Chubb Ltd 10-Q

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three months ended March 31, 2025. All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ. Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). Other Information We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report. MD&A Index Page Forward-Looking Statements 46 Overview 47 Consolidated Operating Results 48 Segment Operating Results 52 Net Realized and Unrealized Gains (Losses) 60 Effective Income Tax Rate 61 Non-GAAP Reconciliation 62 Net Investment Income 65 Investments 65 Critical Accounting Estimates 69 Catastrophe Management 70 Global Property Catastrophe Reinsurance Program 71 Capital Resources 72 Liquidity 73 Information Provided In Connection With Outstanding Debt of Subsidiaries 74 45 Table of Contents Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to: • actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete; • losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments; • changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; • uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events; • the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; • severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic; • developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession; • the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries; • changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery; • actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent; • the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues; • acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization; • risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations; • loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame; 46 Table of Contents • the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and • management’s response to these factors and actual events (including, but not limited to, those described above). The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue, ” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise. Overview Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At March 31, 2025, we had total assets of $252 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $66 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K. 47 Table of Contents Consolidated Operating Results – Three Months Ended March 31, 2025 and 2024 Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 12,646 $ 12,221 3.5 % Net premiums written - constant dollars (1) 5.7 % Net premiums earned 12,000 11,583 3.6 % Net investment income 1,561 1,391 12.2 % Net realized gains (losses) (116) (101) 14.5 % Market risk benefits gains (losses) (92) 21 NM Total revenues 13,353 12,894 3.6 % Losses and loss expenses 6,896 5,727 20.4 % Policy benefits 1,227 1,180 4.0 % Policy acquisition costs 2,313 2,207 4.8 % Administrative expenses 1,080 1,070 0.9 % Interest expense 181 178 2.2 % Other (income) expense (83) (191) (56.7) % Amortization of purchased intangibles 75 80 (6.6) % Integration expenses — 7 NM Total expenses 11,689 10,258 14.0 % Income before income tax 1,664 2,636 (36.9) % Income tax expense 321 342 (6.1) % Net income $ 1,343 $ 2,294 (41.5) % Net income attributable to noncontrolling interests 12 151 (92.2) % Net income attributable to Chubb $ 1,331 $ 2,143 (37.9) % NM - not meaningful (1) On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period. Financial Highlights for the Three Months Ended March 31, 2025 • Net income attributable to Chubb was $1.33 billion compared with $2.14 billion in the prior year period. The decline was due to higher catastrophe losses. • Total pre-tax catastrophe losses were $1.64 billion, or 15.9 percentage points of the combined ratio, and include California wildfire losses of $1.47 billion, compared with total pre-tax catastrophe losses of $435 million, or 4.4 percentage points of the combined ratio, in the prior year. Total after-tax net catastrophe losses were $1.30 billion. • The P&C combined ratio was 95.7 percent compared with 86.0 percent in the prior year period. The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 82.3 percent compared with 83.7 percent in the prior year period. • Consolidated net premiums written were $12.65 billion, up 3.5 percent, or 5.7 percent in constant dollars. P&C net premiums written were $10.93 billion, up 3.2 percent, or 5.0 percent in constant dollars, with commercial insurance up 4.6 percent and consumer insurance up 6.0 percent in constant dollars. • Life Insurance net premiums written were $1.72 billion, up 5.3 percent, or 10.3 percent in constant dollars, due to growth in both international life of 9.1 percent in constant dollars, predominantly in Asia, and Combined North America of 18.6 48 Table of Contents percent in constant dollars, primarily driven by worksite business. Life Insurance segment income was $291 million, up 8.6 percent, or 15.7 percent in constant dollars. Life insurance deposits collected increased $155 million, up 25.7 percent, or 30.0 percent in constant dollars. • Net premiums earned increased $417 million, up 3.6 percent, or 5.7 percent in constant dollars. P&C net premiums earned increased 3.3 percent, or 5.0 percent in constant dollars, comprising growth in commercial and consumer lines of 4.2 percent and 7.1 percent, respectively. • Administrative expenses are relatively flat despite growth in net premiums. • Pre-tax net investment income was $1.56 billion, up 12.2 percent compared to $1.39 billion in the prior year period, primarily due to higher average invested assets and higher reinvestment rates on fixed maturities. Net Premiums Written Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 Property and other short-tail lines $ 2,489 $ 2,360 5.4 % 7.4 % Commercial casualty 2,252 2,210 1.9 % 2.9 % Financial lines 1,079 1,108 (2.6) % (1.2) % Workers' compensation 638 629 1.3 % 1.3 % Commercial multiple peril (1) 416 368 13.2 % 13.2 % Surety 200 184 8.9 % 13.9 % Total Commercial P&C lines 7,074 6,859 3.1 % 4.5 % Agriculture 276 249 11.0 % 11.0 % Personal homeowners 1,089 1,065 2.2 % 3.0 % Personal automobile 656 642 2.1 % 10.2 % Personal other 600 565 6.2 % 8.4 % Total Personal lines 2,345 2,272 3.2 % 6.3 % Global A&H - P&C 823 849 (3.1) % — Reinsurance lines 408 359 13.7 % 14.0 % Total Property and Casualty lines 10,926 10,588 3.2 % 5.0 % Life Insurance 1,720 1,633 5.3 % 10.3 % Total consolidated $ 12,646 $ 12,221 3.5 % 5.7 % (1) Commercial multiple peril represents retail package business (property and general liability). For additional information on net premiums written, refer to the segment operating results discussions. 