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: 2021 | |||
Consolidated Statements Of Operations and Comprehensive Income | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Revenues | |||
| Net premiums written | $ 37,868 | 33,820 | 32,275 |
| Increase in unearned premiums | (1,513) | (703) | (985) |
| Net premiums earned | 36,355 | 33,117 | 31,290 |
| Net investment income | 3,456 | 3,375 | 3,426 |
| Net realized gains (losses): | |||
| Other-than-temporary impairment (OTTI) losses gross | (90) | ||
| Portion of OTTI losses recognized in other comprehensive income (OCI) | 0 | 32 | |
| Net OTTI losses recognized in income | (58) | ||
| Net realized gains (losses) excluding OTTI losses | 1,152 | (498) | (472) |
| Net realized gains (losses) (includes $3, $(281), and $(31) reclassified from AOCI) | 1,152 | (498) | (530) |
| Total revenues | 40,963 | 35,994 | 34,186 |
| Expenses | |||
| Losses and loss expenses | 21,980 | 21,710 | 18,730 |
| Policy benefits | 699 | 784 | 740 |
| Policy acquisition costs | 6,918 | 6,547 | 6,153 |
| Administrative expenses | 3,136 | 2,979 | 3,030 |
| Interest expense | 492 | 516 | 552 |
| Other (income) expense | (2,365) | (994) | (596) |
| Amortization of purchased intangibles | 287 | 290 | 305 |
| Chubb integration expenses | 0 | 0 | 23 |
| Total expenses | 31,147 | 31,832 | 28,937 |
| Income before income tax | 9,816 | 4,162 | 5,249 |
| Income tax expense (includes benefit of $(6), $(36), and nil on unrealized gains and losses reclassified from AOCI) | 1,277 | 629 | 795 |
| Net income | 8,539 | 3,533 | 4,454 |
| Other comprehensive income (loss) | |||
| Unrealized appreciation (depreciation) | (2,935) | 2,311 | 3,704 |
| Reclassification adjustment for net realized (gains) losses included in net income | (3) | 281 | 31 |
| Other comprehensive income (loss) after reclassification for net realized gains included in net income | (2,938) | 2,592 | 3,735 |
| Change in: | |||
| Cumulative foreign currency translation adjustment | (530) | 306 | 13 |
| Postretirement benefit liability adjustment | 522 | (232) | (76) |
| Other comprehensive income (loss), before income tax | (2,946) | 2,666 | 3,672 |
| Income tax (expense) benefit related to OCI items | 427 | (416) | (605) |
| Other comprehensive income (loss) | (2,519) | 2,250 | 3,067 |
| Comprehensive income | 6,020 | 5,783 | 7,521 |
| Earnings per share | |||
| Basic earnings per share | 19.41 | 7.82 | 9.77 |
| Diluted earnings per share | 19.27 | 7.79 | 9.71 |
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CHUBB LTD | |||
Ticker: CB Fiscal Year: 2021 | |||
Consolidated Statements Of Cash Flows | |||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | |||
| (In Millions, except shares in actual) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
| Cash flows from operating activities | |||
| Net income | $ 8,539 | 3,533 | 4,454 |
| Adjustments to reconcile net income to net cash flows from operating activities | |||
| Net Realized Gains Losses | (1,152) | 498 | 530 |
| Accretion (Amortization) of Discounts and Premiums, Investments | 332 | 367 | 395 |
| Amortization of purchased intangibles | 287 | 290 | 305 |
| Deferred income taxes | (74) | (333) | (97) |
| Unpaid losses and loss expenses | 5,791 | 4,664 | (257) |
| Unearned premiums | 1,857 | 846 | 1,051 |
| Future policy benefits | 239 | 236 | 215 |
| Insurance and reinsurance balances payable | 582 | 535 | (302) |
| Accounts payable, accrued expenses, and other liabilities | 536 | (98) | (207) |
| Income taxes payable | 48 | 46 | (7) |
| Insurance and reinsurance balances receivable | (984) | (114) | (270) |
| Reinsurance recoverable | (1,953) | (336) | 838 |
| Deferred policy acquisition costs | (247) | (89) | (344) |
| Equity in net income of subsidiaries and affiliates | (2,433) | (1,019) [1] | (617) |
| Other | (219) | 759 | 655 |
| Net Cash Provided by (Used in) Operating Activities, Total | 11,149 | 9,785 | 6,342 |
| Cash flows from investing activities | |||
| Purchases of fixed maturities available for sale | (30,222) | (26,298) | (25,846) |
| Purchases of fixed maturities held to maturity | (594) | (202) | (229) |
| Purchases of equity securities | (1,167) | (6,419) | (531) |
| Sales of fixed maturities available for sale | 6,596 | 11,377 | 13,110 |
| Sales of to be announced mortgage-backed securities | 0 | 0 | 6 |
| Sales of equity securities | 1,018 | 3,880 | 611 |
| Maturities and redemptions of fixed maturities available for sale | 17,361 | 12,450 | 9,039 |
| Maturities and redemptions of fixed maturities held to maturity | 1,964 | 995 | 946 |
| Net change in short-term investments | 1,175 | (81) | (1,117) |
| Net derivative instruments settlements | (219) | (113) | (703) |
