Chubb Earnings 2019-06-30
CB 10Q Quarterly Report
Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended June 30, 2019
OR
☐
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
+ 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 24.15 per share
CB
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.
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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 24.15 par value) outstanding as of July 17, 2019 was 455,749,479 .
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.
Item 2.
Item 3.
Item 4.
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
Copy Copy+ History
June 30
December 31
(in millions of U.S. dollars, except share and per share data)
2019
2018
Assets
Investments
Fixed maturities available for sale, at fair value (amortized cost – $80,119 and $79,323 ) (includes hybrid financial instruments of $6 and $9 )
$
82,410
$
78,470
Fixed maturities held to maturity, at amortized cost (fair value – $13,177 and $13,259 )
12,838
13,435
Equity securities, at fair value and cost
715
770
Short-term investments, at fair value and amortized cost
3,808
3,016
Other investments, at fair value and cost
5,968
5,277
Total investments
105,739
100,968
Cash
1,270
1,247
Restricted cash
98
93
Securities lending collateral
1,727
1,926
Accrued investment income
850
883
Insurance and reinsurance balances receivable
10,935
10,075
Reinsurance recoverable on losses and loss expenses
15,445
15,993
Reinsurance recoverable on policy benefits
201
202
Deferred policy acquisition costs
5,113
4,922
Value of business acquired
280
295
Goodwill
15,300
15,271
Other intangible assets
6,266
6,143
Prepaid reinsurance premiums
2,765
2,544
Investments in partially-owned insurance companies
1,050
678
Other assets
7,477
6,531
Total assets
$
174,516
$
167,771
Liabilities
Unpaid losses and loss expenses
$
63,205
$
62,960
Unearned premiums
16,403
15,532
Future policy benefits
5,568
5,506
Insurance and reinsurance balances payable
6,371
6,437
Securities lending payable
1,727
1,926
Accounts payable, accrued expenses, and other liabilities
11,639
10,472
Deferred tax liabilities
697
304
Repurchase agreements
1,416
1,418
Short-term debt
9
509
Long-term debt
13,371
12,087
Trust preferred securities
308
308
Total liabilities
120,714
117,459
Commitments and contingencies
Shareholders’ equity
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 456,077,819 and 459,203,378 shares outstanding)
11,121
11,121
Common Shares in treasury (23,706,045 and 20,580,486 shares)
(3,093
)
(2,618
)
Additional paid-in capital
11,757
12,557
Retained earnings
33,878
31,700
Accumulated other comprehensive income (loss) (AOCI)
139
(2,448
)
Total shareholders’ equity
53,802
50,312
Total liabilities and shareholders’ equity
$
174,516
$
167,771
See accompanying notes to the consolidated financial statements
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
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Three Months Ended
Six Months Ended
June 30
June 30
(in millions of U.S. dollars, except per share data)
2019
2018
2019
2018
Revenues
Net premiums written
$
8,343
$
8,015
$
15,656
$
15,119
Increase in unearned premiums
(452
)
(351
)
(628
)
(428
)
Net premiums earned
7,891
7,664
15,028
14,691
Net investment income
859
828
1,695
1,634
Net realized gains (losses):
Other-than-temporary impairment (OTTI) losses gross
(14
)
(4
)
(27
)
(5
)
Portion of OTTI losses recognized in other comprehensive income (OCI)
1
—
1
—
Net OTTI losses recognized in income
(13
)
(4
)
(26
)
(5
)
Net realized gains (losses) excluding OTTI losses
(210
)
22
(294
)
21
Total net realized gains (losses) (includes $12, $(81), $(32) and $(104) reclassified from AOCI)
(223
)
18
(320
)
16
Total revenues
8,527
8,510
16,403
16,341
Expenses
Losses and loss expenses
4,715
4,487
8,813
8,589
Policy benefits
161
150
357
301
Policy acquisition costs
1,544
1,464
3,008
2,928
Administrative expenses
758
747
1,468
1,439
Interest expense
140
167
280
324
Other (income) expense
(230
)
(115
)
(269
)
(162
)
Amortization of purchased intangibles
77
85
153
170
Chubb integration expenses
4
13
7
23
Total expenses
7,169
6,998
13,817
13,612
Income before income tax
1,358
1,512
2,586
2,729
Income tax expense (benefit) (includes $4, $(12), $(2) and $(15) on reclassified unrealized gains and losses)
208
218
396
353
Net income
$
1,150
$
1,294
$
2,190
$
2,376
Other comprehensive income (loss)
Unrealized appreciation (depreciation)
$
1,252
$
(578
)
$
3,097
$
(1,812
)
Reclassification adjustment for net realized (gains) losses included in net income
(12
)
81
32
104
1,240
(497
)
3,129
(1,708
)
Change in:
Cumulative foreign currency translation adjustment
(97
)
(574
)
50
(177
)
Postretirement benefit liability adjustment
(18
)
(17
)
(45
)
(40
)
Other comprehensive income (loss), before income tax
1,125
(1,088
)
3,134
(1,925
)
Income tax (expense) benefit related to OCI items
(216
)
71
(547
)
279
Other comprehensive income (loss)
909
(1,017
)
2,587
(1,646
)
Comprehensive income
$
2,059
$
277
$
4,777
$
730
Earnings per share
Basic earnings per share
$
2.52
$
2.78
$
4.78
$
5.10
Diluted earnings per share
$
2.50
$
2.76
$
4.75
$
5.07
See accompanying notes to the consolidated financial statements
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Copy Copy+ History
Three Months Ended
Six Months Ended
June 30
June 30
(in millions of U.S. dollars)
2019
2018
2019
2018
Common Shares
Balance – beginning and end of period
$
11,121
$
11,121
$
11,121
$
11,121
Common Shares in treasury
Balance – beginning of period
(2,775
)
(1,727
)
(2,618
)
(1,944
)
Common Shares repurchased
(376
)
(324
)
(743
)
(324
)
Net shares redeemed under employee share-based compensation plans
58
11
268
228
Balance – end of period
(3,093
)
(2,040
)
(3,093
)
(2,040
)
Additional paid-in capital
Balance – beginning of period
12,051
13,430
12,557
13,978
Net shares redeemed under employee share-based compensation plans
1
1
(190
)
(261
)
Exercise of stock options
(14
)
(3
)
(48
)
(19
)
Share-based compensation expense
63
61
117
123
Funding of dividends declared to Retained earnings
(344
)
(339
)
(679
)
(671
)
Balance – end of period
11,757
13,150
11,757
13,150
Retained earnings
Balance – beginning of period
32,728
28,966
31,700
27,474
Cumulative effect of adoption of accounting guidance (refer to Note 1)
—
—
(12
)
410
Balance – beginning of period, as adjusted
32,728
28,966
31,688
27,884
Net income
1,150
1,294
2,190
2,376
Funding of dividends declared from Additional paid-in capital
344
339
679
671
Dividends declared on Common Shares
(344
)
(339
)
(679
)
(671
)
Balance – end of period
33,878
30,260
33,878
30,260
Accumulated other comprehensive income (loss)
Net unrealized appreciation on investments
Balance – beginning of period
1,014
45
(545
)
1,450
Cumulative effect of adoption of accounting guidance
—
—
—
(417
)
Balance – beginning of period, as adjusted
1,014
45
(545
)
1,033
Change in period, before reclassification from AOCI, net of income tax
benefit (expense) of $(225), $74, $(549) and $300
1,027
(504
)
2,548
(1,512
)
Amounts reclassified from AOCI, net of income tax benefit (expense) of $4,
$(12), $(2) and $(15)
(8
)
69
30
89
Change in period, net of income tax benefit (expense) of $(221), $62,
$(551) and $285