49 Table of Contents Catastrophe Losses and Prior Period Development We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe losses are net of reinsurance and include reinstatement premiums, which are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. PPD includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development. Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Net catastrophe losses $ 1,641 $ 435 Favorable prior period development $ 255 $ 207 Catastrophe losses through March 31, 2025 and 2024, were primarily from the following events: • 2025: California wildfire losses of $1.47 billion, flooding in the U.S., hail, tornadoes, wind events, and winter-related storms. • 2024: Severe weather-related events in the U.S. and internationally. Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property. Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business. Our corporate run-off portfolio had adverse development of $13 million. Pre-tax net favorable PPD for the three months ended March 31, 2024, was $216 million in our active companies, including favorable development of $311 million in short-tail lines, principally in property and credit-related lines, and adverse development of $95 million in long-tail lines, principally in large account commercial excess and umbrella lines. Our corporate run-off portfolio had adverse development of $9 million. Refer to the prior period development discussion in Note 7 to the Consolidated Financial Statements for additional information. 50 Table of Contents P&C Combined Ratio In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss. P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. Three Months Ended March 31 2025 2024 Combined ratio: Loss and loss expense ratio 67.8 % 58.1 % Policy acquisition cost ratio 19.4 % 19.2 % Administrative expense ratio 8.5 % 8.7 % P&C Combined ratio 95.7 % 86.0 % Catastrophe losses (15.9) % (4.4) % Prior period development 2.5 % 2.1 % P&C CAY combined ratio excluding catastrophe losses 82.3 % 83.7 % The P&C combined ratio increased for the three months ended March 31, 2025, reflecting California wildfire losses of $1.47 billion, including the unfavorable impact of $37 million of net ceded reinstatement premiums on the expense ratio (i.e., lower premium resulting in a higher expense ratio). The increase was partially offset by higher favorable prior period development. The P&C CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, reflecting an improvement from earned rate and exposure exceeding loss trends, the favorable impact of higher net premiums earned, and the favorable impact of lower year-over-year large-structured transactions, which benefited the current year loss ratio, but had a partially offsetting unfavorable impact to the expense ratio. Policy benefits Policy benefits represent losses on contracts classified as long-duration and generally include accident and supplemental health products, term and whole life products, endowment products, and annuities. Policy benefits include (gains) losses from fair value changes in separate account liabilities that do not qualify for separate account treatment under U.S. GAAP. The offsetting movements of these liabilities are recorded in Other (income) expense in the Consolidated statements of operations. In addition, Policy benefits include the impact on the liabilities from (gains) losses on investment portfolios supporting certain participating policies. The offsetting movements of these liabilities are recorded in Realized gains (losses) in the Consolidated statements of operations. Refer to the Life Insurance segment operating results section for further discussion. Policy benefits were $1,227 million and $1,180 million for the three months ended March 31, 2025 and 2024, respectively. Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Interest expense, Amortization of purchased intangibles, and Income tax expense. 51 Table of Contents Segment Operating Results – Three Months Ended March 31, 2025 and 2024 We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K. North America Commercial P&C Insurance The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts). Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 4,787 $ 4,689 2.1 % Net premiums earned 4,988 4,880 2.2 % Losses and loss expenses 3,031 3,175 (4.5) % Policy acquisition costs 719 688 4.6 % Administrative expenses 344 328 4.7 % Underwriting income 894 689 29.7 % Net investment income 929 826 12.6 % Other (income) expense 8 7 8.0 % Amortization of purchased intangibles 1 — NM Segment income $ 1,814 $ 1,508 20.3 % Combined ratio: Loss and loss expense ratio 60.8 % 65.1 % (4.3) pts Policy acquisition cost ratio 14.4 % 14.1 % 0.3 pts Administrative expense ratio 6.9 % 6.7 % 0.2 pts Combined ratio 82.1 % 85.9 % (3.8) pts Catastrophe losses (3.1) % (4.9) % 1.8 pts Prior period development 2.3 % 1.0 % 1.3 pts CAY combined ratio excluding catastrophe losses 81.3 % 82.0 % (0.7) pts NM - Not meaningful Net Catastrophe Losses and Prior Period Development Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Net catastrophe losses $ 154 $ 236 Favorable prior period development $ 114 $ 48 Catastrophe losses were primarily from the following events: 2025: California wildfire losses of $99 million, flooding in the U.S., hail, tornadoes, and wind events. 2024: Flooding in the U.S., hail, tornadoes, wind events, and winter storm losses. Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. 