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Item 2. Management’s Discussion and Analysis

2025-07-28 compared with 2025-04-28 · 389 added, 217 removed, 790 unchanged (43% of the section changed)

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

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

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2025.

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

65 unchanged sentences

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.

At June 30, 2025, we had total assets of $262 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $69 billion.

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

2 unchanged sentences

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

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

Three Months Ended

March 31 % Change

Consolidated Operating Results – Three and Six Months Ended June 30, 2025 and 2024

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 14,196 $ 13,360 6.3 % $ 26,842 $ 25,581 4.9 %

2 unchanged sentences

Net investment income 1,568 1,468 6.8 % 3,129 2,859 9.4 %

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

Net realized gains (losses) 160 104 53.3 % 44 3 NM

Market risk benefits gains (losses) (17) (29) (39.9) % (109) (8) NM

5 unchanged sentences

Interest expense 181 182 (1.3) % 362 360 0.4 %

Other (income) expense (83) (191) (56.7) %

Other (income) expense (655) (110) NM (738) (301) 146.2 %

Amortization of purchased intangibles 74 80 (6.9) % 149 160 (6.8) %

Integration expenses — 7 NM

Integration expenses 2 7 (75.9) % 2 14 (88.6) %

Total expenses 11,120 11,129 (0.1) % 22,809 21,387 6.6 %

2 unchanged sentences

Net income $ 2,999 $ 2,216 35.4 % $ 4,342 $ 4,510 (3.7) %

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

Net income (loss) attributable to noncontrolling interests

31 (14) NM 43 137 (68.2) %

Net income attributable to Chubb $ 2,968 $ 2,230 33.1 % $ 4,299 $ 4,373 (1.7) %

2 unchanged sentences

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

Financial Highlights for the Three Months Ended June 30, 2025

• Net income attributable to Chubb was $2.97 billion compared with $2.23 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.

Net income in the current year quarter was primarily driven by double-digit growth in both P&C underwriting income and Life segment income and higher income from our private equity investments.

• Consolidated net premiums written were $14.20 billion, up 6.3 percent, or 7.1 percent in constant dollars.

• P&C net premiums written were $12.39 billion, up 5.2 percent, or 5.8 percent in constant dollars, with commercial insurance up 3.6 percent and consumer insurance up 11.9 percent in constant dollars.

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

percent in constant dollars, primarily driven by worksite business.

Overall growth in commercial lines reflects strong new business in casualty lines, continued strong middle market P&C growth, and acceleration of our excess and surplus (E&S) digital business.

Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases in all lines.

• Life Insurance net premiums written were $1.80 billion, up 14.1 percent, or 17.3 percent in constant dollars, due to growth in international life of 17.8 percent in constant dollars, predominantly in Asia, and Combined North America of 18.1 percent in constant dollars, primarily driven by worksite business.

Life Insurance segment income was $305 million, up 10.4 percent, or 15.3 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.

• Pre-tax net investment income was $1.57 billion, up 6.8 percent compared to $1.47 billion in the prior year period, primarily due to higher average invested assets.

• Operating cash flow was $3.55 billion.

• On April 1, 2025, Chubb completed the acquisition of Liberty Mutual’s business in Thailand for $321 million.

• Chubb increased its ownership in Huatai Group (Huatai) with the closing of incremental 0.6% and 1.0% ownership interests.

Chubb’s aggregate ownership interest in Huatai is now approximately 87.2%.

Net Premiums Written Three Months Ended

Change Six Months Ended

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Property and other short-tail lines $ 2,766 $ 2,715 1.9 % 2.2 % $ 5,255 $ 5,075 3.5 % 4.6 %

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 249 $ 192 $ 504 $ 399

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

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

Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events:

California wildfire losses of $1.47 billion;

flooding in the U.S., hail, tornadoes, wind events;

global earthquakes, principally in Thailand;

and winter storm losses.

◦ Total North America P&C Insurance catastrophe losses were $372 million and $1.88 billion for the three and six months ended June 30, 2025, respectively.

◦ Total Overseas General catastrophe losses were $252 million and $307 million for the three and six months ended June 30, 2025, respectively.

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.

◦ Total North America P&C Insurance catastrophe losses were $423 million and $832 million for the three and six months ended June 30, 2024, respectively.

◦ Total Overseas General catastrophe losses were $157 million and $183 million for the three and six months ended June 30, 2024, respectively.

Pre-tax net favorable PPD for the three months ended June 30, 2025, was $319 million in our active companies, including net favorable development of $279 million and $40 million in short-tail lines and long-tail lines, respectively.

Net favorable development for short-tail lines primarily includes property, auto physical damage, and marine lines.

Net favorable development for long-tail lines primarily relates to the Risk Management business with favorable development primarily in workers' compensation, partially offset by adverse development in general liability in the Risk Management business and adverse development from other commercial auto liability portfolios.

