Chubb Ltd (CB)

CIK: 0000896159. SIC: 6331 Fire, Marine & Casualty Insurance. Latest 10-K as of: 2026-02-27.

SIC breadcrumb: Finance, Insurance, And Real Estate > Insurance Carriers > SIC 6331 Fire, Marine & Casualty Insurance

SEC company page: https://www.sec.gov/edgar/browse/?CIK=896159. Latest filing source: 0000896159-26-000005.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-27. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000896159.json. Derived margins are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Missing metrics are omitted rather than fabricated.

Financial Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance

Latest 10-K MD&A

Extracted between Item 7 and the next Item 7A/8 heading after HTML sanitization. Confidence: high. Filing date: 2026-02-27. Report date: 2025-12-31.

ITEM 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our financial condition and results of operations for the years ended December 31, 2025 and 2024, and comparisons between 2025 and 2024. This discussion should be read in conjunction with the Consolidated Financial Statements and related Notes, under Item 8 of this Form 10-K. Comparisons between 2024 and 2023 have been omitted from this Form 10-K, but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, 2024.

All comparisons in this discussion are to the prior year unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

MD&A Index

Page

Forward-Looking Statements

37

Critical Accounting Estimates

39

Consolidated Operating Results

49

Segment Operating Results

52

Effective Income Tax Rate

61

Net Realized and Unrealized Gains (Losses)

62

Non-GAAP Reconciliation

63

Net Investment Income

67

Interest Expense

67

Amortization of Purchased Intangibles and Other Amortization

67

Investments

68

Asbestos and Environmental (A&E)

72

Catastrophe Management

73

Global Property Catastrophe Reinsurance Program

75

Political Risk and Credit Insurance

75

Crop Insurance

76

Liquidity

77

Capital Resources

80

Ratings

82

Information provided in connection with outstanding debt of subsidiaries

83

Credit Facilities

84

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Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to:

•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete;

•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;

•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;

•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events;

•the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;

•severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic;

•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;

•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries;

•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery;

•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;

•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;

•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization;

•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;

•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;

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•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and

•management’s response to these factors and actual events (including, but not limited to, those described above).

The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise.

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Critical Accounting Estimates

Our Consolidated Financial Statements include amounts that, either by their nature or due to requirements of generally accepted accounting principles in the U.S. (U.S. GAAP), are determined using best estimates and assumptions. While we believe that the amounts included in our Consolidated Financial Statements reflect our best judgment, actual amounts could ultimately materially differ from those currently presented. We believe the items that require the most subjective and complex estimates are:

•unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures;

•future policy benefits reserves;

•the valuation of value of business acquired (VOBA);

•the assessment of risk transfer for certain structured insurance and reinsurance contracts;

•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;

•the valuation of our investment portfolio and assessment of valuation allowance for expected credit losses;

•the valuation of deferred income taxes; and

•the assessment of goodwill for impairment.

We believe our accounting policies for these items are of critical importance to our Consolidated Financial Statements. The following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled: Prior Period Development, Asbestos and Environmental (A&E), Reinsurance Recoverable on Ceded Reinsurance, and Investments, under item 8 and Net Realized and Unrealized Gains (Losses), under item 7.

Unpaid losses and loss expenses

As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

The following table presents a roll-forward of our unpaid losses and loss expenses:

December 31, 2025

December 31, 2024

(in millions of U.S. dollars)

Gross Losses

Reinsurance Recoverable (1)

Net Losses

Gross Losses

Reinsurance Recoverable (1)

Net Losses

Balance, beginning of year

$

84,004 

$

17,734 

$

66,270 

$

80,122 

$

17,884 

$

62,238 

Losses and loss expenses incurred

33,310 

6,610 

26,700 

32,534 

6,512 

26,022 

Losses and loss expenses paid

(30,575)

(6,282)

(24,293)

(27,970)

(6,467)

(21,503)

Other (including foreign exchange translation)

1,279 

284 

995 

(682)

(195)

(487)

Balance, end of year

$

88,018 

$

18,346 

$

69,672 

$

84,004 

$

17,734 

$

66,270 

(1)Net of valuation allowance for uncollectible reinsurance.

The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses). Our loss reserves comprise approximately 76 percent casualty-related business, which typically encompasses long-tail risks, and other risks where a high degree of judgment is required.

The process of establishing loss reserves for property and casualty claims can be complex and is subject to considerable uncertainty as it requires the use of informed estimates and judgments based on circumstances underlying the insured losses

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known at the date of accrual. For example, the reserves established for high excess casualty claims, asbestos and environmental claims, claims from major catastrophic events, or for our various product lines each require different assumptions and judgments to be made. The effects of inflation create additional uncertainty, while climate change could, over time, add new uncertainties to the loss reserving process.

Necessary judgments are based on numerous factors and may be revised as additional experience and other data become available and are reviewed, as new or improved methods are developed, or as laws change. Hence, ultimate loss payments may differ from the estimate of the ultimate liabilities made at the balance sheet date. Changes to our previous estimates of prior period loss reserves impact the reported calendar year underwriting results adversely if our estimates increase or favorably if our estimates decrease. The potential for variation in loss reserve estimates is impacted by numerous factors. Reserve estimates for casualty lines are particularly uncertain given the lengthy reporting patterns and corresponding need for IBNR.

Case reserves for those claims reported by insureds or ceding companies to us prior to the balance sheet date and where we have sufficient information are determined by our claims personnel as appropriate based on the circumstances of the claim(s), standard claim handling practices, and professional judgment. Furthermore, for our Brandywine run-off operations and our assumed reinsurance operation, Global Reinsurance, we may adjust the case reserves as notified by the ceding company if the judgment of our respective claims department differs from that of the cedant.

With respect to IBNR reserves and those claims that have been incurred but not reported prior to the balance sheet date, there is, by definition, limited actual information to form the case reserve estimate and reliance is placed upon historical loss experience and actuarial methods to estimate the ultimate loss obligations and the corresponding amount of IBNR. IBNR reserve estimates are generally calculated by first projecting the ultimate amount of losses for a product line and subtracting paid losses and case reserves for reported claims. The judgments involved in projecting the ultimate losses may pertain to the use and interpretation of various standard actuarial reserving methods that place reliance on the extrapolation of actual historical data, loss development patterns, industry data, and other benchmarks, as appropriate. The estimate of the required IBNR reserve also requires judgment by actuaries and management to reflect the impact of more contemporary and subjective factors, both qualitative and quantitative. Among some of these factors that might be considered are changes in business mix or volume, changes in ceded reinsurance structures, changes in claims handling practices, reported and projected loss trends, inflation, the legal environment, and the terms and conditions of the contracts sold to our insured parties.

Determining management's best estimate

Our recorded reserves represent management's best estimate of the provision for unpaid claims as of the balance sheet date, and establishing them involves a process that includes collaboration with various relevant parties in the company. For information on our reserving process, refer to Note 8 to the Consolidated Financial Statements.

Sensitivity to underlying assumptions

While we believe that our reserve for unpaid losses and loss expenses at December 31, 2025, is adequate, new information or emerging trends that differ from our assumptions may lead to future development of losses and loss expenses that is significantly greater or less than the recorded reserve, which could have a material effect on future operating results. As noted previously, our best estimate of required loss reserves for most portfolios is judgmentally selected for each origin year after considering the results from a number of reserving methods and is not a purely mechanical process. Therefore, it is difficult to convey, in a simple and quantitative manner, the impact that a change to a single assumption will have on our best estimate. In the examples below, we attempt to give an indication of the potential impact by isolating a single change for a specific reserving method that would be pertinent in establishing the best estimate for the product line described. We consider each of the following sensitivity analyses to represent a reasonably likely deviation in the underlying assumption.

North America Commercial P&C Insurance - Workers' Compensation

Given the long reporting and paid development patterns for workers' compensation business, the development factors used to project actual current losses to ultimate losses for our current exposure require considerable judgment that could be material to consolidated loss and loss expense reserves. Specifically, adjusting ground up ultimate losses by a one percentage point change in the tail factor (i.e., 1.04 changed to either 1.05 or 1.03) would cause a change of approximately $1.1 billion, either positive or negative, for the projected net loss and loss expense reserves. This represents an impact of about 11.1 percent relative to recorded net loss and loss expense reserves of approximately $10.0 billion.

North America Commercial P&C Insurance – Liability

As is the case for Workers’ Compensation above, given the long reporting and paid development patterns, the development factors used to project actual current losses to ultimate losses for our current exposure require considerable judgment that could

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be material to consolidated loss and loss expense reserves. Specifically, for our main U.S. Excess/Umbrella portfolios, a five percentage point change in the tail factor (e.g., 1.10 changed to either 1.15 or 1.05) would cause a change of approximately $0.9 billion, either positive or negative, for the projected net loss and loss expense reserves. This represents an impact of about 18 percent relative to recorded net loss and loss expense reserves of approximately $4.9 billion for these portfolios.

The reserve portfolio for our Chubb Bermuda operations contains exposure to high excess liability, D&O and other professional liability coverage (typically with attachment points in excess of $100 million and gross limits of up to $150 million). Due to the layer of exposure covered, the expected frequency for this book is very low. As a result of the low frequency/high severity nature of the book, a small difference in the actual vs. expected claim frequency, either positive or negative, could result in a material change to the projected ultimate loss if such change in claim frequency was related to a policy where significant limits were deployed.

North America Personal P&C Insurance

Due to the relatively short-tailed nature of many of the coverages involved (e.g., homeowners property damage), most of the incurred losses in Personal Lines are resolved within a few years of occurrence. As shown in our loss triangle disclosure, the vast majority (over 90 percent) of Personal Lines net ultimate losses and allocated loss adjustment expenses are typically paid within five years of the accident date and almost 80 percent within two years. Even though there are significant reserves associated with some liability exposures such as personal excess/umbrella liability, our incurred loss triangle also shows a roughly consistent pattern of only relatively minor movements in incurred estimates over time by accident year especially after twenty-four months of maturity. While the liability exposures are subject to additional uncertainties from more protracted resolution times, the main drivers of volatility in the Personal Lines business are relatively short-term in nature and relate to things like natural catastrophes, non-catastrophe weather events, man-made risks, and individual large loss volatility from other fortuitous claim events.

North America Agricultural Insurance

Approximately 70 percent of the reserves for this segment are from the crop related lines, which all have short payout patterns, with the majority of the liabilities expected to be resolved in the ensuing twelve months. Claim reserves for our Multiple Peril Crop Insurance (MPCI) product are set on a case-by-case basis and our aggregate exposure is subject to state level risk sharing formulae as well as third-party reinsurance. The majority of the development risk arises out of the accuracy of case reserve estimates and the time needed for final crop conditions to be assessed. We do not view our Agriculture reserves as substantially influenced by the general assumptions and risks underlying more typical P&C reserve estimates.

Overseas General Insurance

Certain long-tail lines, such as casualty and financial lines, are particularly susceptible to changes in loss trend and claim inflation. Heightened perceptions of tort and settlement awards around the world can increase the demand for these products as well as contributing to the uncertainty in the reserving estimates. Our reserving methods rely on loss development patterns estimated from historical data and while we attempt to adjust such factors for known changes in the current tort environment, it is possible that such factors may not entirely reflect all recent trends in tort environments. For example, when applying the reported loss development method, the lengthening of our selected loss development patterns by six months would increase reserve estimates on long-tail casualty and financial lines for accident years 2023 and prior by approximately $540 million. This represents an impact of 9.7 percent relative to recorded net loss and loss expense reserves of approximately $5.6 billion.

Global Reinsurance

At December 31, 2025, net unpaid losses and loss expenses for the Global Reinsurance segment aggregated to $1.9 billion, consisting of $729 million of case reserves and $1,181 million of IBNR. In comparison, at December 31, 2024, net unpaid losses and loss expenses for the Global Reinsurance segment aggregated to $1.9 billion, consisting of $756 million of case reserves and $1,112 million of IBNR.

For our catastrophe business, we principally estimate unpaid losses and loss expenses on an event basis by considering various sources of information, including specific loss estimates reported by our cedants, ceding company and overall industry loss estimates reported by our brokers, and our internal data regarding reinsured exposures related to the geographical location of the event. Our internal data analysis enables us to establish catastrophe reserves for known events with more certainty at an earlier date than would be the case if we solely relied on reports from third parties to determine carried reserves.

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For our casualty reinsurance business, we generally rely on ceding companies to report claims and then use that data as a key input to estimate unpaid losses and loss expenses. Due to the reliance on claims information reported by ceding companies, as well as other factors, the estimation of unpaid losses and loss expenses for assumed reinsurance includes certain risks and uncertainties that are unique relative to our direct insurance business. These include, but are not necessarily limited to, the following:

•The reported claims information could be inaccurate;

•Typically, a lag exists between the reporting of a loss event to a ceding company and its reporting to us as a reinsurance claim. The use of a broker to transmit financial information from a ceding company to us increases the reporting lag. Because most of our reinsurance business is produced by brokers, ceding companies generally first submit claim and other financial information to brokers, who then report the proportionate share of such information to each reinsurer of a particular treaty. The reporting lag generally results in a longer period of time between the date a claim is incurred and the date a claim is reported compared with direct insurance operations. Therefore, the risk of delayed recognition of loss reserve development is higher for assumed reinsurance than for direct insurance lines; and

•The historical claims data for a particular reinsurance contract can be limited relative to our insurance business in that there may be less historical information available. Further, for certain coverages or products, such as excess of loss contracts, there may be relatively few expected claims in a particular year so the actual number of claims may be susceptible to significant variability. In such cases, the actuary often relies on industry data from several recognized sources.

We mitigate the above risks in several ways. In addition to routine analytical reviews of ceding company reports to ensure reported claims information appears reasonable, we perform regular underwriting and claims audits of ceding companies to ensure reported claims information is accurate, complete, and timely. As appropriate, audit findings are used to adjust claims in the reserving process. We also use our knowledge of the historical development of losses from individual ceding companies to adjust the level of adequacy we believe exists in the reported ceded losses. If pricing a renewal contract, we compare data in the renewal submission to our financial data and investigate any discrepancies.

On occasion, there will be differences between our carried loss reserves and unearned premium reserves and the amount of loss reserves and unearned premium reserves reported by the ceding companies. This is due to the fact that we receive consistent and timely information from ceding companies only with respect to case reserves. For IBNR, we use historical experience and other statistical information, depending on the type of business, to estimate the ultimate loss. We estimate our unearned premium reserve by applying estimated earning patterns to net premiums written for each treaty based upon that treaty's coverage basis (i.e., risks attaching or losses occurring). At December 31, 2025, the case reserves, net of retrocessions, reported to us by our ceding companies approximated our recorded case reserves. Our policy is to post additional case reserves in addition to the amounts reported by our cedants when our evaluation of the ultimate value of a reported claim is different than the evaluation of that claim by our cedant.

