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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2020
Mar. 31, 2019
Cash flows from operating activities    
Net income $ 252 $ 1,040
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 958 97
Amortization of premiums/discounts on fixed maturities 87 118
Amortization of purchased intangibles 73 76
Deferred income taxes (13) (76)
Unpaid losses and loss expenses 228 62
Unearned premiums 192 274
Future policy benefits 31 41
Insurance and reinsurance balances payable 2 13
Accounts payable, accrued expenses, and other liabilities (392) (502)
Income taxes payable 109 266
Insurance and reinsurance balances receivable (6) 278
Reinsurance recoverable 116 (97)
Deferred policy acquisition costs (65) (63)
Other 140 (205)
Net cash flows from operating activities 1,712 1,322
Cash flows from investing activities    
Purchases of fixed maturities available for sale (6,474) (5,561)
Purchases of fixed maturities held to maturity (6) (1)
Purchases of equity securities (1,380) (49)
Sales of fixed maturities available for sale 4,687 3,287
Sales of to be announced mortgage-backed securities 0 6
Sales of equity securities 131 60
Maturities and redemptions of fixed maturities available for sale 2,756 1,831
Maturities and redemptions of fixed maturities held to maturity 440 280
Net change in short-term investments 552 (39)
Net derivative instruments settlements 109 (358)
Private equity contribution (361) (410)
Private equity distribution 211 368
Payments for Other Deposits 1,550 0
Other (125) (87)
Net cash flows used for investing activities (1,010) (673)
Cash flows from financing activities    
Dividends paid on Common Shares (339) (336)
Common Shares repurchased (323) (367)
Proceeds from issuance of repurchase agreements 952 471
Repayment of repurchase agreements (952) (470)
Proceeds from share-based compensation plans 47 35
Policyholder contract deposits 135 115
Policyholder contract withdrawals (162) (78)
Proceeds from (Payments for) Other Financing Activities (3) 0
Net cash flows used for financing activities (645) (630)
Effect of foreign currency rate changes on cash and restricted cash (45) 34
Net increase (decrease) in cash and restricted cash 12 53
Cash and restricted cash - beginning of period 1,646 [1] 1,340 [2]
Cash and restricted cash - end of period 1,658 [1] 1,393 [2]
Supplemental cash flow information    
Taxes paid 107 14
Interest paid $ 91 $ 85
[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 March 31, 2020 and December 31, 2019, 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, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.