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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
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☑ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Quarterly Period Ended June 30, 2023
OR
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☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the Transition Period from to
Commission File No. 1-11778
CHUBB LIMITED
(Exact name of registrant as specified in its charter)
| | | | | |
Switzerland | 98-0091805 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)
+41 (0)43 456 76 00
(Registrant’s telephone number, including area code)
| | | | | | | | | | | |
Securities registered pursuant to Section 12(b) of the Act: |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Shares, par value CHF 0.50 per share | CB | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 0.30% Senior Notes due 2024 | CB/24A | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2027 | CB/27 | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 1.55% Senior Notes due 2028 | CB/28 | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 0.875% Senior Notes due 2029 | CB/29A | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 1.40% Senior Notes due 2031 | CB/31 | New York Stock Exchange |
Guarantee of Chubb INA Holdings Inc. 2.50% Senior Notes due 2038 | CB/38A | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☑ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☑ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| | | | | | | | | | | | | | | | | |
Large accelerated filer | ☑ | | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | | Smaller reporting company | ☐ |
| | | | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☑
The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of July 21, 2023 was 410,734,972.
CHUBB LIMITED
INDEX TO FORM 10-Q
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Part I. | FINANCIAL INFORMATION | Page |
Item 1. | | |
| | |
| | |
| | |
| | |
| | |
| Note 1. | | |
| Note 2. | | |
| Note 3. | | |
| Note 4. | | |
| Note 5. | | |
| Note 6. | | |
| Note 7. | | |
| Note 8. | | |
| Note 9. | | |
| Note 10. | | |
| Note 11. | | |
| Note 12. | | |
| Note 13. | | |
| Note 14. | | |
| Note 15. | | |
| Note 16. | | |
| Note 17. | | |
| Note 18. | | |
| Note 19. | | |
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Item 2. | | |
Item 3. | | |
Item 4. | | |
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Part II. | OTHER INFORMATION | |
Item 1. | | |
Item 1A. | | |
Item 2. | | |
Item 6. | | |
PART I FINANCIAL INFORMATION
| | |
ITEM 1. Financial Statements |
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | |
| June 30 | | December 31 |
| 2023 | | 2022 |
(in millions of U.S. dollars, except share and per share data) | | | As Adjusted |
Assets | | | |
Investments | | | |
Fixed maturities available for sale, at fair value, net of valuation allowance - $193 and $169 (amortized cost – $104,224 and $93,355) | $ | 96,789 | | | $ | 85,220 | |
Fixed maturities held to maturity, at amortized cost, net of valuation allowance - nil and $34 (fair value – nil and $8,439) | — | | | 8,848 | |
Equity securities, at fair value | 1,043 | | | 827 | |
Short-term investments, at fair value (amortized cost – $4,099 and $4,962) | 4,097 | | | 4,960 | |
Other investments, at fair value | 14,707 | | | 13,696 | |
Total investments | 116,636 | | | 113,551 | |
Cash | 2,285 | | | 2,012 | |
Restricted cash | 90 | | | 115 | |
Securities lending collateral | 1,525 | | | 1,523 | |
Accrued investment income | 983 | | | 941 | |
Insurance and reinsurance balances receivable, net of valuation allowance - $52 and $52 | 14,128 | | | 11,933 | |
