Company Quick10K Filing
Chubb
Price158.79 EPS8
Shares460 P/E19
MCap73,031 P/FCF25
Net Debt10,468 EBIT4,869
TEV83,499 TEV/EBIT17
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-03-31 Filed 2020-04-29
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-02
10-K 2018-12-31 Filed 2019-02-28
10-Q 2018-09-30 Filed 2018-10-30
10-Q 2018-06-30 Filed 2018-08-01
10-Q 2018-03-31 Filed 2018-05-02
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-11-01
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-28
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-05
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-02-26
10-Q 2015-09-30 Filed 2015-11-04
10-Q 2015-06-30 Filed 2015-08-04
10-Q 2015-03-31 Filed 2015-04-29
10-K 2014-12-31 Filed 2015-02-27
10-Q 2014-09-30 Filed 2014-10-29
10-Q 2014-06-30 Filed 2014-07-30
10-Q 2014-03-31 Filed 2014-05-02
10-K 2013-12-31 Filed 2014-02-28
10-Q 2013-09-30 Filed 2013-10-30
10-Q 2013-06-30 Filed 2013-07-31
10-Q 2013-03-31 Filed 2013-05-01
10-K 2012-12-31 Filed 2013-02-28
10-Q 2012-09-30 Filed 2012-10-31
10-Q 2012-06-30 Filed 2012-08-01
10-Q 2012-03-31 Filed 2012-05-02
10-K 2011-12-31 Filed 2012-02-24
10-Q 2011-09-30 Filed 2011-11-03
10-Q 2011-06-30 Filed 2011-08-04
10-Q 2011-03-31 Filed 2011-05-06
10-K 2010-12-31 Filed 2011-02-25
10-Q 2010-09-30 Filed 2010-11-08
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-05-07
10-K 2009-12-31 Filed 2010-02-25
8-K 2020-05-20 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2020-05-01 Officers, Regulation FD, Exhibits
8-K 2020-04-21 Earnings, Exhibits
8-K 2020-02-04 Earnings, Exhibits
8-K 2020-01-14 Earnings, Exhibits
8-K 2019-12-09 Regulation FD
8-K 2019-12-03 Other Events, Exhibits
8-K 2019-10-29 Earnings, Exhibits
8-K 2019-10-04 Officers
8-K 2019-07-23 Earnings, Exhibits
8-K 2019-06-13 Other Events, Exhibits
8-K 2019-05-16 Shareholder Vote
8-K 2019-04-30 Earnings, Exhibits
8-K 2019-02-05 Earnings, Exhibits
8-K 2019-01-18 Earnings, Exhibits
8-K 2018-12-03 Regulation FD
8-K 2018-10-23 Earnings, Exhibits
8-K 2018-10-10 Earnings, Exhibits
8-K 2018-10-09 Exhibits
8-K 2018-07-24 Earnings, Exhibits
8-K 2018-05-17 Amend Bylaw, Shareholder Vote, Exhibits
8-K 2018-04-24 Earnings, Exhibits
8-K 2018-04-03 Earnings, Exhibits
8-K 2018-03-06 Other Events, Exhibits
8-K 2018-01-30 Earnings, Exhibits

CB 10Q Quarterly Report

Part I Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds and Issuer Repurchases of Equity Securities
Item 6. Exhibits
EX-10.2 ex102.htm
EX-10.3 ex103.htm
EX-31.1 cb-3312020xex311.htm
EX-31.2 cb-3312020xex312.htm
EX-32.1 cb-3312020xex321.htm
EX-32.2 cb-3312020xex322.htm

Chubb Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
190152114763802012201420172020
Assets, Equity
10.08.06.04.02.00.02012201420172020
Rev, G Profit, Net Income
4.72.80.9-1.1-3.0-4.92012201420172020
Ops, Inv, Fin

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 March 31, 2020
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
(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 24.15 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 24.15 par value) outstanding as of April 17, 2020 was 451,357,210.



CHUBB LIMITED
INDEX TO FORM 10-Q



 
 
 
 
 
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.
Item 2.
Item 3.
Item 4.
 
 
 
Part II.
OTHER INFORMATION
 
Item 1.
Item 1A.
Item 2.
Item 6.