52 Table of Contents Premiums Net premiums written increased $98 million, or 2.1 percent, for the three months ended March 31, 2025, which includes P&C growth of 2.6 percent, partially offset by financial lines decline of 1.3 percent. P&C growth was adversely impacted by 3.5 percentage points due to lower year-over-year structured transactions. The increase in premiums reflects growth of 7.6 percent in the North America Commercial Insurance division, while the North America Major Accounts and Specialty Insurance division declined 1.7 percent, primarily due to lower year-over-year large-structured transactions. The overall increase in premiums was across a number of lines, most notably in primary and excess casualty, reflecting strong new business and rate increases, partially offset by rate decreases in our Large Risk and E&S brokerage property lines, and in our financial lines. Net premiums earned increased $108 million, or 2.2 percent, for the three months ended March 31, 2025, reflecting the growth in net premiums written described above. Combined Ratio The combined ratio decreased for the three months ended March 31, 2025, reflecting lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased 0.7 percentage points for the three months ended March 31, 2025, reflecting a 0.6 percentage point favorable impact of lower year-over-year large-structured transactions which benefited the current year loss ratio, but had a partially offsetting unfavorable impact to the expense ratio, and a higher percentage of net premiums earned from property lines. North America Personal P&C Insurance The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada. Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 1,552 $ 1,456 6.6 % Net premiums earned 1,574 1,471 7.0 % Losses and loss expenses 2,093 899 132.7 % Policy acquisition costs 330 300 10.0 % Administrative expenses 87 86 0.6 % Underwriting income (loss) (936) 186 NM Net investment income 120 102 17.0 % Other (income) expense 1 1 — Amortization of purchased intangibles 2 2 — Segment income (loss) $ (819) $ 285 NM Combined ratio: Loss and loss expense ratio 133.0 % 61.1 % 71.9 pts Policy acquisition cost ratio 21.0 % 20.4 % 0.6 pts Administrative expense ratio 5.5 % 5.9 % (0.4) pts Combined ratio 159.5 % 87.4 % 72.1 pts Catastrophe losses (84.5) % (11.6) % (72.9) pts Prior period development — 3.5 % (3.5) pts CAY combined ratio excluding catastrophe losses 75.0 % 79.3 % (4.3) pts NM - Not meaningful 53 Table of Contents Net Catastrophe Losses and Prior Period Development Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Net catastrophe losses $ 1,342 $ 170 Favorable prior period development $ — $ 52 Catastrophe losses were primarily from the following events: 2025: California wildfire losses of $1.29 billion, flooding in the U.S., hail, tornadoes, wind events, and winter-related storms. 2024: Winter storm losses, flooding in the U.S., hail, tornadoes, and wind events. Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Premiums Net premiums written increased $96 million, or 6.6 percent, for the three months ended March 31, 2025, driven by strong new business and retention, and positive rate and exposure increases in all lines. The growth in premiums was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires, a 3.5 percentage point drag on net premiums written growth. Net premiums earned increased $103 million, or 7.0 percent, for the three months ended March 31, 2025, reflecting the growth in net premiums written described above. Combined Ratio The combined ratio increased for the three months ended March 31, 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses, and lower favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, primarily due to an improvement in homeowners and auto from earned rate and exposure exceeding loss trends, and a lower administrative expense ratio primarily due to the impact of higher net premiums earned and strong expense management. 54 Table of Contents North America Agricultural Insurance The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business. Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 276 $ 249 11.0 % Net premiums earned 165 128 28.6 % Losses and loss expenses 92 49 86.3 % Policy acquisition costs 17 21 (20.3) % Administrative expenses 2 2 — Underwriting income 54 56 (3.6) % Net investment income 24 21 13.6 % Other (income) expense 1 — NM Amortization of purchased intangibles 6 6 — Segment income $ 71 $ 71 — Combined ratio: Loss and loss expense ratio 55.9 % 38.6 % 17.3 pts Policy acquisition cost ratio 10.4 % 16.8 % (6.4) pts Administrative expense ratio 1.2 % 1.2 % — pts Combined ratio 67.5 % 56.6 % 10.9 pts Catastrophe losses (8.9) % (2.1) % (6.8) pts Prior period development 20.3 % 27.1 % (6.8) pts CAY combined ratio excluding catastrophe losses 78.9 % 81.6 % (2.7) pts NM - Not meaningful Net Catastrophe Losses and Prior Period Development Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Net catastrophe losses $ 15 $ 3 Favorable prior period development $ 33 $ 28 Catastrophe losses through both March 31, 2025 and 2024, were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter-related storms. Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Premiums Net premiums written increased $27 million, or 11.0 percent, for the three months ended March 31, 2025, primarily due to a ceded premium increase of $41 million to the U.S. Government under the profit-sharing formula in the prior year, which impacted growth by 15.6 percentage points, partially offset by lower commodity prices in the current year. Net premiums earned increased $37 million, or 28.6 percent, for the three months ended March 31, 2025, reflecting the factors described above. 55 Table of Contents Combined Ratio The combined ratio increased for the three months ended March 31, 2025, reflecting higher catastrophe losses, and a lower impact from favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, reflecting earned rate exceeding loss trend in our Agriculture P&C business, partially offset by a change in the mix of business away from products that carry a lower policy acquisition cost ratio. Overseas General Insurance Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 3,903 $ 3,835 1.8 % Net premiums written - constant dollars 6.5 % Net premiums earned 3,209 3,198 0.3 % Losses and loss expenses 1,397 1,426 (2.1) % Policy benefits 113 100 12.6 % Policy acquisition costs 837 823 1.8 % Administrative expenses 330 331 (0.4) % Underwriting income 532 518 2.8 % Net investment income 281 267 4.9 % Other (income) expense 6 5 19.2 % Amortization of purchased intangibles 19 20 (5.7) % Segment income $ 788 $ 760 3.7 % Segment income - constant dollars 7.1 % Combined ratio: Loss and loss expense ratio 47.0 % 47.7 % (0.7) pts Policy acquisition cost ratio 26.1 % 25.7 % 0.4 pts Administrative expense ratio 10.3 % 10.4 % (0.1) pts Combined ratio 83.4 % 83.8 % (0.4) pts Catastrophe losses (1.7) % (0.8) % (0.9) pts Prior period development 3.8 % 2.8 % 1.0 pts CAY combined ratio excluding catastrophe losses 85.5 % 85.8 % (0.3) pts 56 Table of Contents Net Catastrophe Losses and Prior Period Development Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Net catastrophe losses $ 55 $ 26 Favorable prior period development $ 121 $ 89 Catastrophe losses through March 31, 2025 and 2024, were primarily from the following events: • 2025: Storms in Australia, global earthquakes, and California wildfire losses. • 2024: International weather-related events. Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Net Premiums Written by Region Three Months Ended March 31 (in millions of U.S. dollars, except for percentages) 2025 2025 % of Total 2024 2024 % of Total C$ 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 Region Europe, Middle East, and Africa $ 1,915 49 % $ 1,869 49 % $ 1,816 2.5 % 5.5 % Asia 1,198 31 % 1,161 30 % 1,130 3.2 % 6.1 % Latin America 736 19 % 777 20 % 694 (5.3) % 6.1 % Other (1) 54 1 % 28 1 % 26 94.3 % 98.5 % Net premiums written $ 3,903 100 % $ 3,835 100 % $ 3,666 1.8 % 6.5 % (1) Includes the international supplemental A&H business of Combined Insurance and other international operations. Premiums Overall, net premiums written increased $68 million, or $237 million on a constant-dollar basis, for the three months ended March 31, 2025. This growth reflects an increase in commercial lines of 3.6 percent, or 7.3 percent on a constant-dollar basis, while consumer lines declined slightly by 1.1 percent, but grew 5.0 percent on a constant-dollar basis. Our European division increased for the three months ended March 31, 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property lines due to higher new business. Asia increased for the three months ended March 31, 2025, reflecting growth in commercial lines due to higher new business, and in consumer lines. Latin America increased on a constant dollar basis for the three months ended March 31, 2025, reflecting growth in personal lines business, including automobile in Mexico. Commercial lines increased primarily in property lines from positive rate increases. Net premiums earned increased $11 million, or $153 million on a constant-dollar basis, for the three months ended March 31, 2025, reflecting the increase in net premiums written described above. Combined Ratio The combined ratio decreased for the three months ended March 31, 2025, primarily reflecting higher favorable prior period development, partially offset by higher catastrophe losses. The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2025, reflecting underlying loss ratio improvement. 57 Table of Contents Global Reinsurance The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies. Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 408 $ 359 13.7 % Net premiums written - constant dollars 14.0 % Net premiums earned 368 295 24.8 % Losses and loss expenses 242 137 77.2 % Policy acquisition costs 100 81 23.0 % Administrative expenses 10 9 11.0 % Underwriting income 16 68 (76.4) % Net investment income 70 57 23.5 % Segment income $ 86 $ 125 (31.1) % Combined ratio: Loss and loss expense ratio 65.8 % 46.3 % 19.5 pts Policy acquisition cost ratio 27.1 % 27.5 % (0.4) pts Administrative expense ratio 2.7 % 3.1 % (0.4) pts Combined ratio 95.6 % 76.9 % 18.7 pts Catastrophe losses (21.3) % — (21.3) pts Prior period development — (0.4) % 0.4 pts CAY combined ratio excluding catastrophe losses 74.3 % 76.5 % (2.2) pts Net Catastrophe Losses and Prior Period Development Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Net catastrophe losses $ 75 $ — Favorable (unfavorable) prior period development $ — $ (1) Catastrophe losses through March 31, 2025, were from California wildfire losses. Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development. Premiums Net premiums written increased $49 million for the three months ended March 31, 2025, primarily reflecting continued growth in new business. Growth was most notably in property and casualty lines, partially offset by a decrease in specialty lines. Net premium written for the three months ended March 31, 2025, also benefited from catastrophe reinstatement premiums. Net premiums earned increased $73 million for the three months ended March 31, 2025, reflecting the increase in net premiums written described above including catastrophe reinstatement premiums, which were fully earned when written. The increase is also due to the impact of higher new business written in the prior year for which premiums are earned in the current year. 58 Table of Contents Combined Ratio The combined ratio increased for the three months ended March 31, 2025, primarily reflecting higher catastrophe losses. The CAY combined ratio excluding catastrophe losses improved for the three months ended March 31, 2025, primarily due to favorable market conditions in property and casualty lines. Life Insurance The Life Insurance segment comprises our international life operations, the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance. Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Net premiums written $ 1,720 $ 1,633 5.3 % Net premiums written - constant dollars 10.3 % Net premiums earned 1,696 1,611 5.3 % Losses and loss expenses 26 32 (18.8) % Policy benefits 1,163 1,070 8.6 % Policy acquisition costs 310 294 5.8 % Administrative expenses 202 207 (2.5) % Net investment income 271 230 17.5 % Other (income) expense (35) (40) (11.3) % Amortization of purchased intangibles 10 10 — Segment income $ 291 $ 268 8.6 % Segment income - constant dollars 15.7 % Premiums Net premiums written increased $87 million, or $161 million on a constant-dollar basis, for the three months ended March 31, 2025. For our international life operations, net premiums written increased 3.5 percent, or 9.1 percent on a constant-dollar basis, for the three months ended March 31, 2025. This growth was primarily due to strong new business in North Asia, notably in Hong Kong, Taiwan, and Korea through broker distribution channels. Additionally, Huatai Group's life insurance business contributed through growth in agency distribution channels. Net premiums written in our Combined Insurance business increased 17.3 percent for the three months ended March 31, 2025, due to 34.5 percent growth in worksite business. Deposits The following table presents deposits collected on universal life and investment contracts: Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 