Chubb Ltd 10-Q

ITEM 1. Financial Statements CONSOLIDATED BALANCE SHEETS (Unaudited) Chubb Limited and Subsidiaries March 31 December 31 (in millions of U.S. dollars, except share and per share data) 2025 2024 Assets Investments Short-term investments, at fair value (amortized cost – $ 4,434 and $ 5,143 ) (includes variable interest entities (VIE) balances of $ 131 and $ 57 ) $ 4,432 $ 5,142 Fixed maturities available-for-sale, at fair value, net of valuation allowance – $ 63 and $ 70 (amortized cost – $ 114,930 and $ 115,083 ) 111,123 110,363 Private debt held-for-investment, at amortized cost, net of valuation allowance – $ 3 and $ 4 2,460 2,628 Equity securities, at fair value (includes VIE balances of $ 1,631 and $ 1,289 ) 9,556 9,151 Private equities (includes VIE balances of $ 22 and $ 22 ) 15,506 14,769 Other investments (includes VIE balances of $ 5,002 and $ 4,538 ) 9,224 8,597 Total investments 152,301 150,650 Cash, including restricted cash $ 278 and $ 261 (includes VIE balances of $ 205 and $ 114 ) 2,250 2,549 Securities lending collateral 1,909 1,445 Accrued investment income 1,196 1,160 Insurance and reinsurance balances receivable, net of valuation allowance – $ 58 and $ 59 15,358 14,426 Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $ 320 and $ 310 20,015 19,777 Reinsurance recoverable on policy benefits 267 289 Deferred policy acquisition costs 8,775 8,358 Value of business acquired 3,134 3,223 Goodwill 19,716 19,579 Other intangible assets 6,363 6,377 Deferred tax assets 1,798 1,603 Prepaid reinsurance premiums 3,681 3,378 Separate account assets 6,285 6,231 Other assets (includes VIE balances of $ 32 and $ 26 ) 8,704 7,503 Total assets $ 251,752 $ 246,548 Liabilities Unpaid losses and loss expenses $ 85,471 $ 84,004 Unearned premiums 24,487 23,504 Future policy benefits 16,690 16,121 Market risk benefits 708 607 Policyholders' account balances 8,129 8,016 Separate account liabilities 6,285 6,231 Insurance and reinsurance balances payable 8,446 8,121 Repurchase agreements (includes VIE balances of $ 1,102 and $ 815 ) 3,124 2,731 Securities lending payable 1,909 1,445 Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $ 93 and $ 183 ) 9,213 10,192 Deferred tax liabilities 1,608 1,584 Short-term debt — 800 Long-term debt 14,508 14,379 Hybrid debt 419 419 Total liabilities 180,997 178,154 Commitments and contingencies (refer to Note 11) Shareholders’ equity Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 400,748,485 and 400,703,663 shares outstanding) 231 235 Common Shares in treasury ( 11,358,936 and 18,922,323 shares) ( 1,799 ) ( 3,524 ) Additional paid-in capital 13,976 14,393 Retained earnings 60,953 61,561 Accumulated other comprehensive income (loss) (AOCI) ( 7,635 ) ( 8,644 ) Total Chubb shareholders’ equity 65,726 64,021 Noncontrolling interests (includes VIE balances of $ 4,117 and $ 3,459 ) 5,029 4,373 Total shareholders' equity 70,755 68,394 Total liabilities and shareholders’ equity $ 251,752 $ 246,548 See accompanying notes to the Consolidated Financial Statements 3 Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars, except per share data) 2025 2024 Revenues Net premiums written $ 12,646 $ 12,221 Increase in unearned premiums ( 646 ) ( 638 ) Net premiums earned 12,000 11,583 Net investment income 1,561 1,391 Net realized gains (losses) ( 116 ) ( 101 ) Market risk benefits gains (losses) ( 92 ) 21 Total revenues 13,353 12,894 Expenses Losses and loss expenses 6,896 5,727 Policy benefits (includes remeasurement losses of $ 3 and $ 19 ) 1,227 1,180 Policy acquisition costs 2,313 2,207 Administrative expenses 1,080 1,070 Interest expense 181 178 Other (income) expense ( 83 ) ( 191 ) Amortization of purchased intangibles 75 80 Integration expenses — 7 Total expenses 11,689 10,258 Income before income tax 1,664 2,636 Income tax expense 321 342 Net income $ 1,343 $ 2,294 Net income attributable to noncontrolling interests 12 151 Net income attributable to Chubb $ 1,331 $ 2,143 Other comprehensive income (loss) Change in: Unrealized appreciation (depreciation) $ 901 $ ( 677 ) Current discount rate on future policy benefits ( 122 ) ( 53 ) Instrument-specific credit risk on market risk benefits 4 5 Cumulative foreign currency translation adjustment 359 80 Other, including postretirement benefit liability adjustment ( 95 ) 31 Other comprehensive income (loss), before income tax 1,047 ( 614 ) Income tax (expense) benefit related to OCI items ( 43 ) 9 Other comprehensive income (loss) 1,004 ( 605 ) Comprehensive income 2,347 1,689 Comprehensive income attributable to noncontrolling interests 7 123 Comprehensive income attributable to Chubb $ 2,340 $ 1,566 Earnings per share Basic earnings per share attributable to Chubb $ 3.32 $ 5.28 Diluted earnings per share attributable to Chubb $ 3.29 $ 5.23 See accompanying notes to the Consolidated Financial Statements 4 Table of Contents CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Common Shares Balance – beginning of period $ 235 $ 241 Cancellation of treasury shares ( 4 ) — Balance – end of period 231 241 Common Shares in treasury Balance – beginning of period ( 3,524 ) ( 4,400 ) Common Shares repurchased ( 385 ) ( 316 ) Cancellation of treasury shares 1,942 — Net shares issued under employee share-based compensation plans 168 255 Balance – end of period ( 1,799 ) ( 4,461 ) Additional paid-in capital Balance – beginning of period 14,393 15,665 Net shares issued under employee share-based compensation plans ( 146 ) ( 159 ) Exercise of stock options 1 ( 19 ) Share-based compensation expense 94 82 Net decrease due to acquisitions — ( 31 ) Funding of dividends declared to Retained earnings ( 366 ) ( 350 ) Balance – end of period 13,976 15,188 Retained earnings Balance – beginning of period 61,561 54,810 Net income attributable to Chubb 1,331 2,143 Cancellation of treasury shares and other ( 1,939 ) — Funding of dividends declared from Additional paid-in capital 366 350 Dividends declared on Common Shares ( 366 ) ( 350 ) Balance – end of period 60,953 56,953 Accumulated other comprehensive income (loss) (AOCI) Balance – beginning of period ( 8,644 ) ( 6,809 ) Other comprehensive income (loss) 1,009 ( 577 ) Balance – end of period ( 7,635 ) ( 7,386 ) Total Chubb shareholders’ equity $ 65,726 $ 60,535 Noncontrolling interests Balance – beginning of period $ 4,373 $ 4,184 Net increase (decrease) due to consolidation, deconsolidation, and other transactions 649 ( 411 ) Net income attributable to noncontrolling interests 12 151 Other comprehensive loss attributable to noncontrolling interests ( 5 ) ( 28 ) Balance – end of period $ 5,029 $ 3,896 Total shareholders' equity $ 70,755 $ 64,431 See accompanying notes to the Consolidated Financial Statements 5 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Cash flows from operating activities Net income $ 1,343 $ 2,294 Adjustments to reconcile net income to net cash flows from operating activities Net realized (gains) losses 116 101 Market risk benefits (gains) losses 92 ( 21 ) Amortization of premiums (discounts) on fixed maturities ( 100 ) ( 80 ) Amortization of purchased intangibles 75 80 Equity in net income of partially-owned entities ( 82 ) ( 184 ) Deferred income taxes ( 198 ) ( 24 ) Unpaid losses and loss expenses 1,182 175 Unearned premiums 868 633 Future policy benefits 440 445 Insurance and reinsurance balances payable 305 155 Accounts payable, accrued expenses, and other liabilities ( 567 ) ( 267 ) Income taxes 203 257 Insurance and reinsurance balances receivable ( 874 ) ( 586 ) Reinsurance recoverable ( 127 ) 852 Deferred policy acquisition costs ( 428 ) ( 390 ) Net sales (purchases) of investments by consolidated investment products ( 435 ) ( 404 ) Other ( 247 ) 184 Net cash flows from operating activities 1,566 3,220 Cash flows from investing activities Purchases of fixed maturities available-for-sale ( 5,894 ) ( 8,617 ) Purchases of equity securities ( 783 ) ( 752 ) Sales of fixed maturities