What changed in this filing

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Item 1. Financial Statements

2025-07-28 compared with 2025-04-28 · 378 added, 162 removed, 1373 unchanged (28% of the section changed)

2 unchanged sentences

Chubb Limited and Subsidiaries

March 31 December 31

June 30 December 31

(in millions of U.S.

60 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

9 unchanged sentences

Policy benefits (includes remeasurement losses of $ 2 , $ 3 , $ 5 and $ 22 )

1,406 1,219 2,633 2,399

Policy acquisition costs 2,415 2,226 4,728 4,433

8 unchanged sentences

Net income $ 2,999 $ 2,216 $ 4,342 $ 4,510

Net income attributable to noncontrolling interests 12 151

Net income (loss) attributable to noncontrolling interests 31 ( 14 ) 43 137

Net income attributable to Chubb $ 2,968 $ 2,230 $ 4,299 $ 4,373

9 unchanged sentences

Comprehensive income 4,593 1,255 6,940 2,944

Comprehensive income attributable to noncontrolling interests 7 123

Comprehensive income (loss) attributable to noncontrolling interests 48 ( 57 ) 55 66

Comprehensive income attributable to Chubb $ 4,545 $ 1,312 $ 6,885 $ 2,878

5 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

12 unchanged sentences

Balance – beginning of period 13,976 15,188 14,393 15,665

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

Net shares redeemed (issued) under employee share-based

compensation plans 26 17 ( 120 ) ( 142 )

Exercise of stock options 1 — 2 ( 19 )

Share-based compensation expense 95 90 189 172

Net decrease due to acquisitions — ( 31 )

Net increase (decrease) due to acquisitions 53 — 53 ( 31 )

Funding of dividends declared to Retained earnings ( 388 ) ( 369 ) ( 754 ) ( 719 )

14 unchanged sentences

Balance – beginning of period $ 5,029 $ 3,896 $ 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 )

Net increase (decrease) due to consolidation, deconsolidation,

and other transactions ( 25 ) ( 296 ) 624 ( 707 )

Net income (loss) attributable to noncontrolling interests 31 ( 14 ) 43 137

Other comprehensive income (loss) attributable to noncontrolling interests 17 ( 43 ) 12 ( 71 )

Other — ( 6 ) — ( 6 )

Balance – end of period $ 5,052 $ 3,537 $ 5,052 $ 3,537

3 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended

Six Months Ended

(in millions of U.S.

31 unchanged sentences

Private equity distributions 744 538

Acquisition of subsidiaries — ( 236 )

Acquisition of subsidiaries (net of cash acquired of $ 32 and nil )

( 289 ) ( 538 )

Net consolidations of consolidated investment products 14 —

14 unchanged sentences

Other ( 193 ) ( 193 )

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

Net cash flows used for financing activities ( 1,887 ) ( 1,184 )

Effect of foreign currency rate changes on cash and restricted cash 217 ( 102 )

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

Net decrease in cash and restricted cash ( 178 ) ( 53 )

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

17 unchanged sentences

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.

All significant intercompany accounts and 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.

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

c) New Accounting Pronouncements

b) New Accounting Pronouncements

Accounting guidance not yet adopted

12 unchanged sentences

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

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

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

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

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

On April 1, 2025 , we completed the acquisition of LMG Insurance in Thailand for $ 321 million, and recognized goodwill of $ 183 million and intangible assets of $ 57 million.

This acquisition expands our presence and advances our long-term growth opportunity in the region.

The results of operations for LMG Insurance in Thailand are reported in our Overseas General Insurance segment, and they are not material to Chubb's financial results.

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

In the second quarter of 2025, we closed on incremental ownership interests of approximately 1.6 percent.

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

Our aggregate ownership interest in Huatai Group was approximately 87.2 percent as of June 30, 2025.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

a) Fixed maturities

March 31, 2025 Amortized

June 30, 2025 Amortized

Cost Valuation Allowance Gross

20 unchanged sentences

The following table presents fixed maturities by contractual maturity:

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions of U.S.

10 unchanged sentences

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.

Fixed maturities in an unrealized loss position 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.

3 unchanged sentences

0 – 12 Months Over 12 Months Total

March 31, 2025 Fair Value Gross

June 30, 2025 Fair Value Gross

Loss Fair Value Gross

16 unchanged sentences

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.

