What changed in this filing

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Item 1. Financial Statements

2025-04-28 compared with 2024-10-30 · 258 added, 584 removed, 1277 unchanged (40% of the section changed)

2 unchanged sentences

Chubb Limited and Subsidiaries

September 30 December 31

March 31 December 31

(in millions of U.S.

35 unchanged sentences

Insurance and reinsurance balances payable 8,446 8,121

Repurchase agreements (includes VIE balances of $ 1,102 and $ 815 )

Securities lending payable 1,909 1,445

1 unchanged sentence

Deferred tax liabilities 1,608 1,584

Repurchase agreements (includes VIE balances of $ 810 and $ 1,009 )

Short-term debt — 800

Long-term debt 14,508 14,379

Trust preferred securities 309 308

Hybrid debt 419 419

Total liabilities 180,997 178,154

16 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

8 unchanged sentences

Losses and loss expenses 6,896 5,727

Policy benefits (includes remeasurement gains of $ 26 , $ 25 , $ 4 and $ 21 )

1,099 938 3,498 2,565

Policy benefits (includes remeasurement losses of $ 3 and $ 19 )

Policy acquisition costs 2,313 2,207

8 unchanged sentences

Net income $ 1,343 $ 2,294

Net income (loss) attributable to noncontrolling interests 166 ( 3 ) 303 ( 3 )

Net income attributable to noncontrolling interests 12 151

Net income attributable to Chubb $ 1,331 $ 2,143

6 unchanged sentences

Other comprehensive income (loss), before income tax 1,047 ( 614 )

Income tax expense related to OCI items ( 150 ) — ( 112 ) ( 104 )

Income tax (expense) benefit related to OCI items ( 43 ) 9

Other comprehensive income (loss) 1,004 ( 605 )

Comprehensive income 2,347 1,689

Comprehensive income (loss) attributable to noncontrolling interests 187 ( 79 ) 253 ( 79 )

Comprehensive income attributable to noncontrolling interests 7 123

Comprehensive income attributable to Chubb $ 2,340 $ 1,566

5 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

2 unchanged sentences

Balance – beginning of period $ 235 $ 241

Par value reduction — — — ( 9,759 )

Cancellation of treasury shares ( 4 ) —

8 unchanged sentences

Balance – beginning of period 14,393 15,665

Net shares redeemed (issued) under employee share-based

compensation plans 3 3 ( 139 ) ( 203 )

Net shares issued under employee share-based compensation plans ( 146 ) ( 159 )

Exercise of stock options 1 ( 19 )

Share-based compensation expense 94 82

Par value reduction — — — 9,759

Net decrease due to acquisitions — ( 31 )

4 unchanged sentences

Net income attributable to Chubb 1,331 2,143

Cancellation of treasury shares — — ( 2,521 ) ( 2,523 )

Cancellation of treasury shares and other ( 1,939 ) —

Funding of dividends declared from Additional paid-in capital 366 350

8 unchanged sentences

Balance – beginning of period $ 4,373 $ 4,184

Net increase (decrease) due to consolidation, deconsolidation,

and other transactions 639 5,210 ( 68 ) 5,210

Net income (loss) attributable to noncontrolling interests 166 ( 3 ) 303 ( 3 )

Other comprehensive income (loss) attributable to

noncontrolling interests 21 ( 76 ) ( 50 ) ( 76 )

Other — — ( 6 ) —

Net increase (decrease) due to consolidation, deconsolidation, and other transactions 649 ( 411 )

Net income attributable to noncontrolling interests 12 151

Other comprehensive loss attributable to noncontrolling interests ( 5 ) ( 28 )

Balance – end of period $ 5,029 $ 3,896

3 unchanged sentences

Chubb Limited and Subsidiaries

Nine Months Ended

Three Months Ended

(in millions of U.S.

23 unchanged sentences

Purchases of fixed maturities available-for-sale ( 5,894 ) ( 8,617 )

Purchases of fixed maturities held-to-maturity — ( 208 )

Purchases of equity securities ( 783 ) ( 752 )

2 unchanged sentences

Maturities and redemptions of fixed maturities available-for-sale 2,902 2,149

Maturities and redemptions of fixed maturities held-to-maturity — 708

Net change in short-term investments 773 ( 708 )

2 unchanged sentences

Private equity distributions 222 177

Acquisition of subsidiaries (net of cash acquired) ( 538 ) 216

Acquisition of subsidiaries — ( 236 )

Net consolidations of consolidated investment products 16 —

Other ( 431 ) ( 382 )

4 unchanged sentences

Proceeds from issuance of long-term debt — 996

Proceeds from issuance of repurchase agreements 3,950 3,778

Repayment of long-term debt ( 800 ) —

Repayment of repurchase agreements ( 3,838 ) ( 3,832 )

Proceeds from share-based compensation plans 98 163

3 unchanged sentences

Third-party capital distributed by consolidated investment products ( 242 ) ( 413 )

Proceeds from issuance of repurchase agreements 810 1,062

Repayment of repurchase agreements ( 447 ) ( 984 )

Other ( 112 ) ( 109 )

Net cash flows used for financing activities ( 62 ) ( 3,325 )

Net cash flows from (used for) financing activities ( 1,125 ) 562

Effect of foreign currency rate changes on cash and restricted cash 58 ( 6 )

Net increase in cash and restricted cash 57 651

Net increase (decrease) in cash and restricted cash ( 299 ) 30

Cash and restricted cash – beginning of period 2,549 2,621

18 unchanged sentences

All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting.

Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements.

At September 30, 2024, and December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 85.5 percent and 76.5 percent, respectively.

The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests.

Refer to Note 2 for additional information on the acquisition of Huatai Group.

Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment.

Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year.

These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2024 Form 10-K.

b) New Accounting Pronouncements

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

c) New Accounting Pronouncements

Accounting guidance not yet adopted

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued guidance that requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker.

The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024.

Retrospective application is required.

We are currently evaluating the impact of this disclosure-only requirement.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid.

The guidance is effective for annual periods beginning after December 15, 2024.

The guidance is effective for our 2025 annual reporting.

Prospective application is required, with retrospective application permitted.

We are currently evaluating the impact of this disclosure-only requirement.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

On May 31, 2024, we acquired the business of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc for approximately $ 300 million in cash.

We recognized goodwill of $ 256 million and intangible assets of $ 44 million from this acquisition.

Chubb has been the exclusive underwriter of Healthy Paws since 2013.

The transaction positions Chubb to expand in a niche market with substantial growth potential.

This business is assigned to the North America Commercial Insurance segment.

Huatai Insurance Group Co., Ltd.

(Huatai Group) is a Chinese financial services holding company and the parent company of, among others, Huatai Property & Casualty Insurance Co., Ltd.

(Huatai P&C), Huatai Life Insurance Co., Ltd.

(Huatai Life), Huatai Asset Management Co., Ltd., and Huatai Baoxing Fund Management Co., Ltd., of which Huatai Group owns 100 percent, 80 percent, 91 percent, and 85 percent, respectively (collectively, Huatai).

On July 1, 2023, Chubb increased ownership interest from approximately 64.2 percent to approximately 69.6 percent.

At that time, Chubb discontinued the equity method of accounting and applied consolidation accounting.

Refer to Note 2 to the Consolidated Financial Statements in our 2023 Form 10-K for additional information.

