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Cover and table of contents

10-K 1 cb-12312018x10k.htm 10-K

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2018

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)

Switzerland98-0091805
(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 className of each exchange on which registered
Common Shares, par value CHF 24.15 per shareNew York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

YES þ NO ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

YES ¨ NO þ

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 þ 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 þ NO ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of the registrant's knowledge, in definitive proxy or information statements incorporated by reference into Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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 þAccelerated 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 Act). YES ¨ NO þ

The aggregate market value of voting stock held by non-affiliates as of June 29, 2018 (the last business day of the registrant's most recently completed second fiscal quarter), was approximately $59 billion. For the purposes of this computation, shares held by directors and officers of the registrant have been excluded. Such exclusion is not intended, nor shall it be deemed, to be an admission that such persons are affiliates of the registrant.

As of February 14, 2019 there were 458,380,937 Common Shares par value CHF 24.15 of the registrant outstanding.

Documents Incorporated by Reference

Certain portions of the registrant's definitive proxy statement relating to its 2019 Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.

CHUBB LIMITED INDEX TO 10-K

PART IPage
ITEM 1.Business2
ITEM 1A.Risk Factors19
ITEM 1B.Unresolved Staff Comments32
ITEM 2.Properties32
ITEM 3.Legal Proceedings32
ITEM 4.Mine Safety Disclosures32
PART II
ITEM 5.Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities33
ITEM 6.Selected Financial Data35
ITEM 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations36
ITEM 7A.Quantitative and Qualitative Disclosures About Market Risk93
ITEM 8.Financial Statements and Supplementary Data98
ITEM 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure98
ITEM 9A.Controls and Procedures98
ITEM 9B.Other Information98
PART III
ITEM 10.Directors, Executive Officers and Corporate Governance99
ITEM 11.Executive Compensation99
ITEM 12.Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters99
ITEM 13.Certain Relationships and Related Transactions, and Director Independence100
ITEM 14.Principal Accounting Fees and Services100
PART IV
ITEM 15.Exhibits, Financial Statements Schedules101
ITEM 16.Form 10-K Summary109

PART I

Next: Item 1. Business