available-for-sale 2,660 4,368 Sales of equity securities 637 520 Maturities and redemptions of fixed maturities available-for-sale 2,902 2,149 Net change in short-term investments 773 ( 708 ) Net derivative instruments settlements ( 21 ) ( 17 ) Private equity contributions ( 879 ) ( 248 ) Private equity distributions 222 177 Acquisition of subsidiaries — ( 236 ) Net consolidations of consolidated investment products 16 — Other ( 431 ) ( 382 ) Net cash flows used for investing activities ( 798 ) ( 3,746 ) Cash flows from financing activities Dividends paid on Common Shares ( 366 ) ( 349 ) Common Shares repurchased ( 691 ) ( 404 ) Proceeds from issuance of long-term debt — 996 Repayment of long-term debt ( 800 ) — Proceeds from share-based compensation plans 98 163 Policyholder contract deposits 242 336 Policyholder contract withdrawals ( 176 ) ( 245 ) Third-party capital invested into consolidated investment products 559 509 Third-party capital distributed by consolidated investment products ( 242 ) ( 413 ) Proceeds from issuance of repurchase agreements 810 1,062 Repayment of repurchase agreements ( 447 ) ( 984 ) Other ( 112 ) ( 109 ) Net cash flows from (used for) financing activities ( 1,125 ) 562 Effect of foreign currency rate changes on cash and restricted cash 58 ( 6 ) Net increase (decrease) in cash and restricted cash ( 299 ) 30 Cash and restricted cash – beginning of period 2,549 2,621 Cash and restricted cash – end of period $ 2,250 $ 2,651 Supplemental cash flow information Taxes paid $ 314 $ 89 Interest paid $ 146 $ 112 See accompanying notes to the Consolidated Financial Statements 6 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited) Chubb Limited and Subsidiaries 1. General and significant accounting policies a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 16 for additional information. The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2024 Form 10-K. b) Goodwill During the three months ended March 31, 2025, Goodwill increased $ 137 million, primarily reflecting the impact of foreign exchange. c) New Accounting Pronouncements Accounting guidance not yet adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our 2025 annual reporting. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement. Disaggregation of Income Statement Expenses In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement. 2. Acquisitions Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam On March 3, 2025 , we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products. On April 1, 2025 , we completed the acquisition of LMG Insurance in Thailand. We expect to complete the acquisition of Liberty Insurance in Vietnam later in 2025 or early 2026, subject to required regulatory approvals and customary closing conditions. The results of operations of these businesses will be reported in our Overseas General Insurance segment. Huatai Group Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of March 31, 2025. In the second quarter of 2025, we closed on incremental ownership interests of approximately 0.6 percent. Chubb has total outstanding agreements for approximately 1.0 percent of incremental ownership interests, pending completion of certain closing conditions. 7 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 3. Investments a) Fixed maturities March 31, 2025 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available-for-sale U.S. and local government securities $ 4,268 $ — $ 17 $ ( 260 ) $ 4,025 Non-U.S. 36,574 ( 22 ) 810 ( 1,060 ) 36,302 Corporate and asset-backed securities 45,105 ( 41 ) 309 ( 2,093 ) 43,280 Mortgage-backed securities 28,983 — 145 ( 1,612 ) 27,516 $ 114,930 $ ( 63 ) $ 1,281 $ ( 5,025 ) $ 111,123 December 31, 2024 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available-for-sale U.S. and local government securities $ 4,383 $ — $ 10 $ ( 323 ) $ 4,070 Non-U.S. 36,311 ( 23 ) 753 ( 1,203 ) 35,838 Corporate and asset-backed securities 45,231 ( 47 ) 287 ( 2,264 ) 43,207 Mortgage-backed securities 29,158 — 69 ( 1,979 ) 27,248 $ 115,083 $ ( 70 ) $ 1,119 $ ( 5,769 ) $ 110,363 The following table presents fixed maturities by contractual maturity: March 31, 2025 December 31, 2024 (in millions of U.S. dollars) Net Carrying Value Fair Value Net Carrying Value Fair Value Available-for-sale Due in 1 year or less $ 4,938 $ 4,938 $ 4,507 $ 4,507 Due after 1 year through 5 years 33,342 33,342 33,446 33,446 Due after 5 years through 10 years 27,027 27,027 26,901 26,901 Due after 10 years 18,300 18,300 18,261 18,261 83,607 83,607 83,115 83,115 Mortgage-backed securities 27,516 27,516 27,248 27,248 $ 111,123 $ 111,123 $ 110,363 $ 110,363 Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. b) Gross unrealized loss Fixed maturities in an unrealized loss position at March 31, 2025, and December 31, 2024, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2024 Form 10-K for further information on factors considered in the evaluation of expected credit losses. 8 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 0 – 12 Months Over 12 Months Total March 31, 2025 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. and local government securities $ 524 $ ( 7 ) $ 2,468 $ ( 253 ) $ 2,992 $ ( 260 ) Non-U.S. 5,533 ( 102 ) 11,375 ( 774 ) 16,908 ( 876 ) Corporate and asset-backed securities 10,320 ( 177 ) 12,824 ( 1,172 ) 23,144 ( 1,349 ) Mortgage-backed securities 5,493 ( 48 ) 11,986 ( 1,564 ) 17,479 ( 1,612 ) Total AFS fixed maturities $ 21,870 $ ( 334 ) $ 38,653 $ ( 3,763 ) $ 60,523 $ ( 4,097 ) 0 – 12 Months Over 12 Months Total December 31, 2024 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. and local government securities $ 767 $ ( 16 ) $ 2,489 $ ( 303 ) $ 3,256 $ ( 319 ) Non-U.S. 6,630 ( 138 ) 12,023 ( 874 ) 18,653 ( 1,012 ) Corporate and asset-backed securities 10,069 ( 194 ) 13,290 ( 1,259 ) 23,359 ( 1,453 ) Mortgage-backed securities 10,490 ( 170 ) 11,987 ( 1,794 ) 22,477 ( 1,964 ) Total AFS fixed maturities $ 27,956 $ ( 518 ) $ 39,789 $ ( 4,230 ) $ 67,745 $ ( 4,748 ) At March 31, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 491 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies. The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Available-for-sale Valuation allowance for expected credit losses - beginning of period $ 70 $ 156 Provision for expected credit loss 21 31 Write-offs charged against the expected credit loss — ( 5 ) Recovery of expected credit loss ( 28 ) ( 67 ) Valuation allowance for expected credit losses - end of period $ 63 $ 115 Private debt held-for-investment Valuation allowance for expected credit losses - beginning of period $ 4 $ 4 Provision for expected credit loss — 1 Recovery of expected credit loss ( 1 ) — Valuation allowance for expected credit losses - end of period $ 3 $ 5 9 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries c) Net realized gains (losses) The following table presents the components of net realized gains (losses): Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Fixed maturities: Gross realized gains $ 38 $ 16 Gross realized losses ( 96 ) ( 141 ) Other investments - Fixed maturities (2025 includes $( 53 ) million related to investments measured under the fair value option) ( 40 ) 168 Net (provision for) recovery of expected credit losses 8 40 Impairment (1) ( 7 ) ( 34 ) Total fixed maturities ( 97 ) 49 Equity securities (2025 includes $ 53 million related to investments measured under the fair value option) 63 3 Private equities (less than 3 percent ownership) 11 31 Foreign exchange ( 65 ) ( 131 ) Investment and embedded derivative instruments ( 23 ) ( 43 ) Other derivative instruments ( 3 ) ( 2 ) Other ( 2 ) ( 8 ) Net realized gains (losses) (pre-tax) $ ( 116 ) $ ( 101 ) (1) Relates to certain securities we intended to sell and securities written to market entering default. Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Three Months Ended March 31 2025 2024 (in millions of U.S. dollars) Equity Securities Other Investments Private Equities Total Equity Securities Other Investments Private Equities Total Net gains (losses) recognized during the period $ 63 $ ( 40 ) $ 11 $ 34 $ 3 $ 168 $ 31 $ 202 Less: Net gains (losses) recognized from sales of securities ( 12 ) 1 — ( 11 ) ( 3 ) — — ( 3 ) Unrealized gains (losses) recognized for securities still held at reporting date $ 75 $ ( 41 ) $ 11 $ 45 $ 6 $ 168 $ 31 $ 205 10 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries d) Private equities Private equities include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities: Expected Liquidation Period of Underlying Assets March 31, 2025 December 31, 2024 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 1,340 $ 250 $ 1,265 $ 281 Real assets 2 to 13 Years 1,952 487 1,974 547 Distressed 2 to 8 Years 1,249 656 1,257 679 Private credit 3 to 8 Years 315 328 295 285 Traditional 2 to 14 Years 10,336 4,694 9,674 4,650 Vintage 1 to 3 Years 61 — 64 — Investment funds Not Applicable 253 — 240 — $ 15,506 $ 6,415 $ 14,769 $ 6,442 Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds. Investment Category: Consists of investments in private equity funds: Financial targeting financial services companies, such as financial institutions and insurance services worldwide Real assets targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources Distressed targeting distressed corporate debt/credit and equity opportunities in the U.S. Private credit targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds Traditional employing traditional private equity investment strategies, such as buyout and growth equity globally Vintage funds where the initial fund term has expired Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers. e) Restricted assets Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March 11 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 31, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $ 18,079 million and $ 17,945 million, respectively, and cash of $ 278 million and $ 261 million, respectively. The following table presents the components of restricted assets: March 31 December 31 (in millions of U.S. dollars) 2025 2024 Trust funds $ 8,273 $ 8,170 Assets pledged under repurchase agreements 3,364 2,890 Deposits with U.S. regulatory authorities 2,522 2,487 Deposits with non-U.S. regulatory authorities and other 4,198 4,659 Total $ 18,357 $ 18,206 f) Variable interest entities (VIEs) Consolidated VIEs Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2024 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest. Unconsolidated VIEs We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at March 31, 2025, and December 31, 2024, was $ 5.0 billion, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations. We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at March 31, 2025, and December 31, 2024, was $ 89 million and $ 97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities on the Consolidated balance sheets. 4. Fair value measurements a) Fair value hierarchy Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. 12 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The three levels of the hierarchy are as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and • Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement. We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy March 31, 2025 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available-for-sale U.S. and local government securities $ 1,739 $ 2,286 $ — $ 4,025 Non-U.S. — 35,715 587 36,302 Corporate and asset-backed securities — 40,263 3,017 43,280 Mortgage-backed securities — 27,516 — 27,516 1,739 105,780 3,604 111,123 Equity securities (1) 4,412 — 113 4,525 Short-term investments 2,484 1,930 18 4,432 Other investments (2) 577 7,318 — 7,895 Securities lending collateral — 1,909 — 1,909 Investment derivatives 40 — — 40 Derivatives designated as hedging instruments — 132 — 132 Other derivative instruments 5 — — 5 Separate account assets 6,212 73 — 6,285 Total assets measured at fair value (1)(2)(3) $ 15,469 $ 117,142 $ 3,735 $ 136,346 Liabilities: Investment derivatives $ 294 $ — $ — $ 294 Derivatives designated as hedging instruments — 101 — 101 Other derivative instruments — 5 — 5 Market risk benefits (4) — — 708 708 Total liabilities measured at fair value $ 294 $ 106 $ 708 $ 1,108 (1) Excluded from the table above is a fund of $ 5,031 million, measured using NAV as a practical expedient. (2) Excluded from the table above are other investments of $ 1,329 million, principally policy loans, measured using NAV as a practical expedient. (3) Excluded from the table above are private equities of $ 15,506 million, measured using NAV as a practical expedient. (4) Refer to Note 10 for additional information on Market risk benefits. 13 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries December 31, 2024 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available-for-sale U.S. and local government securities $ 1,765 $ 2,305 $ — $ 4,070 Non-U.S. — 35,234 604 35,838 Corporate and asset-backed securities — 40,316 2,891 43,207 Mortgage-backed securities — 27,245 3 27,248 1,765 105,100 3,498 110,363 Equity securities (1) 4,053 — 120 4,173 Short-term investments 3,156 1,972 14 5,142 Other investments (2) 573 6,783 — 7,356 Securities lending collateral — 1,445 — 1,445 Investment derivatives 41 — — 41 Derivatives designated as hedging instruments — 146 — 146 Other derivative instruments 35 — — 35 Separate account assets 6,165 66 — 6,231 Total assets measured at fair value (1)(2)(3) $ 15,788 $ 115,512 $ 3,632 $ 134,932 Liabilities: Investment derivatives $ 303 $ — $ — $ 303 Derivatives designated as hedging instruments — 116 — 116 Other derivative instruments — 2 — 2 Market risk benefits (4) — — 607 607 Total liabilities measured at fair value $ 303 $ 118 $ 607 $ 1,028 (1) Excluded from the table above is a fund of $ 4,978 million, measured using NAV as a practical expedient. (2) Excluded from the table above are other investments of $ 1,241 million, principally policy loans, measured using NAV as a practical expedient. (3) Excluded from the table above are private equities of $ 14,769 million, measured using NAV as a practical expedient. (4) Refer to Note 10 for additional information on Market risk benefits. 14 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Level 3 financial instruments The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Three Months Ended March 31, 2025 (in millions of U.S. dollars) Available-for-Sale Debt Securities Equity securities Short-term investments Non-U.S. Corporate and asset- backed securities Mortgage-backed securities Balance, beginning of period $ 604 $ 2,891 $ 3 $ 120 $ 14 Transfers into Level 3 1 24 — — — Transfers out of Level 3 — ( 1 ) — — — Change in Net Unrealized Gains (Losses) in OCI 20 ( 4 ) — — — Net Realized Gains (Losses) ( 6 ) ( 2 ) ( 2 ) ( 5 ) — Purchases 60 219 1 7 5 Sales ( 53 ) ( 47 ) ( 2 ) ( 9 ) — Settlements ( 39 ) ( 63 ) — — ( 1 ) Balance, end of period $ 587 $ 3,017 $ — $ 113 $ 18 Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 3 ) $ — $ 5 $ — Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 14 $ ( 10 ) $ — $ — $ — Three Months Ended March 31, 2024 (in millions of U.S. dollars) Available-for-Sale Debt Securities Equity securities Short-term investments Non-U.S. Corporate and asset- backed securities Mortgage-backed securities Balance, beginning of period $ 692 $ 2,622 $ 7 $ 87 $ 3 Transfers into Level 3 1 1 — — — Transfers out of Level 3 ( 4 ) ( 3 ) — — — Change in Net Unrealized Gains (Losses) in OCI 14 6 — — — Net Realized Gains (Losses) — — — ( 3 ) — Purchases 72 143 — 18 4 Sales ( 20 ) ( 20 ) — ( 1 ) — Settlements ( 37 ) ( 91 ) — — ( 2 ) Balance, end of period $ 718 $ 2,658 $ 7 $ 101 $ 5 Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ — $ — $ — $ ( 2 ) $ — Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 13 $ 6 $ — $ — $ — Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 