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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2017
Jun. 30, 2016
Cash flows from operating activities    
Net income $ 2,398 $ 1,165
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses (94) 610
Amortization of premiums/discounts on fixed maturities 353 376
Amortization of UPR related to the Chubb Corp acquisition 0 1,095
Deferred income taxes (112) 48
Unpaid losses and loss expenses (411) 330
Unearned premiums 386 (382)
Future policy benefits 134 106
Insurance and reinsurance balances payable 278 193
Accounts payable, accrued expenses, and other liabilities (603) 18
Income taxes payable (103) 67
Insurance and reinsurance balances receivable (575) (238)
Reinsurance recoverable on losses and loss expenses 312 (17)
Reinsurance recoverable on policy benefits (15) (11)
Deferred policy acquisition costs (179) (1,042)
Prepaid reinsurance premiums (139) 12
Other 10 (177)
Net cash flows from operating activities 1,640 2,153
Cash flows from investing activities    
Purchases of fixed maturities available for sale (12,260) (17,077)
Purchases of fixed maturities held to maturity (212) (121)
Purchases of equity securities (82) (78)
Sales of fixed maturities available for sale 6,873 11,868
Sales of equity securities 104 932
Maturities and redemptions of fixed maturities available for sale 5,169 3,910
Maturities and redemptions of fixed maturities held to maturity 408 443
Net change in short-term investments 354 11,711
Net derivative instruments settlements (129) (93)
Acquisition of subsidiaries (net of cash acquired of nil and $71) 0 (14,248)
Other (121) 81
Net cash flows from (used for) investing activities 104 (2,672)
Cash flows from financing activities    
Dividends paid on Common Shares (646) (530)
Common Shares repurchased (475) 0
Repayment of long-term debt (500) 0
Proceeds from issuance of repurchase agreements 1,343 904
Repayment of repurchase agreements (1,338) (902)
Proceeds from share-based compensation plans 89 92
Policyholder contract deposits 209 274
Policyholder contract withdrawals (125) (103)
Other 0 (4)
Net cash flows used for financing activities (1,443) (269)
Effect of foreign currency rate changes on cash and cash equivalents 11 24
Net increase (decrease) in cash 312 (764)
Cash – beginning of period 985 [1],[2] 1,775 [3]
Cash – end of period 1,297 [2],[4] 1,011 [3]
Supplemental cash flow information    
Taxes paid 510 259
Interest paid $ 327 $ 319
[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 June 30, 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 June 30, 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 June 30, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.