Typically, there is inherent uncertainty around the length of paid and reported development patterns, especially for certain casualty lines such as excess workers' compensation or general liability, which may take decades to fully develop. This uncertainty is accentuated by the need to supplement client development patterns with industry development patterns due to the sometimes low statistical credibility of the data. The underlying source and selection of the final development patterns can thus have a significant impact on the selected ultimate net losses and loss expenses. For example, a 20 percent shortening or lengthening of the development patterns used for U.S. long-tail lines would cause the loss reserve estimate derived by the reported Bornhuetter-Ferguson method for these lines to change by approximately $224 million. This represents an impact of 22 percent relative to recorded net loss and loss expense reserves of approximately $1,040 million.

Corporate

Within Corporate, we have exposure to certain liability insurance and reinsurance lines that have been in run-off, generally, since 1994. Unpaid losses and loss expenses relating to this run-off business reside within the Brandywine Division. Most of the remaining unpaid loss and loss expense reserves for the run-off business relate to A&E as well as molestation claims.

The A&E liabilities principally relate to claims arising from bodily-injury claims related to asbestos products and remediation costs associated with hazardous waste sites. The estimation of our A&E liabilities is particularly sensitive to future changes in the legal, social, and economic environment. We have not assumed any such future changes in setting the value of our A&E liabilities, which include provisions for both reported and IBNR claims.

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There are many complex variables that we consider when estimating the reserves for our inventory of asbestos accounts and these variables may directly impact the predicted outcome. We believe the most significant variables relating to our asbestos liabilities include the current legal environment; specific settlements that may be used as precedents to settle future claims; assumptions regarding trends with respect to claim severity and the frequency of higher severity claims; assumptions regarding the ability to allocate liability among defendants (including bankruptcy trusts) and other insurers; the ability of a claimant to bring a claim in a state in which they have no residency or exposure; the ability of a policyholder to claim the right to unaggregated coverage; whether high-level excess policies have the potential to be accessed given the policyholder's claim trends and liability situation; payments to unimpaired claimants; and the potential liability of peripheral defendants. Based on the policies, the facts, the law, and a careful analysis of the impact that these factors will likely have on any given account, we estimate the potential liability for indemnity, policyholder defense costs, and coverage litigation expense.

The results in asbestos cases announced by other carriers or defendants may well have little or no relevance to us because coverage exposures are highly dependent upon the specific facts of individual coverage and resolution status of disputes among carriers, policyholders, and claimants.

Chubb's exposure to molestation claims principally arises out of liabilities acquired when it purchased CIGNA's P&C business in 1999 and Chubb Corp in 2016. The vast majority of the current liability relates to exposure from recently enacted "reviver" legislation in certain states that allow civil claims relating to molestation to be asserted against policyholders that would otherwise be barred by statutes of limitations.

For additional information refer to the “Asbestos and Environmental (A&E)” section and to Note 8 to the Consolidated Financial Statements.

Future policy benefits

Chubb issues contracts that are classified as long-duration, which generally cover accident and supplemental health (A&H) products; term, credit, and whole life products (both participating and non-participating); endowment products; and annuities. Accordingly, Chubb establishes a liability for future policy benefits (FPBL) which comprises the present value of estimated future policy benefits to be paid along with certain related expenses, less the present value of estimated future net premiums to be collected. For traditional and limited-payment life insurance contracts, the FPBL is established using a net premium valuation methodology, such that expected policyholder benefit payments are accrued in proportion to premium revenue recognized. Under the net premium methodology, a net premium ratio (NPR) is calculated which requires assumptions on the future cash flow impact of numerous factors including mortality, morbidity, persistency, policyholder behavior, discount rates, and unpaid loss adjustment expenses. We have elected to use unpaid loss adjustment expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Except for these expenses, assumptions are regularly reviewed.

Determining management’s best estimates

For traditional and limited-payment long-duration contracts, actuarial assumptions on mortality, morbidity, persistency, and policyholder behavior represent management’s long-term best estimates. These best estimate assumptions are generally based on our experience, industry experience, or other factors if there is not sufficient credibility. In establishing best estimate assumptions, we take into consideration the prospective impact of experience deterioration, product changes, distribution changes, and other relevant environmental changes which could result in differences from historically observed experience. Generally, we do not expect trends to change significantly in the short term and, to the extent trends may change, we expect the change to be gradual over the long term. Best estimate assumptions are reviewed and updated at least annually, and may be updated in interim periods if we observe a material change indicative of a long-term trend. Changes to best estimate assumptions impact expected future cash flows and result in a remeasurement of the FPBL. The FPBL is also remeasured to account for differences between expected and actual experience on mortality, morbidity, and persistency. All such remeasurements are reflected in Policy benefits in the Consolidated statements of operations in the period in which best estimate assumptions were updated.

The discount rates used to calculate the net premium ratio are locked in at policy inception, and serve as the basis to recognize interest expense for the life of the policy. Discount rates used to measure the carrying value of the FPBL are updated quarterly, and the differences between the liability balances calculated using the locked-in discount rates and the updated discount rates are recognized in Other comprehensive income (OCI). The discount rate methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies were issued in the currency in which the policies are denominated. For the discount rates applicable to tenors for which the single-A debt market is not liquid or there is little or no observable market data, we use various estimation techniques, which include, but are not limited to: (i) for tenors

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where there is less observable market data and/or the observable market data is available for similar instruments, estimating tenor-specific single-A credit spreads and applying them to risk-free government rates; (ii) for tenors where there is very limited or no observable single-A or similar market data, interpolation and extrapolation techniques.

Deferred profit liabilities

Reserves for limited-payment contracts, under which benefits extend beyond the period of premium collection, also include a deferred profit liability (DPL) that represents gross premiums received in excess of expected net premiums. The amortization of DPL is included in Policy benefits on the Consolidated statements of operations, and is in relation to either the discounted amount of insurance in force for life insurance, or expected benefit payments for annuity contracts. The DPL is subject to the same best estimate assumptions used to determine future policy benefits reserves, however, there is no remeasurement of the DPL using then-current discount rates.

Sensitivities to underlying assumptions

While we believe that our future policy benefits reserves of $18.4 billion are appropriate at December 31, 2025, new information or emerging trends that impact best estimate assumptions may have a material effect on the FPBL and future operating results.

In the table below, we give an indication of the potential impact on operating results from a hypothetical change in a single assumption; we do not consider a simultaneous change in a combination of assumptions. Additionally, the table assumes a parallel global shift in best estimate assumptions; however, these may be non-parallel in practice. While we consider each of the following assumption changes to represent a reasonably likely deviation, actual development may be materially different. Further, changes in best estimate assumptions could result in impacts to the Consolidated Financial Statements that are in excess of the amounts illustrated.

The following table shows the increase or (decrease) of the FPBL as a result of changes in various best estimate assumptions:

Liability for Future Policy Benefits

Life Insurance

 (in millions of U.S. dollars)

Term Life

Whole Life

A&H

Other

Total

Discount rate

 +100 basis points

(increase)/decrease in OCI

$

(39)

$

(2,336)

$

(322)

$

(152)

$

(2,849)

 - 100 basis points

(increase)/decrease in OCI

39 

2,336 

322 

152 

2,849 

Mortality

+10%

(increase)/decrease in net income

29 

60 

(1)

— 

88 

   - 10%

(increase)/decrease in net income

(26)

(64)

1 

— 

(89)

Morbidity

+10%

(increase)/decrease in net income

3 

43 

304 

— 

350 

   - 10%

(increase)/decrease in net income

(3)

(43)

(287)

— 

(333)

Persistency

+10%

(increase)/decrease in net income

(7)

(7)

(27)

(1)

(42)

   - 10%

(increase)/decrease in net income

6 

6 

27 

2 

41 

Valuation of value of business acquired (VOBA) and amortization of VOBA

As part of the acquisition of businesses that sell long-duration contracts, such as life products, we established an intangible asset related to VOBA, which represents the estimated fair value of the future profits of in-force long duration contracts. The valuation of VOBA at the time of acquisition is derived from similar assumptions to those used to establish the associated future policy benefits reserves, including mortality, morbidity, persistency, investment yields, expenses, and the discount rate. The most significant input in this calculation is the discount rate used to arrive at the present value of the net cash flows. We amortize VOBA as a component of Policy acquisition costs in the Consolidated statements of operations in relation to the profit emergence of the underlying contracts, which is generally in proportion to premium revenue recognized based upon the same assumptions used in measuring the liability for future policy benefits.

At least annually, we perform a VOBA asset recoverability review using a premium deficiency test to ensure that the unamortized portion does not exceed the expected recoverable amounts. If we determine that the premium margins or gross

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profits are less than the unamortized balance, then the asset will be adjusted downward with the adjustment recorded as an expense in the current period. Unrecoverable costs are expensed in the period identified.

Risk transfer

In the ordinary course of business, we both purchase (or cede) and sell (or assume) reinsurance protection. We discontinued the purchase of all finite risk reinsurance contracts, as a matter of policy, in 2002. For both ceded and assumed reinsurance, risk transfer requirements must be met in order to use reinsurance accounting, principally resulting in the recognition of cash flows under the contract as premiums and losses. If risk transfer requirements are not met, deposit accounting applies, typically resulting in the recognition of cash flows under the contract through a deposit asset or liability and not as revenue or expense. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. We also apply similar risk transfer requirements to determine whether certain commercial insurance contracts should be accounted for as insurance or a deposit. Contracts that include fixed premium (i.e., premium not subject to adjustment based on loss experience under the contract) for fixed coverage generally transfer risk and do not require judgment.

Reinsurance and insurance contracts that include both significant risk sharing provisions, such as adjustments to premiums or loss coverage based on loss experience, and relatively low policy limits, as evidenced by a high proportion of maximum premium assessments to loss limits, can require considerable judgment to determine whether or not risk transfer requirements are met. For such contracts, often referred to as structured products, we require that risk transfer be specifically assessed for each contract by developing expected cash flow analyses at contract inception. To support risk transfer, the cash flow analyses must demonstrate that a significant loss is reasonably possible. We use various tests to accomplish this, one of which is the ratio of the net present value of losses and ceded commissions divided by the net present value of premiums equals or exceeds 110 percent with at least a 10 percent probability. For purposes of cash flow analyses, we generally use a risk-free rate of return consistent with the expected average duration of loss payments. In addition, to support insurance risk, we must prove the reinsurer's risk of loss varies with that of the reinsured and/or support various scenarios under which the assuming entity can recognize a significant loss.

To ensure risk transfer requirements are routinely assessed, qualitative and quantitative risk transfer analyses and memoranda supporting risk transfer are developed by underwriters for all structured products. We have established protocols for all products that include criteria triggering a risk transfer review of the contract prior to binding. If any criterion is triggered, a contract must be reviewed by a committee established by each of our segments with reporting oversight, including peer review, from our global Structured Transaction Review Committee.

With respect to ceded reinsurance, we entered into a few multi-year excess of loss retrospectively-rated contracts, principally in 2002. These contracts primarily provided severity protection for specific product divisions. Because traditional one-year reinsurance coverage had become relatively costly, these contracts were generally entered into in order to secure a more cost-effective reinsurance program. All of these contracts transferred risk and were accounted for as reinsurance. In addition, we maintain a few aggregate excess of loss reinsurance contracts that were principally entered into prior to 2003, such as the National Indemnity Company (NICO) contracts referred to in the section entitled, “Asbestos and Environmental (A&E)”. We have not purchased any other retroactive ceded reinsurance contracts since 1999.

With respect to assumed reinsurance and insurance contracts, products giving rise to judgments regarding risk transfer were primarily sold by our financial solutions business. Although we have significantly curtailed writing financial solutions business, several contracts remain in-force and principally include multi-year retrospectively-rated contracts and loss portfolio transfers. Because transfer of insurance risk is generally a primary client motivation for purchasing these products, relatively few insurance and reinsurance contracts have historically been written for which we concluded that risk transfer criteria had not been met. For certain insurance contracts that have been reported as deposits, the insured desired to self-insure a risk but was required, legally or otherwise, to purchase insurance so that claimants would be protected by a licensed insurance company in the event of non-payment from the insured.

Reinsurance recoverable

Reinsurance recoverable includes balances due to us from reinsurance companies for paid and unpaid losses and loss expenses and is presented net of a valuation allowance for uncollectible reinsurance. The valuation allowance for uncollectible reinsurance is determined based upon a review of the financial condition of the reinsurers and other factors. Ceded reinsurance contracts do not relieve our primary obligation to our policyholders. Consequently, an exposure exists with respect to reinsurance recoverable to the extent that any reinsurer is unable or unwilling to meet its obligations or disputes the liabilities assumed under the reinsurance contracts. We determine the reinsurance recoverable on unpaid losses and loss expenses using actuarial estimates as well as a determination of our ability to cede unpaid losses and loss expenses under existing reinsurance contracts.

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The recognition of a reinsurance recoverable asset requires two key judgments. The first judgment involves our estimation based on the amount of gross reserves and the percentage of that amount which may be ceded to reinsurers. Ceded IBNR, which is a major component of the reinsurance recoverable on unpaid losses and loss expenses, is generally developed as part of our loss reserving process and, consequently, its estimation is subject to similar risks and uncertainties as the estimation of gross IBNR (refer to “Critical Accounting Estimates – Unpaid losses and loss expenses”). The second judgment involves our estimate of the amount of the reinsurance recoverable balance that we may ultimately be unable to recover from reinsurers due to insolvency, contractual dispute, or for other reasons. Estimated uncollectible amounts are reflected in a valuation allowance that reduces the reinsurance recoverable asset and, in turn, shareholders' equity. Changes in the valuation allowance for uncollectible reinsurance are reflected in net income.

Although the obligation of individual reinsurers to pay their reinsurance obligations is based on specific contract provisions, the collectability of such amounts requires estimation by management. The majority of the recoverable balance will not be due for collection until sometime in the future, and the duration of our recoverables may be longer than the duration of our direct exposures. Over this period of time, economic conditions and operational performance of a particular reinsurer may impact their ability to meet these obligations and while they may continue to acknowledge their contractual obligation to do so, they may not have the financial resources or willingness to fully meet their obligation to us.

To estimate the valuation allowance for uncollectible reinsurance, the reinsurance recoverable must first be determined for each reinsurer. This determination is based on a process rather than an estimate, although an element of judgment must be applied. As part of the process, ceded IBNR is allocated to reinsurance contracts because ceded IBNR is not generally calculated on a contract by contract basis. The allocations are generally based on premiums ceded under reinsurance contracts, adjusted for actual loss experience and historical relationships between gross and ceded losses. If actual premium and loss experience vary materially from historical experience, the allocation of reinsurance recoverable by reinsurer will be reviewed and may change. While such change is unlikely to result in a large percentage change in the valuation allowance for uncollectible reinsurance, it could, nevertheless, have a material effect on our net income in the period recorded.

