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Information provided in connection with outstanding debt of subsidiaries | 12 Months Ended
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Dec. 31, 2019
Information Provided In Connection With Outstanding Debt Of Subsidiaries [Abstract] |
Information provided in connection with outstanding debt of subsidiaries | Information provided in connection with outstanding debt of subsidiaries The following tables present condensed consolidating financial information at December 31, 2019 and December 31, 2018, and for the years ended December 31, 2019, 2018, and 2017 for Chubb Limited (Parent Guarantor) and Chubb INA Holdings Inc. (Subsidiary Issuer). The Subsidiary Issuer is an indirect 100 percent-owned subsidiary of the Parent Guarantor. The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Condensed consolidating financial information of the Parent Guarantor and Subsidiary Issuer are presented on the equity method of accounting. The revenues and expenses and cash flows of the subsidiaries of the Subsidiary Issuer are presented in the Other Chubb Limited Subsidiaries column on a combined basis. 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 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
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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