10 Market risk benefits. Refer to Note 10 for additional information. b) Financial instruments disclosed, but not measured, at fair value Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below. The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt. 15 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: March 31, 2025 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Private debt held-for-investment $ — $ — $ 2,498 $ 2,498 $ 2,460 Total assets $ — $ — $ 2,498 $ 2,498 $ 2,460 Liabilities: Repurchase agreements $ — $ 3,124 $ — $ 3,124 $ 3,124 Long-term debt — 13,149 — 13,149 14,508 Hybrid debt — 476 — 476 419 Total liabilities $ — $ 16,749 $ — $ 16,749 $ 18,051 December 31, 2024 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Private debt held-for-investment $ — $ — $ 2,680 $ 2,680 $ 2,628 Total assets $ — $ — $ 2,680 $ 2,680 $ 2,628 Liabilities: Repurchase agreements $ — $ 2,731 $ — $ 2,731 $ 2,731 Short-term debt — 797 — 797 800 Long-term debt — 12,979 — 12,979 14,379 Hybrid debt — 479 — 479 419 Total liabilities $ — $ 16,986 $ — $ 16,986 $ 18,329 5. Reinsurance Reinsurance recoverable on ceded reinsurance March 31, 2025 December 31, 2024 (in millions of U.S. dollars) Net Reinsurance Recoverable (1) Valuation allowance Net Reinsurance Recoverable (1) Valuation allowance Reinsurance recoverable on unpaid losses and loss expenses $ 18,081 $ 254 $ 17,734 $ 242 Reinsurance recoverable on paid losses and loss expenses 1,934 66 2,043 68 Reinsurance recoverable on losses and loss expenses $ 20,015 $ 320 $ 19,777 $ 310 Reinsurance recoverable on policy benefits $ 267 $ — $ 289 $ — (1) Net of valuation allowance for uncollectible reinsurance. 16 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Valuation allowance for uncollectible reinsurance - beginning of period $ 310 $ 367 Provision for uncollectible reinsurance 11 8 Write-offs charged against the valuation allowance ( 2 ) — Foreign exchange revaluation 1 — Valuation allowance for uncollectible reinsurance - end of period $ 320 $ 375 For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2024 Form 10-K. 6. Deferred policy acquisition costs The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment: Three Months Ended March 31, 2025 (in millions of U.S. dollars) Term Life Universal Life Whole Life A&H Other Total Balance – beginning of period $ 469 $ 722 $ 870 $ 1,681 $ 324 $ 4,066 Capitalizations 58 38 109 170 40 415 Amortization expense ( 36 ) ( 20 ) ( 12 ) ( 54 ) ( 7 ) ( 129 ) Other (including foreign exchange) 4 ( 8 ) ( 4 ) ( 16 ) ( 2 ) ( 26 ) Balance – end of period $ 495 $ 732 $ 963 $ 1,781 $ 355 $ 4,326 Overseas General Insurance segment excluded from table 608 Total deferred policy acquisition costs on long-duration contracts $ 4,934 Deferred policy acquisition costs on short-duration contracts 3,841 Total deferred policy acquisition costs $ 8,775 Three Months Ended March 31, 2024 (in millions of U.S. dollars) Term Life Universal Life Whole Life A&H Other Total Balance – beginning of period $ 402 $ 674 $ 534 $ 1,301 $ 274 $ 3,185 Capitalizations 47 33 85 158 16 339 Amortization expense ( 28 ) ( 20 ) ( 8 ) ( 41 ) ( 7 ) ( 104 ) Other (including foreign exchange) ( 8 ) 1 ( 3 ) 3 ( 2 ) ( 9 ) Balance – end of period $ 413 $ 688 $ 608 $ 1,421 $ 281 $ 3,411 Overseas General Insurance segment excluded from table 616 Total deferred policy acquisition costs on long-duration contracts $ 4,027 Deferred policy acquisition costs on short-duration contracts 3,510 Total deferred policy acquisition costs $ 7,537 17 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 7. Unpaid losses and loss expenses The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Gross unpaid losses and loss expenses – beginning of period $ 84,004 $ 80,122 Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1) ( 17,734 ) ( 17,884 ) Net unpaid losses and loss expenses – beginning of period 66,270 62,238 Net losses and loss expenses incurred in respect of losses occurring in: Current year 7,133 5,980 Prior years (2) ( 237 ) ( 253 ) Total 6,896 5,727 Net losses and loss expenses paid in respect of losses occurring in: Current year 1,305 767 Prior years 4,699 4,055 Total 6,004 4,822 Foreign currency revaluation and other 228 35 Net unpaid losses and loss expenses – end of period 67,390 63,178 Reinsurance recoverable on unpaid losses and loss expenses (1) 18,081 17,163 Gross unpaid losses and loss expenses – end of period $ 85,471 $ 80,341 (1) Net of valuation allowance for uncollectible reinsurance. (2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $( 18 ) million and $ 46 million for the three months ended March 31, 2025 and 2024, respectively. Net unpaid losses and loss expenses increased $ 1,120 million for the three months ended March 31, 2025, principally reflecting underlying exposure growth and net catastrophe losses, partially offset by the impact of favorable prior period development and crop activity. 18 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Prior Period Development Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment: Three Months Ended March 31 (in millions of U.S. dollars) Long-tail Short-tail Total 2025 North America Commercial P&C Insurance $ 49 $ ( 163 ) $ ( 114 ) North America Personal P&C Insurance — — — North America Agricultural Insurance — ( 33 ) ( 33 ) Overseas General Insurance 1 ( 122 ) ( 121 ) Global Reinsurance ( 5 ) 5 — Corporate 13 — 13 Total $ 58 $ ( 313 ) $ ( 255 ) 2024 North America Commercial P&C Insurance $ 96 $ ( 144 ) $ ( 48 ) North America Personal P&C Insurance — ( 52 ) ( 52 ) North America Agricultural Insurance — ( 28 ) ( 28 ) Overseas General Insurance ( 1 ) ( 88 ) ( 89 ) Global Reinsurance — 1 1 Corporate 9 — 9 Total $ 104 $ ( 311 ) $ ( 207 ) Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate. North America Commercial P&C Insurance . Net favorable development for the three months ended March 31, 2025, included $ 163 million from short-tail lines, primarily from surety, due to lower-than-expected loss development. This favorable development was partially offset by net adverse development of $ 49 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines. Net favorable development for the three months ended March 31, 2024, included $ 144 million from short-tail lines, primarily from surety and property and marine lines due to lower-than-expected loss development. The favorable development was partially offset by net adverse development of $ 96 million from long-tail lines, primarily in commercial excess and umbrella lines, driven by higher-than-expected loss development. Overseas General Insurance. Net favorable development for the three months ended March 31, 2025, included a $ 122 million release from short-tail lines. Net favorable development for the three months ended March 31, 2024, included $ 88 million from short-tail lines, primarily from property lines driven by favorable development across all regions, primarily in accident years 2020 through 2023. 