XML 70 R51.htm IDEA: XBRL DOCUMENT v3.6.0.2
Information provided in connection with outstanding debt of subsidiaries (Tables)
 12 Months Ended
Dec. 31, 2016
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract]  
Condensed Consolidating Balance Sheet
ondensed Consolidating Balance Sheet at December 31, 2016
(in millions of U.S. dollars)
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$
27

 
$
485

 
$
98,582

 
$
—

 
$
99,094

Cash(1)
1

 
1

 
1,965

 
(982
)
 
985

Insurance and reinsurance balances receivable
—

 
—

 
10,498

 
(1,528
)
 
8,970

Reinsurance recoverable on losses and loss expenses
—

 
—

 
24,496

 
(10,919
)
 
13,577

Reinsurance recoverable on policy benefits
—

 
—

 
1,153

 
(971
)
 
182

Value of business acquired
—

 
—

 
355

 
—

 
355

Goodwill and other intangible assets
—

 
—

 
22,095

 
—

 
22,095

Investments in subsidiaries
38,408

 
49,509

 
—

 
(87,917
)
 
—

Due from subsidiaries and affiliates, net
10,482

 
—

 
—

 
(10,482
)
 
—

Other assets
3

 
436

 
18,442

 
(4,353
)
 
14,528

Total assets
$
48,921

 
$
50,431

 
$
177,586

 
$
(117,152
)
 
$
159,786

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
70,683

 
$
(10,143
)
 
$
60,540

Unearned premiums
—

 
—

 
18,538

 
(3,759
)
 
14,779

Future policy benefits
—

 
—

 
6,007

 
(971
)
 
5,036

Due to subsidiaries and affiliates, net
—

 
10,209

 
273

 
(10,482
)
 
—

Affiliated notional cash pooling programs(1)
363

 
619

 
—

 
(982
)
 
—

Repurchase agreements
—

 
—

 
1,403

 
—

 
1,403

Short-term debt
—

 
500

 
—

 
—

 
500

Long-term debt
—

 
12,599

 
11

 
—

 
12,610

Trust preferred securities
—

 
308

 
—

 
—

 
308

Other liabilities
283

 
1,582

 
17,368

 
(2,898
)
 
16,335

Total liabilities
646

 
25,817

 
114,283

 
(29,235
)
 
111,511

Total shareholders’ equity
48,275

 
24,614

 
63,303

 
(87,917
)
 
48,275

Total liabilities and shareholders’ equity
$
48,921

 
$
50,431

 
$
177,586

 
$
(117,152
)
 
$
159,786


(1) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Balance Sheet at December 31, 2015
(in millions of U.S. dollars)
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

Assets
 
 
 
 
 
 
 
 
 
Investments
$
28

 
$
7,839

 
$
58,384

 
$
—

 
$
66,251

Cash(1)
1

 
2

 
2,743

 
(971
)
 
1,775

Insurance and reinsurance balances receivable
—

 
—

 
6,075

 
(752
)
 
5,323

Reinsurance recoverable on losses and loss expenses
—

 
—

 
20,124

 
(8,738
)
 
11,386

Reinsurance recoverable on policy benefits
—

 
—

 
1,129

 
(942
)
 
187

Value of business acquired
—

 
—

 
395

 
—

 
395

Goodwill and other intangible assets
—

 
—

 
5,683

 
—

 
5,683

Investments in subsidiaries
29,612

 
18,386

 
—

 
(47,998
)
 
—

Due from subsidiaries and affiliates, net
644

 
1,800

 
—

 
(2,444
)
 
—

Other assets
8

 
457

 
14,434

 
(3,593
)
 
11,306

Total assets
$
30,293

 
$
28,484

 
$
108,967

 
$
(65,438
)
 
$
102,306

Liabilities
 
 
 
 
 
 
 
 
 
Unpaid losses and loss expenses
$
—

 
$
—

 
$
45,490

 
$
(8,187
)
 
$
37,303

Unearned premiums
—

 
—

 
10,243

 
(1,804
)
 
8,439

Future policy benefits
—

 
—

 
5,749

 
(942
)
 
4,807

Due to subsidiaries and affiliates, net
—

 
—

 
2,444

 
(2,444
)
 
—

Affiliated notional cash pooling programs(1)
882

 
89

 
—

 
(971
)
 
—

Repurchase agreements
—

 
—

 
1,404

 
—

 
1,404

Long-term debt
—

 
9,378

 
11

 
—

 
9,389

Trust preferred securities
—

 
307

 
—

 
—

 
307

Other liabilities
276

 
1,422

 
12,916

 
(3,092
)
 