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $361 and $351 | 18,398 | | | 18,859 | |
Reinsurance recoverable on policy benefits | 315 | | | 302 | |
Deferred policy acquisition costs | 6,666 | | | 6,031 | |
| | | |
Value of business acquired | 3,575 | | | 3,702 | |
Goodwill | 16,322 | | | 16,228 | |
Other intangible assets | 5,320 | | | 5,441 | |
| | | |
Prepaid reinsurance premiums | 3,599 | | | 3,136 | |
Investments in partially-owned insurance companies | 3,542 | | | 2,507 | |
Separate account assets | 5,574 | | | 5,190 | |
Other assets | 6,490 | | | 7,546 | |
Total assets | $ | 205,448 | | | $ | 199,017 | |
Liabilities | | | |
Unpaid losses and loss expenses | $ | 76,480 | | | $ | 75,747 | |
Unearned premiums | 21,860 | | | 19,713 | |
Future policy benefits | 11,064 | | | 10,476 | |
Market risk benefits | 722 | | | 800 | |
Policyholders' account balances | 3,215 | | | 3,140 | |
Separate account liabilities | 5,574 | | | 5,190 | |
Insurance and reinsurance balances payable | 8,429 | | | 7,780 | |
| | | |
Securities lending payable | 1,525 | | | 1,523 | |
| | | |
Accounts payable, accrued expenses, and other liabilities | 6,864 | | | 7,148 | |
| | | |
Deferred tax liabilities | 533 | | | 377 | |
Repurchase agreements | 1,518 | | | 1,419 | |
Short-term debt | 699 | | | 475 | |
Long-term debt | 13,782 | | | 14,402 | |
Trust preferred securities | 308 | | | 308 | |
Total liabilities | 152,573 | | | 148,498 | |
Commitments and contingencies (refer to Note 13) | | | |
Shareholders’ equity | | | |
Common Shares (CHF 0.50 and 24.15 par value; 431,451,586 and 446,376,614 shares issued; 410,691,354 and 414,594,856 shares outstanding) | 241 | | | 10,346 | |
Common Shares in treasury (20,760,232 and 31,781,758 shares) | (3,174) | | | (5,113) | |
Additional paid-in capital | 16,163 | | | 7,166 | |
Retained earnings | 49,467 | | | 48,305 | |
Accumulated other comprehensive income (loss) (AOCI) | (9,822) | | | (10,185) | |
Total shareholders’ equity | 52,875 | | | 50,519 | |
Total liabilities and shareholders’ equity | $ | 205,448 | | | $ | 199,017 | |
See accompanying notes to the Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30 | | June 30 |
| 2023 | | 2022 | | 2023 | | 2022 |
(in millions of U.S. dollars, except per share data) | | | As Adjusted | | | | As Adjusted |
Revenues | | | | | | | |
Net premiums written | $ | 11,951 | | | $ | 10,293 | | | $ | 22,661 | | | $ | 19,482 | |
Increase in unearned premiums | (952) | | | (744) | | | (1,520) | | | (1,196) | |
Net premiums earned | 10,999 | | | 9,549 | | | 21,141 | | | 18,286 | |
Net investment income | 1,145 | | | 888 | | | 2,252 | | | 1,710 | |
Net realized gains (losses) | (304) | | | (503) | | | (381) | | | (480) | |
Market risk benefits gains (losses) | (7) | | | (33) | | | (122) | | | 16 | |
Total revenues | 11,833 | | | 9,901 | | | 22,890 | | | 19,532 | |
Expenses | | | | | | | |
Losses and loss expenses | 5,683 | | | 5,206 | | | 10,831 | | | 9,770 | |
Policy benefits (includes remeasurement losses of $5, nil, $4, and $6) | 830 | | | 361 | | | 1,627 | | | 734 | |
Policy acquisition costs | 2,016 | | | 1,726 | | | 3,964 | | | 3,445 | |
Administrative expenses | 969 | | | 818 | | | 1,899 | | | 1,596 | |
Interest expense | 165 | | | 134 | | | 325 | | | 266 | |
Other (income) expense | (100) | | | 101 | | | (396) | | | (211) | |
Amortization of purchased intangibles | 70 | | | 71 | | | 142 | | | 142 | |
Cigna integration expenses | 15 | | | 3 | | | 37 | | | 3 | |
Total expenses | 9,648 | | | 8,420 | | | 18,429 | | | 15,745 | |
Income before income tax | 2,185 | | | 1,481 | | | 4,461 | | | 3,787 | |
Income tax expense | 392 | | | 291 | | | 776 | | | 644 | |
Net income | $ | 1,793 | | | $ | 1,190 | | | $ | 3,685 | | | $ | 3,143 | |
Other comprehensive income (loss) | | | | | | | |