C$ 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 Deposits collected on universal life and investment contracts $ 755 $ 600 $ 581 25.7 % 30.0 % Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our 59 Table of Contents business. Life deposits collected increased $155 million for the three months ended March 31, 2025, primarily from investment linked products in Taiwan. Life Insurance segment income Life Insurance segment income increased $23 million, or $39 million on a constant-dollar basis, for the three months ended March 31, 2025, reflecting strong underwriting margins in A&H products, higher net investment income from growth in assets, and expense management, partially offset by higher new business strain and the absence of higher-than-expected other income totaling $8 million in the prior year period. Corporate Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity. Three Months Ended March 31 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 Losses and loss expenses $ 14 $ 10 34.6 % Administrative expenses 105 107 (1.0) % Underwriting loss 119 117 2.2 % Net investment income (loss) (27) (26) 1.9 % Other (income) expense 33 (68) NM Amortization of purchased intangibles 37 42 (9.8) % Net realized gains (losses) (78) (100) (22.6) % Market risk benefits gains (losses) (92) 21 NM Interest expense 181 178 2.2 % Integration expenses — 7 NM Income tax expense 321 342 (6.1) % Net loss $ (888) $ (723) 21.2 % Net income attributable to noncontrolling interests 12 151 (92.2) % Net loss attributable to Chubb $ (900) $ (874) 3.2 % NM - not meaningful Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income. Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), Amortization of purchased intangibles, and Income tax expense (benefit). Refer to Notes 10 and 15 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively. Net Realized and Unrealized Gains (Losses) We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value. The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2024 Form 10-K. The 60 Table of Contents effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets. The following table presents our net realized and unrealized gains (losses): Three Months Ended March 31 2025 2024 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ (97) $ 901 $ 804 $ 49 $ (677) $ (628) Investment and embedded derivative instruments (23) — (23) (43) — (43) Public equity Sales (12) — (12) (3) — (3) Mark-to-market 75 — 75 6 — 6 Private equity (less than 3 percent ownership) Mark-to-market 11 — 11 31 — 31 Total investment portfolio (46) 901 855 40 (677) (637) Other derivative instruments (3) — (3) (2) — (2) Foreign exchange (65) 359 294 (131) 80 (51) Current discount rate on future policy benefits — (122) (122) — (53) (53) Instrument-specific credit risk on market risk benefits — 4 4 — 5 5 Other (2) (95) (97) (8) 31 23 Net gains (losses), pre-tax $ (116) $ 1,047 $ 931 $ (101) $ (614) $ (715) Pre-tax net unrealized gains of $901 million in our investment portfolio for the three months ended March 31, 2025, were primarily driven by lower interest rates. Pre-tax net realized losses of $116 million for the three months ended March 31, 2025, includes net realized losses on fixed maturities, and foreign exchange, partially offset by mark-to-market gains on equity securities. Effective Income Tax Rate Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR. For the three months ended March 31, 2025, our ETR was 19.3 percent compared to an ETR of 13.0 percent in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items. The ETR for the three months ended March 31, 2024, included an incremental deferred tax benefit of $55 million related to the Bermuda tax law enacted in December 2023. 61 Table of Contents Non-GAAP Reconciliation In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP. We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period. P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations. P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations. CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison. Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded. Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. 62 Table of Contents The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD: North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended March 31, 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,031 $ 2,093 $ 92 $ 1,510 $ 242 $ 14 $ 6,982 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (154) (1,342) (15) (55) (75) — (1,641) Reinstatement premiums collected (expensed) on catastrophe losses — (50) — — 13 — (37) Catastrophe losses, gross of related adjustments (154) (1,292) (15) (55) (88) — (1,604) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 114 — 33 121 — (13) 255 Net premiums earned adjustments on PPD - unfavorable (favorable) (1) — — — — — (1) Expense adjustments - unfavorable (favorable) (2) — (3) — (1) — (6) PPD, gross of related adjustments - favorable (unfavorable) 111 — 30 121 (1) (13) 248 CAY loss and loss expense ex CATs B $ 2,988 $ 801 $ 107 $ 1,576 $ 153 $ 1 $ 5,626 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,063 $ 417 $ 19 $ 1,167 $ 110 $ 105 $ 2,881 Expense adjustments - favorable (unfavorable) 2 — 3 — 1 — 6 Policy acquisition costs and administrative expenses, adjusted D $ 1,065 $ 417 $ 22 $ 1,167 $ 111 $ 105 $ 2,887 Denominator Net premiums earned E $ 4,988 $ 1,574 $ 165 $ 3,209 $ 368 $ 10,304 Reinstatement premiums (collected) expensed on catastrophe losses — 50 — — (13) 37 Net premiums earned adjustments on PPD - unfavorable (favorable) (1) — — — — (1) Net premiums earned excluding adjustments F $ 4,987 $ 1,624 $ 165 $ 3,209 $ 355 $ 10,340 P&C Combined ratio Loss and loss expense ratio A/E 60.8 % 133.0 % 55.9 % 47.0 % 65.8 % 67.8 % Policy acquisition cost and administrative expense ratio C/E 21.3 % 26.5 % 11.6 % 36.4 % 29.8 % 27.9 % P&C Combined ratio 82.1 % 159.5 % 67.5 % 83.4 % 95.6 % 95.7 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 59.9 % 49.3 % 65.8 % 49.1 % 43.2 % 54.4 % Policy acquisition cost and administrative expense ratio, adjusted D/F 21.4 % 25.7 % 13.1 % 36.4 % 31.1 % 27.9 % CAY P&C Combined ratio ex CATs 81.3 % 75.0 % 78.9 % 85.5 % 74.3 % 82.3 % Combined ratio Combined ratio 95.7 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 95.7 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 