11,522

Total liabilities
1,158

 
11,196

 
78,257

 
(17,440
)
 
73,171

Total shareholders’ equity
29,135

 
17,288

 
30,710

 
(47,998
)
 
29,135

Total liabilities and shareholders’ equity
$
30,293

 
$
28,484

 
$
108,967

 
$
(65,438
)
 
$
102,306

(1) 
Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement Of Operations and Comprehensive Income
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2016
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
28,145

 
$
—

 
$
28,145

Net premiums earned
—

 
—

 
28,749

 
—

 
28,749

Net investment income
3

 
11

 
2,851

 
—

 
2,865

Equity in earnings of subsidiaries
3,901

 
2,555

 
—

 
(6,456
)
 
—

Net realized gains (losses) including OTTI
—

 
3

 
(148
)
 
—

 
(145
)
Losses and loss expenses
—

 
—

 
16,052

 
—

 
16,052

Policy benefits
—

 
—

 
588

 
—

 
588

Policy acquisition costs and administrative expenses
64

 
82

 
8,839

 
—

 
8,985

Interest (income) expense
(353
)
 
908

 
50

 
—

 
605

Other (income) expense
(25
)
 
35

 
(232
)
 
—

 
(222
)
Amortization of purchased intangibles
—

 
—

 
19

 
—

 
19

Chubb integration expenses
62

 
126

 
304

 
—

 
492

Income tax expense (benefit)
21

 
(416
)
 
1,210

 
—

 
815

Net income
$
4,135

 
$
1,834

 
$
4,622

 
$
(6,456
)
 
$
4,135

Comprehensive income
$
4,556

 
$
2,001

 
$
5,045

 
$
(7,046
)
 
$
4,556


Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2015
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
17,713

 
$
—

 
$
17,713

Net premiums earned
—

 
—

 
17,213

 
—

 
17,213

Net investment income
3

 
4

 
2,187

 
—

 
2,194

Equity in earnings of subsidiaries
2,673

 
1,038

 
—

 
(3,711
)
 
—

Net realized gains (losses) including OTTI
—

 
(9
)
 
(411
)
 
—

 
(420
)
Losses and loss expenses
—

 
—

 
9,484

 
—

 
9,484

Policy benefits
—

 
—

 
543

 
—

 
543

Policy acquisition costs and administrative expenses
63

 
28

 
5,120

 
—

 
5,211

Interest (income) expense
(32
)
 
302

 
30

 
—

 
300

Other (income) expense
(208
)
 
(4
)
 
161

 
—

 
(51
)
Amortization of purchased intangibles
—

 
—

 
171

 
—

 
171

Chubb integration expenses
3

 
29

 
1

 
—

 
33

Income tax expense (benefit)
16

 
(349
)
 
795

 
—

 
462

Net income
$
2,834

 
$
1,027

 
$
2,684

 
$
(3,711
)
 
$
2,834

Comprehensive income (loss)
$
908

 
$
(192
)
 
$
757

 
$
(565
)
 
$
908






Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2014
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net premiums written
$
—

 
$
—

 
$
17,799

 
$
—

 
$
17,799

Net premiums earned
—

 
—

 
17,426

 
—

 
17,426

Net investment income
2

 
2

 
2,248

 
—

 
2,252

Equity in earnings of subsidiaries
2,707

 
791

 
—

 
(3,498
)
 
—

Net realized gains (losses) including OTTI
—

 
53

 
(560
)
 
—

 
(507
)
Losses and loss expenses
—

 
—

 
9,649

 
—

 
9,649

Policy benefits
—

 
—

 
517

 
—

 
517

Policy acquisition costs and administrative expenses
78

 
26

 
5,216

 
—

 
5,320

Interest (income) expense
(35
)
 
277

 
38

 
—

 
280

Other (income) expense
(201
)
 
27

 
(16
)
 
—

 
(190
)
Amortization of purchased intangibles
—

 
—

 
108

 
—

 
108

Income tax expense (benefit)
14

 
(94
)
 
714

 
—

 
634

Net income
$
2,853

 
$
610

 
$
2,888

 
$
(3,498
)
 
$
2,853

Comprehensive income
$
2,892

 
$
583

 
$
2,926

 
$
(3,509
)
 
$
2,892
Condensed Consolidating Statement of Cash Flows
Condensed Consolidating Statement of Cash Flows 
For the Year Ended December 31, 2016
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
3,618

 
$
4,305

 
$
5,536

 
$
(8,167
)
 
$
5,292

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
(156
)
 
(30,659
)
 
—

 
(30,815
)
Purchases of fixed maturities held to maturity
—

 
—

 
(282
)
 