In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $ 555 million, $ 319 million of which was paid prior to 2024, and $ 236 million of which was paid in 2024.

Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of September 30, 2024.

In the fourth quarter of 2024, we entered into an agreement to purchase approximately 1.0 percent of incremental ownership interests.

We are evaluating the impact of this disclosure-only requirement.

Disaggregation of Income Statement Expenses

In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements.

The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028.

Prospective application is required, with retrospective application permitted.

We are evaluating the impact of this disclosure-only requirement.

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

On March 3, 2025 , we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam.

The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products.

On April 1, 2025 , we completed the acquisition of LMG Insurance in Thailand.

We expect to complete the acquisition of Liberty Insurance in Vietnam later in 2025 or early 2026, subject to required regulatory approvals and customary closing conditions.

The results of operations of these businesses will be reported in our Overseas General Insurance segment.

Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of March 31, 2025.

In the second quarter of 2025, we closed on incremental ownership interests of approximately 0.6 percent.

Chubb has total outstanding agreements for approximately 1.0 percent of incremental ownership interests, pending completion of certain closing conditions.

The acquisition of a controlling majority interest in Huatai Group on July 1, 2023, generated $ 3,458 million of Goodwill, attributable to expected growth and profitability, and $ 1,655 million of Other intangible assets.

None of the goodwill is expected to be deductible for income tax purposes.

Additionally, the acquisition generated $ 309 million of Value of business acquired (VOBA).

Chubb financed the transaction through available cash on hand.

Direct costs related to the acquisition are immaterial, and were expensed as incurred.

These include one-time costs that are directly attributable to third-party consulting fees and other professional and legal fees related to the acquisition.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table summarizes the fair value of the assets acquired and liabilities assumed on July 1, 2023.

Huatai Group assets and liabilities consolidated July 1

(in millions of U.S.

dollars) 2023

Investments and Cash $ 13,346

Accrued investment income 60

Insurance and reinsurance balances receivable 277

Reinsurance recoverable on losses and loss expenses 581

Reinsurance recoverable on future policy benefits 27

Value of business acquired 309

Goodwill and intangible assets 5,113

Other assets 748

Total assets $ 20,461

Unpaid losses and loss expenses $ 831

Unearned premiums 800

Future policy benefits 2,351

Policyholders' account balances 4,014

Insurance and reinsurance balances payable 644

Accounts payable, accrued expenses, and other liabilities 682

Deferred tax liabilities 232

Repurchase agreements 1,269

Total liabilities $ 10,823

Net acquired assets, including goodwill, attributable to Chubb 4,428

Net acquired assets, attributable to noncontrolling interests 5,210

Net acquired assets, including goodwill $ 9,638

The following table summarizes the results of the acquired Huatai Group operations that have been included within our Consolidated statements of operations for both the three and nine months ended September 30, 2023:

(in millions of U.S.

Total revenues $ 389

Net loss attributable to Chubb

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022.

The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results.

Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.

Three Months Ended Nine Months Ended

(in millions of U.S.

dollars) 2023 2023

Net premiums earned $ 12,674 $ 34,605

Total revenues $ 13,755 $ 37,589

Net income $ 1,905 $ 5,595

Net income attributable to Chubb $ 1,912 $ 5,587

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

a) Fixed maturities

September 30, 2024 Amortized

March 31, 2025 Amortized

Cost Valuation Allowance Gross

3 unchanged sentences

Available-for-sale

Treasury / Agency $ 2,709 $ — $ 18 $ ( 98 ) $ 2,629

and local government securities $ 4,268 $ — $ 17 $ ( 260 ) $ 4,025

36,574 ( 22 ) 810 ( 1,060 ) 36,302

1 unchanged sentence

Mortgage-backed securities 28,983 — 145 ( 1,612 ) 27,516

Municipal 2,067 — 18 ( 117 ) 1,968

$ 114,930 $ ( 63 ) $ 1,281 $ ( 5,025 ) $ 111,123

5 unchanged sentences

Available-for-sale

Treasury / Agency $ 3,721 $ — $ 13 $ ( 144 ) $ 3,590

and local government securities $ 4,383 $ — $ 10 $ ( 323 ) $ 4,070

36,311 ( 23 ) 753 ( 1,203 ) 35,838

1 unchanged sentence

Mortgage-backed securities 29,158 — 69 ( 1,979 ) 27,248

Municipal 3,074 — 10 ( 155 ) 2,929

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

The following table presents fixed maturities by contractual maturity:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in millions of U.S.

9 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at September 30, 2024, and December 31, 2023, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase.

Fixed maturities in an unrealized loss position at March 31, 2025, and December 31, 2024, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase.

Refer to Note 1 f) in the 2024 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

0 – 12 Months Over 12 Months Total

September 30, 2024 Fair Value Gross

March 31, 2025 Fair Value Gross

Loss Fair Value Gross

1 unchanged sentence

(in millions of U.S.

Treasury / Agency $ — $ — $ 1,677 $ ( 98 ) $ 1,677 $ ( 98 )

and local government securities $ 524 $ ( 7 ) $ 2,468 $ ( 253 ) $ 2,992 $ ( 260 )

5,533 ( 102 ) 11,375 ( 774 ) 16,908 ( 876 )

1 unchanged sentence

Mortgage-backed securities 5,493 ( 48 ) 11,986 ( 1,564 ) 17,479 ( 1,612 )

Municipal 35 ( 1 ) 1,188 ( 114 ) 1,223 ( 115 )

Total AFS fixed maturities $ 21,870 $ ( 334 ) $ 38,653 $ ( 3,763 ) $ 60,523 $ ( 4,097 )

4 unchanged sentences

(in millions of U.S.

Treasury / Agency $ 463 $ ( 9 ) $ 2,504 $ ( 135 ) $ 2,967 $ ( 144 )

and local government securities $ 767 $ ( 16 ) $ 2,489 $ ( 303 ) $ 3,256 $ ( 319 )

6,630 ( 138 ) 12,023 ( 874 ) 18,653 ( 1,012 )

1 unchanged sentence

Mortgage-backed securities 10,490 ( 170 ) 11,987 ( 1,794 ) 22,477 ( 1,964 )

Municipal 1,117 ( 15 ) 1,310 ( 137 ) 2,427 ( 152 )

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

At September 30, 2024, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 157 million necessary due to limitations on the utilization of these losses.

As part of evaluating whether it was more likely than not that we could realize these losses, we considered realized gains, carryback ability and available tax planning strategies.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

At March 31, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 491 million necessary due to limitations on the utilization of these losses for tax purposes.

As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

6 unchanged sentences

Valuation allowance for expected credit losses - end of period $ 63 $ 115

Held-to-maturity

Valuation allowance for expected credit losses - beginning of period $ — $ — $ — $ 34

Recovery of expected credit loss — — — ( 34 )

Valuation allowance for expected credit losses - end of period $ — $ — $ — $ —

Private debt held-for-investment

7 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

3 unchanged sentences

Gross realized losses ( 96 ) ( 141 )

Other investments - Fixed maturities 152 ( 1 ) 452 ( 1 )

Other investments - Fixed maturities (2025 includes $( 53 ) million related to investments measured under the fair value option)

Net (provision for) recovery of expected credit losses 8 40

Impairment (1)

( 19 ) ( 16 ) ( 81 ) ( 60 )

Total fixed maturities ( 97 ) 49

Equity securities 123 ( 100 ) 147 ( 61 )

Equity securities (2025 includes $ 53 million related to investments measured under the fair value option)

Private equities (less than 3 percent ownership) 11 31

2 unchanged sentences

Other derivative instruments ( 3 ) ( 2 )

( 1 ) 92 ( 8 ) 79

Other ( 2 ) ( 8 )

Net realized gains (losses) (pre-tax) $ ( 116 ) $ ( 101 )

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

(2) The three and nine months ended September 30, 2023 includes a one-time realized gain of $ 116 million as a result of the consolidation of Huatai Group.

