Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT |
CONDENSED FINANCIAL INFORMATION OF REGISTRANT
BALANCE SHEETS (Parent Company Only) | | | | | | | | | | | | | December 31 | | December 31 | (in millions of U.S. dollars) | 2020 | | 2019 | Assets | | | | Investments in subsidiaries and affiliates on equity basis | $ | 56,148 | | | $ | 50,853 | | | | | | | | | | Total investments | 56,148 | | | 50,853 | | | | | | Cash | 84 | | | 2 | | Due from subsidiaries and affiliates, net | 3,522 | | | 4,776 | | Other assets | 10 | | | 12 | | Total assets | $ | 59,764 | | | $ | 55,643 | | Liabilities | | | | | | | | Accounts payable, accrued expenses, and other liabilities | $ | 323 | | | $ | 312 | | | | | | Total liabilities | 323 | | | 312 | | Shareholders' equity | | | | Common Shares | 11,064 | | | 11,121 | | Common Shares in treasury | (3,644) | | | (3,754) | | Additional paid-in capital | 9,815 | | | 11,203 | | Retained earnings | 39,337 | | | 36,142 | | Accumulated other comprehensive income | 2,869 | | | 619 | | Total shareholders' equity | 59,441 | | | 55,331 | | Total liabilities and shareholders' equity | $ | 59,764 | | | $ | 55,643 | |
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto. CONDENSED FINANCIAL INFORMATION OF REGISTRANT
STATEMENTS OF OPERATIONS (Parent Company Only) | | | | | | | | | | | | | | | | | | | Year Ended December 31 | (in millions of U.S. dollars) | 2020 | | 2019 | | 2018 | Revenues | | | | | | Investment income (1) | $ | 155 | | | $ | 227 | | | $ | 305 | | Equity in net income of subsidiaries and affiliates | 3,457 | | | 4,307 | | | 3,753 | | | | | | | | | 3,612 | | | 4,534 | | | 4,058 | | Expenses | | | | | | Administrative and other (income) expense | 55 | | | 65 | | | 63 | | Chubb integration expenses | — | | | 1 | | | 14 | | Income tax expense | 24 | | | 14 | | | 19 | | | 79 | | | 80 | | | 96 | | Net income | $ | 3,533 | | | $ | 4,454 | | | $ | 3,962 | | Comprehensive income | $ | 5,783 | | | $ | 7,521 | | | $ | 1,242 | |
(1)Includes net investment income, interest income, and net realized gains (losses). The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
STATEMENTS OF CASH FLOWS (Parent Company Only) | | | | | | | | | | | | | | | | | | | Year Ended December 31 | (in millions of U.S. dollars) | 2020 | | 2019 | | 2018 | Net cash flows from operating activities (1) | $ | 1,933 | | | $ | 412 | | | $ | 256 | | Cash flows from investing activities | | | | | | | | | | | | | | | | | | Capital contribution | (1,200) | | | (1,000) | | | (1,475) | | Other | (2) | | | — | | | — | | Net cash flows used for investing activities | (1,202) | | | (1,000) | | | (1,475) | | Cash flows from financing activities | | | | | | Dividends paid on Common Shares | (1,388) | | | (1,354) | | | (1,337) | | Common Shares repurchased | (523) | | | (327) | | | — | | Advances from affiliates | 1,265 | | | 2,301 | | | 2,519 | | Net proceeds from (payments to) affiliated notional cash pooling programs (2) | — | | | (35) | | | 35 | | Net cash flows from (used for) financing activities | (646) | | | 585 | | | 1,217 | | Effect of foreign currency rate changes on cash and restricted cash | (3) | | | 4 | | | — | | Net increase (decrease) in cash and restricted cash | 82 | | | 1 | | | (2) | | Cash and restricted cash – beginning of year | 2 | | | 1 | | | 3 | | Cash and restricted cash – end of year | $ | 84 | | | $ | 2 | | | $ | 1 | | | | | |
(1) Includes cash dividends received from subsidiaries of $2.0 billion, $200 million, and $75 million in 2020, 2019, and 2018, respectively. (2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
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