assets | ||
| Fixed maturities available for sale, at fair value, net of valuatuon allowance - $20 at December 31, 2010 (amortized cost $85,188 and $82,580) | $ 90,699 | 85,488 |
| Debt securities, held to maturity, net carrying value | 11,653 | |
| Debt Securities, Held-to-maturity | 11,697 | 12,581 |
| Equity Securities, at fair value | 4,027 | 812 |
| short-term investments amortized cost | 4,349 | 4,291 |
| Short-term investments, at fair value (amortized cost - $4,349 and $4,291) | 4,345 | 4,291 |
| Other investments, at fair value | 7,945 | 6,062 |
| Total investments | 118,669 | 109,234 |
| Cash | 1,747 | 1,537 |
| Restricted Cash | 89 | 109 |
| Securities lending collateral | 1,844 | 994 |
| Accrued investment income | 867 | 867 |
| Premium Receivable, Allowance for Credit Loss | 44 | 44 |
| Insurance and reinsurance balances receivable, net of valuation allowance - $44 and $44 | 10,480 | 10,357 |
| Reinsurance Recoverable, Allowance for Credit Loss | 314 | 316 |
| Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $314 and $316 | 15,592 [1] | 15,181 |
| Reinsurance recoverable on policy benefits | 206 | 197 |
| Deferred policy acquisition costs | 5,402 | 5,242 |
| Value of business acquired | 263 | 306 |
| Goodwill | 15,400 | 15,296 |
| Other intangible assets | 5,811 | 6,063 |
| Prepaid reinsurance premiums | 2,769 | 2,647 |
| Investments in partially-owned insurance companies | 2,813 | 1,332 |
| Other assets | 8,822 | 7,581 |
| Total assets | 190,774 | 176,943 |
| Liabilities | ||
| Unpaid losses and loss expenses | 67,811 | 62,690 |
| Unearned premiums | 17,652 | 16,771 |
| Future policy benefits | 5,713 | 5,373 |
| Insurance and reinsurance balances payable | 6,708 | 6,184 |
| Securities lending payable | 1,844 | 994 |
| Accounts payable, accrued expenses, and other liabilities | 14,052 | 12,214 |
| Deferred Income Tax Liabilities | 892 | 804 |
| Repurchase agreements | 1,405 | 1,416 |
| Short-term debt | 0 | 1,299 |
| Long-term debt | 14,948 | 13,559 |
| Trust preferred securities | 308 | 308 |
| Total liabilities | 131,333 | 121,612 |
| Commitments and contingencies (refer to Note 10) | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.15 par value; 477,605,264 and 479,783,864 shares issued; 450,732,625 and 451,971,567 shares outstanding) | 11,064 | 11,121 |
| Common Shares in treasury (26,872,639 and 27,812,297 shares) | (3,644) | (3,754) |
| Additional Paid in Capital | 9,815 | 11,203 |
| Retained earnings | 39,337 | 36,142 |
| Accumulated other comprehensive income (AOCI) | 2,869 | 619 |
| Total shareholders' equity | 59,441 | 55,331 |
| Total liabilities and shareholders equity | 190,774 | 176,943 |
| Debt Securities, Available-for-sale, Allowance for Credit Loss | 20 | 0 |
| Fixed maturities available for sale, at amortized cost | 85,188 | 82,580 |
| Debt Securities, Held-to-maturity, Allowance for Credit Loss | 44 | 0 |
| Debt Securities, Held-to-maturity, Fair Value | 12,510 | 13,005 |
| Common Shares, shares issued | 477,605,264 | 479,783,864 |
| Common Shares, shares outstanding | 450,732,625 | 451,971,567 |
| Treasury Stock, Shares | 26,872,639 | 27,812,297 |
| [1] Net of valuation allowance for uncollectible reinsurance. | ||
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2020 | |
| 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 |