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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2016
Mar. 31, 2015
Cash flows from operating activities    
Net income $ 439 $ 681
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 394 89
Amortization of premiums/discounts on fixed maturities 174 36
Deferred income taxes (42) 7
Unpaid losses and loss expenses (72) (320)
Unearned premiums (616) 212
Future policy benefits 28 48
Insurance and reinsurance balances payable (15) 158
Accounts payable, accrued expenses, and other liabilities (34) (46)
Income taxes payable 143 20
Insurance and reinsurance balances receivable 601 240
Reinsurance recoverable on losses and loss expenses 194 185
Reinsurance recoverable on policy benefits 3 2
Deferred policy acquisition costs (480) (128)
Prepaid reinsurance premiums 14 (32)
Other 289 (77)
Net cash flows from operating activities 1,020 1,075
Cash flows from investing activities    
Purchases of fixed maturities available for sale (8,104) (4,305)
Purchases of to be announced mortgage-backed securities 0 (31)
Purchases of fixed maturities held to maturity (77) (21)
Purchases of equity securities (33) (39)
Sales of fixed maturities available for sale 6,329 2,002
Sales of equity securities 761 28
Maturities and redemptions of fixed maturities available for sale 1,553 1,481
Maturities and redemptions of fixed maturities held to maturity 249 324
Net change in short-term investments 11,932 (255)
Net derivative instruments settlements (22) (51)
Payments to Acquire Businesses, Net of Cash Acquired (14,262) 0
Other 59 (153)
Net cash flows used for investing activities (1,615) (1,020)
Cash flows from financing activities    
Dividends paid on Common Shares (218) (214)
Common Shares repurchased 0 (347)
Proceeds from issuance of long-term debt 0 800
Proceeds from issuance of repurchase agreements 853 477
Repayments of Long-term Debt 853  
Repayment of repurchase agreements (853) (477)
Proceeds from share-based compensation plans, including windfall tax benefits 51 39
Policyholder contract deposits 118 101
Policyholder contract withdrawals (49) (40)
Other (4) (6)
Net cash flows (used for) from financing activities (102) 333
Effect of foreign currency rate changes on cash and cash equivalents 13 (95)
Net (decrease) increase in cash (684) 293
Cash – beginning of period 1,775 [1],[2] 655 [3]
Cash – end of period 1,091 [2],[4] 948 [3]
Supplemental cash flow information    
Taxes paid 106 96
Interest paid $ 71 $ 48
[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, 2015, 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, 2016 and December 31, 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] 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, 2015 and December 31, 2014, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[4] 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, 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.