2


PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries
 
March 31

 
December 31

(in millions of U.S. dollars, except share and per share data)
2020

 
2019

Assets
 
 
 
Investments
 
 
 
Fixed maturities available for sale, at fair value, net of valuation allowance - $176
    at March 31, 2020 (amortized cost – $80,959 and $82,580)
$
81,530

 
$
85,488

Fixed maturities held to maturity, at amortized cost, net of valuation allowance - $45
    at March 31, 2020 (fair value – $12,471 and $13,005)
12,025

 
12,581

Equity securities, at fair value
2,068

 
812

Short-term investments, at fair value (amortized cost - $3,582 and $4,291)
3,586

 
4,291

Other investments, at fair value
6,075

 
6,062

Total investments
105,284

 
109,234

Cash
1,512

 
1,537

Restricted cash
146

 
109

Securities lending collateral
1,342

 
994

Accrued investment income
839

 
867

Insurance and reinsurance balances receivable
10,058

 
10,357

Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $305 and $316
14,898

 
15,181

Reinsurance recoverable on policy benefits
196

 
197

Deferred policy acquisition costs
5,162

 
5,242

Value of business acquired
289

 
306

Goodwill
14,971

 
15,296

Other intangible assets
5,902

 
6,063

Prepaid reinsurance premiums
2,570

 
2,647

Investments in partially-owned insurance companies
1,346

 
1,332

Other assets
8,612

 
7,581

Total assets
$
173,127

 
$
176,943

Liabilities
 
 
 
Unpaid losses and loss expenses
$
62,214

 
$
62,690

Unearned premiums
16,459

 
16,771

Future policy benefits
5,776

 
5,814

Insurance and reinsurance balances payable
6,084

 
6,184

Securities lending payable
1,342

 
994

Accounts payable, accrued expenses, and other liabilities
12,055

 
11,773

Deferred tax liabilities
474

 
804

Repurchase agreements
1,408

 
1,416

Short-term debt
1,300

 
1,299

Long-term debt
13,510

 
13,559

Trust preferred securities
308

 
308

Total liabilities
120,930

 
121,612

Commitments and contingencies (refer to Note 7)

 

Shareholders’ equity
 
 
 
Common Shares (CHF 24.15 par value; 479,783,864 shares issued; 451,367,782 and 451,971,567 shares outstanding)
11,121

 
11,121

Common Shares in treasury (28,416,082 and 27,812,297 shares)
(3,872
)
 
(3,754
)
Additional paid-in capital
10,710

 
11,203

Retained earnings
36,331

 
36,142

Accumulated other comprehensive income (loss) (AOCI)
(2,093
)
 
619

Total shareholders’ equity
52,197

 
55,331

Total liabilities and shareholders’ equity
$
173,127

 
$
176,943

See accompanying notes to the consolidated financial statements


3




CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries

 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars, except per share data)
2020

 
2019

Revenues
 
 
 
Net premiums written
$
7,977

 
$
7,313

Increase in unearned premiums
(183
)
 
(176
)
Net premiums earned
7,794

 
7,137

Net investment income
861

 
836

Net realized gains (losses):
 
 
 
Other-than-temporary impairment (OTTI) losses gross

 
(13
)
Portion of OTTI losses recognized in other comprehensive income (OCI)

 

Net OTTI losses recognized in income

 
(13
)
Net realized gains (losses) excluding OTTI losses

 
(84
)
Net realized gains (losses) (includes $(319) and $(44) reclassified from AOCI)
(958
)
 
(97
)
Total revenues
7,697

 
7,876

Expenses
 
 
 
Losses and loss expenses
4,485

 
4,098

Policy benefits
129

 
196

Policy acquisition costs
1,615

 
1,464

Administrative expenses
741

 
710

Interest expense
132

 
140

Other (income) expense
55

 
(39
)
Amortization of purchased intangibles
73

 
76

Chubb integration expenses

 
3

Total expenses
7,230

 
6,648

Income before income tax
467

 
1,228

Income tax expense (benefit) (includes $(40) and $(6) on reclassified unrealized gains and losses)
215

 
188

Net income
$
252

 
$
1,040

Other comprehensive income (loss)
 
 
 
Unrealized appreciation (depreciation)
$
(2,479
)
 
$
1,845

Reclassification adjustment for net realized (gains) losses included in net income
319

 
44

 
(2,160
)
 
1,889

Change in:
 
 
 
Cumulative foreign currency translation adjustment
(859
)
 
147

Postretirement benefit liability adjustment
(14
)
 
(27
)
Other comprehensive income (loss), before income tax
(3,033
)
 
2,009

Income tax (expense) benefit related to OCI items
321

 
(331
)
Other comprehensive income (loss)
(2,712
)
 
1,678

Comprehensive income (loss)
$
(2,460
)
 
$
2,718

Earnings per share
 
 
 
Basic earnings per share
$
0.56

 
$
2.27

Diluted earnings per share
$
0.55

 
$
2.25

See accompanying notes to the consolidated financial statements


4


CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries

 
Three Months Ended
 
 
March 31
 
(in millions of U.S. dollars)
2020

 
2019

Common Shares
 
 
 
Balance – beginning and end of period
$
11,121

 
$
11,121

Common Shares in treasury
 
 
 
Balance – beginning of period
(3,754
)
 
(2,618
)
Common Shares repurchased
(326
)
 
(367
)
Net shares issued under employee share-based compensation plans
208

 
210

Balance – end of period
(3,872
)
 
(2,775
)
Additional paid-in capital
 
 
 
Balance – beginning of period
11,203

 
12,557

Net shares issued under employee share-based compensation plans
(196
)
 