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

7 unchanged sentences

Chubb Limited and Subsidiaries

Nine Months Ended

(in millions of U.S.

dollars) Equity Securities Other Investments Private Equities Total Equity Securities Other Investments Private Equities Total

Net gains (losses) recognized during the period $ 147 $ 452 $ 39 $ 638 $ ( 61 ) $ ( 1 ) $ 75 $ 13

Net gains (losses) recognized from sales of securities 5 2 — 7 ( 48 ) — — ( 48 )

Unrealized gains (losses) recognized for securities still held at reporting date $ 142 $ 450 $ 39 $ 631 $ ( 13 ) $ ( 1 ) $ 75 $ 61

d) Private equities

Private equities include investment funds and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient.

Private equities include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient.

The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:

Period of Underlying Assets September 30, 2024 December 31, 2023

Period of Underlying Assets March 31, 2025 December 31, 2024

(in millions of U.S.

28 unchanged sentences

Vintage funds where the initial fund term has expired

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed.

13 unchanged sentences

We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions.

Included in restricted assets at September 30, 2024, and December 31, 2023, are investments, primarily fixed maturities, totaling $ 19,536 million and $ 18,242 million, respectively, and cash of $ 153 million and $ 172 million, respectively.

Included in restricted assets at March

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

31, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $ 18,079 million and $ 17,945 million, respectively, and cash of $ 278 million and $ 261 million, respectively.

The following table presents the components of restricted assets:

September 30 December 31

March 31 December 31

(in millions of U.S.

16 unchanged sentences

Unconsolidated VIEs

We do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary.

The carrying value of these investments at September 30, 2024, and December 31, 2023, was $ 110 million and $ 153 million, respectively, and our maximum risk of loss approximates the carrying amount.

We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager.

The Fund is a variable interest entity;

however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund.

The carrying value of this investment at March 31, 2025, and December 31, 2024, was $ 5.0 billion, which approximates our maximum risk of loss.

We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets.

We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary.

The carrying value of these investments at March 31, 2025, and December 31, 2024, was $ 89 million and $ 97 million, respectively, and our maximum risk of loss approximates the carrying amount.

These investments are classified within Equity securities on the Consolidated balance sheets.

2 unchanged sentences

Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance.

The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an

The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs.

The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs.

The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

9 unchanged sentences

We do not adjust prices obtained from pricing services.

The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities

We use pricing services to estimate fair value measurements for the majority of our fixed maturities.

The pricing services use market quotations for fixed maturities that have quoted prices in active markets;

such securities are classified within Level 1.

For fixed maturities other than U.S.

Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications or pricing models, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing.

Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments.

The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news.

The market inputs used in the pricing evaluation, listed in the approximate order of priority include:

benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events.

The extent of the use of each input is dependent on the asset class and the market conditions.

Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant.

Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market-based inputs (i.e., stale pricing) and may require the use of models to be priced.

The lack of market-based inputs may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur.

The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable.

For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker).

Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3.

Equity securities

Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices.

For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2.

Equity securities for which pricing is unobservable are classified within Level 3.

Short-term investments

Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices.

Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity, and as such, their cost approximates fair value.

Short-term investments for which pricing is unobservable are classified within Level 3.

Private equities

Fair values for Private equities including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective NAV and are excluded from the fair value hierarchy table below.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Other investments

Certain of our long-duration contracts are supported by assets that do not qualify for separate account treatment under U.S.

These assets primarily comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets.

Other investments principally include fixed maturities carried at fair value with changes in fair value recorded through Net realized gains (losses) on the Consolidated statements of operations.

These fixed maturities principally relate to the Huatai investment portfolio, including those portfolios supporting certain participating policies, and are classified within Level 2.

Also included are life insurance policies collateralizing investments held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans.

These policies are carried at cash surrender value and are classified in the valuation hierarchy within Level 2.

Securities lending collateral

The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities.

Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.

Investment derivatives

Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices.

The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2.

These derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Derivatives designated as hedging instruments

Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments.

The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2.

These derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments

We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected market risk benefits (MRB) claims, and therefore, an increase in MRB reserves.

Our positions in exchange-traded equity futures contracts are classified within Level 1.

The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices.

Accordingly, these are classified within Level 2.

Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Chubb also maintains positions in convertible securities that contain embedded derivatives.

Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES) and are classified as either Level 1 or Level 2 depending on the underlying investment.

Separate account assets

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb.

Separate account assets principally comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets.

Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable.

Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

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

September 30, 2024 Level 1 Level 2 Level 3 Total

March 31, 2025 Level 1 Level 2 Level 3 Total

(in millions of U.S.

Fixed maturities available-for-sale

Treasury / Agency $ 1,979 $ 650 $ — $ 2,629

and local government securities $ 1,739 $ 2,286 $ — $ 4,025

— 35,715 587 36,302

1 unchanged sentence

Mortgage-backed securities — 27,516 — 27,516

Municipal — 1,968 — 1,968

1,739 105,780 3,604 111,123

Equity securities (1)

4,412 — 113 4,525

Short-term investments 2,484 1,930 18 4,432

4 unchanged sentences

Derivatives designated as hedging instruments — 132 — 132

Other derivative instruments 5 — — 5

Separate account assets 6,212 73 — 6,285

6 unchanged sentences

Total liabilities measured at fair value $ 294 $ 106 $ 708 $ 1,108

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

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

6 unchanged sentences

Fixed maturities available-for-sale

Treasury / Agency $ 2,911 $ 679 $ — $ 3,590

and local government securities $ 1,765 $ 2,305 $ — $ 4,070

— 35,234 604 35,838

1 unchanged sentence

Mortgage-backed securities — 27,245 3 27,248

Municipal — 2,929 — 2,929

1,765 105,100 3,498 110,363

Equity securities (1)

4,053 — 120 4,173

Short-term investments 3,156 1,972 14 5,142

4 unchanged sentences

Derivatives designated as hedging instruments — 146 — 146

Other derivative instruments 35 — — 35

Separate account assets 6,165 66 — 6,231

6 unchanged sentences

Total liabilities measured at fair value $ 303 $ 118 $ 607 $ 1,028

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

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

6 unchanged sentences

Three Months Ended

September 30, 2024

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

Balance, beginning of period $ 632 $ 2,709 $ 20 $ 100 $ 12

Transfers out of Level 3 ( 1 ) — ( 14 ) — —

Change in Net Unrealized Gains (Losses) in OCI 10 16 — — ( 1 )

Net Realized Gains (Losses) ( 1 ) ( 10 ) — 7 —

Purchases 59 316 40 17 6

Sales ( 18 ) ( 69 ) — ( 6 ) ( 1 )

Settlements ( 42 ) ( 184 ) — — ( 1 )

Balance, end of period $ 639 $ 2,778 $ 46 $ 118 $ 15

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ — $ ( 8 ) $ — $ 6 $ —

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 11 $ 12 $ — $ — $ ( 1 )

Three Months Ended

September 30, 2023

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

Balance, beginning of period $ 649 $ 2,524 $ 10 $ 86 $ 3

Transfers out of Level 3 ( 22 ) ( 10 ) — — —

Change in Net Unrealized Gains (Losses) in OCI ( 6 ) 6 — — —

Net Realized Gains (Losses) ( 2 ) ( 4 ) — — —

Purchases 46 158 16 4 —

Sales ( 17 ) ( 40 ) — ( 5 ) ( 1 )

Settlements ( 15 ) ( 65 ) ( 1 ) — —

Balance, end of period $ 633 $ 2,569 $ 25 $ 85 $ 2

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 4 ) $ — $ — $ —

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ ( 8 ) $ 4 $ — $ — $ —

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Nine Months Ended

September 30, 2024

March 31, 2025

(in millions of U.S.