Generally, we use a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and forward looking default factors used to estimate the probability that the reinsurer may be unable to meet its future obligations in full. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held by us with the same legal entity for which we believe there is a right of offset. We do not currently include multi-beneficiary trusts. However, we have several reinsurers that have established multi-beneficiary trusts for which certain of our companies are beneficiaries. The determination of the default factor is principally based on the financial strength rating of the reinsurer and a corresponding default factor applicable to the financial strength rating. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. Significant considerations and assumptions include, but are not necessarily limited to, the following:

•For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the judgment exercised by management to determine the valuation allowance for uncollectible reinsurance of each reinsurer is typically limited because the financial rating is based on a published source and the default factor we apply is based on a historical default factor of a major rating agency applicable to the particular rating class. Default factors applied for financial ratings of AAA, AA, A, BBB, BB, B, and CCC, are 0.4 percent, 1.1 percent, 1.5 percent, 3.1 percent, 7.3 percent, 11.2 percent, and 52.8 percent, respectively. Because our model is predicated on the historical default factors of a major rating agency, we do not generally consider alternative factors. However, when a recoverable is expected to be paid in a brief period of time by a highly-rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;

•For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent or affiliated company, we may determine a rating equivalent based on our analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which our ceded reserve is below a certain threshold, we generally apply a default factor of 11.2 percent;

•For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on specific facts and circumstances surrounding each company. Upon initial notification of an insolvency, we generally recognize expense for a substantial portion of all

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balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and

•For captives and other recoverables, management determines the valuation allowance for uncollectible reinsurance based on the specific facts and circumstances.

The following table summarizes reinsurance recoverables and the valuation allowance for uncollectible reinsurance for each type of recoverable balance at December 31, 2025:

Gross Reinsurance Recoverable on Losses and Loss Expenses

Recoverables (net of Usable Collateral)

Valuation allowance for Uncollectible Reinsurance (1)

(in millions of U.S. dollars)

Type

Reinsurers with credit ratings

$

16,801 

$

15,190 

$

192 

Reinsurers not rated

287 

226 

25 

Reinsurers under supervision and insolvent reinsurers

123 

122 

48 

Captives

2,567 

492 

13 

Other, including structured settlements and pools

880 

874 

42 

Total

$

20,658 

$

16,904 

$

320 

(1)     The valuation allowance for uncollectible reinsurance is based on a default analysis applied to gross reinsurance recoverables, net of approximately $3.8 billion of collateral at December 31, 2025.

At December 31, 2025, the use of different assumptions within our approach could have a material effect on the valuation allowance for uncollectible reinsurance. To the extent the creditworthiness of our reinsurers was to deteriorate due to an adverse event affecting the reinsurance industry, such as a large number of major catastrophes, actual uncollectible amounts could be significantly greater than our valuation allowance for uncollectible reinsurance. Such an event could have a material adverse effect on our financial condition, results of operations, and our liquidity. Given the various considerations used to estimate our uncollectible valuation allowance, we cannot precisely quantify the effect a specific industry event may have on the valuation allowance for uncollectible reinsurance. However, based on the composition (particularly the average credit quality) of the reinsurance recoverable balance at December 31, 2025, we estimate that a ratings downgrade of one notch for all rated reinsurers (e.g., from A to A- or A- to BBB+) could increase our valuation allowance for uncollectible reinsurance by approximately $56 million or approximately 0.3 percent of the gross reinsurance recoverable balance, assuming no other changes relevant to the calculation. While a ratings downgrade would result in an increase in our valuation allowance for uncollectible reinsurance and a charge to earnings in that period, a downgrade in and of itself does not imply that we will be unable to collect all of the ceded reinsurance recoverable from the reinsurers in question. Refer to Note 5 to the Consolidated Financial Statements, under item 8, for additional information.

Fair value measurements

Accounting 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 (Level 1 inputs) and the lowest priority to unobservable data (Level 3 inputs). Level 2 includes inputs, other than quoted prices within Level 1, that are observable for assets or liabilities either directly or indirectly. Refer to Note 4 and Note 17 to the Consolidated Financial Statements, under item 8, for information on our fair value measurements.

Assessment of investment portfolio credit losses

Each quarter, we evaluate expected credit losses (ECL) for fixed maturity securities classified as available-for-sale. Because our investment portfolio is the largest component of consolidated assets, ECL could be material to our financial condition and results of operations. Refer to Notes 1 f) and 3 to the Consolidated Financial Statements, under item 8, for more information.

Deferred income taxes

At December 31, 2025, the Consolidated balance sheet reflects a deferred tax asset of $1.3 billion and a deferred tax liability of $1.7 billion. Our deferred tax assets and liabilities primarily result from temporary differences between the amounts recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities. We determine deferred tax assets and

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liabilities separately for each tax-paying component (an individual entity or group of entities that is consolidated for tax purposes) in each tax jurisdiction. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. There may be changes in tax laws in a number of countries where we transact business that impact our deferred tax assets and liabilities. At each balance sheet date, management assesses the need to establish a valuation allowance that reduces deferred tax assets when it is more likely than not that all, or some portion, of the deferred tax assets will not be realized. The determination of the need for a valuation allowance is based on all available information including projections of future taxable income, principally derived from business plans and where there are appropriate available tax planning strategies. Projections of future taxable income incorporate assumptions of future business and operations that are apt to differ from actual experience. If our assumptions and estimates that resulted in our forecast of future taxable income prove to be incorrect, an additional valuation allowance could become necessary, which could have a material adverse effect on our financial condition, results of operations, and liquidity. At December 31, 2025, the valuation allowance of $637 million reflects management's assessment that it is more likely than not that a portion of the deferred tax assets will not be realized due to the inability of certain subsidiaries to generate sufficient taxable income.

Goodwill impairment assessment

Goodwill, which represents the excess of acquisition cost over the estimated fair value of net assets acquired, was $20.2 billion and $19.6 billion at December 31, 2025 and 2024, respectively. Goodwill is assigned to applicable reporting units of acquired entities at the time of acquisition. Goodwill is not amortized but is subject to a periodic evaluation for impairment at least annually, or earlier if there are any indications of possible impairment. Impairment is tested at the reporting unit level, which is the same as, or one level below, an operating segment. The impairment evaluation first uses a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If a reporting unit fails this qualitative assessment, a single quantitative analysis is used to measure and record the amount of the impairment. In assessing the fair value of a reporting unit, we make assumptions and estimates about the profitability attributable to our reporting units, including:

•short-term and long-term growth rates; and

•estimated cost of equity and changes in long-term risk-free interest rates.

If our assumptions and estimates made in assessing the fair value of acquired entities change, we could be required to write-down the carrying value of Goodwill which could be material to our results of operations in the period the charge is taken. Based on our impairment testing for 2025, we determined no impairment was required and none of our reporting units were at risk for impairment. For Goodwill balances, refer to Note 7 to the Consolidated Financial Statements, under item 8.

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Consolidated Operating Results – Years Ended December 31, 2025, 2024, and 2023

% Change

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

2025

2024

2023

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

54,842 

$

51,468 

$

47,361 

6.6 

%

8.7 

%

Net premiums written - constant dollars (1)

7.0 

%

9.2 

%

Net premiums earned

53,014 

49,846 

45,712 

6.4 

%

9.0 

%

Net investment income

6,465 

5,930 

4,937 

9.0 

%

20.1 

%

Net realized gains (losses)

211 

117 

(607)

79.5 

%

NM

Market risk benefits gains (losses)

(288)

(140)

(307)

105.3 

%

(54.3)

%

Total revenues

59,402 

55,753 

49,735 

6.5 

%

12.1 

%

Losses and loss expenses

26,700 

26,022 

24,100 

2.7 

%

8.0 

%

Policy benefits

5,460 

4,714 

3,628 

15.8 

%

29.9 

%

Policy acquisition costs

9,847 

9,102 

8,259 

8.2 

%

10.2 

%

Administrative expenses

4,504 

4,380 

4,007 

2.8 

%

9.3 

%

Interest expense

764 

741 

672 

3.1 

%

10.0 

%

Other (income) expense

(1,297)

(1,023)

(836)

26.7 

%

22.4 

%

Amortization of purchased intangibles

301 

323 

310 

(6.9)

%

4.3 

%

Integration expenses and severance

79 

39 

69 

100.3 

%

(43.4)

%

Total expenses

46,358 

44,298 

40,209 

4.7 

%

10.2 

%

Income before income tax

13,044 

11,455 

9,526 

13.7 

%

20.2 

%

Income tax expense

2,422 

1,815 

511 

33.5 

%

NM

Net income

10,622 

9,640 

9,015 

10.0 

%

6.9 

%

Net income (loss) attributable to noncontrolling interests

312 

368 

(13)

(15.3)

%

NM

Net income attributable to Chubb

$

10,310 

$

9,272 

$

9,028 

11.2 

%

2.7 

%

NM - not meaningful

(1)     On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

Financial Highlights for the Year Ended December 31, 2025

•Net income attributable to Chubb was a record $10.31 billion compared with $9.27 billion in 2024. Net income in 2025 was driven by double-digit growth in both P&C underwriting income and Life segment income, and higher net investment income.

•Consolidated net premiums written were $54.84 billion, up 6.6 percent.

◦P&C net premiums written increased 5.4 percent, with commercial insurance up 4.0 percent and consumer insurance up 9.2 percent. Overall premium growth was driven by strong new business and retention across both commercial and consumer lines, supported by positive rate and exposure increases. In commercial lines, growth was notable in primary and excess casualty, small and mid-market retail and E&S, and property. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases.

◦Life Insurance segment net premiums written increased 15.1 percent, or 17.3 percent in constant dollars, due to growth in international life of 17.4 percent in constant dollars, predominantly in North Asia, and our Chubb Benefits business of 17.3 percent, primarily driven by worksite business.

•Pre-tax net investment income was a record $6.5 billion compared with $5.9 billion in 2024, primarily due to higher average invested assets from strong operating cash flow.

•Other income and expense increased due to higher income from private equities where we own more than three percent.

•Operating cash flow was $12.8 billion

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Table of Contents

Net Premiums Written

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

C$ 2025 vs. 2024

Property and other short-tail lines

$

9,866 

$

9,543 

$

8,414 

3.4 

%

13.4 

%

3.6 

%

Commercial casualty

9,691 

9,166 

8,291 

5.7 

%

10.5 

%

5.7 

%

Financial lines

5,098 

4,907 

5,069 

3.9 

%

(3.2)

%

3.9 

%

Workers' compensation

2,252 

2,238 

2,239 

0.6 

%

— 

0.6 

%

Commercial multiple peril (1)

1,787 

1,631 

1,492 

9.6 

%

9.3 

%

9.6 

%

Surety

839 

785 

691 

6.8 

%

13.8 

%

8.8 

%

Total Commercial P&C lines

29,533 

28,270 

26,196 

4.5 

%

7.9 

%

4.6 

%

Agriculture

2,926 

2,703 

3,188 

8.2 

%

(15.2)

%

8.2 

%

Personal homeowners

5,305 

4,971 

4,429 

6.7 

%

12.2 

%

7.0 

%

Personal automobile

2,978 

2,491 

1,991 

19.6 

%

25.1 

%

22.9 

%

Personal other

2,231 

2,076 

1,929 

7.5 

%

7.6 

%

6.9 

%

Total Personal lines

10,514 

9,538 

8,349 

10.2 

%

14.2 

%

11.0 

%

Global A&H - P&C

3,281 

3,285 

3,145 

(0.1)

%

4.5 

%

(0.3)

%

Reinsurance lines

1,309 

1,346 

1,018 

(2.8)

%

32.2 

%

(3.0)

%

Total Property and Casualty lines

47,563 

45,142 

41,896 

5.4 

%

7.7 

%

5.6 

%

Life Insurance

7,279 

6,326 

5,465 

15.1 

%

15.7 

%

17.3 

%

Total consolidated

$

54,842 

$

51,468 

$

47,361 

6.6 

%

8.7 

%

7.0 

%

(1)Commercial multiple peril represents retail package business (property and general liability).

For additional information on net premiums written, refer to the segment operating results discussions.

Catastrophe Losses and Prior Period Development

We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe losses are net of reinsurance and include reinstatement premiums, which are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

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. PPD includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development.

(in millions of U.S. dollars)

2025

2024

2023

Net catastrophe losses

$

2,921 

$

2,387 

$

1,828 

Favorable prior period development

$

1,133 

$

856 

$

773 

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Catastrophe losses were primarily from the following events:

•2025: Severe weather-related events in the U.S. and internationally, including California wildfire losses of $1.47 billion

◦Total North America P&C Insurance catastrophe losses were $2.3 billion

◦Total Overseas General catastrophe losses were $505 million

•2024: Severe weather-related events in the U.S. and internationally, including Hurricane Helene of $390 million and Hurricane Milton of $309 million.

◦Total North America P&C Insurance catastrophe losses were $1.8 billion

◦Total Overseas General catastrophe losses were $459 million

•2023: Severe weather-related events in the U.S. and internationally, Hawaii wildfires, and New Zealand storms.

◦Total North America P&C Insurance catastrophe losses were $1.4 billion

◦Total Overseas General catastrophe losses were $403 million

Pre-tax net favorable PPD for 2025 was $1,439 million in our active companies, including favorable development of $1,329 million in short-tail lines and favorable development of $110 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, marine, and surety lines. Net favorable development for long-tail lines reflects favorable development primarily in workers' compensation partially offset by adverse development in casualty lines. Our corporate run-off portfolio had adverse development of $306 million, primarily driven by adverse development for environmental and molestation-related claims.

Pre-tax net favorable PPD for 2024 was $1,152 million in our active companies, including favorable development of $1,144 million in short-tail lines, and favorable development of $8 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, marine, and U.S. homeowners. Net favorable development long-tail lines reflects favorable development primarily in workers’ compensation mostly offset by adverse development in casualty lines, predominantly commercial excess and umbrella and commercial auto liability. Our corporate run-off portfolio had adverse development of $296 million, with $166 million related to legacy asbestos and environmental exposures, and $58 million related to molestation claims.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

P&C Combined Ratio

In evaluating our segments excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss.

2025

2024

2023

Combined ratio:

Loss and loss expense ratio

59.1 

%

60.4 

%

60.6 

%

Policy acquisition cost ratio

18.6 

%

18.1 

%

17.8 

%

Administrative expense ratio

8.0 

%

8.1 

%

8.1 

%

P&C Combined ratio

85.7 

%

86.6 

%

86.5 

%

Catastrophe losses

(6.3)

%

(5.5)

%

(4.5)

%

Prior period development

2.5 

%

2.0 

%

1.9 

%

P&C CAY combined ratio excluding catastrophe losses

81.9 

%

83.1 

%

83.9 

%

The P&C combined ratio and the P&C CAY combined ratio excluding catastrophe losses decreased in 2025, reflecting lower losses, partially offset by an increase in the policy acquisition cost ratio from changes in mix of business. The P&C combined ratio included higher catastrophe losses, primarily from California wildfires in the first quarter, partially offset by higher favorable prior period development.

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Policy benefits

Policy benefits represent losses on contracts classified as long-duration and generally include accident and supplemental health products, term and whole life products, endowment products, and annuities. Policy benefits include (gains) losses from fair value changes in separate account liabilities that do not qualify for separate account treatment under U.S. GAAP. The offsetting movements of these liabilities are recorded in Other (income) expense in the Consolidated statements of operations. In addition, Policy benefits include the impact on the liabilities from (gains) losses on investment portfolios supporting certain participating policies. The offsetting movements of these liabilities are recorded in Realized gains (losses) in the Consolidated statements of operations. Refer to the Life Insurance segment operating results section for further discussion.