| | | | | | | |
| | | | | | | |
Change in: | | | | | | | |
Unrealized appreciation (depreciation) | $ | (1,194) | | | $ | (4,344) | | | $ | 592 | | | $ | (8,996) | |
Current discount rate on future policy benefits | (35) | | | 632 | | | (186) | | | 1,067 | |
Instrument-specific credit risk on market risk benefits | 11 | | | 17 | | | 8 | | | 40 | |
Cumulative foreign currency translation adjustment | 215 | | | (756) | | | 38 | | | (689) | |
| | | | | | | |
Other, including postretirement benefit liability adjustment | 48 | | | 5 | | | 15 | | | 24 | |
Other comprehensive income (loss), before income tax | (955) | | | (4,446) | | | 467 | | | (8,554) | |
Income tax (expense) benefit related to OCI items | 28 | | | 183 | | | (104) | | | 962 | |
Other comprehensive income (loss) | (927) | | | (4,263) | | | 363 | | | (7,592) | |
Comprehensive income (loss) | $ | 866 | | | $ | (3,073) | | | $ | 4,048 | | | $ | (4,449) | |
Earnings per share | | | | | | | |
Basic earnings per share | $ | 4.35 | | | $ | 2.82 | | | $ | 8.92 | | | $ | 7.42 | |
Diluted earnings per share | $ | 4.32 | | | $ | 2.80 | | | $ | 8.84 | | | $ | 7.35 | |
See accompanying notes to the Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended |
| June 30 | | June 30 |
| 2023 | | 2022 | | 2023 | | 2022 |
(in millions of U.S. dollars) | | | As Adjusted | | | | As Adjusted |
Common Shares | | | | | | | |
Balance – beginning of period | $ | 10,346 | | | $ | 10,666 | | | $ | 10,346 | | | $ | 10,985 | |
Par value reduction | (9,759) | | | — | | | (9,759) | | | — | |
Cancellation of treasury shares | (346) | | | — | | | (346) | | | (319) | |
Balance – end of period | 241 | | | 10,666 | | | 241 | | | 10,666 | |
Common Shares in treasury | | | | | | | |
Balance – beginning of period | (5,341) | | | (5,700) | | | (5,113) | | | (7,464) | |
Common Shares repurchased | (724) | | | (1,129) | | | (1,152) | | | (2,130) | |
Cancellation of treasury shares | 2,869 | | | — | | | 2,869 | | | 2,510 | |
Net shares issued under employee share-based compensation plans | 22 | | | 35 | | | 222 | | | 290 | |
Balance – end of period | (3,174) | | | (6,794) | | | (3,174) | | | (6,794) | |
Additional paid-in capital | | | | | | | |
Balance – beginning of period | 6,680 | | | 7,988 | | | 7,166 | | | 8,478 | |
Net shares redeemed (issued) under employee share-based compensation plans | 5 | | | 4 | | | (206) | | | (195) | |
Exercise of stock options | — | | | (6) | | | (13) | | | (27) | |
Share-based compensation expense | 73 | | | 69 | | | 155 | | | 139 | |
Par value reduction | 9,759 | | | — | | | 9,759 | | | — | |
Funding of dividends declared to Retained earnings | (354) | | | (348) | | | (698) | | | (688) | |
Balance – end of period | 16,163 | | | 7,707 | | | 16,163 | | | 7,707 | |
Retained earnings | | | | | | | |
Balance – beginning of period | 50,197 | | | 47,165 | | | 48,305 | | | 47,403 | |
Net income | 1,793 | | | 1,190 | | | 3,685 | | | 3,143 | |
Cancellation of treasury shares | (2,523) | | | — | | | (2,523) | | | (2,191) | |
Funding of dividends declared from Additional paid-in capital | 354 | | | 348 | | | 698 | | | 688 | |
Dividends declared on Common Shares | (354) | | | (348) | | | (698) | | | (688) | |
Balance – end of period | 49,467 | | | 48,355 | | | 49,467 | | | 48,355 | |
Accumulated other comprehensive income (loss) (AOCI) | | | | | | | |
Balance – beginning of period | (8,895) | | | (4,403) | | | (10,185) | | | (1,074) | |
| | | | | | | |
| | | | | | | |
Other comprehensive income (loss) | (927) | | | (4,263) | | | 363 | | | (7,592) | |
Balance – end of period | (9,822) | | | (8,666) | | | (9,822) | | | (8,666) | |
Total shareholders’ equity | $ | 52,875 | | | $ | 51,268 | | | $ | 52,875 | | | $ | 51,268 | |