14 unchanged sentences

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 14 $ ( 10 ) $ — $ — $ —

Nine Months Ended

September 30, 2023

Three Months Ended

March 31, 2024

(in millions of U.S.

20 unchanged sentences

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values.

Refer to the 2023 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

Refer to Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

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

September 30, 2024 Fair Value Net Carrying

March 31, 2025 Fair Value Net Carrying

(in millions of U.S.

3 unchanged sentences

Repurchase agreements $ — $ 3,124 $ — $ 3,124 $ 3,124

Short-term debt — 1,560 — 1,560 1,571

Long-term debt — 13,149 — 13,149 14,508

Trust preferred securities — 377 — 377 309

Hybrid debt — 476 — 476 419

Total liabilities $ — $ 16,749 $ — $ 16,749 $ 18,051

7 unchanged sentences

Long-term debt — 12,979 — 12,979 14,379

Trust preferred securities — 365 — 365 308

Hybrid debt — 479 — 479 419

Total liabilities $ — $ 16,986 $ — $ 16,986 $ 18,329

Reinsurance recoverable on ceded reinsurance

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in millions of U.S.

10 unchanged sentences

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

8 unchanged sentences

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

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in millions of U.S.

9 unchanged sentences

Total deferred policy acquisition costs $ 8,775

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

(in millions of U.S.

11 unchanged sentences

Chubb Limited and Subsidiaries

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

(in millions of U.S.

dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Chubb Consolidated

Balance at December 31, 2023 $ 6,946 $ 2,231 $ 134 $ 5,262 $ 371 $ 4,742 $ 19,686

Acquisition of Healthy Paws 256 — — — — — 256

Measurement-period adjustments — — — — — 65 65

Foreign exchange revaluation ( 2 ) ( 1 ) — ( 43 ) — 29 ( 17 )

Balance at September 30, 2024 (1)

$ 7,200 $ 2,230 $ 134 $ 5,219 $ 371 $ 4,836 $ 19,990

(1) Includes $ 509 million attributable to noncontrolling interests.

Unpaid losses and loss expenses

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

13 unchanged sentences

Total 6,004 4,822

Consolidation of Huatai Group — 405

Foreign currency revaluation and other 228 35

4 unchanged sentences

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $ 118 million and $ 71 million for the nine months ended September 30, 2024 and 2023, respectively.

Net unpaid losses and loss expenses increased $ 4,457 million for the nine months ended September 30, 2024, principally reflecting underlying exposure growth, net catastrophe losses, and the impact of a reinsurance commutation in connection with a large structured transaction during the first quarter, partially offset by the impact of favorable prior period development.

The increase in net unpaid losses also reflected seasonality in our crop insurance business.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $( 18 ) million and $ 46 million for the three months ended March 31, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $ 1,120 million for the three months ended March 31, 2025, principally reflecting underlying exposure growth and net catastrophe losses, partially offset by the impact of favorable prior period development and crop activity.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

5 unchanged sentences

The following table summarizes (favorable) and adverse PPD by segment:

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

dollars) Long-tail Short-tail Total Long-tail Short-tail Total

dollars) Long-tail Short-tail Total

North America Commercial P&C Insurance $ 49 $ ( 163 ) $ ( 114 )

15 unchanged sentences

North America Commercial P&C Insurance .

Net favorable development for the three and nine months ended September 30, 2024, included $ 164 million and $ 310 million, respectively, from short-tail lines, primarily property and marine, driven by lower-than-expected loss development in the most recent accident years.

The nine months ended September 30, 2024, also included favorable development from surety lines, due to lower-than-expected loss development.

Long-tail lines experienced adverse development of $ 125 million and $ 79 million for the three and nine months ended September 30, 2024, respectively, which was the net of adverse development in casualty lines, predominantly commercial excess and umbrella and commercial auto liability, due to higher-than-expected loss development, partially offset by favorable development in workers' compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents.

Net favorable development for the three and nine months ended September 30, 2023, included $ 191 million and $ 279 million, respectively, from short-tail lines, primarily property and marine lines, mainly due to net lower-than-expected loss development impacting the most recent accident years.

Development for the nine months ended September 30, 2023, also included favorable development in surety lines, due to lower-than-expected loss development.

Net adverse development of $ 107 million for the three months ended September 30, 2023, from long-tail lines included adverse development in casualty lines, predominantly commercial excess and umbrella lines, driven by higher-than-expected loss development, principally related to automobile exposures, partially offset by favorable development in workers' compensation due to lower-than-expected loss experience.

Long-tail lines experienced net favorable development of $ 23 million for the nine months ended September 30, 2023, driven by workers’ compensation lines due to lower-than-expected loss development and our annual assessment of multi-claimant events, including industrial accidents, partially offset by adverse development in commercial excess and umbrella lines and commercial auto liability, both driven by higher-than-expected loss experience.

Net favorable development for the three months ended March 31, 2025, included $ 163 million from short-tail lines, primarily from surety, due to lower-than-expected loss development.

This favorable development was partially offset by net adverse development of $ 49 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines.

Net favorable development for the three months ended March 31, 2024, included $ 144 million from short-tail lines, primarily from surety and property and marine lines due to lower-than-expected loss development.

The favorable development was partially offset by net adverse development of $ 96 million from long-tail lines, primarily in commercial excess and umbrella lines, driven by higher-than-expected loss development.

Overseas General Insurance.

Net favorable development for the three months ended March 31, 2025, included a $ 122 million release from short-tail lines.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

North America Personal P&C Insurance .

Net favorable development for the three and nine months ended September 30, 2024 and 2023, was predominantly in homeowners, mainly due to lower-than-expected loss experience in the most recent accident years.

Overseas General Insurance.

Net favorable development for the three months ended September 30, 2024, included $ 61 million from long-tail lines, primarily financial lines due to favorable loss emergence in accident years 2019 and 2020.

Net favorable development for the nine months ended September 30, 2024, included $ 184 million from short-tail lines, primarily property and marine lines.

Net favorable development for the three and nine months ended September 30, 2023, included $ 52 million from long-tail lines, primarily financial lines due to favorable loss emergence in accident years 2019 and prior, partially offset by net adverse development in political risks.

Net favorable development for the nine months ended September 30, 2023, included $ 201 million from short-tail lines, primarily property and marine, and A&H lines.

Net adverse development for the three months ended September 30, 2024 and 2023, included adverse development resulting from our annual review of environmental liabilities.

Net adverse development for the nine months ended September 30, 2024 and 2023, also included adverse development for molestation-related claims development.

Future policy benefits

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

Present Value of Expected Net Premiums Nine Months Ended September 30, 2024

Present Value of Expected Net Premiums Three Months Ended March 31, 2025

(in millions of U.S.

14 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits Nine Months Ended September 30, 2024

Present Value of Expected Future Policy Benefits Three Months Ended March 31, 2025

(in millions of U.S.

7 unchanged sentences

Interest accrual 19 90 165 6 280

Benefits payments ( 173 ) ( 260 ) ( 1,186 ) ( 14 ) ( 1,633 )

Benefit payments ( 51 ) ( 78 ) ( 421 ) ( 6 ) ( 556 )

Other (including foreign exchange) ( 6 ) ( 32 ) ( 127 ) 3 ( 162 )

2 unchanged sentences

Balance – end of period $ 2,268 $ 12,429 $ 15,930 $ 857 $ 31,484

Liability for Future Policy Benefits, Life Insurance Segment September 30, 2024

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment March 31, 2025

(in millions of U.S.

6 unchanged sentences

Weighted average duration (years) 10.5 27.9 9.9 23.5 21.8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums Nine Months Ended September 30, 2023

Present Value of Expected Net Premiums Three Months Ended March 31, 2024

(in millions of U.S.

5 unchanged sentences

Adjusted beginning of period balance 1,997 4,037 10,764 64 16,862

Consolidation of Huatai Group 3 1,690 145 12 1,850

Issuances 65 295 697 2 1,059

7 unchanged sentences

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

Present Value of Expected Future Policy Benefits Nine Months Ended September 30, 2023

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits Three Months Ended March 31, 2024

(in millions of U.S.

5 unchanged sentences

Adjusted beginning of period balance 2,760 10,104 15,135 492 28,491

Consolidation of Huatai Group 17 3,659 163 233 4,072

Issuances 65 295 697 2 1,059

5 unchanged sentences

Balance – end of period $ 2,299 $ 10,568 $ 15,225 $ 530 $ 28,622

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment September 30, 2023

Liability for Future Policy Benefits, Life Insurance Segment March 31, 2024

(in millions of U.S.

dollars) Term Life Whole Life A&H Other Total

dollars, except for years) Term Life Whole Life A&H Other Total

Net liability for future policy benefits $ 692 $ 6,505 $ 4,207 $ 471 $ 11,875

14 unchanged sentences

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

September 30 September 30

March 31 March 31

(in millions of U.S.

18 unchanged sentences

Gross Premiums or Assessments Interest Accretion

Nine Months Ended Nine Months Ended

September 30 September 30

Three Months Ended Three Months Ended

March 31 March 31

(in millions of U.S.

10 unchanged sentences

Interest Accretion Rate Current Discount Rate

September 30 September 30

March 31 March 31

2025 2024 2025 2024

7 unchanged sentences

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

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in millions of U.S.

16 unchanged sentences

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

(in millions of U.S.

1 unchanged sentence

Balance – beginning of period $ 1,876 $ 2,411 $ 2,502 $ 6,789

Consolidation of Huatai Group 602 2,325 1,087 4,014

Premiums received 72 131 131 334

16 unchanged sentences

Weighted-average crediting rate (1)

2.7 % 1.6 % 2.7 % 2.9 % 2.6 % 2.5 %

Net amount at risk (2)

1 unchanged sentence

Cash Surrender Value $ 1,659 $ 1,728 $ 2,095 $ 1,623 $ 1,605 $ 2,239

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

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

1 unchanged sentence

Universal Life

September 30, 2024

March 31, 2025

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

September 30, 2023

March 31, 2024

(in millions of U.S.

6 unchanged sentences

Total $ 563 $ 461 $ 767 $ 49 $ 1,840

September 30, 2024

March 31, 2025

(in millions of U.S.

6 unchanged sentences

Total $ 951 $ — $ 1,637 $ 56 $ 2,644

September 30, 2023

March 31, 2024

(in millions of U.S.

7 unchanged sentences

Other policyholders' account balances

September 30, 2024

March 31, 2025

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

September 30, 2023

March 31, 2024

(in millions of U.S.

11 unchanged sentences

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

September 30 September 30

March 31 March 31

(in millions of U.S.

5 unchanged sentences

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

10 unchanged sentences

$ 5,898 $ 5,655

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

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

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods.

The charges are reflected as deferred revenue and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs.

Unearned revenue liabilities pertaining to both policyholders' account

The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs.

Unearned revenue liabilities pertaining to both

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets.

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets.

The following table presents a roll-forward of unearned revenue liabilities:

Nine Months Ended

Three Months Ended

(in millions of U.S.

5 unchanged sentences

Balance – end of period $ 719 $ 680

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Market risk benefits

1 unchanged sentence

The following table presents a roll-forward of MRB:

Nine Months Ended

Three Months Ended

(in millions of U.S.

3 unchanged sentences

Interest rate changes 46 ( 57 )

Effect of changes in equity markets ( 147 ) ( 69 )

Effect of market movements (1)

Effect of changes in volatilities 16 ( 20 )

Actual policyholder behavior different from expected behavior 16 30

Effect of changes in future expected policyholder behavior 87 89

Effect of timing and all other ( 25 ) ( 31 )

5 unchanged sentences

$ 1,654 $ 1,683

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

(2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty.

1 unchanged sentence

GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB losses of $ 258 million and $ 181 million for the nine months ended September 30, 2024 and 2023, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows.

Excluded from the table above are MRB gains (losses) of $ 14 million and $( 134 ) million for the three months ended March 31, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows.

There is no reinsurance recoverable associated with our liability for MRB.

In the third quarter of 2024, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business.

These refinements resulted in a net increase of approximately $ 87 million to the MRB fair value, recognized as a Market risk benefits loss.

• We refreshed our partial withdrawal and annuitization assumptions to include an additional year of experience.

The annuitization updates included treaty-based and age-based behavior.

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

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

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality.

All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique Significant Unobservable Inputs September 30, 2024

September 30, 2023

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Valuation Technique Significant Unobservable Inputs March 31, 2025

March 31, 2024

Ranges Weighted Average (1)

5 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates.

8 unchanged sentences

For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K.

On March 7, 2024 and July 31, 2024, Chubb INA Holdings LLC (Chubb INA) issued $ 1.0 billion and $ 600 million, respectively, of 5.00 percent senior notes due March 2034.

The 5.00 percent senior notes due March 2034 constitute a single series of notes with an aggregate principal amount of $ 1.6 billion.

On July 31, 2024, Chubb INA issued $ 700 million of 4.65 percent senior notes due August 2029.

These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb INA's other senior obligations.

They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent).

The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.

These notes do not have the benefit of any sinking fund.