| Private equity contributions | (2,471) | (1,924) | (1,315) |
| Private equity distributions | 1,421 | 907 | 1,390 |
| Acquisition of subsidiaries (net of cash acquired of nil, $45, and nil) | 0 | 0 | (29) |
| Payment, including deposit, for Huatai Group Interest | (1,184) | (1,623) | (580) |
| Other | (337) | (470) | (657) |
| Net Cash Provided by (Used in) Investing Activities | (6,659) | (7,521) | (5,905) |
| Cash flows from financing activities | |||
| Dividends paid on Common Shares | (1,401) | (1,388) | (1,354) |
| Common Shares repurchased | (4,861) | (523) | (1,530) |
| Proceeds from issuance of long-term debt | 1,576 | 988 | 2,828 |
| Proceeds from issuance of repurchase agreements | 1,858 | 2,354 | 2,817 |
| Repayments of Long-term Debt | 0 | (1,301) | (510) |
| Repayment of repurchase agreements | (1,858) | (2,354) | (2,817) |
| Proceeds from share-based compensation plans | 300 | 145 | 204 |
| Policyholder contract deposits | 512 | 470 | 514 |
| Policyholder contract withdrawals | (454) | (386) | (303) |
| Other | (81) | (87) | 0 |
| Net cash flows (used for) from financing activities | (4,409) | (2,082) | (151) |
| Effect of foreign currency rate changes on cash and restricted cash | (106) | 8 | 20 |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | (25) | 190 | 306 |
| Cash and restricted cash - beginning of year | 1,836 | 1,646 | |
| Cash and restricted cash - end of year | 1,811 | 1,836 | 1,646 |
| Supplemental cash flow information | |||
| Taxes paid | 1,298 | 902 | 912 |
| Interest paid | 492 | 524 | 512 |
| [1] Equity in net income of partially-owned entities includes $233 million, $167 million, and $74 million attributable to our investments in Huatai (Huatai Group, Huatai P&C, and Huatai Life) for the years ended December 31, 2021, 2020, and 2019, respectively. | |||
10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||
CHUBB LTD | ||
Ticker: CB Fiscal Year: 2021 | ||
Consolidated Balance Sheets | ||
Period Ending Dec 31, 2021 10-K (Filed: Feb 24, 2022) | ||
| (In Millions, except shares in actual) | ||
| As of | As of | |
| Dec 31, 2021 | Dec 31, 2020 | |
| Assets | ||
| Fixed maturities available for sale, at fair value, net of valuation allowance - $14 and $20 (amortized cost $90,493 and $85,188) | $ 93,108 | 90,699 |
| Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $35 and $44 (fair value $10,647 and $12,510) | 10,118 | 11,653 |
| Equity securities, at fair value | 4,782 | 4,027 |
| Short-term investments, at fair value (amortized cost $3,147 and $4,349) | 3,146 | 4,345 |
| Other investments, at fair value | 11,169 | 7,945 |
| Total investments | 122,323 | 118,669 |
| Cash | 1,659 | 1,747 |
| Restricted cash | 152 | 89 |
| Securities lending collateral | 1,831 | 1,844 |
| Accrued investment income | 821 | 867 |
| Insurance and reinsurance balances receivable, net of valuation allowance - $46 and $44 | 11,322 | 10,480 |
| Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $329 and $314 | 17,366 | 15,592 |
| Reinsurance recoverable on policy benefits | 213 | 206 |
| Deferred policy acquisition costs | 5,513 | 5,402 |
| Value of business acquired | 236 | 263 |
| Goodwill | 15,213 | 15,400 |
| Other intangible assets | 5,455 | 5,811 |
| Prepaid reinsurance premiums | 3,028 | 2,769 |
| Investments in partially-owned insurance companies | 3,130 | 2,813 |
| Other assets | 11,792 | 8,822 |
| Total assets | 200,054 | 190,774 |
| Liabilities | ||
| Unpaid losses and loss expenses | 72,943 | 67,811 |
| Unearned premiums | 19,101 | 17,652 |
| Future policy benefits | 5,947 | 5,713 |
| Insurance and reinsurance balances payable | 7,243 | 6,708 |
| Securities lending payable | 1,831 | 1,844 |
| Accounts payable, accrued expenses, and other liabilities | 15,004 | 14,052 |
| Deferred tax liabilities | 389 | 892 |
| Repurchase agreements | 1,406 | 1,405 |
| Short-term debt | 999 | 0 |
| Long-term debt | 15,169 | 14,948 |
| Trust preferred securities | 308 | 308 |
| Total liabilities | 140,340 | 131,333 |
| Commitments and contingencies (refer to Note 10) | ||
| Shareholders' equity | ||
| Common Shares (CHF 24.15 par value; 474,021,114 and 477,605,264 shares issued; 426,572,612 and 450,732,625 shares outstanding) | 10,985 | 11,064 |
| Common Shares in treasury (47,448,502 and 26,872,639 shares) | (7,464) | (3,644) |
| Additional paid-in capital | 8,478 | 9,815 |
| Retained earnings | 47,365 | 39,337 |
| Accumulated other comprehensive income (AOCI) | 350 | 2,869 |
| Total shareholders equity | 59,714 | 59,441 |
| Total liabilities and shareholders equity | 200,054 | 190,774 |
| External Links | |
| CHUBB LTD (CB) Fiscal Year 2021 | |
| 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 |