UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


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

For the Quarterly Period Ended ~~June~~September 30, 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 ~~July~~October 21, 2025, was ~~398~~393,~~690~~550,~~293~~859.

Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) June 30, 2025 and December 31, 2024		3
	Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited)Three and Six Months Ended June 30, 2025 and 2024		4
	Consolidated Statements of Operations and Comprehensive Income (Unaudited)Three and Nine Months Ended September 30, 2025 and 2024		4
	Consolidated Statements of Shareholders' Equity (Unaudited)Three and Six Months Ended June 30, 2025 and 2024		5
	Consolidated Statements of Shareholders' Equity (Unaudited)Three and Nine Months Ended September 30, 2025 and 2024		5
	Consolidated Statements of Cash Flows (Unaudited)Six Months Ended June 30, 2025 and 2024		6
	Consolidated Statements of Cash Flows (Unaudited)Nine Months Ended September 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	13
	Note 5.	Reinsurance	18
	Note 6.	Deferred policy acquisition costs	19
	Note 7.	Goodwill	20
	Note 8.	Unpaid losses and loss expenses	20
	Note 9.	Future policy benefits	22
	Note 10.	Policyholders' account balances, Separate accounts, and Unearned revenue liabilities	27
	Note 11.	Market risk benefits	31
	Note 12.	Debt	32
	Note 13.	Commitments, contingencies, and guarantees	33
	Note 14.	Shareholders' equity	3839
	Note 15.	Share-based compensation	4142
	Note 16.	Postretirement benefits	4243
	Note 17.	Other income and expense	4344
	Note 18.	Segment information	4445
	Note 19.	Earnings per share	4950
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		5051
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		86
Item 4.	Controls and Procedures		88
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		89
Item 1A.	Risk Factors		89
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		89
Item 5.	Other Information		89
Item 6.	Exhibits		90

Table of Contents

PART I FINANCIAL INFORMATION


ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries

	June 30		December 31
	September 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 – $4,508 and $5,143) (includes variable interest entities (VIE) balances of $155 and $57)	$	4,508	$	5,142
Short-term investments, at fair value (amortized cost – $4,381 and $5,143) (includes variable interest entities (VIE) balances of $164 and $57)	$	4,380	$	5,142
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
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $50 and $70 (amortized cost – $123,726 and $115,083)	121,788		110,363
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4	2,~~429~~535		2,628
Equity securities, at fair value (includes VIE balances of $1,906 and $1,289)	9,913		9,151
Equity securities, at fair value (includes VIE balances of $2,095 and $1,289)	10,377		9,151
Private equities (includes VIE balances of $22 and $22)	16,~~313~~734		14,769
Other investments (includes VIE balances of $4,441 and $4,538)	9,032		8,597
Other investments (includes VIE balances of $5,323 and $4,538)	10,182		8,597
Total investments	~~158~~165,~~314~~996		150,650
Cash, including restricted cash $182 and $261 (includes VIE balances of $189 and $114)	2,371		2,549
Cash, including restricted cash $213 and $261 (includes VIE balances of $205 and $114)	2,454		2,549
Securities lending collateral	1,~~941~~899		1,445
Accrued investment income	1,~~324~~427		1,160
Insurance and reinsurance balances receivable, net of valuation allowance – $55 and $59	16,778		14,426
Insurance and reinsurance balances receivable, net of valuation allowance – $60 and $59	16,305		14,426
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $323 and $310	19,595		19,777
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $326 and $310	20,227		19,777
Reinsurance recoverable on policy benefits	~~297~~302		289
Deferred policy acquisition costs	9,~~437~~809		8,358
Value of business acquired	3,~~245~~144		3,223
Goodwill	20,~~184~~237		19,579
Other intangible assets	6,~~391~~318		6,377
Deferred tax assets	1,~~621~~413		1,603
Prepaid reinsurance premiums	4,~~294~~174		3,378
Separate account assets	6,~~481~~810		6,231
Other assets (includes VIE balances of $78 and $26)	9,290		7,503
Other assets (includes VIE balances of $95 and $26)	9,695		7,503
Total assets	$	~~261~~270,~~563~~210	$	246,548
Liabilities
Unpaid losses and loss expenses	$	8688,~~376~~439	$	84,004
Unearned premiums	26,~~519~~961		23,504
Future policy benefits	18,~~018~~288		16,121
Market risk benefits	~~609~~666		607
Policyholders' account balances	8,~~344~~539		8,016
Separate account liabilities	6,~~481~~810		6,231
Insurance and reinsurance balances payable	98,~~232~~475		8,121
Repurchase agreements (includes VIE balances of $700 and $815)	3,059		2,731
Repurchase agreements (includes VIE balances of $789 and $815)	3,360		2,731
Securities lending payable	1,~~941~~899		1,445
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $77 and $183)	9,450		10,192
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $67 and $183)	9,582		10,192
Deferred tax liabilities	1,~~691~~733		1,584
Short-term debt	1,499		800
Long-term debt	1315,~~477~~727		14,379
Hybrid debt	~~420~~421		419
Total liabilities	~~187~~192,~~116~~399		178,154
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; 398,660,788 and 400,703,663 shares outstanding)	231		235
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 394,324,438 and 400,703,663 shares outstanding)	231		235
Common Shares in treasury (13,446,633 and 18,922,323 shares)	(2,462)		(3,524)
Common Shares in treasury (17,782,983 and 18,922,323 shares)	(3,682)		(3,524)
Additional paid-in capital	13,~~763~~476		14,393
Retained earnings	6366,~~921~~722		61,561
Accumulated other comprehensive income (loss) (AOCI)	(64,~~058~~892)		(8,644)
Total Chubb shareholders’ equity	6971,~~395~~855		64,021
Noncontrolling interests (includes VIE balances of $4,238 and $3,459)	5,052		4,373
Noncontrolling interests (includes VIE balances of $5,088 and $3,459)	5,956		4,373
Total shareholders' equity	7477,~~447~~811		68,394
Total liabilities and shareholders’ equity	$	~~261~~270,~~563~~210	$	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~~Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars, except per share data)	2025		2024		2025		2024
Revenues
Net premiums written	$	14,~~196~~866	$	13,~~360~~829	$	2641,~~842~~708	$	2539,~~581~~410
Increase in unearned premiums	(~~1,071~~507)		(~~1,068~~456)		(12,~~717~~224)		(12,~~706~~162)
Net premiums earned	1314,~~125~~359		1213,~~292~~373		2539,~~125~~484		2337,~~875~~248
Net investment income	1,~~568~~648		1,~~468~~508		34,~~129~~777		24,~~859~~367
Net realized gains (losses)	~~160~~283		~~104~~198		44327		3201
Market risk benefits gains (losses)	(17142)		(29230)		(~~109~~251)		(8238)
Total revenues	1416,~~836~~148		1314,~~835~~849		2844,~~189~~337		2641,~~729~~578
Expenses
Losses and loss expenses	6,~~572~~951		67,~~431~~383		1320,~~468~~419		1219,~~158~~541
Policy benefits (includes remeasurement losses of $2, $3, $5 and $22)	1,406		1,219		2,633		2,399
Policy benefits (includes remeasurement gains of $66, $26, $61 and $4)	1,372		1,099		4,005		3,498
Policy acquisition costs	2,~~415~~563		2,~~226~~324		47,~~728~~291		46,~~433~~757
Administrative expenses	1,~~125~~138		1,094		23,~~205~~343		23,~~164~~258
Interest expense	~~181~~197		~~182~~192		~~362~~559		~~360~~552
Other (income) expense	(~~655~~43)		(~~110~~325)		(~~738~~781)		(~~301~~626)
Amortization of purchased intangibles	7475		8081		~~149~~224		~~160~~241
Integration expenses	21		7		23		1421
Total expenses	1112,~~120~~254		11,~~129~~855		2235,~~809~~063		2133,~~387~~242
Income before income tax	3,~~716~~894		2,~~706~~994		59,~~380~~274		58,~~342~~336
Income tax expense	~~717~~787		~~490~~504		1,~~038~~825		~~832~~1,336
Net income	$	23,~~999~~107	$	2,~~216~~490	$	47,~~342~~449	$	47,~~510~~000
Net income (loss) attributable to noncontrolling interests	31		(14)		43		137
Net income attributable to noncontrolling interests	306		166		349		303
Net income attributable to Chubb	$	2,~~968~~801	$	2,~~230~~324	$	47,~~299~~100	$	46,~~373~~697
Other comprehensive income (loss)
Other comprehensive income
Change in:
Unrealized appreciation (depreciation)	$	986	$	(489)	$	1,887	$	(1,166)
Unrealized appreciation	$	868	$	3,459	$	2,755	$	2,293
Current discount rate on future policy benefits	~~(130)~~305		53(672)		~~(252)~~53		—(672)
Instrument-specific credit risk on market risk benefits	1(9)		5(8)		5(4)		102
Cumulative foreign currency translation adjustment	~~796~~128		~~(530)~~445		1,~~155~~283		(~~450~~5)
Other, including postretirement benefit liability adjustment	(266)		(2919)		(~~121~~127)		2(17)
Other comprehensive income (loss), before income tax	1,627		(990)		2,674		(1,604)
Other comprehensive income, before income tax	1,286		3,205		3,960		1,601
Income tax (expense) benefit related to OCI items	(33)		29		(76)		38
Income tax expense related to OCI items	(40)		(150)		(116)		(112)
Other comprehensive income (loss)	1,594		(961)		2,598		(1,566)
Other comprehensive income	1,246		3,055		3,844		1,489
Comprehensive income	4,~~593~~353		15,~~255~~545		611,~~940~~293		28,~~944~~489
Comprehensive income (loss) attributable to noncontrolling interests	48		(57)		55		66
Comprehensive income attributable to noncontrolling interests	386		187		441		253
Comprehensive income attributable to Chubb	$	43,~~545~~967	$	15,~~312~~358	$	610,~~885~~852	$	28,~~878~~236
Earnings per share
Basic earnings per share attributable to Chubb	$	7.4205	$	5.5175	$	1017.7478	$	1016.7955
Diluted earnings per share attributable to Chubb	$	76.3599	$	5.4670	$	1017.6361	$	1016.6838

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries

	Three Months Ended				~~Six~~Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Common Shares
Balance – beginning of period	$	231	$	~~241~~235	$	235	$	241
Cancellation of treasury shares	—		~~(6)~~—		(4)		(6)
Balance – end of period	231		235		231		235
Common Shares in treasury
Balance – beginning of period	(12,~~799~~462)		(42,~~461~~481)		(3,524)		(4,400)
Common Shares repurchased	(~~676~~1,232)		(~~570~~413)		(12,~~061~~293)		(~~886~~1,299)
Cancellation of treasury shares	—		~~2,527~~—		1,942		2,527
Net shares issued under employee share-based compensation plans	1312		2357		~~181~~193		~~278~~335
Balance – end of period	(23,~~462~~682)		(2,~~481~~837)		(23,~~462~~682)		(2,~~481~~837)
Additional paid-in capital
Balance – beginning of period	13,~~976~~763		1514,~~188~~926		14,393		15,665
Net shares redeemed (issued) under employee share-based compensation plans	268		173		(~~120~~112)		(~~142~~139)
Exercise of stock options	1		—(3)		23		(1922)
Share-based compensation expense	9589		9086		~~189~~278		~~172~~258
Net increase (decrease) due to acquisitions	53—		—		53		(31)
Funding of dividends declared to Retained earnings	(~~388~~385)		(369)		(~~754~~1,139)		(~~719~~1,088)
Balance – end of period	13,~~763~~476		14,~~926~~643		13,~~763~~476		14,~~926~~643
Retained earnings
Balance – beginning of period	6063,~~953~~921		56,~~953~~662		61,561		54,810
Net income attributable to Chubb	2,~~968~~801		2,~~230~~324		47,~~299~~100		46,~~373~~697
Cancellation of treasury shares and other	—		~~(2,521)~~—		(1,939)		(2,521)
Funding of dividends declared from Additional paid-in capital	~~388~~385		369		~~754~~1,139		~~719~~1,088
Dividends declared on Common Shares	(~~388~~385)		(369)		(~~754~~1,139)		(~~719~~1,088)
Balance – end of period	6366,~~921~~722		5658,~~662~~986		6366,~~921~~722		5658,~~662~~986
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period	(76,~~635~~058)		(78,~~386~~304)		(8,644)		(6,809)
Other comprehensive income (loss)	1,577		(918)		2,586		(1,495)
Other comprehensive income	1,166		3,034		3,752		1,539
Balance – end of period	(64,~~058~~892)		(85,~~304~~270)		(64,~~058~~892)		(85,~~304~~270)
Total Chubb shareholders’ equity	$	6971,~~395~~855	$	6165,~~038~~757	$	6971,~~395~~855	$	6165,~~038~~757
Noncontrolling interests
Balance – beginning of period	$	5,~~029~~052	$	3,~~896~~537	$	4,373	$	4,184
Net increase (decrease) due to consolidation, deconsolidation, and other transactions	~~(25)~~518		~~(296)~~639		~~624~~1,142		(~~707~~68)
Net income (loss) attributable to noncontrolling interests	31		(14)		43		137
Net income attributable to noncontrolling interests	306		166		349		303
Other comprehensive income (loss) attributable to noncontrolling interests	1780		~~(43)~~21		1292		(7150)
Other	—		~~(6)~~—		—		(6)
Balance – end of period	$	5,~~052~~956	$	34,~~537~~363	$	5,~~052~~956	$	34,~~537~~363
Total shareholders' equity	$	7477,~~447~~811	$	6470,~~575~~120	$	7477,~~447~~811	$	6470,~~575~~120

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

	Six Months Ended
	Nine Months Ended
	June 30
	September 30
(in millions of U.S. dollars)	2025		2024
Cash flows from operating activities
Net income	$	47,~~342~~449	$	47,~~510~~000
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	(44327)		(3201)
Market risk benefits (gains) losses	~~109~~251		8238
Amortization of premiums (discounts) on fixed maturities	(~~196~~303)		(~~178~~271)
Amortization of purchased intangibles	~~149~~224		~~160~~241
Equity in net income of partially-owned entities	(~~739~~779)		(~~278~~621)
Deferred income taxes	~~(16)~~208		~~131~~150
Unpaid losses and loss expenses	13,~~224~~098		24,~~338~~242
Unearned premiums	2,~~446~~803		2,~~214~~563
Future policy benefits	1,~~178~~646		~~954~~1,399
Insurance and reinsurance balances payable	~~1,018~~251		~~838~~433
Accounts payable, accrued expenses, and other liabilities	10(599)		(~~410~~175)
Income taxes	(74112)		(~~144~~129)
Insurance and reinsurance balances receivable	(21,~~088~~553)		(2,~~666~~468)
Reinsurance recoverable	~~494~~(72)		~~511~~312
Deferred policy acquisition costs	(~~870~~1,260)		(~~796~~1,142)
Net sales (purchases) of investments by consolidated investment products	(~~115~~985)		~~109~~(124)
Other	(1,~~711~~184)		1170
Net cash flows from operating activities	58,~~117~~756		711,~~299~~617
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(1324,~~805~~708)		(1526,~~131~~192)
Purchases of equity securities	(12,~~413~~164)		(12,~~778~~608)
Sales of fixed maturities available-for-sale	58,~~292~~187		68,~~292~~829
Sales of equity securities	12,~~410~~211		1,~~413~~956
Maturities and redemptions of fixed maturities available-for-sale	58,~~542~~775		47,~~705~~735
Net change in short-term investments	~~764~~939		~~(190)~~158
Net derivative instruments settlements	(66113)		(31122)
Private equity contributions	(12,~~522~~163)		(~~500~~733)
Private equity distributions	~~744~~1,020		~~538~~1,044
Acquisition of subsidiaries (net of cash acquired of $32 and nil)	(289)		(538)
Net consolidations of consolidated investment products	1410		—13
Other	(~~296~~633)		(~~846~~991)
Net cash flows used for investing activities	(38,~~625~~928)		(611,~~066~~449)
Cash flows from financing activities
Dividends paid on Common Shares	(~~731~~1,121)		(~~698~~1,069)
Common Shares repurchased	(12,~~437~~523)		(1,~~056~~351)
Proceeds from issuance of long-term debt	~~249~~2,424		~~996~~2,297
Repayment of long-term debt	(800)		(700)
Proceeds from share-based compensation plans	~~189~~210		~~242~~302
Policyholder contract deposits	~~452~~684		~~562~~818
Policyholder contract withdrawals	(~~311~~465)		(~~374~~534)
Third-party capital invested into consolidated investment products	12,~~076~~148		~~840~~1,409
Third-party capital distributed by consolidated investment products	(~~677~~1,100)		(1,~~047~~118)
Proceeds from issuance of repurchase agreements	24,~~368~~359		23,~~662~~950
Repayment of repurchase agreements	(23,~~072~~778)		(23,~~418~~838)
Other	(~~193~~227)		(~~193~~228)
Net cash flows used for financing activities	(~~1,887~~189)		(~~1,184~~62)
Effect of foreign currency rate changes on cash and restricted cash	~~217~~266		(~~102~~49)
Net decrease in cash and restricted cash	(178)		(53)
Net increase (decrease) in cash and restricted cash	(95)		57
Cash and restricted cash – beginning of period	2,549		2,621
Cash and restricted cash – end of period	$	2,~~371~~454	$	2,~~568~~678
Supplemental cash flow information
Taxes paid	$	1,~~116~~720	$	~~845~~1,307
Interest paid	$	~~350~~454	$	~~316~~415

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 18 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 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) 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 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

In the second quarter of 2025, we closed on incremental ownership interests of approximately 1.6 percent. Our aggregate ownership interest in Huatai Group was approximately 87.2 percent as of ~~June~~September 30, 2025.

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Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities

June 30, 2025

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

September 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,~~271~~046

—

1924

(~~257~~224)

43,~~033~~846

Non-U.S.

3840,~~411~~176

(2015)

~~983~~986

(~~911~~816)

3840,~~463~~331

Corporate and asset-backed securities

4648,~~411~~360

(5135)

~~568~~706

(1,~~802~~580)

4547,~~126~~451

Mortgage-backed securities

2931,~~854~~144

—

~~173~~326

(1,~~530~~310)

2830,~~497~~160

~~118~~123,~~947~~726

(7150)

12,~~743~~042

(43,~~500~~930)

~~116~~121,~~119~~788


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:

	June 30, 2025				December 31, 2024
	September 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	$	5,~~175~~207	$	5,~~175~~207	$	4,507	$	4,507
Due after 1 year through 5 years	36,~~243~~276		36,~~243~~276		33,446		33,446
Due after 5 years through 10 years	2730,~~636~~504		2730,~~636~~504		26,901		26,901
Due after 10 years	1819,~~568~~641		1819,~~568~~641		18,261		18,261
	87,622		87,622		83,115		83,115
	91,628		91,628		83,115		83,115
Mortgage-backed securities	2830,~~497~~160		2830,~~497~~160		27,248		27,248
	$	~~116~~121,~~119~~788	$	~~116~~121,~~119~~788	$	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 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.

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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

June 30, 2025

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

September 30, 2025

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

(in millions of U.S. dollars)

U.S. and local government securities

~~528~~274

(72)

2,~~386~~195

(~~248~~222)

2,~~914~~469

(~~255~~224)

Non-U.S.

34,~~265~~617

(65100)

109,~~654~~797

(~~668~~595)

1314,~~919~~414

(~~733~~695)

Corporate and asset-backed securities

43,~~608~~551

(9057)

11,~~476~~096

(~~867~~928)

1614,~~084~~647

(~~957~~985)

Mortgage-backed securities

~~4,391~~925

(397)

11,~~676~~695

(1,~~490~~303)

1612,~~067~~620

(1,~~529~~310)

Total AFS fixed maturities

129,~~792~~367

(~~201~~166)

3634,~~192~~783

(3,~~273~~048)

4844,~~984~~150

(3,~~474~~214)


	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 ~~June~~September 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $~~341~~189 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~~Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	6371	$	~~115~~122	$	70	$	156
Provision for expected credit loss	3025		4123		5176		7295
Write-offs charged against the expected credit loss	(1)		—(1)		(12)		(56)
Recovery of expected credit loss	(2145)		(3469)		(4994)		(~~101~~170)
Valuation allowance for expected credit losses - end of period	$	7150	$	~~122~~75	$	7150	$	~~122~~75
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	5	$	4	$	4
Provision for expected credit loss	—1		1—		—1		2
Recovery of expected credit loss	—(1)		~~(1)~~—		(12)		(1)
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

c) Net realized gains (losses)

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

	Three Months Ended				~~Six~~Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities:
Gross realized gains	$	69121	$	3621	$	~~107~~228	$	5273
Gross realized losses	(~~123~~157)		(~~106~~91)		(~~219~~376)		(~~247~~338)
Other investments - Fixed maturities (2025 includes $53 million and nil related to investments measured under the fair value option)	61		132		21		300
Other investments - Fixed maturities (2025 includes $(116) million and $(116) million related to investments measured under the fair value option)	82		152		103		452
Net (provision for) recovery of expected credit losses	(9)		(8)		(1)		32
Net recovery of expected credit losses	22		48		21		80
Impairment (1)	(522)		(2819)		(1234)		(6281)
Total fixed maturities	~~(7)~~46		26111		(~~104~~58)		75186
Equity securities (2025 includes $12 million and $65 million related to investments measured under the fair value option)	137		21		200		24
Equity securities (2025 includes $66 million and $131 million related to investments measured under the fair value option)	396		123		596		147
Private equities (less than 3 percent ownership)	~~(28)~~48		49(41)		~~(17)~~31		8039
Foreign exchange	(89115)		27(58)		(~~154~~269)		(~~104~~162)
Investment and embedded derivative instruments	~~154~~(85)		~~(17)~~66		~~131~~46		~~(60)~~6
Other derivative instruments	(29)		(32)		(514)		(57)
Other	~~(5)~~2		(1)		(75)		(78)
Net realized gains (losses) (pre-tax)	$	~~160~~283	$	~~104~~198	$	44327	$	3201

(1)Relates to certain securities we ~~intended~~intend 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
													June 30
													September 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	$	~~137~~396	$	6182	$	~~(28)~~48	$	~~170~~526	$	21123	$	~~132~~152	$	49(41)	$	~~202~~234
Less: Net gains (losses) recognized from sales of securities	3259		3—		—		3559		14(6)		—2		—		14(4)
Unrealized gains (losses) recognized for securities still held at reporting date	$	~~105~~337	$	5882	$	~~(28)~~48	$	~~135~~467	$	7129	$	~~132~~150	$	49(41)	$	~~188~~238

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Chubb Limited and Subsidiaries

											Six Months Ended
											Nine Months Ended
													June 30
													September 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~~596	$	21103	$	~~(17)~~31	$	~~204~~730	$	24147	$	~~300~~452	$	8039	$	~~404~~638
Less: Net gains (losses) recognized from sales of securities	2079		4		—		2483		115		—2		—		117
Unrealized gains (losses) recognized for securities still held at reporting date	$	~~180~~517	$	1799	$	~~(17)~~31	$	~~180~~647	$	13142	$	~~300~~450	$	8039	$	~~393~~631

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	~~June~~September 30, 2025				December 31, 2024
(in millions of U.S. dollars)		FairValue		MaximumFuture FundingCommitments		FairValue		MaximumFuture FundingCommitments
Financial	2 to 10 Years	$	1,~~402~~427	$	~~224~~223	$	1,265	$	281
Real assets	2 to 13 Years	1,~~910~~908		~~732~~662		1,974		547
Distressed	2 to 8 Years	1,~~213~~150		1,~~034~~048		1,257		679
Private credit	3 to 8 Years	~~305~~310		~~332~~312		295		285
Traditional	2 to 14 Years	11,~~153~~578		4,~~563~~192		9,674		4,650
Vintage	1 to 3 Years	5952		—		64		—
Investment funds	Not Applicable	~~271~~309		—		240		—
		$	16,~~313~~734	$	6,~~885~~437	$	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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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 ~~June~~September 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $1819,~~335~~094 million and $17,945 million, respectively, and cash of $~~182~~213 million and $261 million, respectively.

The following table presents the components of restricted assets:

	June 30		December 31
	September 30		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,~~438~~675	$	8,170
Assets pledged under repurchase agreements	3,~~132~~580		2,890
Deposits with U.S. regulatory authorities	2,~~540~~563		2,487
Deposits with non-U.S. regulatory authorities and other	4,~~407~~489		4,659
Total	$	1819,~~517~~307	$	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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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~~September 30, 2025, and December 31, 2024, was $5.1 billion and $5.0 billion, respectively, 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~~September 30, 2025, and December 31, 2024, was $~~110~~159 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified ~~primarily~~ within Equity securities and Private equities 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.

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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
September 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~~665	$	2,~~250~~181	$	—	$	43,~~033~~846
Non-U.S.	—		3739,~~865~~729		~~598~~602		3840,~~463~~331
Corporate and asset-backed securities	—		4144,~~940~~212		3,~~186~~239		4547,~~126~~451
Mortgage-backed securities	—		2830,~~497~~160		—		2830,~~497~~160
	1,783		110,552		3,784		116,119
	1,665		116,282		3,841		121,788
Equity securities (1)	45,~~744~~153		—		~~125~~114		45,~~869~~267
Short-term investments	2,~~666~~376		1,~~800~~962		42		4,~~508~~380
Other investments (2)	~~599~~638		68,~~999~~106		—		78,~~598~~744
Securities lending collateral	—		1,~~941~~899		—		1,~~941~~899
Investment derivatives	5122		—		—		5122
Derivatives designated as hedging instruments	—		~~257~~261		—		~~257~~261
Other derivative instruments	75		—		—		75
Separate account assets	6,~~399~~733		8277		—		6,~~481~~810
Total assets measured at fair value (1)(2)(3)	$	16,~~249~~592	$	~~121~~128,~~631~~587	$	3,~~951~~997	$	~~141~~149,~~831~~176
Liabilities:
Investment derivatives	$	~~143~~173	$	—	$	—	$	~~143~~173
Derivatives designated as hedging instruments	—		~~223~~183		—		~~223~~183
Other derivative instruments	3111		5		—		3616
Market risk benefits (4)	—		—		~~609~~666		~~609~~666
Total liabilities measured at fair value	$	~~174~~184	$	~~228~~188	$	~~609~~666	$	1,~~011~~038

(1)Excluded from the table above is a fund of $5,~~044~~110 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,~~434~~438 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,~~313~~734 million, measured using NAV as a practical expedient.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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 11 for additional information on Market risk benefits.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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 EndedJune 30, 2025(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
Three Months EndedSeptember 30, 2025(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		$	~~587~~598		$	3,~~017~~186		$	—	$	~~113~~125	$	1842
Transfers into Level 3		10—			6090			—		—		—
Transfers out of Level 3		—(1)			(123)			—		~~(1)~~—		—
Change in Net Unrealized Gains (Losses) in OCI		183			~~(3)~~5			—		—		—
Net Realized Gains (Losses)		31			(48)			—		(2)		—
Purchases		8466			~~295~~212			—		196		252
Sales		(3422)			(53124)			—		(815)		—(1)
Settlements		(7043)			(~~114~~119)			—		—		(1)
Balance, end of period		$	~~598~~602		$	3,~~186~~239		$	—	$	~~125~~114	$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(1)		$	—	$	4	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	161		$	(71)		$	—	$	—	$	—

Three Months EndedJune 30, 2024(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
Three Months EndedSeptember 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		$	~~718~~632		$	2,~~658~~709		$	720	$	~~101~~100	$	512
Transfers into Level 3		—			4			—		—		—
Transfers out of Level 3		(1)			—			(14)		—		—
Transfers out of Level 3		(2)			—			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		10			16			—		—		(1)
Change in Net Unrealized Gains (Losses) in OCI		(6)			4			—		—		(1)
Net Realized Gains (Losses)		(1)			(10)			—		7		—
Net Realized Gains (Losses)		(4)			(5)			—		2		—
Purchases		59			316			40		17		6
Purchases		83			326			15		1		12
Sales		(18)			(69)			—		(6)		(1)
Sales		(31)			(87)			—		(4)		—
Settlements		(42)			(184)			—		—		(1)
Settlements		(126)			(191)			(2)		—		(4)
Balance, end of period		$	639		$	2,778		$	46	$	118	$	15
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		$	—		$	(8)		$	—	$	6	$	—
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		$	11		$	12		$	—	$	—	$	(1)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	(10)		$	(1)		$	—	$	—	$	(1)

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Six Months EndedJune 30, 2025(in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equitysecurities			Short-term investments
Nine Months EndedSeptember 30, 2025(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	$	604	$	2,891	$	3		$	120		$	14
Transfers into Level 3	11		84174		—			—			—
Transfers out of Level 3	—(1)		(1316)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	3841		(72)		—			—			—
Net Realized Gains (Losses)	(32)		(614)		(2)			(35)			—
Purchases	~~144~~210		~~514~~726		1			2632			3032
Sales	(87109)		(~~100~~224)		(2)			(1732)			—(1)
Settlements	(~~109~~152)		(~~177~~296)		—			—			(23)
Balance, end of period	$	~~598~~602	$	3,~~186~~239	$	—		$	~~125~~114		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(43)	$	—		$	913		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	3031	$	(1718)	$	—		$	—		$	—

Six Months EndedJune 30, 2024(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
Nine Months EndedSeptember 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		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			5			—		—		—
Transfers out of Level 3		(67)			(3)			—(14)		—		—
Change in Net Unrealized Gains (Losses) in OCI		818			1026			—		—		(12)
Net Realized Gains (Losses)		(45)			(515)			—		~~(1)~~6		—
Purchases		~~155~~214			~~469~~785			1555		1936		1622
Sales		(5169)			(~~107~~176)			—		(511)		—(1)
Settlements		(~~163~~205)			(~~282~~466)			(2)		—		(67)
Balance, end of period		$	~~632~~639		$	2,~~709~~778		$	2046	$	~~100~~118	$	1215
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(210)		$	—	$	~~(1)~~5	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	314		$	517		$	—	$	—	$	(12)

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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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:

June 30, 2025	Fair Value								Net CarryingValue
September 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,~~472~~566	$	2,~~472~~566	$	2,~~429~~535
Total assets	$	—	$	—	$	2,~~472~~566	$	2,~~472~~566	$	2,~~429~~535
Liabilities:
Repurchase agreements	$	—	$	3,~~059~~360	$	—	$	3,~~059~~360	$	3,~~059~~360
Short-term debt	—		1,~~488~~492		—		1,~~488~~492		1,499
Long-term debt	—		1214,~~025~~095		~~254~~570		1214,~~279~~665		1315,~~477~~727
Hybrid debt	—		~~479~~482		—		~~479~~482		~~420~~421
Total liabilities	$	—	$	1719,~~051~~429	$	~~254~~570	$	1719,~~305~~999	$	1821,~~455~~007


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

	June 30, 2025				December 31, 2024
	September 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	$	1718,~~691~~421	$	~~261~~265	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,~~904~~806		6261		2,043		68
Reinsurance recoverable on losses and loss expenses	$	1920,~~595~~227	$	~~323~~326	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	~~297~~302	$	—	$	289	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

	Six Months Ended
	Nine Months Ended
	June 30
	September 30
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	1720		1824
Write-offs charged against the valuation allowance	(67)		(34)
Foreign exchange revaluation	23		(1)
Valuation allowance for uncollectible reinsurance - end of period	$	~~323~~326	$	~~381~~388

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:

	Six Months Ended June 30, 2025
	Nine Months Ended September 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	~~115~~175		6990		~~224~~347		~~327~~521		6178		~~796~~1,211
Amortization expense	(73111)		(4162)		(2539)		(~~111~~172)		(1523)		(~~265~~407)
Other (including foreign exchange)	138		105		2321		5133		12		~~109~~79
Balance – end of period	$	~~524~~541	$	~~760~~755	$	1,~~092~~199	$	12,~~948~~063	$	~~382~~391	$	4,~~706~~949
Overseas General Insurance segment excluded from table											~~646~~663
Total deferred policy acquisition costs on long-duration contracts											$	5,~~352~~612
Deferred policy acquisition costs on short-duration contracts											4,~~085~~197
Total deferred policy acquisition costs											$	9,~~437~~809

	Six Months Ended June 30, 2024
	Nine Months Ended September 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	98149		70109		~~170~~276		~~311~~467		3653		~~685~~1,054
Amortization expense	(5889)		(3960)		(1727)		(86132)		(1420)		(~~214~~328)
Other (including foreign exchange)	(61)		(252)		~~(14)~~2		(308)		(73)		(8212)
Balance – end of period	$	~~436~~461	$	~~680~~721	$	~~673~~785	$	1,~~496~~628	$	~~289~~304	$	3,~~574~~899
Overseas General Insurance segment excluded from table											~~592~~615
Total deferred policy acquisition costs on long-duration contracts											$	4,~~166~~514
Deferred policy acquisition costs on short-duration contracts											3,~~646~~735
Total deferred policy acquisition costs											$	78,~~812~~249

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

7. 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	2820		107		—		~~256~~306		—		~~128~~142		~~422~~475
Balance at June 30, 2025 (1)	$	7,196	$	2,228	$	134	$	5,486	$	371	$	4,769	$	20,184
Balance at September 30, 2025 (1)	$	7,188	$	2,225	$	134	$	5,536	$	371	$	4,783	$	20,237

(1)Includes $~~456~~460 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:

	Six Months Ended
	Nine Months Ended
	June 30
	September 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	1321,~~959~~342		1220,~~604~~302
Prior years (2)	(~~491~~923)		(~~446~~761)
Total	1320,~~468~~419		1219,~~158~~541
Net losses and loss expenses paid in respect of losses occurring in:
Current year	25,~~960~~551		25,~~492~~005
Prior years	812,~~982~~135		610,~~918~~074
Total	1117,~~942~~686		915,~~410~~079
Foreign currency revaluation and other	~~889~~1,015		(~~204~~5)
Net unpaid losses and loss expenses – end of period	6870,~~685~~018		6466,~~782~~695
Reinsurance recoverable on unpaid losses and loss expenses (1)	1718,~~691~~421		17,~~409~~631
Gross unpaid losses and loss expenses – end of period	$	8688,~~376~~439	$	8284,~~191~~326

(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 $~~(13)~~58 million and $47118 million for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $23,~~415~~748 million for the ~~six~~nine months ended ~~June~~September 30, 2025, principally reflecting underlying exposure growth, ~~net catastrophe losses and~~ the unfavorable impact of foreign currency movement, and net catastrophe losses, partially offset by the impact of favorable prior period development. The increase in net unpaid losses also reflected seasonality in our crop insurance business.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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 June 30						Six Months Ended June 30
	Three Months Ended September 30						Nine Months Ended September 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)~~104	$	(31130)	$	(~~106~~26)	$	~~(27)~~77	$	(~~193~~323)	$	(~~220~~246)
North America Personal P&C Insurance	—		(~~121~~282)		(~~121~~282)		—		(~~121~~403)		(~~121~~403)
North America Agricultural Insurance	—		—(30)		—(30)		—		(3363)		(3363)
Overseas General Insurance	35(66)		(~~112~~18)		(7784)		36(30)		(~~234~~252)		(~~198~~282)
Global Reinsurance	—		~~(15)~~—		~~(15)~~—		(5)		(10)		(15)
Corporate	7061		—		7061		83144		—		83144
Total	$	3099	$	(~~279~~460)	$	(~~249~~361)	$	87186	$	(~~591~~1,051)	$	(~~504~~865)
2024
North America Commercial P&C Insurance	$	~~(142)~~125	$	(2164)	$	(~~144~~39)	$	~~(46)~~79	$	(~~146~~310)	$	(~~192~~231)
North America Personal P&C Insurance	—		(64189)		(64189)		—		(~~116~~305)		(~~116~~305)
North America Agricultural Insurance	—		—(6)		—(6)		—		(2834)		(2834)
Overseas General Insurance	36(61)		~~(97)~~1		(6160)		35(26)		(~~185~~184)		(~~150~~210)
Global Reinsurance	(5)		~~(21)~~—		(165)		5—		(20)		(1520)
Corporate	9355		—		9355		~~102~~157		—		~~102~~157
Total	$	~~(8)~~114	$	(~~184~~358)	$	(~~192~~244)	$	96210	$	(~~495~~853)	$	(~~399~~643)

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 ~~June~~September 30, 2025, included $75130 million from ~~long~~short-tail lines, primarily from ~~the~~property ~~Risk Management business where PPD was favorable $163 million. This business underwrites workers' compensation~~lines, ~~general~~due ~~liability~~to ~~and auto liability, and the favorable development was the net of~~ lower-than-expected ~~reported~~ loss ~~activity~~development ~~primarily~~ on ~~workers'~~catastrophe ~~compensation,~~and ~~partially~~non-catastrophe ~~offset by adverse development in general liability~~losses. This favorable development was partially offset by net adverse development of $104 million from ~~other~~long-tail ~~commercial~~lines, ~~auto~~primarily ~~liability~~from ~~portfolios~~general ~~which~~casualty ~~experienced~~partially ~~higher-than-expected~~offset ~~reported~~by ~~loss~~favorable ~~activity~~development in workers' compensation. Net favorable development for the ~~six~~nine months ended ~~June~~September 30, 2025, included $~~193~~323 million of favorable development from short-tail lines, primarily from property and surety, due to lower-than-expected loss development. Net ~~favorable~~adverse development for long-tail lines of $77 million was the result of ~~favorable~~adverse development in ~~workers'~~general ~~compensation~~casualty ~~and financial~~ lines partially offset by ~~adverse~~favorable development in ~~general~~workers' ~~casualty lines~~compensation.

Net favorable development for the three and ~~six~~nine months ended ~~June~~September 30, 2024, included $~~142~~164 million and $46310 million, respectively, from ~~long~~short-tail lines, primarily ~~from~~property ~~worker's~~and ~~compensation~~marine, ~~due~~driven toby lower-than-expected loss ~~experience~~development ~~and~~in ~~our~~the ~~annual~~most ~~assessment~~recent ofaccident ~~multi-claimant events, including industrial accidents~~years. ~~This~~The ~~favorable~~nine ~~development~~months ~~was~~ended ~~partially~~September ~~offset~~30, by2024, ~~net~~also ~~adverse~~included favorable development infrom ~~commercial~~surety ~~auto~~lines, ~~liability mainly~~ due to ~~higher~~lower-than-expected loss development. ~~and~~Long-tail ~~severity~~lines ~~trend.~~experienced ~~Favorable~~adverse development of $125 million and $79 million for the ~~six~~three and nine months ended ~~June~~September 30, 2024, ~~was~~respectively, ~~partially~~which ~~offset~~was bythe net of adverse development in casualty lines, predominantly commercial excess and umbrella ~~lines.~~and ~~Net~~commercial ~~favorable~~auto ~~development~~liability, ~~for~~due ~~the~~to ~~six~~higher-than-expected ~~months~~loss ~~ended~~development, ~~June~~partially ~~30,~~offset ~~2024,~~by ~~included~~favorable ~~$146~~development ~~million~~in ~~from~~workers' ~~short-tail~~compensation ~~lines,~~due ~~primarily~~to ~~from~~lower-than-expected ~~surety,~~loss experience and ~~property~~our ~~and~~annual ~~marine~~assessment ~~lines~~of multi-claimant events, including industrial accidents.

North America Personal P&C Insurance. Net favorable development for the three and ~~six~~nine months ended ~~June~~September 30, 2025, ~~included~~and ~~favorable~~2024, ~~development~~was predominantly in ~~the~~homeowners, ~~auto~~mainly ~~physical~~due ~~damage~~to ~~and~~lower-than-expected ~~recreational~~loss ~~marine~~experience ~~lines~~in ~~due~~the tomost ~~favorable~~recent ~~loss~~accident ~~emergence~~years.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Overseas General Insurance. Net favorable development for the three ~~and six~~ months ended ~~June~~September 30, 2025, included $~~112~~66 million ~~and~~from ~~$234~~long-tail ~~million~~lines. Net favorable development for the nine months ended September 30, ~~respectively~~2025, included $252 million from short-tail lines, primarily ~~from~~due to favorable ~~claim~~loss ~~development~~emergence inacross ~~property~~multiple ~~and~~accident ~~marine lines~~years.

Net favorable development for the three ~~and six~~ months ended ~~June~~September 30, 2024, included $9761 million ~~and $185 million~~ from ~~short~~long-tail lines, primarily ~~from~~due to favorable ~~claim~~loss ~~development~~emergence in ~~marine~~accident years 2019 and ~~property~~2020. Net favorable development for the nine months ended September 30, 2024, included $184 million from short-tail lines.

Corporate. Net adverse development for the three months ended September 30, 2025 and ~~six~~2024, included adverse development resulting from our annual review of environmental liabilities. Net adverse development for the nine months ended ~~June~~September 30, 2025, and 2024, ~~was~~also ~~driven~~included ~~primarily by~~ adverse development for molestation-related claims development.

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

~~Six~~Nine Months Ended ~~June~~September 30, 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

—(56)

(465)

13(389)

—7

9(503)

Effect of actual variances from expected experience

~~(4)~~5

1813

(~~168~~213)

2(1)

(~~152~~196)

Adjusted beginning of period balance

1,~~815~~768

4,~~317~~251

1110,~~344~~897

~~126~~130

17,~~602~~046

Issuances

~~116~~166

~~719~~1,280

1,~~107~~542

~~311~~368

23,~~253~~356

Interest accrual

2643

65107

~~260~~413

~~356~~571

Net premiums collected (1)

(~~122~~188)

(~~743~~1,192)

(~~755~~1,145)

(93115)

(12,~~713~~640)

Other (including foreign exchange)

5947

~~134~~170

~~459~~330

~~656~~554

Ending balance at original discount rate

1,~~894~~836

4,~~492~~616

12,~~415~~037

~~353~~398

1918,~~154~~887

Effect of changes in discount rate assumptions

(~~296~~253)

~~142~~154

~~184~~164

3369

Balance – end of period

1,~~598~~583

4,~~634~~770

12,~~599~~201

~~356~~402

1918,~~187~~956

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits

~~Six~~Nine Months Ended ~~June~~September 30, 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

—(54)

(993)

21(434)

—13

12(568)

Effect of actual variances from expected experience

~~(1)~~9

1811

(~~170~~212)

3—

(~~150~~192)

Adjusted beginning of period balance

2,~~646~~602

11,~~251~~160

15,~~503~~006

~~604~~614

3029,~~004~~382

Issuances

~~116~~166

~~719~~1,280

1,~~107~~542

~~311~~368

23,~~253~~356

Interest accrual

3658

~~185~~291

~~325~~511

1220

~~558~~880

Benefit payments

(~~110~~170)

(~~154~~243)

(~~864~~1,331)

(1014)

(1,~~138~~758)

Other (including foreign exchange)

8874

~~300~~394

~~601~~430

1625

~~1,005~~923

Ending balance at original discount rate

2,~~776~~730

12,~~301~~882

16,~~672~~158

~~933~~1,013

32,~~682~~783

Effect of changes in discount rate assumptions

(~~432~~385)

~~1,106~~820

~~109~~101

5936

~~842~~572

Balance – end of period

2,~~344~~345

13,~~407~~702

16,~~781~~259

~~992~~1,049

33,~~524~~355

Liability for Future Policy Benefits, Life Insurance Segment

~~June~~September 30, 2025

(in millions of U.S. dollars)

Term Life

Whole Life

A&H

Other

Total

Net liability for future policy benefits

~~746~~762

8,~~773~~932

4,~~182~~058

~~636~~647

14,~~337~~399

Deferred profit liability

~~306~~309

1,~~539~~744

~~219~~231

6869

2,~~132~~353

Net liability for future policy benefits, before reinsurance recoverable

1,~~052~~071

10,~~312~~676

4,~~401~~289

~~704~~716

16,~~469~~752

Less: Reinsurance recoverable on future policy benefits

~~107~~101

4648

~~121~~123

~~275~~273

Net liability for future policy benefits, after reinsurance recoverable

~~945~~970

10,~~266~~628

4,~~280~~166

~~703~~715

16,~~194~~479

Weighted average duration (years)

10.47

27.60

10.0

25.37

2221.07

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums	~~Six~~Nine Months Ended ~~June~~September 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(140)		70160		~~111~~394		—(4)		~~187~~410
Effect of actual variances from expected experience	~~(12)~~6		219		(~~129~~126)		(1)		(~~121~~112)
Adjusted beginning of period balance	1,~~986~~858		4,~~036~~114		10,~~674~~960		6359		16,~~759~~991
Issuances	~~111~~161		~~620~~942		1,~~196~~717		3953		12,~~966~~873
Interest accrual	2645		5591		~~239~~424		23		~~322~~563
Net premiums collected (1)	(~~122~~183)		(~~603~~852)		(~~729~~1,105)		(2027)		(12,~~474~~167)
Other (including foreign exchange)	(2510)		~~(77)~~14		(~~273~~158)		1014		(~~365~~140)
Ending balance at original discount rate	1,~~976~~871		4,~~031~~309		11,~~107~~838		94102		1718,~~208~~120
Effect of changes in discount rate assumptions	(~~397~~287)		1794		~~(162)~~136		—1		(~~542~~56)
Balance – end of period	$	1,~~579~~584	$	4,~~048~~403	$	1011,~~945~~974	$	94103	$	1618,~~666~~064

(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~~Nine Months Ended ~~June~~September 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(137)

85181

~~102~~348

—(5)

~~195~~387

Effect of actual variances from expected experience

~~(9)~~13

3121

(~~129~~127)

—

(~~107~~93)

Adjusted beginning of period balance

2,~~748~~625

10,~~107~~193

15,~~044~~292

~~492~~487

28,~~391~~597

Issuances

~~111~~161

~~620~~942

1,~~196~~717

3953

12,~~966~~873

Interest accrual

3559

~~151~~240

~~300~~519

811

~~494~~829

Benefit payments

(~~115~~173)

(~~179~~260)

(~~789~~1,186)

(1014)

(1,~~093~~633)

Other (including foreign exchange)

~~(3)~~27

~~(169)~~55

(~~356~~188)

941

(~~519~~65)

Ending balance at original discount rate

2,~~776~~699

1011,~~530~~170

1516,~~395~~154

~~538~~578

2930,~~239~~601

Effect of changes in discount rate assumptions

(~~512~~390)

~~129~~739

~~(337)~~65

1741

~~(703)~~455

Balance – end of period

2,~~264~~309

1011,~~659~~909

1516,~~058~~219

~~555~~619

2831,~~536~~056

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment

~~June~~September 30, 2024

(in millions of U.S. dollars, except for years)

Term Life

Whole Life

A&H

Other

Total

Net liability for future policy benefits

~~685~~725

67,~~611~~506

4,~~113~~245

~~461~~516

1112,~~870~~992

Deferred profit liability

~~268~~276

~~986~~1,120

~~174~~194

2432

1,~~452~~622

Net liability for future policy benefits, before reinsurance recoverable

~~953~~1,001

78,~~597~~626

4,~~287~~439

~~485~~548

1314,~~322~~614

Less: Reinsurance recoverable on future policy benefits

~~103~~109

4445

~~110~~112

—

~~257~~266

Net liability for future policy benefits, after reinsurance recoverable

~~850~~892

78,~~553~~581

4,~~177~~327

~~485~~548

1314,~~065~~348

Weighted average duration (years)

10.2

2527.08

109.08

1617.36

1921.1

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

	June 30
	September 30
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	14,~~337~~399	$	1112,~~870~~992
Other (1)	1,~~549~~536		1,~~341~~389
Deferred profit liability	2,~~132~~353		1,~~452~~622
Liability for future policy benefits, per consolidated balance sheet	$	18,~~018~~288	$	1416,~~663~~003

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

In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

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:

June 30

September 30

(in millions of U.S. dollars)

2025

2024

Term Life

Undiscounted expected future benefit payments

4,~~563~~498

4,~~334~~188

Undiscounted expected future gross premiums

76,~~094~~844

76,~~223~~669

Discounted expected future benefit payments

2,~~344~~345

2,~~264~~309

Discounted expected future gross premiums

4,~~775~~609

4,~~776~~504

Whole Life

Undiscounted expected future benefit payments

3032,~~751~~059

2528,~~052~~111

Undiscounted expected future gross premiums

1011,~~841~~115

910,~~555~~363

Discounted expected future benefit payments

13,~~407~~702

1011,~~659~~909

Discounted expected future gross premiums

89,~~929~~180

78,~~744~~404

A&H

Undiscounted expected future benefit payments

2827,~~274~~189

2627,~~037~~423

Undiscounted expected future gross premiums

4140,~~427~~031

3840,~~166~~183

Discounted expected future benefit payments

16,~~781~~259

1516,~~058~~219

Discounted expected future gross premiums

24,~~697~~049

2223,~~556~~655

Other

Undiscounted expected future benefit payments

1,~~754~~900

~~956~~1,046

Undiscounted expected future gross premiums

~~570~~606

~~174~~200

Discounted expected future benefit payments

~~992~~1,049

~~555~~619

Discounted expected future gross premiums

~~527~~567

~~155~~177

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
	Six Months Ended				Six Months Ended
	Nine Months Ended				Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	~~353~~542	$	~~337~~509	$	1015	$	914
Whole Life	12,~~250~~024		1,~~008~~504		~~120~~184		96149
A&H	12,~~509~~314		12,~~525~~250		6598		6195
Other	~~129~~157		3242		712		68
Total	$	35,~~241~~037	$	24,~~902~~305	$	~~202~~309	$	~~172~~266

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

	Interest Accretion Rate				Current Discount Rate
	June 30				June 30
	September 30				September 30
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	23.90	%	5.97	%	5.72	%
Whole Life	3.4	%	3.2	%	34.91	%	4.61	%
A&H	4.02	%	3.78	%	5.8	%	65.38	%
Other	3.23	%	2.7	%	3.35	%	43.28	%

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

Policyholders' account balances

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

	Six Months Ended June 30, 2025
	Nine Months Ended September 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	~~105~~158		~~159~~232		~~211~~316		~~475~~706
Policy charges (1)	(5681)		—		(57)		(6188)
Surrenders and withdrawals	(5791)		(1724)		(94143)		(~~168~~258)
Benefit payments (4)	(1924)		(77116)		(4666)		(~~142~~206)
Interest credited	2435		2436		3359		81130
Other (including foreign exchange)	3477		2249		2543		81169
Balance – end of period	$	1,~~840~~883	$	2,~~696~~762	$	2,~~478~~556	$	7,~~014~~201
Unearned revenue liability							~~753~~760
Other (5)							~~577~~578
Policyholders' account liability, per consolidated balance sheet							$	8,~~344~~539

(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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Six Months Ended June 30, 2024
	Nine Months Ended September 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	~~139~~204		~~208~~294		~~217~~320		~~564~~818
Policy charges (1)	(6598)		—		(57)		(70105)
Surrenders and withdrawals	(6595)		(2030)		(~~153~~202)		(~~238~~327)
Benefit payments (4)	(5659)		(81116)		(140)		(~~138~~215)
Interest credited	2538		3029		2741		82108
Other (including foreign exchange)	~~(76)~~3		~~(27)~~20		(~~274~~223)		(~~377~~200)
Balance – end of period	$	1,~~778~~869	$	2,~~521~~608	$	2,~~313~~391	$	6,~~612~~868
Unearned revenue liability							~~675~~712
Other (5)							~~500~~556
Policyholders' account liability, per consolidated balance sheet							$	78,~~787~~136

(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.

	June 30
	September 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		%	23.93		%	2.87		%	21.56		%	2.97		%
Net amount at risk (2)	$	11,~~571~~474		$	1030		$	~~378~~366		$	1112,~~987~~648		$	—		$	~~454~~440
Cash Surrender Value	$	1,~~695~~747		$	1,~~774~~827		$	2,~~175~~264		$	1,~~611~~699		$	1,~~618~~691		$	2,~~013~~091

(1)Calculated using actual interest credited for the ~~six~~nine months ended ~~June~~September 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

	June 30, 2025
	September 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%	$	~~454~~480	$	—	$	4951	$	~~153~~177	$	~~656~~708
2.01% – 4.00%	~~247~~489		~~573~~317		~~352~~354		—		1,~~172~~160
Greater than 4.00%	1215		—		—		—		1215
Total	$	~~713~~984	$	~~573~~317	$	~~401~~405	$	~~153~~177	$	1,~~840~~883

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	June 30, 2024
	September 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%	$	~~436~~464	$	—	$	4247	$	6892	$	~~546~~603
2.01% – 4.00%	77249		~~424~~371		~~717~~633		—		1,~~218~~253
Greater than 4.00%	1413		—		—		—		1413
Total	$	~~527~~726	$	~~424~~371	$	~~759~~680	$	6892	$	1,~~778~~869

Annuities

	June 30, 2025
	September 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%	$	~~103~~118	$	—	$	1,~~647~~675	$	6676	$	1,~~816~~869
2.01% – 4.00%	~~880~~893		—		—		—		~~880~~893
Greater than 4.00%	—		—		—		—		—
Total	$	~~983~~1,011	$	—	$	1,~~647~~675	$	6676	$	2,~~696~~762

	June 30, 2024
	September 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%	$	~~732~~72	$	—	$	1,~~638~~645	$	147	$	21,~~371~~764
2.01% – 4.00%	~~150~~844		—		—		—		~~150~~844
Greater than 4.00%	—		—		—		—		—
Total	$	~~882~~916	$	—	$	1,~~638~~645	$	147	$	2,~~521~~608

Other policyholders' account balances

	June 30, 2025
	September 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%	$	~~377~~394	$	56	$	~~157~~153	$	~~435~~434	$	~~974~~987
2.01% – 4.00%	1,~~452~~517		52		—		—		1,~~504~~569
Greater than 4.00%	—		—		—		—		—
Total	$	1,~~829~~911	$	5758	$	~~157~~153	$	~~435~~434	$	2,~~478~~556

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	June 30, 2024
	September 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%	$	~~574~~349	$	—2	$	~~227~~214	$	~~513~~459	$	1,~~314~~024
2.01% – 4.00%	~~381~~1,317		~~618~~50		—		—		~~999~~1,367
Greater than 4.00%	—		—		—		—		—
Total	$	~~955~~1,666	$	~~618~~52	$	~~227~~214	$	~~513~~459	$	2,~~313~~391

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:

	June 30		June 30
	September 30		September 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	~~131~~103	$	~~100~~75
Mutual funds	6,~~268~~631		5,~~649~~844
Fixed maturities	8276		8577
Total	$	6,~~481~~810	$	5,~~834~~996

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

	Six Months Ended
	Nine Months Ended
	June 30
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573
Premiums and deposits	~~802~~1,081		~~576~~945
Policy charges	(79122)		(80118)
Surrenders and withdrawals	(~~494~~745)		(~~426~~666)
Benefit payments	(~~225~~345)		(~~208~~320)
Investment performance	~~(265)~~320		~~502~~625
Other (including foreign exchange)	~~511~~390		(~~103~~43)
Balance – end of period	$	6,~~481~~810	$	5,~~834~~996
Cash surrender value (1)	$	6,~~101~~327	$	5,~~625~~790

(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

Table of Contents

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:

	Six Months Ended
	Nine Months Ended
	June 30
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	69101		69106
Amortization	(3858)		(3654)
Other (including foreign exchange)	116		(3113)
Balance – end of period	$	~~753~~760	$	~~675~~712

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:

	Six Months EndedJune 30
	Nine Months EndedSeptember 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	4145		~~(87)~~10
Effect of market movements (1)	(50115)		(83147)
Effect of changes in volatilities	19		~~(13)~~9
Actual policyholder behavior different from expected behavior	2834		3155
Effect of timing and all other	(31)		(33)
Effect of changes in future expected policyholder behavior	101		87
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	599	$	564
Effect of timing and all other	(29)		(34)
Effect of changes in the instrument-specific credit risk	10		12
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	647	$	729
Balance – end of period	$	609	$	576
Effect of changes in the instrument-specific credit risk	19		19
Balance – end of period	$	666	$	748
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,~~479~~385	$	1,~~630~~595

(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 losses of $~~103~~197 million and $~~191~~258 million for the ~~six~~nine months ended ~~June~~September 30, 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~~In ~~MRB,~~the ~~Chubb~~third ~~estimates~~quarter ~~fair~~of ~~value~~2025 ~~using~~and an2024, ~~internal~~we ~~valuation~~completed ~~model which includes~~ a ~~number~~review of ~~factors~~policyholder ~~including~~behavior ~~interest~~related ~~rates~~to annuitizations, ~~equity~~partial ~~markets~~withdrawals, ~~credit risk~~lapses, ~~current~~and ~~account~~mortality ~~value,~~for ~~market~~our ~~volatility,~~variable ~~expected~~annuity ~~annuitization~~reinsurance ~~rates~~business. ~~and~~These ~~other~~refinements ~~policyholder~~resulted ~~behavior,~~in ~~and~~a ~~changes~~net inincrease ~~policyholder~~of ~~mortality.~~approximately ~~All~~$101 ~~reinsurance~~million ~~treaties~~and ~~contain~~$87 ~~claim~~million ~~limits~~to the MRB fair value, ~~which~~respectively, ~~are~~recognized ~~also~~as ~~factored~~a ~~into~~Market ~~the~~risk ~~valuation~~benefits ~~model~~loss.

•We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.

•We updated the annuitization assumptions to include an additional year of experience, refreshing treaty-based and age-based behavior assumptions.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Valuation Technique

Significant Unobservable Inputs

June 30, 2025

June 30, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.4

0.5% – 30.0%

4.3

Annuitization rate

0% – 100%

4.6

0% – 100%

4.3

•We updated the mortality and lapse assumptions to include an additional year of experience.

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.

Valuation Technique

Significant Unobservable Inputs

September 30, 2025

September 30, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.2

0.5% – 27.3%

3.4

Annuitization rate

0% – 100%

4.9

0% – 100%

4.6

(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.

12. Debt

a) Chubb INA ~~Senior~~senior ~~Notes~~notes

On August 6, 2025, Chubb INA issued $1.25 billion of 4.90 percent senior notes due August 2035.

These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb INA's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund.

Chubb INA's $800 million of 3.15 percent senior notes due March 2025 were paid upon maturity.

Chubb INA Term Loan

In 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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b) Foreign denominated debt

(i) Chubb INA CNY bonds

On August 6, 2025, Chubb INA issued a series of bonds denominated in Chinese yuan renminbi (CNY), guaranteed by Chubb Limited. The issuance comprises:

•1.0 billion CNY (approximately $139 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 2.50 percent bonds due 2030;

•1.5 billion CNY (approximately $209 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 2.75 percent bonds due 2035; and,

•2.0 billion CNY (approximately $279 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 3.05 percent bonds due 2055.

(ii) Chubb INA term loans

In July 2025, Chubb INA entered into a 2.1 billion Chinese yuan renminbi term loan (approximately $299 million based on the foreign exchange rate on the date of issuance) at 2.75 percent, due July 2028.

These term loans are guaranteed by Chubb Limited.

c) Commercial paper program

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

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:

				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)	$	45	$	(136)	$	4,386		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	6		(7)		909			—			(8)		449
Convertible securities (1)	FM AFS / ES	7		—		6			12			—		12
Total		$	58	$	(143)	$	5,301		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(31)	$	986		$	35		$	—	$	1,047
Other	OA / (AP)	7		(5)		379			—			(2)		211
Total		$	7	$	(36)	$	1,365		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	233	$	—	$	2,010		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	24		(223)		3,003			43			(116)		2,896
Total		$	257	$	(223)	$	5,013		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At June 30, 2025, and December 31, 2024, net derivative liabilities of $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.

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Chubb Limited and Subsidiaries

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:


				September 30, 2025								December 31, 2024
	Consolidated Balance Sheet Location	Fair Value				Notional Amount/ Payment Provision			Fair Value					Notional Amount/ Payment Provision
(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)	$	18	$	(169)	$	4,695		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	4		(4)		1,096			—			(8)		449
Convertible securities (1)	FM AFS / ES	7		—		7			12			—		12
Total		$	29	$	(173)	$	5,798		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(11)	$	909		$	35		$	—	$	1,047
Other	OA / (AP)	5		(5)		435			—			(2)		211
Total		$	5	$	(16)	$	1,344		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	216	$	—	$	2,048		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	45		(183)		3,014			43			(116)		2,896
Total		$	261	$	(183)	$	5,062		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At September 30, 2025, and December 31, 2024, net derivative liabilities of $84 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

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) 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~~September 30, 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:

	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

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	Three Months Ended				Nine Months Ended
	September 30				September 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Gain (loss) recognized in OCI	$	(17)	$	42	$	98	$	(12)
Net realized gain (loss) reclassified from OCI	(9)		63		229		14
Interest expense reclassified from OCI	(5)		(3)		(14)		(11)
OCI gain (loss) after reclassifications	$	(3)	$	(18)	$	(117)	$	(15)

(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.

Foreign denominated debt

~~In April 2025,~~ Chubb designated its ~~CNH1.8~~foreign ~~billion~~denominated ~~term~~Chinese ~~loan,~~yuan orrenminbi ~~approximately~~bonds ~~$254~~and ~~million~~term asloans ofissued ~~June~~in ~~30,~~ 2025, as a non-derivative net investment ~~hedge~~hedges 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. The carrying amount of non-derivative debt instruments designated as net investment hedges was $1.2 billion at September 30, 2025. Refer to Note 12 to the Consolidated Financial Statements for more information.

34The following table presents the OCI impact of derivative and non-derivative net investment hedges:


	Three Months Ended				Nine Months Ended
	September 30				September 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Cross-currency swaps:
Gain (loss) recognized in OCI	$	61	$	(98)	$	(53)	$	(25)
Interest income reclassified from OCI	8		5		23		11
Total cross currency swaps	53		(103)		(76)		(36)
Foreign denominated debt:
Gain (loss) recognized in OCI	(11)		—		(17)		—
Total OCI gain (loss) after reclassifications	$	42	$	(103)	$	(93)	$	(36)

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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				~~Six~~Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	~~147~~(82)	$	~~(28)~~52	$	~~133~~51	$	(8028)
Options/Futures/Forward contracts on notes and bonds	7(3)		12		(25)		1830
Convertible securities (1)	—		~~(1)~~2		—		24
Total investment and embedded derivative instruments	$	~~154~~(85)	$	~~(17)~~66	$	~~131~~46	$	~~(60)~~6
Other derivative instruments:
Futures contracts on equities (2)	$	(8959)	$	(2141)	$	(3594)	$	(~~116~~157)
Other	(29)		(32)		(514)		(57)
Total other derivative instruments	$	(9168)	$	(2443)	$	(40108)	$	(~~121~~164)
Total	$	63(153)	$	~~(41)~~23	$	91(62)	$	(~~181~~158)

(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
	June 30, 2025		December 31, 2024
	September 30, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	~~695~~986	$	557
U.S. and local government securities	~~161~~143		148
Non-U.S.	~~1,001~~635		663
Corporate and asset-backed securities	7434		49
Equity securities	10101		28
Total	$	1,~~941~~899	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,~~941~~899	$	1,445

At ~~June~~September 30, 2025, and December 31, 2024, our repurchase agreement obligations of $3,~~059~~360 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
	June 30, 2025								December 31, 2024
	September 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	$	—	$	21	$	—	$	21	$	—	$	19	$	2	$	21
Non-U.S.	1,~~205~~544		—		—		1,~~205~~544		1,387		—		—		1,387
U.S. and local government securities	—		—104		—		—104		—		—		104		104
Mortgage-backed securities	~~977~~969		~~923~~944		2518		1,~~925~~931		—		454		924		1,378
Total	$	2,~~182~~513	$	~~925~~1,049	$	2518	$	3,~~132~~580	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements							$	3,~~059~~360							$	2,731
Difference (1)							$	73220							$	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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e) Fixed maturities

At ~~June~~September 30, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $1.4 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 ~~June~~September 30, 2025, private equities with a carrying value of $16.04 billion had commitments that could require funding of up to $6.94 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 ~~June~~September 30, 2025, $7776 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 ~~June~~September 30, 2025, and December 31, 2024, the right-of-use asset was $1,044 million and $824 million, respectively, recorded within Other assets, and the lease liability was $1,~~177~~183 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.

14. 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 ~~June~~September 30, 2025, our Common Shares had a par value of CHF 0.50 per share.

At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.64 per share and $3.44 per share, respectively, which were paid in four quarterly installments of $0.91 and $0.86 per 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.

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The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

	Three Months Ended						~~Six~~Nine Months Ended
	June 30						June 30
	September 30						September 30
	2025			2024			2025			2024
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.8178	$	0.97	0.8278	$	0.91	12.6240	$	12.8885	12.5735	$	12.7768

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. At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased 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 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 ~~six~~nine months ended ~~June~~September 30, 2025, 38,~~685~~121,~~509~~824 shares were repurchased, 7,518,565 shares were canceled, and 1,~~642~~742,~~634~~599 net shares were issued under employee share-based compensation plans. At ~~June~~September 30, 2025, 1317,~~446~~782,~~633~~983 Common Shares remain in treasury.

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~~Nine Months Ended				October 1, 2025 through October 24, 2025
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars, except share data)	2025		2024		2025		2024
Number of shares repurchased	24,~~339~~436,~~727~~315		21,~~254~~441,~~236~~607		38,~~685~~121,~~509~~824		34,~~474~~915,~~357~~964		1,000,000
Cost of shares repurchased	$	~~676~~1,232	$	~~570~~413	$	12,~~061~~293	$	~~886~~1,299	$	282
Repurchase authorization remaining at end of period (1)	$	—	$	2,808	$	—	$	2,808
Repurchase authorization remaining at end of period	$	3,783	$	2,400	$	3,783	$	2,400	$	3,502

(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				~~Six~~Nine Months Ended
	June 30				June 30
	September 30				September 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	$	(32,~~704~~772)	$	(45,~~825~~301)	$	(4,552)	$	(4,177)
Change in period, before reclassification from AOCI (before tax)	~~918~~837		~~(484)~~3,419		12,~~761~~598		(12,~~280)~~139
Amounts reclassified from AOCI (before tax)	6831		~~(5)~~40		~~126~~157		~~114~~154
Change in period, before tax	~~986~~868		~~(489)~~3,459		12,~~887~~755		(12,~~166)~~293
Income tax (expense) benefit	(50)		7		(111)		49
Income tax expense	(52)		(198)		(163)		(149)
Total other comprehensive income (loss)	936		(482)		1,776		(1,117)
Total other comprehensive income	816		3,261		2,592		2,144
Noncontrolling interests, net of tax	4(16)		~~(6)~~2		(420)		79
Balance – end of period, net of tax	(21,~~772~~940)		(52,~~301~~042)		(21,~~772~~940)		(52,~~301~~042)

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	Three Months Ended				~~Six~~Nine Months Ended
	June 30				June 30
	September 30				September 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~~746)		1166		(539)		51
Change in period, before tax	~~(130)~~305		53(672)		~~(252)~~53		—(672)
Income tax (expense) benefit	9		(2)		21		(22)
Income tax benefit	26		36		47		14
Total other comprehensive income (loss)	~~(121)~~331		51(636)		~~(231)~~100		(22658)
Noncontrolling interests, net of tax	~~(20)~~47		(443)		~~(24)~~23		(3780)
Balance – end of period, net of tax	(~~746~~462)		66(527)		(~~746~~462)		66(527)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(1312)		(1713)		(16)		(22)
Change in period, before tax	1(9)		5(8)		5(4)		102
Income tax expense	—		(1)		(1)		(1)
Income tax benefit	2		1		1		—
Total other comprehensive income	1		4		4		9
Total other comprehensive income (loss)	(7)		(7)		(3)		2
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(1219)		(1320)		(1219)		(1320)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(32,~~685~~919)		(23,~~864~~342)		(4,025)		(2,945)
Change in period, before reclassification from AOCI (before tax)	~~803~~136		~~(527)~~450		1,~~170~~306		~~(444)~~6
Amounts reclassified from AOCI (before tax)	(78)		(35)		(1523)		(611)
Change in period, before tax	~~796~~128		~~(530)~~445		1,~~155~~283		(~~450~~5)
Income tax (expense) benefit	3(17)		197		(926)		1219
Total other comprehensive income (loss)	799		(511)		1,146		(438)
Total other comprehensive income	111		452		1,257		14
Noncontrolling interests, net of tax	3349		~~(33)~~62		4089		~~(41)~~21
Balance – end of period, net of tax	(2,~~919~~857)		(32,~~342~~952)		(2,~~919~~857)		(32,~~342~~952)
Fair value hedging instruments
Balance – beginning of period, net of tax	(2240)		13(11)		50		(13)
Change in period, before reclassification from AOCI (before tax)	~~141~~(17)		~~(46)~~42		~~115~~98		(5412)
Amounts reclassified from AOCI (before tax)	~~(164)~~14		16(60)		(~~229~~215)		57(3)
Change in period, before tax	(233)		(3018)		(~~114~~117)		3(15)
Income tax (expense) benefit	5		6		24		(1)
Income tax benefit	—		4		24		3
Total other comprehensive income (loss)	(18)		(24)		(90)		2
Total other comprehensive loss	(3)		(14)		(93)		(12)
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(4043)		(1125)		(4043)		(1125)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	~~434~~431		~~296~~297		438		297
Change in period, before tax	(3)		(1)		(710)		(12)
Income tax benefit	—1		—		—1		1
Total other comprehensive income (loss)	(3)		1		(7)		—
Total other comprehensive loss	(2)		(1)		(9)		(1)
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	~~431~~429		~~297~~296		~~431~~429		~~297~~296
Accumulated other comprehensive loss	$	(64,~~058~~892)	$	(85,~~304~~270)	$	(64,~~058~~892)	$	(85,~~304~~270)

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

	Three Months Ended				~~Six~~Nine Months Ended				Consolidated Statement of Operations Location
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities available-for-sale	$	(6831)	$	5(40)	$	(~~126~~157)	$	(~~114~~154)	Net realized gains (losses)
Income tax benefit	3		12		28		24		Income tax expense
Income tax (expense) benefit	(11)		17		17		41		Income tax expense
	$	(6542)	$	17(23)	$	(98140)	$	(90113)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	78	$	35	$	1523	$	611	Interest expense
Income tax expense	(12)		—(1)		(35)		(12)		Income tax expense
	$	6	$	34	$	1218	$	59	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	~~169~~(9)	$	~~(12)~~63	$	~~238~~229	$	~~(49)~~14	Net realized gains (losses)
Cross-currency swaps	(5)		(43)		(914)		(811)		Interest expense
Income tax (expense) benefit	~~(34)~~3		3(12)		(4845)		12—		Income tax expense
	$	~~130~~(11)	$	~~(13)~~48	$	~~181~~170	$	~~(45)~~3	Net income
Total amounts reclassified from AOCI	$	71(47)	$	729	$	9548	$	(~~130~~101)

15. 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 $74.6475 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 619,298 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and 289,620 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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16. 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 June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Three Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	32	$	—	$	—
Non-service cost (benefit):
Interest cost	3334		9		3433		9		1—		—
Expected return on plan assets	(62)		(1415)		(61)		(1213)		(1)		~~(1)~~—
Amortization of net actuarial (gain) loss	(2)		—1		~~(1)~~—		—		~~(1)~~—		—(1)
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—1		—		—		—
Total non-service cost (benefit)	(3130)		(5)		(2827)		(34)		(1)		(1)
Net periodic benefit cost (benefit)	$	(3130)	$	(3)	$	(2827)	$	—(2)	$	(1)	$	(1)

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Six Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Nine Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	46	$	—	$	57	$	—	$	—
Non-service cost (benefit):
Interest cost	67101		1827		67100		1827		1		1
Expected return on plan assets	(~~125~~187)		(2742)		(~~122~~183)		(2538)		(12)		(2)
Amortization of net actuarial (gain) loss	(46)		—1		(1)		1		(2)		(12)
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—1		—		—		—
Total non-service cost (benefit)	(6292)		(914)		(5683)		(610)		(23)		(23)
Net periodic benefit cost (benefit)	$	(6292)	$	(58)	$	(5683)	$	(13)	$	(23)	$	(23)

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The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows:

	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended June 30	2025		2024		2025		2024
Three Months Ended September 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		32		—		—
Total service cost	2		32		—		—
Non-service cost (benefit):
Losses and loss expenses	(43)		(3)		—		—
Administrative expenses	(32)		(28)		(1)		(1)
Total non-service cost (benefit)	(3635)		(31)		(1)		(1)
Net periodic benefit cost (benefit)	$	(3433)	$	(2829)	$	(1)	$	(1)

	Pension Benefit Plans				Other Postretirement Benefit Plans
Six Months Ended June 30	2025		2024		2025		2024
Nine Months Ended September 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	46		57		—		—
Total service cost	46		57		—		—
Non-service cost (benefit):
Losses and loss expenses	(710)		(69)		—		—
Administrative expenses	(6496)		(5684)		(23)		(23)
Total non-service cost (benefit)	(71106)		(6293)		(23)		(23)
Net periodic benefit cost (benefit)	$	(67100)	$	(5786)	$	(23)	$	(23)

17. Other income and expense

	Three Months Ended				~~Six~~Nine Months Ended
	June 30				June 30
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Equity in net income (loss) of partially-owned entities	$	~~657~~40	$	94343	$	~~739~~779	$	~~278~~621
Gains (losses) from fair value changes in separate account assets	(129)		11(30)		(2231)		21(9)
Asset management and performance fee revenue	5761		5753		~~113~~174		~~110~~163
Asset management and performance fee expense	(3941)		(3534)		(72113)		(68102)
Federal excise and capital taxes	(67)		(57)		(1118)		(916)
Other	(21)		~~(12)~~—		(910)		(31)
Total	$	~~655~~43	$	~~110~~325	$	~~738~~781	$	~~301~~626

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of

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$~~540~~(84) million and $~~513~~429 million for the three and ~~six~~nine months ended ~~June~~September 30, 2025, respectively, and $4211 million and $~~107~~318 million, respectively, for the prior year periods.

Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.

Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.

Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

18. Segment information

Chubb operates through six 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. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:

•Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and

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the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Three Months EndedJune 30, 2025(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

GlobalReinsurance

Life Insurance

Total

For the Three Months EndedSeptember 30, 2025(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

GlobalReinsurance

Life Insurance

Total

Net premiums written

5,~~723~~663

1,~~938~~814

~~733~~1,458

3,~~620~~695

~~380~~304

1,~~802~~932

14,~~196~~866

Net premiums earned

5,~~177~~080

1,~~681~~741

~~598~~1,495

3,~~542~~803

~~338~~315

1,~~789~~925

1314,~~125~~359

Losses and loss expenses

3,~~258~~083

~~822~~713

~~483~~1,224

1,~~789~~707

~~132~~139

2031

Policy benefits

—

~~129~~119

—

1,~~249~~303

Policy acquisition costs

~~705~~708

~~332~~339

4886

~~913~~975

9896

~~319~~359

Administrative expenses

~~357~~348

~~369~~368

109

~~199~~213

Underwriting income

~~857~~941

~~445~~607

65180

~~342~~634

9871

Net investment income

~~938~~978

~~118~~123

1920

~~278~~288

85100

~~274~~284

Other (income) expense

810

—1

—

(3731)

Amortization of purchased intangibles

1920

—

810

Segment income

1,~~785~~908

~~561~~727

78194

~~596~~894

~~183~~171

~~305~~324

34,~~508~~218

Net realized gains (losses)

~~160~~283

Market risk benefits gains (losses)

(17142)

Interest expense

~~181~~197

Integration expenses

Corporate underwriting loss

(~~176~~174)

Corporate net investment loss

(2918)

Corporate other (income) expense

~~(528)~~87

Corporate amortization of purchased intangibles

3736

Other reclassification

~~(38)~~48

Income before income tax

3,~~716~~894

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Three Months EndedJune 30, 2024(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

GlobalReinsurance

Life Insurance

Total

For the Three Months EndedSeptember 30, 2024(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

GlobalReinsurance

Life Insurance

Total

Net premiums written

5,~~501~~500

1,~~776~~679

~~758~~1,379

3,~~334~~367

~~411~~352

1,~~580~~552

13,~~360~~829

Net premiums earned

45,~~900~~110

1,~~512~~577

~~626~~1,419

3,~~347~~421

~~339~~316

1,~~568~~530

1213,~~292~~373

Losses and loss expenses

3,~~074~~391

~~876~~879

~~543~~1,193

1,~~671~~631

~~155~~200

2232

Policy benefits

—

92120

—

~~1,031~~989

Policy acquisition costs

~~660~~689

~~299~~315

4588

~~842~~852

8089

~~300~~291

Administrative expenses

~~327~~338

~~348~~340

119

~~218~~213

Underwriting income

~~839~~692

~~249~~295

35136

~~394~~478

9318

Net investment income

~~863~~931

~~108~~112

2120

~~283~~286

5864

~~258~~250

Other (income) expense

156

~~(2)~~1

—1

—

(3239)

Amortization of purchased intangibles

—2

2021

—

1110

Segment income

1,~~687~~615

~~357~~403

49150

~~653~~738

~~151~~82

~~276~~284

3,~~173~~

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