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Item 2. Management’s Discussion and Analysis

2025-04-28 compared with 2024-10-30 · 249 added, 473 removed, 758 unchanged (49% of the section changed)

Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and nine months ended September 30, 2024.

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three months ended March 31, 2025.

All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated.

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Non-GAAP Reconciliation

Amortization of Purchased Intangibles and Other Amortization

Net Investment Income

Interest Expense

Critical Accounting Estimates

Unpaid Losses and Loss Expenses

Asbestos and Environmental (A&E)

Fair Value Measurements

Catastrophe Management

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global political conditions and possible business disruption or economic contraction that may result from such events;

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

• severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees;

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

• acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization, and risks and uncertainties relating to our planned purchases of additional interests in Huatai Insurance Group Co., Ltd;

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

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

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

• the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in

consequences adverse to Chubb or its customers or partners;

the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies;

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Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide.

At September 30, 2024, we had total assets of $251 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $66 billion.

At March 31, 2025, we had total assets of $252 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $66 billion.

Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda.

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For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K.

On July 1, 2023, we completed the acquisition of a controlling majority interest of Huatai Group.

The results of operations of Huatai Group are reported at 100 percent in our consolidated results starting from the acquisition date, with amounts attributable to shareholders other than Chubb reflected under Noncontrolling interests.

Huatai Group's life 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.

Consolidated Operating Results – Three and Nine Months Ended September 30, 2024 and 2023

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Consolidated Operating Results – Three Months Ended March 31, 2025 and 2024

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 12,646 $ 12,221 3.5 %

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Net investment income 1,561 1,391 12.2 %

Net realized gains (losses) 198 (103) NM 201 (484) NM

Net realized gains (losses) (116) (101) 14.5 %

Market risk benefits gains (losses) (92) 21 NM

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Amortization of purchased intangibles 75 80 (6.6) %

Integration expenses 7 14 (50.1) % 21 51 (59.0) %

Integration expenses — 7 NM

Total expenses 11,689 10,258 14.0 %

2 unchanged sentences

Net income $ 1,343 $ 2,294 (41.5) %

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

Net income attributable to noncontrolling interests 12 151 (92.2) %

Net income attributable to Chubb $ 1,331 $ 2,143 (37.9) %

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Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

Financial Highlights for the Three Months Ended September 30, 2024

Financial Highlights for the Three Months Ended March 31, 2025

• Net income attributable to Chubb was $1.33 billion compared with $2.14 billion in the prior year period.

Net income in the current quarter was driven by strong underwriting results and record net investment income.

• Consolidated net premiums written were $13.8 billion, up 5.5 percent, or 6.6 percent in constant dollars.

P&C net premiums written increased 5.4 percent, or 6.1 percent in constant dollars, with commercial insurance up 5.1 percent and consumer insurance up 9.4 percent.

Life Insurance segment net premiums written increased 6.8 percent, or 10.6 percent in constant dollars.

• Pre-tax net investment income was a record $1.5 billion compared with $1.3 billion in the prior year period, primarily due to strong operating cash flow at higher reinvestment rates on fixed maturities.

• Consolidated net premiums earned were $13.4 billion, up 5.5 percent, or 6.7 percent in constant dollars.

• Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $765 million (6.4 percentage points of the P&C combined ratio) and $629 million, respectively, compared with $670 million (6.0 percentage points of the P&C combined ratio) and $544 million, respectively, in the prior year period.

• Total pre-tax and after-tax favorable prior period development were $244 million and $181 million, respectively, compared with $200 million and $116 million, respectively, in the prior year period.

The decline was due to higher catastrophe losses.

• Total pre-tax catastrophe losses were $1.64 billion, or 15.9 percentage points of the combined ratio, and include California wildfire losses of $1.47 billion, compared with total pre-tax catastrophe losses of $435 million, or 4.4 percentage points of the combined ratio, in the prior year.

Total after-tax net catastrophe losses were $1.30 billion.

• The P&C combined ratio was 95.7 percent compared with 86.0 percent in the prior year period.

The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 82.3 percent compared with 83.7 percent in the prior year period.

• Operating cash flow was $4.3 billion compared with $4.7 billion in the prior year period.

• Chubb shareholders' equity increased $4.7 billion in the quarter, primarily from net income attributable to Chubb of $2.3 billion and net unrealized gains on our investment portfolio of $3.3 billion, reflecting the mark-to-market impact of lower interest rates on the fixed-income portfolio, partially offset by total capital returned to shareholders of $782 million.

Total capital returned to shareholders comprises share repurchases of $413 million at an average purchase price of $286.18 per share, and dividends of $369 million.

• Consolidated net premiums written were $12.65 billion, up 3.5 percent, or 5.7 percent in constant dollars.

P&C net premiums written were $10.93 billion, up 3.2 percent, or 5.0 percent in constant dollars, with commercial insurance up 4.6 percent and consumer insurance up 6.0 percent in constant dollars.

• Life Insurance net premiums written were $1.72 billion, up 5.3 percent, or 10.3 percent in constant dollars, due to growth in both international life of 9.1 percent in constant dollars, predominantly in Asia, and Combined North America of 18.6

percent in constant dollars, primarily driven by worksite business.

Life Insurance segment income was $291 million, up 8.6 percent, or 15.7 percent in constant dollars.

Life insurance deposits collected increased $155 million, up 25.7 percent, or 30.0 percent in constant dollars.

• Net premiums earned increased $417 million, up 3.6 percent, or 5.7 percent in constant dollars.

P&C net premiums earned increased 3.3 percent, or 5.0 percent in constant dollars, comprising growth in commercial and consumer lines of 4.2 percent and 7.1 percent, respectively.

• Administrative expenses are relatively flat despite growth in net premiums.

• Pre-tax net investment income was $1.56 billion, up 12.2 percent compared to $1.39 billion in the prior year period, primarily due to higher average invested assets and higher reinvestment rates on fixed maturities.

Net Premiums Written Three Months Ended

% Change Nine Months Ended

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Property and other short-tail lines $ 2,489 $ 2,360 5.4 % 7.4 %

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

The increase in consolidated net premiums written for the three and nine months ended September 30, 2024, reflects growth across most product lines driven by strong premium retention, including rate and exposure increases, and strong new business.

• Property and other short-tail lines grew globally due to strong new business and retention, including both rate and exposure increases.

• Commercial casualty grew globally due to strong retention, including both rate and exposure increases, and strong new business.

• Financial lines declined due to lower renewal retention, including lower rates, due to a competitive market environment.

• Workers' compensation grew slightly for the nine months ended September 30, 2024, due to new business and retention.

• Commercial multiple peril grew due to strong new business and retention, including higher rates and exposure, in North America.

• Surety grew due to strong new business.

• Agriculture declined primarily due to lower commodity prices in the current year, partially offset by strong new business and rate in our Agriculture P&C business.

• Personal lines grew globally due to new business and renewal retention, as well as increases in both rate and exposure, in homeowners and excess lines, in addition to growth in auto lines in certain international markets.

Growth for the nine months ended September 30, 2024, also benefited from the consolidation of Huatai.

• Global A&H – P&C grew in Europe and Asia, with Asia partially benefiting from the consolidation of Huatai for the nine months ended September 30, 2024.

• Reinsurance lines reflected continued growth, mainly in property and casualty lines.

Growth for the nine months ended September 30, 2024, included a large one-off structured transaction from the second quarter.

• Life Insurance grew primarily due to strong growth in Asia and Combined Insurance North America.

Growth for the nine months ended September 30, 2024, is also due to the consolidation of Huatai Group's life business, which contributed 12.6 percentage points of growth.

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

Net Premiums Earned

Net premiums earned for short-duration contracts, typically P&C contracts, generally reflect the portion of net premiums written that was recorded as revenues for the period as the exposure periods expire.

Net premiums earned for long-duration contracts, typically traditional life contracts, generally are recognized as earned when due from policyholders.

For the three months ended September 30, 2024, net premiums earned increased $699 million, up 5.5 percent, or 6.7 percent in constant dollars.

P&C net premiums earned increased 5.4 percent, or 6.3 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 5.5 percent and 8.7 percent, respectively.

For the nine months ended September 30, 2024, net premiums earned increased $3.4 billion, up 10.2 percent, or 10.9 percent in constant dollars.