63 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended March 31, 2024 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,175 $ 899 $ 49 $ 1,526 $ 137 $ 10 $ 5,796 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (236) (170) (3) (26) — — (435) Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — — Catastrophe losses, gross of related adjustments (236) (170) (3) (26) — — (435) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 48 52 28 89 (1) (9) 207 Net premiums earned adjustments on PPD - unfavorable (favorable) — — 39 — — — 39 Expense adjustments - unfavorable (favorable) 8 — 3 — — — 11 PPD, gross of related adjustments - favorable (unfavorable) 56 52 70 89 (1) (9) 257 CAY loss and loss expense ex CATs B $ 2,995 $ 781 $ 116 $ 1,589 $ 136 $ 1 $ 5,618 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,016 $ 386 $ 23 $ 1,154 $ 90 $ 107 $ 2,776 Expense adjustments - favorable (unfavorable) (8) — (3) — — — (11) Policy acquisition costs and administrative expenses, adjusted D $ 1,008 $ 386 $ 20 $ 1,154 $ 90 $ 107 $ 2,765 Denominator Net premiums earned E $ 4,880 $ 1,471 $ 128 $ 3,198 $ 295 $ 9,972 Net premiums earned adjustments on PPD - unfavorable (favorable) — — 39 — — 39 Net premiums earned excluding adjustments F $ 4,880 $ 1,471 $ 167 $ 3,198 $ 295 $ 10,011 P&C Combined ratio Loss and loss expense ratio A/E 65.1 % 61.1 % 38.6 % 47.7 % 46.3 % 58.1 % Policy acquisition cost and administrative expense ratio C/E 20.8 % 26.3 % 18.0 % 36.1 % 30.6 % 27.9 % P&C Combined ratio 85.9 % 87.4 % 56.6 % 83.8 % 76.9 % 86.0 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 61.4 % 53.1 % 69.5 % 49.7 % 46.0 % 56.1 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.6 % 26.2 % 12.1 % 36.1 % 30.5 % 27.6 % CAY P&C Combined ratio ex CATs 82.0 % 79.3 % 81.6 % 85.8 % 76.5 % 83.7 % Combined ratio Combined ratio 86.0 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 86.0 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 64 Table of Contents Net Investment Income Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Fixed maturities (1) $ 1,401 $ 1,311 Short-term investments 38 49 Other interest income 17 15 Equity securities 93 24 Private equities 35 16 Other investments 27 23 Gross investment income (1) 1,611 1,438 Investment expenses (50) (47) Net investment income (1) $ 1,561 $ 1,391 (1) Includes amortization expense related to fair value adjustment of acquired invested assets $ (2) $ (5) Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 12.2 percent for the three months ended March 31, 2025, primarily due to higher average invested assets and higher reinvestment rates on fixed maturities. Dividend income increased primarily due to the placement of existing investment grade fixed income securities into a fund structure in December 2024, which pays a quarterly dividend instead of interest. For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows: Three Months Ended March 31 (in millions of U.S. dollars) 2025 2024 Total mark-to-market gain (loss) on private equity, pre-tax $ (16) $ 134 Investments Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at March 31, 2025. The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and clos ely monitor investment manager compliance with portfolio guidelines. 65 Table of Contents The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets: March 31, 2025 December 31, 2024 (in millions of U.S. dollars) Fair Value Cost/ Amortized Cost, Net Fair Value Cost/ Amortized Cost, Net Short-term investments $ 4,432 $ 4,434 $ 5,142 $ 5,143 Other investments - Fixed maturities 6,799 6,799 6,265 6,265 Fixed maturities available-for-sale 111,123 114,867 110,363 115,013 Fixed income securities 122,354 126,100 121,770 126,421 Equity securities 9,556 9,556 9,151 9,151 Private debt held-for-investment 2,498 2,460 2,680 2,628 Private equities and other 17,931 17,931 17,101 17,101 Total investments $ 152,339 $ 156,047 $ 150,702 $ 155,301 The fair value of our total investments increased $1.6 billion during the three months ended March 31, 2025, mainly due to the investing of operating cash flow and gains in fixed maturities available-for-sale. The valuation of our fixed income portfolio is impacted by changes in interest rates. The following tables present the fair value of our fixed income securities at March 31, 2025, and December 31, 2024. The first table lists investments according to type and second according to S&P credit rating: March 31, 2025 December 31, 2024 (in millions of U.S. dollars, except for percentages) Fair Value % of Total Fair Value % of Total U.S. and local government securities $ 4,025 3 % $ 4,070 3 % Corporate and asset-backed securities 43,280 36 % 43,207 36 % Mortgage-backed securities 27,516 22 % 27,248 22 % Non-U.S. 43,101 35 % 42,103 35 % Short-term investments 4,432 4 % 5,142 4 % Total (1) $ 122,354 100 % $ 121,770 100 % AAA $ 12,902 11 % $ 13,933 11 % AA 37,662 30 % 37,640 30 % A 30,137 25 % 28,882 24 % BBB 21,798 18 % 21,610 18 % BB 10,705 9 % 10,789 9 % B 8,669 7 % 8,279 7 % Other 481 — % 637 1 % Total (1) $ 122,354 100 % $ 121,770 100 % (1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $6.8 billion and $6.3 billion at March 31, 2025, and December 31, 2024, respectively. 66 Table of Contents Corporate and asset-backed securities The following table presents our 10 largest global exposures to corporate bonds by fair value at March 31, 2025: (in millions of U.S. dollars) Fair Value Bank of America Corp $ 797 Morgan Stanley 698 JPMorgan Chase & Co 670 Wells Fargo & Co 555 Goldman Sachs Group Inc 533 Citigroup Inc 500 AT&T Inc 420 Verizon Communications Inc 397 UBS Group AG 387 HSBC Holdings Plc 352 Mortgage-backed securities The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities: S&P Credit Rating Fair Value Amortized Cost, Net March 31, 2025 (in millions of U.S. dollars) AAA AA A BBB BB and below Total Total Agency residential mortgage-backed securities (RMBS) $ 4 $ 23,948 $ — $ — $ — $ 23,952 $ 25,320 Non-agency RMBS 1,821 159 135 115 2 2,232 2,278 Commercial mortgage-backed securities 1,079 155 87 9 2 1,332 1,385 Total mortgage-backed securities $ 2,904 $ 24,262 $ 222 $ 124 $ 4 $ 27,516 $ 28,983 Non-U.S. Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines. Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 40 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material. 