At June 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 341 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

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

15 unchanged sentences

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Gross realized losses ( 123 ) ( 106 ) ( 219 ) ( 247 )

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

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

61 132 21 300

Net (provision for) recovery of expected credit losses ( 9 ) ( 8 ) ( 1 ) 32

Impairment (1)

( 5 ) ( 28 ) ( 12 ) ( 62 )

Total fixed maturities ( 7 ) 26 ( 104 ) 75

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

Equity securities (2025 includes $ 12 million and $ 65 million related to investments measured under the fair value option)

137 21 200 24

Private equities (less than 3 percent ownership) ( 28 ) 49 ( 17 ) 80

14 unchanged sentences

Chubb Limited and Subsidiaries

Six Months Ended

(in millions of U.S.

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

Net gains (losses) recognized during the period $ 200 $ 21 $ ( 17 ) $ 204 $ 24 $ 300 $ 80 $ 404

Net gains (losses) recognized from sales of securities 20 4 — 24 11 — — 11

Unrealized gains (losses) recognized for securities still held at reporting date $ 180 $ 17 $ ( 17 ) $ 180 $ 13 $ 300 $ 80 $ 393

d) Private equities

1 unchanged sentence

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

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

Period of Underlying Assets June 30, 2025 December 31, 2024

(in millions of U.S.

28 unchanged sentences

Vintage funds where the initial fund term has expired

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

13 unchanged sentences

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

Included in restricted assets at March

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Included in restricted assets at June 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $ 18,335 million and $ 17,945 million, respectively, and cash of $ 182 million and $ 261 million, respectively.

The following table presents the components of restricted assets:

March 31 December 31

June 30 December 31

(in millions of U.S.

15 unchanged sentences

Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Unconsolidated VIEs

2 unchanged sentences

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.

The carrying value of this investment at June 30, 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.

1 unchanged sentence

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.

The carrying value of these investments at June 30, 2025, and December 31, 2024, was $ 110 million and $ 97 million, respectively, and our maximum risk of loss approximates the carrying amount.

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

Fair value measurements

3 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The three levels of the hierarchy are as follows:

10 unchanged sentences

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

March 31, 2025 Level 1 Level 2 Level 3 Total

June 30, 2025 Level 1 Level 2 Level 3 Total

(in millions of U.S.

61 unchanged sentences

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).

Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.

Three Months Ended

March 31, 2025

June 30, 2025

(in millions of U.S.

15 unchanged sentences

Three Months Ended

March 31, 2024

June 30, 2024

(in millions of U.S.

14 unchanged sentences

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ ( 10 ) $ ( 1 ) $ — $ — $ ( 1 )

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Six Months Ended

June 30, 2025

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

Balance, beginning of period $ 604 $ 2,891 $ 3 $ 120 $ 14

Transfers into Level 3 11 84 — — —

Transfers out of Level 3 — ( 13 ) — ( 1 ) —

Change in Net Unrealized Gains (Losses) in OCI 38 ( 7 ) — — —

Net Realized Gains (Losses) ( 3 ) ( 6 ) ( 2 ) ( 3 ) —

Purchases 144 514 1 26 30

Sales ( 87 ) ( 100 ) ( 2 ) ( 17 ) —

Settlements ( 109 ) ( 177 ) — — ( 2 )

Balance, end of period $ 598 $ 3,186 $ — $ 125 $ 42

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 4 ) $ — $ 9 $ —

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 30 $ ( 17 ) $ — $ — $ —

Six Months Ended

June 30, 2024

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

Balance, beginning of period $ 692 $ 2,622 $ 7 $ 87 $ 3

Transfers into Level 3 1 5 — — —

Transfers out of Level 3 ( 6 ) ( 3 ) — — —

Change in Net Unrealized Gains (Losses) in OCI 8 10 — — ( 1 )

Net Realized Gains (Losses) ( 4 ) ( 5 ) — ( 1 ) —

Purchases 155 469 15 19 16

Sales ( 51 ) ( 107 ) — ( 5 ) —

Settlements ( 163 ) ( 282 ) ( 2 ) — ( 6 )

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

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 2 ) $ — $ ( 1 ) $ —

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 3 $ 5 $ — $ — $ ( 1 )

b) Financial instruments disclosed, but not measured, at fair value

6 unchanged sentences

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

June 30, 2025 Fair Value Net Carrying

(in millions of U.S.