See accompanying notes to the Consolidated Financial Statements
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | |
| Six Months Ended |
| June 30 |
| 2023 | | 2022 |
(in millions of U.S. dollars) | | | As Adjusted |
Cash flows from operating activities | | | |
Net income | $ | 3,685 | | | $ | 3,143 | |
Adjustments to reconcile net income to net cash flows from operating activities | | | |
Net realized (gains) losses | 381 | | | 480 | |
Market risk benefits (gains) losses | 122 | | | (16) | |
Amortization of premiums/discounts on fixed maturities | (38) | | | 148 | |
Amortization of purchased intangibles | 142 | | | 142 | |
Equity in net income of partially-owned entities | (460) | | | (291) | |
Deferred income taxes | 43 | | | 108 | |
Unpaid losses and loss expenses | 561 | | | 1,949 | |
Unearned premiums | 1,913 | | | 1,554 | |
Future policy benefits | 351 | | | 99 | |
Insurance and reinsurance balances payable | 588 | | | 670 | |
Accounts payable, accrued expenses, and other liabilities | (388) | | | 67 | |
Income taxes payable | (38) | | | (83) | |
Insurance and reinsurance balances receivable | (2,044) | | | (1,560) | |
Reinsurance recoverable | 455 | | | (642) | |
Deferred policy acquisition costs | (546) | | | (232) | |
Other | 39 | | | (370) | |
Net cash flows from operating activities | 4,766 | | | 5,166 | |
Cash flows from investing activities | | | |
Purchases of fixed maturities available for sale | (12,800) | | | (13,474) | |
| | | |
Purchases of fixed maturities held to maturity | (208) | | | (380) | |
Purchases of equity securities | (240) | | | (664) | |
Sales of fixed maturities available for sale | 7,229 | | | 8,053 | |
| | | |
| | | |
Sales of equity securities | 81 | | | 2,445 | |
Maturities and redemptions of fixed maturities available for sale | 3,203 | | | 5,753 | |
Maturities and redemptions of fixed maturities held to maturity | 708 | | | 820 | |
Net change in short-term investments | 898 | | | (340) | |
Net derivative instruments settlements | (63) | | | 117 | |
Private equity contributions | (1,046) | | | (1,287) | |
Private equity distributions | 568 | | | 448 | |
Acquisition of subsidiaries | (23) | | | — | |
Payment for Huatai Group interest | (229) | | | (113) | |
Other | (340) | | | (253) | |
Net cash flows from (used for) investing activities | (2,262) | | | 1,125 | |
Cash flows from financing activities | | | |
Dividends paid on Common Shares | (688) | | | (681) | |
Common Shares repurchased | (1,267) | | | (2,127) | |
| | | |
Proceeds from issuance of repurchase agreements | 3,774 | | | 3,002 | |
Repayment of long-term debt | (475) | | | — | |
Repayment of repurchase agreements | (3,674) | | | (1,000) | |
Proceeds from share-based compensation plans | 102 | | | 170 | |
Policyholder contract deposits | 170 | | | 188 | |
Policyholder contract withdrawals | (101) | | | (144) | |
Tax withholding payments for share-based compensation plans | (97) | | | (98) | |
Other | (56) | | | (35) | |
Net cash flows used for financing activities | (2,312) | | | (725) | |
Effect of foreign currency rate changes on cash and restricted cash | 56 | | | (138) | |
Net increase in cash and restricted cash | 248 | | | 5,428 | |
Cash and restricted cash – beginning of period | 2,127 | | | 1,811 | |
Cash and restricted cash – end of period | $ | 2,375 | | | $ | 7,239 | |
Supplemental cash flow information | | | |
Taxes paid | $ | 753 | | | $ | 612 | |
Interest paid | $ | 306 | | | $ | 290 | |
See accompanying notes to the Consolidated Financial Statements
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Chubb Limited and Subsidiaries
1. General and significant accounting policies
a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 18 for additional information.
