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Information provided in connection with outstanding debt of subsidiaries (Tables) | 12 Months Ended
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Dec. 31, 2019
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] |
Condensed Consolidating Balance Sheet | Condensed Consolidating Balance Sheet at December 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 | $ | — |  |  | $ | 1,013 |  |  | $ | 108,221 |  |  | $ | — |  |  | $ | 109,234 |
Cash (1) | 2 |  |  | 442 |  |  | 1,093 |  |  | — |  |  | 1,537 |
Restricted Cash | — |  |  | — |  |  | 109 |  |  | — |  |  | 109 |
Insurance and reinsurance balances receivable | — |  |  | — |  |  | 12,920 |  |  | (2,563 | ) |  | 10,357 |
Reinsurance recoverable on losses and loss expenses | — |  |  | — |  |  | 24,780 |  |  | (9,599 | ) |  | 15,181 |
Reinsurance recoverable on policy benefits | — |  |  | — |  |  | 292 |  |  | (95 | ) |  | 197 |
Value of business acquired | — |  |  | — |  |  | 306 |  |  | — |  |  | 306 |
Goodwill and other intangible assets | — |  |  | — |  |  | 21,359 |  |  | — |  |  | 21,359 |
Investments in subsidiaries | 50,853 |  |  | 52,076 |  |  | — |  |  | (102,929 | ) |  | — |
Due from subsidiaries and affiliates, net | 4,776 |  |  | — |  |  | — |  |  | (4,776 | ) |  | — |
Other assets | 12 |  |  | 408 |  |  | 20,072 |  |  | (1,829 | ) |  | 18,663 |
Total assets | $ | 55,643 |  |  | $ | 53,939 |  |  | $ | 189,152 |  |  | $ | (121,791 | ) |  | $ | 176,943 |
Liabilities |  |  |  |  |  |  |  |  |
Unpaid losses and loss expenses | $ | — |  |  | $ | — |  |  | $ | 71,916 |  |  | $ | (9,226 | ) |  | $ | 62,690 |
Unearned premiums | — |  |  | — |  |  | 17,978 |  |  | (1,207 | ) |  | 16,771 |
Future policy benefits | — |  |  | — |  |  | 5,909 |  |  | (95 | ) |  | 5,814 |
Due to subsidiaries and affiliates, net | — |  |  | 4,446 |  |  | 330 |  |  | (4,776 | ) |  | — |
Repurchase agreements | — |  |  | — |  |  | 1,416 |  |  | — |  |  | 1,416 |
Short-term debt | — |  |  | 1,298 |  |  | 1 |  |  | — |  |  | 1,299 |
Long-term debt | — |  |  | 13,559 |  |  | — |  |  | — |  |  | 13,559 |
Trust preferred securities | — |  |  | 308 |  |  | — |  |  | — |  |  | 308 |
Other liabilities | 312 |  |  | 1,649 |  |  | 21,352 |  |  | (3,558 | ) |  | 19,755 |
Total liabilities | 312 |  |  | 21,260 |  |  | 118,902 |  |  | (18,862 | ) |  | 121,612 |
Total shareholders’ equity | 55,331 |  |  | 32,679 |  |  | 70,250 |  |  | (102,929 | ) |  | 55,331 |
Total liabilities and shareholders’ equity | $ | 55,643 |  |  | $ | 53,939 |  |  | $ | 189,152 |  |  | $ | (121,791 | ) |  | $ | 176,943 |
(1) | Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information.
