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v3.19.1

Information provided in connection with outstanding debt of subsidiaries (Tables) | 3 Months Ended
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Mar. 31, 2019
Table Text Block Supplement [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet at March 31, 2019
(in millions of U.S. dollars) | Chubb Limited (Parent Guarantor) |  |  | Chubb INA Holdings Inc. (Subsidiary Issuer) |  |  | Other Chubb Limited Subsidiaries |  |  | Consolidating Adjustments and Eliminations |  |  | Chubb Limited Consolidated |
Assets |  |  |  |  |  |  |  |  |
Investments | $ | — |  |  | $ | 229 |  |  | $ | 103,031 |  |  | $ | — |  |  | $ | 103,260 |
Cash (1) | 2 |  |  | 71 |  |  | 2,220 |  |  | (1,022 | ) |  | 1,271 |
Restricted cash | — |  |  | — |  |  | 122 |  |  | — |  |  | 122 |
Insurance and reinsurance balances receivable | — |  |  | — |  |  | 11,491 |  |  | (1,665 | ) |  | 9,826 |
Reinsurance recoverable on losses and loss expenses | — |  |  | — |  |  | 26,232 |  |  | (10,095 | ) |  | 16,137 |
Reinsurance recoverable on policy benefits | — |  |  | — |  |  | 306 |  |  | (103 | ) |  | 203 |
Value of business acquired | — |  |  | — |  |  | 289 |  |  | — |  |  | 289 |
Goodwill and other intangible assets | — |  |  | — |  |  | 21,419 |  |  | — |  |  | 21,419 |
Investments in subsidiaries | 45,648 |  |  | 51,996 |  |  | — |  |  | (97,644 | ) |  | — |
Due from subsidiaries and affiliates, net | 7,358 |  |  | — |  |  | 616 |  |  | (7,974 | ) |  | — |
Other assets | 9 |  |  | 488 |  |  | 20,170 |  |  | (1,847 | ) |  | 18,820 |
Total assets | $ | 53,017 |  |  | $ | 52,784 |  |  | $ | 185,896 |  |  | $ | (120,350 | ) |  | $ | 171,347 |
Liabilities |  |  |  |  |  |  |  |  |
Unpaid losses and loss expenses | $ | — |  |  | $ | — |  |  | $ | 72,998 |  |  | $ | (9,855 | ) |  | $ | 63,143 |
Unearned premiums | — |  |  | — |  |  | 17,039 |  |  | (1,130 | ) |  | 15,909 |
Future policy benefits | — |  |  | — |  |  | 5,655 |  |  | (103 | ) |  | 5,552 |
Due to subsidiaries and affiliates, net | — |  |  | 7,974 |  |  | — |  |  | (7,974 | ) |  | — |
Affiliated notional cash pooling programs (1) | 331 |  |  | 691 |  |  | — |  |  | (1,022 | ) |  | — |
Repurchase agreements | — |  |  | — |  |  | 1,419 |  |  | — |  |  | 1,419 |
Short-term debt | — |  |  | 500 |  |  | 9 |  |  | — |  |  | 509 |
Long-term debt | — |  |  | 12,070 |  |  | 1 |  |  | — |  |  | 12,071 |
Trust preferred securities | — |  |  | 308 |  |  | — |  |  | — |  |  | 308 |
Other liabilities | 331 |  |  | 1,894 |  |  | 20,478 |  |  | (2,622 | ) |  | 20,081 |
Total liabilities | 662 |  |  | 23,437 |  |  | 117,599 |  |  | (22,706 | ) |  | 118,992 |
Total shareholders’ equity | 52,355 |  |  | 29,347 |  |  | 68,297 |  |  | (97,644 | ) |  | 52,355 |
Total liabilities and shareholders’ equity | $ | 53,017 |  |  | $ | 52,784 |  |  | $ | 185,896 |  |  | $ | (120,350 | ) |  | $ | 171,347 |
(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 March 31, 2019, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Balance Sheet at December 31, 2018
(in millions of U.S. dollars) | Chubb Limited (Parent Guarantor) |  |  | Chubb INA Holdings Inc. (Subsidiary Issuer) |  |  | Other Chubb Limited Subsidiaries |  |  | Consolidating Adjustments and Eliminations |  |  | Chubb Limited Consolidated |
Assets |  |  |  |  |  |  |  |  |
Investments | $ | — |  |  | $ | 214 |  |  | $ | 100,754 |  |  | $ | — |  |  | $ | 100,968 |
Cash (1) | 1 |  |  | 2 |  |  | 1,896 |  |  | (652 | ) |  | 1,247 |
Restricted cash | — |  |  | — |  |  | 93 |  |  | — |  |  | 93 |
Insurance and reinsurance balances receivable | — |  |  | — |  |  | 11,861 |  |  | (1,786 | ) |  | 10,075 |
Reinsurance recoverable on losses and loss expenses | — |  |  | — |  |  | 26,422 |  |  | (10,429 | ) |  | 15,993 |
Reinsurance recoverable on policy benefits | — |  |  | — |  |  | 306 |  |  | (104 | ) |  | 202 |
Value of business acquired | — |  |  | — |  |  | 295 |  |  | — |  |  | 295 |
Goodwill and other intangible assets | — |  |  | — |  |  | 21,414 |  |  | — |  |  | 21,414 |
Investments in subsidiaries | 43,531 |  |  | 50,209 |  |  | — |  |  | (93,740 | ) |  | — |
Due from subsidiaries and affiliates, net | 7,074 |  |  | — |  |  | 598 |  |  | (7,672 | ) |  | — |
Other assets | 3 |  |  | 1,007 |  |  | 18,102 |  |  | (1,628 | ) |  | 17,484 |
Total assets | $ | 50,609 |  |  | $ | 51,432 |  |  | $ | 181,741 |  |  | $ | (116,011 | ) |  | $ | 167,771 |
Liabilities |  |  |  |  |  |  |  |  |
Unpaid losses and loss expenses | $ | — |  |  | $ | — |  |  | $ | 72,857 |  |  | $ | (9,897 | ) |  | $ | 62,960 |
Unearned premiums | — |  |  | — |  |  | 16,611 |  |  | (1,079 | ) |  | 15,532 |
Future policy benefits | — |  |  | — |  |  | 5,610 |  |  | (104 | ) |  | 5,506 |
Due to subsidiaries and affiliates, net | — |  |  | 7,672 |  |  | — |  |  | (7,672 | ) |  | — |
Affiliated notional cash pooling programs (1) | 35 |  |  | 617 |  |  | — |  |  | (652 | ) |  | — |
Repurchase agreements | — |  |  | — |  |  | 1,418 |  |  | — |  |  | 1,418 |
Short-term debt | — |  |  | 500 |  |  | 9 |  |  | — |  |  | 509 |
Long-term debt | — |  |  | 12,086 |  |  | 1 |  |  | — |  |  | 12,087 |
Trust preferred securities | — |  |  | 308 |  |  | — |  |  | — |  |  | 308 |
Other liabilities | 262 |  |  | 2,545 |  |  | 19,199 |  |  | (2,867 | ) |  | 19,139 |
Total liabilities | 297 |  |  | 23,728 |  |  | 115,705 |  |  | (22,271 | ) |  | 117,459 |
Total shareholders’ equity | 50,312 |  |  | 27,704 |  |  | 66,036 |  |  | (93,740 | ) |  | 50,312 |
Total liabilities and shareholders’ equity | $ | 50,609 |  |  | $ | 51,432 |  |  | $ | 181,741 |  |  | $ | (116,011 | ) |  | $ | 167,771 |
(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 December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement Of Operations and Comprehensive Income | Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2019 | Chubb Limited (Parent Guarantor) |  |  | Chubb INA Holdings Inc. (Subsidiary Issuer) |  |  | Other Chubb Limited Subsidiaries |  |  | Consolidating Adjustments and Eliminations |  |  | Chubb Limited Consolidated |
(in millions of U.S. dollars) |  |  |  |
Net premiums written | $ | — |  |  | $ | — |  |  | $ | 7,313 |  |  | $ | — |  |  | $ | 7,313 |
Net premiums earned | — |  |  | — |  |  | 7,137 |  |  | — |  |  | 7,137 |