The interim unaudited consolidated financial statements, which include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.
The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes included in our 2022 Form 10-K.
b) Restricted cash
Restricted cash in the Consolidated balance sheets represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.
The following table provides a reconciliation of cash and restricted cash reported within the Consolidated balance sheets that total to the amounts shown in the Consolidated statements of cash flows:
| | | | | | | | | | | |
| June 30 | | December 31 |
(in millions of U.S. dollars) | 2023 | | 2022 |
Cash | $ | 2,285 | | | $ | 2,012 | |
Restricted cash | 90 | | | 115 | |
Total cash and restricted cash shown in the Consolidated statements of cash flows | $ | 2,375 | | | $ | 2,127 | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
c) Accounting guidance adopted in 2023
Targeted Improvements to the Accounting for Long-Duration Contracts
Effective January 1, 2023, we adopted new guidance on the accounting for long-duration contracts (LDTI). The new accounting guidance requires more frequent updating of assumptions and a standardized discount rate for the future policy benefit liability, a requirement to use the fair value measurement model for policies with market risk benefits, simplified amortization of deferred acquisition costs, and enhanced disclosures.
With the exception of market risk benefits, we adopted this guidance on a modified retrospective basis. Under the modified retrospective basis, the liability for future policy benefits is updated to remove any amounts related to changes to the original discount rate at January 1, 2021 (the transition date) in AOCI and future cash flow assumptions are applied to contracts in force. The liability for future policy benefits prior to the transition date continues to use the original discount rate (interest accretion rate). The guidance for long-duration contracts applicable to market risk benefits, primarily assumed reinsurance programs involving minimum benefit guarantees under variable annuity contracts, was adopted on a retrospective transition approach. Under the retrospective transition approach, we calculated the fair value of market risk benefits which were previously accounted for under an insurance accounting model and recognized an adjustment to retained earnings as of January 1, 2021.
On January 1, 2021, we recognized a cumulative effect adjustment and increased beginning retained earnings by $52 million, and decreased AOCI by $1.8 billion. Results for the prior reporting periods in this report are presented in accordance with the new guidance. We also adopted the required disclosures in Note 6 Deferred acquisition costs, Note 9 Future policy benefits, Note 10 Policyholders’ account balances, Note 11 Market risk benefits, and Note 12 Separate accounts.
The impact of adoption of the new guidance on our historical financial statements is as follows:
| | | | | | | | | | | | | | | | | |
| December 31, 2022 |
(in millions of U.S. dollars) | As Previously Reported | | LDTI Adoption Adjustment | | As Adjusted |
Consolidated balance sheet | | | | | |
Reinsurance recoverable on losses and loss expenses | $ | 18,901 | | | $ | (42) | | | $ | 18,859 | |
Reinsurance recoverable on policy benefits | 303 | | | (1) | | | 302 | |
Deferred policy acquisition costs | 5,788 | | | 243 | | | 6,031 | |
Value of business acquired | 3,596 | | | 106 | | | 3,702 | |
| | | | | |
Prepaid reinsurance premiums | 3,140 | | | (4) | | | 3,136 | |
Investments in partially-owned insurance companies | 2,877 | | | (370) | | | 2,507 | |
| | | | | |
Unpaid losses and loss expenses | 76,323 | | | (576) | | | 75,747 | |
Unearned premiums | 20,360 | | | (647) | | | 19,713 | |
| | | | | |
Future policy benefits | 10,120 | | | 356 | | | 10,476 | |
Market risk benefits | — | | | 800 | | | 800 | |
Insurance and reinsurance balances payable | 7,795 | | | (15) | | | 7,780 | |
| | | | | |
Deferred tax liabilities | 292 | | | 85 | | | 377 | |
Retained Earnings | 48,334 | | | (29) | | | 48,305 | |
Accumulated other comprehensive income (loss) | (10,193) | | | 8 | | | (10,185) | |
Excluded from the table above is the reclassification of separate accounts assets, separate account liabilities, and Policyholders' account balances as separate line items on the consolidated balance sheets. Separate accounts assets were previously classified in Other assets, and separate account liabilities and Policyholders' account balances were previously classified in Accounts payable, accrued expenses, and other liabilities.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | | Six Months Ended | | |
| June 30, 2022 | | June 30, 2022 | | |
(in millions of U.S. dollars) | As Previously Reported | | LDTI Adoption Adjustment | | As Adjusted | | As Previously Reported | | LDTI Adoption Adjustment | | As Adjusted | | | | | | | |
Consolidated statements of operations and comprehensive income | | | | | | | | | | | | | | | | | | |
Net premiums written | $ | 10,302 | | | $ | (9) | | | $ | 10,293 | | | $ | 19,501 | | | $ | (19) | | | $ | 19,482 | | | | | | | | |
Net premiums earned | 9,557 | | | (8) | | | 9,549 | | | 18,303 | | | (17) | | | 18,286 | | | | | | | | |
Net realized gains (losses) | (504) | | | 1 | | | (503) | | | (403) | | | (77) | | | (480) | | | | | | | | |
Market risk benefits gains (losses) | — | | | (33) | | | (33) | | | — | | | 16 | | | 16 | | | | | | | | |
Losses and loss expenses | 5,408 | | | (202) | | | 5,206 | | | 10,195 | | | (425) | | | 9,770 | | | | | | | | |
Policy benefits | 159 | | | 202 | | | 361 | | | 304 | | | 430 | | | 734 | | | | | | | | |
Policy acquisition costs | 1,739 | | | (13) | | | 1,726 | | | 3,476 | | | (31) | | | 3,445 | | | | | | | | |
| | | | | | | | | | | | | | | | | | |
Other (income) expense | 101 | | | — | | | 101 | | | (209) | | | (2) | | | (211) | | | | | | | | |
Income tax expense | 293 | | | (2) | | | 291 | | | 648 | | | (4) | | | 644 | | | | | | | | |
Net Income | 1,215 | | | (25) | | | 1,190 | | | 3,189 | | | (46) | | | 3,143 | | | | | | | | |
Other comprehensive income | | | | | | | | | | | | | | | | | | |
Change in current discount rate on future policy benefits | — | | | 632 | | | 632 | | | — | | | 1,067 | | | 1,067 | | | | | | | | |
Change in instrument-specific credit risk on market risk benefits | — | | | 17 | | | 17 | | | — | | | 40 | | | 40 | | | | | | | | |
Income tax benefit related to OCI items | 245 | | | (62) | | | 183 | | | 1,057 | | | (95) | | | 962 | | | | | | | | |
Comprehensive income | (3,656) | | | 583 | | | (3,073) | | | (5,436) | | | 987 | | | (4,449) | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | |
| Six Months Ended | | |
| June 30,2022 | | |
(in millions of U.S. dollars) | As Previously Reported | | LDTI Adoption Adjustment | | As Adjusted | | | | | | | |
Consolidated statement of cash flows | | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
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| | | | | | | | | | | | |
| | | | | | | | | | | | |
Net cash flows from operating activities | $ | 5,160 | | | $ | 6 | | | $ | 5,166 | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Net cash flows used for financing activities | (719) | | | (6) | | | (725) | | | | | | | | |
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
The following table presents a reconciliation of the pre-adoption December 31, 2020, to the post adoption January 1, 2021, balance of future policy benefits:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Life Insurance | | Overseas General Insurance | | | | Offsetting Equity Line Classification |
(in millions of U.S. dollars) | Term Life | | | | Whole Life | | A&H | | Other | | A&H | | Total | | |
Future policy benefits | | |