P&C net premiums earned increased 9.0 percent, or 9.4 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 8.3 percent and 12.5 percent, respectively.

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

Catastrophe Losses and Prior Period Development

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

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Favorable prior period development $ 255 $ 207

Catastrophe losses through September 30, 2024 and 2023, were primarily from the following events:

Severe weather-related events in the U.S.

and internationally, including Hurricane Helene and Rio Grande storms.

Catastrophe losses through March 31, 2025 and 2024, were primarily from the following events:

California wildfire losses of $1.47 billion, flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

Severe weather-related events in the U.S.

and internationally, Hawaii wildfires, and New Zealand storms.

Pre-tax net favorable PPD for the three months ended September 30, 2024, was $299 million in our active companies, including adverse development of $59 million in long-tail lines, principally casualty, and favorable development of $358 million in short-tail lines, principally in property and marine.

Our corporate run-off portfolio had adverse development of $55 million, with $47 million related to legacy environmental exposures.

Pre-tax net favorable PPD for the nine months ended September 30, 2024, was $800 million in our active companies, including adverse development of $53 million in long-tail lines, principally in casualty, and favorable development of $853 million in short-tail lines, principally in property and marine.

Our corporate run-off portfolio had adverse development of $157 million, with $60 million related to molestation claims and $47 million related to legacy environmental exposures.

Pre-tax net favorable PPD for the three months ended September 30, 2023, was $200 million, including adverse development of $116 million in long-tail lines, with $50 million related to legacy environmental exposures.

Net favorable development of $316 million in short-tail lines is primarily in property.

Pre-tax net favorable PPD for the nine months ended September 30, 2023, was $596 million, including adverse development of $50 million related to legacy environmental exposures and $49 million for molestation claims.

Excluding the adverse development, we had net favorable development of $695 million with $36 million in long-tail lines, principally from accident years 2013 through 2019, and $659 million in short-tail lines, primarily in property, A&H, and surety.

and internationally.

Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property.

Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business.

Our corporate run-off portfolio had adverse development of $13 million.

Pre-tax net favorable PPD for the three months ended March 31, 2024, was $216 million in our active companies, including favorable development of $311 million in short-tail lines, principally in property and credit-related lines, and adverse development of $95 million in long-tail lines, principally in large account commercial excess and umbrella lines.

Our corporate run-off portfolio had adverse development of $9 million.

Refer to the prior period development discussion in Note 7 to the Consolidated Financial Statements for additional information.

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A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss.

Three Months Ended Nine Months Ended

September 30 September 30

2024 2023 2024 2023

P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio.

Three Months Ended

Combined ratio:

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P&C CAY combined ratio excluding catastrophe losses 82.3 % 83.7 %

The P&C combined ratio and the P&C CAY combined ratio excluding catastrophe losses decreased for the three months ended September 30, 2024, reflecting the favorable impact of higher net premiums earned, a higher percentage of net premiums earned from property lines and excess and surplus homeowners, and the contemplation of a higher underwriting gain in MPCI for the current crop year.

These factors were partially offset by price changes not keeping pace with loss trends in financial lines.

The P&C combined ratio also reflects higher catastrophe losses, which were partially offset by higher favorable prior period development.

The P&C combined ratio was relatively flat for the nine months ended September 30, 2024, as the favorable factors mentioned above were substantially offset by higher loss trends in certain casualty lines, price changes not keeping pace with loss trends in financial lines, and higher catastrophe losses.

The P&C CAY combined ratio excluding catastrophe losses decreased for the nine months ended September 30, 2024, reflecting the favorable factors mentioned above.

The P&C combined ratio increased for the three months ended March 31, 2025, reflecting California wildfire losses of $1.47 billion, including the unfavorable impact of $37 million of net ceded reinstatement premiums on the expense ratio (i.e., lower premium resulting in a higher expense ratio).

The increase was partially offset by higher favorable prior period development.

The P&C CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, reflecting an improvement from earned rate and exposure exceeding loss trends, the favorable impact of higher net premiums earned, and the favorable impact of lower year-over-year large-structured transactions, which benefited the current year loss ratio, but had a partially offsetting unfavorable impact to the expense ratio.

Policy benefits

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The offsetting movements of these liabilities are recorded in Realized gains (losses) in the Consolidated statements of operations.

Policy benefits include the results of Huatai Group as of July 1, 2023.

Refer to the Life Insurance segment operating results section for further discussion.

Policy benefits were $1,099 million and $938 million for the three months ended September 30, 2024 and 2023, respectively, and $3,498 million and $2,565 million for the nine months ended September 30, 2024 and 2023, respectively.

The increase in Policy benefits for the nine months ended September 30, 2024, is primarily due to the consolidation of Huatai Group.

Policy benefits were $1,227 million and $1,180 million for the three months ended March 31, 2025 and 2024, respectively.

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

Segment Operating Results – Three and Nine Months Ended September 30, 2024 and 2023

Segment Operating Results – Three Months Ended March 31, 2025 and 2024

We operate through six business segments:

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This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts).

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 4,787 $ 4,689 2.1 %

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Other (income) expense 8 7 8.0 %

Amortization of purchased intangibles 2 — NM 2 — NM

Amortization of purchased intangibles 1 — NM

Segment income $ 1,814 $ 1,508 20.3 %

Combined ratio:

Loss and loss expense ratio 66.4 % 63.9 % 2.5 pts 64.7 % 62.9 % 1.8 pts

Policy acquisition cost ratio 13.5 % 13.5 % — pts 13.7 % 13.6 % 0.1 pts

Administrative expense ratio 6.6 % 6.8 % (0.2) pts 6.7 % 6.8 % (0.1) pts

Combined ratio 86.5 % 84.2 % 2.3 pts 85.1 % 83.3 % 1.8 pts

Catastrophe losses (6.6) % (5.2) % (1.4) pts (5.5) % (4.6) % (0.9) pts

Prior period development 0.9 % 2.1 % (1.2) pts 1.6 % 2.3 % (0.7) pts

CAY combined ratio excluding catastrophe losses 80.8 % 81.1 % (0.3) pts 81.2 % 81.0 % 0.2 pts

Loss and loss expense ratio 60.8 % 65.1 % (4.3) pts

Policy acquisition cost ratio 14.4 % 14.1 % 0.3 pts

Administrative expense ratio 6.9 % 6.7 % 0.2 pts

Combined ratio 82.1 % 85.9 % (3.8) pts

Catastrophe losses (3.1) % (4.9) % 1.8 pts

Prior period development 2.3 % 1.0 % 1.3 pts

CAY combined ratio excluding catastrophe losses 81.3 % 82.0 % (0.7) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended

September 30 September 30

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

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Favorable prior period development $ 114 $ 48

Catastrophe losses were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter storm losses, including Hurricane Helene in 2024 and Hawaii wildfires in 2023.

Catastrophe losses were primarily from the following events:

California wildfire losses of $99 million, flooding in the U.S., hail, tornadoes, and wind events.

Flooding in the U.S., hail, tornadoes, wind events, and winter storm losses.

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written increased $368 million, or 7.2 percent, and $1,115 million, or 7.7 percent, for the three and nine months ended September 30, 2024, respectively, reflecting strong new business and retention, including rate and exposure increases.

The increase in premiums was across most lines of business, most notably in property and casualty lines.

This growth was partially offset by declines in financial lines, reflecting a competitive market environment and lower retention, and planned corrective underwriting actions in Major Accounts primary and excess casualty that adversely impacted growth.

Net premiums earned increased $375 million, or 7.9 percent, and $1,180 million, or 8.6 percent, for the three and nine months ended September 30, 2024, respectively, reflecting the growth in net premiums written described above.

Net premiums written increased $98 million, or 2.1 percent, for the three months ended March 31, 2025, which includes P&C growth of 2.6 percent, partially offset by financial lines decline of 1.3 percent.

P&C growth was adversely impacted by 3.5 percentage points due to lower year-over-year structured transactions.

The increase in premiums reflects growth of 7.6 percent in the North America Commercial Insurance division, while the North America Major Accounts and Specialty Insurance division declined 1.7 percent, primarily due to lower year-over-year large-structured transactions.

The overall increase in premiums was across a number of lines, most notably in primary and excess casualty, reflecting strong new business and rate increases, partially offset by rate decreases in our Large Risk and E&S brokerage property lines, and in our financial lines.