Subsequent Events In January 2020, Chubb INA Holdings Inc. paid $1.5 billion towards the series of intercompany loans involving its parents, Chubb Group Holdings Inc. and Chubb Limited. Additionally, Chubb Limited contributed $1.2 billion to a subsidiary included in Other Chubb Limited Subsidiaries. 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. Refer to Note 1 f) for additional information. 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 Year Ended December 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 | $ | — |  |  | $ | — |  |  | $ | 32,275 |  |  | $ | — |  |  | $ | 32,275 |
Net premiums earned | — |  |  | — |  |  | 31,290 |  |  | — |  |  | 31,290 |
Net investment income | 1 |  |  | (15 | ) |  | 3,440 |  |  | — |  |  | 3,426 |
Equity in earnings of subsidiaries | 4,307 |  |  | 3,022 |  |  | — |  |  | (7,329 | ) |  | — |
Net realized gains (losses) including OTTI | (17 | ) |  | (31 | ) |  | (482 | ) |  | — |  |  | (530 | )
Losses and loss expenses | — |  |  | — |  |  | 18,730 |  |  | — |  |  | 18,730 |
Policy benefits | — |  |  | — |  |  | 740 |  |  | — |  |  | 740 |
Policy acquisition costs and administrative expenses | 92 |  |  | (26 | ) |  | 9,117 |  |  | — |  |  | 9,183 |
Interest (income) expense | (243 | ) |  | 705 |  |  | 90 |  |  | — |  |  | 552 |
Other (income) expense | (27 | ) |  | 6 |  |  | (575 | ) |  | — |  |  | (596 | )
Amortization of purchased intangibles | — |  |  | — |  |  | 305 |  |  | — |  |  | 305 |
Chubb integration expenses | 1 |  |  | 2 |  |  | 20 |  |  | — |  |  | 23 |
Income tax expense (benefit) | 14 |  |  | (175 | ) |  | 956 |  |  | — |  |  | 795 |
Net income | $ | 4,454 |  |  | $ | 2,464 |  |  | $ | 4,865 |  |  | $ | (7,329 | ) |  | $ | 4,454 |
Comprehensive income | $ | 7,521 |  |  | $ | 4,988 |  |  | $ | 7,922 |  |  | $ | (12,910 | ) |  | $ | 7,521 |
Condensed Consolidating Statements of Operations and Comprehensive Income (Loss)
For the Year Ended December 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 | $ | — |  |  | $ | — |  |  | $ | 30,579 |  |  | $ | — |  |  | $ | 30,579 |
Net premiums earned | — |  |  | — |  |  | 30,064 |  |  | — |  |  | 30,064 |
Net investment income | 6 |  |  | 13 |  |  | 3,286 |  |  | — |  |  | 3,305 |
Equity in earnings of subsidiaries | 3,753 |  |  | 2,578 |  |  | — |  |  | (6,331 | ) |  | — |
Net realized gains (losses) including OTTI | — |  |  | 117 |  |  | (769 | ) |  | — |  |  | (652 | )
Losses and loss expenses | — |  |  | — |  |  | 18,067 |  |  | — |  |  | 18,067 |
Policy benefits | — |  |  | — |  |  | 590 |  |  | — |  |  | 590 |
Policy acquisition costs and administrative expenses | 87 |  |  | (58 | ) |  | 8,769 |  |  | — |  |  | 8,798 |
Interest (income) expense | (299 | ) |  | 806 |  |  | 134 |  |  | — |  |  | 641 |
Other (income) expense | (24 | ) |  | 26 |  |  | (436 | ) |  | — |  |  | (434 | )
Amortization of purchased intangibles | — |  |  | — |  |  | 339 |  |  | — |  |  | 339 |
Chubb integration expenses | 14 |  |  | 1 |  |  | 44 |  |  | — |  |  | 59 |
Income tax expense (benefit) | 19 |  |  | (148 | ) |  | 824 |  |  | — |  |  | 695 |
Net income | $ | 3,962 |  |  | $ | 2,081 |  |  | $ | 4,250 |  |  | $ | (6,331 | ) |  | $ | 3,962 |
Comprehensive income (loss) | $ | 1,242 |  |  | $ | (27 | ) |  | $ | 1,808 |  |  | $ | (1,781 | ) |  | $ | 1,242 |
Condensed Consolidating Statements of Operations and Comprehensive Income
For the Year Ended December 31, 2017 | 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 | $ | — |  |  | $ | — |  |  | $ | 29,244 |  |  | $ | — |  |  | $ | 29,244 |
Net premiums earned | — |  |  | — |  |  | 29,034 |  |  | — |  |  | 29,034 |
Net investment income | 4 |  |  | 14 |  |  | 3,107 |  |  | — |  |  | 3,125 |
Equity in earnings of subsidiaries | 3,640 |  |  | 2,424 |  |  | — |  |  | (6,064 | ) |  | — |
Net realized gains (losses) including OTTI | — |  |  | (25 | ) |  | 109 |  |  | — |  |  | 84 |