Net investment income | 1 |  |  | (4 | ) |  | 839 |  |  | — |  |  | 836 |
Equity in earnings of subsidiaries | 990 |  |  | 759 |  |  | — |  |  | (1,749 | ) |  | — |
Net realized gains (losses) including OTTI | 1 |  |  | (13 | ) |  | (85 | ) |  | — |  |  | (97 | )
Losses and loss expenses | — |  |  | — |  |  | 4,098 |  |  | — |  |  | 4,098 |
Policy benefits | — |  |  | — |  |  | 196 |  |  | — |  |  | 196 |
Policy acquisition costs and administrative expenses | 20 |  |  | (15 | ) |  | 2,169 |  |  | — |  |  | 2,174 |
Interest (income) expense | (66 | ) |  | 185 |  |  | 21 |  |  | — |  |  | 140 |
Other (income) expense | (6 | ) |  | 3 |  |  | (36 | ) |  | — |  |  | (39 | )
Amortization of purchased intangibles | — |  |  | — |  |  | 76 |  |  | — |  |  | 76 |
Chubb integration expenses | — |  |  | 2 |  |  | 1 |  |  | — |  |  | 3 |
Income tax expense (benefit) | 4 |  |  | (42 | ) |  | 226 |  |  | — |  |  | 188 |
Net income | $ | 1,040 |  |  | $ | 609 |  |  | $ | 1,140 |  |  | $ | (1,749 | ) |  | $ | 1,040 |
Comprehensive income | $ | 2,718 |  |  | $ | 1,941 |  |  | $ | 2,788 |  |  | $ | (4,729 | ) |  | $ | 2,718 |
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Three Months Ended March 31, 2018 | Chubb Limited (Parent Guarantor) |  |  | Chubb INA Holdings Inc. (Subsidiary Issuer) |  |  | Other Chubb Limited Subsidiaries |  |  | Consolidating Adjustments and Eliminations |  |  | Chubb Limited Consolidated |
(in millions of U.S. dollars) |  |  |  |
Net premiums written | $ | — |  |  | $ | — |  |  | $ | 7,104 |  |  | $ | — |  |  | $ | 7,104 |
Net premiums earned | — |  |  | — |  |  | 7,027 |  |  | — |  |  | 7,027 |
Net investment income | 2 |  |  | 4 |  |  | 800 |  |  | — |  |  | 806 |
Equity in earnings of subsidiaries | 1,022 |  |  | 885 |  |  | — |  |  | (1,907 | ) |  | — |
Net realized gains (losses) including OTTI | (2 | ) |  | (24 | ) |  | 24 |  |  | — |  |  | (2 | )
Losses and loss expenses | — |  |  | — |  |  | 4,102 |  |  | — |  |  | 4,102 |
Policy benefits | — |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
Policy acquisition costs and administrative expenses | 18 |  |  | 22 |  |  | 2,116 |  |  | — |  |  | 2,156 |
Interest (income) expense | (80 | ) |  | 209 |  |  | 28 |  |  | — |  |  | 157 |
Other (income) expense | (5 | ) |  | 8 |  |  | (50 | ) |  | — |  |  | (47 | )
Amortization of purchased intangibles | — |  |  | — |  |  | 85 |  |  | — |  |  | 85 |
Chubb integration expenses | 2 |  |  | 1 |  |  | 7 |  |  | — |  |  | 10 |
Income tax expense (benefit) | 5 |  |  | (59 | ) |  | 189 |  |  | — |  |  | 135 |
Net income | $ | 1,082 |  |  | $ | 684 |  |  | $ | 1,223 |  |  | $ | (1,907 | ) |  | $ | 1,082 |
Comprehensive income | $ | 453 |  |  | $ | 216 |  |  | $ | 614 |  |  | $ | (830 | ) |  | $ | 453 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2019 | Chubb Limited (Parent Guarantor) |  |  | Chubb INA Holdings Inc. (Subsidiary Issuer) |  |  | Other Chubb Limited Subsidiaries |  |  | Consolidating Adjustments and Eliminations |  |  | Chubb Limited Consolidated |
(in millions of U.S. dollars) |  |  |  |