Net premiums earned increased $108 million, or 2.2 percent, for the three months ended March 31, 2025, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio increased for the three and nine months ended September 30, 2024, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended September 30, 2024, reflecting a higher percentage of net premiums earned from property lines.

The improvement was partially offset by price changes not keeping pace with loss trends in financial lines.

The CAY combined ratio excluding catastrophe losses was relatively flat for the nine months ended September 30, 2024, reflecting higher loss trends in certain casualty lines and price changes not keeping pace with loss trends in financial lines, offset by lower loss trends in property lines.

The combined ratio decreased for the three months ended March 31, 2025, reflecting lower catastrophe losses and higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased 0.7 percentage points for the three months ended March 31, 2025, reflecting a 0.6 percentage point favorable impact of lower year-over-year large-structured transactions which benefited the current year loss ratio, but had a partially offsetting unfavorable impact to the expense ratio, and a higher percentage of net premiums earned from property lines.

North America Personal P&C Insurance

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 1,552 $ 1,456 6.6 %

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Administrative expenses 87 86 0.6 %

Underwriting income 295 136 116.6 % 730 367 98.9 %

Underwriting income (loss) (936) 186 NM

Net investment income 120 102 17.0 %

Other (income) expense 1 2 NM — 2 NM

Other (income) expense 1 1 —

Amortization of purchased intangibles 2 2 —

Segment income $ 403 $ 225 78.4 % $ 1,045 $ 619 68.7 %

Segment income (loss) $ (819) $ 285 NM

Combined ratio:

Loss and loss expense ratio 55.8 % 63.9 % (8.1) pts 58.2 % 64.5 % (6.3) pts

Policy acquisition cost ratio 20.0 % 20.4 % (0.4) pts 20.0 % 20.5 % (0.5) pts

Administrative expense ratio 5.5 % 6.0 % (0.5) pts 5.8 % 6.0 % (0.2) pts

Combined ratio 81.3 % 90.3 % (9.0) pts 84.0 % 91.0 % (7.0) pts

Catastrophe losses (14.6) % (19.8) % 5.2 pts (11.8) % (14.3) % 2.5 pts

Prior period development 12.0 % 8.4 % 3.6 pts 6.7 % 3.3 % 3.4 pts

CAY combined ratio excluding catastrophe losses 78.7 % 78.9 % (0.2) pts 78.9 % 80.0 % (1.1) pts

Loss and loss expense ratio 133.0 % 61.1 % 71.9 pts

Policy acquisition cost ratio 21.0 % 20.4 % 0.6 pts

Administrative expense ratio 5.5 % 5.9 % (0.4) pts

Combined ratio 159.5 % 87.4 % 72.1 pts

Catastrophe losses (84.5) % (11.6) % (72.9) pts

Prior period development — 3.5 % (3.5) pts

CAY combined ratio excluding catastrophe losses 75.0 % 79.3 % (4.3) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

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Favorable prior period development $ — $ 52

Catastrophe losses through both September 30, 2024 and 2023, were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter storm losses, including Hurricane Helene in 2024 and Hawaii wildfires in 2023.

Catastrophe losses were primarily from the following events:

California wildfire losses of $1.29 billion, flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

Winter storm losses, flooding in the U.S., hail, tornadoes, and wind events.

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written increased $152 million, or 10.0 percent, and $507 million, or 11.5 percent, for the three and nine months ended September 30, 2024, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines.

Net premiums earned increased $170 million, or 12.0 percent, and $476 million, or 11.7 percent, for the three and nine months ended September 30, 2024, respectively, reflecting the growth in net premiums written described above.

Net premiums written increased $96 million, or 6.6 percent, for the three months ended March 31, 2025, driven by strong new business and retention, and positive rate and exposure increases in all lines.

The growth in premiums was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires, a 3.5 percentage point drag on net premiums written growth.

Net premiums earned increased $103 million, or 7.0 percent, for the three months ended March 31, 2025, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three and nine months ended September 30, 2024, reflecting higher favorable prior period development and lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2024, primarily reflecting an improvement in homeowners from earned rate and exposure growth, and a higher percentage of net premiums earned from excess and surplus homeowners, which carry a lower loss and expense ratio.

Additionally, the improvement includes lower acquisition expenses due to commission reductions in our auto and excess lines.

The improvement was partly offset by an increase in excess liability loss trends.

The combined ratio increased for the three months ended March 31, 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses, and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, primarily due to an improvement in homeowners and auto from earned rate and exposure exceeding loss trends, and a lower administrative expense ratio primarily due to the impact of higher net premiums earned and strong expense management.

North America Agricultural Insurance

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(Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 276 $ 249 11.0 %

5 unchanged sentences

Net investment income 24 21 13.6 %

Other (income) expense 1 — NM 1 — NM

Other (income) expense 1 — NM

Amortization of purchased intangibles 6 6 —

1 unchanged sentence

Combined ratio:

Loss and loss expense ratio 84.1 % 88.1 % (4.0) pts 82.2 % 85.8 % (3.6) pts

Policy acquisition cost ratio 6.1 % 4.9 % 1.2 pts 7.1 % 5.5 % 1.6 pts

Administrative expense ratio 0.2 % 0.2 % — pts 0.3 % 0.4 % (0.1) pts

Combined ratio 90.4 % 93.2 % (2.8) pts 89.6 % 91.7 % (2.1) pts

Catastrophe losses (2.0) % (1.2) % (0.8) pts (2.9) % (1.6) % (1.3) pts

Prior period development 0.5 % 0.7 % (0.2) pts 1.7 % 0.5 % 1.2 pts

CAY combined ratio excluding catastrophe losses 88.9 % 92.7 % (3.8) pts 88.4 % 90.6 % (2.2) pts

Loss and loss expense ratio 55.9 % 38.6 % 17.3 pts

Policy acquisition cost ratio 10.4 % 16.8 % (6.4) pts

Administrative expense ratio 1.2 % 1.2 % — pts

Combined ratio 67.5 % 56.6 % 10.9 pts

Catastrophe losses (8.9) % (2.1) % (6.8) pts

Prior period development 20.3 % 27.1 % (6.8) pts

CAY combined ratio excluding catastrophe losses 78.9 % 81.6 % (2.7) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended

September 30 September 30

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 33 $ 28

Catastrophe losses through both September 30, 2024 and 2023, were primarily from flooding in the U.S., hail, tornadoes, and wind events, including Hurricane Helene in 2024.

Catastrophe losses through both March 31, 2025 and 2024, were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written decreased $142 million, or 9.3 percent, and $195 million, or 7.6 percent, for the three and nine months ended September 30, 2024, primarily due to lower commodity prices in the current year.

The decrease was partially offset by strong new business and rate in our Agriculture P&C business.

Net premiums earned decreased $121 million, or 7.9 percent, and $161 million, or 6.9 percent, for the three and nine months ended September 30, 2024, reflecting the factors described above.

Net premiums written increased $27 million, or 11.0 percent, for the three months ended March 31, 2025, primarily due to a ceded premium increase of $41 million to the U.S.

Government under the profit-sharing formula in the prior year, which impacted growth by 15.6 percentage points, partially offset by lower commodity prices in the current year.

Net premiums earned increased $37 million, or 28.6 percent, for the three months ended March 31, 2025, reflecting the factors described above.

Combined Ratio

The combined ratio and the CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2024, which contemplates a higher underwriting gain for the current crop year.

The improvement for the three months ended September 30, 2024, also includes a favorable impact from our crop commodity price hedge activity, which produced a lower loss this year versus the prior year quarter.

The combined ratio increased for the three months ended March 31, 2025, reflecting higher catastrophe losses, and a lower impact from favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, reflecting earned rate exceeding loss trend in our Agriculture P&C business, partially offset by a change in the mix of business away from products that carry a lower policy acquisition cost ratio.

Overseas General Insurance

4 unchanged sentences

Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited.

Effective July 1, 2023, the Overseas General Insurance segment includes 100 percent of the results of Huatai Group's P&C business as required under consolidation accounting.

We previously included our share of Huatai results based on our equity method investment within Other (income) expense.

