XML 19 R8.htm IDEA: XBRL DOCUMENT v3.5.0.2
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2016
Sep. 30, 2015
Cash flows from operating activities    
Net income $ 2,525 $ 2,151
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 510 360
Amortization of premiums/discounts on fixed maturities 558 115
Amortization of UPR related to the Chubb Corp acquisition 1,415 0
Deferred income taxes (13) 53
Unpaid losses and loss expenses 916 (225)
Unearned premiums (547) 353
Future policy benefits 129 157
Insurance and reinsurance balances payable 149 219
Accounts payable, accrued expenses, and other liabilities (109) (179)
Income taxes payable 308 (8)
Insurance and reinsurance balances receivable (201) 15
Reinsurance recoverable on losses and loss expenses (241) 421
Reinsurance recoverable on policy benefits (6) 20
Deferred policy acquisition costs (1,316) (354)
Prepaid reinsurance premiums 33 (182)
Other (273) (217)
Net cash flows from operating activities 3,837 2,699
Cash flows from investing activities    
Purchases of fixed maturities available for sale (23,837) (13,029)
Purchases of to be announced mortgage-backed securities 0 (31)
Purchases of fixed maturities held to maturity (189) (39)
Purchases of equity securities (100) (122)
Sales of fixed maturities available for sale 13,863 5,202
Sales of to be announced mortgage-backed securities 0 31
Sales of equity securities 963 150
Maturities and redemptions of fixed maturities available for sale 6,936 5,257
Maturities and redemptions of fixed maturities held to maturity 627 552
Net change in short-term investments 11,866 421
Net derivative instruments settlements (181) 62
Acquisition of subsidiaries (net of cash acquired of $71 and $620) (14,248) 259
Other 26 (138)
Net cash flows used for investing activities (4,274) (1,425)
Cash flows from financing activities    
Dividends paid on Common Shares (851) (644)
Common Shares repurchased 0 (758)
Proceeds from issuance of long-term debt 0 800
Proceeds from issuance of repurchase agreements 1,457 1,478
Repayment of long-term debt 0 (451)
Repayment of repurchase agreements (1,455) (1,477)
Proceeds from share-based compensation plans, including windfall tax benefits 117 89
Policyholder contract deposits 473 351
Policyholder contract withdrawals (247) (159)
Other (4) (6)
Net cash flows used for financing activities (510) (777)
Effect of foreign currency rate changes on cash and cash equivalents 42 (114)
Net (decrease) increase in cash (905) 383
Cash – beginning of period 1,775 [1],[2] 655 [3]
Cash – end of period 870 [2],[4] 1,038 [3]
Supplemental cash flow information    
Taxes paid 360 355
Interest paid $ 390 $ 188
[1] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2016 and December 31, 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2015 and December 31, 2014, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[4] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various Chubb entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual Chubb accounts are translated daily into a single currency and pooled on a notional basis. Individual Chubb entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.