Commitments, contingencies, and guarantees

13 unchanged sentences

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

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Balance Sheet

5 unchanged sentences

Foreign currency forward contracts OA / (AP) $ 38 $ ( 289 ) $ 4,563 $ 41 $ ( 295 ) $ 3,959

Options/Futures contracts on notes and bonds OA / (AP) 4 ( 2 ) 1,602 27 ( 42 ) 2,062

Options/Futures/Forward contracts on notes and bonds OA / (AP) 2 ( 5 ) 768 — ( 8 ) 449

Convertible securities (1)

FM AFS / ES 14 — 14 12 — 12

$ 103 $ ( 127 ) $ 6,066 $ 110 $ ( 136 ) $ 5,788

Total $ 54 $ ( 294 ) $ 5,345 $ 53 $ ( 303 ) $ 4,420

Other derivative instruments:

2 unchanged sentences

Other OA / (AP) 3 ( 5 ) 265 — ( 2 ) 211

$ — $ ( 30 ) $ 1,322 $ — $ ( 42 ) $ 1,374

Total $ 5 $ ( 5 ) $ 1,186 $ 35 $ ( 2 ) $ 1,258

Derivatives designated as hedging instruments:

1 unchanged sentence

Cross-currency swaps - net investment hedges OA / (AP) 39 ( 100 ) 2,925 43 ( 116 ) 2,896

$ 150 $ ( 174 ) $ 4,621 $ 136 $ ( 128 ) $ 3,250

Total $ 132 $ ( 101 ) $ 4,831 $ 146 $ ( 116 ) $ 4,475

(1) Includes fair value of embedded derivatives.

(2) Related to MRB book of business.

At September 30, 2024, and December 31, 2023, net derivative liabilities of $ 139 million and $ 115 million, respectively, included in the table above were subject to a master netting agreement.

At March 31, 2025, and December 31, 2024, net derivative liabilities of $ 223 million and $ 199 million, respectively, included in the table above were subject to a master netting agreement.

The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge for foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively.

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively.

These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date.

2 unchanged sentences

Chubb holds certain cross-currency swaps designated as fair value hedges.

The objective of these cross-currency swaps is to hedge the foreign currency risk on € 1.5 billion, or approximately $ 1.7 billion at September 30, 2024, of euro denominated debt by converting cash flows back into the U.S.

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

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI).

3 unchanged sentences

Three Months Ended

Nine Months Ended

(pre-tax, in millions of U.S.

9 unchanged sentences

The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion is reclassified to Interest expense as follows:

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense.

The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

Three Months Ended

Nine Months Ended

(pre-tax, in millions of U.S.

8 unchanged sentences

The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

2 unchanged sentences

Foreign currency forward contracts $ ( 14 ) $ ( 52 )

All other futures contracts, options, and equities 12 29 30 5

Options/Futures/Forward contracts on notes and bonds ( 9 ) 6

Convertible securities (1)

2 ( 3 ) 4 ( 2 )

Total investment and embedded derivative instruments $ ( 23 ) $ ( 43 )

4 unchanged sentences

Total other derivative instruments $ 51 $ ( 97 )

$ 23 $ 54 $ ( 158 ) $ ( 178 )

Total $ 28 $ ( 140 )

(1) Includes embedded derivatives.

9 unchanged sentences

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

A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date.

Chubb uses forwards to mitigate reinvestment risk of future written premiums.

An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price.

3 unchanged sentences

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

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties.

Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral.

The performance of exchange-traded instruments is guaranteed by

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

the exchange on which they trade.

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties.

Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral.

The performance of exchange-traded instruments is guaranteed by the exchange on which they trade.

For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

21 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Remaining contractual maturity

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in millions of U.S.

2 unchanged sentences

Cash $ 752 $ 557

Treasury / Agency 361 33

and local government securities 147 148

Corporate and asset-backed securities 50 49

Municipal 3 6

Equity securities 34 28

1 unchanged sentence

Gross amount of recognized liability for securities lending payable $ 1,909 $ 1,445

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

At September 30, 2024, and December 31, 2023, our repurchase agreement obligations of $ 3,048 million and $ 2,833 million, respectively, were fully collateralized.

At March 31, 2025, and December 31, 2024, our repurchase agreement obligations of $ 3,124 million and $ 2,731 million, respectively, were fully collateralized.

In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations.

2 unchanged sentences

Remaining contractual maturity

September 30, 2024 December 31, 2023

Up to 30 Days 30-90 Days Greater than

90 Days Total Up to 30 Days 30-90 Days Greater than

March 31, 2025 December 31, 2024

Up to 30 Days 30-90 Days Total Up to 30 Days 30-90 Days Greater than

90 Days Total

3 unchanged sentences

1,866 — 1,866 1,387 — — 1,387

Treasury / Agency — 100 — 100 — 105 — 105

and local government securities — 106 106 — — 104 104

Mortgage-backed securities 470 922 1,392 — 454 924 1,378

9 unchanged sentences

Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

e) Fixed maturities

At September 30, 2024, and December 31, 2023, commitments to purchase fixed income securities over the next several years were $ 1.2 billion and $ 1.0 billion, respectively.

At March 31, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $ 1.2 billion and $ 1.3 billion, respectively.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $ 14.2 billion at September 30, 2024.

In connection with these investments, we have commitments that may require funding of up to $ 6.8 billion over the next several years.

At December 31, 2023, these investments had a carrying value of $ 13.9 billion with commitments that could have required funding of up to $ 6.2 billion.

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies.

At March 31, 2025, private equities with a carrying value of $ 15.3 billion had commitments that could require funding of up to $ 6.4 billion over the next several years.

At December 31, 2024, these investments had a carrying value of $ 14.5 billion with commitments of up to $ 6.4 billion.

The remaining private equities had no funding commitments.

g) Income taxes

At September 30, 2024, $ 83 million of unrecognized tax benefits remain out standing.

At March 31, 2025, $ 97 million of unrecognized tax benefits remain out standing.

It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations.

2 unchanged sentences

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders.

These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

business, are considered in our loss and loss expense reserves.

These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves.

In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies.

2 unchanged sentences

i) Lease commitments

At September 30, 2024, and December 31, 2023, the right-of-use asset was $ 748 million and $ 784 million, respectively, recorded within Other assets , and the lease liability was $ 817 million and $ 832 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

At March 31, 2025, and December 31, 2024, the right-of-use asset was $ 1,052 million and $ 824 million, respectively, recorded within Other assets , and the lease liability was $ 1,177 million and $ 942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

4 unchanged sentences

Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S.

At September 30, 2024, our Common Shares had a par value of CHF 0.50 per share.

At our May 2024 annual general meeting, our shareholders approved an annual dividend for the following year of up to $ 3.64 per share, expected to be paid in four quarterly installments of $ 0.91 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment.

The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2025 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2023 and 2022 annual general meetings, our shareholders approved annual dividends for the following year of up to $ 3.44 per share and $ 3.32 per share, respectively, which were paid in four quarterly installments of $ 0.86 per share and $ 0.83 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

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

dollars (USD):

Three Months Ended Nine Months Ended

September 30 September 30

2024 2023 2024 2023

CHF USD CHF USD CHF USD CHF USD

Total dividend distributions per common share 0.78 $ 0.91 0.75 $ 0.86 2.35 $ 2.68 2.29 $ 2.55

At March 31, 2025, our Common Shares had a par value of CHF 0.50 per share.

At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $ 3.64 per share and $ 3.44 per share, respectively, which were paid in four quarterly installments of $ 0.91 per share and $ 0.86 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions per Common Share for the three months ended March 31, 2025, and 2024, were $ 0.91 (CHF 0.81 ) and $ 0.86 (CHF 0.75 ), respectively.

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock.

Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations.

At our May 2023 annual general meeting, held on May 17, 2023, our shareholders approved the cancellation of 14,925,028 shares purchased under our share repurchase programs during 2022.

The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 22, 2023.

At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased under our share repurchase programs during 2023.