Policy benefits were $5,460 million and $4,714 million in 2025 and 2024, respectively. The increase in Policy benefits is primarily due to growth in our international life operations.

Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Interest expense, Amortization of purchased intangibles, and Income tax expense.

Segment Operating Results – Years Ended December 31, 2025, 2024, and 2023

We operate 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. In addition, the results of our run-off Brandywine business, including all run-off asbestos and environmental (A&E) exposures, and the results of Westchester specialty operations for 1996 and prior years are presented within Corporate.

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Table of Contents

North America Commercial P&C Insurance

The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market and small commercial accounts).

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

21,280 

$

20,589 

$

19,237 

3.4 

%

7.0 

%

Net premiums earned

20,381 

20,008 

18,416 

1.9 

%

8.6 

%

Losses and loss expenses

12,313 

12,737 

11,256 

(3.3)

%

13.2 

%

Policy acquisition costs

2,891 

2,718 

2,515 

6.4 

%

8.1 

%

Administrative expenses

1,394 

1,337 

1,250 

4.3 

%

7.0 

%

Underwriting income

3,783 

3,216 

3,395 

17.6 

%

(5.3)

%

Net investment income

3,840 

3,556 

3,017 

8.0 

%

17.9 

%

Other (income) expense

59 

32 

22 

86.2 

%

46.6 

%

Amortization of purchased intangibles

5 

3 

— 

71.4 

%

NM

Segment income

$

7,559 

$

6,737 

$

6,390 

12.2 

%

5.4 

%

Combined ratio:

Loss and loss expense ratio

60.4 

%

63.7 

%

61.1 

%

(3.3)

pts

2.6 

pts

Policy acquisition cost ratio

14.2 

%

13.6 

%

13.7 

%

0.6 

pts

(0.1)

pts

Administrative expense ratio

6.8 

%

6.6 

%

6.8 

%

0.2 

pts

(0.2)

pts

Combined ratio

81.4 

%

83.9 

%

81.6 

%

(2.5)

pts

2.3 

pts

Catastrophe losses

(2.8)

%

(5.5)

%

(3.8)

%

2.7 

pts

(1.7)

pts

Prior period development

2.2 

%

2.2 

%

2.7 

%

— 

pts

(0.5)

pts

CAY combined ratio excluding catastrophe losses

80.8 

%

80.6 

%

80.5 

%

0.2 

pts

0.1 

pts

NM – not meaningful

The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts.

 Production by Size - Net premiums written

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Major Accounts & Specialty

$

12,691 

$

12,514 

$

11,653 

1.4 

%

7.4 

%

Commercial

8,589 

8,075 

7,584 

6.4 

%

6.5 

%

Total

$

21,280 

$

20,589 

$

19,237 

3.4 

%

7.0 

%

Net Catastrophe Losses and Prior Period Development

(in millions of U.S. dollars)

2025

2024

2023

Net catastrophe losses

$

584 

$

1,103 

$

710 

Favorable prior period development

$

421 

$

428 

$

494 

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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Table of Contents

Premiums

Net premiums written increased $691 million, or 3.4 percent, in 2025, which includes P&C lines growth of 3.2 percent and financial lines growth of 4.1 percent. Middle market and small commercial grew 6.4 percent, with P&C lines up 7.9 percent and financial lines up 1.0 percent. Major accounts retail and specialty grew 1.4 percent, with property and other short-tail lines down 2.7 percent, casualty up 5.2 percent, and financial lines up 7.6 percent.

The increase in premiums was across a number of lines, most notably in primary and excess casualty and in small and mid-market commercial retail and E&S lines, reflecting new business and rate increases. The increases were partially offset primarily by rate decreases in our Large Risk and E&S brokerage property lines.

Net premiums earned increased $373 million, or 1.9 percent, in 2025, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio decreased in 2025, primarily driven by lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses was relatively flat in 2025, reflecting a change in the mix of business and earned rate exceeding loss trends in certain P&C lines, partially offset by higher loss trends relative to earned rate growth in financial lines, and an increase in the expense ratio reflecting one-off benefits in the prior year.

North America Personal P&C Insurance

The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

7,024 

$

6,532 

$

5,878 

7.5 

%

11.1 

%

Net premiums earned

6,763 

6,188 

5,536 

9.3 

%

11.8 

%

Losses and loss expenses

4,517 

3,584 

3,511 

26.0 

%

2.1 

%

Policy acquisition costs

1,337 

1,239 

1,128 

7.8 

%

9.9 

%

Administrative expenses

336 

351 

329 

(4.2)

%

6.7 

%

Underwriting income

573 

1,014 

568 

(43.4)

%

78.5 

%

Net investment income

486 

433 

358 

12.2 

%

20.9 

%

Other (income) expense

3 

1 

3 

158.6 

%

(59.3)

%

Amortization of purchased intangibles

8 

9 

9 

(5.4)

%

— 

Segment income

$

1,048 

$

1,437 

$

914 

(27.0)

%

57.2 

%

Combined ratio:

Loss and loss expense ratio

66.8 

%

57.9 

%

63.4 

%

8.9 

pts

(5.5)

pts

Policy acquisition cost ratio

19.7 

%

20.0 

%

20.4 

%

(0.3)

pts

(0.4)

pts

Administrative expense ratio

5.0 

%

5.7 

%

5.9 

%

(0.7)

pts

(0.2)

pts

Combined ratio

91.5 

%

83.6 

%

89.7 

%

7.9 

pts

(6.1)

pts

Catastrophe losses

(25.2)

%

(10.0)

%

(12.1)

%

(15.2)

pts

2.1 

pts

Prior period development

6.0 

%

4.9 

%

2.5 

%

1.1 

pts

2.4 

pts

CAY combined ratio excluding catastrophe losses

72.3 

%

78.5 

%

80.1 

%

(6.2)

pts

(1.6)

pts

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Table of Contents

Net Catastrophe Losses and Prior Period Development

(in millions of U.S. dollars)

2025

2024

2023

Net catastrophe losses

$

1,721 

$

622 

$

669 

Favorable prior period development

$

403 

$

305 

$

134 

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $492 million, or 7.5 percent, in 2025, driven by strong new business and retention, including positive rate and exposure increases across most lines. The growth in premiums for the year ended 2025 was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires.

Net premiums earned increased $575 million, or 9.3 percent, in 2025, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio increased in 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

The CAY combined ratio excluding catastrophe losses decreased in 2025, primarily due to an improvement in homeowners and auto from higher rates and lower underlying losses, and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.

North America Agricultural Insurance

The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

2,926 

$

2,703 

$

3,188 

8.2 

%

(15.2)

%

Net premiums earned

2,919 

2,705 

3,169 

7.9 

%

(14.6)

%

Losses and loss expenses

2,239 

2,170 

2,874 

3.2 

%

(24.5)

%

Policy acquisition costs

169 

191 

150 

(11.4)

%

27.3 

%

Administrative expenses

(6)

(10)

(1)

(29.6)

%

NM

Underwriting income

517 

354 

146 

46.0 

%

143.3 

%

Net investment income

86 

84 

63 

2.4 

%

33.1 

%

Other (income) expense

2 

1 

1 

95.1 

%

— 

Amortization of purchased intangibles

24 

25 

25 

(2.5)

%

— 

Segment income

$

577 

$

412 

$

183 

40.0 

%

125.9 

%

Combined ratio:

Loss and loss expense ratio

76.7 

%

80.2 

%

90.7 

%

(3.5)

pts

(10.5)

pts

Policy acquisition cost ratio

5.8 

%

7.1 

%

4.7 

%

(1.3)

pts

2.4 

pts

Administrative expense ratio

(0.2)

%

(0.4)

%

— 

0.2 

pts

(0.4)

pts

Combined ratio

82.3 

%

86.9 

%

95.4 

%

(4.6)

pts

(8.5)

pts

Catastrophe losses

(0.8)

%

(2.2)

%

(1.3)

%

1.4 

pts

(0.9)

pts

Prior period development

3.5 

%

4.1 

%

0.6 

%

(0.6)

pts

3.5 

pts

CAY combined ratio excluding catastrophe losses

85.0 

%

88.8 

%

94.7 

%

(3.8)

pts

(5.9)

pts

NM – not meaningful

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Table of Contents

Net catastrophe Losses and Prior Period Development

(in millions of U.S. dollars)

2025

2024

2023

Net catastrophe losses

$

24 

$

60 

$

39 

Favorable prior period development

$

121 

$

104 

$

18 

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $223 million, or 8.2 percent, in 2025, primarily due to the favorable year-over-year impact of premium adjustments related to the federal government profit-share agreement of $179 million. Net premiums written for 2025 also reflected higher reported acreage from policyholders, and policy count growth, partially offset by lower commodity prices in the current year.

Net premiums earned increased $214 million, or 7.9 percent, in 2025, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio decreased in 2025, reflecting lower catastrophe losses, partially offset by a lower year-over-year benefit from favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased in 2025, due to a higher estimated underwriting gain for the current crop year compared to prior year.

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Table of Contents

Overseas General Insurance

Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited.

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

15,024 

$

13,972 

$

12,575 

7.5 

%

11.1 

%

Net premiums written - constant dollars

8.0 

%

11.8 

%

Net premiums earned

14,374 

13,400 

12,231 

7.3 

%

9.6 

%

Losses and loss expenses

6,589 

6,414 

5,643 

2.7 

%

13.7 

%

Policy benefits

470 

408 

457 

15.4 

%

(10.9)

%

Policy acquisition costs

3,724 

3,410 

3,113 

9.2 

%

9.5 

%

Administrative expenses

1,435 

1,351 

1,219 

6.2 

%

10.8 

%

Underwriting income

2,156 

1,817 

1,799 

18.6 

%

1.0 

%

Net investment income

1,139 

1,136 

895 

0.3 

%

26.8 

%

Other (income) expense

50 

14 

(25)

NM

NM

Amortization of purchased intangibles

78 

81 

70 

(4.3)

%

15.8 

%

Segment income

$

3,167 

$

2,858 

$

2,649 

10.8 

%

7.9 

%

Segment income - constant dollars

10.6 

%

7.9 

%

Combined ratio:

Loss and loss expense ratio

49.1 

%

50.9 

%

49.9 

%

(1.8)

pts

1.0 

pts

Policy acquisition cost ratio

25.9 

%

25.4 

%

25.4 

%

0.5 

pts

— 

pts

Administrative expense ratio

10.0 

%

10.1 

%

10.0 

%

(0.1)

pts

0.1 

pts

Combined ratio

85.0 

%

86.4 

%

85.3 

%

(1.4)

pts

1.1 

pts

Catastrophe losses

(3.5)

%

(3.4)

%

(3.3)

%

(0.1)

pts

(0.1)

pts

Prior period development

3.3 

%

2.2 

%

3.1 

%

1.1 

pts

(0.9)

pts

CAY combined ratio excluding catastrophe losses

84.8 

%

85.2 

%

85.1 

%

(0.4)

pts

0.1 

pts

NM – not meaningful

Net Catastrophe Losses and Prior Period Development

(in millions of U.S. dollars)

2025

2024

2023

Net catastrophe losses

$

505 

$

459 

$

403 

Favorable prior period development

$

471 

$

290 

$

376 

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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Table of Contents

Net Premiums Written by Region

% Change

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

2025 

2024 

2023 

C$

2024

2025 vs. 2024

C$ 2025 vs. 2024

2024 vs. 2023

Region

Europe, Middle East, and Africa

$

6,491 

$

6,132 

$

5,713 

$

6,221 

5.9 

%

4.3 

%

7.3 

%

Asia (1)

5,337 

4,822 

4,072 

4,797 

10.7 

%

11.3 

%

18.4 

%

Latin America

3,059 

2,876 

2,653 

2,749 

6.3 

%

11.3 

%

8.4 

%

Other (2)

137 

142 

137 

143 

(3.4)

%

(3.7)

%

4.2 

%

Net premiums written

$

15,024 

$

13,972 

$

12,575 

$

13,910 

7.5 

%

8.0 

%

11.1 

%

Region

2025

% of Total

2024

% of Total

2023

% of Total

Europe, Middle East, and Africa

43 

%

44 

%

45 

%

Asia (1)

36 

%

34 

%

33 

%

Latin America

20 

%

21 

%

21 

%

Other (2)

1 

%

1 

%

1 

%

Net premiums written

100 

%

100 

%

100 

%

(1)    Includes the consolidated results of Huatai P&C effective July 1, 2023.

(2)    Includes the international supplemental A&H run-off business of Combined Insurance and other international operations.

Premiums

Overall, net premiums written increased $1,052 million in 2025, or $1,114 million on a constant-dollar basis, reflecting growth in commercial lines of 5.2 percent, or 5.3 percent on a constant-dollar basis, and growth in consumer lines of 11.0 percent, or 12.0 percent on a constant-dollar basis.

Our European division increased in 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property in our retail and wholesale business, and cyber and marine growth driven by higher new business.

Asia increased in 2025, reflecting growth primarily in consumer lines, including personal lines and A&H. Commercial lines growth reflects higher new business in property. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand.

Latin America increased in 2025, reflecting growth in personal lines business, including automobile in Mexico. Commercial lines increased driven by growth across all lines.

Net premiums earned increased $974 million in 2025, or $989 million on a constant-dollar basis, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio decreased in 2025, reflecting higher favorable prior period development, partially offset by higher catastrophe losses. The CAY combined ratio excluding catastrophe losses decreased in 2025, reflecting loss ratio improvement, primarily from commercial lines, offset by an increase in the expense ratio reflecting changes in mix of business.

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Table of Contents

Global Reinsurance

The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

1,309 

$

1,346 

$

1,018 

(2.8)

%

32.2 

%

Net premiums written - constant dollars

(3.0)

%

32.2 

%

Net premiums earned

1,353 

1,272 

962 

6.4 

%

32.2 

%

Losses and loss expenses

640 

711 

426 

(10.0)

%

66.9 

%

Policy acquisition costs

396 

342 

264 

15.8 

%

29.7 

%

Administrative expenses

37 

39 

37 

(6.3)

%

7.5 

%

Underwriting income

280 

180 

235 

56.2 

%

(24.0)

%

Net investment income

354 

253 

208 

39.8 

%

22.1 

%

Other (income) expense

— 

— 

(2)

— 

NM

Segment income

$

634 

$

433 

$

445 

46.5 

%

(2.8)

%

Combined ratio:

Loss and loss expense ratio

47.3 

%

55.9 

%

44.3 

%

(8.6)

pts

11.6 

pts

Policy acquisition cost ratio

29.3 

%

26.9 

%

27.4 

%

2.4 

pts

(0.5)

pts

Administrative expense ratio

2.7 

%

3.1 

%

3.8 

%

(0.4)

pts

(0.7)

pts

Combined ratio

79.3 

%

85.9 

%

75.5 

%

(6.6)

pts

10.4 

pts

Catastrophe losses

(6.7)

%

(11.5)

%

(0.7)

%

4.8 

pts

(10.8)

pts

Prior period development

1.7 

%

2.0 

%

3.1 

%

(0.3)

pts

(1.1)

pts

CAY combined ratio excluding catastrophe losses

74.3 

%

76.4 

%

77.9 

%

(2.1)

pts

(1.5)

pts

NM – not meaningful

Net Catastrophe Losses and Prior Period Development

(in millions of U.S dollars)

2025

2024

2023

Net catastrophe losses

$

87 

$

143 

$

7 

Favorable prior period development

$

23 

$

25 

$

28 

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written decreased $37 million, or 2.8 percent, in 2025, primarily due to the impact of a large one-off structured transaction in the prior year. Excluding the effects of this transaction, net premiums written was mostly flat as growth in casualty lines was offset by decreases in property, financial, and specialty lines.

Net premiums earned increased $81 million, or 6.4 percent, in 2025, reflecting the changes in net premiums written described above. Net premiums earned also includes the impact of new business written in the prior year for which premiums are earned in the current year.

Combined Ratio

The combined ratio decreased in 2025, primarily reflecting lower catastrophe losses, partially offset by lower favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased in 2025, primarily due to lower loss expectations in property and casualty lines.

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Table of Contents

Life Insurance

The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.

% Change

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

2025

2024

2023

2025 vs. 2024

2024 vs. 2023

Net premiums written

$

7,279 

$

6,326 

$

5,465 

15.1 

%

15.7 

%

Net premiums written - constant dollars

17.3 

%

18.5 

%

Net premiums earned

7,224 

6,273 

5,398 

15.1 

%

16.2 

%

Losses and loss expenses

109 

112 

114 

(2.7)

%

(1.8)

%

Policy benefits

4,961 

4,101 

3,216 

21.0 

%

27.5 

%

Policy acquisition costs

1,330 

1,202 

1,089 

10.7 

%

10.3 

%

Administrative expenses

836 

880 

771 

(5.1)

%

14.3 

%

Net investment income

1,127 

1,003 

756 

12.4 

%

32.7 

%

Other (income) expense

(165)

(159)

(115)

3.8 

%

39.7 

%

Amortization of purchased intangibles

38 

42 

30 

(10.4)

%

40.5 

%

Segment income

$

1,242 

$

1,098 

$

1,049 

13.1 

%

4.6 

%

Segment income - constant dollars

16.7 

%

7.3 

%

Premiums

Net premiums written increased $953 million in 2025, or $1,076 million on a constant-dollar basis.

For our international life operations, net premiums written increased 14.8 percent, or 17.4 percent on a constant-dollar basis, primarily driven by strong new business in North Asia, notably in Hong Kong, Huatai, Taiwan, and Korea. Growth also includes $117 million from a one-time large transaction in New Zealand.

Net premiums written in our Chubb Benefits business increased 17.3 percent, or 17.9 percent on a constant-dollar basis in 2025, from growth in worksite business of 32.1 percent.

Deposits

The following table presents deposits collected on universal life and investment contracts:

% Change

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

2025 

2024 

2023 

2025 vs. 2024

C$ 2025 vs. 2024

2024 vs. 2023

Deposits collected on universal life and investment contracts

$

2,227 

$

2,571 

$

1,590 

(13.4)

%

(14.3)

%

61.8 

%

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our business. Life deposits collected decreased $344 million in 2025, reflecting a shift towards insurance products in Taiwan, and market volatility.

Life Insurance segment income

Life Insurance segment income increased $144 million in 2025, or $178 million on a constant-dollar basis, reflecting the growth in premiums described above, expense leverage, and higher fees and net investment income from asset growth.

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Table of Contents

Corporate

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures, including molestation. Effective July 1, 2023, 100 percent of Huatai Group’s non-insurance operations results, comprising real estate and holding company activity, are included in Corporate.

% Change

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

2025 

2024 

2023 

2025 vs. 2024

2024 vs. 2023

Losses and loss expenses

$

309 

$

299 

$

281 

2.9 

%

6.8 

%

Administrative expenses

472 

432 

402 

9.6 

%

6.9 

%

Underwriting income (loss)

(781)

(731)

(683)

6.8 

%

6.9 

%

Net investment income (loss)

(93)

(105)

25 

(11.6)

%

NM

Other income (expense)

676 

490 

380 

37.9 

%

29.0 

%

Amortization of purchased intangibles

148 

163 

176 

(9.4)

%

(6.6)

%

Net realized gains (losses)

294 

(91)

(602)

NM

(85.0)

%

Market risk benefits gains (losses)

(288)

(140)

(307)

105.3 

%

(54.3)

%

Interest expense

764 

741 

672 

3.1 

%

10.2 

%

Integration expenses and severance

79 

39 

69 

100.3 

%

(43.4)

%

Income tax expense

2,422 

1,815 

511 

33.5 

%

NM

Net loss

$

(3,605)

$

(3,335)

$

(2,615)

8.1 

%

27.5 

%

Net income (loss) attributable to noncontrolling interests

312 

368 

(13)

(15.3)

%

NM

Net loss attributable to Chubb

$

(3,917)

$

(3,703)

$

(2,602)

5.8 

%

42.3 

%

NM – not meaningful

Losses and loss expenses increased in 2025 primarily due to adverse development relating to our legacy asbestos and environmental exposures, and non A&E run-off casualty exposure, including molestation.

Administrative expenses increased in 2025, primarily due to increased spending to support growth, including digital growth initiatives and higher employee-related expenses.

Integration expenses and severance principally comprise legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), Amortization of purchased intangibles, and Income tax expense (benefit). Refer to Notes 11 and 18 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

Effective Income Tax Rate

Our effective tax rate (ETR) was 18.6 percent, 15.8 percent, and 5.4 percent in 2025, 2024, and 2023, respectively. Our ETR reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR. The increase in the ETR from 2024 to 2025 was primarily due to the enactment of Bermuda's new income tax law. The increase in the ETR from 2023 to 2024 was primarily due to a one-time deferred tax benefit recorded in 2023 of $1.14 billion related to the enactment of Bermuda’s new income tax law, and our mix of earnings among various jurisdictions, partially offset by discrete tax items.

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Table of Contents

Net Realized and Unrealized Gains (Losses)

We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value.

The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.

The following table presents our net realized and unrealized gains (losses):

Year Ended December 31

2025

2024

2023

(in millions of U.S. dollars)

Net

Realized

Gains

(Losses)

Net

Unrealized

Gains

(Losses)

Net

Impact

Net

Realized

Gains

(Losses)

Net

Unrealized

Gains

(Losses)

Net

Impact

Net

Realized

Gains

(Losses)

Fixed maturities (1)(2)

$

(198)

$

2,655 

$

2,457 

$

191 

$

(251)

$

(60)

$

(481)

Investment and embedded derivative instruments

(37)

— 

(37)

(189)

— 

(189)

(53)

Public equity

Sales

185 

— 

185 

25 

— 

25 

(68)

Mark-to-market

471 

— 

471 

169 

— 

169 

30 

Private equity (less than 3 percent ownership)

Mark-to-market

99 

— 

99 

124 

— 

124 

70 

Total investment portfolio

520 

2,655 

3,175 

320 

(251)

69 

(502)

Other derivative instruments

(21)

— 

(21)

(4)

— 

(4)

(10)

Foreign exchange

(223)

1,047 

824 

(223)

(1,177)

(1,400)

(183)

Current discount rate on future policy benefits

— 

235 

235 

— 

(701)

(701)

— 

Instrument-specific credit risk on market risk benefits

— 

(8)

(8)

— 

7 

7 

— 

Other (3)

(65)

49 

(16)

24 

257 

281 

88 

Net gains (losses), pre-tax

$

211 

$

3,978 

$

4,189 

$

117 

$

(1,865)

$

(1,748)

$

(607)

(1)    2025 includes a net decrease of the valuation allowance of expected credit losses of $19 million and impairments of $49 million.

(2)    2024 includes a net decrease of the valuation allowance of expected credit losses of $86 million and impairments of $94 million.

(3)    2023 includes a one-time realized gain of $135 million as a result of the consolidation of Huatai Group.

Pre-tax net unrealized gains of $2,655 million in 2025 in our investment portfolio were primarily driven by lower interest rates.

Pre-tax net realized gains of $211 million in 2025 mainly comprised mark-to-market gains on equity securities, partially offset by foreign exchange losses and net realized losses on fixed maturities.

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Table of Contents

Non-GAAP Reconciliation

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP.

We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.

P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the 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.

CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

Total adjusted capitalization is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains (losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our underlying total capital position.

The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:

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Table of Contents

North America Commercial P&C Insurance

North America Personal P&C Insurance

North America Agricultural Insurance

Overseas General Insurance

Global

Reinsurance

Corporate

Total P&C

For the Year Ended

December 31, 2025

(in millions of U.S. dollars except for ratios)

Numerator

Losses and loss expenses/policy benefits

A

$

12,313 

$

4,517 

$

2,239 

$

7,059 

$

640 

$

309 

$

27,077 

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments

(584)

(1,721)

(24)

(505)

(87)

— 

(2,921)

Reinstatement premiums collected (expensed) on catastrophe losses

(2)

(53)

— 

(17)

14 

— 

(58)

Catastrophe losses, gross of related adjustments

(582)

(1,668)

(24)

(488)

(101)

— 

(2,863)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable)

421 

403 

121 

471 

23 

(306)

1,133 

Net premiums earned adjustments on PPD - unfavorable (favorable)

86 

— 

(114)

— 

— 

— 

(28)

Expense adjustments - unfavorable (favorable)

3 

— 

(20)

— 

1 

— 

(16)

PPD reinstatement premiums - unfavorable (favorable)

37 

— 

— 

6 

— 

— 

43 

PPD, gross of related adjustments - favorable (unfavorable)

547 

403 

(13)

477 

24 

(306)

1,132 

CAY loss and loss expense ex CATs

B

$

12,278 

$

3,252 

$

2,202 

$

7,048 

$

563 

$

3 

$

25,346 

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses

C

$

4,285 

$

1,673 

$

163 

$

5,159 

$

433 

$

472 

$

12,185 

Expense adjustments - favorable (unfavorable)

(3)

— 

20 

— 

(1)

— 

16 

Policy acquisition costs and administrative expenses, adjusted

D

$

4,282 

$

1,673 

$

183 

$

5,159 

$

432 

$

472 

$

12,201 

Denominator

Net premiums earned

E

$

20,381 

$

6,763 

$

2,919 

$

14,374 

$

1,353 

$

45,790 

Reinstatement premiums (collected) expensed on catastrophe losses

2 

53 

— 

17 

(14)

58 

Net premiums earned adjustments on PPD - unfavorable (favorable)

86 

— 

(114)

— 

— 

(28)

PPD reinstatement premiums - unfavorable (favorable)

37 

— 

— 

6 

— 

43 

Net premiums earned excluding adjustments

F

$

20,506 

$

6,816 

$

2,805 

$

14,397 

$

1,339 

$

45,863 

P&C Combined ratio

Loss and loss expense ratio

A/E

60.4 

%

66.8 

%

76.7 

%

49.1 

%

47.3 

%

59.1 

%

Policy acquisition cost and administrative expense ratio

C/E

21.0 

%

24.7 

%

5.6 

%

35.9 

%

32.0 

%

26.6 

%

P&C Combined ratio

81.4 

%

91.5 

%

82.3 

%

85.0 

%

79.3 

%

85.7 

%

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted

B/F

59.9 

%

47.7 

%

78.5 

%

49.0 

%

42.1 

%

55.3 

%

Policy acquisition cost and administrative expense ratio, adjusted

D/F

20.9 

%

24.6 

%

6.5 

%

35.8 

%

32.2 

%

26.6 

%

CAY P&C Combined ratio ex CATs

80.8 

%

72.3 

%

85.0 

%

84.8 

%

74.3 

%

81.9 

%

Combined ratio

Combined ratio

85.7 

%

Add: impact of gains and losses on crop derivatives

— 

P&C Combined ratio

85.7 

%

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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Table of Contents

North America Commercial P&C Insurance

North America Personal P&C Insurance

North America Agricultural Insurance

Overseas General Insurance

Global

Reinsurance

Corporate

Total P&C

For the Year Ended

December 31, 2024

(in millions of U.S. dollars except for ratios)

Numerator

Losses and loss expenses/policy benefits

A

$

12,737 

$

3,584 

$

2,170 

$

6,822 

$

711 

$

299 

$

26,323 

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments

(1,103)

(622)

(60)

(459)

(143)

— 

(2,387)

Reinstatement premiums collected (expensed) on catastrophe losses

— 

— 

— 

— 

14 

— 

14 

Catastrophe losses, gross of related adjustments

(1,103)

(622)

(60)

(459)

(157)

— 

(2,401)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable)

428 

305 

104 

290 

25 

(296)

856 

Net premiums earned adjustments on PPD - unfavorable (favorable)

70 

— 

63 

— 

— 

— 

133 

Expense adjustments - unfavorable (favorable)

(5)

— 

3 

— 

2 

— 

— 

PPD reinstatement premiums - unfavorable (favorable)

— 

— 

— 

— 

2 

— 

2 

PPD, gross of related adjustments - favorable (unfavorable)

493 

305 

170 

290 

29 

(296)

991 

CAY loss and loss expense ex CATs

B

$

12,127 

$

3,267 

$

2,280 

$

6,653 

$

583 

$

3 

$

24,913 

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses

C

$

4,055 

$

1,590 

$

181 

$

4,761 

$

381 

$

432 

$

11,400 

Expense adjustments - favorable (unfavorable)

5 

— 

(3)

— 

(2)

— 

— 

Policy acquisition costs and administrative expenses, adjusted

D

$

4,060 

$

1,590 

$

178 

$

4,761 

$

379 

$

432 

$

11,400 

Denominator

Net premiums earned

E

$

20,008 

$

6,188 

$

2,705 

$

13,400 

$

1,272 

$

43,573 

Reinstatement premiums (collected) expensed on catastrophe losses

— 

— 

— 

— 

(14)

(14)

Net premiums earned adjustments on PPD - unfavorable (favorable)

70 

— 

63 

— 

— 

133 

PPD reinstatement premiums - unfavorable (favorable)

— 

— 

— 

— 

2 

2 

Net premiums earned excluding adjustments

F

$

20,078 

$

6,188 

$

2,768 

$

13,400 

$

1,260 

$

43,694 

P&C Combined ratio

Loss and loss expense ratio

A/E

63.7 

%

57.9 

%

80.2 

%

50.9 

%

55.9 

%

60.4 

%

Policy acquisition cost and administrative expense ratio

C/E

20.2 

%

25.7 

%

6.7 

%

35.5 

%

30.0 

%

26.2 

%

P&C Combined ratio

83.9 

%

83.6 

%

86.9 

%

86.4 

%

85.9 

%

86.6 

%

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted

B/F

60.4 

%

52.8 

%

82.4 

%

49.7 

%

46.2 

%

57.0 

%

Policy acquisition cost and administrative expense ratio, adjusted

D/F

20.2 

%

25.7 

%

6.4 

%

35.5 

%

30.2 

%

26.1 

%

CAY P&C Combined ratio ex CATs

80.6 

%

78.5 

%

88.8 

%

85.2 

%

76.4 

%

83.1 

%

Combined ratio

Combined ratio

86.6 

%

Add: impact of gains and losses on crop derivatives

— 

P&C Combined ratio

86.6 

%

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E and F included in the table are references for calculating the ratios above.

