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

6 Months Ended

Jun. 30, 2019

Table Text Block Supplement [Abstract]

Condensed Consolidating Balance Sheet at June 30, 2019



(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	$	—	$	235	$	105,504		$	—		$	105,739
Cash ⁽¹⁾	1		1		1,625			(357		)	1,270
Restricted cash	—		—		98			—			98
Insurance and reinsurance balances receivable	—		—		12,735			(1,800		)	10,935
Reinsurance recoverable on losses and loss expenses	—		—		25,297			(9,852		)	15,445
Reinsurance recoverable on policy benefits	—		—		297			(96		)	201
Value of business acquired	—		—		280			—			280
Goodwill and other intangible assets	—		—		21,566			—			21,566
Investments in subsidiaries	47,983		51,972		—			(99,955		)	—
Due from subsidiaries and affiliates, net	6,289		—		(61		)	(6,228		)	—
Other assets	5		449		20,266			(1,738		)	18,982
Total assets	$	54,278	$	52,657	$	187,607		$	(120,026	)	$	174,516
Liabilities
Unpaid losses and loss expenses	$	—	$	—	$	72,693		$	(9,488	)	$	63,205
Unearned premiums	—		—		17,624			(1,221		)	16,403
Future policy benefits	—		—		5,664			(96		)	5,568
Due to subsidiaries and affiliates, net	—		6,228		—			(6,228		)	—
Affiliated notional cash pooling programs ⁽¹⁾	177		180		—			(357		)	—
Repurchase agreements	—		—		1,416			—			1,416
Short-term debt	—		—		9			—			9
Long-term debt	—		13,370		1			—			13,371
Trust preferred securities	—		308		—			—			308
Other liabilities	299		1,774		21,042			(2,681		)	20,434
Total liabilities	476		21,860		118,449			(20,071		)	120,714
Total shareholders’ equity	53,802		30,797		69,158			(99,955		)	53,802
Total liabilities and shareholders’ equity	$	54,278	$	52,657	$	187,607		$	(120,026	)	$	174,516

⁽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 June 30, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed 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. 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, 2018, 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



For the Three Months Ended June 30, 2019	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	$	—		$	—		$	8,343		$	—		$	8,343
Net premiums earned	—			—			7,891			—			7,891
Net investment income	1			(6		)	864			—			859
Equity in earnings of subsidiaries	1,104			762			—			(1,866		)	—
Net realized gains (losses) including OTTI	4			(21		)	(206		)	—			(223		)
Losses and loss expenses	—			—			4,715			—			4,715
Policy benefits	—			—			161			—			161
Policy acquisition costs and administrative expenses	22			(5		)	2,285			—			2,302
Interest (income) expense	(62		)	180			22			—			140
Other (income) expense	(6		)	1			(225		)	—			(230		)
Amortization of purchased intangibles	—			—			77			—			77
Chubb integration expenses	—			—			4			—			4
Income tax expense (benefit)	5			(45		)	248			—			208
Net income	$	1,150		$	604		$	1,262		$	(1,866	)	$	1,150
Comprehensive income	$	2,059		$	1,397		$	2,181		$	(3,578	)	$	2,059

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Three Months Ended June 30, 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	$	—		$	—		$	8,015		$	—		$	8,015
Net premiums earned	—			—			7,664			—			7,664
Net investment income	1			5			822			—			828
Equity in earnings of subsidiaries	1,241			454			—			(1,695		)	—
Net realized gains (losses) including OTTI	2			73			(57		)	—			18
Losses and loss expenses	—			—			4,487			—			4,487
Policy benefits	—			—			150			—			150
Policy acquisition costs and administrative expenses	23			19			2,169			—			2,211
Interest (income) expense	(76		)	204			39			—			167
Other (income) expense	(4		)	8			(119		)	—			(115		)
Amortization of purchased intangibles	—			—			85			—			85
Chubb integration expenses	2			—			11			—			13
Income tax expense (benefit)	5			(36		)	249			—			218
Net income	$	1,294		$	337		$	1,358		$	(1,695	)	$	1,294
Comprehensive income (loss)	$	277		$	(462	)	$	352		$	110		$	277

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Six Months Ended June 30, 2019	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	$	—		$	—		$	15,656		$	—		$	15,656
Net premiums earned	—			—			15,028			—			15,028
Net investment income	2			(10		)	1,703			—			1,695
Equity in earnings of subsidiaries	2,094			1,521			—			(3,615		)	—
Net realized gains (losses) including OTTI	5			(34		)	(291		)	—			(320		)
Losses and loss expenses	—			—			8,813			—			8,813
Policy benefits	—			—			357			—			357
Policy acquisition costs and administrative expenses	42			(20		)	4,454			—			4,476
Interest (income) expense	(128		)	365			43			—			280
Other (income) expense	(12		)	4			(261		)	—			(269		)
Amortization of purchased intangibles	—			—			153			—			153
Chubb integration expenses	—			2			5			—			7
Income tax expense (benefit)	9			(87		)	474			—			396
Net income	$	2,190		$	1,213		$	2,402		$	(3,615	)	$	2,190
Comprehensive income	$	4,777		$	3,338		$	4,969		$	(8,307	)	$	4,777

Condensed Consolidating Statements of Operations and Comprehensive Income



For the Six Months Ended June 30, 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	$	—		$	—		$	15,119		$	—		$	15,119
Net premiums earned	—			—			14,691			—			14,691
Net investment income	3			9			1,622			—			1,634
Equity in earnings of subsidiaries	2,263			1,339			—			(3,602		)	—
Net realized gains (losses) including OTTI	—			49			(33		)	—			16
Losses and loss expenses	—			—			8,589			—			8,589
Policy benefits	—			—			301			—			301
Policy acquisition costs and administrative expenses	41			41			4,285			—			4,367
Interest (income) expense	(156		)	413			67			—			324
Other (income) expense	(9		)	16			(169		)	—			(162		)
Amortization of purchased intangibles	—			—			170			—			170
Chubb integration expenses	4			1			18			—			23
Income tax expense (benefit)	10			(95		)	438			—			353
Net income	$	2,376		$	1,021		$	2,581		$	(3,602	)	$	2,376
Comprehensive income (loss)	$	730		$	(246	)	$	966		$	(720	)	$	730