The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024.

During the nine months ended September 30, 2024, 4,915,964 shares were repurchased, 11,825,600 shares were canceled, and 2,679,748 net shares were issued under employee share-based compensation plans.

At September 30, 2024, 16,592,565 Common Shares remain in treasury.

On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024.

The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association.

During the three months ended March 31, 2025, 1,345,782 shares were repurchased, 7,518,565 shares were canceled, and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

• $ 2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023;

• $ 5.0 billion of Chubb Common Shares effective July 1, 2023 with no expiration date.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:

Three Months Ended Nine Months Ended

September 30 September 30

1,390,604 net shares were issued under employee share-based compensation plans.

At March 31, 2025, 11,358,936 Common Shares remain in treasury.

Chubb Limited securities repurchase authorization

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.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorization:

Three Months Ended April 1, 2025

April 25, 2025

(in millions of U.S.

4 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

14 unchanged sentences

Income tax (expense) benefit 12 ( 20 )

Total other comprehensive income (loss) ( 636 ) 648 ( 658 ) 476

Total other comprehensive loss ( 110 ) ( 73 )

Noncontrolling interests, net of tax ( 4 ) ( 33 )

3 unchanged sentences

Change in period, before tax 4 5

Income tax benefit 1 — — —

Total other comprehensive income (loss) ( 7 ) ( 5 ) 2 3

Income tax expense ( 1 ) —

Total other comprehensive income 3 5

Noncontrolling interests, net of tax — —

2 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

6 unchanged sentences

Change in period, before tax 359 80

Income tax benefit 7 13 19 21

Total other comprehensive income (loss) 452 ( 304 ) 14 ( 258 )

Income tax expense ( 12 ) ( 7 )

Total other comprehensive income 347 73

Noncontrolling interests, net of tax 7 ( 8 )

20 unchanged sentences

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

Three Months Ended Nine Months Ended Consolidated Statement of Operations Location

September 30 September 30

Three Months Ended Consolidated Statement of Operations Location

(in millions of U.S.

17 unchanged sentences

Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period.

On February 26, 2024, Chubb granted 1,359,237 stock options with a weighted-average grant date fair value of $ 64.15 each.

On March 3, 2025, Chubb granted 1,253,605 stock options with a weighted-average grant date fair value of $ 74.64 each.

The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

2 unchanged sentences

Chubb generally grants service-based restricted stock and restricted stock units with a 4 -year vesting period, based on a graded vesting schedule.

Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3 -year performance period based on tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies.

Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3 -year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies.

Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group.

Stock and unit awards are principally granted at market close price on the grant date.

On February 26, 2024, Chubb granted 685,665 service-based restricted stock, 290,085 service-based restricted stock units, 101,514 performance shares, and 284,013 performance stock units to employees and officers with a grant date fair value of $ 254.84 each.

On March 3, 2025, Chubb granted 620,237 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and 288,070 performance stock units to employees and officers with a grant date fair value of $ 289.69 each.

Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

6 unchanged sentences

2025 2024 2025 2024

Three Months Ended September 30 U.S.

Plans Non-U.S.

(in millions of U.S.

Service cost $ — $ 2 $ — $ 2 $ — $ —

Non-service cost (benefit):

Interest cost 33 9 35 9 — 1

Expected return on plan assets ( 61 ) ( 13 ) ( 56 ) ( 13 ) — —

Amortization of net actuarial (gain) loss — — — — ( 1 ) ( 1 )

Amortization of prior service cost — — — — — ( 1 )

Settlements 1 — 3 — — —

Total non-service cost (benefit) ( 27 ) ( 4 ) ( 18 ) ( 4 ) ( 1 ) ( 1 )

Net periodic benefit cost (benefit) $ ( 27 ) $ ( 2 ) $ ( 18 ) $ ( 2 ) $ ( 1 ) $ ( 1 )

Pension Benefit Plans Other Postretirement Benefit Plans

2024 2023 2024 2023

Nine Months Ended September 30 U.S.

Three Months Ended March 31 U.S.

Plans Non-U.S.

2 unchanged sentences

Service cost $ — $ 2 $ — $ 2 $ — $ —

$ — $ 7 $ — $ 6 $ — $ —

Non-service cost (benefit):

6 unchanged sentences

Net periodic benefit cost (benefit) $ ( 31 ) $ ( 2 ) $ ( 28 ) $ ( 1 ) $ ( 1 ) $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

1 unchanged sentence

Benefit Plans

Three Months Ended September 30 2024 2023 2024 2023

(in millions of U.S.

Service cost:

Losses and loss expenses $ — $ — $ — $ —

Administrative expenses 2 2 — —

Total service cost 2 2 — —

Non-service cost (benefit):

Losses and loss expenses ( 3 ) ( 1 ) — —

Administrative expenses ( 28 ) ( 21 ) ( 1 ) ( 1 )

Total non-service cost (benefit) ( 31 ) ( 22 ) ( 1 ) ( 1 )

Net periodic benefit cost (benefit) $ ( 29 ) $ ( 20 ) $ ( 1 ) $ ( 1 )

Pension Benefit Plans Other Postretirement

Benefit Plans

Nine Months Ended September 30 2024 2023 2024 2023

Three Months Ended March 31 2025 2024 2025 2024

(in millions of U.S.

8 unchanged sentences

Net periodic benefit cost (benefit) $ ( 33 ) $ ( 29 ) $ ( 1 ) $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Other income and expense

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

2 unchanged sentences

Gains (losses) from fair value changes in separate account assets ( 10 ) 10

( 30 ) ( 19 ) ( 9 ) ( 56 )

Asset management and performance fee revenue 56 53

3 unchanged sentences

Total $ 83 $ 191

(1) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S.

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

percent, and partially-owned insurance companies.

This line item includes mark-to-market gains (losses) on private equities of $ 211 million and $ 318 million for the three and nine months ended September 30, 2024, respectively, and $ 51 million and $ 290 million, respectively, for the prior year periods.

Other income and expense includes net income attributable to our investment in Huatai under the equity method of accounting comprising income of $ 36 million through June 30, 2023.

Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results.

This line item includes mark-to-market gains (losses) on private equities of $( 27 ) million and $ 103 million for the three months ended March 31, 2025 and 2024, respectively.

Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S.

6 unchanged sentences

Chubb operates through six business segments:

North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insuran ce, Overseas General Insurance, Global Reinsurance, and Life Insurance.

North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance.

These segments distribute their products through various forms of brokers, agencies, and direct marketing programs.

All business segments have established relationships with reinsurance intermediar ies.

Effective July 1, 2023, the results of Huatai's life and asset management businesses, included within the Life Insurance segment, and the results of Huatai's P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting.

Huatai's results prior to July 1, 2023 were included net within Other (income) expense based on our ownership interest as required under equity method accounting.

Management uses Underwriting income (loss) as the basis for segment performance.

All business segments have established relationships with reinsurance intermediaries.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM).

The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources.

The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments.

Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance.

Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned.

Segment income (loss) includes Underwriting income (loss), Net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable.

Our main measure of segment performance is Segment income (loss), which also includes Amortization of purchased intangibles acquired by the segment.

For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss).

Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable.

We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed.

1 unchanged sentence

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate.

Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment.

The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore are excluded from our definition of Segment income (loss).

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

These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include:

The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss).

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

• Losses and loss expenses include realized gains and losses on crop derivatives.