3 unchanged sentences

Repurchase agreements $ — $ 3,059 $ — $ 3,059 $ 3,059

Short-term debt — 1,488 — 1,488 1,499

Long-term debt — 12,025 254 12,279 13,477

12 unchanged sentences

Reinsurance recoverable on ceded reinsurance

March 31, 2025 December 31, 2024

June 30, 2025 December 31, 2024

(in millions of U.S.

10 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

8 unchanged sentences

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

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(in millions of U.S.

9 unchanged sentences

Total deferred policy acquisition costs $ 9,437

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

(in millions of U.S.

11 unchanged sentences

Chubb Limited and Subsidiaries

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

(in millions of U.S.

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

Balance at December 31, 2024 $ 7,168 $ 2,218 $ 134 $ 5,047 $ 371 $ 4,641 $ 19,579

Acquisition of Liberty Mutual's P&C insurance business in Thailand — — — 183 — — 183

Foreign exchange revaluation 28 10 — 256 — 128 422

Balance at June 30, 2025 (1)

$ 7,196 $ 2,228 $ 134 $ 5,486 $ 371 $ 4,769 $ 20,184

(1) Includes $ 456 million attributable to noncontrolling interests.

Unpaid losses and loss expenses

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

Three Months Ended

Six Months Ended

(in millions of U.S.

19 unchanged sentences

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $( 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.

(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 $( 13 ) million and $ 47 million for the six months ended June 30, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $ 2,415 million for the six months ended June 30, 2025, principally reflecting underlying exposure growth, net catastrophe losses and the unfavorable impact of foreign currency movement, partially offset by the impact of favorable prior period development.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

5 unchanged sentences

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

Three Months Ended March 31

Three Months Ended June 30 Six Months Ended June 30

(in millions of U.S.

dollars) Long-tail Short-tail Total

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

North America Commercial P&C Insurance $ ( 75 ) $ ( 31 ) $ ( 106 ) $ ( 27 ) $ ( 193 ) $ ( 220 )

15 unchanged sentences

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.

Net favorable development for the three months ended June 30, 2025, included $ 75 million from long-tail lines, primarily from the Risk Management business where PPD was favorable $ 163 million.

This business underwrites workers' compensation, general liability and auto liability, and the favorable development was the net of lower-than-expected reported loss activity primarily on workers' compensation, partially offset by adverse development in general liability.

This favorable development was partially offset by adverse development from other commercial auto liability portfolios which experienced higher-than-expected reported loss activity.

Net favorable development for the six months ended June 30, 2025, included $ 193 million of favorable development from short-tail lines, primarily from surety, due to lower-than-expected loss development.

Net favorable development for long-tail lines was the result of favorable development in workers' compensation and financial lines partially offset by adverse development in general casualty lines.

Net favorable development for the three and six months ended June 30, 2024, included $ 142 million and $ 46 million, respectively, from long-tail lines, primarily from worker's compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents.

This favorable development was partially offset by net adverse development in commercial auto liability mainly due to higher-than-expected loss development and severity trend.

F avorable development for the six months ended June 30, 2024 , was partially offset by net adverse development in commercial excess and umbrella lines.

Net favorable development for the six months ended June 30, 2024, included $ 146 million from short-tail lines, primarily from surety, and property and marine lines.

North America Personal P&C Insurance .

Net favorable development for the three and six months ended June 30, 2025, included favorable development in the auto physical damage and recreational marine lines due to favorable loss emergence.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Overseas General Insurance.

Net favorable development for the three and six months ended June 30, 2025, included $ 112 million and $ 234 million, respectively, from short-tail lines, primarily from favorable claim development in property and marine lines.

Net favorable development for the three and six months ended June 30, 2024, included $ 97 million and $ 185 million from short-tail lines, primarily from favorable claim development in marine and property lines.

Net adverse development for the three and six months ended June 30, 2025, and 2024 was driven primarily by adverse development for molestation-related claims.

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

Present Value of Expected Net Premiums Six Months Ended June 30, 2025

(in millions of U.S.

14 unchanged sentences

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits Six Months Ended June 30, 2025

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,344 $ 13,407 $ 16,781 $ 992 $ 33,524

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Liability for Future Policy Benefits, Life Insurance Segment June 30, 2025

(in millions of U.S.

6 unchanged sentences

Weighted average duration (years) 10.4 27.6 10.0 25.3 22.0

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums Six Months Ended June 30, 2024

(in millions of U.S.

14 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Present Value of Expected Future Policy Benefits Six Months Ended June 30, 2024

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,264 $ 10,659 $ 15,058 $ 555 $ 28,536

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

(in millions of U.S.

16 unchanged sentences

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

March 31 March 31

June 30 June 30

(in millions of U.S.

18 unchanged sentences

Gross Premiums or Assessments Interest Accretion

Three Months Ended Three Months Ended

March 31 March 31

Six Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

10 unchanged sentences

Interest Accretion Rate Current Discount Rate

March 31 March 31

June 30 June 30

2025 2024 2025 2024

7 unchanged sentences

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

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(in millions of U.S.

19 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

(in millions of U.S.

16 unchanged sentences

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

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

(in millions of U.S.

5 unchanged sentences

Cash Surrender Value $ 1,695 $ 1,774 $ 2,175 $ 1,611 $ 1,618 $ 2,013

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

(1) Calculated using actual interest credited for the six months ended June 30, 2025 and 2024, respectively.

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

1 unchanged sentence

Universal Life

March 31, 2025

June 30, 2025

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

March 31, 2024

June 30, 2024

(in millions of U.S.

6 unchanged sentences

Total $ 527 $ 424 $ 759 $ 68 $ 1,778

March 31, 2025

June 30, 2025

(in millions of U.S.

6 unchanged sentences

Total $ 983 $ — $ 1,647 $ 66 $ 2,696

March 31, 2024

June 30, 2024

(in millions of U.S.

7 unchanged sentences

Other policyholders' account balances

March 31, 2025

June 30, 2025

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

March 31, 2024

June 30, 2024

(in millions of U.S.

11 unchanged sentences

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

March 31 March 31

June 30 June 30

(in millions of U.S.

5 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

19 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

8 unchanged sentences

The following table presents a roll-forward of MRB:

Three Months Ended

Six Months Ended

(in millions of U.S.

4 unchanged sentences

Effect of market movements (1)

( 50 ) ( 83 )

Effect of changes in volatilities 19 ( 13 )

11 unchanged sentences

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.

Excluded from the table above are MRB losses of $ 103 million and $ 191 million for the six months ended June 30, 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.

3 unchanged sentences

Chubb Limited and Subsidiaries

Valuation Technique Significant Unobservable Inputs March 31, 2025

March 31, 2024

Valuation Technique Significant Unobservable Inputs June 30, 2025

June 30, 2024

Ranges Weighted Average (1)

15 unchanged sentences

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

Chubb INA Senior Notes

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

Chubb INA Term Loan

In April 2025, Chubb INA entered into a 1.8 billion Chinese yuan renminbi term loan (approximately $ 249 million based on the foreign exchange rate at the date of issuance) at 2.85 percent, due April 10, 2028.

This term loan is guaranteed by Chubb Limited.

The term loan is designated as a non-derivative net investment hedge to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries.

Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in Cumulative translation adjustments (CTA) within OCI.

These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

Refer to Note 13 b) to the Consolidated Financial Statements for more information.

Commercial Paper Program

In the second quarter of 2025, Chubb established a commercial paper program, under which Chubb INA may issue short-term, unsecured commercial paper notes (commercial paper) on a private placement basis.

Payment of the commercial paper is guaranteed on an unsecured and unsubordinated basis by Chubb Limited, and the commercial paper and guarantee rank equally with all other unsecured and unsubordinated indebtedness.

We have the ability to borrow a total of $ 2.0 billion, supported by our $ 3.0 billion group syndicated credit facility which expires in October 2027.

Commercial paper is recorded in Short-term debt in the Consolidated balance sheets.

As of June 30, 2025, there was no commercial paper outstanding.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Commitments, contingencies, and guarantees

10 unchanged sentences

We also consider economic hedging for planned cross border transactions.

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

June 30, 2025 December 31, 2024

Balance Sheet

20 unchanged sentences

(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.