—

 
(282
)
Purchases of equity securities
—

 
—

 
(146
)
 
—

 
(146
)
Sales of fixed maturities available for sale
—

 
66

 
16,611

 
—

 
16,677

Sales of equity securities
—

 
—

 
1,000

 
—

 
1,000

Maturities and redemptions of fixed maturities available for sale
—

 
66

 
9,283

 
—

 
9,349

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
958

 
—

 
958

Net change in short-term investments
—

 
7,943

 
4,407

 
—

 
12,350

Net derivative instruments settlements
—

 
(9
)
 
(159
)
 
—

 
(168
)
Acquisition of subsidiaries (net of cash acquired of $71)
—

 
(14,282
)
 
34

 
—

 
(14,248
)
Capital contribution
(2,330
)
 
(215
)
 
(2,330
)
 
4,875

 
—

Other
—

 
(3
)
 
13

 
—

 
10

Net cash flows used for investing activities
(2,330
)
 
(6,590
)
 
(1,270
)
 
4,875

 
(5,315
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(1,173
)
 
—

 
—

 
—

 
(1,173
)
Proceeds from issuance of repurchase agreements
—

 
—

 
2,310

 
—

 
2,310

Repayment of repurchase agreements
—

 
—

 
(2,311
)
 
—

 
(2,311
)
Proceeds from share-based compensation plans, including windfall tax benefits
—

 
—

 
167

 
—

 
167

Advances (to) from affiliates
404

 
(572
)
 
168

 
—

 
—

Dividends to parent company
—

 
—

 
(8,167
)
 
8,167

 
—

Capital contribution
—

 
2,330

 
2,545

 
(4,875
)
 
—

Net proceeds from (payments to) affiliated notional cash pooling programs(1)
(519
)
 
530

 
—

 
(11
)
 
—

Policyholder contract deposits
—

 
—

 
522

 
—

 
522

Policyholder contract withdrawals
—

 
—

 
(253
)
 
—

 
(253
)
Other
—

 
(4
)
 
—

 
—

 
(4
)
Net cash flows (used for) from financing activities
(1,288
)
 
2,284

 
(5,019
)
 
3,281

 
(742
)
Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
(25
)
 
—

 
(25
)
Net decrease in cash
—

 
(1
)
 
(778
)
 
(11
)
 
(790
)
Cash – beginning of year(1)
1

 
2

 
2,743

 
(971
)
 
1,775

Cash – end of year(1)
$
1

 
$
1

 
$
1,965

 
$
(982
)
 
$
985

(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, 2016 and 2015, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2015
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
3,125

 
$
682

 
$
3,836

 
$
(3,779
)
 
$
3,864

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
—

 
(16,053
)
 
(18
)
 
(16,071
)
Purchases of fixed maturities held to maturity
—

 
—

 
(62
)
 
—

 
(62
)
Purchases of equity securities
—

 
—

 
(158
)
 
—

 
(158
)
Sales of fixed maturities available for sale
—

 
—

 
10,814

 
—

 
10,814

Sales of equity securities
—

 
—

 
183

 
—

 
183

Maturities and redemptions of fixed maturities available for sale
—

 
—

 
6,567

 
—

 
6,567

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
669

 
—

 
669

Net change in short-term investments
—

 
(7,588
)
 
(628
)
 
—

 
(8,216
)
Net derivative instruments settlements
—

 
(9
)
 
(12
)
 
—

 
(21
)
Acquisition of subsidiaries (net of cash acquired of $629)
—

 
—

 
264

 
—

 
264

Capital contribution
(2,670
)
 
(625
)
 
(2,791
)
 
6,086

 
—

Other
—

 
(25
)
 
(256
)
 
18

 
(263
)
Net cash flows used for investing activities
(2,670
)
 
(8,247
)
 
(1,463
)
 
6,086

 
(6,294
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(862
)
 
—

 
—

 
—

 
(862
)
Common Shares repurchased
—

 
—

 
(758
)
 
—

 
(758
)
Proceeds from issuance of long-term debt
—

 
6,090

 
—

 
—

 
6,090

Proceeds from issuance of repurchase agreements
—

 
—

 
2,029

 
—

 
2,029

Repayment of long-term debt
—

 
(1,150
)
 
—

 
—

 
(1,150
)
Repayment of repurchase agreements
—

 
—

 
(2,027
)
 
—

 
(2,027
)
Proceeds from share-based compensation plans, including windfall tax benefits
—

 
—

 
131

 
—

 
131

Advances (to) from affiliates
(228
)
 
95

 
133

 
—

 
—

Dividends to parent company
—

 
—

 
(3,779
)
 
