Information provided in connection with outstanding debt of subsidiaries (Tables)

12 Months Ended

Dec. 31, 2018

Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]

ondensed Consolidating Balance Sheet at December 31, 2018



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries		Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	214	$	100,754	$	—		$	100,968
Cash ⁽¹⁾	1		2		1,896		(652		)	1,247
Restricted Cash	—		—		93		—			93
Insurance and reinsurance balances receivable	—		—		11,861		(1,786		)	10,075
Reinsurance recoverable on losses and loss expenses	—		—		26,422		(10,429		)	15,993
Reinsurance recoverable on policy benefits	—		—		306		(104		)	202
Value of business acquired	—		—		295		—			295
Goodwill and other intangible assets	—		—		21,414		—			21,414
Investments in subsidiaries	43,531		50,209		—		(93,740		)	—
Due from subsidiaries and affiliates, net	7,074		—		598		(7,672		)	—
Other assets	3		1,007		18,102		(1,628		)	17,484
Total assets	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,857	$	(9,897	)	$	62,960
Unearned premiums	—		—		16,611		(1,079		)	15,532
Future policy benefits	—		—		5,610		(104		)	5,506
Due to subsidiaries and affiliates, net	—		7,672		—		(7,672		)	—
Affiliated notional cash pooling programs⁽¹⁾	35		617		—		(652		)	—
Repurchase agreements	—		—		1,418		—			1,418
Short-term debt	—		500		9		—			509
Long-term debt	—		12,086		1		—			12,087
Trust preferred securities	—		308		—		—			308
Other liabilities	262		2,545		19,199		(2,867		)	19,139
Total liabilities	297		23,728		115,705		(22,271		)	117,459
Total shareholders’ equity	50,312		27,704		66,036		(93,740		)	50,312
Total liabilities and shareholders’ equity	$	50,609	$	51,432	$	181,741	$	(116,011	)	$	167,771


⁽¹⁾	Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Balance Sheet at December 31, 2017



(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)		Chubb INA Holdings Inc. (Subsidiary Issuer)		Other Chubb Limited Subsidiaries		Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Assets
Investments	$	—	$	168	$	102,276	$	—		$	102,444
Cash ⁽¹⁾	3		1		839		(115		)	728
Restricted Cash	—		—		123		—			123
Insurance and reinsurance balances receivable	—		—		10,820		(1,486		)	9,334
Reinsurance recoverable on losses and loss expenses	—		—		27,514		(12,480		)	15,034
Reinsurance recoverable on policy benefits	—		—		1,194		(1,010		)	184
Value of business acquired	—		—		326		—			326
Goodwill and other intangible assets	—		—		22,054		—			22,054
Investments in subsidiaries	41,909		51,165		—		(93,074		)	—
Due from subsidiaries and affiliates, net	9,639		—		—		(9,639		)	—
Other assets	3		287		20,578		(4,073		)	16,795
Total assets	$	51,554	$	51,621	$	185,724	$	(121,877	)	$	167,022
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	74,767	$	(11,588	)	$	63,179
Unearned premiums	—		—		18,875		(3,659		)	15,216
Future policy benefits	—		—		6,331		(1,010		)	5,321
Due to subsidiaries and affiliates, net	—		9,432		207		(9,639		)	—
Affiliated notional cash pooling programs⁽¹⁾	—		115		—		(115		)	—
Repurchase agreements	—		—		1,408		—			1,408
Short-term debt	—		1,013		—		—			1,013
Long-term debt	—		11,546		10		—			11,556
Trust preferred securities	—		308		—		—			308
Other liabilities	382		1,411		18,848		(2,792		)	17,849
Total liabilities	382		23,825		120,446		(28,803		)	115,850
Total shareholders’ equity	51,172		27,796		65,278		(93,074		)	51,172
Total liabilities and shareholders’ equity	$	51,554	$	51,621	$	185,724	$	(121,877	)	$	167,022


⁽¹⁾	Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement Of Operations and Comprehensive Income

Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)



For the Year Ended December 31, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	30,579		$	—		$	30,579
Net premiums earned	—			—			30,064			—			30,064
Net investment income	6			13			3,286			—			3,305
Equity in earnings of subsidiaries	3,753			2,578			—			(6,331		)	—
Net realized gains (losses) including OTTI	—			117			(769		)	—			(652		)
Losses and loss expenses	—			—			18,067			—			18,067
Policy benefits	—			—			590			—			590
Policy acquisition costs and administrative expenses	87			(58		)	8,769			—			8,798
Interest (income) expense	(299		)	806			134			—			641
Other (income) expense	(24		)	26			(436		)	—			(434		)
Amortization of purchased intangibles	—			—			339			—			339
Chubb integration expenses	14			1			44			—			59
Income tax expense (benefit)	19			(148		)	824			—			695
Net income	$	3,962		$	2,081		$	4,250		$	(6,331	)	$	3,962
Comprehensive income (loss)	$	1,242		$	(27	)	$	1,808		$	(1,781	)	$	1,242

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Year Ended December 31, 2017	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	29,244		$	—		$	29,244
Net premiums earned	—			—			29,034			—			29,034
Net investment income	4			14			3,107			—			3,125
Equity in earnings of subsidiaries	3,640			2,424			—			(6,064		)	—
Net realized gains (losses) including OTTI	—			(25		)	109			—			84
Losses and loss expenses	—			—			18,454			—			18,454
Policy benefits	—			—			676			—			676
Policy acquisition costs and administrative expenses	75			40			8,499			—			8,614
Interest (income) expense	(332		)	847			92			—			607
Other (income) expense	(12		)	93			(481		)	—			(400		)
Amortization of purchased intangibles	—			—			260			—			260
Chubb integration expenses	32			69			209			—			310
Income tax expense (benefit)	20			(742		)	583			—			(139		)
Net income	$	3,861		$	2,106		$	3,958		$	(6,064	)	$	3,861
Comprehensive income	$	4,718		$	3,075		$	4,430		$	(7,505	)	$	4,718

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Year Ended December 31, 2016	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
Net premiums written	$	—		$	—		$	28,145		$	—		$	28,145
Net premiums earned	—			—			28,749			—			28,749
Net investment income	3			11			2,851			—			2,865
Equity in earnings of subsidiaries	3,901			2,555			—			(6,456		)	—
Net realized gains (losses) including OTTI	—			3			(148		)	—			(145		)
Losses and loss expenses	—			—			16,052			—			16,052
Policy benefits	—			—			588			—			588
Policy acquisition costs and administrative expenses	64			82			8,839			—			8,985
Interest (income) expense	(353		)	908			50			—			605
Other (income) expense	(25		)	35			(232		)	—			(222		)
Amortization of purchased intangibles	—			—			19			—			19
Chubb integration expenses	62			126			304			—			492
Income tax expense (benefit)	21			(416		)	1,210			—			815
Net income	$	4,135		$	1,834		$	4,622		$	(6,456	)	$	4,135
Comprehensive income	$	4,556		$	2,001		$	5,045		$	(7,046	)	$	4,556

Condensed Consolidating Statement of Cash Flows



For the Year Ended December 31, 2018	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations				Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	256		$	4,654		$	5,878		$	(5,308	)		$	5,480
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(38		)	(24,697		)	—				(24,735		)
Purchases of fixed maturities held to maturity	—			—			(456		)	—				(456		)
Purchases of equity securities	—			—			(207		)	—				(207		)
Sales of fixed maturities available for sale	—			11			14,019			—				14,030
Sales of equity securities	—			—			315			—				315
Maturities and redemptions of fixed maturities available for sale	—			17			7,335			—				7,352
Maturities and redemptions of fixed maturities held to maturity	—			—			1,124			—				1,124
Net change in short-term investments	—			3			513			—				516
Net derivative instruments settlements	—			(7		)	23			—				16
Private equity contribution	—			—			(1,337		)	—				(1,337		)
Private equity distribution	—			—			980			—				980
Capital contribution	(1,475		)	(3,550		)	—			5,025				—
Other	—			(18		)	(515		)	—				(533		)
Net cash flows used for investing activities	(1,475		)	(3,582		)	(2,903		)	5,025				(2,935		)
Cash flows from financing activities
Dividends paid on Common Shares	(1,337		)	—			—			—				(1,337		)
Common Shares repurchased	—			—			(1,044		)	—				(1,044		)
Proceeds from issuance of long-term debt	—			2,171			—			—			—	2,171
Proceeds from issuance of repurchase agreements	—			—			2,029			—				2,029
Repayment of long-term debt	—			(2,000		)	(1		)	—				(2,001		)
Repayment of repurchase agreements	—			—			(2,019		)	—				(2,019		)
Proceeds from share-based compensation plans	—			—			115			—				115
Advances (to) from affiliates	2,519			(1,744		)	(775		)	—				—
Dividends to parent company	—			—			(5,308		)	5,308				—
Capital contribution	—			—			5,025			(5,025		)		—
Net payments to affiliated notional cash pooling programs⁽¹⁾	35			502			—			(537		)		—
Policyholder contract deposits	—			—			453			—				453
Policyholder contract withdrawals	—			—			(358		)	—				(358		)
Net cash flows from (used for) financing activities	1,217			(1,071		)	(1,883		)	(254		)		(1,991		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			(65		)	—				(65		)
Net increase (decrease) in cash and restricted cash	(2		)	1			1,027			(537		)		489
Cash and restricted cash – beginning of year⁽¹⁾	3			1			962			(115		)		851
Cash and restricted cash – end of year⁽¹⁾	$	1		$	2		$	1,989		$	(652	)		$	1,340


⁽¹⁾	Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows



For the Year Ended December 31, 2017	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	781		$	1,648		$	4,598		$	(2,524	)	$	4,503
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(9		)	(25,738		)	—			(25,747		)
Purchases of fixed maturities held to maturity	—			—			(352		)	—			(352		)
Purchases of equity securities	—			—			(173		)	—			(173		)
Sales of fixed maturities available for sale	—			99			13,156			—			13,255
Sales of equity securities	—			—			187			—			187
Maturities and redemptions of fixed maturities available for sale	—			29			10,396			—			10,425
Maturities and redemptions of fixed maturities held to maturity	—			—			879			—			879
Net change in short-term investments	—			189			(726		)	—			(537		)
Net derivative instruments settlements	—			(15		)	(250		)	—			(265		)
Private equity contributions	—			—			(648		)	—			(648		)
Private equity distributions	—			—			1,084			—			1,084
Other	—			(10		)	(520		)	—			(530		)
Net cash flows from (used for) investing activities	—			283			(2,705		)	—			(2,422		)
Cash flows from financing activities
Dividends paid on Common Shares	(1,308		)	—			—			—			(1,308		)
Common Shares repurchased	—			—			(801		)	—			(801		)
Proceeds from issuance of long-term debt	—			—			—			—			—
Proceeds from issuance of repurchase agreements	—			—			2,353			—			2,353
Repayment of long-term debt	—			(500		)	(1		)	—			(501		)
Repayment of repurchase agreements	—			—			(2,348		)	—			(2,348		)
Proceeds from share-based compensation plans	—			—			151			—			151
Advances (to) from affiliates	892			(927		)	35			—			—
Dividends to parent company	—			—			(2,524		)	2,524			—
Net payments to affiliated notional cash pooling programs⁽¹⁾	(363		)	(504		)	—			867			—
Policyholder contract deposits	—			—			442			—			442
Policyholder contract withdrawals	—			—			(307		)	—			(307		)
Net cash flows used for financing activities	(779		)	(1,931		)	(3,000		)	3,391			(2,319		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			1			—			1
Net increase (decrease) in cash and restricted cash	2			—			(1,106		)	867			(237		)
Cash and restricted cash – beginning of year⁽¹⁾	1			1			2,068			(982		)	1,088
Cash and restricted cash – end of year⁽¹⁾	$	3		$	1		$	962		$	(115	)	$	851


⁽¹⁾	Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows



For the Year Ended December 31, 2016	Chubb Limited (Parent Guarantor)			Chubb INA Holdings Inc. (Subsidiary Issuer)			Other Chubb Limited Subsidiaries			Consolidating Adjustments and Eliminations			Chubb Limited Consolidated
(in millions of U.S. dollars)
Net cash flows from operating activities	$	3,618		$	4,305		$	5,536		$	(8,167	)	$	5,292
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(156		)	(30,659		)	—			(30,815		)
Purchases of fixed maturities held to maturity	—			—			(282		)	—			(282		)
Purchases of equity securities	—			—			(146		)	—			(146		)
Sales of fixed maturities available for sale	—			66			16,611			—			16,677
Sales of equity securities	—			—			1,000			—			1,000
Maturities and redemptions of fixed maturities available for sale	—			66			9,283			—			9,349
Maturities and redemptions of fixed maturities held to maturity	—			—			958			—			958
Net change in short-term investments	—			7,943			4,407			—			12,350
Net derivative instruments settlements	—			(9		)	(159		)	—			(168		)
Private equity contributions	—			—			(553		)	—			(553		)
Private equity distributions	—			—			958			—			958
Acquisition of subsidiaries (net of cash acquired of $71)	—			(14,282		)	34			—			(14,248		)
Capital contribution	(2,330		)	(215		)	(2,330		)	4,875			—
Other	—			(3		)	(399		)	—			(402		)
Net cash flows used for investing activities	(2,330		)	(6,590		)	(1,277		)	4,875			(5,322		)
Cash flows from financing activities
Dividends paid on Common Shares	(1,173		)	—			—			—			(1,173		)
Proceeds from issuance of repurchase agreements	—			—			2,310			—			2,310
Repayment of repurchase agreements	—			—			(2,311		)	—			(2,311		)
Proceeds from share-based compensation plans	—			—			167			—			167
Advances (to) from affiliates	404			(572		)	168			—			—
Dividends to parent company	—			—			(8,167		)	8,167			—
Capital contribution	—			2,330			2,545			(4,875		)	—
Net proceeds from (payments to) affiliated notional cash pooling programs⁽¹⁾	(519		)	530			—			(11		)	—
Policyholder contract deposits	—			—			522			—			522
Policyholder contract withdrawals	—			—			(253		)	—			(253		)
Other	—			(4		)	—			—			(4		)
Net cash flows (used for) from financing activities	(1,288		)	2,284			(5,019		)	3,281			(742		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			(25		)	—			(25		)
Net increase (decrease) in cash and restricted cash	—			(1		)	(785		)	(11		)	(797		)
Cash and restricted cash – beginning of year⁽¹⁾	1			2			2,853			(971		)	1,885
Cash and restricted cash – end of year⁽¹⁾	$	1		$	1		$	2,068		$	(982	)	$	1,088


⁽¹⁾	Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.