Company Quick10K Filing
Quick10K
Chubb
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$142.65 458 $65,320
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
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
OSK Oshkosh 5,540
FBK FB Financial 1,090
SFE Safeguard Scientifics 240
MCF Contango Oil & Gas 106
TBLT ToughBuilt Industries 21
CMTV Community Bancorp 0
AEI24 AEI Income & Growth Fund 24 0
FMI Foundation Medicine 0
EOCC Enel Generacion Chile 0
ALFA Alfacourse 0
CB 2019-06-30
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
Part II Other Information
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-31.1 cb-6302019xex311.htm
EX-31.2 cb-6302019xex312.htm
EX-32.1 cb-6302019xex321.htm
EX-32.2 cb-6302019xex322.htm

Chubb Earnings 2019-06-30

CB 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents


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
(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
 
 
 
 
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 July 17, 2019 was 455,749,479.


Table of Contents

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



2

Table of Contents

PART I FINANCIAL INFORMATION

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


3



Table of Contents

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

 
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


4

Table of Contents

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

 
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