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 3,903 $ 3,835 1.8 %

7 unchanged sentences

Net investment income 281 267 4.9 %

Other (income) expense 5 (10) NM 14 (29) NM

Other (income) expense 6 5 19.2 %

Amortization of purchased intangibles 19 20 (5.7) %

2 unchanged sentences

Combined ratio:

Loss and loss expense ratio 51.2 % 52.1 % (0.9) pts 50.6 % 49.7 % 0.9 pts

Policy acquisition cost ratio 24.9 % 25.0 % (0.1) pts 25.3 % 25.4 % (0.1) pts

Administrative expense ratio 9.9 % 9.9 % — pts 10.2 % 10.0 % 0.2 pts

Combined ratio 86.0 % 87.0 % (1.0) pts 86.1 % 85.1 % 1.0 pts

Catastrophe losses (3.0) % (3.7) % 0.7 pts (2.9) % (2.9) % — pts

Prior period development 1.8 % 1.5 % 0.3 pts 2.1 % 2.8 % (0.7) pts

CAY combined ratio excluding catastrophe losses 84.8 % 84.8 % — pts 85.3 % 85.0 % 0.3 pts

NM - not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended Nine Months Ended

September 30 September 30

Loss and loss expense ratio 47.0 % 47.7 % (0.7) pts

Policy acquisition cost ratio 26.1 % 25.7 % 0.4 pts

Administrative expense ratio 10.3 % 10.4 % (0.1) pts

Combined ratio 83.4 % 83.8 % (0.4) pts

Catastrophe losses (1.7) % (0.8) % (0.9) pts

Prior period development 3.8 % 2.8 % 1.0 pts

CAY combined ratio excluding catastrophe losses 85.5 % 85.8 % (0.3) pts

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 121 $ 89

Catastrophe losses through September 30, 2024 and 2023, were primarily from the following events:

Hurricane Helene, Rio Grande storms, and International weather-related events.

Storms in New Zealand and international weather-related events.

Catastrophe losses through March 31, 2025 and 2024, were primarily from the following events:

Storms in Australia, global earthquakes, and California wildfire losses.

International weather-related events.

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net Premiums Written by Region

Three Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

4 unchanged sentences

Europe, Middle East, and Africa $ 1,915 49 % $ 1,869 49 % $ 1,816 2.5 % 5.5 %

1,279 38 % 1,201 37 % 1,174 6.5 % 9.0 %

Latin America 701 21 % 695 22 % 651 0.8 % 7.7 %

40 1 % 51 2 % 50 (22.4) % (22.3) %

Net premiums written $ 3,367 100 % $ 3,211 100 % $ 3,133 4.9 % 7.5 %

Nine Months Ended September 30

(in millions of U.S.

dollars, except for percentages) 2024 2024

% of Total 2023 2023

% of Total C$

2023 YTD-24 vs.

Europe, Middle East, and Africa $ 4,625 44 % $ 4,292 46 % $ 4,318 7.8 % 7.1 %

3,617 34 % 2,993 32 % 2,896 20.9 % 24.9 %

Asia 1,198 31 % 1,161 30 % 1,130 3.2 % 6.1 %

Latin America 736 19 % 777 20 % 694 (5.3) % 6.1 %

1 unchanged sentence

Net premiums written $ 3,903 100 % $ 3,835 100 % $ 3,666 1.8 % 6.5 %

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

(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.

Overall, net premiums written increased $156 million and $1,177 million, or $234 million and $1,256 million on a constant-dollar basis, for the three and nine months ended September 30, 2024, respectively, reflecting growth in commercial lines of 5.1 percent and 10.2 percent, or 6.7 percent and 10.6 percent on a constant-dollar basis, respectively, and growth in consumer lines of 4.5 percent and 16.4 percent, or 8.5 percent and 18.2 percent on a constant-dollar basis, respectively.

Our European division increased for the three and nine months ended September 30, 2024, supported by both our wholesale and retail divisions.

The growth in commercial lines was driven by higher new business, and positive rate increases, primarily in commercial property and casualty lines.

Consumer lines increased primarily due to new business growth in A&H.

Asia increased for the three and nine months ended September 30, 2024, reflecting higher new business, higher retention and positive rate increases in commercial lines.

Consumer lines had strong growth in Asia with growth in new business for both A&H and personal lines.

The increase for the nine months ended September 30, 2024, also reflects the consolidation of Huatai Group's P&C business effective July 1, 2023.

Latin America increased for the three and nine months ended September 30, 2024, reflecting growth in commercial lines driven by growth in new business and positive rate increases across property and casualty lines.

Our personal lines business including automobile in Mexico, also continues to have strong growth.

Net premiums earned increased $110 million and $961 million, or $190 million and $1,057 million on a constant-dollar basis, for the three and nine months ended September 30, 2024, respectively, reflecting the increase in net premiums written described above.

Overall, net premiums written increased $68 million, or $237 million on a constant-dollar basis, for the three months ended March 31, 2025.

This growth reflects an increase in commercial lines of 3.6 percent, or 7.3 percent on a constant-dollar basis, while consumer lines declined slightly by 1.1 percent, but grew 5.0 percent on a constant-dollar basis.

Our European division increased for the three months ended March 31, 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property lines due to higher new business.

Asia increased for the three months ended March 31, 2025, reflecting growth in commercial lines due to higher new business, and in consumer lines.

Latin America increased on a constant dollar basis for the three months ended March 31, 2025, reflecting growth in personal lines business, including automobile in Mexico.

Commercial lines increased primarily in property lines from positive rate increases.

Net premiums earned increased $11 million, or $153 million on a constant-dollar basis, for the three months ended March 31, 2025, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three months ended September 30, 2024, primarily reflecting lower catastrophe losses and higher favorable prior period development.

The combined ratio increased for the nine months ended September 30, 2024, primarily reflecting lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the nine months ended September 30, 2024, principally related to the consolidation of Huatai.

The combined ratio decreased for the three months ended March 31, 2025, primarily reflecting higher favorable prior period development, partially offset by higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, reflecting underlying loss ratio improvement.

Global Reinsurance

1 unchanged sentence

Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 408 $ 359 13.7 %

6 unchanged sentences

Net investment income 70 57 23.5 %

Other (income) expense — — — — (1) NM

Segment income $ 86 $ 125 (31.1) %

Combined ratio:

Loss and loss expense ratio 63.3 % 48.4 % 14.9 pts 51.8 % 44.3 % 7.5 pts

Policy acquisition cost ratio 28.0 % 29.1 % (1.1) pts 26.3 % 27.2 % (0.9) pts

Administrative expense ratio 3.1 % 3.8 % (0.7) pts 3.1 % 3.8 % (0.7) pts

Combined ratio 94.4 % 81.3 % 13.1 pts 81.2 % 75.3 % 5.9 pts

Catastrophe losses (20.2) % (2.7) % (17.5) pts (6.7) % (1.0) % (5.7) pts

Prior period development 1.6 % 0.2 % 1.4 pts 2.1 % 3.7 % (1.6) pts

CAY combined ratio excluding catastrophe losses 75.8 % 78.8 % (3.0) pts 76.6 % 78.0 % (1.4) pts

NM - not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended Nine Months Ended

September 30 September 30

Loss and loss expense ratio 65.8 % 46.3 % 19.5 pts

Policy acquisition cost ratio 27.1 % 27.5 % (0.4) pts

Administrative expense ratio 2.7 % 3.1 % (0.4) pts

Combined ratio 95.6 % 76.9 % 18.7 pts

Catastrophe losses (21.3) % — (21.3) pts

Prior period development — (0.4) % 0.4 pts

CAY combined ratio excluding catastrophe losses 74.3 % 76.5 % (2.2) pts

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

1 unchanged sentence

Net catastrophe losses $ 75 $ —

Favorable prior period development $ 5 $ — $ 20 $ 25

Catastrophe losses through September 30, 2024 and 2023, were primarily from the following events:

Hurricane Helene and flooding in Canada.

Hurricane Idalia.

Favorable (unfavorable) prior period development $ — $ (1)

Catastrophe losses through March 31, 2025, were from California wildfire losses.

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Net premiums written increased $91 million and $291 million for the three and nine months ended September 30, 2024, respectively, primarily reflecting continued growth driven by strong new business.

Growth was most notably in property and casualty lines, partially offset by a decrease in financial and specialty lines.