3,779

 
—

Capital contribution
—

 
2,791

 
3,295

 
(6,086
)
 
—

Net proceeds from (payments to) affiliated notional cash pooling programs(1)
636

 
(220
)
 
—

 
(416
)
 
—

Policyholder contract deposits
—

 
—

 
503

 
—

 
503

Policyholder contract withdrawals
—

 
—

 
(221
)
 
—

 
(221
)
Other
—

 
(40
)
 
—

 
—

 
(40
)
Net cash flows (used for) from financing activities
(454
)
 
7,566

 
(694
)
 
(2,723
)
 
3,695

Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
(145
)
 
—

 
(145
)
Net increase in cash
1

 
1

 
1,534

 
(416
)
 
1,120

Cash – beginning of year(1)
—

 
1

 
1,209

 
(555
)
 
655

Cash – end of year(1)
$
1

 
$
2

 
$
2,743

 
$
(971
)
 
$
1,775

(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, 2015 and 2014, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Year Ended December 31, 2014
Chubb Limited
(Parent
Guarantor)

 
Chubb INA
Holdings Inc.
(Subsidiary
Issuer)

 
Other Chubb
Limited
Subsidiaries

 
Consolidating
Adjustments and Eliminations

 
Chubb Limited
Consolidated

(in millions of U.S. dollars)
 
 
 
 
Net cash flows from operating activities
$
541

 
$
210

 
$
4,419

 
$
(674
)
 
$
4,496

Cash flows from investing activities
 
 
 
 
 
 
 
 
 
Purchases of fixed maturities available for sale
—

 
—

 
(15,816
)
 
263

 
(15,553
)
Purchases of fixed maturities held to maturity
—

 
—

 
(267
)
 
—

 
(267
)
Purchases of equity securities
—

 
—

 
(251
)
 
—

 
(251
)
Sales of fixed maturities available for sale
—

 
—

 
7,750

 
(268
)
 
7,482

Sales of equity securities
—

 
—

 
670

 
—

 
670

Maturities and redemptions of fixed maturities available for sale
—

 
—

 
6,413

 
—

 
6,413

Maturities and redemptions of fixed maturities held to maturity
—

 
—

 
875

 
—

 
875

Net change in short-term investments
—

 
(216
)
 
(392
)
 
5

 
(603
)
Net derivative instruments settlements
—

 
53

 
(283
)
 
—

 
(230
)
Acquisition of subsidiaries (net of cash acquired of $20)
—

 
—

 
(766
)
 
—

 
(766
)
Capital contribution
—

 
(258
)
 
—

 
258

 
—

Other
—

 
(8
)
 
(266
)
 
—

 
(274
)
Net cash flows used for investing activities
—

 
(429
)
 
(2,333
)
 
258

 
(2,504
)
Cash flows from financing activities
 
 
 
 
 
 
 
 
 
Dividends paid on Common Shares
(862
)
 
—

 
—

 
—

 
(862
)
Common Shares repurchased
—

 
—

 
(1,429
)
 
—

 
(1,429
)
Proceeds from issuance of long-term debt
—

 
699

 
—

 
—

 
699

Proceeds from issuance of repurchase agreements
—

 
—

 
1,978

 
—

 
1,978

Repayment of long-term debt
—

 
(500
)
 
(1
)
 
—

 
(501
)
Repayment of repurchase agreements
—

 
—

 
(1,977
)
 
—

 
(1,977
)
Proceeds from share-based compensation plans, including windfall tax benefits
—

 
—

 
127

 
—

 
127

Advances (to) from affiliates
260

 
(298
)
 
38

 
—

 
—

Dividends to parent company
—

 
—

 
(674
)
 
674

 
—

Capital contribution
—

 
—

 
258

 
(258
)
 
—

Net proceeds from affiliated notional cash pooling programs(1)
61

 
309

 
—

 
(370
)
 
—

Policyholder contract deposits
—

 
—

 
366

 
—

 
366

Policyholder contract withdrawals
—

 
—

 
(172
)
 
—

 
(172
)
Other


 
(6
)
 
—

 
—

 
(6
)
Net cash flows (used for) from financing activities
(541
)
 
204

 
(1,486
)
 
46

 
(1,777
)
Effect of foreign currency rate changes on cash and cash equivalents
—

 
—

 
(139
)
 
—

 
(139
)
Net (decrease) increase in cash
—

 
(15
)
 
461

 
(370
)
 
76

Cash – beginning of year(1)
—

 
16

 
748

 
(185
)
 
579

Cash – end of year(1)
$
—

 
$
1

 
$
1,209

 
$
(555
)
 
$
655


(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, 2014 and 2013, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.