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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Cash flows from operating activities    
Net income $ (79) $ 2,190
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 928 320
Amortization of premiums/discounts on fixed maturities 192 209
Amortization of purchased intangibles 145 153
Deferred income taxes (302) (133)
Unpaid losses and loss expenses 3,172 240
Unearned premiums 538 808
Future policy benefits 87 101
Insurance and reinsurance balances payable 118 (94)
Accounts payable, accrued expenses, and other liabilities (304) (357)
Income taxes payable 2 16
Insurance and reinsurance balances receivable (645) (843)
Reinsurance recoverable (71) 565
Deferred policy acquisition costs (62) (194)
Other (22) (273)
Net cash flows from operating activities 3,697 2,708
Cash flows from investing activities    
Purchases of fixed maturities available for sale (13,058) (12,566)
Purchases of fixed maturities held to maturity (42) (73)
Purchases of equity securities (2,824) (147)
Sales of fixed maturities available for sale 7,734 7,832
Sales of to be announced mortgage-backed securities 0 6
Sales of equity securities 1,353 266
Maturities and redemptions of fixed maturities available for sale 5,220 3,963
Maturities and redemptions of fixed maturities held to maturity 642 598
Net change in short-term investments 173 (763)
Net derivative instruments settlements (18) (536)
Private equity contribution (546) (920)
Private equity distribution 443 780
Payments for Other Deposits (1,550) 0
Other (221) (727)
Net cash flows used for investing activities (2,694) (2,287)
Cash flows from financing activities    
Dividends paid on Common Shares (678) (671)
Common Shares repurchased (333) (741)
Proceeds from issuance of repurchase agreements 1,402 1,984
Repayment of repurchase agreements (1,402) (1,986)
Proceeds from share-based compensation plans 74 95
Policyholder contract deposits 215 237
Policyholder contract withdrawals (173) (138)
Proceeds from (Payments for) Other Financing Activities (3) 0
Net cash flows used for financing activities (898) (431)
Proceeds from Issuance of Long-term Debt 0 1,289
Repayments of Long-term Debt 0 (500)
Effect of foreign currency rate changes on cash and restricted cash (42) 38
Net increase (decrease) in cash and restricted cash 63 28
Cash and restricted cash - beginning of period 1,646 [1] 1,340 [2]
Cash and restricted cash - end of period 1,709 [1] 1,368 [2]
Supplemental cash flow information    
Taxes paid 442 522
Interest paid $ 286 $ 286
[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, 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 June 30, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.