19 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 8. Future policy benefits The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment: Present Value of Expected Net Premiums Three Months Ended March 31, 2025 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 1,523 $ 4,405 $ 11,626 $ 125 $ 17,679 Beginning balance at original discount rate 1,819 4,303 11,499 124 17,745 Effect of changes in cash flow assumptions — ( 4 ) ( 5 ) — ( 9 ) Effect of actual variances from expected experience 7 23 ( 93 ) — ( 63 ) Adjusted beginning of period balance 1,826 4,322 11,401 124 17,673 Issuances 65 288 599 208 1,160 Interest accrual 14 32 133 2 181 Net premiums collected (1) ( 59 ) ( 311 ) ( 370 ) ( 61 ) ( 801 ) Other (including foreign exchange) ( 6 ) ( 19 ) ( 86 ) 2 ( 109 ) Ending balance at original discount rate 1,840 4,312 11,677 275 18,104 Effect of changes in discount rate assumptions ( 295 ) 111 212 1 29 Balance – end of period $ 1,545 $ 4,423 $ 11,889 $ 276 $ 18,133 (1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit. Present Value of Expected Future Policy Benefits Three Months Ended March 31, 2025 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 2,238 $ 12,057 $ 15,693 $ 647 $ 30,635 Beginning balance at original discount rate 2,647 11,242 15,652 601 30,142 Effect of changes in cash flow assumptions — ( 10 ) 2 — ( 8 ) Effect of actual variances from expected experience 10 24 ( 95 ) — ( 61 ) Adjusted beginning of period balance 2,657 11,256 15,559 601 30,073 Issuances 65 288 599 208 1,160 Interest accrual 19 90 165 6 280 Benefit payments ( 51 ) ( 78 ) ( 421 ) ( 6 ) ( 556 ) Other (including foreign exchange) ( 6 ) ( 32 ) ( 127 ) 3 ( 162 ) Ending balance at original discount rate 2,684 11,524 15,775 812 30,795 Effect of changes in discount rate assumptions ( 416 ) 905 155 45 689 Balance – end of period $ 2,268 $ 12,429 $ 15,930 $ 857 $ 31,484 20 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Liability for Future Policy Benefits, Life Insurance Segment March 31, 2025 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Net liability for future policy benefits $ 723 $ 8,006 $ 4,041 $ 581 $ 13,351 Deferred profit liability 291 1,351 202 64 1,908 Net liability for future policy benefits, before reinsurance recoverable 1,014 9,357 4,243 645 15,259 Less: Reinsurance recoverable on future policy benefits 108 45 114 — 267 Net liability for future policy benefits, after reinsurance recoverable $ 906 $ 9,312 $ 4,129 $ 645 $ 14,992 Weighted average duration (years) 10.5 27.9 9.9 23.5 21.8 Present Value of Expected Net Premiums Three Months Ended March 31, 2024 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 1,590 $ 3,950 $ 10,432 $ 64 $ 16,036 Beginning balance at original discount rate 1,992 3,945 10,692 64 16,693 Effect of changes in cash flow assumptions 6 70 109 — 185 Effect of actual variances from expected experience ( 1 ) 22 ( 37 ) — ( 16 ) Adjusted beginning of period balance 1,997 4,037 10,764 64 16,862 Issuances 65 295 697 2 1,059 Interest accrual 14 27 133 — 174 Net premiums collected (1) ( 57 ) ( 310 ) ( 363 ) ( 7 ) ( 737 ) Other (including foreign exchange) ( 5 ) ( 4 ) 82 — 73 Ending balance at original discount rate 2,014 4,045 11,313 59 17,431 Effect of changes in discount rate assumptions ( 407 ) 18 ( 295 ) — ( 684 ) Balance – end of period $ 1,607 $ 4,063 $ 11,018 $ 59 $ 16,747 (1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit. 21 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Present Value of Expected Future Policy Benefits Three Months Ended March 31, 2024 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 2,254 $ 10,063 $ 14,650 $ 495 $ 27,462 Beginning balance at original discount rate 2,749 9,991 15,071 492 28,303 Effect of changes in cash flow assumptions 8 86 100 — 194 Effect of actual variances from expected experience 3 27 ( 36 ) — ( 6 ) Adjusted beginning of period balance 2,760 10,104 15,135 492 28,491 Issuances 65 295 697 2 1,059 Interest accrual 19 74 164 3 260 Benefit payments ( 59 ) ( 87 ) ( 398 ) ( 6 ) ( 550 ) Other (including foreign exchange) 30 ( 2 ) 114 21 163 Ending balance at original discount rate 2,815 10,384 15,712 512 29,423 Effect of changes in discount rate assumptions ( 516 ) 184 ( 487 ) 18 ( 801 ) Balance – end of period $ 2,299 $ 10,568 $ 15,225 $ 530 $ 28,622 Liability for Future Policy Benefits, Life Insurance Segment March 31, 2024 (in millions of U.S. dollars, except for years) Term Life Whole Life A&H Other Total Net liability for future policy benefits $ 692 $ 6,505 $ 4,207 $ 471 $ 11,875 Deferred profit liability 254 904 174 19 1,351 Net liability for future policy benefits, before reinsurance recoverable 946 7,409 4,381 490 13,226 Less: Reinsurance recoverable on future policy benefits 107 45 113 1 266 Net liability for future policy benefits, after reinsurance recoverable $ 839 $ 7,364 $ 4,268 $ 489 $ 12,960 Weighted average duration (years) 10.2 25.6 10.1 15.1 19.3 The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets. March 31 (in millions of U.S. dollars) 2025 2024 Net liability for future policy benefits, Life Insurance segment $ 13,351 $ 11,875 Other (1) 1,431 1,149 Deferred profit liability 1,908 1,351 Liability for future policy benefits, per consolidated balance sheet $ 16,690 $ 14,375 (1) Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business. 22 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment: March 31 March 31 (in millions of U.S. dollars) 2025 2024 Term Life Undiscounted expected future benefit payments $ 4,266 $ 4,358 Undiscounted expected future gross premiums 6,595 7,291 Discounted expected future benefit payments 2,268 2,299 Discounted expected future gross premiums 4,460 3,909 Whole Life Undiscounted expected future benefit payments 29,099 24,834 Undiscounted expected future gross premiums 10,390 9,593 Discounted expected future benefit payments 12,429 10,568 Discounted expected future gross premiums 8,518 7,774 A&H Undiscounted expected future benefit payments 26,695 26,475 Undiscounted expected future gross premiums 39,108 39,002 Discounted expected future benefit payments 15,930 15,225 Discounted expected future gross premiums 23,346 22,975 Other Undiscounted expected future benefit payments 1,556 901 Undiscounted expected future gross premiums 478 94 Discounted expected future benefit payments 857 530 Discounted expected future gross premiums $ 437 $ 83 The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment: Gross Premiums or Assessments Interest Accretion Three Months Ended Three Months Ended March 31 March 31 (in millions of U.S. dollars) 2025 2024 2025 2024 Life Insurance Term Life $ 170 $ 167 $ 5 $ 5 Whole Life 563 530 58 47 A&H 752 753 32 31 Other 89 20 4 3 Total $ 1,574 $ 1,470 $ 99 $ 86 23 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents the weighted-average interest rates for the Life Insurance segment: Interest Accretion Rate Current Discount Rate March 31 March 31 2025 2024 2025 2024 Life Insurance Term Life 3.0 % 2.9 % 5.6 % 5.7 % Whole Life 3.5 % 3.2 % 4.0 % 4.5 % A&H 4.1 % 3.7 % 5.7 % 6.3 % Other 3.2 % 2.6 % 3.6 % 3.8 % 9. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities Policyholders' account balances The following tables present a roll-forward of policyholders' account balances: Three Months Ended March 31, 2025 (in millions of U.S. dollars) Universal Life Annuities (2) Other (3) Total Balance – beginning of period $ 1,809 $ 2,585 $ 2,354 $ 6,748 Premiums received 53 101 94 248 Policy charges (1) ( 29 ) — ( 2 ) ( 31 ) Surrenders and withdrawals ( 29 ) ( 9 ) ( 51 ) ( 89 ) Benefit payments (4) ( 17 ) ( 48 ) ( 22 ) ( 87 ) Interest credited 12 10 16 38 Other (including foreign exchange) 13 5 ( 1 ) 17 Balance – end of period $ 1,812 $ 2,644 $ 2,388 $ 6,844 Unearned revenue liability 719 Other (5) 566 Policyholders' account liability, per consolidated balance sheet $ 8,129 (1) Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. (2) Relates to Huatai Life. (3) Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk. (4) Includes benefit payments upon maturity as well as death benefits. (5) Primarily comprises unpaid dividends on certain participating policies. 24 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31, 2024 (in millions of U.S. dollars) Universal Life Annuities (2) Other (3) Total Balance – beginning of period $ 1,876 $ 2,411 $ 2,502 $ 6,789 Premiums received 72 131 131 334 Policy charges (1) ( 34 ) — ( 2 ) ( 36 ) Surrenders and withdrawals ( 32 ) ( 10 ) ( 77 ) ( 119 ) Benefit payments (4) ( 54 ) ( 59 ) ( 3 ) ( 116 ) Interest credited 13 16 14 43 Other (including foreign exchange) ( 1 ) ( 5 ) ( 9 ) ( 15 ) Balance – end of period $ 1,840 $ 2,484 $ 2,556 $ 6,880 Unearned revenue liability 680 Policyholders' account liability, per consolidated balance sheet $ 7,560 (1) Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance. (2) Relates to Huatai Life. (3) Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk. (4) Includes benefit payments upon maturity as well as death benefits. March 31 2025 2024 (in millions of U.S. dollars, except for percentages) Universal Life Annuities Other Universal Life Annuities Other Weighted-average crediting rate (1) 2.7 % 1.6 % 2.7 % 2.9 % 2.6 % 2.5 % Net amount at risk (2) $ 12,079 $ — $ 407 $ 12,014 $ — $ 499 Cash Surrender Value $ 1,659 $ 1,728 $ 2,095 $ 1,623 $ 1,605 $ 2,239 (1) Calculated using actual interest credited for the three months ended March 31, 2025 and 2024, respectively. (2) For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date. The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum: Universal Life March 31, 2025 (in millions of U.S. dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total Guaranteed minimum crediting rates Up to 2.00 % $ 433 $ — $ 47 $ 131 $ 611 2.01 % – 4.00 % 245 589 355 — 1,189 Greater than 4.00 % 12 — — — 12 Total $ 690 $ 589 $ 402 $ 131 $ 1,812 25 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries March 31, 2024 (in millions of U.S. dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total Guaranteed minimum crediting rates Up to 2.00 % $ 482 $ — $ 39 $ 49 $ 570 2.01 % – 4.00 % 67 461 728 — 1,256 Greater than 4.00 % 14 — — — 14 Total $ 563 $ 461 $ 767 $ 49 $ 1,840 Annuities March 31, 2025 (in millions of U.S. dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total Guaranteed minimum crediting rates Up to 2.00 % $ 90 $ — $ 1,637 $ 56 $ 1,783 2.01 % – 4.00 % 861 — — — 861 Greater than 4.00 % — — — — — Total $ 951 $ — $ 1,637 $ 56 $ 2,644 March 31, 2024 (in millions of U.S. dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total Guaranteed minimum crediting rates Up to 2.00 % $ 720 $ — $ 1,624 $ 1 $ 2,345 2.01 % – 4.00 % 139 — — — 139 Greater than 4.00 % — — — — — Total $ 859 $ — $ 1,624 $ 1 $ 2,484 Other policyholders' account balances March 31, 2025 (in millions of U.S. dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total Guaranteed minimum crediting rates Up to 2.00 % $ 363 $ 5 $ 153 $ 438 $ 959 2.01 % – 4.00 % 1,378 51 — — 1,429 Greater than 4.00 % — — — — — Total $ 1,741 $ 56 $ 153 $ 438 $ 2,388 26 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries March 31, 2024 (in millions of U.S. dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total Guaranteed minimum crediting rates Up to 2.00 % $ 789 $ — $ 243 $ 533 $ 1,565 2.01 % – 4.00 % 378 613 — — 991 Greater than 4.00 % — — — — — Total $ 1,167 $ 613 $ 243 $ 533 $ 2,556 Separate accounts Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations. The following table presents the aggregate fair value of Separate account assets, by major security type: March 31 March 31 (in millions of U.S. dollars) 2025 2024 Cash and cash equivalents $ 131 $ 76 Mutual funds 6,081 5,699 Fixed maturities 73 89 Total $ 6,285 $ 5,864 The following table presents a roll-forward of separate account liabilities: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Balance – beginning of period $ 6,231 $ 5,573 Premiums and deposits 490 264 Policy charges ( 33 ) ( 43 ) Surrenders and withdrawals ( 243 ) ( 210 ) Benefit payments ( 113 ) ( 105 ) Investment performance 5 375 Other (including foreign exchange) ( 52 ) 10 Balance – end of period $ 6,285 $ 5,864 Cash surrender value (1) $ 5,898 $ 5,655 (1) Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges. Unearned revenue liabilities Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both 27 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Balance – beginning of period $ 711 $ 673 Deferred revenue 34 34 Amortization ( 18 ) ( 18 ) Other (including foreign exchange) ( 8 ) ( 9 ) Balance – end of period $ 719 $ 680 10. Market risk benefits Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Balance – beginning of period $ 607 $ 771 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 592 749 Interest rate changes 46 ( 57 ) Effect of market movements (1) 52 ( 77 ) Effect of changes in volatilities 16 ( 20 ) Actual policyholder behavior different from expected behavior 16 30 Effect of timing and all other ( 25 ) ( 31 ) Balance, end of period, before effect of changes in the instrument-specific credit risk $ 697 $ 594 Effect of changes in the instrument-specific credit risk 11 17 Balance – end of period $ 708 $ 611 Weighted-average age of policyholders (years) 74 74 Net amount at risk (2) $ 1,654 $ 1,683 (1) Market movements are predominantly driven by changes in equities. (2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions. Excluded from the table above are MRB gains (losses) of $ 14 million and $( 134 ) million for the three months ended March 31, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB. For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model. 28 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Valuation Technique Significant Unobservable Inputs March 31, 2025 March 31, 2024 Ranges Weighted Average (1) Ranges Weighted Average (1) MRB (1) Actuarial model Lapse rate 0.5 % – 27.3 % 3.2 % 0.5 % – 30.0 % 4.3 % Annuitization rate 0 % – 100 % 4.8 % 0 % – 100 % 4.2 % (1) The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value. The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable. A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K. 11. Commitments, contingencies, and guarantees a) Derivative instruments Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of business. Derivative instruments are principally recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets. Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES), depending on the underlying investment. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities. As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions. 29 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents the balance sheet location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments: March 31, 2025 December 31, 2024 Consolidated Balance Sheet Location Fair Value Notional Amount/ Payment Provision Fair Value Notional Amount/ Payment Provision (in millions of U.S. dollars) Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) Investment and embedded derivatives not designated as hedging instruments: Foreign currency forward contracts OA / (AP) $ 38 $ ( 289 ) $ 4,563 $ 41 $ ( 295 ) $ 3,959 Options/Futures/Forward contracts on notes and bonds OA / (AP) 2 ( 5 ) 768 — ( 8 ) 449 Convertible securities (1) FM AFS / ES 14 — 14 12 — 12 Total $ 54 $ ( 294 ) $ 5,345 $ 53 $ ( 303 ) $ 4,420 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 2 $ — $ 921 $ 35 $ — $ 1,047 Other OA / (AP) 3 ( 5 ) 265 — ( 2 ) 211 Total $ 5 $ ( 5 ) $ 1,186 $ 35 $ ( 2 ) $ 1,258 Derivatives designated as hedging instruments: Cross-currency swaps - fair value hedges OA / (AP) $ 93 $ ( 1 ) $ 1,906 $ 103 $ — $ 1,579 Cross-currency swaps - net investment hedges OA / (AP) 39 ( 100 ) 2,925 43 ( 116 ) 2,896 Total $ 132 $ ( 101 ) $ 4,831 $ 146 $ ( 116 ) $ 4,475 (1) Includes fair value of embedded derivatives. (2) Related to MRB book of business. At March 31, 2025, and December 31, 2024, net derivative liabilities of $ 223 million and $ 199 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement. b) Hedge accounting We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective. (i) Cross-currency swaps - fair value hedges Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on € 1.7 billion, or approximately $ 1.9 billion at March 31, 2025, of euro denominated debt by converting cash flows back into the U.S. dollar. These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows: 30 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (pre-tax, in millions of U.S. dollars) 2025 2024 Gain (loss) recognized in OCI $ ( 26 ) $ ( 8 ) Net realized gain (loss) reclassified from OCI 69 ( 37 ) Interest expense reclassified from OCI ( 4 ) ( 4 ) OCI gain (loss) after reclassifications $ ( 91 ) $ 33 (ii) Cross-currency swaps - net investment hedges Chubb holds certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, Swiss franc, and Chinese yuan renminbi. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity. These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense. The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued. Three Months Ended March 31 (pre-tax, in millions of U.S. dollars) 2025 2024 Gain (loss) recognized in OCI $ 24 $ 36 Interest income reclassified from OCI 8 3 OCI gain (loss) after reclassifications $ 16 $ 33 31 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries c) Derivative instruments not designated as hedges Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Investment and embedded derivative instruments: Foreign currency forward contracts $ ( 14 ) $ ( 52 ) Options/Futures/Forward contracts on notes and bonds ( 9 ) 6 Convertible securities (1) — 3 Total investment and embedded derivative instruments $ ( 23 ) $ ( 43 ) Other derivative instruments: Futures contracts on equities (2) $ 54 $ ( 95 ) Other ( 3 ) ( 2 ) Total other derivative instruments $ 51 $ ( 97 ) Total $ 28 $ ( 140 ) (1) Includes embedded derivatives. (2) Related to MRB book of business. (i) Foreign currency exposure management A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above. (ii) Duration management and market exposure Futures Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed. Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves. Forwards A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums. Options An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above. The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand. 32 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines. Other Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may, from time to time, enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices. (iii) Convertible security investments A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available-for-sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature. (iv) TBA By acquiring to be announced mortgage-backed securities (TBAs), we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy. (v) Futures contracts on equities Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations. d) Securities lending and secured borrowings Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets. 33 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2025 December 31, 2024 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 752 $ 557 U.S. and local government securities 147 148 Non-U.S. 926 663 Corporate and asset-backed securities 50 49 Equity securities 34 28 $ 1,909 $ 1,445 Gross amount of recognized liability for securities lending payable $ 1,909 $ 1,445 At March 31, 2025, and December 31, 2024, our repurchase agreement obligations of $ 3,124 million and $ 2,731 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets. The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2025 December 31, 2024 Up to 30 Days 30-90 Days Total Up to 30 Days 30-90 Days Greater than 90 Days Total (in millions of U.S. dollars) Collateral pledged under repurchase agreements: Cash $ — $ — $ — $ — $ 19 $ 2 $ 21 Non-U.S. 1,866 — 1,866 1,387 — — 1,387 U.S. and local government securities — 106 106 — — 104 104 Mortgage-backed securities 470 922 1,392 — 454 924 1,378 $ 2,336 $ 1,028 $ 3,364 $ 1,387 $ 473 $ 1,030 $ 2,890 Gross amount of recognized liabilities for repurchase agreements $ 3,124 $ 2,731 Difference (1) $ 240 $ 159 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction. 34 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries e) Fixed maturities At March 31, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $ 1.2 billion and $ 1.3 billion, respectively. f) Private equities Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At March 31, 2025, private equities with a carrying value of $ 15.3 billion had commitments that could require funding of up to $ 6.4 billion over the next several years. At December 31, 2024, these investments had a carrying value of $ 14.5 billion with commitments of up to $ 6.4 billion. The remaining private equities had no funding commitments. g) Income taxes At March 31, 2025, $ 97 million of unrecognized tax benefits remain out standing. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012 . h) Legal proceedings Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations. i) Lease commitments At March 31, 2025, and December 31, 2024, the right-of-use asset was $ 1,052 million and $ 824 million, respectively, recorded within Other assets , and the lease liability was $ 1,177 million and $ 942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates. 12. Shareholders’ equity All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2025, our Common Shares had a par value of CHF 0.50 per share. At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $ 3.64 per share and $ 3.44 per share, respectively, which were paid in four quarterly installments of $ 0.91 per share and $ 0.86 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment. Dividend distributions per Common Share for the three months ended March 31, 2025, and 2024, were $ 0.91 (CHF 0.81 ) and $ 0.86 (CHF 0.75 ), respectively. Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024. The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the three months ended March 31, 2025, 1,345,782 shares were repurchased, 7,518,565 shares were canceled, and 35 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 1,390,604 net shares were issued under employee share-based compensation plans. At March 31, 2025, 11,358,936 Common Shares remain in treasury. Chubb Limited securities repurchase authorization In June 2023, the Board authorized the repurchase of up to $ 5.0 billion of Chubb Common Shares effective July 1, 2023, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorization: Three Months Ended April 1, 2025 through April 25, 2025 March 31 (in millions of U.S. dollars, except share data) 2025 2024 Number of shares repurchased 1,345,782 1,220,121 511,000 Cost of shares repurchased $ 385 $ 316 $ 143 Repurchase authorization remaining at end of period $ 1,300 $ 3,373 $ 1,157 The following table presents changes in accumulated other comprehensive income (loss): Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Accumulated other comprehensive income (loss) (AOCI) Net unrealized appreciation (depreciation) on investments Balance – beginning of period, net of tax $ ( 4,552 ) $ ( 4,177 ) Change in period, before reclassification from AOCI (before tax) 843 ( 796 ) Amounts reclassified from AOCI (before tax) 58 119 Change in period, before tax 901 ( 677 ) Income tax (expense) benefit ( 61 ) 42 Total other comprehensive income (loss) 840 ( 635 ) Noncontrolling interests, net of tax ( 8 ) 13 Balance – end of period, net of tax ( 3,704 ) ( 4,825 ) Current discount rate on liability for future policy benefits Balance – beginning of period, net of tax ( 539 ) 51 Change in period, before tax ( 122 ) ( 53 ) Income tax (expense) benefit 12 ( 20 ) Total other comprehensive loss ( 110 ) ( 73 ) Noncontrolling interests, net of tax ( 4 ) ( 33 ) Balance – end of period, net of tax ( 645 ) 11 Instrument-specific credit risk on market risk benefits Balance – beginning of period, net of tax ( 16 ) ( 22 ) Change in period, before tax 4 5 Income tax expense ( 1 ) — Total other comprehensive income 3 5 Noncontrolling interests, net of tax — — Balance – end of period, net of tax ( 13 ) ( 17 ) 36 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Accumulated other comprehensive income (loss) (AOCI) - continued Cumulative foreign currency translation adjustment Balance – beginning of period, net of tax ( 4,025 ) ( 2,945 ) Change in period, before reclassification from AOCI (before tax) 367 83 Amounts reclassified from AOCI (before tax) ( 8 ) ( 3 ) Change in period, before tax 359 80 Income tax expense ( 12 ) ( 7 ) Total other comprehensive income 347 73 Noncontrolling interests, net of tax 7 ( 8 ) Balance – end of period, net of tax ( 3,685 ) ( 2,864 ) Fair value hedging instruments Balance – beginning of period, net of tax 50 ( 13 ) Change in period, before reclassification from AOCI (before tax) ( 26 ) ( 8 ) Amounts reclassified from AOCI (before tax) ( 65 ) 41 Change in period, before tax ( 91 ) 33 Income tax (expense) benefit 19 ( 7 ) Total other comprehensive income (loss) ( 72 ) 26 Noncontrolling interests, net of tax — — Balance – end of period, net of tax ( 22 ) 13 Postretirement benefit liability adjustment Balance – beginning of period, net of tax 438 297 Change in period, before tax ( 4 ) ( 2 ) Income tax benefit — 1 Total other comprehensive loss ( 4 ) ( 1 ) Noncontrolling interests, net of tax — — Balance – end of period, net of tax 434 296 Accumulated other comprehensive loss $ ( 7,635 ) $ ( 7,386 ) 37 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations: Three Months Ended Consolidated Statement of Operations Location March 31 (in millions of U.S. dollars) 2025 2024 Fixed maturities available-for-sale $ ( 58 ) $ ( 119 ) Net realized gains (losses) Income tax benefit 25 12 Income tax expense $ ( 33 ) $ ( 107 ) Net income Cumulative foreign currency translation adjustment Cross-currency swaps $ 8 $ 3 Interest expense Income tax expense ( 2 ) ( 1 ) Income tax expense $ 6 $ 2 Net income Net gains (losses) of fair value hedging instruments Cross-currency swaps $ 69 $ ( 37 ) Net realized gains (losses) Cross-currency swaps ( 4 ) ( 4 ) Interest expense Income tax (expense) benefit ( 14 ) 9 Income tax expense $ 51 $ ( 32 ) Net income Total amounts reclassified from AOCI $ 24 $ ( 137 ) 13. Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3 -year vesting period and a 10 -year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On March 3, 2025, Chubb granted 1,253,605 stock options with a weighted-average grant date fair value of $ 74.64 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation. Chubb generally grants service-based restricted stock and restricted stock units with a 4 -year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3 -year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 3, 2025, Chubb granted 620,237 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and 288,070 performance stock units to employees and officers with a grant date fair value of $ 289.69 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan). 38 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 14. Postretirement benefits The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans 2025 2024 2025 2024 Three Months Ended March 31 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ — $ 2 $ — $ 2 $ — $ — Non-service cost (benefit): Interest cost 34 9 33 9 — 1 Expected return on plan assets ( 63 ) ( 13 ) ( 61 ) ( 13 ) — ( 1 ) Amortization of net actuarial (gain) loss ( 2 ) — — 1 ( 1 ) ( 1 ) Amortization of prior service cost — — — — — — Settlements — — — — — — Total non-service cost (benefit) ( 31 ) ( 4 ) ( 28 ) ( 3 ) ( 1 ) ( 1 ) Net periodic benefit cost (benefit) $ ( 31 ) $ ( 2 ) $ ( 28 ) $ ( 1 ) $ ( 1 ) $ ( 1 ) The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended March 31 2025 2024 2025 2024 (in millions of U.S. dollars) Service cost: Losses and loss expenses $ — $ — $ — $ — Administrative expenses 2 2 — — Total service cost 2 2 — — Non-service cost (benefit): Losses and loss expenses ( 3 ) ( 3 ) — — Administrative expenses ( 32 ) ( 28 ) ( 1 ) ( 1 ) Total non-service cost (benefit) ( 35 ) ( 31 ) ( 1 ) ( 1 ) Net periodic benefit cost (benefit) $ ( 33 ) $ ( 29 ) $ ( 1 ) $ ( 1 ) 39 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 15. Other income and expense Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Equity in net income (loss) of partially-owned entities $ 82 $ 184 Gains (losses) from fair value changes in separate account assets ( 10 ) 10 Asset management and performance fee revenue 56 53 Asset management and performance fee expense ( 33 ) ( 33 ) Federal excise and capital taxes ( 5 ) ( 4 ) Other ( 7 ) ( 19 ) Total $ 83 $ 191 Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $( 27 ) million and $ 103 million for the three months ended March 31, 2025 and 2024, respectively. Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense. 16. Segment information Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures. Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in 40 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss). Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including: • Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses. • Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability. • Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes. 41 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following tables present the Statement of Operations by segment: For the Three Months Ended March 31, 2025 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Total Net premiums written $ 4,787 $ 1,552 $ 276 $ 3,903 $ 408 $ 1,720 $ 12,646 Net premiums earned 4,988 1,574 165 3,209 368 1,696 12,000 Losses and loss expenses 3,031 2,093 92 1,397 242 26 Policy benefits — — — 113 — 1,163 Policy acquisition costs 719 330 17 837 100 310 Administrative expenses 344 87 2 330 10 202 Underwriting income 894 ( 936 ) 54 532 16 NM Net investment income 929 120 24 281 70 271 Other (income) expense 8 1 1 6 — ( 35 ) Amortization of purchased intangibles 1 2 6 19 — 10 Segment income (loss) $ 1,814 $ ( 819 ) $ 71 $ 788 $ 86 $ 291 $ 2,231 Net realized gains (losses) ( 116 ) Market risk benefits gains (losses) ( 92 ) Interest expense 181 Corporate underwriting loss ( 119 ) Corporate net investment loss ( 27 ) Corporate other (income) expense 33 Corporate amortization of purchased intangibles 37 Other reclassification 38 Income before income tax $ 1,664 NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment. 42 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries For the Three Months Ended March 31, 2024 (in millions of U.S. dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Total Net premiums written $ 4,689 $ 1,456 $ 249 $ 3,835 $ 359 $ 1,633 $ 12,221 Net premiums earned 4,880 1,471 128 3,198 295 1,611 11,583 Losses and loss expenses 3,175 899 49 1,426 137 32 Policy benefits — — — 100 — 1,070 Policy acquisition costs 688 300 21 823 81 294 Administrative expenses 328 86 2 331 9 207 Underwriting income 689 186 56 518 68 NM Net investment income 826 102 21 267 57 230 Other (income) expense 7 1 — 5 — ( 40 ) Amortization of purchased intangibles — 2 6 20 — 10 Segment income $ 1,508 $ 285 $ 71 $ 760 $ 125 $ 268 $ 3,017 Net realized gains (losses) ( 101 ) Market risk benefits gains (losses) 21 Interest expense 178 Integration expenses 7 Corporate underwriting loss ( 117 ) Corporate net investment loss ( 26 ) Corporate other (income) expense ( 68 ) Corporate amortization of purchased intangibles 42 Other reclassification 1 Income before income tax $ 2,636 NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment. Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments. 43 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 17. Earnings per share Three Months Ended March 31 (in millions of U.S. dollars, except share and per share data) 2025 2024 Numerator: Net income $ 1,343 $ 2,294 Net income attributable to noncontrolling interests 12 151 Net income attributable to Chubb $ 1,331 $ 2,143 Denominator: Denominator for basic earnings per share attributable to Chubb: Weighted-average shares outstanding 400,681,956 405,662,694 Denominator for diluted earnings per share attributable to Chubb: Share-based compensation plans 3,992,395 4,076,941 Weighted-average shares outstanding and assumed conversions 404,674,351 409,739,635 Basic earnings per share attributable to Chubb $ 3.32 $ 5.28 Diluted earnings per share attributable to Chubb $ 3.29 $ 5.23 Potential anti-dilutive share conversions 1,268,531 1,005,420 Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2024 Form 10-K for additional information on stock options. 44 Table of Contents