1 unchanged sentence

We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

• Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S.

These gains and losses have been reclassified from Other (income) expense.

We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to Policy benefits.

These gains and losses have been reclassified from Other (income) expense to Policy benefits.

Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies.

These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits.

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

This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

• Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent.

We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Three Months Ended

September 30, 2024

(in millions of U.S.

dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global

Reinsurance Life Insurance Corporate Segment Measure Reclass Chubb Consolidated

Net premiums written $ 5,500 $ 1,679 $ 1,379 $ 3,367 $ 352 $ 1,552 $ — $ — $ 13,829

Net premiums earned 5,110 1,577 1,419 3,421 316 1,530 — — 13,373

Losses and loss expenses 3,391 879 1,193 1,631 200 32 58 ( 1 ) 7,383

Policy benefits — — — 120 — 989 — ( 10 ) 1,099

Policy acquisition costs 689 315 88 852 89 291 — — 2,324

Administrative expenses 338 88 2 340 9 213 104 — 1,094

Underwriting income (loss) 692 295 136 478 18 5 ( 162 ) 11 1,473

Net investment income 931 112 20 286 64 250 ( 28 ) ( 127 ) 1,508

Other (income) expense 6 1 1 5 — ( 39 ) ( 202 ) ( 97 ) ( 325 )

Amortization expense of

purchased intangibles 2 3 5 21 — 10 40 — 81

Segment income (loss) $ 1,615 $ 403 $ 150 $ 738 $ 82 $ 284 $ ( 28 ) $ ( 19 ) $ 3,225

Net realized gains (losses) 179 19 198

Market risk benefits gains (losses) ( 230 ) — ( 230 )

Interest expense 192 — 192

Integration expenses 7 — 7

Income tax expense 504 — 504

Net income (loss) $ ( 782 ) $ — $ 2,490

Net income attributable to noncontrolling interests 166 — 166

Net income (loss) attributable to Chubb $ ( 948 ) $ — $ 2,324

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following tables present the Statement of Operations by segment:

For the Three Months Ended

September 30, 2023

(in millions of U.S.

dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global

Reinsurance Life Insurance Corporate Segment Measure Reclass Chubb

Net premiums written $ 5,132 $ 1,527 $ 1,521 $ 3,211 $ 261 $ 1,452 $ — $ — $ 13,104

Net premiums earned 4,735 1,407 1,540 3,311 239 1,442 — — 12,674

Losses and loss expenses 3,025 900 1,356 1,635 116 20 61 ( 7 ) 7,106

Policy benefits — — — 91 — 866 — ( 19 ) 938

Policy acquisition costs 640 287 76 827 69 279 — — 2,178

Administrative expenses 323 84 3 327 9 216 98 — 1,060

Underwriting income (loss) 747 136 105 431 45 61 ( 159 ) 26 1,392

Net investment income

780 94 12 248 47 211 14 ( 92 ) 1,314

Other (income) expense 6 2 — ( 10 ) — ( 28 ) ( 51 ) ( 73 ) ( 154 )

Amortization expense of

purchased intangibles — 3 6 19 — 12 44 — 84

Segment income (loss) $ 1,521 $ 225 $ 111 $ 670 $ 92 $ 288 $ ( 138 ) $ 7 $ 2,776

Net realized gains (losses) ( 96 ) ( 7 ) ( 103 )

Market risk benefits gains (losses) ( 32 ) — ( 32 )

Interest expense 174 — 174

Integration expenses 14 — 14

Income tax expense 413 — 413

Net income (loss) $ ( 867 ) $ — $ 2,040

Net loss attributable to noncontrolling interests ( 3 ) — ( 3 )

Net income (loss) attributable to Chubb $ ( 864 ) $ — $ 2,043

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Nine Months Ended

September 30, 2024

March 31, 2025

(in millions of U.S.

dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global

Reinsurance Life Insurance Corporate Segment Measure Reclass Chubb Consolidated

Reinsurance Life Insurance Total

Net premiums written $ 4,787 $ 1,552 $ 276 $ 3,903 $ 408 $ 1,720 $ 12,646

4 unchanged sentences

Administrative expenses 344 87 2 330 10 202

Underwriting income (loss) 2,220 730 227 1,390 179 10 ( 471 ) ( 91 ) 4,194

Underwriting income 894 ( 936 ) 54 532 16 NM

Net investment income 929 120 24 281 70 271

Other (income) expense 8 1 1 6 — ( 35 )

Amortization expense of

purchased intangibles 2 7 18 61 — 31 122 — 241

Amortization of purchased intangibles 1 2 6 19 — 10

Segment income (loss) $ 1,814 $ ( 819 ) $ 71 $ 788 $ 86 $ 291 $ 2,231

2 unchanged sentences

Interest expense 181

Integration expenses 21 — 21

Income tax expense 1,336 — 1,336

Net income (loss) $ ( 2,462 ) $ — $ 7,000

Net income attributable to noncontrolling interests 303 — 303

Net income (loss) attributable to Chubb $ ( 2,765 ) $ — $ 6,697

Corporate underwriting loss ( 119 )

Corporate net investment loss ( 27 )

Corporate other (income) expense 33

Corporate amortization of purchased intangibles 37

Other reclassification 38

Income before income tax $ 1,664

NM – not meaningful.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Nine Months Ended

September 30, 2023

For the Three Months Ended

March 31, 2024

(in millions of U.S.

dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global

Reinsurance Life Insurance Corporate Segment Measure Reclass Chubb Consolidated

Reinsurance Life Insurance Total

Net premiums written $ 4,689 $ 1,456 $ 249 $ 3,835 $ 359 $ 1,633 $ 12,221

4 unchanged sentences

Administrative expenses 328 86 2 331 9 207

Underwriting income (loss) 2,284 367 194 1,343 178 210 ( 423 ) 59 4,212

Underwriting income 689 186 56 518 68 NM

Net investment income 826 102 21 267 57 230

Other (income) expense 7 1 — 5 — ( 40 )

Amortization expense of

purchased intangibles — 8 19 52 — 18 129 — 226

Segment income (loss) $ 4,470 $ 619 $ 218 $ 1,956 $ 323 $ 786 $ ( 273 ) $ 3 $ 8,102

Amortization of purchased intangibles — 2 6 20 — 10

Segment income $ 1,508 $ 285 $ 71 $ 760 $ 125 $ 268 $ 3,017

Net realized gains (losses) ( 101 )

2 unchanged sentences

Integration expenses 7

Income tax expense 1,189 — 1,189

Net income (loss) $ ( 2,647 ) $ — $ 5,725

Net loss attributable to noncontrolling interests ( 3 ) — ( 3 )

Net income (loss) attributable to Chubb $ ( 2,644 ) $ — $ 5,728

Corporate underwriting loss ( 117 )

Corporate net investment loss ( 26 )

Corporate other (income) expense ( 68 )

Corporate amortization of purchased intangibles 42

Other reclassification 1

Income before income tax $ 2,636

NM – not meaningful.

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

Underwriting assets are reviewed in total by management for purposes of decision-making.

3 unchanged sentences

Earnings per share

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

1 unchanged sentence

Net income $ 1,343 $ 2,294

Net income (loss) attributable to noncontrolling interests 166 ( 3 ) 303 ( 3 )

Net income attributable to noncontrolling interests 12 151

Net income attributable to Chubb $ 1,331 $ 2,143

12 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements