v2.4.0.8
Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Investments [Abstract]    
Fixed maturities available for sale, at fair value (amortized cost - $47,688 and $48,406) (includes hybrid financial instruments of $279 and $302) $ 49,148 $ 49,254
Fixed maturities held to maturity, at amortized cost (fair value – $7,763 and $6,263) 7,548 6,098
Equity securities, at fair value (cost – $480 and $841) 546 837
Short-term investments, at fair value and amortized cost 2,753 1,763
Other investments (cost – $2,910 and $2,671) 3,259 2,976
Total investments 63,254 60,928
Cash 806 [1],[2] 579 [1],[3]
Securities lending collateral 1,440 1,632
Accrued investment income 567 556
Insurance and reinsurance balances receivable 5,189 5,026
Reinsurance recoverable on losses and loss expenses 10,945 11,227
Reinsurance recoverable on policy benefits 228 218
Deferred policy acquisition costs 2,592 2,313
Value of business acquired 491 536
Goodwill and other intangible assets 5,425 5,404
Prepaid reinsurance premiums 1,711 1,675
Deferred tax assets 408 616
Investments in partially-owned insurance companies 495 470
Other assets 4,006 3,330
Total assets 97,557 94,510
Liabilities    
Unpaid losses and loss expenses 37,447 37,443
Unearned premiums 8,020 7,539
Future policy benefits 4,782 4,615
Insurance and reinsurance balances payable 3,804 3,628
Securities lending payable 1,441 1,633
Accounts payable, accrued expenses, and other liabilities 5,829 4,810
Short-term debt 1,851 1,901
Long-term debt 4,057 3,807
Trust preferred securities 309 309
Total liabilities 67,540 65,685
Commitments and contingencies      
Shareholders’ equity    
Common Shares (CHF 25.40 and CHF 27.04 par value; 342,832,412 shares issued; 332,111,557 and 339,793,935 shares outstanding) 8,278 8,899
Common Shares in treasury (10,720,855 and 3,038,477 shares) (1,057) (255)
Additional paid-in capital 5,099 5,238
Retained earnings 16,089 13,791
Accumulated other comprehensive income (AOCI) 1,608 1,152
Total shareholders’ equity 30,017 28,825
Total liabilities and shareholders’ equity $ 97,557 $ 94,510
[1] ACE maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various ACE entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual ACE accounts are translated daily into a single currency and pooled on a notional basis. Individual ACE entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2014 and December 31, 2013, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[2] ACE maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various ACE entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual ACE accounts are translated daily into a single currency and pooled on a notional basis. Individual ACE entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At September 30, 2014, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
[3] ACE maintains two notional multicurrency cash pools (Pools) with a third-party bank. Various ACE entities participate in one or the other of the Pools, pursuant to which credit and debit balances in individual ACE accounts are translated daily into a single currency and pooled on a notional basis. Individual ACE entities are permitted to overdraw on their individual accounts provided the overall Pool balances do not fall below zero. At December 31, 2013, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.