Net cash flows from (used for) operating activities | $ | 307 |  |  | $ | (163 | ) |  | $ | 1,378 |  |  | $ | (200 | ) |  | $ | 1,322 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of fixed maturities available for sale | — |  |  | (3 | ) |  | (5,558 | ) |  | — |  |  | (5,561 | )
Purchases of fixed maturities held to maturity | — |  |  | — |  |  | (1 | ) |  | — |  |  | (1 | )
Purchases of equity securities | — |  |  | — |  |  | (49 | ) |  | — |  |  | (49 | )
Sales of fixed maturities available for sale | — |  |  | — |  |  | 3,293 |  |  | — |  |  | 3,293 |
Sales of equity securities | — |  |  | — |  |  | 60 |  |  | — |  |  | 60 |
Maturities and redemptions of fixed maturities available for sale | — |  |  | 6 |  |  | 1,825 |  |  | — |  |  | 1,831 |
Maturities and redemptions of fixed maturities held to maturity | — |  |  | — |  |  | 280 |  |  | — |  |  | 280 |
Net change in short-term investments | — |  |  | (3 | ) |  | (36 | ) |  | — |  |  | (39 | )
Net derivative instruments settlements | — |  |  | (28 | ) |  | (330 | ) |  | — |  |  | (358 | )
Private equity contributions | — |  |  | — |  |  | (410 | ) |  | — |  |  | (410 | )
Private equity distributions | — |  |  | — |  |  | 368 |  |  | — |  |  | 368 |
Capital contribution | — |  |  | (110 | ) |  | — |  |  | 110 |  |  | — |
Other | — |  |  | (12 | ) |  | (75 | ) |  | — |  |  | (87 | )
Net cash flows used for investing activities | — |  |  | (150 | ) |  | (633 | ) |  | 110 |  |  | (673 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Dividends paid on Common Shares | (336 | ) |  | — |  |  | — |  |  | — |  |  | (336 | )
Common Shares repurchased | — |  |  | — |  |  | (367 | ) |  | — |  |  | (367 | )
Proceeds from issuance of repurchase agreements | — |  |  | — |  |  | 471 |  |  | — |  |  | 471 |
Repayment of repurchase agreements | — |  |  | — |  |  | (470 | ) |  | — |  |  | (470 | )
Proceeds from share-based compensation plans | — |  |  | — |  |  | 35 |  |  | — |  |  | 35 |
Dividend to parent company | — |  |  | — |  |  | (200 | ) |  | 200 |  |  | — |
Advances (to) from affiliates | (266 | ) |  | 308 |  |  | (42 | ) |  | — |  |  | — |
Capital contribution | — |  |  | — |  |  | 110 |  |  | (110 | ) |  | — |
Net proceeds from affiliated notional cash pooling programs (1) | 296 |  |  | 74 |  |  | — |  |  | (370 | ) |  | — |
Policyholder contract deposits | — |  |  | — |  |  | 115 |  |  | — |  |  | 115 |
Policyholder contract withdrawals | — |  |  | — |  |  | (78 | ) |  | — |  |  | (78 | )
Net cash flows from (used for) financing activities | (306 | ) |  | 382 |  |  | (426 | ) |  | (280 | ) |  | (630 | )
Effect of foreign currency rate changes on cash and restricted cash | — |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Net increase in cash and restricted cash | 1 |  |  | 69 |  |  | 353 |  |  | (370 | ) |  | 53 |
Cash and restricted cash – beginning of period (1) | 1 |  |  | 2 |  |  | 1,989 |  |  | (652 | ) |  | 1,340 |
Cash and restricted cash – end of period (1) | $ | 2 |  |  | $ | 71 |  |  | $ | 2,342 |  |  | $ | (1,022 | ) |  | $ | 1,393 |
(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 March 31, 2019 and December 31, 2018, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.