At June 30, 2025, and December 31, 2024, net derivative liabilities of $ 87 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Hedge accounting

2 unchanged sentences

These hedges have been and are expected to be highly effective.

(i) Cross-currency swaps - fair value hedges

(i) Fair value hedges

Cross-currency swaps

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.

The objective of these cross-currency swaps is to hedge the foreign currency risk on € 1.7 billion, or approximately $ 2.0 billion at June 30, 2025, of euro denominated debt by converting cash flows back into the U.S.

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

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:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

Six Months Ended

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

4 unchanged sentences

OCI gain (loss) after reclassifications $ ( 23 ) $ ( 30 ) $ ( 114 ) $ 3

(ii) Cross-currency swaps - net investment hedges

(ii) Net investment hedges

Cross-currency swaps

Chubb holds certain cross-currency swaps designated as net investment hedges.

4 unchanged sentences

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.

Foreign denominated debt

In April 2025, Chubb designated its CNH 1.8 billion term loan, or approximately $ 254 million as of June 30, 2025, as a non-derivative net investment hedge to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries.

Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in CTA within OCI.

These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

Refer to Note 12 to the Consolidated Financial Statements for more information.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents the OCI impact of derivative and non-derivative net investment hedges:

Three Months Ended

Six Months Ended

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

dollars) 2025

Cross-currency swaps:

Gain (loss) recognized in OCI $ ( 138 ) $ 37 $ ( 114 ) $ 73

Interest income reclassified from OCI 7 3 15 6

OCI gain (loss) after reclassifications $ 16 $ 33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Total cross currency swaps ( 145 ) 34 ( 129 ) 67

Foreign denominated debt:

Gain (loss) recognized in OCI ( 6 ) — ( 6 ) —

Total OCI gain (loss) after reclassifications $ ( 151 ) $ 34 $ ( 135 ) $ 67

c) Derivative instruments not designated as hedges

1 unchanged sentence

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

21 unchanged sentences

Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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.

6 unchanged sentences

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

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.

22 unchanged sentences

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.

An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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.

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

June 30, 2025 December 31, 2024

(in millions of U.S.

5 unchanged sentences

Equity securities 10 28

$ 1,909 $ 1,445

Total $ 1,941 $ 1,445

Gross amount of recognized liability for securities lending payable $ 1,941 $ 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.

At June 30, 2025, and December 31, 2024, our repurchase agreement obligations of $ 3,059 million and $ 2,731 million, respectively, were fully collateralized.

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

2 unchanged sentences

Remaining contractual maturity

March 31, 2025 December 31, 2024

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

June 30, 2025 December 31, 2024

Up to 30 Days 30-90 Days Greater than

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

90 Days Total

5 unchanged sentences

Mortgage-backed securities 977 923 25 1,925 — 454 924 1,378

$ 2,336 $ 1,028 $ 3,364 $ 1,387 $ 473 $ 1,030 $ 2,890

Total $ 2,182 $ 925 $ 25 $ 3,132 $ 1,387 $ 473 $ 1,030 $ 2,890

Gross amount of recognized liabilities for repurchase agreements $ 3,059 $ 2,731

10 unchanged sentences

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.

At June 30, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $ 1.3 billion.

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 June 30, 2025, private equities with a carrying value of $ 16.0 billion had commitments that could require funding of up to $ 6.9 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.

1 unchanged sentence

g) Income taxes

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

At June 30, 2025, $ 77 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.

7 unchanged sentences

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.

At June 30, 2025, and December 31, 2024, the right-of-use asset was $ 1,044 million and $ 824 million, respectively, recorded within Other assets , and the lease liability was $ 1,177 million and $ 942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

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

4 unchanged sentences

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

At 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.

At June 30, 2025, our Common Shares had a par value of CHF 0.50 per share.

At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $ 3.88 per share, expected to be paid in four quarterly installments of $ 0.97 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment.

The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

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 and $ 0.86 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

dollars (USD):

Three Months Ended Six Months Ended

June 30 June 30

2025 2024 2025 2024

CHF USD CHF USD CHF USD CHF USD

Total dividend distributions per common share 0.81 $ 0.97 0.82 $ 0.91 1.62 $ 1.88 1.57 $ 1.77

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

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

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

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

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

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

During the six months ended June 30, 2025, 3,685,509 shares were repurchased, 7,518,565 shares were canceled, and 1,642,634 net shares were issued under employee share-based compensation plans.

At June 30, 2025, 13,446,633 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

In June 2023, the Board authorized the repurchase of up to $ 5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date.

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

Three Months Ended April 1, 2025

April 25, 2025

In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $ 5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date.

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

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Repurchase authorization remaining at end of period (1)

$ — $ 2,808 $ — $ 2,808

(1) As of June 30, 2025, $ 628 million expired under the July 2023 $ 5.0 billion share repurchase authorization.

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

10 unchanged sentences

Balance – end of period, net of tax ( 2,772 ) ( 5,301 ) ( 2,772 ) ( 5,301 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

dollars) 2025 2024 2025 2024

Accumulated other comprehensive income (loss) (AOCI) - continued

Current discount rate on liability for future policy benefits

2 unchanged sentences

Income tax (expense) benefit 9 ( 2 ) 21 ( 22 )

Total other comprehensive loss ( 110 ) ( 73 )

Total other comprehensive income (loss) ( 121 ) 51 ( 231 ) ( 22 )

Noncontrolling interests, net of tax ( 20 ) ( 4 ) ( 24 ) ( 37 )

7 unchanged sentences

Balance – end of period, net of tax ( 12 ) ( 13 ) ( 12 ) ( 13 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

(in millions of U.S.

dollars) 2025 2024

Accumulated other comprehensive income (loss) (AOCI) - continued

Cumulative foreign currency translation adjustment

3 unchanged sentences

Change in period, before tax 796 ( 530 ) 1,155 ( 450 )

Income tax expense ( 12 ) ( 7 )

Total other comprehensive income 347 73

Income tax (expense) benefit 3 19 ( 9 ) 12

Total other comprehensive income (loss) 799 ( 511 ) 1,146 ( 438 )

Noncontrolling interests, net of tax 33 ( 33 ) 40 ( 41 )

13 unchanged sentences

Income tax benefit — — — 1

Total other comprehensive loss ( 4 ) ( 1 )

Total other comprehensive income (loss) ( 3 ) 1 ( 7 ) —

Noncontrolling interests, net of tax — — — —

4 unchanged sentences

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

Three Months Ended Six Months Ended Consolidated Statement of Operations Location

June 30 June 30

(in millions of U.S.

34 unchanged sentences

2025 2024 2025 2024

Three Months Ended March 31 U.S.

Three Months Ended June 30 U.S.

Plans Non-U.S.

10 unchanged sentences

Net periodic benefit cost (benefit) $ ( 31 ) $ ( 3 ) $ ( 28 ) $ — $ ( 1 ) $ ( 1 )

Pension Benefit Plans Other Postretirement Benefit Plans

2025 2024 2025 2024

Six Months Ended June 30 U.S.

Plans Non-U.S.

(in millions of U.S.

Service cost $ — $ 4 $ — $ 5 $ — $ —

Non-service cost (benefit):

Interest cost 67 18 67 18 1 1

Expected return on plan assets ( 125 ) ( 27 ) ( 122 ) ( 25 ) ( 1 ) ( 2 )

Amortization of net actuarial (gain) loss ( 4 ) — ( 1 ) 1 ( 2 ) ( 1 )

Amortization of prior service cost — — — — — —

Settlements — — — — — —

Total non-service cost (benefit) ( 62 ) ( 9 ) ( 56 ) ( 6 ) ( 2 ) ( 2 )

Net periodic benefit cost (benefit) $ ( 62 ) $ ( 5 ) $ ( 56 ) $ ( 1 ) $ ( 2 ) $ ( 2 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

1 unchanged sentence

Benefit Plans

Three Months Ended March 31 2025 2024 2025 2024

Three Months Ended June 30 2025 2024 2025 2024

(in millions of U.S.

8 unchanged sentences

Net periodic benefit cost (benefit) $ ( 34 ) $ ( 28 ) $ ( 1 ) $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Pension Benefit Plans Other Postretirement

Benefit Plans

Six Months Ended June 30 2025 2024 2025 2024

(in millions of U.S.

