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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~~June 3130, 2025


☐			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 LLC 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 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 ~~April~~July 1821, 2025, was ~~400~~398,~~725~~690,~~707~~293.

Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) March 31, 2025 and December 31, 2024		3
	Consolidated Balance Sheets (Unaudited) June 30, 2025 and December 31, 2024		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited)Three Months Ended March 31, 2025 and 2024		4
	Consolidated Statements of Operations and Comprehensive Income (Unaudited)Three and Six Months Ended June 30, 2025 and 2024		4
	Consolidated Statements of Shareholders' Equity (Unaudited)Three Months Ended March 31, 2025 and 2024		5
	Consolidated Statements of Shareholders' Equity (Unaudited)Three and Six Months Ended June 30, 2025 and 2024		5
	Consolidated Statements of Cash Flows (Unaudited)Three Months Ended March 31, 2025 and 2024		6
	Consolidated Statements of Cash Flows (Unaudited)Six Months Ended June 30, 2025 and 2024		6
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1.	General and significant accounting policies	7
	Note 2.	Acquisitions	7
	Note 3.	Investments	8
	Note 4.	Fair value measurements	1213
	Note 5.	Reinsurance	1618
	Note 6.	Deferred policy acquisition costs	1719
	Note 7.	~~Unpaid losses and loss expenses~~Goodwill	1820
	Note 8.	~~Future~~Unpaid ~~policy~~losses ~~benefits~~and loss expenses	20
	Note 9.	~~Policyholders'~~Future ~~account~~policy ~~balances, Separate accounts, and Unearned revenue liabilities~~benefits	2422
	Note 10.	~~Market~~Policyholders' ~~risk~~account ~~benefits~~balances, Separate accounts, and Unearned revenue liabilities	2827
	Note 11.	~~Commitments,~~Market ~~contingencies,~~risk ~~and guarantees~~benefits	2931
	Note 12.	~~Shareholders' equity~~Debt	3532
	Note 13.	~~Share-based~~Commitments, ~~compensation~~contingencies, and guarantees	3833
	Note 14.	~~Postretirement~~Shareholders' ~~benefits~~equity	3938
	Note 15.	~~Other~~Share-based ~~income and expense~~compensation	4041
	Note 16.	~~Segment~~Postretirement ~~information~~benefits	4042
	Note 17.	~~Earnings~~Other ~~per~~income ~~share~~and expense	4443
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		45
	Note 18.	Segment information	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		76
	Note 19.	Earnings per share	49
Item 4.	Controls and Procedures		78
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		50
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		86
Item 4.	Controls and Procedures		88
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		7989
Item 1A.	Risk Factors		7989
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		7989
Item 5.	Other Information		7989
Item 6.	Exhibits		8090

Table of Contents

PART I FINANCIAL INFORMATION


ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries

	March 31		December 31
	June 30		December 31
(in millions of U.S. dollars, except share and per share data)	2025		2024
Assets
Investments
Short-term investments, at fair value (amortized cost – $4,434 and $5,143) (includes variable interest entities (VIE) balances of $131 and $57)	$	4,432	$	5,142
Short-term investments, at fair value (amortized cost – $4,508 and $5,143) (includes variable interest entities (VIE) balances of $155 and $57)	$	4,508	$	5,142
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $63 and $70 (amortized cost – $114,930 and $115,083)	111,123		110,363
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $71 and $70 (amortized cost – $118,947 and $115,083)	116,119		110,363
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4	2,~~460~~429		2,628
Equity securities, at fair value (includes VIE balances of $1,631 and $1,289)	9,556		9,151
Equity securities, at fair value (includes VIE balances of $1,906 and $1,289)	9,913		9,151
Private equities (includes VIE balances of $22 and $22)	1516,~~506~~313		14,769
Other investments (includes VIE balances of $5,002 and $4,538)	9,224		8,597
Other investments (includes VIE balances of $4,441 and $4,538)	9,032		8,597
Total investments	~~152~~158,~~301~~314		150,650
Cash, including restricted cash $278 and $261 (includes VIE balances of $205 and $114)	2,250		2,549
Cash, including restricted cash $182 and $261 (includes VIE balances of $189 and $114)	2,371		2,549
Securities lending collateral	1,~~909~~941		1,445
Accrued investment income	1,~~196~~324		1,160
Insurance and reinsurance balances receivable, net of valuation allowance – $58 and $59	15,358		14,426
Insurance and reinsurance balances receivable, net of valuation allowance – $55 and $59	16,778		14,426
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $310	20,015		19,777
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $323 and $310	19,595		19,777
Reinsurance recoverable on policy benefits	~~267~~297		289
Deferred policy acquisition costs	89,~~775~~437		8,358
Value of business acquired	3,~~134~~245		3,223
Goodwill	1920,~~716~~184		19,579
Other intangible assets	6,~~363~~391		6,377
Deferred tax assets	1,~~798~~621		1,603
Prepaid reinsurance premiums	34,~~681~~294		3,378
Separate account assets	6,~~285~~481		6,231
Other assets (includes VIE balances of $32 and $26)	8,704		7,503
Other assets (includes VIE balances of $78 and $26)	9,290		7,503
Total assets	$	~~251~~261,~~752~~563	$	246,548
Liabilities
Unpaid losses and loss expenses	$	8586,~~471~~376	$	84,004
Unearned premiums	2426,~~487~~519		23,504
Future policy benefits	1618,~~690~~018		16,121
Market risk benefits	~~708~~609		607
Policyholders' account balances	8,~~129~~344		8,016
Separate account liabilities	6,~~285~~481		6,231
Insurance and reinsurance balances payable	89,~~446~~232		8,121
Repurchase agreements (includes VIE balances of $1,102 and $815)	3,124		2,731
Repurchase agreements (includes VIE balances of $700 and $815)	3,059		2,731
Securities lending payable	1,~~909~~941		1,445
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $93 and $183)	9,213		10,192
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $77 and $183)	9,450		10,192
Deferred tax liabilities	1,~~608~~691		1,584
Short-term debt	—1,499		800
Long-term debt	1413,~~508~~477		14,379
Hybrid debt	~~419~~420		419
Total liabilities	~~180~~187,~~997~~116		178,154
Commitments and contingencies (refer to Note 11)
Commitments and contingencies (refer to Note 13)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 400,748,485 and 400,703,663 shares outstanding)	231		235
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 398,660,788 and 400,703,663 shares outstanding)	231		235
Common Shares in treasury (11,358,936 and 18,922,323 shares)	(1,799)		(3,524)
Common Shares in treasury (13,446,633 and 18,922,323 shares)	(2,462)		(3,524)
Additional paid-in capital	13,~~976~~763		14,393
Retained earnings	6063,~~953~~921		61,561
Accumulated other comprehensive income (loss) (AOCI)	(76,~~635~~058)		(8,644)
Total Chubb shareholders’ equity	6569,~~726~~395		64,021
Noncontrolling interests (includes VIE balances of $4,117 and $3,459)	5,029		4,373
Noncontrolling interests (includes VIE balances of $4,238 and $3,459)	5,052		4,373
Total shareholders' equity	7074,~~755~~447		68,394
Total liabilities and shareholders’ equity	$	~~251~~261,~~752~~563	$	246,548

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended				Six Months Ended
	March 31
	June 30				June 30
(in millions of U.S. dollars, except per share data)	2025		2024		2025		2024
Revenues
Net premiums written	$	1214,~~646~~196	$	1213,~~221~~360	$	26,842	$	25,581
Increase in unearned premiums	(~~646~~1,071)		(~~638~~1,068)		(1,717)		(1,706)
Net premiums earned	1213,~~000~~125		1112,~~583~~292		25,125		23,875
Net investment income	1,~~561~~568		1,~~391~~468		3,129		2,859
Net realized gains (losses)	~~(116)~~160		~~(101)~~104		44		3
Market risk benefits gains (losses)	(9217)		21(29)		(109)		(8)
Total revenues	1314,~~353~~836		1213,~~894~~835		28,189		26,729
Expenses
Losses and loss expenses	6,~~896~~572		56,~~727~~431		13,468		12,158
Policy benefits (includes remeasurement losses of $3 and $19)	1,227		1,180
Policy benefits (includes remeasurement losses of $2, $3, $5 and $22)	1,406		1,219		2,633		2,399
Policy acquisition costs	2,~~313~~415		2,~~207~~226		4,728		4,433
Administrative expenses	1,~~080~~125		1,~~070~~094		2,205		2,164
Interest expense	181		~~178~~182		362		360
Other (income) expense	(83655)		(~~191~~110)		(738)		(301)
Amortization of purchased intangibles	7574		80		149		160
Integration expenses	—2		7		2		14
Total expenses	11,~~689~~120		1011,~~258~~129		22,809		21,387
Income before income tax	13,~~664~~716		2,~~636~~706		5,380		5,342
Income tax expense	~~321~~717		~~342~~490		1,038		832
Net income	$	12,~~343~~999	$	2,~~294~~216	$	4,342	$	4,510
Net income attributable to noncontrolling interests	12		151
Net income (loss) attributable to noncontrolling interests	31		(14)		43		137
Net income attributable to Chubb	$	12,~~331~~968	$	2,~~143~~230	$	4,299	$	4,373
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)	$	~~901~~986	$	(~~677~~489)	$	1,887	$	(1,166)
Current discount rate on future policy benefits	(~~122~~130)		(53)		(252)		—
Instrument-specific credit risk on market risk benefits	41		5		5		10
Cumulative foreign currency translation adjustment	~~359~~796		80(530)		1,155		(450)
Other, including postretirement benefit liability adjustment	(9526)		31(29)		(121)		2
Other comprehensive income (loss), before income tax	1,~~047~~627		(~~614~~990)		2,674		(1,604)
Income tax (expense) benefit related to OCI items	(4333)		929		(76)		38
Other comprehensive income (loss)	1,~~004~~594		(~~605~~961)		2,598		(1,566)
Comprehensive income	24,~~347~~593		1,~~689~~255		6,940		2,944
Comprehensive income attributable to noncontrolling interests	7		123
Comprehensive income (loss) attributable to noncontrolling interests	48		(57)		55		66
Comprehensive income attributable to Chubb	$	24,~~340~~545	$	1,~~566~~312	$	6,885	$	2,878
Earnings per share
Basic earnings per share attributable to Chubb	$	37.3242	$	5.2851	$	10.74	$	10.79
Diluted earnings per share attributable to Chubb	$	37.2935	$	5.2346	$	10.63	$	10.68

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended		~~Three Months Ended~~		Six Months Ended
			March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Common Shares
Balance – beginning of period	$	231	$	241	$	235	$	241
Cancellation of treasury shares	—		(6)		(4)		—(6)
Balance – end of period	231		235		231		~~241~~235
Common Shares in treasury
Balance – beginning of period	(1,799)		(4,461)		(3,524)		(4,400)
Common Shares repurchased	(676)		(570)		(~~385~~1,061)		(~~316~~886)
Cancellation of treasury shares	—		2,527		1,942		—2,527
Net shares issued under employee share-based compensation plans	13		23		~~168~~181		~~255~~278
Balance – end of period	(2,462)		(2,481)		(12,~~799~~462)		(42,~~461~~481)
Additional paid-in capital
Balance – beginning of period	13,976		15,188		14,393		15,665
Net shares issued under employee share-based compensation plans					(146)		(159)
Net shares redeemed (issued) under employee share-based compensation plans	26		17		(120)		(142)
Exercise of stock options	1		—		12		(19)
Share-based compensation expense	95		90		94189		82172
Net decrease due to acquisitions					—		(31)
Net increase (decrease) due to acquisitions	53		—		53		(31)
Funding of dividends declared to Retained earnings	(388)		(369)		(~~366~~754)		(~~350~~719)
Balance – end of period	13,763		14,926		13,~~976~~763		1514,~~188~~926
Retained earnings
Balance – beginning of period	60,953		56,953		61,561		54,810
Net income attributable to Chubb	2,968		2,230		14,~~331~~299		24,~~143~~373
Cancellation of treasury shares and other	—		(2,521)		(1,939)		—(2,521)
Funding of dividends declared from Additional paid-in capital	388		369		~~366~~754		~~350~~719
Dividends declared on Common Shares	(388)		(369)		(~~366~~754)		(~~350~~719)
Balance – end of period	63,921		56,662		6063,~~953~~921		56,~~953~~662
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period	(7,635)		(7,386)		(8,644)		(6,809)
Other comprehensive income (loss)	1,577		(918)		12,~~009~~586		(~~577~~1,495)
Balance – end of period	(6,058)		(8,304)		(76,~~635~~058)		(78,~~386~~304)
Total Chubb shareholders’ equity	$	69,395	$	61,038	$	6569,~~726~~395	$	6061,~~535~~038
Noncontrolling interests
Balance – beginning of period	$	5,029	$	3,896	$	4,373	$	4,184
Net increase (decrease) due to consolidation, deconsolidation, and other transactions	(25)		(296)		~~649~~624		(~~411~~707)
Net income attributable to noncontrolling interests					12		151
Net income (loss) attributable to noncontrolling interests	31		(14)		43		137
Other comprehensive loss attributable to noncontrolling interests					(5)		(28)
Other comprehensive income (loss) attributable to noncontrolling interests	17		(43)		12		(71)
Balance – end of period					$	5,029	$	3,896
Other	—		(6)		—		(6)
Total shareholders' equity					$	70,755	$	64,431
Balance – end of period	$	5,052	$	3,537	$	5,052	$	3,537
Total shareholders' equity	$	74,447	$	64,575	$	74,447	$	64,575

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended
	Six Months Ended
	March 31
	June 30
(in millions of U.S. dollars)	2025		2024
Cash flows from operating activities
Net income	$	14,~~343~~342	$	24,~~294~~510
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	~~116~~(44)		~~101~~(3)
Market risk benefits (gains) losses	92109		~~(21)~~8
Amortization of premiums (discounts) on fixed maturities	(~~100~~196)		(80178)
Amortization of purchased intangibles	75149		80160
Equity in net income of partially-owned entities	(82739)		(~~184~~278)
Deferred income taxes	(~~198~~16)		~~(24)~~131
Unpaid losses and loss expenses	1,~~182~~224		~~175~~2,338
Unearned premiums	~~868~~2,446		~~633~~2,214
Future policy benefits	~~440~~1,178		~~445~~954
Insurance and reinsurance balances payable	~~305~~1,018		~~155~~838
Accounts payable, accrued expenses, and other liabilities	~~(567)~~10		(~~267~~410)
Income taxes	~~203~~(74)		~~257~~(144)
Insurance and reinsurance balances receivable	(~~874~~2,088)		(~~586~~2,666)
Reinsurance recoverable	~~(127)~~494		~~852~~511
Deferred policy acquisition costs	(~~428~~870)		(~~390~~796)
Net sales (purchases) of investments by consolidated investment products	(~~435~~115)		~~(404)~~109
Other	(~~247~~1,711)		~~184~~1
Net cash flows from operating activities	15,~~566~~117		37,~~220~~299
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(513,~~894~~805)		(815,~~617~~131)
Purchases of equity securities	(~~783~~1,413)		(~~752~~1,778)
Sales of fixed maturities available-for-sale	25,~~660~~292		46,~~368~~292
Sales of equity securities	~~637~~1,410		~~520~~1,413
Maturities and redemptions of fixed maturities available-for-sale	25,~~902~~542		24,~~149~~705
Net change in short-term investments	~~773~~764		(~~708~~190)
Net derivative instruments settlements	(2166)		(1731)
Private equity contributions	(~~879~~1,522)		(~~248~~500)
Private equity distributions	~~222~~744		~~177~~538
Acquisition of subsidiaries	—		(236)
Acquisition of subsidiaries (net of cash acquired of $32 and nil)	(289)		(538)
Net consolidations of consolidated investment products	1614		—
Other	(~~431~~296)		(~~382~~846)
Net cash flows used for investing activities	(~~798~~3,625)		(36,~~746~~066)
Cash flows from financing activities
Dividends paid on Common Shares	(~~366~~731)		(~~349~~698)
Common Shares repurchased	(~~691~~1,437)		(~~404~~1,056)
Proceeds from issuance of long-term debt	—249		996
Repayment of long-term debt	(800)		—(700)
Proceeds from share-based compensation plans	98189		~~163~~242
Policyholder contract deposits	~~242~~452		~~336~~562
Policyholder contract withdrawals	(~~176~~311)		(~~245~~374)
Third-party capital invested into consolidated investment products	~~559~~1,076		~~509~~840
Third-party capital distributed by consolidated investment products	(~~242~~677)		(~~413~~1,047)
Proceeds from issuance of repurchase agreements	~~810~~2,368		12,~~062~~662
Repayment of repurchase agreements	(~~447~~2,072)		(~~984~~2,418)
Other	(~~112~~193)		(~~109~~193)
Net cash flows from (used for) financing activities	(1,125)		562
Net cash flows used for financing activities	(1,887)		(1,184)
Effect of foreign currency rate changes on cash and restricted cash	58217		(6102)
Net increase (decrease) in cash and restricted cash	(299)		30
Net decrease in cash and restricted cash	(178)		(53)
Cash and restricted cash – beginning of period	2,549		2,621
Cash and restricted cash – end of period	$	2,~~250~~371	$	2,~~651~~568
Supplemental cash flow information
Taxes paid	$	~~314~~1,116	$	89845
Interest paid	$	~~146~~350	$	~~112~~316

See accompanying notes to the Consolidated Financial Statements

Table of Contents

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 1618 for additional information.

The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. 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 2024 Form 10-K.

b) ~~Goodwill~~New Accounting Pronouncements

During the three months ended March 31, 2025, Goodwill increased $137 million, primarily reflecting the impact of foreign exchange.

c) New Accounting Pronouncements

Accounting guidance not yet adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our 2025 annual reporting. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

2. Acquisitions

Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam

On March 3, 2025, we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products. On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand. We expect to complete the acquisition of Liberty Insurance in Vietnam later in 2025 or early 2026, subject to required regulatory approvals and customary closing conditions. The results of operations of these businesses will be reported in our Overseas General Insurance segment.

On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand for $321 million, and recognized goodwill of $183 million and intangible assets of $57 million. This acquisition expands our presence and advances our long-term growth opportunity in the region. The results of operations for LMG Insurance in Thailand are reported in our Overseas General Insurance segment, and they are not material to Chubb's financial results.

We expect to complete the acquisition of Liberty Insurance in Vietnam by early 2026, subject to required regulatory approvals and customary closing conditions.

Huatai Group

~~Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of March 31, 2025.~~ In the second quarter of 2025, we closed on incremental ownership interests of approximately 01.6 percent. ~~Chubb~~Our ~~has~~aggregate ~~total~~ownership ~~outstanding~~interest ~~agreements~~in ~~for~~Huatai Group was approximately 187.02 percent as of ~~incremental~~June ~~ownership interests~~30, ~~pending completion of certain closing conditions~~2025.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities

March 31, 2025

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

June 30, 2025

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

(in millions of U.S. dollars)

Available-for-sale

U.S. and local government securities

4,~~268~~271

—

1719

(~~260~~257)

4,~~025~~033

Non-U.S.

3638,~~574~~411

(2220)

~~810~~983

(~~1,060~~911)

3638,~~302~~463

Corporate and asset-backed securities

4546,~~105~~411

(4151)

~~309~~568

(21,~~093~~802)

4345,~~280~~126

Mortgage-backed securities

2829,~~983~~854

—

~~145~~173

(1,~~612~~530)

2728,~~516~~497

~~114~~118,~~930~~947

(6371)

1,~~281~~743

(54,~~025~~500)

~~111~~116,~~123~~119


December 31, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,383	$	—	$	10	$	(323)	$	4,070
Non-U.S.	36,311		(23)		753		(1,203)		35,838
Corporate and asset-backed securities	45,231		(47)		287		(2,264)		43,207
Mortgage-backed securities	29,158		—		69		(1,979)		27,248

	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363

The following table presents fixed maturities by contractual maturity:

	March 31, 2025				December 31, 2024
	June 30, 2025				December 31, 2024
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	45,~~938~~175	$	45,~~938~~175	$	4,507	$	4,507
Due after 1 year through 5 years	3336,~~342~~243		3336,~~342~~243		33,446		33,446
Due after 5 years through 10 years	27,~~027~~636		27,~~027~~636		26,901		26,901
Due after 10 years	18,~~300~~568		18,~~300~~568		18,261		18,261
	83,607		83,607		83,115		83,115
	87,622		87,622		83,115		83,115
Mortgage-backed securities	2728,~~516~~497		2728,~~516~~497		27,248		27,248
	$	~~111~~116,~~123~~119	$	~~111~~116,~~123~~119	$	110,363	$	110,363

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

b) Gross unrealized loss

Fixed maturities in an unrealized loss position ~~at March 31, 2025, and December 31, 2024,~~ comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2024 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:

0 – 12 Months

Over 12 Months

Total

March 31, 2025

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

June 30, 2025

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

(in millions of U.S. dollars)

U.S. and local government securities

~~524~~528

(7)

2,~~468~~386

(~~253~~248)

2,~~992~~914

(~~260~~255)

Non-U.S.

53,~~533~~265

(~~102~~65)

1110,~~375~~654

(~~774~~668)

1613,~~908~~919

(~~876~~733)

Corporate and asset-backed securities

104,~~320~~608

(~~177~~90)

1211,~~824~~476

(~~1,172~~867)

2316,~~144~~084

(~~1,349~~957)

Mortgage-backed securities

54,~~493~~391

(4839)

11,~~986~~676

(1,~~564~~490)

1716,~~479~~067

(1,~~612~~529)

Total AFS fixed maturities

2112,~~870~~792

(~~334~~201)

3836,~~653~~192

(3,~~763~~273)

6048,~~523~~984

(43,~~097~~474)


	0 – 12 Months				Over 12 Months				Total
December 31, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

U.S. and local government securities	$	767	$	(16)	$	2,489	$	(303)	$	3,256	$	(319)
Non-U.S.	6,630		(138)		12,023		(874)		18,653		(1,012)
Corporate and asset-backed securities	10,069		(194)		13,290		(1,259)		23,359		(1,453)
Mortgage-backed securities	10,490		(170)		11,987		(1,794)		22,477		(1,964)

Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)

At ~~March~~June 3130, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $~~491~~341 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

	Three Months Ended				Six Months Ended
	March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	7063	$	~~156~~115	$	70	$	156
Provision for expected credit loss	2130		3141		51		72
Write-offs charged against the expected credit loss	—(1)		~~(5)~~—		(1)		(5)
Recovery of expected credit loss	(2821)		(6734)		(49)		(101)
Valuation allowance for expected credit losses - end of period	$	6371	$	~~115~~122	$	71	$	122
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	43	$	45	$	4	$	4
Provision for expected credit loss	—		1		—		2
Recovery of expected credit loss	~~(1)~~—		—(1)		(1)		(1)
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5

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Chubb Limited and Subsidiaries

c) Net realized gains (losses)

The following table presents the components of net realized gains (losses):

	Three Months Ended				Six Months Ended
	March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities:
Gross realized gains	$	3869	$	1636	$	107	$	52
Gross realized losses	(96123)		(~~141~~106)		(219)		(247)
Other investments - Fixed maturities (2025 includes $(53) million related to investments measured under the fair value option)	(40)		168
Other investments - Fixed maturities (2025 includes $53 million and nil related to investments measured under the fair value option)	61		132		21		300
Net (provision for) recovery of expected credit losses	8(9)		40(8)		(1)		32
Impairment (1)	(75)		(3428)		(12)		(62)
Total fixed maturities	(977)		4926		(104)		75
Equity securities (2025 includes $53 million related to investments measured under the fair value option)	63		3
Equity securities (2025 includes $12 million and $65 million related to investments measured under the fair value option)	137		21		200		24
Private equities (less than 3 percent ownership)	11(28)		3149		(17)		80
Foreign exchange	(6589)		~~(131)~~27		(154)		(104)
Investment and embedded derivative instruments	~~(23)~~154		(4317)		131		(60)
Other derivative instruments	(32)		(23)		(5)		(5)
Other	(25)		~~(8)~~1		(7)		(7)
Net realized gains (losses) (pre-tax)	$	~~(116)~~160	$	~~(101)~~104	$	44	$	3

(1)Relates to certain securities we intended to sell and securities written to market entering default.

Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

											Three Months Ended
													March 31
													June 30
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	63137	$	~~(40)~~61	$	11(28)	$	34170	$	321	$	~~168~~132	$	3149	$	202
Less: Net gains (losses) recognized from sales of securities	~~(12)~~32		13		—		~~(11)~~35		~~(3)~~14		—		—		~~(3)~~14
Unrealized gains (losses) recognized for securities still held at reporting date	$	75105	$	~~(41)~~58	$	11(28)	$	45135	$	67	$	~~168~~132	$	3149	$	~~205~~188

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Chubb Limited and Subsidiaries


											Six Months Ended
													June 30
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	200	$	21	$	(17)	$	204	$	24	$	300	$	80	$	404
Less: Net gains (losses) recognized from sales of securities	20		4		—		24		11		—		—		11
Unrealized gains (losses) recognized for securities still held at reporting date	$	180	$	17	$	(17)	$	180	$	13	$	300	$	80	$	393

d) Private equities

Private equities include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:

	ExpectedLiquidationPeriod of Underlying Assets	~~March~~June 3130, 2025				December 31, 2024
(in millions of U.S. dollars)		FairValue		MaximumFuture FundingCommitments		FairValue		MaximumFuture FundingCommitments
Financial	2 to 10 Years	$	1,~~340~~402	$	~~250~~224	$	1,265	$	281
Real assets	2 to 13 Years	1,~~952~~910		~~487~~732		1,974		547
Distressed	2 to 8 Years	1,~~249~~213		~~656~~1,034		1,257		679
Private credit	3 to 8 Years	~~315~~305		~~328~~332		295		285
Traditional	2 to 14 Years	1011,~~336~~153		4,~~694~~563		9,674		4,650
Vintage	1 to 3 Years	6159		—		64		—
Investment funds	Not Applicable	~~253~~271		—		240		—
		$	1516,~~506~~313	$	6,~~415~~885	$	14,769	$	6,442

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.


Investment Category:						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies, such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March

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Chubb Limited and Subsidiaries

~~31,~~Investment ~~2025~~funds employ various investment strategies, such as long/short equity and ~~December~~arbitrage/distressed. Included ~~31,~~in ~~2024,~~this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, ~~primarily~~investment ~~fixed~~fund ~~maturities~~investments may be redeemed monthly, ~~totaling~~quarterly, ~~$18~~semi-annually,~~079~~ ~~million~~or ~~and~~annually. ~~$17,945~~If ~~million~~Chubb wishes to redeem an investment fund investment, ~~respectively~~it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, ~~and~~Chubb ~~cash~~must then notify the investment fund manager of ~~$278~~its ~~million~~intention ~~and~~to ~~$261~~redeem ~~million~~by the notification date prescribed by the subscription agreement. Subsequent to notification, ~~respectively~~the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets

The following table presents the components of restricted assets:

	March 31		December 31
	June 30		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,~~273~~438	$	8,170
Assets pledged under repurchase agreements	3,~~364~~132		2,890
Deposits with U.S. regulatory authorities	2,~~522~~540		2,487
Deposits with non-U.S. regulatory authorities and other	4,~~198~~407		4,659
Total	$	18,~~357~~517	$	18,206

f) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2024 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

Unconsolidated VIEs

We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at March 31, 2025, and December 31, 2024, was $5.0 billion, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at March 31, 2025, and December 31, 2024, was $89 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities on the Consolidated balance sheets.

4. Fair value measurements

a) Fair value hierarchy

Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

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Chubb Limited and Subsidiaries

Unconsolidated VIEs

We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at June 30, 2025, and December 31, 2024, was $5.0 billion, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at June 30, 2025, and December 31, 2024, was $110 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified primarily within Equity securities on the Consolidated balance sheets.

4. Fair value measurements

a) Fair value hierarchy

The three levels of the hierarchy are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;

•Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as

interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and

•Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants

would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy

March 31, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,739	$	2,286	$	—	$	4,025
Non-U.S.	—		35,715		587		36,302
Corporate and asset-backed securities	—		40,263		3,017		43,280
Mortgage-backed securities	—		27,516		—		27,516
	1,739		105,780		3,604		111,123
Equity securities (1)	4,412		—		113		4,525
Short-term investments	2,484		1,930		18		4,432
Other investments (2)	577		7,318		—		7,895
Securities lending collateral	—		1,909		—		1,909
Investment derivatives	40		—		—		40
Derivatives designated as hedging instruments	—		132		—		132
Other derivative instruments	5		—		—		5
Separate account assets	6,212		73		—		6,285
Total assets measured at fair value (1)(2)(3)	$	15,469	$	117,142	$	3,735	$	136,346
Liabilities:
Investment derivatives	$	294	$	—	$	—	$	294
Derivatives designated as hedging instruments	—		101		—		101
Other derivative instruments	—		5		—		5
Market risk benefits (4)	—		—		708		708
Total liabilities measured at fair value	$	294	$	106	$	708	$	1,108

(1)Excluded from the table above is a fund of $5,031 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,329 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $15,506 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


June 30, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,783	$	2,250	$	—	$	4,033
Non-U.S.	—		37,865		598		38,463
Corporate and asset-backed securities	—		41,940		3,186		45,126
Mortgage-backed securities	—		28,497		—		28,497

	1,783		110,552		3,784		116,119
Equity securities (1)	4,744		—		125		4,869
Short-term investments	2,666		1,800		42		4,508
Other investments (2)	599		6,999		—		7,598
Securities lending collateral	—		1,941		—		1,941
Investment derivatives	51		—		—		51
Derivatives designated as hedging instruments	—		257		—		257
Other derivative instruments	7		—		—		7
Separate account assets	6,399		82		—		6,481
Total assets measured at fair value (1)(2)(3)	$	16,249	$	121,631	$	3,951	$	141,831
Liabilities:
Investment derivatives	$	143	$	—	$	—	$	143
Derivatives designated as hedging instruments	—		223		—		223
Other derivative instruments	31		5		—		36
Market risk benefits (4)	—		—		609		609
Total liabilities measured at fair value	$	174	$	228	$	609	$	1,011

(1)Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,313 million, measured using NAV as a practical expedient.

(4)Refer to Note 11 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries


December 31, 2024	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,765	$	2,305	$	—	$	4,070
Non-U.S.	—		35,234		604		35,838
Corporate and asset-backed securities	—		40,316		2,891		43,207
Mortgage-backed securities	—		27,245		3		27,248

	1,765		105,100		3,498		110,363
Equity securities (1)	4,053		—		120		4,173
Short-term investments	3,156		1,972		14		5,142
Other investments (2)	573		6,783		—		7,356
Securities lending collateral	—		1,445		—		1,445
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		146		—		146
Other derivative instruments	35		—		—		35
Separate account assets	6,165		66		—		6,231
Total assets measured at fair value (1)(2)(3)	$	15,788	$	115,512	$	3,632	$	134,932
Liabilities:
Investment derivatives	$	303	$	—	$	—	$	303
Derivatives designated as hedging instruments	—		116		—		116
Other derivative instruments	—		2		—		2
Market risk benefits (4)	—		—		607		607
Total liabilities measured at fair value	$	303	$	118	$	607	$	1,028

(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.

(4)Refer to Note 1011 for additional information on Market risk benefits.

1415

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Chubb Limited and Subsidiaries

Level 3 financial instruments

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.

Three Months EndedMarch 31, 2025(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities			Short-term investments
Three Months EndedJune 30, 2025(in millions of U.S. dollars)		Available-for-Sale Debt Securities									Equitysecurities			Short-term investments
	Non-U.S.	~~Non-U.S.~~		Corporate and asset-backed securities	~~Corporate and asset-backed securities~~		Mortgage-backed securities	~~Mortgage-backed securities~~
Balance, beginning of period		$	~~604~~587		$	23,~~891~~017		$	3—		$	~~120~~113		$	1418
Transfers into Level 3		110			2460			—			—			—
Transfers out of Level 3		—			(112)			—			—(1)			—
Change in Net Unrealized Gains (Losses) in OCI		2018			(43)			—			—			—
Net Realized Gains (Losses)		~~(6)~~3			(24)			~~(2)~~—			~~(5)~~2			—
Purchases		6084			~~219~~295			1—			719			525
Sales		(5334)			(4753)			~~(2)~~—			(98)			—
Settlements		(3970)			(63114)			—			—			(1)
Balance, end of period		$	~~587~~598		$	3,~~017~~186		$	—		$	~~113~~125		$	1842
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	~~(1)~~—		$	(31)		$	—		$	54		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	1416		$	(107)		$	—		$	—		$	—

Three Months EndedMarch 31, 2024(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
Three Months EndedJune 30, 2024(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
	Non-U.S.			Corporate and asset-backed securities			Mortgage-backed securities
Balance, beginning of period		$	~~692~~718		$	2,~~622~~658		$	7	$	87101	$	35
Transfers into Level 3		1—			14			—		—		—
Transfers out of Level 3		(42)			~~(3)~~—			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		14(6)			64			—		—		—(1)
Net Realized Gains (Losses)		—(4)			—(5)			—		~~(3)~~2		—
Purchases		7283			~~143~~326			—15		181		412
Sales		(2031)			(2087)			—		(14)		—
Settlements		(37126)			(91191)			—(2)		—		(24)
Balance, end of period		$	~~718~~632		$	2,~~658~~709		$	720	$	~~101~~100	$	512
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—(1)		$	—(2)		$	—	$	~~(2)~~1	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	13(10)		$	6(1)		$	—	$	—	$	—(1)

~~Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 10 Market risk benefits. Refer to Note 10 for additional information.~~16

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Chubb Limited and Subsidiaries



Six Months Ended June 30, 2025 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	604	$	2,891	$	3		$	120		$	14
Transfers into Level 3	11		84		—			—			—
Transfers out of Level 3	—		(13)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	38		(7)		—			—			—
Net Realized Gains (Losses)	(3)		(6)		(2)			(3)			—
Purchases	144		514		1			26			30
Sales	(87)		(100)		(2)			(17)			—
Settlements	(109)		(177)		—			—			(2)

Balance, end of period	$	598	$	3,186	$	—		$	125		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(4)	$	—		$	9		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	30	$	(17)	$	—		$	—		$	—



Six Months Ended June 30, 2024 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			5			—		—		—
Transfers out of Level 3		(6)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		8			10			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		(1)		—

Purchases		155			469			15		19		16
Sales		(51)			(107)			—		(5)		—
Settlements		(163)			(282)			(2)		—		(6)

Balance, end of period		$	632		$	2,709		$	20	$	100	$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(2)		$	—	$	(1)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	3		$	5		$	—	$	—	$	(1)

b) Financial instruments disclosed, but not measured, at fair value

Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt.

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Chubb Limited and Subsidiaries

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

March 31, 2025	Fair Value								Net CarryingValue
June 30, 2025	Fair Value								Net CarryingValue
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,~~498~~472	$	2,~~498~~472	$	2,~~460~~429
Total assets	$	—	$	—	$	2,~~498~~472	$	2,~~498~~472	$	2,~~460~~429
Liabilities:
Repurchase agreements	$	—	$	3,~~124~~059	$	—	$	3,~~124~~059	$	3,~~124~~059
Long-term debt	—		13,149		—		13,149		14,508
Short-term debt	—		1,488		—		1,488		1,499
Hybrid debt	—		476		—		476		419
Long-term debt	—		12,025		254		12,279		13,477
Total liabilities	$	—	$	16,749	$	—	$	16,749	$	18,051
Hybrid debt	—		479		—		479		420
Total liabilities	$	—	$	17,051	$	254	$	17,305	$	18,455


December 31, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,680	$	2,680	$	2,628
Total assets	$	—	$	—	$	2,680	$	2,680	$	2,628
Liabilities:
Repurchase agreements	$	—	$	2,731	$	—	$	2,731	$	2,731
Short-term debt	—		797		—		797		800
Long-term debt	—		12,979		—		12,979		14,379
Hybrid debt	—		479		—		479		419
Total liabilities	$	—	$	16,986	$	—	$	16,986	$	18,329

5. Reinsurance

Reinsurance recoverable on ceded reinsurance

	March 31, 2025				December 31, 2024
	June 30, 2025				December 31, 2024
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	1817,~~081~~691	$	~~254~~261	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,~~934~~904		6662		2,043		68
Reinsurance recoverable on losses and loss expenses	$	2019,~~015~~595	$	~~320~~323	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	~~267~~297	$	—	$	289	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:

	Three Months Ended
	Six Months Ended
	March 31
	June 30
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	1117		818
Write-offs charged against the valuation allowance	(26)		—(3)
Foreign exchange revaluation	12		—(1)
Valuation allowance for uncollectible reinsurance - end of period	$	~~320~~323	$	~~375~~381

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2024 Form 10-K.

6. Deferred policy acquisition costs

The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment:

	Three Months Ended March 31, 2025
	Six Months Ended June 30, 2025
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	469	$	722	$	870	$	1,681	$	324	$	4,066
Capitalizations	58115		3869		~~109~~224		~~170~~327		4061		~~415~~796
Amortization expense	(3673)		(2041)		(1225)		(54111)		(715)		(~~129~~265)
Other (including foreign exchange)	413		~~(8)~~10		~~(4)~~23		~~(16)~~51		~~(2)~~12		~~(26)~~109
Balance – end of period	$	~~495~~524	$	~~732~~760	$	~~963~~1,092	$	1,~~781~~948	$	~~355~~382	$	4,~~326~~706
Overseas General Insurance segment excluded from table											~~608~~646
Total deferred policy acquisition costs on long-duration contracts											$	45,~~934~~352
Deferred policy acquisition costs on short-duration contracts											34,~~841~~085
Total deferred policy acquisition costs											$	89,~~775~~437

	Three Months Ended March 31, 2024
	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185
Capitalizations	4798		3370		85170		~~158~~311		1636		~~339~~685
Amortization expense	(2858)		(2039)		(817)		(4186)		(714)		(~~104~~214)
Other (including foreign exchange)	(86)		1(25)		(314)		3(30)		(27)		(982)
Balance – end of period	$	~~413~~436	$	~~688~~680	$	~~608~~673	$	1,~~421~~496	$	~~281~~289	$	3,~~411~~574
Overseas General Insurance segment excluded from table											~~616~~592
Total deferred policy acquisition costs on long-duration contracts											$	4,~~027~~166
Deferred policy acquisition costs on short-duration contracts											3,~~510~~646
Total deferred policy acquisition costs											$	7,~~537~~812

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Chubb Limited and Subsidiaries

7. ~~Unpaid losses and loss expenses~~Goodwill

Goodwill

The following table presents a roll-forward of Goodwill by segment:


(in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Chubb Consolidated
Balance at December 31, 2024	$	7,168	$	2,218	$	134	$	5,047	$	371	$	4,641	$	19,579
Acquisition of Liberty Mutual's P&C insurance business in Thailand	—		—		—		183		—		—		183

Foreign exchange revaluation	28		10		—		256		—		128		422
Balance at June 30, 2025 (1)	$	7,196	$	2,228	$	134	$	5,486	$	371	$	4,769	$	20,184

(1)Includes $456 million attributable to noncontrolling interests.

8. Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

	Three Months Ended
	Six Months Ended
	March 31
	June 30
(in millions of U.S. dollars)	2025		2024
Gross unpaid losses and loss expenses – beginning of period	$	84,004	$	80,122
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)	(17,734)		(17,884)
Net unpaid losses and loss expenses – beginning of period	66,270		62,238
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	713,~~133~~959		512,~~980~~604
Prior years (2)	(~~237~~491)		(~~253~~446)
Total	613,~~896~~468		512,~~727~~158
Net losses and loss expenses paid in respect of losses occurring in:
Current year	12,~~305~~960		~~767~~2,492
Prior years	48,~~699~~982		46,~~055~~918
Total	611,~~004~~942		49,~~822~~410
Foreign currency revaluation and other	~~228~~889		35(204)
Net unpaid losses and loss expenses – end of period	6768,~~390~~685		6364,~~178~~782
Reinsurance recoverable on unpaid losses and loss expenses (1)	1817,~~081~~691		17,~~163~~409
Gross unpaid losses and loss expenses – end of period	$	8586,~~471~~376	$	8082,~~341~~191

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $(1813) million and $4647 million for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $12,~~120~~415 million for the ~~three~~six months ended ~~March~~June 3130, 2025, principally reflecting underlying exposure growth, ~~and~~ net catastrophe losses and the unfavorable impact of foreign currency movement, partially offset by the impact of favorable prior period development ~~and crop activity~~.

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Chubb Limited and Subsidiaries

Prior Period Development

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:

			Three Months Ended March 31
	Three Months Ended June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2025
North America Commercial P&C Insurance	$	(75)	$	(31)	$	(106)	$	49(27)	$	(~~163~~193)	$	(~~114~~220)
North America Personal P&C Insurance	—		(121)		(121)		—		—(121)		—(121)
North America Agricultural Insurance	—		—		—		—		(33)		(33)
Overseas General Insurance	35		(112)		(77)		136		(~~122~~234)		(~~121~~198)
Global Reinsurance	—		(15)		(15)		(5)		5(10)		—(15)
Corporate	70		—		70		1383		—		1383
Total	$	30	$	(279)	$	(249)	$	5887	$	(~~313~~591)	$	(~~255~~504)
2024
North America Commercial P&C Insurance	$	(142)	$	(2)	$	(144)	$	96(46)	$	(~~144~~146)	$	(48192)
North America Personal P&C Insurance	—		(64)		(64)		—		(52116)		(52116)
North America Agricultural Insurance	—		—		—		—		(28)		(28)
Overseas General Insurance	36		(97)		(61)		~~(1)~~35		(88185)		(89150)
Global Reinsurance	5		(21)		(16)		—5		1(20)		1(15)
Corporate	93		—		93		9102		—		9102
Total	$	(8)	$	(184)	$	(192)	$	~~104~~96	$	(~~311~~495)	$	(~~207~~399)

Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance. Net favorable development for the three months ended ~~March~~June 3130, 2025, included $~~163~~75 million from ~~short~~long-tail lines, primarily from ~~surety~~the Risk Management business where PPD was favorable $163 million. This business underwrites workers' compensation, ~~due~~general toliability and auto liability, and the favorable development was the net of lower-than-expected reported loss activity primarily on workers' compensation, partially offset by adverse development in general liability. This favorable development was partially offset by ~~net~~ adverse development offrom other commercial auto liability portfolios which experienced higher-than-expected reported loss activity. Net favorable development for the six months ended June 30, 2025, included $49193 million of favorable development from ~~long~~short-tail lines, primarily from ~~general~~surety, ~~casualty~~due ~~partially~~to ~~offset~~lower-than-expected byloss development. Net favorable development for long-tail lines was the result of favorable development in workers' compensation and financial lines partially offset by adverse development in general casualty lines.

Net favorable development for the three and six months ended ~~March~~June 3130, 2024, included $~~144~~142 million and $46 million, respectively, from ~~short~~long-tail lines, primarily from ~~surety~~worker's ~~and~~compensation ~~property and marine lines~~ due to lower-than-expected loss ~~development~~experience and our annual assessment of multi-claimant events, including industrial accidents. ~~The~~This favorable development was partially offset by net adverse development ofin ~~$96~~commercial ~~million~~auto ~~from~~liability ~~long~~mainly due to higher-~~tail~~than-expected ~~lines~~loss development and severity trend. Favorable development for the six months ended June 30, ~~primarily~~2024, was partially offset by net adverse development in commercial excess and umbrella lines. Net favorable development for the six months ended June 30, ~~driven~~2024, byincluded ~~higher~~$146 million from short-~~than-expected~~tail ~~loss~~lines, ~~development~~primarily from surety, and property and marine lines.

~~Overseas~~North ~~General~~America Personal P&C Insurance. Net favorable development for the three and six months ended ~~March~~June 3130, 2025, included afavorable ~~$122~~development ~~million~~in ~~release~~the ~~from~~auto ~~short-tail~~physical damage and recreational marine lines due to favorable loss emergence.

Net favorable development for the three months ended March 31, 2024, included $88 million from short-tail lines, primarily from property lines driven by favorable development across all regions, primarily in accident years 2020 through 2023. 21

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Chubb Limited and Subsidiaries

8Overseas General Insurance. ~~Future~~Net ~~policy~~favorable ~~benefits~~development for the three and six months ended June 30, 2025, included $112 million and $234 million, respectively, from short-tail lines, primarily from favorable claim development in property and marine lines.

Net favorable development for the three and six months ended June 30, 2024, included $97 million and $185 million from short-tail lines, primarily from favorable claim development in marine and property lines.

Corporate. Net adverse development for the three and six months ended June 30, 2025, and 2024 was driven primarily by adverse development for molestation-related claims.

9. Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net Premiums	~~Three~~Six Months Ended ~~March~~June 3130, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,523	$	4,405	$	11,626	$	125	$	17,679
Beginning balance at original discount rate	1,819		4,303		11,499		124		17,745
Effect of changes in cash flow assumptions	—		(4)		~~(5)~~13		—		(9)
Effect of actual variances from expected experience	7(4)		2318		(93168)		—2		(63152)
Adjusted beginning of period balance	1,~~826~~815		4,~~322~~317		11,~~401~~344		~~124~~126		17,~~673~~602
Issuances	65116		~~288~~719		~~599~~1,107		~~208~~311		12,~~160~~253
Interest accrual	1426		3265		~~133~~260		25		~~181~~356
Net premiums collected (1)	(59122)		(~~311~~743)		(~~370~~755)		(6193)		(~~801~~1,713)
Other (including foreign exchange)	~~(6)~~59		~~(19)~~134		~~(86)~~459		24		~~(109)~~656
Ending balance at original discount rate	1,~~840~~894		4,~~312~~492		1112,~~677~~415		~~275~~353		1819,~~104~~154
Effect of changes in discount rate assumptions	(~~295~~296)		~~111~~142		~~212~~184		13		2933
Balance – end of period	$	1,~~545~~598	$	4,~~423~~634	$	1112,~~889~~599	$	~~276~~356	$	1819,~~133~~187

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Effect of changes in cash flow assumptions	—		(10)		2		—		(8)
Effect of actual variances from expected experience	10		24		(95)		—		(61)
Adjusted beginning of period balance	2,657		11,256		15,559		601		30,073
Issuances	65		288		599		208		1,160
Interest accrual	19		90		165		6		280
Benefit payments	(51)		(78)		(421)		(6)		(556)
Other (including foreign exchange)	(6)		(32)		(127)		3		(162)
Ending balance at original discount rate	2,684		11,524		15,775		812		30,795
Effect of changes in discount rate assumptions	(416)		905		155		45		689
Balance – end of period	$	2,268	$	12,429	$	15,930	$	857	$	31,484

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Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2025
Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	723	$	8,006	$	4,041	$	581	$	13,351
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Deferred profit liability	291		1,351		202		64		1,908
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Net liability for future policy benefits, before reinsurance recoverable	1,014		9,357		4,243		645		15,259
Effect of changes in cash flow assumptions	—		(9)		21		—		12
Less: Reinsurance recoverable on future policy benefits	108		45		114		—		267
Effect of actual variances from expected experience	(1)		18		(170)		3		(150)
Net liability for future policy benefits, after reinsurance recoverable	$	906	$	9,312	$	4,129	$	645	$	14,992
Adjusted beginning of period balance	2,646		11,251		15,503		604		30,004
Weighted average duration (years)	10.5		27.9		9.9		23.5		21.8
Issuances	116		719		1,107		311		2,253
Interest accrual	36		185		325		12		558
Benefit payments	(110)		(154)		(864)		(10)		(1,138)
Other (including foreign exchange)	88		300		601		16		1,005
Ending balance at original discount rate	2,776		12,301		16,672		933		32,682
Effect of changes in discount rate assumptions	(432)		1,106		109		59		842
Balance – end of period	$	2,344	$	13,407	$	16,781	$	992	$	33,524

Present Value of Expected Net Premiums	Three Months Ended March 31, 2024
Liability for Future Policy Benefits, Life Insurance Segment	June 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Net liability for future policy benefits	$	746	$	8,773	$	4,182	$	636	$	14,337
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Deferred profit liability	306		1,539		219		68		2,132
Effect of changes in cash flow assumptions	6		70		109		—		185
Net liability for future policy benefits, before reinsurance recoverable	1,052		10,312		4,401		704		16,469
Effect of actual variances from expected experience	(1)		22		(37)		—		(16)
Less: Reinsurance recoverable on future policy benefits	107		46		121		1		275
Adjusted beginning of period balance	1,997		4,037		10,764		64		16,862
Net liability for future policy benefits, after reinsurance recoverable	$	945	$	10,266	$	4,280	$	703	$	16,194
Issuances	65		295		697		2		1,059
Weighted average duration (years)	10.4		27.6		10.0		25.3		22.0
Interest accrual	14		27		133		—		174
Net premiums collected (1)	(57)		(310)		(363)		(7)		(737)
Other (including foreign exchange)	(5)		(4)		82		—		73
Ending balance at original discount rate	2,014		4,045		11,313		59		17,431
Effect of changes in discount rate assumptions	(407)		18		(295)		—		(684)
Balance – end of period	$	1,607	$	4,063	$	11,018	$	59	$	16,747

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Chubb Limited and Subsidiaries


Present Value of Expected Net Premiums	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		111		—		187
Effect of actual variances from expected experience	(12)		21		(129)		(1)		(121)
Adjusted beginning of period balance	1,986		4,036		10,674		63		16,759
Issuances	111		620		1,196		39		1,966
Interest accrual	26		55		239		2		322
Net premiums collected (1)	(122)		(603)		(729)		(20)		(1,474)


Other (including foreign exchange)	(25)		(77)		(273)		10		(365)
Ending balance at original discount rate	1,976		4,031		11,107		94		17,208
Effect of changes in discount rate assumptions	(397)		17		(162)		—		(542)
Balance – end of period	$	1,579	$	4,048	$	10,945	$	94	$	16,666

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		85		102		—		195
Effect of actual variances from expected experience	(9)		31		(129)		—		(107)
Adjusted beginning of period balance	2,748		10,107		15,044		492		28,391
Issuances	111		620		1,196		39		1,966
Interest accrual	35		151		300		8		494
Benefit payments	(115)		(179)		(789)		(10)		(1,093)

Other (including foreign exchange)	(3)		(169)		(356)		9		(519)
Ending balance at original discount rate	2,776		10,530		15,395		538		29,239
Effect of changes in discount rate assumptions	(512)		129		(337)		17		(703)
Balance – end of period	$	2,264	$	10,659	$	15,058	$	555	$	28,536

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Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2024
Liability for Future Policy Benefits, Life Insurance Segment	June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Net liability for future policy benefits	$	685	$	6,611	$	4,113	$	461	$	11,870
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Deferred profit liability	268		986		174		24		1,452
Effect of changes in cash flow assumptions	8		86		100		—		194
Net liability for future policy benefits, before reinsurance recoverable	953		7,597		4,287		485		13,322
Effect of actual variances from expected experience	3		27		(36)		—		(6)
Less: Reinsurance recoverable on future policy benefits	103		44		110		—		257
Adjusted beginning of period balance	2,760		10,104		15,135		492		28,491
Net liability for future policy benefits, after reinsurance recoverable	$	850	$	7,553	$	4,177	$	485	$	13,065
Issuances	65		295		697		2		1,059
Weighted average duration (years)	10.2		25.0		10.0		16.3		19.1
Interest accrual	19		74		164		3		260
Benefit payments	(59)		(87)		(398)		(6)		(550)
Other (including foreign exchange)	30		(2)		114		21		163
Ending balance at original discount rate	2,815		10,384		15,712		512		29,423
Effect of changes in discount rate assumptions	(516)		184		(487)		18		(801)
Balance – end of period	$	2,299	$	10,568	$	15,225	$	530	$	28,622

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2024
	June 30
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits	$	692	$	6,505	$	4,207	$	471	$	11,875
Net liability for future policy benefits, Life Insurance segment	$	14,337	$	11,870
Deferred profit liability	254		904		174		19		1,351
Other (1)	1,549		1,341
Net liability for future policy benefits, before reinsurance recoverable	946		7,409		4,381		490		13,226
Deferred profit liability	2,132		1,452
Less: Reinsurance recoverable on future policy benefits	107		45		113		1		266
Liability for future policy benefits, per consolidated balance sheet	$	18,018	$	14,663
Net liability for future policy benefits, after reinsurance recoverable	$	839	$	7,364	$	4,268	$	489	$	12,960
Weighted average duration (years)	10.2		25.6		10.1		15.1		19.3

	March 31
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	13,351	$	11,875
Other (1)	1,431		1,149
Deferred profit liability	1,908		1,351
Liability for future policy benefits, per consolidated balance sheet	$	16,690	$	14,375

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

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Chubb Limited and Subsidiaries

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:

March 31

June 30

(in millions of U.S. dollars)

2025

2024

Term Life

Undiscounted expected future benefit payments

4,~~266~~563

4,~~358~~334

Undiscounted expected future gross premiums

67,~~595~~094

7,~~291~~223

Discounted expected future benefit payments

2,~~268~~344

2,~~299~~264

Discounted expected future gross premiums

4,~~460~~775

34,~~909~~776

Whole Life

Undiscounted expected future benefit payments

2930,~~099~~751

2425,~~834~~052

Undiscounted expected future gross premiums

10,~~390~~841

9,~~593~~555

Discounted expected future benefit payments

1213,~~429~~407

10,~~568~~659

Discounted expected future gross premiums

8,~~518~~929

7,~~774~~744

A&H

Undiscounted expected future benefit payments

2628,~~695~~274

26,~~475~~037

Undiscounted expected future gross premiums

3941,~~108~~427

3938,~~002~~166

Discounted expected future benefit payments

1516,~~930~~781

15,~~225~~058

Discounted expected future gross premiums

2324,~~346~~697

22,~~975~~556

Other

Undiscounted expected future benefit payments

1,~~556~~754

~~901~~956

Undiscounted expected future gross premiums

~~478~~570

94174

Discounted expected future benefit payments

~~857~~992

~~530~~555

Discounted expected future gross premiums

~~437~~527

83155

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:

	Gross Premiums or Assessments				Interest Accretion
	Three Months Ended				Three Months Ended
	Six Months Ended				Six Months Ended
	March 31				March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	~~170~~353	$	~~167~~337	$	510	$	59
Whole Life	~~563~~1,250		~~530~~1,008		58120		4796
A&H	~~752~~1,509		~~753~~1,525		3265		3161
Other	89129		2032		47		36
Total	$	13,~~574~~241	$	12,~~470~~902	$	99202	$	86172

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Chubb Limited and Subsidiaries

The following table presents the weighted-average interest rates for the Life Insurance segment:

	Interest Accretion Rate				Current Discount Rate
	March 31				March 31
	June 30				June 30
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	2.9	%	5.69	%	5.7	%
Whole Life	3.54	%	3.2	%	43.09	%	4.56	%
A&H	4.10	%	3.7	%	5.78	%	6.3	%
Other	3.2	%	2.67	%	3.63	%	34.82	%

910. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:

	Three Months Ended March 31, 2025
	Six Months Ended June 30, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748
Premiums received	53105		~~101~~159		94211		~~248~~475
Policy charges (1)	(2956)		—		(25)		(3161)
Surrenders and withdrawals	(2957)		(917)		(5194)		(89168)
Benefit payments (4)	(1719)		(4877)		(2246)		(87142)
Interest credited	1224		1024		1633		3881
Other (including foreign exchange)	1334		522		~~(1)~~25		1781
Balance – end of period	$	1,~~812~~840	$	2,~~644~~696	$	2,~~388~~478	$	67,~~844~~014
Unearned revenue liability							~~719~~753
Other (5)							~~566~~577
Policyholders' account liability, per consolidated balance sheet							$	8,~~129~~344

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

(5)Primarily comprises unpaid dividends on certain participating policies.

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Chubb Limited and Subsidiaries

	Three Months Ended March 31, 2024
	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789
Premiums received	72139		~~131~~208		~~131~~217		~~334~~564
Policy charges (1)	(3465)		—		(25)		(3670)
Surrenders and withdrawals	(3265)		(1020)		(77153)		(~~119~~238)
Benefit payments (4)	(5456)		(5981)		(31)		(~~116~~138)
Interest credited	1325		1630		1427		4382
Other (including foreign exchange)	(176)		(527)		(9274)		(15377)
Balance – end of period	$	1,~~840~~778	$	2,~~484~~521	$	2,~~556~~313	$	6,~~880~~612
Unearned revenue liability							~~680~~675
Policyholders' account liability, per consolidated balance sheet							$	7,560
Other (5)							500
Policyholders' account liability, per consolidated balance sheet							$	7,787

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

	March 31
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.7		%	1.6		%	2.7		%	2.9		%	2.6		%	2.5		%
Net amount at risk (2)	$	12,079		$	—		$	407		$	12,014		$	—		$	499
Cash Surrender Value	$	1,659		$	1,728		$	2,095		$	1,623		$	1,605		$	2,239

(5)Primarily comprises unpaid dividends on certain participating policies.

(1)Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, respectively.



	June 30
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.6		%	1.8		%	2.9		%	2.8		%	2.5		%	2.9		%
Net amount at risk (2)	$	11,571		$	10		$	378		$	11,987		$	—		$	454
Cash Surrender Value	$	1,695		$	1,774		$	2,175		$	1,611		$	1,618		$	2,013

(1)Calculated using actual interest credited for the six months ended June 30, 2025 and 2024, respectively.

(2)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life

	March 31, 2025
	June 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~433~~454	$	—	$	4749	$	~~131~~153	$	~~611~~656
2.01% – 4.00%	~~245~~247		~~589~~573		~~355~~352		—		1,~~189~~172
Greater than 4.00%	12		—		—		—		12
Total	$	~~690~~713	$	~~589~~573	$	~~402~~401	$	~~131~~153	$	1,~~812~~840

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Chubb Limited and Subsidiaries

	March 31, 2024
	June 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~482~~436	$	—	$	3942	$	4968	$	~~570~~546
2.01% – 4.00%	6777		~~461~~424		~~728~~717		—		1,~~256~~218
Greater than 4.00%	14		—		—		—		14
Total	$	~~563~~527	$	~~461~~424	$	~~767~~759	$	4968	$	1,~~840~~778

Annuities

	March 31, 2025
	June 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	90103	$	—	$	1,~~637~~647	$	5666	$	1,~~783~~816
2.01% – 4.00%	~~861~~880		—		—		—		~~861~~880
Greater than 4.00%	—		—		—		—		—
Total	$	~~951~~983	$	—	$	1,~~637~~647	$	5666	$	2,~~644~~696

	March 31, 2024
	June 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~720~~732	$	—	$	1,~~624~~638	$	1	$	2,~~345~~371
2.01% – 4.00%	~~139~~150		—		—		—		~~139~~150
Greater than 4.00%	—		—		—		—		—
Total	$	~~859~~882	$	—	$	1,~~624~~638	$	1	$	2,~~484~~521

Other policyholders' account balances

	March 31, 2025
	June 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~363~~377	$	5	$	~~153~~157	$	~~438~~435	$	~~959~~974
2.01% – 4.00%	1,~~378~~452		5152		—		—		1,~~429~~504
Greater than 4.00%	—		—		—		—		—
Total	$	1,~~741~~829	$	5657	$	~~153~~157	$	~~438~~435	$	2,~~388~~478

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Chubb Limited and Subsidiaries

March 31, 2024

June 30, 2024

(in millions of U.S. dollars)

At Guaranteed Minimum

1 Basis Point - 50 Basis Points Above

51 Basis Points - 150 Basis Points Above

Greater Than 150 Basis Points Above

Total

Guaranteed minimum crediting rates

Up to 2.00%

~~789~~574

—

~~243~~227

~~533~~513

1,~~565~~314

2.01% – 4.00%

~~378~~381

~~613~~618

—

~~991~~999

Greater than 4.00%

—

Total

~~1,167~~955

~~613~~618

~~243~~227

~~533~~513

2,~~556~~313

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:

	March 31		March 31
	June 30		June 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	76100
Mutual funds	6,~~081~~268		5,~~699~~649
Fixed maturities	7382		8985
Total	$	6,~~285~~481	$	5,~~864~~834

The following table presents a roll-forward of separate account liabilities:

	Three Months Ended
	Six Months Ended
	March 31
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573
Premiums and deposits	~~490~~802		~~264~~576
Policy charges	(3379)		(4380)
Surrenders and withdrawals	(~~243~~494)		(~~210~~426)
Benefit payments	(~~113~~225)		(~~105~~208)
Investment performance	5(265)		~~375~~502
Other (including foreign exchange)	~~(52)~~511		10(103)
Balance – end of period	$	6,~~285~~481	$	5,~~864~~834
Cash surrender value (1)	$	56,~~898~~101	$	5,~~655~~625

(1)Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:

	Three Months Ended
	Six Months Ended
	March 31
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	3469		3469
Amortization	(1838)		(1836)
Other (including foreign exchange)	~~(8)~~11		(931)
Balance – end of period	$	~~719~~753	$	~~680~~675

10 11. Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:

	Three Months EndedMarch 31
	Six Months EndedJune 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	607	$	771
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	592		749
Interest rate changes	4641		(5787)
Effect of market movements (1)	52(50)		(7783)
Effect of changes in volatilities	1619		(2013)
Actual policyholder behavior different from expected behavior	1628		3031
Effect of timing and all other	(2531)		(3133)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	~~697~~599	$	~~594~~564
Effect of changes in the instrument-specific credit risk	1110		1712
Balance – end of period	$	~~708~~609	$	~~611~~576
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,~~654~~479	$	1,~~683~~630

(1) Market movements are predominantly driven by changes in equities.

(2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB ~~gains (~~losses) of $14103 million and $~~(134)~~191 million for the ~~three~~six months ended ~~March~~June 3130, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

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Chubb Limited and Subsidiaries

Valuation Technique

Significant Unobservable Inputs

~~March~~June 3130, 2025

~~March~~June 3130, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.24

0.5% – 30.0%

4.3

Annuitization rate

0% – 100%

4.86

0% – 100%

4.23

(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K.

1112. ~~Commitments, contingencies, and guarantees~~Debt

a)Chubb ~~Derivative~~INA ~~instruments~~Senior Notes

Chubb ~~maintains~~INA's ~~positions~~$800 inmillion derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of ~~business~~3.15 ~~Derivative~~percent ~~instruments~~senior ~~are~~notes ~~principally~~due ~~recorded~~March in2025 ~~either~~were ~~Other~~paid ~~assets~~upon ~~(OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets~~maturity. Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES), depending on the underlying investment. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

~~As a global company,~~ Chubb ~~entities~~INA ~~transact~~Term business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.Loan

29In April 2025, Chubb INA entered into a 1.8 billion Chinese yuan renminbi term loan (approximately $249 million based on the foreign exchange rate at the date of issuance) at 2.85 percent, due April 10, 2028. This term loan is guaranteed by Chubb Limited. The term loan is designated as a non-derivative net investment hedge to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries. Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in Cumulative translation adjustments (CTA) within OCI. These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued. Refer to Note 13 b) to the Consolidated Financial Statements for more information.

Commercial Paper Program

In the second quarter of 2025, Chubb established a commercial paper program, under which Chubb INA may issue short-term, unsecured commercial paper notes (commercial paper) on a private placement basis. Payment of the commercial paper is guaranteed on an unsecured and unsubordinated basis by Chubb Limited, and the commercial paper and guarantee rank equally with all other unsecured and unsubordinated indebtedness.

We have the ability to borrow a total of $2.0 billion, supported by our $3.0 billion group syndicated credit facility which expires in October 2027. Commercial paper is recorded in Short-term debt in the Consolidated balance sheets.

As of June 30, 2025, there was no commercial paper outstanding.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

13. Commitments, contingencies, and guarantees

a) Derivative instruments

Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of business. Derivative instruments are principally recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets. Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES), depending on the underlying investment. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.

The following table presents the balance sheet location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments:

				March 31, 2025								December 31, 2024
				June 30, 2025								December 31, 2024
	ConsolidatedBalance SheetLocation	Fair Value				NotionalAmount/PaymentProvision			Fair Value					NotionalAmount/PaymentProvision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	3845	$	(~~289~~136)	$	4,~~563~~386		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	26		(57)		~~768~~909			—			(8)		449
Convertible securities (1)	FM AFS / ES	147		—		146			12			—		12
Total		$	5458	$	(~~294~~143)	$	5,~~345~~301		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	2—	$	—(31)	$	~~921~~986		$	35		$	—	$	1,047
Other	OA / (AP)	37		(5)		~~265~~379			—			(2)		211
Total		$	57	$	(536)	$	1,~~186~~365		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	93233	$	~~(1)~~—	$	12,~~906~~010		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	3924		(~~100~~223)		23,~~925~~003			43			(116)		2,896
Total		$	~~132~~257	$	(~~101~~223)	$	45,~~831~~013		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At ~~March~~June 3130, 2025, and December 31, 2024, net derivative liabilities of $~~223~~87 million and $199 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

~~b) Hedge accounting~~33

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Cross-currency swaps - fair value hedges

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.7 billion, or approximately $1.9 billion at March 31, 2025, of euro denominated debt by converting cash flows back into the U.S. dollar.

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows:

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Chubb Limited and Subsidiaries

	Three Months Ended
	March 31
(pre-tax, in millions of U.S. dollars)		2025		2024
Gain (loss) recognized in OCI		$	(26)	$	(8)
Net realized gain (loss) reclassified from OCI		69		(37)
Interest expense reclassified from OCI		(4)		(4)
OCI gain (loss) after reclassifications		$	(91)	$	33

b) Hedge accounting

~~(ii)~~We ~~Cross-~~designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency ~~swaps~~exposure -associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Fair value hedges

Cross-currency swaps

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.7 billion, or approximately $2.0 billion at June 30, 2025, of euro denominated debt by converting cash flows back into the U.S. dollar.


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Gain (loss) recognized in OCI	$	141	$	(46)	$	115	$	(54)
Net realized gain (loss) reclassified from OCI	169		(12)		238		(49)
Interest expense reclassified from OCI	(5)		(4)		(9)		(8)
OCI gain (loss) after reclassifications	$	(23)	$	(30)	$	(114)	$	3

(ii) Net investment hedges

Cross-currency swaps

Chubb holds certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, Swiss franc, and Chinese yuan renminbi. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense. The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

	Three Months Ended
	March 31
(pre-tax, in millions of U.S. dollars)		2025		2024
Gain (loss) recognized in OCI		$	24	$	36
Interest income reclassified from OCI		8		3
OCI gain (loss) after reclassifications		$	16	$	33

Foreign denominated debt

31In April 2025, Chubb designated its CNH1.8 billion term loan, or approximately $254 million as of June 30, 2025, as a non-derivative net investment hedge to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries. Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in CTA within OCI. These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued. Refer to Note 12 to the Consolidated Financial Statements for more information.

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The following table presents the OCI impact of derivative and non-derivative net investment hedges:


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Cross-currency swaps:
Gain (loss) recognized in OCI	$	(138)	$	37	$	(114)	$	73
Interest income reclassified from OCI	7		3		15		6
Total cross currency swaps	(145)		34		(129)		67
Foreign denominated debt:
Gain (loss) recognized in OCI	(6)		—		(6)		—
Total OCI gain (loss) after reclassifications	$	(151)	$	34	$	(135)	$	67

c) Derivative instruments not designated as hedges

Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:

	Three Months Ended		~~Three Months Ended~~		Six Months Ended
			March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	147	$	(28)	$	~~(14)~~133	$	(5280)
Options/Futures/Forward contracts on notes and bonds	7		12		(92)		618
Convertible securities (1)	—		(1)		—		32
Total investment and embedded derivative instruments	$	154	$	(17)	$	~~(23)~~131	$	(4360)
Other derivative instruments:
Futures contracts on equities (2)	$	(89)	$	(21)	$	54(35)	$	(95116)
Other	(2)		(3)		(35)		(25)
Total other derivative instruments	$	(91)	$	(24)	$	51(40)	$	(97121)
Total	$	63	$	(41)	$	2891	$	(~~140~~181)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

(ii) Duration management and market exposure

Futures

Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

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Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.

Forwards

A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums.

Options

An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand.

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The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may, from time to time, enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments

A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available-for-sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA

By acquiring to be announced mortgage-backed securities (TBAs), we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) Futures contracts on equities

Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of ~~the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.~~

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the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:

	Remaining contractual maturity				~~Remaining contractual maturity~~
					March 31, 2025		December 31, 2024
	June 30, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous				~~Overnight and Continuous~~
Collateral held under securities lending agreements:
Cash	$	695	$	557	$	~~752~~	$	~~557~~
U.S. and local government securities	161		148		~~147~~		~~148~~
Non-U.S.	1,001		663		~~926~~		~~663~~
Corporate and asset-backed securities	74		49		50		49
Equity securities	10		28		34		28
					$	1,909	$	1,445
Total	$	1,941	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,941	$	1,445	$	~~1,909~~	$	~~1,445~~

At ~~March~~June 3130, 2025, and December 31, 2024, our repurchase agreement obligations of $3,~~124~~059 million and $2,731 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:

	Remaining contractual maturity
	March 31, 2025						December 31, 2024
	June 30, 2025								December 31, 2024
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	—2	$	—	$	—2	$	—	$	19	$	2	$	21
Non-U.S.	1,~~866~~205		—		—		1,~~866~~205		1,387		—		—		1,387
U.S. and local government securities	—		~~106~~—		—		~~106~~—		—		—		104		104
Mortgage-backed securities	~~470~~977		~~922~~923		25		1,~~392~~925		—		454		924		1,378
	$	2,336	$	1,028			$	3,364	$	1,387	$	473	$	1,030	$	2,890
Total	$	2,182	$	925	$	25	$	3,132	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements							$	3,~~124~~059							$	2,731
Difference (1)							$	~~240~~73							$	159

(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

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Chubb Limited and Subsidiaries

e) Fixed maturities

At ~~March~~June 3130, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $1.~~2 billion and $1.~~3 billion~~, respectively~~.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At ~~March~~June 3130, 2025, private equities with a carrying value of $1516.30 billion had commitments that could require funding of up to $6.49 billion over the next several years. At December 31, 2024, these investments had a carrying value of $14.5 billion with commitments of up to $6.4 billion. The remaining private equities had no funding commitments.

g) Income taxes

At ~~March~~June 3130, 2025, $9777 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

h) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

At ~~March~~June 3130, 2025, and December 31, 2024, the right-of-use asset was $1,~~052~~044 million and $824 million, respectively, recorded within Other assets, and the lease liability was $1,177 million and $942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

1214. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At ~~March~~June 3130, 2025, our Common Shares had a par value of CHF 0.50 per share.

At our May ~~2024~~2025 ~~and 2023~~ annual general ~~meetings~~meeting, our shareholders approved an annual ~~dividends~~dividend for the following year of up to $3.6488 per share ~~and $3.44 per share~~, ~~respectively,~~expected ~~which~~to ~~were~~be paid in four quarterly installments of $0.9197 per share ~~and~~after ~~$0.86~~the ~~per~~general ~~share,~~meeting ~~respectively~~by way of distribution from capital contribution reserves, attransferred ~~dates~~to ~~determined~~free byreserves ~~the~~for payment. The Board of Directors (Board) ~~after~~will determine the record and payment dates at which the annual ~~general~~dividend ~~meetings~~may bybe ~~way~~paid ofuntil athe ~~distribution~~date ~~from~~of ~~capital~~2026 ~~contribution~~annual ~~reserves~~general meeting, ~~transferred~~and is authorized to ~~free~~abstain ~~reserves~~from ~~for~~distributing ~~payment~~a dividend at its discretion.

~~Dividend~~At ~~distributions~~our ~~per~~May ~~Common~~2024 ~~Share~~and 2023 annual general meetings, our shareholders approved annual dividends for the ~~three~~following ~~months~~year ~~ended~~of ~~March~~up ~~31,~~to ~~2025,~~$3.64 per share and ~~2024~~$3.44 per share, respectively, which were paid in four quarterly installments of $0.91 ~~(CHF 0.81)~~ and $0.86 ~~(CHF~~per ~~0.75)~~share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. 38

On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024. The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the three months ended March 31, 2025, 1,345,782 shares were repurchased, 7,518,565 shares were canceled, and

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Chubb Limited and Subsidiaries

~~1,390,604~~The ~~net~~following ~~shares~~table ~~were~~presents ~~issued~~dividend ~~under~~distributions ~~employee~~per ~~share-based~~Common ~~compensation~~Share ~~plans.~~in AtSwiss ~~March~~francs ~~31,~~(CHF) ~~2025,~~and ~~11,358,936 Common Shares remain in treasury~~U.S. dollars (USD):

Chubb Limited securities repurchase authorization


	Three Months Ended						Six Months Ended
	June 30						June 30
	2025			2024			2025			2024
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.81	$	0.97	0.82	$	0.91	1.62	$	1.88	1.57	$	1.77

InIncreases ~~June~~in ~~2023,~~Common ~~the~~Shares ~~Board~~in ~~authorized~~treasury are due to open market repurchases of Common Shares and the ~~repurchase~~surrender of upCommon Shares to ~~$5.0~~satisfy ~~billion~~tax withholding obligations in connection with the vesting of ~~Chubb~~restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares ~~effective~~in ~~July~~treasury 1are principally due to grants of restricted stock, ~~2023~~exercises of stock options, ~~with~~purchases nounder ~~expiration~~the ~~date~~Employee Stock Purchase Plan (ESPP), and share cancellations. ~~The~~At ~~following~~our ~~table~~May ~~presents~~2024 ~~repurchases~~annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of ~~Chubb's~~11,825,600 ~~Common~~shares ~~Shares~~purchased ~~conducted~~under our share repurchase programs during 2023. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024. On March 7, 2025, Chubb completed a ~~series~~share capital reduction by means of ~~open~~cancellation ~~market~~of ~~transactions~~7,518,565 Common Shares purchased under our share repurchase program during 2024. The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board ~~authorization:~~set forth in the Articles of Association. During the six months ended June 30, 2025, 3,685,509 shares were repurchased, 7,518,565 shares were canceled, and 1,642,634 net shares were issued under employee share-based compensation plans. At June 30, 2025, 13,446,633 Common Shares remain in treasury.

	Three Months Ended			April 1, 2025 through April 25, 2025
	March 31
(in millions of U.S. dollars, except share data)		2025				2024
Number of shares repurchased		1,345,782		1,220,121			511,000
Cost of shares repurchased		$	385	$	316		$	143
Repurchase authorization remaining at end of period		$	1,300	$	3,373		$	1,157

Chubb Limited securities repurchase authorizations

In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date. In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share data)	2025		2024		2025		2024
Number of shares repurchased	2,339,727		2,254,236		3,685,509		3,474,357
Cost of shares repurchased	$	676	$	570	$	1,061	$	886
Repurchase authorization remaining at end of period (1)	$	—	$	2,808	$	—	$	2,808

(1) As of June 30, 2025, $628 million expired under the July 2023 $5.0 billion share repurchase authorization.

The following table presents changes in accumulated other comprehensive income (loss):

	Three Months Ended		~~Three Months Ended~~		Six Months Ended
			March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(3,704)	$	(4,825)	$	(4,552)	$	(4,177)
Change in period, before reclassification from AOCI (before tax)	918		(484)		~~843~~1,761		(~~796~~1,280)
Amounts reclassified from AOCI (before tax)	68		(5)		58126		~~119~~114
Change in period, before tax	986		(489)		~~901~~1,887		(~~677~~1,166)
Income tax (expense) benefit	(50)		7		(61111)		4249
Total other comprehensive income (loss)	936		(482)		~~840~~1,776		(~~635~~1,117)
Noncontrolling interests, net of tax	4		(6)		(84)		137
Balance – end of period, net of tax	(2,772)		(5,301)		(32,~~704~~772)		(45,~~825~~301)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax					(539)		51
Change in period, before tax					(122)		(53)
Income tax (expense) benefit					12		(20)
Total other comprehensive loss					(110)		(73)
Noncontrolling interests, net of tax					(4)		(33)
Balance – end of period, net of tax					(645)		11
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax					(16)		(22)
Change in period, before tax					4		5
Income tax expense					(1)		—
Total other comprehensive income					3		5
Noncontrolling interests, net of tax					—		—
Balance – end of period, net of tax					(13)		(17)

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	Three Months Ended		~~Three Months Ended~~		Six Months Ended
			March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Accumulated other comprehensive income (loss) (AOCI) - continued
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(645)		11		(539)		51
Change in period, before tax	(130)		53		(252)		—
Income tax (expense) benefit	9		(2)		21		(22)
Total other comprehensive income (loss)	(121)		51		(231)		(22)
Noncontrolling interests, net of tax	(20)		(4)		(24)		(37)
Balance – end of period, net of tax	(746)		66		(746)		66
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(13)		(17)		(16)		(22)
Change in period, before tax	1		5		5		10
Income tax expense	—		(1)		(1)		(1)
Total other comprehensive income	1		4		4		9
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(12)		(13)		(12)		(13)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(3,685)		(2,864)		(4,025)		(2,945)
Change in period, before reclassification from AOCI (before tax)	803		(527)		~~367~~1,170		83(444)
Amounts reclassified from AOCI (before tax)	(7)		(3)		(815)		(36)
Change in period, before tax	796		(530)		~~359~~1,155		80(450)
Income tax expense					(12)		(7)
Income tax (expense) benefit	3		19		(9)		12
Total other comprehensive income					347		73
Total other comprehensive income (loss)	799		(511)		1,146		(438)
Noncontrolling interests, net of tax	33		(33)		740		(841)
Balance – end of period, net of tax	(2,919)		(3,342)		(32,~~685~~919)		(23,~~864~~342)
Fair value hedging instruments
Balance – beginning of period, net of tax	(22)		13		50		(13)
Change in period, before reclassification from AOCI (before tax)	141		(46)		~~(26)~~115		(854)
Amounts reclassified from AOCI (before tax)	(164)		16		(65229)		4157
Change in period, before tax	(23)		(30)		(91114)		333
Income tax (expense) benefit	5		6		1924		(71)
Total other comprehensive income (loss)	(18)		(24)		(7290)		262
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(40)		(11)		(2240)		13(11)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	434		296		438		297
Change in period, before tax	(3)		1		(47)		(21)
Income tax benefit	—		—		—		1
Total other comprehensive loss					(4)		(1)
Total other comprehensive income (loss)	(3)		1		(7)		—
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	431		297		~~434~~431		~~296~~297
Accumulated other comprehensive loss	$	(6,058)	$	(8,304)	$	(76,~~635~~058)	$	(78,~~386~~304)

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Chubb Limited and Subsidiaries

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:

	Three Months Ended		~~Three Months Ended~~		Six Months Ended		~~Consolidated Statement of Operations Location~~			Consolidated Statement of Operations Location
			March 31
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024		~~2024~~
Fixed maturities available-for-sale	$	(68)	$	5	$	(58126)	$	(~~119~~114)		Net realized gains (losses)
Income tax benefit	3		12		2528		1224			Income tax expense
	$	(65)	$	17	$	(3398)	$	(~~107~~90)		Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	7	$	3	$	815	$	36		Interest expense
Income tax expense	(1)		—		(23)		(1)			Income tax expense
	$	6	$	3	$	612	$	25		Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	169	$	(12)	$	69238	$	(3749)		Net realized gains (losses)
Cross-currency swaps	(5)		(4)		(49)		(48)			Interest expense
Income tax (expense) benefit	(34)		3		(1448)		912			Income tax expense
	$	130	$	(13)	$	51181	$	(3245)		Net income
Total amounts reclassified from AOCI	$	71	$	7	$	2495	$	(~~137~~130)

1315. Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On March 3, 2025, Chubb granted 1,253,605 stock options with a weighted-average grant date fair value of $74.64 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation.

Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 3, 2025, Chubb granted ~~620~~619,~~237~~298 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and ~~288~~289,~~070~~620 performance stock units to employees and officers with a grant date fair value of $289.69 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

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Chubb Limited and Subsidiaries

1416. Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:

	Pension Benefit Plans								Other PostretirementBenefit Plans
	2025				2024				2025		2024
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Three Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	23	$	—	$	—
Non-service cost (benefit):
Interest cost	3433		9		3334		9		—1		1—
Expected return on plan assets	(6362)		(1314)		(61)		(1312)		—(1)		(1)
Amortization of net actuarial (gain) loss	(2)		—		—(1)		1—		(1)		~~(1)~~—
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(31)		(45)		(28)		(3)		(1)		(1)
Net periodic benefit cost (benefit)	$	(31)	$	(23)	$	(28)	$	~~(1)~~—	$	(1)	$	(1)

Pension Benefit Plans

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