Condensed Consolidating Statement of Cash Flows
For the Three Months Ended March 31, 2018 | Chubb Limited (Parent Guarantor) |  |  | Chubb INA Holdings Inc. (Subsidiary Issuer) |  |  | Other Chubb Limited Subsidiaries |  |  | Consolidating Adjustments and Eliminations |  |  | Chubb Limited Consolidated |
(in millions of U.S. dollars) |  |  |  |
Net cash flows from operating activities | $ | 24 |  |  | $ | 2,727 |  |  | $ | 800 |  |  | $ | (3,000 | ) |  | $ | 551 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of fixed maturities available for sale | — |  |  | (8 | ) |  | (5,964 | ) |  | — |  |  | (5,972 | )
Purchases of fixed maturities held to maturity | — |  |  | — |  |  | (162 | ) |  | — |  |  | (162 | )
Purchases of equity securities | — |  |  | — |  |  | (55 | ) |  | — |  |  | (55 | )
Sales of fixed maturities available for sale | — |  |  | — |  |  | 2,562 |  |  | — |  |  | 2,562 |
Sales of equity securities | — |  |  | — |  |  | 40 |  |  | — |  |  | 40 |
Maturities and redemptions of fixed maturities available for sale | — |  |  | 3 |  |  | 1,862 |  |  | — |  |  | 1,865 |
Maturities and redemptions of fixed maturities held to maturity | — |  |  | — |  |  | 255 |  |  | — |  |  | 255 |
Net change in short-term investments | — |  |  | (14 | ) |  | 745 |  |  | — |  |  | 731 |
Net derivative instruments settlements | — |  |  | (7 | ) |  | 46 |  |  | — |  |  | 39 |
Private equity contributions | — |  |  | — |  |  | (353 | ) |  | — |  |  | (353 | )
Private equity distributions | — |  |  | — |  |  | 201 |  |  | — |  |  | 201 |
Capital contribution | (750 | ) |  | (3,500 | ) |  | — |  |  | 4,250 |  |  | — |
Other | — |  |  | (3 | ) |  | (29 | ) |  | — |  |  | (32 | )
Net cash flows used for investing activities | (750 | ) |  | (3,529 | ) |  | (852 | ) |  | 4,250 |  |  | (881 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Dividends paid on Common Shares | (330 | ) |  | — |  |  | — |  |  | — |  |  | (330 | )
Common Shares repurchased | — |  |  | — |  |  | (29 | ) |  | — |  |  | (29 | )
Proceeds from issuance of long-term debt | — |  |  | 2,175 |  |  | — |  |  | — |  |  | 2,175 |
Repayment of long-term debt | — |  |  | (300 | ) |  | — |  |  | — |  |  | (300 | )
Proceeds from issuance of repurchase agreements | — |  |  | — |  |  | 408 |  |  | — |  |  | 408 |
Repayment of repurchase agreements | — |  |  | — |  |  | (404 | ) |  | — |  |  | (404 | )
Proceeds from share-based compensation plans | — |  |  | — |  |  | 34 |  |  | — |  |  | 34 |
Dividend to parent company | — |  |  | — |  |  | (3,000 | ) |  | 3,000 |  |  | — |
Advances (to) from affiliates | 656 |  |  | (95 | ) |  | (561 | ) |  | — |  |  | — |
Capital contribution | — |  |  | — |  |  | 4,250 |  |  | (4,250 | ) |  | — |
Net proceeds from (payments to) affiliated notional cash pooling programs (1) | 400 |  |  | (115 | ) |  | — |  |  | (285 | ) |  | — |
Policyholder contract deposits | — |  |  | — |  |  | 118 |  |  | — |  |  | 118 |
Policyholder contract withdrawals | — |  |  | — |  |  | (105 | ) |  | — |  |  | (105 | )
Net cash flows from financing activities | 726 |  |  | 1,665 |  |  | 711 |  |  | (1,535 | ) |  | 1,567 |
Effect of foreign currency rate changes on cash and restricted cash | (2 | ) |  | — |  |  | 27 |  |  | — |  |  | 25 |
Net increase (decrease) in cash and restricted cash | (2 | ) |  | 863 |  |  | 686 |  |  | (285 | ) |  | 1,262 |
Cash and restricted cash – beginning of period (1) | 3 |  |  | 1 |  |  | 962 |  |  | (115 | ) |  | 851 |
Cash and restricted cash – end of period (1) | $ | 1 |  |  | $ | 864 |  |  | $ | 1,648 |  |  | $ | (400 | ) |  | $ | 2,113 |
(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 March 31, 2018 and December 31, 2017, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

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