The increase for the nine months ended September 30, 2024 included a large one-off structured transaction in the second quarter, which benefited growth by 4.4 percentage points.

Net premiums earned increased $77 million and $230 million for the three and nine months ended September 30, 2024, respectively, reflecting the increase in net premiums written described above including the large one-off structured transaction in the second quarter, which was fully earned when written.

Net premiums written increased $49 million for the three months ended March 31, 2025, primarily reflecting continued growth in new business.

Growth was most notably in property and casualty lines, partially offset by a decrease in specialty lines.

Net premium written for the three months ended March 31, 2025, also benefited from catastrophe reinstatement premiums.

Net premiums earned increased $73 million for the three months ended March 31, 2025, reflecting the increase in net premiums written described above including catastrophe reinstatement premiums, which were fully earned when written.

The increase is also due to the impact of higher new business written in the prior year for which premiums are earned in the current year.

Combined Ratio

The combined ratio increased for the three months ended September 30, 2024, primarily reflecting the impact of higher catastrophe losses, partially offset by the impact of favorable prior period development.

The combined ratio increased for the nine months ended September 30, 2024, primarily reflecting the impact of higher catastrophe losses and the impact of lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2024, primarily due to favorable market conditions in property lines.

The improvement also reflects the favorable impact of higher net premiums earned on the administrative expense ratio.

The improvement for the nine months ended September 30, 2024 was partially offset by the impact of the large structured transaction described above.

The combined ratio increased for the three months ended March 31, 2025, primarily reflecting higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses improved for the three months ended March 31, 2025, primarily due to favorable market conditions in property and casualty lines.

Life Insurance

The Life Insurance segment comprises our international life operations.

Effective July 1, 2023, the Life Insurance segment includes 100 percent of the results of Huatai Group's life and asset management business as required under consolidation accounting.

We previously included our share of Huatai results based on our equity method investment within Other (income) expense.

The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance.

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

The Life Insurance segment comprises our international life operations, the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance.

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Net premiums written $ 1,720 $ 1,633 5.3 %

10 unchanged sentences

Segment income - constant dollars 15.7 %

Net premiums written increased $100 million and $750 million, or $149 million and $865 million on a constant-dollar basis, for the three and nine months ended September 30, 2024, respectively.

For our international life operations, net premiums written increased 5.5 percent and 20.8 percent for the three and nine months ended September 30, 2024, primarily due to strong growth in North Asia, notably Hong Kong and Taiwan.

The increase for the nine months ended September 30, 2024, is also due to the consolidation of Huatai Group's life business, which contributed 15.7 percentage points of growth.

Net premiums written in our North American Combined Insurance business increased 14.4 percent and 10.5 percent for the three and nine months ended September 30, 2024, respectively, due to growth in its worksite business of 31.7 percent and 27.0 percent, partially offset by the non-renewal of a large program.

Net premiums written increased $87 million, or $161 million on a constant-dollar basis, for the three months ended March 31, 2025.

For our international life operations, net premiums written increased 3.5 percent, or 9.1 percent on a constant-dollar basis, for the three months ended March 31, 2025.

This growth was primarily due to strong new business in North Asia, notably in Hong Kong, Taiwan, and Korea through broker distribution channels.

Additionally, Huatai Group's life insurance business contributed through growth in agency distribution channels.

Net premiums written in our Combined Insurance business increased 17.3 percent for the three months ended March 31, 2025, due to 34.5 percent growth in worksite business.

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

1 unchanged sentence

2024 Q-25 vs.

Q-23 2024 2023 C$ 2023 Y-24 vs.

Deposits collected on universal life and investment contracts $ 755 $ 600 $ 581 25.7 % 30.0 %

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S.

New life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our business.

Life deposits collected increased $198 million and $636 million for the three and nine months ended September 30, 2024,

respectively, primarily from Taiwan.

The increase for the nine months ended September 30, 2024 also reflects the consolidation of Huatai Life business.

However, new life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our

Life deposits collected increased $155 million for the three months ended March 31, 2025, primarily from investment linked products in Taiwan.

Life Insurance segment income

Life Insurance segment income decreased $4 million, but increased $6 million on a constant-dollar basis, for the three months ended September 30, 2024, which was impacted by lower favorable loss reserve development related to our Combined Insurance supplemental A&H business and impact of foreign exchange from the Korean Won.

Life Insurance segment income increased $42 million, or $65 million on a constant-dollar basis, for the nine months ended September 30, 2024, reflecting the growth in premiums described above, as well as higher net investment income from higher assets under management and fixed income yield.

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures, including molestation.

Effective July 1, 2023, 100 percent of Huatai Group’s non-insurance operations results, comprising real estate and holding company activity, are included in Corporate.

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Life Insurance segment income increased $23 million, or $39 million on a constant-dollar basis, for the three months ended March 31, 2025, reflecting strong underwriting margins in A&H products, higher net investment income from growth in assets, and expense management, partially offset by higher new business strain and the absence of higher-than-expected other income totaling $8 million in the prior year period.

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

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2025 2024 Q-25 vs.

Q-23 2024 2023 YTD-24 vs.

Losses and loss expenses $ 14 $ 10 34.6 %

1 unchanged sentence

Underwriting loss 119 117 2.2 %

Net investment income (loss) (28) 14 NM (86) 28 NM

Other (income) expense (202) (51) 299.0 % (263) (251) 4.7 %

Net investment income (loss) (27) (26) 1.9 %

Other (income) expense 33 (68) NM

Amortization of purchased intangibles 37 42 (9.8) %

Net realized gains (losses) 179 (96) NM 101 (481) NM

Net realized gains (losses) (78) (100) (22.6) %

Market risk benefits gains (losses) (92) 21 NM

Interest expense 181 178 2.2 %

Integration expenses 7 14 (50.1) % 21 51 (59.0) %

Integration expenses — 7 NM

Income tax expense 321 342 (6.1) %

Net loss $ (888) $ (723) 21.2 %

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

Net income attributable to noncontrolling interests 12 151 (92.2) %

Net loss attributable to Chubb $ (900) $ (874) 3.2 %

NM - not meaningful

Administrative expenses increased $6 million and $20 million for the three and nine months ended September 30, 2024, respectively, primarily due to increased spending to support growth, including digital growth initiatives.

Integration expenses principally comprised legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition.

Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions.

These expenses are one-time in nature and are not related to the on-going business activities of the segments.

7 unchanged sentences

For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2024 Form 10-K.

The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses).

effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses).

Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps.

Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.

The following tables present our net realized and unrealized gains (losses):

Three Months Ended September 30

(in millions of U.S.

Fixed maturities $ 111 $ 3,459 $ 3,570 $ (70) $ (2,181) $ (2,251)

Investment and embedded derivative instruments 66 — 66 9 — 9

Public equity

Sales (6) — (6) (45) — (45)

Mark-to-market 129 — 129 (55) — (55)

Private equity (less than 3 percent ownership)

Mark-to-market (41) — (41) 40 — 40

Total investment portfolio 259 3,459 3,718 (121) (2,181) (2,302)

Other derivative instruments (2) — (2) (7) — (7)

Foreign exchange (58) 445 387 (67) (317) (384)

Current discount rate on future policy benefits — (672) (672) — 683 683

Instrument-specific credit risk on market risk benefits — (8) (8) — (5) (5)

Other (1) (19) (20) 92 48 140

Net gains (losses), pre-tax $ 198 $ 3,205 $ 3,403 $ (103) $ (1,772) $ (1,875)

Nine Months Ended September 30

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

Three Months Ended March 31

(in millions of U.S.

13 unchanged sentences

Net gains (losses), pre-tax $ (116) $ 1,047 $ 931 $ (101) $ (614) $ (715)

Pre-tax net unrealized gains of $3,459 million and $2,293 million in our investment portfolio for the three and nine months ended September 30, 2024, respectively, were primarily driven by lower interest rates.

Pre-tax net realized gains of $198 million and $201 million for the three and nine months ended September 30, 2024, respectively, includes $111 million and $186 million, respectively on fixed maturities, comprising mark-to-market gains on Other investments - fixed maturities, partially offset by losses on sales of fixed income securities.

In addition, there were pre-tax net realized gains from mark-to-market gains on public equity securities, partially offset by foreign exchange losses.