(191
)
Exercise of stock options
(26
)
 
(34
)
Share-based compensation expense
69

 
54

Funding of dividends declared to Retained earnings
(340
)
 
(335
)
Balance – end of period
10,710

 
12,051

Retained earnings
 
 
 
Balance – beginning of period
36,142

 
31,700

Cumulative effect of adoption of accounting guidance (refer to Note 1)
(63
)
 
(12
)
Balance – beginning of period, as adjusted
36,079

 
31,688

Net income
252

 
1,040

Funding of dividends declared from Additional paid-in capital
340

 
335

Dividends declared on Common Shares
(340
)
 
(335
)
Balance – end of period
36,331

 
32,728

Accumulated other comprehensive income (loss)
 
 
 
Net unrealized appreciation (depreciation) on investments
 
 
 
Balance – beginning of period
2,543

 
(545
)
Change in period, before reclassification from AOCI, net of income tax
    (expense) benefit of $324 and $(324)
(2,155
)
 
1,521

Amounts reclassified from AOCI, net of income tax expense of $(40) and $(6)
279

 
38

Change in period, net of income tax (expense) benefit of $284 and $(330)
(1,876
)
 
1,559

Balance – end of period
667

 
1,014

Cumulative foreign currency translation adjustment
 
 
 
Balance – beginning of period
(1,939
)
 
(1,976
)
Change in period, net of income tax (expense) benefit of $34 and $(7)
(825
)
 
140

Balance – end of period
(2,764
)
 
(1,836
)
Postretirement benefit liability adjustment
 
 
 
Balance – beginning of period
15

 
73

Change in period, net of income tax benefit of $3 and $6
(11
)
 
(21
)
Balance – end of period
4

 
52

Accumulated other comprehensive income (loss)
(2,093
)
 
(770
)
Total shareholders’ equity
$
52,197

 
$
52,355

See accompanying notes to the consolidated financial statements


5




CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries


 
Three Months Ended March 31
 
(in millions of U.S. dollars)
2020

 
2019

Cash flows from operating activities
 
 
 
Net income
$
252

 
$
1,040

Adjustments to reconcile net income to net cash flows from operating activities

 

Net realized (gains) losses
958

 
97

Amortization of premiums/discounts on fixed maturities
87

 
118

Amortization of purchased intangibles
73

 
76

Deferred income taxes
(13
)
 
(76
)
Unpaid losses and loss expenses
228

 
62

Unearned premiums
192

 
274

Future policy benefits
31

 
41

Insurance and reinsurance balances payable
2

 
13

Accounts payable, accrued expenses, and other liabilities
(392
)
 
(502
)
Income taxes payable
109

 
266

Insurance and reinsurance balances receivable
(6
)
 
278

Reinsurance recoverable
116

 
(97
)
Deferred policy acquisition costs
(65
)
 
(63
)
Other
140

 
(205
)
Net cash flows from operating activities
1,712

 
1,322

Cash flows from investing activities
 
 
 
Purchases of fixed maturities available for sale
(6,474
)
 
(5,561
)
Purchases of fixed maturities held to maturity
(6
)
 
(1
)
Purchases of equity securities
(1,380
)
 
(49
)
Sales of fixed maturities available for sale
4,687

 
3,287

Sales of to be announced mortgage-backed securities

 
6

Sales of equity securities
131

 
60

Maturities and redemptions of fixed maturities available for sale
2,756

 
1,831

Maturities and redemptions of fixed maturities held to maturity
440

 
280

Net change in short-term investments
552

 
(39
)
Net derivative instruments settlements
109

 
(358
)
Private equity contributions
(361
)
 
(410
)
Private equity distributions
211

 
368

Deposit paid on share acquisition
(1,550
)
 

Other
(125
)
 
(87
)
Net cash flows used for investing activities
(1,010
)
 
(673
)
Cash flows from financing activities
 
 
 
Dividends paid on Common Shares
(339
)
 
(336
)
Common Shares repurchased
(323
)
 
(367
)
Proceeds from issuance of repurchase agreements
952

 
471

Repayment of repurchase agreements
(952
)
 
(470
)
Proceeds from share-based compensation plans
47

 
35

Policyholder contract deposits
135

 
115

Policyholder contract withdrawals
(162
)
 
(78
)
Other
(3
)
 

Net cash flows used for financing activities
(645
)
 
(630
)
Effect of foreign currency rate changes on cash and restricted cash
(45
)
 
34

Net increase in cash and restricted cash
12

 
53

Cash and restricted cash – beginning of period
1,646

 
1,340

Cash and restricted cash – end of period
$
1,658

 
$
1,393

Supplemental cash flow information
 
 
 
Taxes paid
$
107

 
$
14

Interest paid
$
91

 
$
85

See accompanying notes to the consolidated financial statements


6


NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)
Chubb Limited and Subsidiaries



1. General

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 11 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 2019 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: