Financial Analysis

"Debt December 31 December 31 (in millions of U.S. dollars) 2025 2024 Early Redemption Option Short-term debt Chubb INA: $800 million 3.15% senior notes due March 2025 $ $ 800 Make-whole premium plus 15 bps $1,500 million 3.35% senior notes due May 2026 1,499 Make-whole premium plus 20 bps Total short-term debt $ 1,499 $ 800 Long-term debt Chubb INA: $1,500 million 3.35% senior notes due May 2026 $ $ 1,498 Make-whole premium plus 20 bps 575 million 0.875% senior notes due June 2027 671 604 Make-whole premium plus 20 bps 900 million 1.55% senior notes due March 2028 1,050 944 Make-whole premium plus 15 bps CNH1,830 million 2.85% term loan due April 2028 259 Make-whole premium, no add'l bps CNH2,145 million 2.75% term loan due July 2028 304 Make-whole premium, no add'l bps $100 million 8.875% debentures due August 2029 100 100 None $700 million 4.65% senior notes due August 2029 696 695 Make-whole premium plus 15 bps 700 million 0.875% senior notes due December 2029 816 734 Make-whole premium plus 20 bps CNH1,000 million 2.5% bonds due August 2030 140 Make-whole premium plus 15 bps $1,000 million 1.375% senior notes due September 2030 996 995 Make-whole premium plus 15 bps 575 million 1.4% senior notes due June 2031 669 601 Make-whole premium plus 25 bps $200 million 6.8% debentures due November 2031 223 227 Make-whole premium plus 25 bps $1,600 million 5.0% senior notes due March 2034 1,589 1,588 Make-whole premium plus 15 bps CNH1,500 million 2.75% bonds due August 2035 211 M …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Share-based compensation Chubb has share-based compensation plans which currently provide the Board the ability to grant awards of stock options, restricted stock, and restricted stock units to its employees and members of the Board. In May 2021, our shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP). Under the Amended 2016 LTIP, Common Shares of Chubb are authorized to be issued pursuant to awards, including incentive and non-qualified stock options, stock appreciation rights, performance shares, performance stock units, restricted stock, and restricted 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 principally issues restricted stock grants and stock options on a graded vesting schedule, with equal percentages of the award subject to vesting over a number of years (typically three or four). Chubb recognizes compensation cost for vesting of restricted stock and stock option grants with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in-substance, multiple awards. We incorporate an estimate of future forfeitures in determining compensation cost for both grants of restricted stock and stock options. In additio …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 managements 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 managemen …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill, Value of business acquired, and Other intangible assets 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, 2023 $ 6,946 $ 2,231 $ 134 $ 5,262 $ 371 $ 4,742 $ 19,686 Acquisition of Healthy Paws 256 256 Measurement-Period Adjustments 65 65 Foreign exchange revaluation (34) (13) (215) (166) (428) 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 23 8 300 114 445 Balance at December 31, 2025 (1) $ 7,191 $ 2,226 $ 134 $ 5,530 $ 371 $ 4,755 $ 20,207 (1) Includes $464 million attributable to noncontrolling interests. Value of business acquired (VOBA) The following table presents a roll-forward of VOBA: Year Ended December 31 (in millions of U.S. dollars) 2025 2024 2023 Balance, beginning of year $ 3,223 $ 3,674 $ 3,702 Consolidation of Huatai Group 309 Amortization of VOBA (1) (224) (240) (281) Foreign exchange revaluation and other (24) (211) (56) Balance, end of year $ 2,975 $ 3,223 $ 3,674 (1) Recognized in Policy acquisition costs in the Consolidated statements of operations. The following table presents, as of December 31, 2025, the expected estimated pre …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Taxation Under Swiss law a resident company is subject to income tax at the federal, cantonal, and communal levels that is levied on net worldwide income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Furthermore, participation relief (i.e., tax relief) is granted to Chubb Limited at the federal, cantonal, and communal level for qualifying dividend income. Chubb Limited is subject to an annual cantonal and communal capital tax on the taxable equity of Chubb Limited in Switzerland. Chubb has two Swiss operating subsidiaries, an insurance company, Chubb Insurance (Switzerland) Limited and a reinsurance company, Chubb Reinsurance (Switzerland) Limited. Both are subject to federal, cantonal, and communal income tax and to annual cantonal and communal capital tax. Under Bermuda law prior to 2025, Chubb Limited and its Bermuda subsidiaries were not required to pay any taxes on income or capital gains. However, on December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act of 2023 which established a 15 percent income tax on net taxable income of Bermuda entities effective January 1, 2025. Income from Chubb's operations at Lloyd's is subject to United Kingdom (U.K.) corporation income taxes. Lloyd's is required to pay U.S. income tax on U.S. connected income written by Lloyd's syndicates. Lloyd's has a closing agreement with the Internal Revenue Service (IRS) whereby the amount of tax due on t …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

New accounting pronouncements Accounting guidance adopted in 2025 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. We prospectively adopted this disclosure-only guidance for our annual 2025 reporting, and modified the presentation of our taxation disclosures. Refer to Note 12 for additional information. Accounting guidance not yet adopted 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.