Condensed Consolidating Statement of Cash Flows



Six Months Ended June 30, 2019	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	$	323		$	1,302		$	2,943		$	(1,860	)	$	2,708
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(5		)	(12,561		)	—			(12,566		)
Purchases of fixed maturities held to maturity	—			—			(73		)	—			(73		)
Purchases of equity securities	—			—			(147		)	—			(147		)
Sales of fixed maturities available for sale	—			—			7,838			—			7,838
Sales of equity securities	—			—			266			—			266
Maturities and redemptions of fixed maturities available for sale	—			16			3,947			—			3,963
Maturities and redemptions of fixed maturities held to maturity	—			—			598			—			598
Net change in short-term investments	—			(11		)	(752		)	—			(763		)
Net derivative instruments settlements	—			(35		)	(501		)	—			(536		)
Private equity contributions	—			—			(920		)	—			(920		)
Private equity distributions	—			—			780			—			780
Capital contribution	(600		)	(110		)	—			710			—
Other	—			(12		)	(715		)	—			(727		)
Net cash flows used for investing activities	(600		)	(157		)	(2,240		)	710			(2,287		)
Cash flows from financing activities
Dividends paid on Common Shares	(671		)	—			—			—			(671		)
Common Shares repurchased	—			—			(741		)	—			(741		)
Proceeds from issuance of long-term debt	—			1,289			—			—			1,289
Repayment of long-term debt	—			(500		)	—			—			(500		)
Proceeds from issuance of repurchase agreements	—			—			1,984			—			1,984
Repayment of repurchase agreements	—			—			(1,986		)	—			(1,986		)
Proceeds from share-based compensation plans	—			—			95			—			95
Dividend to parent company	—			—			(1,860		)	1,860			—
Advances (to) from affiliates	801			(1,498		)	697			—			—
Capital contribution	—			—			710			(710		)	—
Net proceeds from (payments to) affiliated notional cash pooling programs ⁽¹⁾	142			(437		)	—			295			—
Policyholder contract deposits	—			—			237			—			237
Policyholder contract withdrawals	—			—			(138		)	—			(138		)
Net cash flows from (used for) financing activities	272			(1,146		)	(1,002		)	1,445			(431		)
Effect of foreign currency rate changes on cash and restricted cash	5			—			33			—			38
Net increase (decrease) in cash and restricted cash	—			(1		)	(266		)	295			28
Cash and restricted cash – beginning of period ⁽¹⁾	1			2			1,989			(652		)	1,340
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	1		$	1,723		$	(357	)	$	1,368

⁽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 June 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

Condensed Consolidating Statement of Cash Flows



Six Months Ended June 30, 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	$	43		$	3,042		$	2,187		$	(3,075	)	$	2,197
Cash flows from investing activities
Purchases of fixed maturities available for sale	—			(22		)	(12,275		)	—			(12,297		)
Purchases of fixed maturities held to maturity	—			—			(337		)	—			(337		)
Purchases of equity securities	—			—			(85		)	—			(85		)
Sales of fixed maturities available for sale	—			—			6,858			—			6,858
Sales of equity securities	—			—			83			—			83
Maturities and redemptions of fixed maturities available for sale	—			14			3,906			—			3,920
Maturities and redemptions of fixed maturities held to maturity	—			—			732			—			732
Net change in short-term investments	—			6			395			—			401
Net derivative instruments settlements	—			(8		)	13			—			5
Private equity contributions	—			—			(813		)	—			(813		)
Private equity distributions	—			—			413			—			413
Capital contribution	(750		)	(3,500		)	—			4,250			—
Other	—			(7		)	(133		)	—			(140		)
Net cash flows used for investing activities	(750		)	(3,517		)	(1,243		)	4,250			(1,260		)
Cash flows from financing activities
Dividends paid on Common Shares	(661		)	—			—			—			(661		)
Common Shares repurchased	—			—			(347		)	—			(347		)
Proceeds from issuance of long-term debt	—			2,171			—			—			2,171
Repayment of long-term debt	—			(1,900		)	—			—			(1,900		)
Proceeds from issuance of repurchase agreements	—			—			1,014			—			1,014
Repayment of repurchase agreements	—			—			(1,009		)	—			(1,009		)
Proceeds from share-based compensation plans	—			—			60			—			60
Dividend to parent company	—			—			(3,075		)	3,075			—
Advances (to) from affiliates	963			(518		)	(445		)	—			—
Capital contribution	—			—			4,250			(4,250		)	—
Net proceeds from affiliated notional cash pooling programs ⁽¹⁾	403			722			—			(1,125		)	—
Policyholder contract deposits	—			—			192			—			192
Policyholder contract withdrawals	—			—			(169		)	—			(169		)
Net cash flows from (used for) financing activities	705			475			471			(2,300		)	(649		)
Effect of foreign currency rate changes on cash and restricted cash	—			—			(38		)	—			(38		)
Net increase (decrease) in cash and restricted cash	(2		)	—			1,377			(1,125		)	250
Cash and restricted cash – beginning of period ⁽¹⁾	3			1			962			(115		)	851
Cash and restricted cash – end of period ⁽¹⁾	$	1		$	1		$	2,339		$	(1,240	)	$	1,101

⁽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 June 30, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.