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Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2019
Sep. 30, 2018
Cash flows from operating activities    
Net income $ 3,281 $ 3,607
Adjustments to reconcile net income to net cash flows from operating activities    
Net realized (gains) losses 475 (35)
Amortization of premiums/discounts on fixed maturities 294 454
Amortization of purchased intangibles 229 253
Deferred income taxes (178) 46
Unpaid losses and loss expenses 277 436
Unearned premiums 1,061 779
Future policy benefits 148 170
Insurance and reinsurance balances payable (114) 574
Accounts payable, accrued expenses, and other liabilities (6) (172)
Income taxes payable 83 182
Insurance and reinsurance balances receivable (371) (1,074)
Reinsurance recoverable 426 (219)
Deferred policy acquisition costs (266) (270)
Other (426) (834)
Net cash flows from operating activities 4,913 3,897
Cash flows from investing activities    
Purchases of fixed maturities available for sale (19,778) (16,788)
Purchases of fixed maturities held to maturity (143) (380)
Purchases of equity securities (466) (148)
Sales of fixed maturities available for sale 10,430 9,041
Sales of to be announced mortgage-backed securities 6 0
Sales of equity securities 577 247
Maturities and redemptions of fixed maturities available for sale 6,390 5,482
Maturities and redemptions of fixed maturities held to maturity 814 1,001
Net change in short-term investments 202 64
Net derivative instruments settlements (647) (46)
Private equity contribution (1,093) (1,112)
Private equity distribution 973 743
Other (826) (231)
Net cash flows used for investing activities (3,561) (2,127)
Cash flows from financing activities    
Dividends paid on Common Shares (1,014) (1,001)
Common Shares repurchased (1,203) (732)
Proceeds from issuance of long-term debt 1,286 2,171
Repayment of long-term debt (501) (2,001)
Proceeds from issuance of repurchase agreements 2,394 1,572
Repayment of repurchase agreements (2,396) (1,566)
Proceeds from share-based compensation plans 155 86
Policyholder contract deposits 376 269
Policyholder contract withdrawals (221) (222)
Net cash flows used for financing activities (1,124) (1,424)
Effect of foreign currency rate changes on cash and restricted cash 21 (40)
Net increase (decrease) in cash and restricted cash 249 306
Cash and restricted cash - beginning of period 1,340 [1] 851 [2]
Cash and restricted cash - end of period 1,589 [1] 1,157 [2]
Supplemental cash flow information    
Taxes paid 733 313
Interest paid $ 327 $ 403
[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 September 30, 2019 and December 31, 2018, 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 September 30, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.