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Postretirement benefits Chubb provides postretirement benefits to eligible employees and their dependents through various defined contribution plans sponsored by Chubb. In addition, for certain employees, Chubb sponsors other postretirement benefit plans and defined benefit pension plans. Defined contribution plans (including 401(k)) Under these plans, employees' contributions may be supplemented by Chubb matching contributions based on the level of employee contribution. These contributions are invested at the election of each employee in one or more of several investment portfolios offered by a third-party investment advisor. Expenses for these plans totaled $317 million, $298 million, and $283 million for the years ended December 31, 2025, 2024, and 2023, respectively. Defined benefit pension plans We maintain non-contributory defined benefit pension plans that cover certain employees located in the U.S., U.K., Canada, and various other statutorily required countries. We account for pension benefits using the accrual method. Benefits under these plans are based on employees' years of service and compensation during final years of service. All underlying plans are subject to periodic actuarial valuations by qualified actuarial firms using actuarial models to calculate the expense and liability for each plan. We use December 31 as the measurement date for our defined benefit pension plans. Under the Chubb Corp plans, prior to 2001, benefits were generally based on an employe …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Related party transactions ABR Re At December 31, 2025 , we owned 19.1 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb is the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. serves as an investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Res reinsuring a wide range of Chubbs primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re. In connection with this arrangement with BlackRock, Inc., we recorded income of $3 million, $12 million, and $8 million in 2025 , 2024 , and 2023 , respectively, which is recorded in Other (income) expense on the Consolidated statements of operations. ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Res mo …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

Segment information Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insuran ce, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agen cies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Effective July 1, 2023, the results of Huatais life and asset management businesses, included within the Life Insurance segment, and the results of Huatais P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatais results prior to July 1, 2023, were included net within Other (income) expense based on our ownership interest as required under equity method accounting. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand. The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts; Commercial Insurance, including Small & Lower Midmarket; Ch …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders equity a) Common Shares All of Chubbs 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, we are generally prohibited from issuing Common Shares below their par value. If there were a need to raise common equity at a time when the trading price of Chubb's Common Shares is below par value, we would need in advance to obtain shareholder approval to decrease the par value of the Common Shares. Dividend approval 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 annual 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 the 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.97 per share, have been declared by the Board and distributed as expected. 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 sh …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

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 Postretirement Benefit Plans 2026 2025 2026 2025 Three Months Ended June 30 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ $ 3 $ $ 2 $ $ Non-service cost (benefit): Interest cost 31 9 33 9 1 1 Expected return on plan assets (67) (16) (62) (14) (1) Amortization of net actuarial (gain) loss (3) (1) (2) (1) Amortization of prior service cost Settlements Total non-service cost (benefit) (39) (8) (31) (5) 1 (1) Net periodic benefit cost (benefit) $ (39) $ (5) $ (31) $ (3) $ 1 $ (1) Pension Benefit Plans Other Postretirement Benefit Plans 2026 2025 2026 2025 Six Months Ended June 30 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ $ 5 $ $ 4 $ $ Non-service cost (benefit): Interest cost 62 18 67 18 1 1 Expected return on plan assets (135) (32) (125) (27) (1) Amortization of net actuarial (gain) loss (6) (1) (4) (2) Amortization of prior service cost Settlements Total non-service cost (benefit) (79) (15) (62) (9) 1 (2) Net periodic benefit cost (benefit) $ (79) $ (10) $ (62) $ (5) $ 1 $ (2) 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 follow …

CompensationAndEmployeeBenefitPlansTextBlock · excerpt; the full note is in the filing

Debt a) Chubb INA senior unsecured notes In March 2026, Chubb INA issued CHF200 million (approximately $254 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032. Chubb INA's $1.5 billion of 3.35 percent senior unsecured notes due May 2026 were paid upon maturity. In May 2026, Chubb INA issued a series of senior unsecured notes denominated in Chinese yuan renminbi (CNH) comprising: CNH2.5 billion (approximately $367 million based on the foreign exchange rate at the date of issuance) of 2.40 percent senior unsecured notes due 2031; and CNH1.5 billion (approximately $220 million based on the foreign exchange rate at the date of issuance) of 2.85 percent senior unsecured notes due 2036. In May 2026, Chubb INA issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036. In June 2026, Chubb INA issued a series of senior unsecured notes denominated in Canadian dollar (CAD) comprising: CAD400 million (approximately $286 million based on the foreign exchange rate at the date of issuance) of 3.780 percent senior unsecured notes due 2031; and CAD400 million (approximately $286 million based on the foreign exchange rate at the date of issuance) of 4.034 percent senior unsecured notes due 2033. In June 2026, the 575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt. Chubb INA's senior unsecured notes are guaranteed on a seni …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

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 2, 2026, Chubb granted 1,070,510 stock options with a weighted-average grant date fair value of $87.84 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 goo …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

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 managements 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 managemen …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

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, 2025 $ 7,191 $ 2,226 $ 134 $ 5,530 $ 371 $ 4,755 $ 20,207 Measurement-period adjustments (7) (7) Foreign exchange revaluation (6) (2) 53 98 143 Balance at June 30, 2026 (1) $ 7,185 $ 2,224 $ 134 $ 5,576 $ 371 $ 4,853 $ 20,343 (1) Includes $426 million attributable to noncontrolling interests. …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

New Accounting Pronouncements Accounting guidance not yet adopted 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.

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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 ope …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Shareholders equity All of Chubbs 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 30, 2026, our Common Shares had a par value of CHF 0.50 per share. At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, expected to be paid in four quarterly installments of $1.02 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 2027 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. At our May 2025 and 2024 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.88 per share and $3.64 per share, respectively, which were paid in four quarterly installments of $0.97 and $0.91 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distri …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing