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Acquisitions | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Acquisitions | Acquisition The Chubb Corporation (Chubb Corp) On January 14, 2016, we completed the acquisition of Chubb Corp, a leading provider of middle-market commercial, specialty, surety, and personal insurance for $29.5 billion, comprising $14.3 billion in cash and $15.2 billion in newly-issued stock. In addition, we assumed outstanding equity awards to employees and directors with an attributed value of $323 million. The total consideration, including the assumption of equity awards, was $29.8 billion. We recognized goodwill of $10.5 billion, attributable to expected growth and profitability, none of which is expected to be deductible for income tax purposes. Refer to the 2016 Form 10-K for additional information on this acquisition. The consolidated financial statements include the results of Chubb Corp from the acquisition date. The following table summarizes the results of the acquired Chubb Corp operations within our 2016 Consolidated statements of operations for the periods presented:
(in millions of U.S. dollars) | Three Months Ended September 30, 2016 |  |  | January 14, 2016 to September 30, 2016 |
Total revenues | $ | 2,656 |  |  | $ | 7,888 |
Net income | $ | 483 |  |  | $ | 1,064 |
The following table provides supplemental unaudited pro forma consolidated information for the three and nine months ended September 30, 2016, as if Chubb Corp had been acquired as of January 1, 2015. The unaudited pro forma consolidated financial statements are presented solely for informational purposes and are not necessarily indicative of the consolidated results of operations that might have been achieved had the transaction been completed as of the date indicated, nor are they meant to be indicative of any anticipated consolidated future results of operations that the combined company will experience after the transaction.
Three Months Ended |  |  | Nine Months Ended |
(in millions of U.S. dollars, except per share data) | September 30, 2016 |  |  | September 30, 2016 |
Total revenues | $ | 8,521 |  |  | $ | 23,758 |
Net income | $ | 1,345 |  |  | $ | 2,591 |
Earnings per share |  |  |
Basic earnings per share | $ | 2.87 |  |  | $ | 5.54 |
Diluted earnings per share | $ | 2.85 |  |  | $ | 5.50 |

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- Definition The entire disclosure for business combinations, including leverage buyout transactions (as applicable), and divestitures. This may include a description of a business combination or divestiture (or series of individually immaterial business combinations or divestitures) completed during the period, including background, timing, and assets and liabilities recognized and reclassified or sold. This element does not include fixed asset sales and plant closings. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=2122178 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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