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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2017
Mar. 31, 2016
Cash flows from operating activities    
Net income $ 1,093 $ 439
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 7 394
Amortization of premiums/discounts on fixed maturities 184 174
Amortization of UPR related to the Chubb Corp acquisition 0 570
Deferred income taxes (127) (42)
Unpaid losses and loss expenses (154) (72)
Unearned premiums 17 (616)
Future policy benefits 40 28
Insurance and reinsurance balances payable 252 (15)
Accounts payable, accrued expenses, and other liabilities (491) (34)
Income taxes payable 191 143
Insurance and reinsurance balances receivable 30 601
Reinsurance recoverable on losses and loss expenses (122) 194
Reinsurance recoverable on policy benefits (5) 3
Deferred policy acquisition costs (59) (480)
Prepaid reinsurance premiums (81) 14
Other 238 (281)
Net cash flows from operating activities 1,013 1,020
Cash flows from investing activities    
Purchases of fixed maturities available for sale (6,250) (8,104)
Purchases of fixed maturities held to maturity (157) (77)
Purchases of equity securities (37) (33)
Sales of fixed maturities available for sale 3,395 6,329
Sales of equity securities 46 761
Maturities and redemptions of fixed maturities available for sale 2,543 1,553
Maturities and redemptions of fixed maturities held to maturity 240 249
Net change in short-term investments 232 11,932
Net derivative instruments settlements (89) (22)
Acquisition of subsidiaries (net of cash acquired of nil and $57) 0 (14,262)
Other 17 59
Net cash flows used for investing activities (60) (1,615)
Cash flows from financing activities    
Dividends paid on Common Shares (324) (218)
Common Shares repurchased (128) 0
Repayment of long-term debt (500) 0
Proceeds from issuance of repurchase agreements 753 853
Repayment of repurchase agreements (752) (853)
Proceeds from share-based compensation plans 42 51
Policyholder contract deposits 109 118
Policyholder contract withdrawals (58) (49)
Other 0 (4)
Net cash flows used for financing activities (858) (102)
Effect of foreign currency rate changes on cash and cash equivalents (17) 13
Net (decrease) increase in cash 78 (684)
Cash – beginning of period 985 [1],[2] 1,775 [3]
Cash – end of period 1,063 [2],[4] 1,091 [3]
Supplemental cash flow information    
Taxes paid 54 106
Interest paid $ 75 $ 71
[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, 2016, 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 March 31, 2017 and December 31, 2016, 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 March 31, 2016 and December 31, 2015, 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 March 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.