Losses and loss expenses | — |  |  | — |  |  | 18,454 |  |  | — |  |  | 18,454 |
Policy benefits | — |  |  | — |  |  | 676 |  |  | — |  |  | 676 |
Policy acquisition costs and administrative expenses | 75 |  |  | 40 |  |  | 8,499 |  |  | — |  |  | 8,614 |
Interest (income) expense | (332 | ) |  | 847 |  |  | 92 |  |  | — |  |  | 607 |
Other (income) expense | (12 | ) |  | 93 |  |  | (481 | ) |  | — |  |  | (400 | )
Amortization of purchased intangibles | — |  |  | — |  |  | 260 |  |  | — |  |  | 260 |
Chubb integration expenses | 32 |  |  | 69 |  |  | 209 |  |  | — |  |  | 310 |
Income tax expense (benefit) | 20 |  |  | (742 | ) |  | 583 |  |  | — |  |  | (139 | )
Net income | $ | 3,861 |  |  | $ | 2,106 |  |  | $ | 3,958 |  |  | $ | (6,064 | ) |  | $ | 3,861 |
Comprehensive income | $ | 4,718 |  |  | $ | 3,075 |  |  | $ | 4,430 |  |  | $ | (7,505 | ) |  | $ | 4,718 |
Condensed Consolidating Statement of Cash Flows | Condensed Consolidating Statement of Cash Flows
For the Year Ended December 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 operating activities | $ | 412 |  |  | $ | 2,926 |  |  | $ | 6,878 |  |  | $ | (3,874 | ) |  | $ | 6,342 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of fixed maturities available for sale | — |  |  | (21 | ) |  | (25,825 | ) |  | — |  |  | (25,846 | )
Purchases of fixed maturities held to maturity | — |  |  | — |  |  | (229 | ) |  | — |  |  | (229 | )
Purchases of equity securities | — |  |  | — |  |  | (531 | ) |  | — |  |  | (531 | )
Sales of fixed maturities available for sale | — |  |  | 1 |  |  | 13,115 |  |  | — |  |  | 13,116 |
Sales of equity securities | — |  |  | — |  |  | 611 |  |  | — |  |  | 611 |
Maturities and redemptions of fixed maturities available for sale | — |  |  | 41 |  |  | 8,998 |  |  | — |  |  | 9,039 |
Maturities and redemptions of fixed maturities held to maturity | — |  |  | — |  |  | 946 |  |  | — |  |  | 946 |
Net change in short-term investments | — |  |  | (808 | ) |  | (309 | ) |  | — |  |  | (1,117 | )
Net derivative instruments settlements | — |  |  | (74 | ) |  | (629 | ) |  | — |  |  | (703 | )
Private equity contribution | — |  |  | — |  |  | (1,315 | ) |  | — |  |  | (1,315 | )
Private equity distribution | — |  |  | — |  |  | 1,390 |  |  | — |  |  | 1,390 |
Capital contribution | (1,000 | ) |  | (110 | ) |  | — |  |  | 1,110 |  |  | — |
Acquisition of subsidiaries (net of cash acquired of $45) | — |  |  | — |  |  | (29 | ) |  | — |  |  | (29 | )
Other | — |  |  | (4 | ) |  | (1,233 | ) |  | — |  |  | (1,237 | )
Net cash flows used for investing activities | (1,000 | ) |  | (975 | ) |  | (5,040 | ) |  | 1,110 |  |  | (5,905 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Dividends paid on Common Shares | (1,354 | ) |  | — |  |  | — |  |  | — |  |  | (1,354 | )
Common Shares repurchased | (327 | ) |  | — |  |  | (1,203 | ) |  | — |  |  | (1,530 | )
Proceeds from issuance of long-term debt | — |  |  | 2,828 |  |  | — |  |  | — |  |  | 2,828 |
Proceeds from issuance of repurchase agreements | — |  |  | — |  |  | 2,817 |  |  | — |  |  | 2,817 |
Repayment of long-term debt | — |  |  | (500 | ) |  | (10 | ) |  | — |  |  | (510 | )
Repayment of repurchase agreements | — |  |  | — |  |  | (2,817 | ) |  | — |  |  | (2,817 | )
Proceeds from share-based compensation plans | — |  |  | — |  |  | 204 |  |  | — |  |  | 204 |
Advances (to) from affiliates | 2,301 |  |  | (3,223 | ) |  | 922 |  |  | — |  |  | — |
Dividends to parent company | — |  |  | — |  |  | (3,874 | ) |  | 3,874 |  |  | — |
Capital contribution | — |  |  | — |  |  | 1,110 |  |  | (1,110 | ) |  | — |
Net payments to affiliated notional cash pooling programs(1) | (35 | ) |  | (617 | ) |  | — |  |  | 652 |  |  | — |
Policyholder contract deposits | — |  |  | — |  |  | 514 |  |  | — |  |  | 514 |