Pre-tax net unrealized gains of $901 million in our investment portfolio for the three months ended March 31, 2025, were primarily driven by lower interest rates.

Pre-tax net realized losses of $116 million for the three months ended March 31, 2025, includes net realized losses on fixed maturities, and foreign exchange, partially offset by mark-to-market gains on equity securities.

Effective Income Tax Rate

2 unchanged sentences

A change in the geographic mix of earnings could impact our ETR.

For the three and nine months ended September 30, 2024, our ETR was 16.8 percent and 16.0 percent, respectively, compared to an ETR of 16.8 percent and 17.2 percent, respectively, in the prior year.

For the three months ended March 31, 2025, our ETR was 19.3 percent compared to an ETR of 13.0 percent in the prior year.

The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items.

The nine months ended September 30, 2024 included an incremental deferred tax benefit of $55 million in the first quarter related to the Bermuda tax law enacted in December 2023.

The ETR for the three months ended March 31, 2024, included an incremental deferred tax benefit of $55 million related to the Bermuda tax law enacted in December 2023.

Non-GAAP Reconciliation

28 unchanged sentences

Three Months Ended

September 30, 2024

March 31, 2025

(in millions of U.S.

36 unchanged sentences

Three Months Ended

September 30, 2023

(in millions of U.S.

dollars except for ratios)

Losses and loss expenses/policy benefits A $ 3,025 $ 900 $ 1,356 $ 1,726 $ 116 $ 61 $ 7,184

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments (246) (280) (18) (120) (6) — (670)

Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — —

Catastrophe losses, gross of related adjustments (246) (280) (18) (120) (6) — (670)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable) 84 119 9 49 — (61) 200

Net premiums earned adjustments on PPD - unfavorable (favorable) 66 — — — — — 66

Expense adjustments - unfavorable (favorable) 7 — — — — — 7

PPD reinstatement premiums - unfavorable (favorable) — (1) — — (1) — (2)

PPD, gross of related adjustments - favorable (unfavorable) 157 118 9 49 (1) (61) 271

CAY loss and loss expense ex CATs B $ 2,936 $ 738 $ 1,347 $ 1,655 $ 109 $ — $ 6,785

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses C $ 963 $ 371 $ 79 $ 1,154 $ 78 $ 98 $ 2,743

Expense adjustments - favorable (unfavorable) (7) — — — — — (7)

Policy acquisition costs and administrative expenses, adjusted D $ 956 $ 371 $ 79 $ 1,154 $ 78 $ 98 $ 2,736

Net premiums earned E $ 4,735 $ 1,407 $ 1,540 $ 3,311 $ 239 $ 11,232

Net premiums earned adjustments on PPD - unfavorable (favorable) 66 — — — — 66

PPD reinstatement premiums - unfavorable (favorable) — (1) — — (1) (2)

Net premiums earned excluding adjustments F $ 4,801 $ 1,406 $ 1,540 $ 3,311 $ 238 $ 11,296

P&C Combined ratio

Loss and loss expense ratio A/E 63.9 % 63.9 % 88.1 % 52.1 % 48.4 % 64.0 %

Policy acquisition cost and administrative expense ratio C/E 20.3 % 26.4 % 5.1 % 34.9 % 32.9 % 24.4 %

P&C Combined ratio 84.2 % 90.3 % 93.2 % 87.0 % 81.3 % 88.4 %

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted B/F 61.1 % 52.4 % 87.5 % 50.0 % 45.9 % 60.1 %

Policy acquisition cost and administrative expense ratio, adjusted D/F 20.0 % 26.5 % 5.2 % 34.8 % 32.9 % 24.2 %

CAY P&C Combined ratio ex CATs 81.1 % 78.9 % 92.7 % 84.8 % 78.8 % 84.3 %

Combined ratio

Combined ratio 88.3 %

impact of gains and losses on crop derivatives 0.1 %

P&C Combined ratio 88.4 %

The ratios above are calculated using whole U.S.

Accordingly, calculations using rounded amounts may differ.

Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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

Reinsurance Corporate Total P&C

Nine Months Ended

September 30, 2024

(in millions of U.S.

dollars except for ratios)

Losses and loss expenses/policy benefits A $ 9,640 $ 2,654 $ 1,785 $ 5,040 $ 492 $ 161 $ 19,772

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments (828) (538) (65) (286) (63) — (1,780)

Reinstatement premiums collected (expensed) on catastrophe losses — — — — 4 — 4

Catastrophe losses, gross of related adjustments (828) (538) (65) (286) (67) — (1,784)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable) 231 305 34 210 20 (157) 643

Net premiums earned adjustments on PPD - unfavorable (favorable) 77 — 39 — — — 116

Expense adjustments - unfavorable (favorable) 9 — 3 — — — 12

PPD reinstatement premiums - unfavorable (favorable) — — — — 1 — 1

PPD, gross of related adjustments - favorable (unfavorable) 317 305 76 210 21 (157) 772

CAY loss and loss expense ex CATs B $ 9,129 $ 2,421 $ 1,796 $ 4,964 $ 446 $ 4 $ 18,760

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses C $ 3,030 $ 1,176 $ 161 $ 3,536 $ 279 $ 310 $ 8,492

Expense adjustments - favorable (unfavorable) (9) — (3) — — — (12)

Policy acquisition costs and administrative expenses, adjusted D $ 3,021 $ 1,176 $ 158 $ 3,536 $ 279 $ 310 $ 8,480

Net premiums earned E $ 14,890 $ 4,560 $ 2,173 $ 9,966 $ 950 $ 32,539

Reinstatement premiums (collected) expensed on catastrophe losses — — — — (4) (4)

Net premiums earned adjustments on PPD - unfavorable (favorable) 77 — 39 — — 116

PPD reinstatement premiums - unfavorable (favorable) — — — — 1 1

Net premiums earned excluding adjustments F $ 14,967 $ 4,560 $ 2,212 $ 9,966 $ 947 $ 32,652

P&C Combined ratio

Loss and loss expense ratio A/E 64.7 % 58.2 % 82.2 % 50.6 % 51.8 % 60.8 %

Policy acquisition cost and administrative expense ratio C/E 20.4 % 25.8 % 7.4 % 35.5 % 29.4 % 26.1 %

P&C Combined ratio 85.1 % 84.0 % 89.6 % 86.1 % 81.2 % 86.9 %

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted B/F 61.0 % 53.1 % 81.3 % 49.8 % 47.0 % 57.5 %

Policy acquisition cost and administrative expense ratio, adjusted D/F 20.2 % 25.8 % 7.1 % 35.5 % 29.6 % 25.9 %

CAY P&C Combined ratio ex CATs 81.2 % 78.9 % 88.4 % 85.3 % 76.6 % 83.4 %

Combined ratio

Combined ratio 86.9 %

impact of gains and losses on crop derivatives —

P&C Combined ratio 86.9 %

The ratios above are calculated using whole U.S.

Accordingly, calculations using rounded amounts may differ.

Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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

Reinsurance Corporate Total P&C

Nine Months Ended

September 30, 2023

March 31, 2024

(in millions of U.S.

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Expense adjustments - unfavorable (favorable) 8 — 3 — — — 11

PPD reinstatement premiums - unfavorable (favorable) — (2) — — 5 — 3

PPD, gross of related adjustments - favorable (unfavorable) 56 52 70 89 (1) (9) 257

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Net premiums earned adjustments on PPD - unfavorable (favorable) — — 39 — — 39

PPD reinstatement premiums - unfavorable (favorable) — (2) — — 5 3

Net premiums earned excluding adjustments F $ 4,880 $ 1,471 $ 167 $ 3,198 $ 295 $ 10,011

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Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

Amortization of Purchased Intangibles and Other Amortization

Amortization of purchased intangibles

Amortization expense related to purchased intangibles was $81 million and $241 million for the three and nine months ended September 30, 2024, respectively, compared with $84 million and $226 million for the prior year periods, respectively.

At September 30, 2024, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,516 million.

The following table presents, as of September 30, 2024, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign currency exchange rates, for the fourth quarter of 2024 and for the next five years:

For the Years Ending December 31

(in millions of U.S.

dollars) Reduction to deferred tax liability associated with intangible assets

Fourth quarter of 2024 $ 21

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

The following table presents, as of September 30, 2024, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the fourth quarter of 2024 and for the next five years:

For the Years Ending December 31

(in millions of U.S.

dollars) Amortization benefit of the fair value adjustment on assumed long-term debt (1)

Fourth quarter of 2024 $ 6

(1) Recorded as a reduction to Interest expense in the Consolidated statements of operations.

Net Investment Income

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

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Gross investment income (1)

1,556 1,362 4,513 3,708

Investment expenses (50) (47)

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(1) Includes amortization expense related to fair value adjustment of acquired invested assets

$ (5) $ (9) $ (14) $ (14)

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation.

Net investment income increased 14.7 percent for the three months ended September 30, 2024, primarily due to higher reinvestment rates on fixed maturities.

Net investment income increased 22.5 percent for the nine months ended September 30, 2024, primarily reflecting higher reinvestment rates on fixed maturities and the consolidation of Huatai Group.

Net investment income increased 12.2 percent for the three months ended March 31, 2025, primarily due to higher average invested assets and higher reinvestment rates on fixed maturities.

Dividend income increased primarily due to the placement of existing investment grade fixed income securities into a fund structure in December 2024, which pays a quarterly dividend instead of interest.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above.

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The total mark-to-market movement for private equities excluded from Net investment income was as follows:

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

dollars) 2025 2024

Total mark-to-market gain on private equity, pre-tax $ 170 $ 90 $ 357 $ 364

Interest Expense

Interest expense for the nine months ended September 30, 2024, was $552 million comprising $568 million related to fixed expenses on existing debt obligations and variable expenses, and a $16 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition.

The variable expenses relate to fees from the usage of certain facilities, including letters of credit, and interest on held collateral and repurchase agreements.

Based on projected variable expenses and our existing debt obligations, including the $1.0 billion of 5.00 percent senior notes issued on March 7, 2024, the new $700 million of 4.65 percent senior notes issued on July 31, 2024, and the new $600 million of 5.00 percent senior notes issued on July 31, 2024, we expect pre-tax interest expense to be approximately $200 million for the remainder of 2024, or $768 million for the full year.

We also expect a $5 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition for the remainder of 2024.

For more information on our debt obligations, refer to Note 12 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2023 Form 10-K.

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at September 30, 2024.

Excluding Huatai, the portfolio is primarily managed externally by independent, professional

investment managers and is broadly diversified across geographies, sectors, and issuers.

Total mark-to-market gain (loss) on private equity, pre-tax $ (16) $ 134

The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers.

We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection.

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The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in millions of U.S.

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Total investments $ 152,339 $ 156,047 $ 150,702 $ 155,301

The fair value of our total investments increased $14.5 billion during the nine months ended September 30, 2024, due to the investing of operating cash flow, unrealized gains, and net proceeds from debt issuance.

The fair value of our total investments increased $1.6 billion during the three months ended March 31, 2025, mainly due to the investing of operating cash flow and gains in fixed maturities available-for-sale.

The valuation of our fixed income portfolio is impacted by changes in interest rates.

The following tables present the fair value of our fixed income securities at September 30, 2024, and December 31, 2023.

The following tables present the fair value of our fixed income securities at March 31, 2025, and December 31, 2024.

The first table lists investments according to type and second according to S&P credit rating:

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

(in millions of U.S.

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Value % of Total

Treasury / Agency $ 2,629 2 % $ 3,590 3 %

and local government securities $ 4,025 3 % $ 4,070 3 %

Corporate and asset-backed securities 43,280 36 % 43,207 36 %

Mortgage-backed securities 27,516 22 % 27,248 22 %

Municipal 1,968 2 % 2,929 3 %

43,101 35 % 42,103 35 %

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$ 122,354 100 % $ 121,770 100 %

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $5.9 billion and $3.8 billion at September 30, 2024, and December 31, 2023, respectively.

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $6.8 billion and $6.3 billion at March 31, 2025, and December 31, 2024, respectively.

Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at September 30, 2024:

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

(in millions of U.S.

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Wells Fargo & Co 555

Citigroup Inc 598

Goldman Sachs Group Inc 533

Citigroup Inc 500

Verizon Communications Inc 397

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Value Amortized Cost, Net

September 30, 2024

March 31, 2025

(in millions of U.S.

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Total mortgage-backed securities $ 2,904 $ 24,262 $ 222 $ 124 $ 4 $ 27,516 $ 28,983

As part of our overall investment strategy, we may invest in states, municipalities, and other political subdivisions fixed maturity securities (Municipal).

We apply the same investment selection process described previously to our Municipal investments.

The portfolio is highly diversified primarily in state general obligation bonds and essential service revenue bonds including education and utilities (water, power, and sewers).

Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers.

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The average credit quality of our non-U.S.

fixed income securities is A and 39 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies.

fixed income securities is A/A and 40 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies.

Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies.

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fixed income portfolio by country/sovereign for non-U.S.

government securities at September 30, 2024:

government securities at March 31, 2025:

(in millions of U.S.

dollars) Fair Value Amortized Cost, Net

Republic of Korea $ 1,951 $ 1,842

People's Republic of China $ 1,941 $ 1,886

Republic of Korea 1,858 1,688

Canada 868 875

Taiwan 845 830

Kingdom of Thailand 751 669

Taiwan 678 680

United Mexican States 671 683

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Province of Ontario 528 530

Socialist Republic of Vietnam 463 351

United Kingdom 438 470

Other Non-U.S.

3 unchanged sentences

fixed income portfolio by country/sovereign for non-U.S.

corporate securities at September 30, 2024:

corporate securities at March 31, 2025:

(in millions of U.S.

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Germany 612 634

Switzerland 560 573

Chile 518 539

Other Non-U.S.

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Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers.

At September 30, 2024, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio.

At March 31, 2025, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio.

Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $174 million.

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Critical Accounting Estimates

Refer to Item 7 in our 2024 Form 10-K for a description of our critical accounting estimates.

Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2024.

Unpaid losses and loss expenses

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Other (including foreign exchange translation) 279 51 228

Balance at September 30, 2024 $ 84,326 $ 17,631 $ 66,695

Balance at March 31, 2025 $ 85,471 $ 18,081 $ 67,390

(1) Net of valuation allowance for uncollectible reinsurance.

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Refer to Note 7 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.

Asbestos and Environmental (A&E)

During the three and nine months ended September 30, 2024, we increased environmental net loss reserves for Brandywine managed operations by $47 million.

A&E reserves are included in Corporate.

Refer to our 2023 Form 10-K for further information on our A&E exposures.

Fair value measurements

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

The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1 inputs) and the lowest priority to unobservable data (Level 3 inputs).

Level 2 includes inputs, other than quoted prices within Level 1, that are observable for assets or liabilities either directly or indirectly.

Refer to Note 4 to the Consolidated Financial Statements for information on our fair value measurements.

Catastrophe Management

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Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories.

The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at September 30, 2024, and does not represent our expected catastrophe losses for any one year.

The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at March 31, 2025, and does not represent our expected catastrophe losses for any one year.

Modeled Net Probable Maximum Loss (PML) Pre-tax

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The PML for worldwide and key U.S.

peril regions are based on our in-force portfolio at July 1, 2024, and reflect the September 1, 2024, reinsurance program, as well as inuring reinsurance protection coverage.

As of April 1, 2024, we increased retention in North America by $500 million and increased limits by $1.7 billion.

On August 31, 2024, a $500 million catastrophe treaty covering named windstorms and earthquakes within Northeast States expired and was not renewed.

peril regions are based on our in-force portfolio at January 1, 2025, and reflect the April 1, 2025, reinsurance program, as well as inuring reinsurance protection coverage.

Refer to the Global Property Catastrophe Reinsurance section for more information.

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According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S.

hurricane events could be in excess of $3,786 million (or 5.8 percent of total Chubb shareholders’ equity at September 30, 2024).

Effective March 31, 2024, our worldwide and U.S.

Hurricane PMLs reflect the latest North Atlantic hurricane vulnerability model.

hurricane events could be in excess of $3,864 million (or 5.9 percent of total Chubb shareholders’ equity at March 31, 2025).

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

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The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis.

Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2024, through March 31, 2025, with the same limits and retention and percentage placed except that the majority of terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2025, through March 31, 2026, with the same limits, retention, and percentage placed except that the terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Loss Location Layer of Loss Comments Notes

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

September 30 December 31

March 31 December 31

(in millions of U.S.

4 unchanged sentences

Trust preferred securities 309 309

Subordinated debt (1)

Total hybrid debt 419 419

Total Chubb shareholders’ equity 65,726 64,021

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Ratio of financial debt to total capitalization (2)

Ratio of financial debt plus trust preferred securities to total capitalization 20.0 % 19.9 %

18.0 % 19.1 %

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

18.5 % 19.6 %

(1) Capital Supplementary Bonds issued by Huatai Life.

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

Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets.

The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.

On March 7, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion of 5.00 percent senior notes due March 2034.

Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity.

On July 31, 2024, Chubb INA issued $700 million of 4.65 percent senior notes due August 2029 and $600 million of 5.00 percent senior notes due March 2034.

Refer to Note 12 to the Consolidated Financial Statements for details about debt issued and debt redeemed.

For the nine months ended September 30, 2024, we repurchased $1.3 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At September 30, 2024, there were 16,592,565 Common Shares in treasury with a weighted-average cost of $170.96 per share, and $2.4 billion in share repurchase authorization remained.

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

For the three months ended March 31, 2025, we repurchased $385 million of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At March 31, 2025, there were 11,358,936 Common Shares in treasury with a weighted-average cost of $158.37 per share, and $1.3 billion in share repurchase authorization remained.

For the period April 1, 2025, through April 25, 2025, we repurchased 511,000 Common Shares for a total of $143 million in a series of open market transactions under the share repurchase authorization.

At April 25, 2025, $1.2 billion in share repurchase authorization remained.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years.

This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs.

On October 3, 2024, we filed a new shelf registration statement which allows us to issue an unlimited amount of certain classes of debt and equity from time to time, replacing the shelf registration statement that was filed in October 2021.

This new shelf registration statement expires in October 2027.

We have paid dividends each quarter since we became a public company in 1993.

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

The four quarterly installments each of $0.91 per share were distributed by the Board as expected.

The annual dividend approved in May 2024 represented a $0.20 per share increase ($0.05 per quarter) over the prior year dividend.

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March 14, 2025 April 4, 2025 $0.91 (CHF 0.81)

June 14, 2024 July 5, 2024 $0.91 (CHF 0.82)

September 13, 2024 October 4, 2024 $0.91 (CHF 0.78)

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term.

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The programs allow us to optimize investment income by avoiding portfolio disruption.

Should the need arise, we generally have access to capital markets and to credit facilities with letter of credit capacity of $4.0 billion, $3.0 billion of which can be used for revolving credit.

At September 30, 2024, our usage under these facilities was $887 million in letters of credit.

Our access to credit under these facilities is dependent on the ability of the banks that are a party to the facilities to meet their funding commitments.

The facilities require that we maintain certain financial covenants, all of which we met at September 30, 2024.

Should the need arise, we generally have access to capital markets and to credit facilities.

Our group syndicated credit facility has capacity of $3.0 billion and expires in October 2027.

Our total letter of credit capacity is $4.1 billion, $3.0 billion of which can be used for revolving credit.

At March 31, 2025, our usage under these facilities was $937 million in letters of credit.

Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments.

The facilities require that we maintain certain financial covenants, all of which we met at March 31, 2025.

Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market.

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The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies.

During the nine months ended September 30, 2024, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

During the three months ended March 31, 2025, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of factors.

Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision.

Chubb Limited received dividends of $1.0 billion and $1.4 billion from its Bermuda subsidiaries during the nine months ended September 30, 2024 and 2023, respectively.

Chubb Limited received cash dividends of nil and $28 million and non-cash dividends of nil and $291 million from Swiss subsidiaries during the nine months ended September 30, 2024 and 2023, respectively.

Chubb Limited also received dividends of $91 million from its other international subsidiary during the nine months ended September 30, 2024.

Chubb Limited received dividends of $310 million and nil from its Bermuda subsidiaries during the three months ended March 31, 2025, and 2024, respectively.

Chubb Limited received dividends of $207 million and $91 million from its other international subsidiaries during the three months ended March 31, 2025, and 2024, respectively.

During April 2025, Chubb Limited received $625 million from Chubb INA for the redemption of a portion of its ownership interest in Chubb INA, in accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company.

Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's 20 percent ownership interest in Chubb INA.

insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile).

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These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities.

Chubb Limited received no dividends from Chubb INA during the nine months ended September 30, 2024 and 2023.

Chubb Limited received no dividends from Chubb INA during the three months ended March 31, 2025, and 2024.

Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources.

Chubb INA received dividends of $1.8 billion and $976 million from its subsidiaries during the nine months ended September 30, 2024 and 2023, respectively.

Chubb INA received dividends of $366 million and nil from its subsidiaries during the three months ended March 31, 2025, and 2024, respectively.

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements.

The following is a discussion of our cash flows for the nine months ended September 30, 2024 and 2023.

Operating cash flows were $11.6 billion in the nine months ended September 30, 2024, compared to $9.4 billion in the prior year period, primarily due to higher net investment income and net premiums collected, partially offset by higher net losses paid and income taxes paid.

Cash used for investing was $11.4 billion in the nine months ended September 30, 2024, compared to $5.4 billion in the prior year period, an increase of $6.0 billion, which primarily included higher net purchases of fixed maturities and equity securities of $5.5 billion.

Cash used for financing was $0.1 billion in the nine months ended September 30, 2024, compared to $3.3 billion in the prior year period, a decrease of $3.2 billion.

This was primarily due to net proceeds from the issuance of long-term debt, net of repayments of $1.6 billion compared with repayments of $475 million in the prior year, and fewer common shares repurchased of $497 million.

We use repurchase agreements as a low-cost funding alternative.

At September 30, 2024, there were $3.0 billion in repurchase agreements outstanding with various maturities over the next nine months.

The following is a discussion of our cash flows for the three months ended March 31, 2025 and 2024.

Operating cash flows were $1.6 billion in the three months ended March 31, 2025, compared to $3.2 billion in the prior year period, primarily due to higher net losses paid and income taxes paid, partially offset by higher net investment income.

Cash used for investing was $798 million in the three months ended March 31, 2025, compared to $3.7 billion in the prior year period, a decrease of $2.9 billion, which primarily included lower net purchases of fixed maturities and equity securities of $1.9 billion.

Additionally, the current year period included net sales of short-term investments of $773 million compared to net purchase of short-term investments of $708 million in the prior year period.

These items were partially offset by higher private equity contributions.

Cash used for financing was $1.1 billion in the three months ended March 31, 2025, compared to cash provided by financing of $562 million in the prior year period, an additional use of cash of $1.7 billion.

This was primarily due to repayments of long-term debt of $800 million compared with the issuance of long-term debt of $996 million in the prior year, additional common shares repurchased of $287 million, and lower net repayments of repurchase agreements of $285 million.

We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries.

At March 31, 2025, there were $3.1 billion in repurchase agreements outstanding with various maturities over the next two months.

Both internal and external forces influence our financial condition, results of operations, and cash flows.

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(Subsidiary Issuer)

September 30 December 31 September 30 December 31

March 31 December 31 March 31 December 31

(in millions of U.S.

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Due from parent guarantor/subsidiary issuer 630 396 — —

Due from subsidiaries that are not issuers or

guarantors 512 539 625 571

Due from subsidiaries that are not issuers or guarantors 480 464 558 592

Other assets 23 13 3,054 3,062

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Due to parent guarantor/subsidiary issuer $ — $ — $ 630 $ 396

Due to subsidiaries that are not issuers or

guarantors 255 263 252 593

Due to subsidiaries that are not issuers or guarantors 317 231 111 105

Affiliated notional cash pooling programs 91 277 — —

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Long-term debt — — 14,508 14,379

Trust preferred securities — — 309 308

Hybrid debt — — 309 309

Other liabilities 550 868 1,560 1,577

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

Nine Months Ended September 30, 2024 Chubb Limited

Three Months Ended March 31, 2025 Chubb Limited

(Parent Guarantor) Chubb INA Holdings LLC

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(in millions of U.S.

Net investment income (loss) $ (19) $ (36)

Net investment income (expense) $ (3) $ 9

Net realized gains (losses) 5 (68)

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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 2. Management’s Discussion and Analysis