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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Cash flows from operating activities      
Net income $ 4,454 $ 3,962 $ 3,861
Adjustments to reconcile net income to net cash flows from operating activities      
Net Realized Gains Losses 530 652 (84)
Amortization of premiums/discounts on fixed maturities 395 592 694
Amortization of purchased intangibles 305 339 260
Deferred income taxes (97) 16 (527)
Unpaid losses and loss expenses (257) 570 2,137
Unearned premiums 1,051 654 264
Future policy benefits 215 235 217
Insurance and reinsurance balances payable (302) 722 271
Accounts payable, accrued expenses, and other liabilities (207) 375 (517)
Income taxes payable (7) 161 (365)
Insurance and reinsurance balances receivable (270) (981) (243)
Reinsurance recoverable 838 (1,165) (1,248)
Deferred policy acquisition costs (344) (301) (317)
Other 38 (351) 100
Net cash flows from operating activities 6,342 5,480 4,503
Cash flows from investing activities      
Purchases of fixed maturities available for sale (25,846) (24,700) (25,720)
Purchases of to be announced mortgage-backed securities 0 (35) (27)
Purchases of fixed maturities held to maturity (229) (456) (352)
Purchases of equity securities (531) (207) (173)
Sales of fixed maturities available for sale 13,110 14,001 13,228
Sales of to be announced mortgage-backed securities 6 29 27
Sales of equity securities 611 315 187
Maturities and redemptions of fixed maturities available for sale 9,039 7,352 10,425
Maturities and redemptions of fixed maturities held to maturity 946 1,124 879
Net change in short-term investments (1,117) 516 (537)
Net derivative instruments settlements (703) 16 (265)
Private equity contributions (1,315) (1,337) (648)
Private equity distributions 1,390 980 1,084
Acquisition of subsidiaries (net of cash acquired of $45, nil, and nil) (29) 0 0
Other (1,237) (533) (530)
Net Cash Provided by (Used in) Investing Activities (5,905) (2,935) (2,422)
Cash flows from financing activities      
Dividends paid on Common Shares (1,354) (1,337) (1,308)
Common Shares repurchased (1,530) (1,044) (801)
Proceeds from issuance of long-term debt 2,828 2,171 0
Proceeds from issuance of repurchase agreements 2,817 2,029 2,353
Repayments of Long-term Debt (510) (2,001) (501)
Repayment of repurchase agreements (2,817) (2,019) (2,348)
Proceeds from share-based compensation plans 204 115 151
Policyholder contract deposits 514 453 442
Policyholder contract withdrawals (303) (358) (307)
Net cash flows (used for) from financing activities (151) (1,991) (2,319)
Effect of foreign currency rate changes on cash and restricted cash 20 (65) 1
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect 306 489 (237)
Cash and restricted cash - beginning of year 1,340 [1],[2] 851 [2],[3] 1,088 [3]
Cash and restricted cash - end of year [2] 1,646 1,340 [1] 851 [3]
Supplemental cash flow information      
Taxes paid 912 503 736
Interest paid $ 512 $ 621 $ 644
[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.
[2]
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, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3]
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.