Policyholder contract withdrawals | — |  |  | — |  |  | (303 | ) |  | — |  |  | (303 | )
Net cash flows from (used for) financing activities | 585 |  |  | (1,512 | ) |  | (2,640 | ) |  | 3,416 |  |  | (151 | )
Effect of foreign currency rate changes on cash and restricted cash | 4 |  |  | 1 |  |  | 15 |  |  | — |  |  | 20 |
Net increase (decrease) in cash and restricted cash | 1 |  |  | 440 |  |  | (787 | ) |  | 652 |  |  | 306 |
Cash and restricted cash – beginning of year (1) | 1 |  |  | 2 |  |  | 1,989 |  |  | (652 | ) |  | 1,340 |
Cash and restricted cash – end of year (1) | $ | 2 |  |  | $ | 442 |  |  | $ | 1,202 |  |  | $ | — |  |  | $ | 1,646 |
(1) | Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. 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 Cash Flows
For the Year Ended December 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 | $ | 256 |  |  | $ | 4,654 |  |  | $ | 5,878 |  |  | $ | (5,308 | ) |  | $ | 5,480 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of fixed maturities available for sale | — |  |  | (38 | ) |  | (24,697 | ) |  | — |  |  | (24,735 | )
Purchases of fixed maturities held to maturity | — |  |  | — |  |  | (456 | ) |  | — |  |  | (456 | )
Purchases of equity securities | — |  |  | — |  |  | (207 | ) |  | — |  |  | (207 | )
Sales of fixed maturities available for sale | — |  |  | 11 |  |  | 14,019 |  |  | — |  |  | 14,030 |
Sales of equity securities | — |  |  | — |  |  | 315 |  |  | — |  |  | 315 |
Maturities and redemptions of fixed maturities available for sale | — |  |  | 17 |  |  | 7,335 |  |  | — |  |  | 7,352 |
Maturities and redemptions of fixed maturities held to maturity | — |  |  | — |  |  | 1,124 |  |  | — |  |  | 1,124 |
Net change in short-term investments | — |  |  | 3 |  |  | 513 |  |  | — |  |  | 516 |
Net derivative instruments settlements | — |  |  | (7 | ) |  | 23 |  |  | — |  |  | 16 |
Private equity contributions | — |  |  | — |  |  | (1,337 | ) |  | — |  |  | (1,337 | )
Private equity distributions | — |  |  | — |  |  | 980 |  |  | — |  |  | 980 |
Capital contribution | (1,475 | ) |  | (3,550 | ) |  | — |  |  | 5,025 |  |  | — |
Other | — |  |  | (18 | ) |  | (515 | ) |  | — |  |  | (533 | )
Net cash flows used for investing activities | (1,475 | ) |  | (3,582 | ) |  | (2,903 | ) |  | 5,025 |  |  | (2,935 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Dividends paid on Common Shares | (1,337 | ) |  | — |  |  | — |  |  | — |  |  | (1,337 | )
Common Shares repurchased | — |  |  | — |  |  | (1,044 | ) |  | — |  |  | (1,044 | )
Proceeds from issuance of long-term debt | — |  |  | 2,171 |  |  | — |  |  | — |  |  | 2,171 |
Proceeds from issuance of repurchase agreements | — |  |  | — |  |  | 2,029 |  |  | — |  |  | 2,029 |
Repayment of long-term debt | — |  |  | (2,000 | ) |  | (1 | ) |  | — |  |  | (2,001 | )
Repayment of repurchase agreements | — |  |  | — |  |  | (2,019 | ) |  | — |  |  | (2,019 | )
Proceeds from share-based compensation plans | — |  |  | — |  |  | 115 |  |  | — |  |  | 115 |
Advances (to) from affiliates | 2,519 |  |  | (1,744 | ) |  | (775 | ) |  | — |  |  | — |
Dividends to parent company | — |  |  | — |  |  | (5,308 | ) |  | 5,308 |  |  | — |
Capital contribution | — |  |  | — |  |  | 5,025 |  |  | (5,025 | ) |  | — |
Net payments to affiliated notional cash pooling programs(1) | 35 |  |  | 502 |  |  | — |  |  | (537 | ) |  | — |
Policyholder contract deposits | — |  |  | — |  |  | 453 |  |  | — |  |  | 453 |
Policyholder contract withdrawals | — |  |  | — |  |  | (358 | ) |  | — |  |  | (358 | )
Net cash flows from (used for) financing activities | 1,217 |  |  | (1,071 | ) |  | (1,883 | ) |  | (254 | ) |  | (1,991 | )
Effect of foreign currency rate changes on cash and restricted cash | — |  |  | — |  |  | (65 | ) |  | — |  |  | (65 | )
Net increase (decrease) in cash and restricted cash | (2 | ) |  | 1 |  |  | 1,027 |  |  | (537 | ) |  | 489 |