Service cost:

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

Administrative expenses 4 5 — —

Total service cost 4 5 — —

Non-service cost (benefit):

Losses and loss expenses ( 7 ) ( 6 ) — —

Administrative expenses ( 64 ) ( 56 ) ( 2 ) ( 2 )

Total non-service cost (benefit) ( 71 ) ( 62 ) ( 2 ) ( 2 )

Net periodic benefit cost (benefit) $ ( 67 ) $ ( 57 ) $ ( 2 ) $ ( 2 )

Other income and expense

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

8 unchanged sentences

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.

This line item includes mark-to-market gains (losses) on private equities of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

$ 540 million and $ 513 million for the three and six months ended June 30, 2025, respectively, and $ 4 million and $ 107 million, respectively, for the prior year periods.

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.

19 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

8 unchanged sentences

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.

This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

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

The following tables present the Statement of Operations by segment:

For the Three Months Ended

March 31, 2025

June 30, 2025

(in millions of U.S.

11 unchanged sentences

Amortization of purchased intangibles 2 2 6 19 — 8

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

Segment income $ 1,785 $ 561 $ 78 $ 596 $ 183 $ 305 $ 3,508

Net realized gains (losses) 160

1 unchanged sentence

Interest expense 181

Integration expenses 2

Corporate underwriting loss ( 176 )

9 unchanged sentences

For the Three Months Ended

March 31, 2024

June 30, 2024

(in millions of U.S.

24 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Six Months Ended

June 30, 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 $ 10,510 $ 3,490 $ 1,009 $ 7,523 $ 788 $ 3,522 $ 26,842

Net premiums earned 10,165 3,255 763 6,751 706 3,485 25,125

Losses and loss expenses 6,289 2,915 575 3,186 374 46

Policy benefits — — — 242 — 2,412

Policy acquisition costs 1,424 662 65 1,750 198 629

Administrative expenses 701 169 4 699 20 401

Underwriting income (loss) 1,751 ( 491 ) 119 874 114 NM

Net investment income 1,867 238 43 559 155 545

Other (income) expense 16 1 1 11 — ( 72 )

Amortization of purchased intangibles 3 4 12 38 — 18

Segment income (loss) $ 3,599 $ ( 258 ) $ 149 $ 1,384 $ 269 $ 596 $ 5,739

Net realized gains (losses) 44

Market risk benefits gains (losses) ( 109 )

Interest expense 362

Integration expenses 2

Corporate underwriting loss ( 295 )

Corporate net investment loss ( 56 )

Corporate other (income) expense ( 495 )

Corporate amortization of purchased intangibles 74

Income before income tax $ 5,380

NM – not meaningful.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Six Months Ended

June 30, 2024

(in millions of U.S.

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

Reinsurance Life Insurance Total

Net premiums written $ 10,190 $ 3,232 $ 1,007 $ 7,169 $ 770 $ 3,213 $ 25,581

Net premiums earned 9,780 2,983 754 6,545 634 3,179 23,875

Losses and loss expenses 6,249 1,775 592 3,097 292 54

Policy benefits — — — 192 — 2,101

Policy acquisition costs 1,348 599 66 1,665 161 594

Administrative expenses 655 174 5 679 20 425

Underwriting income 1,528 435 91 912 161 NM

Net investment income 1,689 210 42 550 115 488

Other (income) expense 22 ( 1 ) — 9 — ( 72 )

Amortization of purchased intangibles — 4 13 40 — 21

Segment income $ 3,195 $ 642 $ 120 $ 1,413 $ 276 $ 544 $ 6,190

Net realized gains (losses) 3

Market risk benefits gains (losses) ( 8 )

Interest expense 360

Integration expenses 14

Corporate underwriting loss ( 309 )

Corporate net investment loss ( 58 )

Corporate other (income) expense ( 61 )

Corporate amortization of purchased intangibles 82

Other reclassification ( 81 )

Income before income tax $ 5,342

NM – not meaningful.

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

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

3 unchanged sentences

Earnings per share

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

1 unchanged sentence

Net income $ 2,999 $ 2,216 $ 4,342 $ 4,510

Net income attributable to noncontrolling interests 12 151

Net income (loss) attributable to noncontrolling interests 31 ( 14 ) 43 137

Net income attributable to Chubb $ 2,968 $ 2,230 $ 4,299 $ 4,373

12 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements