Consolidated Statements Of Cash Flows - USD ($) $ in Millions |
6 Months Ended | |||||||||||
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Jun. 30, 2016 |
Jun. 30, 2015 |
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Cash flows from operating activities | ||||||||||||
Net income | $ 1,165 | $ 1,623 | ||||||||||
Adjustments to reconcile net income to net cash flows from operating activities | ||||||||||||
Net realized (gains) losses | 610 | (37) | ||||||||||
Amortization of premiums/discounts on fixed maturities | 376 | 71 | ||||||||||
Amortization of UPR related to the Chubb Corp acquisition | 1,095 | 0 | ||||||||||
Deferred income taxes | 48 | 108 | ||||||||||
Unpaid losses and loss expenses | 330 | (87) | ||||||||||
Unearned premiums | (382) | 420 | ||||||||||
Future policy benefits | 106 | 114 | ||||||||||
Insurance and reinsurance balances payable | 193 | 532 | ||||||||||
Accounts payable, accrued expenses, and other liabilities | 18 | 48 | ||||||||||
Income taxes payable | 67 | (120) | ||||||||||
Insurance and reinsurance balances receivable | (238) | (332) | ||||||||||
Reinsurance recoverable on losses and loss expenses | (17) | 55 | ||||||||||
Reinsurance recoverable on policy benefits | (11) | 16 | ||||||||||
Deferred policy acquisition costs | (1,042) | (236) | ||||||||||
Prepaid reinsurance premiums | 12 | (261) | ||||||||||
Other | (177) | (23) | ||||||||||
Net cash flows from operating activities | 2,153 | 1,891 | ||||||||||
Cash flows from investing activities | ||||||||||||
Purchases of fixed maturities available for sale | (17,077) | (9,179) | ||||||||||
Purchases of to be announced mortgage-backed securities | 0 | (31) | ||||||||||
Purchases of fixed maturities held to maturity | (121) | (24) | ||||||||||
Purchases of equity securities | (78) | (70) | ||||||||||
Sales of fixed maturities available for sale | 11,868 | 3,611 | ||||||||||
Sales of to be announced mortgage-backed securities | 0 | 31 | ||||||||||
Sales of equity securities | 932 | 102 | ||||||||||
Maturities and redemptions of fixed maturities available for sale | 3,910 | 3,691 | ||||||||||
Maturities and redemptions of fixed maturities held to maturity | 443 | 470 | ||||||||||
Net change in short-term investments | 11,711 | 228 | ||||||||||
Net derivative instruments settlements | (93) | (33) | ||||||||||
Acquisition of subsidiaries (net of cash acquired of $71 and $620) | (14,248) | 255 | ||||||||||
Other | 81 | (71) | ||||||||||
Net cash flows used for investing activities | (2,672) | (1,020) | ||||||||||
Cash flows from financing activities | ||||||||||||
Dividends paid on Common Shares | (530) | (427) | ||||||||||
Common Shares repurchased | 0 | (750) | ||||||||||
Proceeds from issuance of long-term debt | 0 | 800 | ||||||||||
Proceeds from issuance of repurchase agreements | 904 | 1,327 | ||||||||||
Repayment of long-term debt | 0 | (450) | ||||||||||
Repayment of repurchase agreements | (902) | (1,327) | ||||||||||
Proceeds from share-based compensation plans, including windfall tax benefits | 92 | 46 | ||||||||||
Policyholder contract deposits | 274 | 235 | ||||||||||
Policyholder contract withdrawals | (103) | (107) | ||||||||||
Other | (4) | (6) | ||||||||||
Net cash flows used for financing activities | (269) | (659) | ||||||||||
Effect of foreign currency rate changes on cash and cash equivalents | 24 | (77) | ||||||||||
Net (decrease) increase in cash | (764) | 135 | ||||||||||
Cash – beginning of period | 1,775 | [1],[2] | 655 | [3] | ||||||||
Cash – end of period | 1,011 | [2],[4] | 790 | [3] | ||||||||
Supplemental cash flow information | ||||||||||||
Taxes paid | 259 | 263 | ||||||||||
Interest paid | $ 319 | $ 127 | ||||||||||
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- Definition The change, in reinsurance recoverable relating to future policy benefits recorded on the balance sheet, is needed to adjust net income to arrive at net cash flows provided by (used in) operations. No definition available.
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- Definition The change, in reinsurance recoverable relating to loss and loss expenses recorded in the income statement, is needed to adjust net income to arrive at net cash flows provided by (used in) operations. No definition available.
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- Definition The net realized gains or losses on investments, derivative instruments, and foreign exchange recognized during the period. No definition available.
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- Definition The cash outflow for the purchase of TBA Mortgage-backed securities secured by and repaid from underlying mortgages, which were designated as available for sale when acquired. No definition available.
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- Definition Proceeds From Sales To Be Announced Mortgage Backed Securities No definition available.
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- Definition The sum of the periodic adjustments of the differences between securities' face values and purchase prices that are charged against earnings. This is called accretion if the security was purchased at a discount and amortization if it was purchased at premium. As a noncash item, this element is an adjustment to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from a segregated fund account during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the account that represents the temporary difference that results from Income or Loss that is recognized for accounting purposes but not for tax purposes and vice versa. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the balance sheet value of capitalized sales costs that are associated with acquiring a new insurance customers. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in the future policy benefit reserve balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) in liability to reflect the estimated ultimate cost of settling claims relating to insured events that have occurred on or before the balance sheet date, whether or not reported to the insurer at that date. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) in operating assets after deduction of operating liabilities classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in the premium receivable balance on the balance sheet. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The change in prepaid reinsurance premiums recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The increase (decrease) during the reporting period in the amount due to other insurance companies when the reporting entity has assumed a portion of the cedant's insurance risk which has resulted in insurance losses. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of increase (decrease) unearned premiums written. Excludes portion of unearned premiums amortized into income. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of expense for amortization of intangible assets arising from insurance contracts acquired in a business combination. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The amount of cash paid for interest during the period net of cash paid for interest that is capitalized. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net cash outflow or inflow from derivative instruments during the period, which are classified as investing activities, excluding those designated as hedging instruments. No definition available.
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- Definition Amount of cash (inflow) outflow from investing activities classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The net amount paid (received) by the reporting entity through acquisition or sale and maturities of short-term investments with an original maturity that is three months or less which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow to reacquire common stock during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow to acquire debt securities classified as available-for-sale securities, because they are not classified as either held-to-maturity securities or trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow to acquire equity securities classified as available-for-sale securities, because they are not classified as trading securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash outflow through purchase of long-term held-to-maturity securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from a debt initially having maturity due after one year or beyond the operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The total cash inflow associated with the amount received from holders to acquire the entity's shares under incentive and share awards, including stock option exercises. This item inherently excludes any excess tax benefit, which the entity may have realized and reported separately. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with maturities (principal being due), prepayments and calls (requests of early payments) on securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with the maturity, prepayments and calls (requests for early payments) of debt securities designated as held-to-maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition Amount of cash inflow (outflow) from financing activities classified as other. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with the sale of debt securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow associated with the sale of equity securities classified as available-for-sale securities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition The cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- References No definition available.
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- Definition The cash outflow for a segregated fund account during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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