Schedule II

12 Months Ended

Dec. 31, 2020

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.