Our corporate run-off portfolio had adverse development of $70 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2025, was $587 million in our active companies, including net favorable development of $591 million in short-tail lines and net adverse development of $4 million in long-tail lines.

Net favorable development for short-tail lines primarily includes surety, property, and marine lines.

Net adverse development for long-tail lines reflects favorable development in workers' compensation and financial lines offset by adverse development in general casualty lines.

Our corporate run-off portfolio had adverse development of $83 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the three months ended June 30, 2024, was $285 million in our active companies with $101 million in long-tail lines, primarily in workers' compensation lines, partially offset by unfavorable development in commercial

auto liability, and $184 million in short-tail lines, primarily in marine and property lines.

Our corporate run-off portfolio had

adverse development of $93 million, which included molestation-related claims development of approximately $60 million.

Pre-tax net favorable PPD for the six months ended June 30, 2024, was $501 million in our active companies, principally in short-tail surety and property and marine lines.

Our corporate run-off portfolio had adverse development of $102 million, primarily for molestation-related claims development.

Refer to the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.

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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

Three Months Ended Six Months Ended

June 30 June 30

2025 2024 2025 2024

Combined ratio:

6 unchanged sentences

P&C CAY combined ratio excluding catastrophe losses 82.3 % 83.2 % 82.3 % 83.4 %

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 P&C combined ratio decreased for the three months ended June 30, 2025, reflecting higher favorable prior period development partially offset by higher catastrophe losses.

The P&C combined ratio increased for the six months ended June 30, 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.

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.

The P&C CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2025, reflecting lower losses, and the favorable impact of higher net premiums earned.

This was partially offset by an increase in the underlying expense ratio from changes in the mix of business.

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

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

Segment Operating Results – Three and Six Months Ended June 30, 2025 and 2024

We operate through six business segments:

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

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 5,723 $ 5,501 4.1 % $ 10,510 $ 10,190 3.1 %

6 unchanged sentences

Other (income) expense 8 15 (43.7) % 16 22 (25.8) %

Amortization of purchased intangibles 1 — NM

Amortization of purchased intangibles 2 — NM 3 — NM

Segment income $ 1,785 $ 1,687 5.8 % $ 3,599 $ 3,195 12.6 %

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

Loss and loss expense ratio 62.9 % 62.7 % 0.2 pts 61.9 % 63.9 % (2.0) pts

Policy acquisition cost ratio 13.7 % 13.5 % 0.2 pts 14.0 % 13.8 % 0.2 pts

Administrative expense ratio 6.9 % 6.7 % 0.2 pts 6.9 % 6.7 % 0.2 pts

Combined ratio 83.5 % 82.9 % 0.6 pts 82.8 % 84.4 % (1.6) pts

Catastrophe losses (4.5) % (5.2) % 0.7 pts (3.8) % (5.0) % 1.2 pts

Prior period development 2.1 % 3.0 % (0.9) pts 2.2 % 2.0 % 0.2 pts

CAY combined ratio excluding catastrophe losses 81.1 % 80.7 % 0.4 pts 81.2 % 81.4 % (0.2) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months Ended

The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts.

Production by Size - Net premiums written Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

dollars) 2025 2024 2025 2024

Major Accounts & Specialty $ 3,578 $ 3,524 1.5 % $ 6,309 $ 6,303 0.1 %

Commercial 2,145 1,977 8.5 % 4,201 3,887 8.1 %

Total $ 5,723 $ 5,501 4.1 % $ 10,510 $ 10,190 3.1 %

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

June 30 June 30

(in millions of U.S.

dollars) 2025 2024 2025 2024

Net catastrophe losses $ 229 $ 252 $ 383 $ 488

Favorable prior period development $ 106 $ 144 $ 220 $ 192

Catastrophe losses were primarily from the following events:

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

Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events:

Flooding in the U.S., hail, tornadoes, wind events, and California wildfire losses.

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

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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.

Net premiums written increased $222 million, or 4.1 percent, for the three months ended June 30, 2025, which includes P&C growth of 4.2 percent, and financial lines growth of 3.6 percent.

Middle market and small commercial grew 8.5 percent, with P&C lines up 10.2 percent and financial lines up 2.7 percent.

Major accounts retail and specialty grew 1.5 percent, with property and other short-tail lines down 4.2 percent, casualty up 12.0 percent, and financial lines up 4.4 percent.

Net premiums written increased $320 million, or 3.1 percent, for the six months ended June 30, 2025, which includes P&C growth of 3.5 percent and financial lines growth of 1.4 percent.

Middle market and small commercial grew 8.1 percent, with P&C lines up 10.1 percent and financial lines up 0.7 percent.

Major accounts retail and specialty grew 0.1 percent, with property and other short-tail lines down 3.5 percent, casualty up 6.6 percent, and financial lines up 2.3 percent.

The increase in premiums was across a number of lines, most notably in primary and excess casualty and in our small and mid-market commercial E&S, reflecting new business and rate increases, and new business in surety.

The increases were partially offset by rate decreases in our Large Risk and E&S brokerage property lines.

The six months ended June 30, 2025, also declined from the impact of lower year-over-year large structured transactions.

Net premiums earned increased $277 million, or 5.7 percent, and $385 million, or 3.9 percent, for the three and six months ended June 30, 2025, respectively, 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.

The combined ratio increased for the three months ended June 30, 2025, reflecting lower favorable prior period development, partially offset by lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses increased for the three months ended June 30, 2025, with the underlying loss ratio flat and an increase in the expense ratio primarily reflecting one-off benefits in the prior year and a change in the mix of business.

The combined ratio decreased for the six months ended June 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the six months ended June 30, 2025, reflecting a higher percentage of net premiums earned from property lines, and earned rate exceeding loss trends in global casualty and property lines.

North America Personal P&C Insurance

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

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 1,938 $ 1,776 9.1 % $ 3,490 $ 3,232 8.0 %

5 unchanged sentences

Net investment income 118 108 9.9 % 238 210 13.4 %

Other (income) expense 1 1 —

Other (income) expense — (2) NM 1 (1) NM

Amortization of purchased intangibles 2 2 — 4 4 —

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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

Loss and loss expense ratio 48.9 % 57.9 % (9.0) pts 89.5 % 59.5 % 30.0 pts

Policy acquisition cost ratio 19.7 % 19.8 % (0.1) pts 20.4 % 20.1 % 0.3 pts

Administrative expense ratio 4.9 % 5.8 % (0.9) pts 5.2 % 5.8 % (0.6) pts

Combined ratio 73.5 % 83.5 % (10.0) pts 115.1 % 85.4 % 29.7 pts

Catastrophe losses (8.5) % (9.1) % 0.6 pts (45.2) % (10.3) % (34.9) pts

Prior period development 7.2 % 4.2 % 3.0 pts 3.7 % 3.9 % (0.2) pts

CAY combined ratio excluding catastrophe losses 72.2 % 78.6 % (6.4) pts 73.6 % 79.0 % (5.4) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 121 $ 64 $ 121 $ 116

Catastrophe losses were primarily from the following events:

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

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

Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events:

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

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

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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.

Net premiums written increased $162 million, or 9.1 percent, and $258 million, or 8.0 percent, for the three and six months ended June 30, 2025, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines.

The growth in premiums for the six months ended June 30, 2025, was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires.

Net premiums earned increased $169 million, or 11.1 percent, and $272 million, or 9.1 percent, for the three and six months ended June 30, 2025, respectively, 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.

The combined ratio decreased for the three months ended June 30, 2025, reflecting higher favorable prior period development and a lower impact from catastrophe losses.

The combined ratio increased for the six months ended June 30, 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.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 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 expense management.

North America Agricultural Insurance

2 unchanged sentences

(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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 733 $ 758 (3.3) % $ 1,009 $ 1,007 0.2 %

9 unchanged sentences

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

Loss and loss expense ratio 80.8 % 86.8 % (6.0) pts 75.4 % 78.6 % (3.2) pts

Policy acquisition cost ratio 7.9 % 7.1 % 0.8 pts 8.5 % 8.7 % (0.2) pts

Administrative expense ratio 0.4 % 0.5 % (0.1) pts 0.5 % 0.6 % (0.1) pts

Combined ratio 89.1 % 94.4 % (5.3) pts 84.4 % 87.9 % (3.5) pts

Catastrophe losses (0.3) % (5.3) % 5.0 pts (2.1) % (4.6) % 2.5 pts

Prior period development — % — % — pts 4.4 % 4.2 % 0.2 pts

CAY combined ratio excluding catastrophe losses 88.8 % 89.1 % (0.3) pts 86.7 % 87.5 % (0.8) pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months Ended

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

June 30 June 30

(in millions of U.S.

2 unchanged sentences

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.

Catastrophe losses through both June 30, 2025 and 2024 were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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.

Net premiums written decreased $25 million, or 3.3 percent, for the three months ended June 30, 2025, primarily due to lower commodity prices in the current year.

Net premiums written for the six months ended June 30, 2025, were relatively flat, reflecting a ceded premium increase of $41 million to the U.S.

Government under the profit-sharing formula in the prior year, mostly offset by lower commodity prices in the current year.

Net premiums earned decreased $28 million, or 4.3 percent, and increased $9 million, or 1.2 percent, for the three and six months ended June 30, 2025, respectively, reflecting the factors described above.

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.

The combined ratio decreased for the three and six months ended June 30, 2025, reflecting lower catastrophe losses.