67 Table of Contents The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at March 31, 2025: (in millions of U.S. dollars) Fair Value Amortized Cost, Net People's Republic of China $ 1,941 $ 1,886 Republic of Korea 1,858 1,688 Canada 868 875 Kingdom of Thailand 751 669 Taiwan 678 680 United Mexican States 671 683 Federative Republic of Brazil 566 584 Commonwealth of Australia 543 617 Province of Ontario 528 530 United Kingdom 438 470 Other Non-U.S. Government Securities 7,443 7,527 Total $ 16,285 $ 16,209 The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at March 31, 2025: (in millions of U.S. dollars) Fair Value Amortized Cost, Net China $ 7,488 $ 7,471 United Kingdom 2,503 2,586 Canada 2,445 2,466 United States (1) 1,697 1,743 France 1,543 1,559 South Korea 1,516 1,436 Australia 1,095 1,130 Japan 764 783 Germany 612 634 Chile 518 539 Other Non-U.S. Corporate Securities 6,635 6,795 Total $ 26,816 $ 27,142 (1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations. Below-investment grade corporate fixed income portfolio Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At March 31, 2025, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $174 million. We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit 68 Table of Contents as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio. Critical Accounting Estimates Refer to Item 7 in our 2024 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2024. Unpaid losses and loss expenses As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The following table presents a roll-forward of our unpaid losses and loss expenses: (in millions of U.S. dollars) Gross Losses Reinsurance Recoverable (1) Net Losses Balance at December 31, 2024 $ 84,004 $ 17,734 $ 66,270 Losses and loss expenses incurred 8,654 1,758 6,896 Losses and loss expenses paid (7,466) (1,462) (6,004) Other (including foreign exchange translation) 279 51 228 Balance at March 31, 2025 $ 85,471 $ 18,081 $ 67,390 (1) Net of valuation allowance for uncollectible reinsurance. The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses). Refer to Note 7 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves. 69 Table of Contents Catastrophe Management We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at March 31, 2025, and does not represent our expected catastrophe losses for any one year. Modeled Net Probable Maximum Loss (PML) Pre-tax Worldwide (1) U.S. Hurricane (2) California Earthquake (3) Annual Aggregate Annual Aggregate Single Occurrence (in millions of U.S. dollars, except for percentages) Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity 1-in-10 $ 2,889 4.4 % $ 1,656 2.5 % $ 163 0.2 % 1-in-100 $ 5,546 8.4 % $ 3,864 5.9 % $ 1,892 2.9 % 1-in-250 $ 8,728 13.3 % $ 6,229 9.5 % $ 2,198 3.3 % (1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic. (2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding. (3) California earthquake modeled losses include the fire-following sub-peril. The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at January 1, 2025, and reflect the April 1, 2025, reinsurance program, as well as inuring reinsurance protection coverage. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible. According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,864 million (or 5.9 percent of total Chubb shareholders’ equity at March 31, 2025). The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following: • While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential; • There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates; • The potential effects of climate change add to modeling complexity; and • Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2025. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy. Refer to Item 7 in our 2024 Form 10-K for more information on man-made and other catastrophes. 70 Table of Contents Global Property Catastrophe Reinsurance Program Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments). We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations. Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2025, through March 31, 2026. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2025, through March 31, 2026, with the same limits, retention, and percentage placed except that the terrorism coverage is on an aggregate basis above our retentions without a reinstatement. Loss Location Layer of Loss Comments Notes United States (excluding Alaska and Hawaii) $0 million – $1.75 billion Losses retained by Chubb (a) United States (excluding Alaska and Hawaii) $1.75 billion – $2.85 billion All natural perils and terrorism (b) United States (excluding Alaska and Hawaii) $2.85 billion – $4.0 billion All natural perils and terrorism (c) United States (excluding Alaska and Hawaii) $4.0 billion – $5.7 billion Named windstorm and earthquake International (including Alaska and Hawaii) $0 million – $225 million Losses retained by Chubb (a) International (including Alaska and Hawaii) $225 million – $1.325 billion All natural perils and terrorism (b) Alaska, Hawaii, and Canada $1.325 billion – $2.475 billion All natural perils and terrorism (c) (a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels. (b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers. (c) These coverages are both part of the same Second layer within the Global Property C atastrophe Reinsurance Program and are fully placed with Reinsurers. 71 Table of Contents Capital Resources Capital resources consist of funds deployed or available to be deployed to support our business operations. March 31 December 31 (in millions of U.S. dollars, except for ratios) 2025 2024 Short-term debt $ — $ 800 Long-term debt 14,508 14,379 Total financial debt 14,508 15,179 Trust preferred securities 309 309 Subordinated debt (1) 110 110 Total hybrid debt 419 419 Total Chubb shareholders’ equity 65,726 64,021 Total capitalization $ 80,653 $ 79,619 Ratio of financial debt to total capitalization (2) 18.0 % 19.1 % Ratio of financial debt and hybrid debt to total capitalization (2) 18.5 % 19.6 % (1) Capital Supplementary Bonds issued by Huatai Life. (2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest). Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments. Chubb INA Holdings LLC (Chubb INA)'s $800 million of 3.15 percent senior notes due March 2025 were paid upon maturity. For the three months ended March 31, 2025, we repurchased $385 million of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At March 31, 2025, there were 11,358,936 Common Shares in treasury with a weighted-average cost of $158.37 per share, and $1.3 billion in share repurchase authorization remained. For the period April 1, 2025, through April 25, 2025, we repurchased 511,000 Common Shares for a total of $143 million in a series of open market transactions under the share repurchase authorization. At April 25, 2025, $1.2 billion in share repurchase authorization remained. We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. Dividends We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 12 to the Consolidated Financial Statements for a discussion of our dividend methodology. At our May 2024 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.64 per share, or CHF 3.29 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 16, 2024, expected to be paid in four quarterly installments of $0.91 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2025 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The four quarterly installments each of $0.91 per share were distributed by the Board as expected. The annual dividend approved in May 2024 represented a $0.20 per share increase ($0.05 per quarter) over the prior year dividend. 72 Table of Contents The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: Shareholders of record as of: Dividends paid as of: December 13, 2024 January 3, 2025 $0.91 (CHF 0.80) March 14, 2025 April 4, 2025 $0.91 (CHF 0.81) Liquidity We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to capital markets and to credit facilities. Our group syndicated credit facility has capacity of $3.0 billion and expires in October 2027. Our total letter of credit capacity is $4.1 billion, $3.0 billion of which can be used for revolving credit. At March 31, 2025, our usage under these facilities was $937 million in letters of credit. Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at March 31, 2025. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed. The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the three months ended March 31, 2025, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows. We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. Chubb Limited received dividends of $310 million and nil from its Bermuda subsidiaries during the three months ended March 31, 2025, and 2024, respectively. Chubb Limited received dividends of $207 million and $91 million from its other international subsidiaries during the three months ended March 31, 2025, and 2024, respectively. During April 2025, Chubb Limited received $625 million from Chubb INA for the redemption of a portion of its ownership interest in Chubb INA, in accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company. Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's 20 percent ownership interest in Chubb INA. The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the three months ended March 31, 2025, and 2024. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received dividends of $366 million and nil from its subsidiaries during the three months ended March 31, 2025, and 2024, respectively. Cash Flows Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the three months ended March 31, 2025 and 2024. Operating cash flows were $1.6 billion in the three months ended March 31, 2025, compared to $3.2 billion in the prior year period, primarily due to higher net losses paid and income taxes paid, partially offset by higher net investment income. 73 Table of Contents Cash used for investing was $798 million in the three months ended March 31, 2025, compared to $3.7 billion in the prior year period, a decrease of $2.9 billion, which primarily included lower net purchases of fixed maturities and equity securities of $1.9 billion. Additionally, the current year period included net sales of short-term investments of $773 million compared to net purchase of short-term investments of $708 million in the prior year period. These items were partially offset by higher private equity contributions. Cash used for financing was $1.1 billion in the three months ended March 31, 2025, compared to cash provided by financing of $562 million in the prior year period, an additional use of cash of $1.7 billion. This was primarily due to repayments of long-term debt of $800 million compared with the issuance of long-term debt of $996 million in the prior year, additional common shares repurchased of $287 million, and lower net repayments of repurchase agreements of $285 million. We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At March 31, 2025, there were $3.1 billion in repurchase agreements outstanding with various maturities over the next two months. Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss. Information provided in connection with outstanding debt of subsidiaries Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after e limination of investment in any non-guarantor subsidiary: Chubb Limited (Parent Guarantor) Chubb INA Holdings LLC (Subsidiary Issuer) March 31 December 31 March 31 December 31 (in millions of U.S. dollars) 2025 2024 2025 2024 Assets Investments $ — $ — $ 131 $ 436 Cash 105 383 387 1,002 Due from parent guarantor/subsidiary issuer 630 396 — — Due from subsidiaries that are not issuers or guarantors 480 464 558 592 Other assets 23 13 3,054 3,062 Total assets $ 1,238 $ 1,256 $ 4,130 $ 5,092 Liabilities Due to parent guarantor/subsidiary issuer $ — $ — $ 630 $ 396 Due to subsidiaries that are not issuers or guarantors 317 231 111 105 Affiliated notional cash pooling programs 91 277 — — Short-term debt — — — 800 Long-term debt — — 14,508 14,379 Hybrid debt — — 309 309 Other liabilities 550 868 1,560 1,577 Total liabilities 958 1,376 17,118 17,566 Total equity 280 (120) (12,988) (12,474) Total liabilities and equity $ 1,238 $ 1,256 $ 4,130 $ 5,092 74 Table of Contents The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries: Three Months Ended March 31, 2025 Chubb Limited (Parent Guarantor) Chubb INA Holdings LLC (Subsidiary Issuer) (in millions of U.S. dollars) Net investment income (expense) $ (3) $ 9 Net realized gains (losses) 5 (68) Administrative expenses 27 3 Interest (income) expense (4) 126 Other (income) expense (11) (6) Income tax expense (benefit) 6 (30) Net loss $ (16) $ (152) Comprehensive loss $ (16) $ (263) 75 Table of Contents