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Table of Contents

North America Commercial P&C Insurance

North America Personal P&C Insurance

North America Agricultural Insurance

Overseas General Insurance

Global

Reinsurance

Corporate

Total P&C

For the Year Ended

December 31, 2023

(in millions of U.S. dollars except for ratios)

Numerator

Losses and loss expenses/policy benefits

A

$

11,256 

$

3,511 

$

2,874 

$

6,100 

$

426 

$

281 

$

24,448 

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments

(710)

(669)

(39)

(403)

(7)

— 

(1,828)

Reinstatement premiums collected (expensed) on catastrophe losses

— 

— 

— 

— 

— 

— 

— 

Catastrophe losses, gross of related adjustments

(710)

(669)

(39)

(403)

(7)

— 

(1,828)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable)

494 

134 

18 

376 

28 

(277)

773 

Net premiums earned adjustments on PPD - unfavorable (favorable)

78 

— 

6 

— 

— 

— 

84 

Expense adjustments - unfavorable (favorable)

20 

— 

— 

— 

(1)

— 

19 

PPD reinstatement premiums - unfavorable (favorable)

— 

(2)

— 

— 

8 

— 

6 

PPD, gross of related adjustments - favorable (unfavorable)

592 

132 

24 

376 

35 

(277)

882 

CAY loss and loss expense ex CATs

B

$

11,138 

$

2,974 

$

2,859 

$

6,073 

$

454 

$

4 

$

23,502 

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses

C

$

3,765 

$

1,457 

$

149 

$

4,332 

$

301 

$

402 

$

10,406 

Expense adjustments - favorable (unfavorable)

(20)

— 

— 

— 

1 

— 

(19)

Policy acquisition costs and administrative expenses, adjusted

D

$

3,745 

$

1,457 

$

149 

$

4,332 

$

302 

$

402 

$

10,387 

Denominator

Net premiums earned

E

$

18,416 

$

5,536 

$

3,169 

$

12,231 

$

962 

$

40,314 

Net premiums earned adjustments on PPD - unfavorable (favorable)

78 

— 

6 

— 

— 

84 

PPD reinstatement premiums - unfavorable (favorable)

— 

(2)

— 

— 

8 

6 

Net premiums earned excluding adjustments

F

$

18,494 

$

5,534 

$

3,175 

$

12,231 

$

970 

$

40,404 

P&C Combined ratio

Loss and loss expense ratio

A/E

61.1 

%

63.4 

%

90.7 

%

49.9 

%

44.3 

%

60.6 

%

Policy acquisition cost and administrative expense ratio

C/E

20.5 

%

26.3 

%

4.7 

%

35.4 

%

31.2 

%

25.9 

%

P&C Combined ratio

81.6 

%

89.7 

%

95.4 

%

85.3 

%

75.5 

%

86.5 

%

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted

B/F

60.2 

%

53.8 

%

90.1 

%

49.7 

%

46.8 

%

58.2 

%

Policy acquisition cost and administrative expense ratio, adjusted

D/F

20.3 

%

26.3 

%

4.6 

%

35.4 

%

31.1 

%

25.7 

%

CAY P&C Combined ratio ex CATs

80.5 

%

80.1 

%

94.7 

%

85.1 

%

77.9 

%

83.9 

%

Combined ratio

Combined ratio

86.5 

%

Add: impact of gains and losses on crop derivatives

— 

P&C Combined ratio

86.5 

%

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E and F included in the table are references for calculating the ratios above.

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Net Investment Income

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

2025 

2024 

2023 

Average invested assets (1)

$

143,984 

$

131,926 

$

118,357 

Net investment income (2)

$

6,465 

$

5,930 

$

4,937 

Yield on average invested assets

4.5 

%

4.5 

%

4.2 

%

Market yield on fixed maturities

5.0 

%

5.2 

%

5.3 

%

(1)Excludes consolidated investment products and private equities where we own more than three percent.

(2)Includes $8 million, $16 million, and $21 million of amortization expense related to the fair value adjustment of acquired invested assets in 2025, 2024, and 2023, respectively. Excludes investment income from our private equities where we own more than 3 percent interest.

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 9.0 percent in 2025 compared with 2024, primarily due to higher average invested assets. Refer to Note 1 f) to the Consolidated Financial Statements for additional information.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:

(in millions of U.S. dollars)

2025

2024

2023

Total mark-to-market gain on private equity, pre-tax

$

809 

$

661 

$

504 

Interest Expense

Interest expense was $764 million, $741 million, and $672 million for the years ended December 31, 2025, 2024, and 2023, respectively. Interest expense increased in 2025 primarily due to newly issued debt, including the 2025 issuances of Chinese yuan renminbi term loans and bonds, and U.S. dollar senior notes. This increase was partially offset by the maturity of $800 million senior notes in March 2025, as well as lower interest rates on collateral and funds held.

Pre-tax interest expense is expected to total $772 million for 2026, based on projected variable expenses and existing debt obligations as of December 31, 2025, at current foreign exchange rates. Interest expense in 2026 is expected to be higher primarily as a result of the debt issued throughout 2025. Refer to Note 13 to the Consolidated Financial Statements, under Item 8, for more information.

Amortization of Purchased Intangibles and Other Amortization

Amortization of purchased intangibles

Amortization expense related to purchased intangibles was $301 million, $323 million, and $310 million for the years ended December 31, 2025, 2024, and 2023, respectively.

The amortization of purchased intangibles expense in 2026 is expected to be $287 million, or approximately $72 million each quarter. Refer to Note 7 to the Consolidated Financial Statements, under Item 8, for more information on the expected pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years.

At December 31, 2025, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,436 million, of which $72 million is expected to be reversed in 2026.

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Amortization of the fair value adjustment on assumed long-term debt

The expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition is $21 million annually for the next five years, which is recorded as a reduction to interest expense.

Investments

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/ Moody’s Investors Service (Moody’s) at December 31, 2025. The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and closely monitor investment manager compliance with portfolio guidelines.

The average duration of our fixed income securities, including the effect of futures, options, and swaps, was 5.0 years and 5.1 years at December 31, 2025 and 2024, respectively. We estimate that a 100 basis point (bps) increase in interest rates would reduce the valuation of our fixed income portfolio by approximately $6.8 billion at December 31, 2025. The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

December 31, 2025

December 31, 2024

(in millions of U.S. dollars)

Fair

Value

Cost/

Amortized

Cost, Net

Fair

Value

Cost/

Amortized

Cost, Net

Short-term investments

$

4,840 

$

4,840 

$

5,142 

$

5,143 

Other Investments - Fixed Maturities

8,091 

8,091 

6,265 

6,265 

Fixed maturities available-for-sale

122,680 

124,674 

110,363 

115,013 

Fixed income securities

135,611 

137,605 

121,770 

126,421 

Equity securities

10,801 

10,801 

9,151 

9,151 

Private debt held-for-investment

2,445 

2,411 

2,680 

2,628 

Private equities and other

19,897 

19,897 

17,101 

17,101 

Total investments

$

168,754 

$

170,714 

$

150,702 

$

155,301 

The fair value of our total investments increased $18.1 billion during the year ended December 31, 2025, mainly due to the investing of operating cash flow and gains in fixed maturities available-for-sale.

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The following tables present the fair value of our fixed income securities at December 31, 2025 and 2024. The first table lists investments according to type and second according to S&P credit rating:

December 31, 2025

December 31, 2024

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

Fair Value

% of Total

Fair Value

% of Total

U.S. and local government securities

$

3,714 

3 

%

$

4,070 

3 

%

Corporate and asset-backed securities

47,886 

35 

%

43,207 

36 

%

Mortgage-backed securities

30,724 

23 

%

27,248 

22 

%

Non-U.S.

48,447 

35 

%

42,103 

35 

%

Short-term investments

4,840 

4 

%

5,142 

4 

%

Total (1)

$

135,611 

100 

%

$

121,770 

100 

%

AAA

$

13,313 

10 

%

$

13,933 

11 

%

AA

40,720 

30 

%

37,640 

30 

%

A

35,184 

26 

%

28,882 

24 

%

BBB

23,584 

17 

%

21,610 

18 

%

BB

12,948 

10 

%

10,789 

9 

%

B

9,469 

7 

%

8,279 

7 

%

Other

393 

— 

%

637 

1 

%

Total (1)

$

135,611 

100 

%

$

121,770 

100 

%

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $8.1 billion and $6.3 billion at December 31, 2025 and 2024, respectively.

Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at December 31, 2025:

(in millions of U.S. dollars)

Fair Value

Bank of America Corp

$

786 

Morgan Stanley

745 

JPMorgan Chase & Co

698 

Goldman Sachs Group Inc

569 

Wells Fargo & Co

564 

Citigroup Inc

501 

Verizon Communications Inc

429 

AT&T Inc

372 

UBS Group AG

370 

Comcast Corp

363 

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Mortgage-backed securities

The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:

S&P Credit Rating

Fair Value

Amortized Cost, Net

December 31, 2025

(in millions of U.S. dollars)

AAA

AA

A

BBB

BB and

below

Total

Total

Agency residential mortgage-backed securities (RMBS)

$

16 

$

27,250 

$

— 

$

— 

$

— 

$

27,266 

$

28,029 

Non-agency RMBS

2,079 

198 

165 

69 

2 

2,513 

2,532 

Commercial mortgage-backed securities

774 

112 

51 

6 

2 

945 

972 

Total mortgage-backed securities

$

2,869 

$

27,560 

$

216 

$

75 

$

4 

$

30,724 

$

31,533 

Non-U.S.

Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines.

Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 40 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material.

The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at December 31, 2025:

(in millions of U.S. dollars)

Fair Value

Amortized Cost, Net

People's Republic of China

$

1,952 

$

1,987 

Republic of Korea

1,772 

1,779 

Kingdom of Thailand

1,145 

1,016 

Canada

840 

860 

United Mexican States

811 

811 

Taiwan

776 

755 

Federative Republic of Brazil

651 

662 

Commonwealth of Australia

573 

660 

Province of Ontario

559 

563 

Province of Hunan China

556 

550 

Other Non-U.S. Government Securities

8,577 

8,646 

Total

$

18,212 

$

18,289 

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The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at December 31, 2025:

(in millions of U.S. dollars)

Fair Value

Amortized Cost, Net

China

$

8,507 

$

8,492 

United Kingdom

2,791 

2,833 

Canada

2,714 

2,698 

France

1,754 

1,746 

United States (1)

1,631 

1,630 

South Korea

1,400 

1,368 

Australia

1,317 

1,342 

Japan

1,081 

1,084 

Germany

710 

726 

Chile

622 

631 

Other Non-U.S. Corporate Securities

7,708 

7,721 

Total

$

30,235 

$

30,271 

(1)     The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Below-investment grade corporate fixed income portfolio

Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At December 31, 2025, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 15 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $206 million.

We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. 15 external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.

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Asbestos and Environmental (A&E)

Asbestos and environmental (A&E) reserving considerations

For asbestos, Chubb faces claims relating to policies issued to manufacturers, distributors, installers, and other parties in the chain of commerce for asbestos and products containing asbestos. Claimants will generally allege damages across an extended time period which may coincide with multiple policies covering a wide range of time periods for a single insured.

Environmental claims present exposure for remediation and defense costs associated with the contamination of property or bodily injury as a result of pollution.

The following table presents count information for asbestos claims and environmental claims by account, for direct policies only:

Asbestos

Environmental

2025

2024 

2025 

2024 

Open at beginning of year

1,674 

1,784 

1,052 

1,109 

Newly reported/reopened

426 

252 

197 

135 

Closed or otherwise disposed

436 

362 

222 

192 

Open at end of year

1,664 

1,674 

1,027 

1,052 

Survival ratios are calculated by dividing the asbestos or environmental loss and allocated loss adjustment expense (ALAE) reserves by the average asbestos or environmental loss and ALAE payments for the three most recent calendar years (3-year survival ratio).

The following table presents the gross and net 3-year survival ratios for Asbestos and Environmental loss and ALAE reserves:

(in years)

Gross loss and ALAE reserves

Net loss and

ALAE reserves

Asbestos

3.1 

2.9 

Environmental

4.3 

5.1 

The survival ratios provide only a very rough depiction of reserves and are significantly impacted by a number of factors such as aggressive settlement practices, variations in gross to ceded relationships within the asbestos or environmental claims, and levels of coverage provided. Therefore, we urge caution in using these very simplistic ratios to gauge reserve adequacy.

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Catastrophe Management

We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at December 31, 2025, and does not represent our expected catastrophe losses for any one year.

Modeled Net Probable Maximum Loss (PML) Pre-tax

Worldwide (1)

U.S. Hurricane (2)

California Earthquake (3)

Annual Aggregate

Annual Aggregate

Single Occurrence

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

Chubb

% of Total Chubb Shareholders’

Equity

Chubb

% of Total Chubb Shareholders’

Equity

Chubb

% of Total Chubb Shareholders’

Equity

1-in-10

$

3,003 

4.1 

%

$

1,664 

2.3 

%

$

170 

0.2 

%

1-in-100

$

5,862 

7.9 

%

$

3,919 

5.3 

%

$

1,869 

2.5 

%

1-in-250

$

9,285 

12.6 

%

$

6,552 

8.9 

%

$

2,176 

3.0 

%

(1)     Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.

(2)     U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding.

(3)    California earthquake modeled losses include the fire-following sub-peril.

The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at October 1, 2025, and reflect the April 1, 2025, reinsurance program as well as inuring reinsurance protection coverage. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible.

According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,919 million (or 5.3 percent of total Chubb shareholders’ equity at December 31, 2025).

The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:

•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;

•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;

•The potential effects of climate change add to modeling complexity; and

•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2026. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.

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Man-made and other catastrophes

We have substantial exposure to losses resulting from man-made catastrophes including terrorism, cyber-attack, financial events, and other catastrophe events, including pandemics. These events are inherently unpredictable and could impact a variety of our businesses, including commercial and personal lines, life insurance, A&H, and reinsurance products. Our losses from these events could be substantial.

Terrorism

We offer terrorism coverage in the U.S. and in many other countries through various insurance products. We actively monitor terrorism risk and manage exposures through set risk limits based on modeled losses from certain terrorism attack scenarios, the purchase of reinsurance, and the reliance on government-sponsored terrorism reinsurance programs. In the U.S., certain protections of our terrorism exposure are provided through the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA). In 2025, TRIPRA covers 81 percent of insured losses above a deductible, estimated to be approximately $3.2 billion. Refer to “Global Property Catastrophe Reinsurance Program” for information on our reinsurance protection purchased. At our largest exposure location in the U.S., our maximum modeled losses from a 10-ton truck-bomb explosion are estimated to be $2.3 billion pre-tax based on the exposures, net of reinsurance and TRIPRA, as of December 31, 2025.

Cyber Insurance

While frequency and severity trends are being managed through long-standing underwriting strategies, the potential catastrophe risk that aggregation of cyber exposures presents to insurers is unique and unprecedented. In contrast with natural catastrophe risks, catastrophic cyber event scenarios are not bound by time or geography. Further, catastrophic cyber perils do not have well-established definitions or fundamental physical properties. For these reasons, catastrophic cyber events have the inherent potential for significant economic loss. Although cyber risk does not represent a material component of our net premiums written and we engage in significant risk mitigation through our underwriting and use of reinsurance, we are exposed to material losses in the event of a systemic cyber-attack.

Financial Risk

The consequences of adverse global or regional market and economic conditions may affect our investment portfolio. Our investment portfolio is subject to credit or default risk and may also be less liquid in times of economic weakness or market disruptions. Our investments are subject to market risks and risks inherent in individual securities. Our investment performance is highly sensitive to many factors, including interest rates, inflation, monetary and fiscal policies, and domestic and international political conditions. The volatility of our losses may force us to liquidate securities, which may cause us to incur capital losses. Realized and unrealized losses in our investment portfolio would reduce our book value, and if significant, can affect our ability to conduct business.

Moreover, we have substantial exposure to insurance products which are sensitive to certain system-wide financial conditions, such as our financial lines, surety, political risk, involuntary loss of employment (outside U.S.), and trade credit products. These products tend to be characterized by infrequent but potentially high severity losses. The majority of our exposure in these products may be impacted by an adverse economic climate such as an economic recession or depression. If the financial condition of these insureds were adversely affected by the economy or otherwise, we may experience an increase in filed claims and may incur high severity losses, which could have an adverse effect on our results of operations. We monitor credit exposures to single counterparties and to sectors of interest from sources across our operations (e.g. investments, insurance products, reinsurance recoverable, bank deposits, letters of credit) and establish guidelines for credit risk exposure at the counterparty level. Our net income may be volatile because certain variable annuity reinsurance products sold expose us to fair value liability changes that are directly affected by market and other factors and assumptions.

Pandemic

An outbreak of pandemic disease, such as the COVID-19 pandemic, could have a materially adverse effect on our results of operations. The vast majority of our property and liability coverages do not provide coverage for pandemic claims. However, we are subject to the potential of aggregation of loss from coverages provided in our life, A&H, and workers' compensation portfolios. We assess our direct pandemic exposure using stress scenarios that consider mortality, morbidity, and other causes of insured loss such as trip cancellation. Our assessment also incorporates the impact of a severe economic downturn which, as stated above under Financial Risk, includes an adverse impact to our investment portfolio and to our insurance products sensitive to certain system-wide financial conditions.

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Global Property Catastrophe Reinsurance Program

Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).

We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.

Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2025, through March 31, 2026. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2025, through March 31, 2026, with the same limits, retention, and percentage placed except that the terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Loss Location

Layer of Loss

Comments

Notes

United States

(excluding Alaska and Hawaii)

$0 million –

$1.75 billion

Losses retained by Chubb

(a)

United States

(excluding Alaska and Hawaii)

$1.75 billion –

$2.85 billion

All natural perils and terrorism

(b)

United States

(excluding Alaska and Hawaii)

$2.85 billion –

$4.0 billion

All natural perils and terrorism

(c)

United States

(excluding Alaska and Hawaii)

$4.0 billion –

$5.7 billion

Named windstorm and earthquake

International

(including Alaska and Hawaii)

$0 million –

$225 million

Losses retained by Chubb

(a)

International

(including Alaska and Hawaii)

$225 million –

$1.325 billion

All natural perils and terrorism

(b)

Alaska, Hawaii, and Canada

$1.325 billion –

$2.475 billion

All natural perils and terrorism

(c)

(a)     Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.

(b)     These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

(c)     These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

Political Risk and Credit Insurance

Political risk insurance is a specialized coverage that provides clients with protection against unexpected, catastrophic political or macroeconomic events, primarily in emerging markets. We participate in this market through our Bermuda based wholly-owned subsidiary Sovereign Risk Insurance Ltd. (Sovereign), and through a unit of our London-based CGM operation. Chubb is one of the world's leading underwriters of political risk and credit insurance, has a global portfolio spread across more than 150 countries and is also a member of The Berne Union. Our clients include financial institutions, national export credit agencies, leading multilateral agencies, private equity firms and multinational corporations. CGM writes political risk and credit insurance business out of underwriting offices in London, United Kingdom; Hamburg, Germany; Sao Paulo, Brazil; Singapore; Tokyo, Japan; and in the U.S. in the following locations: Chicago, New York, Los Angeles and Washington, D.C.

Our political risk insurance products provide protection to commercial lenders against defaults on cross border loans, cover investors against equity losses, and protect exporters against defaults on contracts. Commercial lenders, our largest client segment, are covered for missed scheduled loan repayments due to acts of confiscation, expropriation or nationalization by the host government, currency inconvertibility or exchange transfer restrictions, or war or other acts of political violence. In addition, in the case of loans to government-owned entities or loans that have a government guarantee, political risk policies cover

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scheduled payments against risks of non-payment or non-honoring of government guarantees. Private equity investors and corporations cover their equity investments against financial losses, such as expropriatory events, inability to repatriate dividends, and physical damage to their operations caused by covered political risk events. Our export contracts product provides coverage for both exporters and their financing banks against the risk of contract frustration due to government actions, including non-payment by governmental entities.

CGM's credit insurance businesses cover losses due to insolvency, protracted default, and political risk perils including export and license cancellation. Our credit insurance product provides coverage to larger companies that have sophisticated credit risk management systems, with exposure to multiple customers and that have the ability to self-insure losses up to a certain level through excess of loss coverage. It also provides coverage to trade finance banks, exporters, and trading companies, with exposure to trade-related financing instruments. CGM also has limited capacity for Specialist Credit insurance products which provide coverage for project finance and working capital loans for large corporations and banks.

We have implemented structural features in our policies in order to control potential losses within the political risk and credit insurance businesses. These include basic loss sharing features such as co-insurance and deductibles and, in the case of trade credit, the use of non-qualifying losses that drop smaller exposures deemed too difficult to assess. Ultimate loss severity is also limited by using waiting periods to enable the insurer and insured to mitigate losses and to agree on recovery strategies if a claim does materialize. We have the option to pay claims over the original loan repayment schedule, rather than in a lump sum, in order to provide insureds and the insurer additional time to remedy problems and work towards full recoveries. It is important to note that political risk and credit policies are named peril conditional insurance contracts, not financial guarantees, and claims are only paid after conditions and warranties are fulfilled. Political risk and credit insurance policies do not cover currency devaluations, bond defaults, movements in overseas equity markets, transactions deemed illegal, situations where corruption or misrepresentation has occurred, or debt that is not legally enforceable. In addition to assessing and mitigating potential exposure on a policy-by-policy basis, we also have specific risk management measures in place to manage overall exposure and risk. These measures include placing country, credit, and individual transaction limits based on country risk and credit ratings, combined single loss limits on multi-country policies, the use of quota share and excess of loss reinsurance protection as well as quarterly modeling and stress-testing of the portfolio. We have a dedicated Country and Credit Risk management team that is responsible for the portfolio.

Crop Insurance

We are, and have been since the 1980s, one of the leading writers of crop insurance in the U.S. and have conducted that business through a managing general agent subsidiary of Rain and Hail. We provide protection throughout the U.S. on a variety of crops and are therefore geographically diversified, which reduces the risk of exposure to a single event or a heavy accumulation of losses in any one region. Given its concentration of risk exposed to temperature, moisture, drought, hail, and the more frequent and severe storms associated with climate change, crop insurance is a business with catastrophe-like features. Our crop insurance business comprises two components - Multiple Peril Crop Insurance (MPCI) and crop-hail insurance.

The MPCI program, offered in conjunction with the U.S. Department of Agriculture’s Risk Management Agency (RMA), is a federal subsidized insurance program that covers revenue shortfalls or production losses due to natural causes such as drought, excessive moisture, hail, wind, freeze, insects, and disease. These revenue products are defined as providing both commodity price and yield coverages. Policies are available for various crops in different areas of the U.S. and generally have deductibles ranging from 10 percent to 50 percent of the insured's risk. The USDA's Risk Management Agency (RMA) sets the policy terms and conditions, rates and forms, and is also responsible for setting compliance standards. As a participant in the MPCI program, we report all details of policies to the RMA and are party to a Standard Reinsurance Agreement (SRA). The SRA sets out the relationship between private insurance companies and the Federal Crop Insurance Corporation (FCIC) concerning the terms and conditions regarding the risks each will bear including the pro-rata and state stop-loss provisions, which allows companies to limit the exposure of any one state or group of states on their underwriting results. In addition to the pro-rata and excess of loss reinsurance protections inherent in the SRA, we purchase third-party proportional and stop-loss reinsurance for our MPCI business to reduce our exposure. We may also enter into crop derivative contracts to further manage our risk exposure.

Each year the RMA issues a final SRA for the subsequent reinsurance year (i.e., the 2026 SRA covers the 2026 reinsurance year from July 1, 2025, through June 30, 2026). There were no significant changes in the terms and conditions from the 2025 SRA and, therefore, the new SRA does not impact Chubb's outlook on the crop program relative to 2026.

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We recognize net premiums written as soon as estimable on our MPCI business, which is generally when we receive acreage reports from the policyholders on the various crops throughout the U.S. This allows us to best determine the premium associated with the liability that is being planted. The MPCI program has specific timeframes as to when producers must report acreage to us, and in certain cases the reporting occurs after the close of the respective reinsurance year. Once the net premium written has been recorded, the premium is then earned over the growing season for the crops. A majority of the crops that are covered in the program are typically subject to the SRA in effect at the beginning of the year. Given the major crops covered in the program, we typically see a substantial written and earned premium impact in the second and third quarters.

The pricing of MPCI premium is determined using a number of factors including commodity prices and related volatility (i.e., both impact the amount of premium we can charge to the policyholder). For example, in most states, the pricing for the MPCI revenue product for corn (i.e., insurance coverage for lower than expected crop revenue in a given season) includes a factor based on the average commodity price in February. If corn commodity prices are higher in February, compared to the February price in the prior year, and all other factors are the same, the increase in price will increase the corn premium year-over-year. Pricing is also impacted by volatility factors, which measure the likelihood commodity prices will fluctuate over the crop year. For example, if volatility is set at a higher rate compared to the prior year, and all other factors are the same, the premium charged to the policyholder will be higher year-over-year for the same level of coverage.

Losses incurred on the MPCI business are determined using both commodity price and crop yield. With respect to commodity price, there are two important periods on a large portion of the business: the month of February when the initial premium base is set, and the month of October when the final harvest price is set. If the price declines from February to October, with yield remaining at normal levels, the policyholder may be eligible to recover on the policy. However, in most cases there are deductibles on these policies, therefore, the impact of a decline in price would have to exceed the deductible before a policyholder would be eligible to recover.

We evaluate our MPCI business at an aggregate level and the combination of all of our insured crops (both winter and summer) go into our underwriting gain or loss estimate in any given year. Typically, we do not have enough information on the harvest prices or crop yield outputs to quantify the preliminary estimated impact to our underwriting results until the fourth quarter.

Our crop-hail program is a private offering. Premium is earned on the crop-hail program over the coverage period of the policy. Given the very short nature of the growing season, most crop-hail business is typically written in the second and third quarters and the recognition of earned premium is also more heavily concentrated during this timeframe. We use industry data to develop our own rates and forms for the coverage offered. The policy primarily protects farmers against yield reduction caused by hail and/or fire, and related costs such as transit to storage. We offer various deductibles to allow the grower to partially self-insure for a reduced premium cost. We limit our crop-hail exposures through the use of township liability limits and third-party reinsurance on our net retained hail business.

Liquidity

Liquidity is a measure of a company's ability to generate cash flows sufficient to meet short-term and long-term cash requirements. As a holding company, Chubb Limited possesses assets that consist primarily of the stock of its subsidiaries and other investments. In addition to net investment income, Chubb Limited's cash flows depend primarily on dividends and other statutorily permissible payments. Historically, dividends and other statutorily permitted payments have come primarily from Chubb's Bermuda-based operating subsidiaries, which we refer to as our Bermuda subsidiaries. During 2025 and 2024, in accordance with a plan of liquidation and conversion of Chubb INA Holdings Inc. (Chubb INA) to a limited liability company, Chubb Limited received $4.5 billion and $2.0 billion, respectively, for the redemption of a portion of its ownership interest in Chubb INA. Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's 20 percent ownership interest in Chubb INA. Our consolidated sources of funds consist primarily of net premiums written, fees, net investment income, and proceeds from sales and maturities of investments. Funds are used at our various companies primarily to pay claims, operating expenses, and dividends; to service debt; to purchase investments; and to fund acquisitions.

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. Should the need arise, we generally have access to capital markets and available credit facilities. Refer to “Credit Facilities” below for additional information. Our access to funds under the existing credit facility is dependent on the ability of the bank that is a party to the facility to meet its funding commitments. Should our existing credit provider experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our

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business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.

To further ensure the sufficiency of funds to settle unforeseen claims, we hold certain invested assets in cash and short-term investments. In addition, for certain insurance, reinsurance, or deposit contracts that tend to have relatively large and reasonably predictable cash outflows, we attempt to establish dedicated portfolios of assets that are duration-matched with the related liabilities. With respect to the duration of our overall investment portfolio, we manage asset durations to both maximize return given current market conditions and provide sufficient liquidity to cover future loss payments. At December 31, 2025, the average duration of our fixed income securities, including the effect of futures, options, and swaps, is 5.0 years, while the average expected duration of our insurance liabilities is 7.0 years.

Despite our safeguards, if paid losses accelerate beyond our ability to fund such paid losses from current operating cash flows, we might need to either liquidate a portion of our investment portfolio or arrange for financing. Potential events causing such a liquidity strain could include several significant catastrophes occurring in a relatively short period of time, large uncollectible reinsurance recoverables on paid losses (as a result of coverage disputes, reinsurers' credit problems, or decreases in the value of collateral supporting reinsurance recoverables) or increases in collateral postings under our variable annuity reinsurance business. Because each subsidiary focuses on a more limited number of specific product lines than is collectively available from the Chubb Group of Companies, the mix of business tends to be less diverse at the subsidiary level. As a result, the probability of a liquidity strain, as described above, may be greater for individual subsidiaries than when liquidity is assessed on a consolidated basis. If such a liquidity strain were to occur in a subsidiary, we could be required to liquidate a portion of our investments, potentially at distressed prices, as well as be required to contribute capital to the particular subsidiary and/or curtail dividends from the subsidiary to support holding company operations.

The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During 2025, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary's financial condition are paramount to the dividend decision. Chubb Limited received dividends of $1.3 billion and $1.7 billion from its Bermuda subsidiaries in 2025 and 2024, respectively. Chubb Limited received cash dividends of $23 million and $3 million and non-cash dividends of $115 million and $142 million from Swiss subsidiaries in 2025 and 2024, respectively. Chubb Limited also received dividends of $207 million and $91 million from its other international subsidiaries in 2025 and 2024, respectively.

The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary's domicile (or, if applicable, commercial domicile). Chubb INA's international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA in 2025 and 2024. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA's insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received cash dividends of $2.6 billion and $3.6 billion and non-cash dividends of nil and $997 million from its subsidiaries in 2025 and 2024, respectively. At December 31, 2025, the amount of dividends available to be paid to Chubb INA in 2026 from its subsidiaries without prior approval of insurance regulatory authorities totals $4.0 billion.

Cash Flows

Our insurance and reinsurance operations provide liquidity in that premiums are received in advance, sometimes substantially in advance, of the time claims are paid. Generally, cash flows are affected by claim payments that, due to the nature of our operations, may comprise large loss payments on a limited number of claims and which can fluctuate significantly from period to period. The irregular timing of these loss payments can create significant variations in cash flows from operations between periods. For additional information regarding estimates of future claim payments over the next twelve months, refer to our discussion of Cash Requirements within "Capital Resources". Sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for 2025 and 2024.

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Operating cash flows are generated from premiums collected and investment income received less paid losses and loss expenses, policy acquisition costs, and administrative expenses. Operating cash flows were $12.8 billion in 2025, compared to $16.2 billion in 2024. The decrease of $3.4 billion is primarily due to higher net losses, expenses, and taxes paid, partially offset by higher premiums collected. The decrease also reflects $1.1 billion in purchases of consolidated investment products (CIP) in 2025, compared to $278 million of net proceeds from sales of CIP in 2024.

Cash used for investing was $11.3 billion in 2025, compared to $13.9 billion in 2024. The decrease of $2.6 billion is primarily due to lower net purchases of fixed maturities, short-term investments, and equity securities of $3.5 billion and a decrease in cash paid for acquisitions of $249 million. These amounts were partially offset by an increase in private equity contributions (net of distributions) of $1.6 billion.

Cash used for financing was $1.9 billion in 2025, compared to $2.2 billion in 2024. The decrease of $0.3 billion is primarily from higher repurchase agreement borrowings (net of repayments) of $921 million, higher net CIP-related investments received from third-parties of $810 million, and lower repayments of long-term debt of $653 million. This activity was partially offset by higher common shares repurchased of $1.9 billion. Refer to Note 15 to the Consolidated Financial Statements for additional information on share repurchases.

Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss.

We use repurchase agreements as a low-cost funding alternative. At December 31, 2025, there were $3.3 billion, including variable interest entities balances of $956 million, in repurchase agreements outstanding with various maturities over the next five months.

In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider. Each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to all participating Chubb entities as needed, provided that the overall notionally pooled balance of all accounts in each pool at the end of each day is at least zero. Chubb entities may incur overdraft balances as a means to address short-term liquidity needs. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $1,500 million in the aggregate). Our group syndicated credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities withdraw contributed funds from the pool.

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Capital Resources

Capital resources consist of funds deployed or available to be deployed to support our business operations.

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

December 31, 2025

December 31, 2024

Short-term debt

$

1,499 

$

800 

Long-term debt

15,728 

14,379 

Total financial debt

17,227 

15,179 

Trust preferred securities

309 

309 

Subordinated debt (1)

113 

110 

Total hybrid debt

422 

419 

Total Chubb shareholders’ equity

73,757 

64,021 

      Total capitalization

$

91,406 

$

79,619 

         Less: Chubb unrealized gains (losses) on investments, net of deferred tax

(1,997)

(4,552)

      Total adjusted capitalization

$

93,403 

$

84,171 

Ratio of financial debt to total adjusted capitalization (2) (3)

18.4 

%

18.0 

%

Ratio of financial debt and hybrid debt to total adjusted capitalization (2) (3)

18.8 

%

18.5 

%

(1)    Capital Supplementary Bonds issued by Huatai Life.

(2)    For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest).

(3)    Leverage ratios calculations have been redefined to exclude Chubb unrealized gains (losses) on investments, net of deferred tax, from total capitalization. Prior year has been updated to reflect current definition for better comparability.

The ratios of financial debt to total adjusted capitalization in the table above are higher at December 31, 2025, compared to December 31, 2024, due to the increase in debt issued during 2025, offset by strong earnings.

Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.

Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2025:

•March 2025: Repaid $800 million of 3.15 percent senior notes upon maturity.

•April 2025: Entered into a CNH1.8 billion term loan (approximately $249 million at the time of issuance) at 2.85 percent, due April 2028.

•July 2025: Entered into a CNH2.1 billion term loan (approximately $299 million at the time of issuance) at 2.75 percent, due July 2028.

•August 2025: Issued CNH4.5 billion bonds (approximately $627 million at the time of issuance) in 5-year, 10-year, and 30-year tranches, with interest rates ranging from 2.5 percent to 3.05 percent.

•August 2025: Issued $1.25 billion of 4.9 percent senior notes due August 2035.

Refer to Note 13 to the Consolidated Financial Statements for details about debt issued and debt redeemed.

We believe our financial strength provides us with the flexibility and capacity to obtain available funds externally through debt or equity financing on both a short-term and long-term basis. Our ability to access the capital markets is dependent on, among other things, market conditions and our perceived financial strength. We have accessed both the debt and equity markets from time to time. We generally maintain the ability to issue certain classes of debt and equity securities via an unlimited Securities and Exchange Commission (SEC) shelf registration which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. We also have a shelf registration statement which allows us to issue an unlimited amount of certain classes of debt and equity from time to time. This shelf registration statement expires in October 2027.

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Securities Repurchases

From time to time, we repurchase shares as part of our capital management program. In May 2022, the Board authorized the repurchase of up to $2.5 billion of Chubb Common Shares effective through June 30, 2023. 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.

Share repurchases may be made in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions. In 2025, 2024, and 2023 we repurchased $3.4 billion, $2.0 billion, and $2.5 billion, respectively, of Common Shares in a series of open market transactions under the Board share repurchase authorizations at an average per share price of $282.57, $269.23, and $209.52, respectively. For the period January 1, 2026, through February 26, 2026, we repurchased 1,716,988 Common Shares for a total of $551 million in a series of open market transactions under the share repurchase program authorization. At February 26, 2026, $2.1 billion in share repurchase authorization remained.

Common Shares

Our Common Shares had a par value of CHF 0.50 each at December 31, 2025.

As of December 31, 2025, there were 21,006,194 Common Shares in treasury with a weighted-average cost of $223.69 per share.

Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars.

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 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 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.64 per share, which was paid in four quarterly installments of $0.91 per share at dates determined by the Board after the annual general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions on Common Shares amounted to CHF 3.18 ($3.82) per share for the year ended December 31, 2025. Refer to Note 15 to the Consolidated Financial Statements for additional information on our dividends.

Cash Requirements

Our cash requirements within the next twelve months include claims payable to claimants and other routine obligations typical to our business, as well as commitments related to our limited partnerships. We expect the cash required to meet these obligations to be primarily generated through a combination of cash on hand, cash from operations, routine sales of investments, and financing arrangements. We believe these sources will be sufficient to meet our anticipated cash requirements for at least the next twelve months, while maintaining sufficient liquidity for normal operating purposes. We believe our financial strength provides us with the flexibility and capacity to obtain available funds externally through debt or equity financing on both a short-term and long-term basis, if necessary. At December 31, 2025, our long-term cash requirements under our various contractual obligations and commitments include:

•Gross loss payments under insurance and reinsurance contracts - We are obligated to pay claims under insurance and reinsurance contracts for specified covered loss events. Total cash requirements are not determinable from underlying contracts and must be estimated. Gross loss payments under insurance and reinsurance contracts are estimated at $88.1 billion with $24.8 billion estimated due over the next twelve months. These estimated gross loss payments are inherently uncertain and the amount and timing of actual loss payments are likely to differ from these estimates and the differences could be material. Given the numerous factors and assumptions involved in both estimates of loss reserves and related estimates as to the timing of future loss payments, differences between actual and estimated loss payments will not

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necessarily indicate a commensurate change in ultimate loss estimates. Refer to Note 8 to the Consolidated Financial Statements for additional information.

•Estimated payments for future policy benefits and market risk benefits - Total estimated payments for future policy benefits and market risk benefits are estimated at $90.8 billion and $1.6 billion, respectively, with $2.6 billion and $0.2 billion estimated due over the next twelve months, respectively. The total estimated payments are gross of fees or premiums due, while the liabilities presented on our Consolidated balance sheets are discounted and net of fees and premiums due. The timing and amount of actual payments may vary from the estimates. Refer to Note 1 l) and Note 9 for additional information on future policy benefits, and Note 1 m) and Note 11 for additional information on market risk benefits.

•Short-term, Long-term, and Hybrid debt, and related interest payments - Total obligations for short-term, long-term, and hybrid debt maturities are $17.5 billion with $1.5 billion due over the next twelve months. Interest payments related to these obligations total $7.1 billion with $0.6 billion due over the next twelve months. These estimates are based on current exchange rates. Refer to Note 13 to the Consolidated Financial Statements for additional information.

•Commitments on invested assets - Total obligations for commitments related to our invested assets are $9.0 billion with $3.7 billion due over the next twelve months. Refer to Note 14 to the Consolidated Financial Statements for additional information.

•Deposit liabilities - Total obligations for deposit liabilities, including contract holder deposit funds, are $15.0 billion with $1.0 billion due over the next twelve months. Refer to Note 1 o) to the Consolidated Financial Statements for additional information.

•Repurchase agreements - We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At December 31, 2025, there were $3.3 billion in repurchase agreements outstanding with various maturities over the next five months. Refer to Note 14 e) to the Consolidated Financial Statements for additional information.

•Operating leases - Total obligations for operating leases are $1.9 billion with $0.2 billion estimated due over the next twelve months. Refer to Note 14 k) to the Consolidated Financial Statements for additional information.

Ratings

Chubb Limited and its subsidiaries are assigned credit and financial strength (insurance) ratings from internationally recognized rating agencies, including S&P, AM Best, Moody's, and Fitch. The ratings issued on our companies by these agencies are announced publicly and are available directly from the agencies. Our Internet site (investors.chubb.com, under Financials/Financial Strength Ratings) also contains some information about our ratings, but such information on our website is not incorporated by reference into this report.

Financial strength ratings reflect the rating agencies' opinions of a company's claims paying ability. Independent ratings are one of the important factors that establish our competitive position in the insurance markets. The rating agencies consider many factors in determining the financial strength rating of an insurance company, including the relative level of statutory surplus necessary to support the business operations of the company. These ratings are based upon factors relevant to policyholders, agents, and intermediaries and are not directed toward the protection of investors. Such ratings are not recommendations to buy, sell, or hold securities.

Credit ratings assess a company's ability to make timely payments of principal and interest on its debt. It is possible that, in the future, one or more of the rating agencies may reduce our existing ratings. If one or more of our ratings were downgraded, we could incur higher borrowing costs, and our ability to access the capital markets could be impacted. In addition, our insurance and reinsurance operations could be adversely impacted by a downgrade in our financial strength ratings, including a possible reduction in demand for our products in certain markets. Also, we have insurance and reinsurance contracts which contain rating triggers. In the event the S&P or AM Best financial strength ratings of Chubb fall, we may be faced with the cancellation of premium or be required to post collateral on our underlying obligation associated with this premium.

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Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.

The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after elimination of investment in any non-guarantor subsidiary:

Chubb Limited

(Parent Guarantor)

Chubb INA Holdings LLC

(Subsidiary Issuer)

December 31

December 31

December 31

December 31

(in millions of U.S. dollars)

2025

2024

2025

2024

Assets

Investments

$

— 

$

— 

$

535 

$

436 

Cash

313 

383 

584 

1,002 

Due from parent guarantor/subsidiary issuer

733 

396 

— 

— 

Due from subsidiaries that are not issuers or guarantors

470 

464 

662 

592 

Other assets

379 

13 

3,575 

3,062 

Total assets

$

1,895 

$

1,256 

$

5,356 

$

5,092 

Liabilities

Due to parent guarantor/subsidiary issuer

$

— 

$

— 

$

733 

$

396 

Due to subsidiaries that are not issuers or guarantors

339 

231 

120 

105 

Affiliated notional cash pooling programs

— 

277 

— 

— 

Short-term debt

— 

— 

1,499 

800 

Long-term debt

— 

— 

15,728 

14,379 

Hybrid debt

— 

— 

309 

309 

Other liabilities

647 

868 

1,809 

1,577 

Total liabilities

986 

1,376 

20,198 

17,566 

Total equity

909 

(120)

(14,842)

(12,474)

Total liabilities and equity

$

1,895 

$

1,256 

$

5,356 

$

5,092 

The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:

Year Ended December 31, 2025

Chubb Limited

(Parent Guarantor)

Chubb INA Holdings LLC

(Subsidiary Issuer)

(in millions of U.S. dollars)

Net investment income (expense)

$

(1)

$

42 

Net realized gains (losses)

10 

(211)

Administrative expenses

117 

(38)

Interest (income) expense

(12)

536 

Other (income) expense

(35)

13 

Integration and severance expenses

— 

1 

Income tax expense (benefit)

60 

(213)

Net loss

$

(121)

$

(468)

Comprehensive loss

$

(121)

$

(490)

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Credit Facilities

As our Bermuda subsidiaries are non-admitted insurers and reinsurers in the U.S., the terms of certain U.S. insurance and reinsurance contracts require them to provide collateral, which can be in the form of letters of credit (LOCs). LOCs may also be used for general corporate purposes.

Should the need arise, we generally have access to the long-term capital markets, credit facilities and commercial paper. Our group syndicated credit facility has capacity of $3.0 billion and expires in December 2030. Our total letter of credit capacity is $3.8 billion, $3.0 billion of which can be used for revolving credit. At December 31, 2025, LOC borrowings outstanding under these facilities was $935 million. Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facilities or establishing additional facilities when needed.

We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion in group syndicated credit facility. At December 31, 2025, there were no commercial paper borrowings outstanding.

In the event we are required to provide alternative security to clients, the security could take the form of additional insurance trusts supported by our investment portfolio or funds withheld using our cash resources. The value of LOCs required is driven by, among other things, statutory liabilities reported by variable annuity guarantee reinsurance clients, loss development of existing reserves, the payment pattern of such reserves, the expansion of business, and loss experience of such business.

The facilities noted above require that we maintain certain covenants, all of which have been met at December 31, 2025. These covenants include a minimum consolidated net worth of not less than $46.0 billion, which is below our actual consolidated net worth of $78.7 billion.

Our failure to comply with the covenants under any credit facility would, subject to grace periods in the case of certain covenants, result in an event of default. This could require us to repay any outstanding borrowings or to cash collateralize LOCs under such facility. Our failure to repay material financial obligations, as well as our failure with respect to certain other events expressly identified, would result in an event of default under the facility.