The combined ratio for the six months ended June 30, 2025, also reflects higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2025, respectively, reflecting earned rate exceeding loss trend in our Agriculture P&C business, and the favorable impact of our crop commodity price hedge activity, which produced a higher loss in the prior year.

Overseas General Insurance

4 unchanged sentences

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

Three Months Ended

March 31 % Change

Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand.

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 3,620 $ 3,334 8.5 % $ 7,523 $ 7,169 4.9 %

12 unchanged sentences

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

Net Catastrophe Losses and Prior Period Development Three Months Ended

Loss and loss expense ratio 54.2 % 52.7 % 1.5 pts 50.8 % 50.3 % 0.5 pts

Policy acquisition cost ratio 25.7 % 25.1 % 0.6 pts 25.9 % 25.4 % 0.5 pts

Administrative expense ratio 10.4 % 10.4 % — pts 10.3 % 10.4 % (0.1) pts

Combined ratio 90.3 % 88.2 % 2.1 pts 87.0 % 86.1 % 0.9 pts

Catastrophe losses (7.1) % (4.7) % (2.4) pts (4.5) % (2.8) % (1.7) pts

Prior period development 2.2 % 1.8 % 0.4 pts 3.0 % 2.3 % 0.7 pts

CAY combined ratio excluding catastrophe losses 85.4 % 85.3 % 0.1 pts 85.5 % 85.6 % (0.1) pts

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

June 30 June 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 77 $ 61 $ 198 $ 150

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

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

International weather-related events.

Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events:

Global earthquakes, principally in Thailand;

storms in Australia;

and California wildfire losses.

Rio Grande storms (Brazil), and International weather-related events.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Net Premiums Written by Region

Three Months Ended March 31

Three Months Ended June 30

(in millions of U.S.

8 unchanged sentences

Net premiums written $ 3,620 100 % $ 3,334 100 % $ 3,284 8.5 % 10.2 %

Six Months Ended June 30

(in millions of U.S.

dollars, except for percentages) 2025 2025

% of Total 2024 2024

% of Total C$

2024 YTD-25 vs.

Europe, Middle East, and Africa $ 3,463 46 % $ 3,278 46 % $ 3,247 5.6 % 6.7 %

Asia 2,514 33 % 2,338 33 % 2,297 7.5 % 9.5 %

Latin America 1,479 20 % 1,474 20 % 1,327 0.3 % 11.4 %

67 1 % 79 1 % 79 (16.1) % (15.5) %

Net premiums written $ 7,523 100 % $ 7,169 100 % $ 6,950 4.9 % 8.2 %

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

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.

Overall, net premiums written increased $286 million and $354 million, or $336 million and $573 million on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively, reflecting growth in commercial lines of 6.0 percent and 4.7 percent, or 6.8 percent and 7.1 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.2 percent and 5.2 percent, or 15.3 percent and 10.1 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 30, 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three and six months ended June 30, 2025, reflecting growth primarily in consumer lines, including personal lines and A&H, and growth in commercial lines due to higher new business.

Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand effective April 1, 2025.

Latin America increased for the three and six months ended June 30, 2025, reflecting growth in personal lines business, including automobile in Mexico.

Commercial lines increased primarily from new business growth.

Net premiums earned increased $195 million and $206 million, or $245 million and $398 million on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively, 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.

The combined ratio increased for the three and six months ended June 30, 2025, reflecting higher catastrophe losses, partially offset by higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2025 reflecting loss ratio improvement offset by changes in mix of business, primarily higher consumer lines.

Global Reinsurance

1 unchanged sentence

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

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 380 $ 411 (7.6) % $ 788 $ 770 2.4 %

8 unchanged sentences

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

Loss and loss expense ratio 39.0 % 45.7 % (6.7) pts 53.0 % 46.0 % 7.0 pts

Policy acquisition cost ratio 29.1 % 23.8 % 5.3 pts 28.0 % 25.5 % 2.5 pts

Administrative expense ratio 2.9 % 3.2 % (0.3) pts 2.8 % 3.1 % (0.3) pts

Combined ratio 71.0 % 72.7 % (1.7) pts 83.8 % 74.6 % 9.2 pts

Catastrophe losses (1.8) % — % (1.8) pts (12.0) % — % (12.0) pts

Prior period development 4.3 % 4.7 % (0.4) pts 2.1 % 2.4 % (0.3) pts

CAY combined ratio excluding catastrophe losses 73.5 % 77.4 % (3.9) pts 73.9 % 77.0 % (3.1) pts

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

June 30 June 30

(in millions of U.S.

1 unchanged sentence

Net catastrophe losses $ 6 $ — $ 81 $ —

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

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

Favorable prior period development $ 15 $ 16 $ 15 $ 15

Catastrophe losses through June 30, 2025, were primarily from California wildfire losses in the first quarter.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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.

Net premiums written decreased $31 million for the three months ended June 30, 2025, primarily due to the impact of a large one-off structured transaction in the prior year.