Cash and restricted cash – beginning of year (1) | 3 |  |  | 1 |  |  | 962 |  |  | (115 | ) |  | 851 |
Cash and restricted cash – end of year (1) | $ | 1 |  |  | $ | 2 |  |  | $ | 1,989 |  |  | $ | (652 | ) |  | $ | 1,340 |
(1) | Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2018 and 2017, 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 Year Ended December 31, 2017 | 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 | $ | 781 |  |  | $ | 1,648 |  |  | $ | 4,598 |  |  | $ | (2,524 | ) |  | $ | 4,503 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |
Purchases of fixed maturities available for sale | — |  |  | (9 | ) |  | (25,738 | ) |  | — |  |  | (25,747 | )
Purchases of fixed maturities held to maturity | — |  |  | — |  |  | (352 | ) |  | — |  |  | (352 | )
Purchases of equity securities | — |  |  | — |  |  | (173 | ) |  | — |  |  | (173 | )
Sales of fixed maturities available for sale | — |  |  | 99 |  |  | 13,156 |  |  | — |  |  | 13,255 |
Sales of equity securities | — |  |  | — |  |  | 187 |  |  | — |  |  | 187 |
Maturities and redemptions of fixed maturities available for sale | — |  |  | 29 |  |  | 10,396 |  |  | — |  |  | 10,425 |
Maturities and redemptions of fixed maturities held to maturity | — |  |  | — |  |  | 879 |  |  | — |  |  | 879 |
Net change in short-term investments | — |  |  | 189 |  |  | (726 | ) |  | — |  |  | (537 | )
Net derivative instruments settlements | — |  |  | (15 | ) |  | (250 | ) |  | — |  |  | (265 | )
Private equity contributions | — |  |  | — |  |  | (648 | ) |  | — |  |  | (648 | )
Private equity distributions | — |  |  | — |  |  | 1,084 |  |  | — |  |  | 1,084 |
Other | — |  |  | (10 | ) |  | (520 | ) |  | — |  |  | (530 | )
Net cash flows from (used for) investing activities | — |  |  | 283 |  |  | (2,705 | ) |  | — |  |  | (2,422 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |
Dividends paid on Common Shares | (1,308 | ) |  | — |  |  | — |  |  | — |  |  | (1,308 | )
Common Shares repurchased | — |  |  | — |  |  | (801 | ) |  | — |  |  | (801 | )
Proceeds from issuance of long-term debt | — |  |  | — |  |  | — |  |  | — |  |  | — |
Proceeds from issuance of repurchase agreements | — |  |  | — |  |  | 2,353 |  |  | — |  |  | 2,353 |
Repayment of long-term debt | — |  |  | (500 | ) |  | (1 | ) |  | — |  |  | (501 | )
Repayment of repurchase agreements | — |  |  | — |  |  | (2,348 | ) |  | — |  |  | (2,348 | )
Proceeds from share-based compensation plans | — |  |  | — |  |  | 151 |  |  | — |  |  | 151 |
Advances (to) from affiliates | 892 |  |  | (927 | ) |  | 35 |  |  | — |  |  | — |
Dividends to parent company | — |  |  | — |  |  | (2,524 | ) |  | 2,524 |  |  | — |
Net payments to affiliated notional cash pooling programs(1) | (363 | ) |  | (504 | ) |  | — |  |  | 867 |  |  | — |
Policyholder contract deposits | — |  |  | — |  |  | 442 |  |  | — |  |  | 442 |
Policyholder contract withdrawals | — |  |  | — |  |  | (307 | ) |  | — |  |  | (307 | )
Net cash flows used for financing activities | (779 | ) |  | (1,931 | ) |  | (3,000 | ) |  | 3,391 |  |  | (2,319 | )
Effect of foreign currency rate changes on cash and restricted cash | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Net increase (decrease) in cash and restricted cash | 2 |  |  | — |  |  | (1,106 | ) |  | 867 |  |  | (237 | )
Cash and restricted cash – beginning of year (1) | 1 |  |  | 1 |  |  | 2,068 |  |  | (982 | ) |  | 1,088 |
Cash and restricted cash – end of year (1) | $ | 3 |  |  | $ | 1 |  |  | $ | 962 |  |  | $ | (115 | ) |  | $ | 851 |
(1) Chubb maintains two notional multi-currency cash pools (Pools) with a third-party bank. Refer to Note 1 f) for additional information. At December 31, 2017 and 2016, the cash balance of one or more entities was negative; however, the overall Pool balances were positive.

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