Excluding the effects of this transaction, net premiums written increased due to growth in casualty lines, partially offset by decreases in property, financial, and specialty lines.

Net premiums written increased $18 million for the six months ended June 30, 2025, due to growth in casualty and property lines and catastrophe reinsurance premiums, partially offset by the impact of the large one-off structured transaction noted above and decreases in financial and specialty lines.

Net premiums earned were relatively flat for the three months ended June 30, 2025, and increased $72 million for the six months ended June 30, 2025, reflecting the changes in net premiums written described above and the impact of higher new business written in the prior year for which premiums are earned in the current year.

Combined Ratio

The combined ratio increased for the three months ended 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.

The combined ratio decreased for the three months ended June 30, 2025, primarily due to the impact of the large one-off structured transaction in the prior year, partially offset by higher catastrophe losses.

The combined ratio increased for the six months ended June 30, 2025, primarily reflecting the impact of higher catastrophe losses, partially offset by the impact of the large one-off structured transaction in the prior year.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2025, primarily due to the impact of the large one-off structured transaction described above and lower loss expectations 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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 1,802 $ 1,580 14.1 % $ 3,522 $ 3,213 9.6 %

10 unchanged sentences

Segment income - constant dollars 15.3 % 15.5 %

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.

Net premiums written increased $222 million and $309 million, or $266 million and $427 million on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively.

For our international life operations, net premiums written increased 14.0 percent and 8.6 percent, or 17.8 percent and 13.4 percent on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively.

This growth was primarily driven by strong new business in North Asia, notably in Huatai, Hong Kong, Taiwan, and Korea.

Net premiums written in our Combined Insurance business increased 17.3 percent for both the three and six months ended June 30, 2025, or 18.1 percent and 18.4 percent on a constant-dollar basis, respectively, due to 36.7 percent and 35.7 percent growth in worksite business.

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

Three Months Ended

March 31 % Change

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

1 unchanged sentence

2024 Q-25 vs.

Q-24 2025 2024 C$ 2024 Y-25 vs.

Deposits collected on universal life and investment contracts $ 518 $ 547 $ 542 (5.4) % (4.5) % $ 1,273 $ 1,147 $ 1,122 10.9 % 13.3 %

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.

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

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

However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services.

Life deposits collected decreased $29 million for the three months ended June 30, 2025, reflecting a shift towards insurance products in Huatai and Taiwan, and increased $126 million for the six months ended June 30, 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.

Life Insurance segment income increased $29 million, or 10.4 percent, and $52 million, or 9.5 percent, for the three and six months ended June 30, 2025, respectively.

Segment income increased $40 million, or 15.3 percent, and $80 million, or 15.5 percent, on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively.

The increase for the three and six months ended June 30, 2025, reflected the growth in premiums described above and higher net investment income from asset growth.

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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

(in millions of U.S.

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

Q-24 2025 2024 YTD-25 vs.

Losses and loss expenses $ 70 $ 93 (24.0) % $ 84 $ 103 (18.1) %

Administrative expenses 106 99 6.5 % 211 206 2.7 %

Underwriting loss 119 117 2.2 %

Underwriting income (loss) (176) (192) (8.5) % (295) (309) (4.5) %

Net investment income (loss) (29) (32) (12.3) % (56) (58) (5.6) %

Other (income) expense 33 (68) NM

Other income (expense) 528 (7) NM 495 61 NM

Amortization of purchased intangibles 37 40 (9.4) % 74 82 (9.6) %

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

Net realized gains (losses) 122 22 NM 44 (78) NM

Market risk benefits gains (losses) (17) (29) (39.9) % (109) (8) NM

Interest expense 181 182 (1.3) % 362 360 0.4 %

Integration expenses — 7 NM

Integration expenses 2 7 (75.9) % 2 14 (88.6) %

Income tax expense 717 490 46.3 % 1,038 832 24.8 %

Net loss $ (509) $ (957) (46.9) % $ (1,397) $ (1,680) (16.8) %

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

Net income (loss) attributable to noncontrolling interests 31 (14) NM 43 137 (68.2) %

Net loss attributable to Chubb $ (540) $ (943) (42.8) % $ (1,440) $ (1,817) (20.7) %

2 unchanged sentences

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).

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), and Income tax expense (benefit).

Refer to Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

4 unchanged sentences

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

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).

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

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.

1 unchanged sentence

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

Three Months Ended March 31

Three Months Ended June 30

(in millions of U.S.

13 unchanged sentences

Net gains (losses), pre-tax $ 160 $ 1,627 $ 1,787 $ 104 $ (990) $ (886)

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.

Six Months Ended June 30

(in millions of U.S.

Fixed maturities $ (104) $ 1,887 $ 1,783 $ 75 $ (1,166) $ (1,091)

Investment and embedded derivative instruments 131 — 131 (60) — (60)

Public equity

Sales 20 — 20 11 — 11

Mark-to-market 180 — 180 13 — 13

Private equity (less than 3 percent ownership)

Mark-to-market (17) — (17) 80 — 80

Total investment portfolio 210 1,887 2,097 119 (1,166) (1,047)

Other derivative instruments (5) — (5) (5) — (5)

Foreign exchange (154) 1,155 1,001 (104) (450) (554)

Current discount rate on future policy benefits — (252) (252) — — —

Instrument-specific credit risk on market risk benefits — 5 5 — 10 10

Other (7) (121) (128) (7) 2 (5)

Net gains (losses), pre-tax $ 44 $ 2,674 $ 2,718 $ 3 $ (1,604) $ (1,601)

Pre-tax net unrealized gains of $986 million and $1,887 million in our investment portfolio for the three and six months ended June 30, 2025, respectively, were primarily driven by lower interest rates.

Pre-tax net realized gains of $160 million and $44 million for the three and six months ended June 30, 2025, respectively, includes mark-to-market gains on equity securities and gains on investment derivatives, partially offset by foreign exchange losses and net realized losses on fixed maturities.

Effective Income Tax Rate

2 unchanged sentences

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.

For the three and six months ended June 30, 2025, our ETR was 19.3 percent, compared to an ETR of 18.1 percent and 15.6 percent, respectively, 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.

The ETR for six months ended June 30, 2024, included an incremental deferred tax benefit of $55 million related to the Bermuda tax law enacted in December 2023.

Non-GAAP Reconciliation

28 unchanged sentences

Three Months Ended

March 31, 2025

June 30, 2025

(in millions of U.S.

9 unchanged sentences

Expense adjustments - unfavorable (favorable) 2 — — — 1 — 3

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

PPD, gross of related adjustments - favorable (unfavorable) 114 121 — 77 14 (70) 256

7 unchanged sentences

Net premiums earned adjustments on PPD - unfavorable (favorable) 6 — — — — 6

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

Net premiums earned excluding adjustments F $ 5,183 $ 1,681 $ 598 $ 3,547 $ 336 $ 11,345

16 unchanged sentences

Three Months Ended

March 31, 2024

June 30, 2024

(in millions of U.S.

9 unchanged sentences

Expense adjustments - unfavorable (favorable) (1) — — — — — (1)

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

PPD, gross of related adjustments - favorable (unfavorable) 151 64 — 61 17 (93) 200

6 unchanged sentences

Net premiums earned adjustments on PPD - unfavorable (favorable) 8 — — — — 8

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

Net premiums earned excluding adjustments F $ 4,908 $ 1,512 $ 626 $ 3,347 $ 340 $ 10,733

14 unchanged sentences

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

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

Reinsurance Corporate Total P&C

Six Months Ended

June 30, 2025

(in millions of U.S.

dollars except for ratios)

Losses and loss expenses/policy benefits A $ 6,289 $ 2,915 $ 575 $ 3,428 $ 374 $ 84 13,665

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments (383) (1,484) (16) (307) (81) — (2,271)

Reinstatement premiums collected (expensed) on catastrophe losses — (50) — (5) 13 — (42)

Catastrophe losses, gross of related adjustments (383) (1,434) (16) (302) (94) — (2,229)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable) 220 121 33 198 15 (83) 504

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — — 5

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

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

PPD, gross of related adjustments - favorable (unfavorable) 225 121 30 198 13 (83) 504

CAY loss and loss expense ex CATs B $ 6,131 $ 1,602 $ 589 $ 3,324 $ 293 $ 1 $ 11,940

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses C $ 2,125 $ 831 $ 69 $ 2,449 $ 218 $ 211 $ 5,903

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

Policy acquisition costs and administrative expenses, adjusted D $ 2,125 $ 831 $ 72 $ 2,449 $ 218 $ 211 $ 5,906

Net premiums earned E $ 10,165 $ 3,255 $ 763 $ 6,751 $ 706 $ 21,640

Reinstatement premiums (collected) expensed on catastrophe losses — 50 — 5 (13) 42

Net premiums earned adjustments on PPD - unfavorable (favorable) 5 — — — — 5

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

Net premiums earned excluding adjustments F $ 10,170 $ 3,305 $ 763 $ 6,756 $ 691 $ 21,685

P&C Combined ratio

Loss and loss expense ratio A/E 61.9 % 89.5 % 75.4 % 50.8 % 53.0 % 63.1 %

Policy acquisition cost and administrative expense ratio C/E 20.9 % 25.6 % 9.0 % 36.2 % 30.8 % 27.3 %

P&C Combined ratio 82.8 % 115.1 % 84.4 % 87.0 % 83.8 % 90.4 %

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted B/F 60.3 % 48.4 % 77.3 % 49.2 % 42.4 % 55.1 %

Policy acquisition cost and administrative expense ratio, adjusted D/F 20.9 % 25.2 % 9.4 % 36.3 % 31.5 % 27.2 %

CAY P&C Combined ratio ex CATs 81.2 % 73.6 % 86.7 % 85.5 % 73.9 % 82.3 %

Combined ratio

Combined ratio 90.4 %

impact of gains and losses on crop derivatives —

P&C Combined ratio 90.4 %

The ratios above are calculated using whole U.S.

Accordingly, calculations using rounded amounts may differ.

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

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

Reinsurance Corporate Total P&C

Six Months Ended

June 30, 2024

(in millions of U.S.

dollars except for ratios)

Losses and loss expenses/policy benefits A $ 6,249 $ 1,775 $ 592 $ 3,289 $ 292 $ 103 $ 12,300

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments (488) (308) (36) (183) — — (1,015)

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

Catastrophe losses, gross of related adjustments (488) (308) (36) (183) — — (1,015)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable) 192 116 28 150 15 (102) 399

Net premiums earned adjustments on PPD - unfavorable (favorable) 8 — 39 — — — 47

Expense adjustments - unfavorable (favorable) 7 — 3 — — — 10

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

PPD, gross of related adjustments - favorable (unfavorable) 207 116 70 150 16 (102) 457

CAY loss and loss expense ex CATs B $ 5,968 $ 1,583 $ 626 $ 3,256 $ 308 $ 1 $ 11,742

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses C $ 2,003 $ 773 $ 71 $ 2,344 $ 181 $ 206 $ 5,578

Expense adjustments - favorable (unfavorable) (7) — (3) — — — (10)

Policy acquisition costs and administrative expenses, adjusted D $ 1,996 $ 773 $ 68 $ 2,344 $ 181 $ 206 $ 5,568

Net premiums earned E $ 9,780 $ 2,983 $ 754 $ 6,545 $ 634 $ 20,696

Net premiums earned adjustments on PPD - unfavorable (favorable) 8 — 39 — — 47

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

Net premiums earned excluding adjustments F $ 9,788 $ 2,983 $ 793 $ 6,545 $ 635 $ 20,744

P&C Combined ratio

Loss and loss expense ratio A/E 63.9 % 59.5 % 78.6 % 50.3 % 46.0 % 59.4 %

Policy acquisition cost and administrative expense ratio C/E 20.5 % 25.9 % 9.3 % 35.8 % 28.6 % 27.0 %

P&C Combined ratio 84.4 % 85.4 % 87.9 % 86.1 % 74.6 % 86.4 %

CAY P&C Combined ratio ex CATs

Loss and loss expense ratio, adjusted B/F 61.0 % 53.1 % 79.0 % 49.7 % 48.3 % 56.6 %

Policy acquisition cost and administrative expense ratio, adjusted D/F 20.4 % 25.9 % 8.5 % 35.9 % 28.7 % 26.8 %

CAY P&C Combined ratio ex CATs 81.4 % 79.0 % 87.5 % 85.6 % 77.0 % 83.4 %

Combined ratio

Combined ratio 86.4 %

impact of gains and losses on crop derivatives —

P&C Combined ratio 86.4 %

The ratios above are calculated using whole U.S.

Accordingly, calculations using rounded amounts may differ.

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

Net Investment Income

Three Months Ended March 31

Three Months Ended June 30 Six Months Ended June 30

(in millions of U.S.

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Gross investment income (1)

1,621 1,519 3,232 2,957

Investment expenses (53) (51) (103) (98)

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

$ (4) $ (4) $ (6) $ (9)

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.

Net investment income increased 6.8 percent and 9.4 percent for the three and six months ended June 30, 2025, respectively, primarily due to higher average invested assets.

Income from equity securities increased due to dividends from an investment fund that holds investment grade fixed income securities.

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

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

Three Months Ended March 31

Three Months Ended June 30 Six Months Ended June 30

(in millions of U.S.

dollars) 2025 2024 2025 2024

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

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.

Total mark-to-market gain on private equity, pre-tax $ 512 $ 53 $ 496 $ 187

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

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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

June 30, 2025 December 31, 2024

(in millions of U.S.

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Total investments $ 158,357 $ 161,071 $ 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 fair value of our total investments increased $7.7 billion during the six months ended June 30, 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 following tables present the fair value of our fixed income securities at June 30, 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

June 30, 2025 December 31, 2024

(in millions of U.S.

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$ 127,068 100 % $ 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.

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $6.4 billion and $6.3 billion at June 30, 2025, and December 31, 2024, respectively.

Corporate and asset-backed securities

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

The following table presents our 10 largest global exposures to corporate bonds by fair value at June 30, 2025:

(in millions of U.S.

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JPMorgan Chase & Co 713

Wells Fargo & Co 555

Goldman Sachs Group Inc 562

Wells Fargo & Co 555

Citigroup Inc 512

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Value Amortized Cost, Net

March 31, 2025

June 30, 2025

(in millions of U.S.

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

government securities at March 31, 2025:

government securities at June 30, 2025:

(in millions of U.S.

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Republic of Korea 2,010 1,869

Canada 868 875

Kingdom of Thailand 1,005 875

Taiwan 678 680

Canada 936 954

United Mexican States 765 772

Taiwan 760 749

Federative Republic of Brazil 603 619

Commonwealth of Australia 543 617

Province of Ontario 564 569

United Kingdom 438 470

Commonwealth of Australia 552 615

Province of Hunan China 481 454

Other Non-U.S.

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

corporate securities at March 31, 2025:

corporate securities at June 30, 2025:

(in millions of U.S.

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

At 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.

At June 30, 2025, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 15 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 $196 million.

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Other (including foreign exchange translation) 1,143 254 889

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

Balance at June 30, 2025 $ 86,376 $ 17,691 $ 68,685

(1) Net of valuation allowance for uncollectible reinsurance.

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

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

The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at June 30, 2025, and does not represent our expected catastrophe losses for any one year.

Modeled Net Probable Maximum Loss (PML) Pre-tax

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The PML for worldwide and key U.S.

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

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

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

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

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

hurricane events could be in excess of $3,946 million (or 5.7 percent of total Chubb shareholders’ equity at June 30, 2025).

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

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

March 31 December 31

June 30 December 31

(in millions of U.S.

17 unchanged sentences

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.

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.

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

For the six months ended June 30, 2025, we repurchased $1.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At June 30, 2025, there were 13,446,633 Common Shares in treasury with a weighted-average cost of $183.08 per share.

In May 2025, the Board authorized the repurchase of up to $5.0 billion of Chubb's Common Shares effective July 1, 2025 with no expiration date.

The company's existing share repurchase program remained effective through June 30, 2025.

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.

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The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2026 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 2025 represented a $0.24 per share increase ($0.06 per quarter) over the prior year dividend.

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

June 13, 2025 July 3, 2025 $0.97 (CHF 0.81)

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

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

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

Should the need arise, we generally have access to the long-term capital markets, credit facilities, and commercial paper.

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.

At June 30, 2025, our usage under these facilities was $931 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.

The facilities require that we maintain certain financial covenants, all of which we met at June 30, 2025.

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

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To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.

We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion group syndicated credit facility.

At June 30, 2025, there were no commercial paper borrowings outstanding.

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.

During the six months ended June 30, 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 Limited received dividends of $510 million and $700 million from its Bermuda subsidiaries during the six months ended June 30, 2025, and 2024, respectively.

Chubb Limited received dividends of $207 million and $91 million from its other international subsidiaries during the six months ended June 30, 2025, and 2024, respectively.

During the six months ended June 30, 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.

Additionally, during July 2025, Chubb Limited received $625 million from Chubb INA for the redemption of a portion of its ownership interest.

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

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

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

Chubb Limited received no dividends from Chubb INA during the six months ended June 30, 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.

Chubb INA received dividends of $1.3 billion and $1.7 billion from its subsidiaries during the six months ended June 30, 2025, and 2024, respectively.

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

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

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

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

The following is a discussion of our cash flows for the six months ended June 30, 2025 and 2024.

Operating cash flows were $5.1 billion in the six months ended June 30, 2025, compared to $7.3 billion in the prior year period, primarily due to higher net losses paid and income taxes paid, partially offset by higher net investment income.

Cash used for investing was $3.6 billion in the six months ended June 30, 2025, compared to $6.1 billion in the prior year period, a decrease of $2.5 billion, which primarily included lower net purchases of fixed maturities and equity securities of $1.5 billion.

Additionally, the current year period included net sales of short-term investments of $764 million compared to net purchase of short-term investments of $190 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.

This activity was partially offset by higher private equity contributions.

Cash used for financing was $1.9 billion in the six months ended June 30, 2025, compared to $1.2 billion in the prior year period, an additional use of cash of $703 million.

This was primarily due to repayments of long-term debt, net of issuance of $551 million compared with the issuance of long-term debt, net of repayments of $296 million in the prior year, and additional common shares repurchased of $381 million.

This activity was partially offset by higher third-party capital invested into consolidated investment products of $606 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.

At June 30, 2025, there were $3.1 billion in repurchase agreements outstanding with various maturities over the next eleven months.

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

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(Subsidiary Issuer)

March 31 December 31 March 31 December 31

June 30 December 31 June 30 December 31

(in millions of U.S.

17 unchanged sentences

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

Six Months Ended June 30, 2025 Chubb Limited

(Parent Guarantor) Chubb INA Holdings LLC

10 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 2. Management’s Discussion and Analysis