Chubb Ltd 10-Q

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2025. All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ. Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). Other Information We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report. MD&A Index Page Forward-Looking Statements 51 Overview 52 Consolidated Operating Results 53 Segment Operating Results 57 Net Realized and Unrealized Gains (Losses) 68 Effective Income Tax Rate 69 Non-GAAP Reconciliation 69 Net Investment Income 75 Investments 75 Critical Accounting Estimates 79 Catastrophe Management 80 Global Property Catastrophe Reinsurance Program 81 Capital Resources 82 Liquidity 83 Information Provided In Connection With Outstanding Debt of Subsidiaries 85 50 Table of Contents Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to: • actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete; • losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments; • changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; • uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events; • the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; • severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic; • developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession; • the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries; • changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery; • actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent; • the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues; • acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization; • risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations; • loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame; 51 Table of Contents • the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and • management’s response to these factors and actual events (including, but not limited to, those described above). The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue, ” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise. Overview Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At 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. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K. 52 Table of Contents 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. YTD-24 Net premiums written $ 14,196 $ 13,360 6.3 % $ 26,842 $ 25,581 4.9 % Net premiums written - constant dollars (1) 7.1 % 6.4 % Net premiums earned 13,125 12,292 6.8 % 25,125 23,875 5.2 % Net investment income 1,568 1,468 6.8 % 3,129 2,859 9.4 % Net realized gains (losses) 160 104 53.3 % 44 3 NM Market risk benefits gains (losses) (17) (29) (39.9) % (109) (8) NM Total revenues 14,836 13,835 7.2 % 28,189 26,729 5.5 % Losses and loss expenses 6,572 6,431 2.2 % 13,468 12,158 10.8 % Policy benefits 1,406 1,219 15.5 % 2,633 2,399 9.8 % Policy acquisition costs 2,415 2,226 8.4 % 4,728 4,433 6.6 % Administrative expenses 1,125 1,094 2.8 % 2,205 2,164 1.9 % Interest expense 181 182 (1.3) % 362 360 0.4 % Other (income) expense (655) (110) NM (738) (301) 146.2 % Amortization of purchased intangibles 74 80 (6.9) % 149 160 (6.8) % Integration expenses 2 7 (75.9) % 2 14 (88.6) % Total expenses 11,120 11,129 (0.1) % 22,809 21,387 6.6 % Income before income tax 3,716 2,706 37.4 % 5,380 5,342 0.7 % Income tax expense 717 490 46.3 % 1,038 832 24.8 % Net income $ 2,999 $ 2,216 35.4 % $ 4,342 $ 4,510 (3.7) % 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) % NM - not meaningful (1) On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period. Financial Highlights for the Three Months Ended June 30, 2025 • Net income attributable to Chubb was $2.97 billion compared with $2.23 billion 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. 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. 53 Table of Contents • 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 $321 million. • Chubb increased its ownership in Huatai Group (Huatai) with the closing of incremental 0.6% and 1.0% ownership interests. Chubb’s aggregate ownership interest in Huatai is now approximately 87.2%. Net Premiums Written Three Months Ended June 30 % Change Six Months Ended June 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 C$ YTD-25 vs. YTD-24 Property and other short-tail lines $ 2,766 $ 2,715 1.9 % 2.2 % $ 5,255 $ 5,075 3.5 % 4.6 % Commercial casualty 2,389 2,155 10.9 % 11.0 % 4,641 4,365 6.3 % 6.9 % Financial lines 1,278 1,237 3.3 % 3.5 % 2,357 2,345 0.5 % 1.3 % Workers' compensation 547 559 (2.1) % (2.1) % 1,185 1,188 (0.3) % (0.3) % Commercial multiple peril (1) 481 428 12.1 % 12.1 % 897 796 12.6 % 12.6 % Surety 225 200 12.4 % 17.2 % 425 384 10.7 % 15.6 % Total Commercial P&C lines 7,686 7,294 5.4 % 5.7 % 14,760 14,153 4.3 % 5.1 % Agriculture 733 758 (3.3) % (3.3) % 1,009 1,007 0.2 % 0.2 % Personal homeowners 1,466 1,355 8.1 % 8.5 % 2,555 2,420 5.5 % 6.1 % Personal automobile 756 614 23.3 % 30.8 % 1,412 1,256 12.5 % 20.3 % Personal other 567 520 9.1 % 8.9 % 1,167 1,085 7.6 % 8.7 % Total Personal lines 2,789 2,489 12.1 % 13.8 % 5,134 4,761 7.8 % 10.3 % Global A&H - P&C 806 828 (2.6) % (2.2) % 1,629 1,677 (2.8) % (1.1) % Reinsurance lines 380 411 (7.6) % (7.8) % 788 770 2.4 % 2.3 % Total Property and Casualty lines 12,394 11,780 5.2 % 5.8 % 23,320 22,368 4.3 % 5.4 % Life Insurance 1,802 1,580 14.1 % 17.3 % 3,522 3,213 9.6 % 13.8 % Total consolidated $ 14,196 $ 13,360 6.3 % 7.1 % $ 26,842 $ 25,581 4.9 % 6.4 % (1) Commercial multiple peril represents retail package business (property and general liability). For additional information on net premiums written, refer to the segment operating results discussions. 54 Table of Contents Catastrophe Losses and Prior Period Development We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe losses are net of reinsurance and include reinstatement premiums, which are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. PPD includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development. Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 630 $ 580 $ 2,271 $ 1,015 Favorable prior period development $ 249 $ 192 $ 504 $ 399 Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events: • 2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; 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. • 2024: Severe weather-related events in the U.S. and internationally. ◦ 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. 55 Table of Contents 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. P&C Combined Ratio In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss. P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. Three Months Ended Six Months Ended June 30 June 30 2025 2024 2025 2024 Combined ratio: Loss and loss expense ratio 59.0 % 60.6 % 63.1 % 59.4 % Policy acquisition cost ratio 18.5 % 18.0 % 18.9 % 18.6 % Administrative expense ratio 8.1 % 8.2 % 8.4 % 8.4 % P&C Combined ratio 85.6 % 86.8 % 90.4 % 86.4 % Catastrophe losses (5.5) % (5.4) % (10.5) % (4.9) % Prior period development 2.2 % 1.8 % 2.4 % 1.9 % P&C CAY combined ratio excluding catastrophe losses 82.3 % 83.2 % 82.3 % 83.4 % 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 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. 56 Table of Contents Segment Operating Results – Three and Six Months Ended June 30, 2025 and 2024 We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K. North America Commercial P&C Insurance The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts). Three Months Ended 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. YTD-24 Net premiums written $ 5,723 $ 5,501 4.1 % $ 10,510 $ 10,190 3.1 % Net premiums earned 5,177 4,900 5.7 % 10,165 9,780 3.9 % Losses and loss expenses 3,258 3,074 6.0 % 6,289 6,249 0.6 % Policy acquisition costs 705 660 6.9 % 1,424 1,348 5.7 % Administrative expenses 357 327 9.3 % 701 655 7.0 % Underwriting income 857 839 2.2 % 1,751 1,528 14.6 % Net investment income 938 863 8.6 % 1,867 1,689 10.5 % Other (income) expense 8 15 (43.7) % 16 22 (25.8) % 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 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 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 % 57 Table of Contents 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 through June 30, 2025 and 2024, were primarily from the following events: 2025: Flooding in the U.S., hail, tornadoes, wind events, and California wildfire losses. 2024: 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. Premiums 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 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. 58 Table of Contents North America Personal P&C Insurance The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada. Three Months Ended 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. YTD-24 Net premiums written $ 1,938 $ 1,776 9.1 % $ 3,490 $ 3,232 8.0 % Net premiums earned 1,681 1,512 11.1 % 3,255 2,983 9.1 % Losses and loss expenses 822 876 (6.2) % 2,915 1,775 64.1 % Policy acquisition costs 332 299 11.2 % 662 599 10.6 % Administrative expenses 82 88 (6.6) % 169 174 (3.0) % Underwriting income (loss) 445 249 78.0 % (491) 435 NM Net investment income 118 108 9.9 % 238 210 13.4 % Other (income) expense — (2) NM 1 (1) NM Amortization of purchased intangibles 2 2 — 4 4 — Segment income (loss) $ 561 $ 357 57.2 % $ (258) $ 642 NM Combined ratio: 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 Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 142 $ 138 $ 1,484 $ 308 Favorable prior period development $ 121 $ 64 $ 121 $ 116 Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events: 2025: California wildfire losses of $1.29 billion, flooding in the U.S., hail, tornadoes, wind events, and winter storm losses. 2024: 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. Premiums 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. 59 Table of Contents 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 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. 60 Table of Contents North America Agricultural Insurance The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business. Three Months Ended 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. YTD-24 Net premiums written $ 733 $ 758 (3.3) % $ 1,009 $ 1,007 0.2 % Net premiums earned 598 626 (4.3) % 763 754 1.2 % Losses and loss expenses 483 543 (11.0) % 575 592 (2.9) % Policy acquisition costs 48 45 6.9 % 65 66 (1.9) % Administrative expenses 2 3 (22.5) % 4 5 (7.7) % Underwriting income 65 35 85.2 % 119 91 30.9 % Net investment income 19 21 (6.9) % 43 42 3.5 % Other (income) expense — — — 1 — NM Amortization of purchased intangibles 6 7 (2.5) % 12 13 (2.5) % Segment income $ 78 $ 49 56.5 % $ 149 $ 120 24.2 % Combined ratio: 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 Six Months Ended June 30 June 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 1 $ 33 $ 16 $ 36 Favorable prior period development $ — $ — $ 33 $ 28 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. Premiums 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. 61 Table of Contents 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 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 Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. 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. YTD-24 Net premiums written $ 3,620 $ 3,334 8.5 % $ 7,523 $ 7,169 4.9 % Net premiums written - constant dollars 10.2 % 8.2 % Net premiums earned 3,542 3,347 5.8 % 6,751 6,545 3.1 % Losses and loss expenses 1,789 1,671 7.1 % 3,186 3,097 2.9 % Policy benefits 129 92 41.5 % 242 192 26.4 % Policy acquisition costs 913 842 8.4 % 1,750 1,665 5.1 % Administrative expenses 369 348 5.8 % 699 679 2.8 % Underwriting income 342 394 (13.3) % 874 912 (4.2) % Net investment income 278 283 (1.8) % 559 550 1.5 % Other (income) expense 5 4 18.2 % 11 9 18.7 % Amortization of purchased intangibles 19 20 (6.2) % 38 40 (6.0) % Segment income $ 596 $ 653 (8.8) % $ 1,384 $ 1,413 (2.1) % Segment income - constant dollars (8.2) % (0.1) % Combined ratio: 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 62 Table of Contents 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 $ 252 $ 157 $ 307 $ 183 Favorable prior period development $ 77 $ 61 $ 198 $ 150 Catastrophe losses through June 30, 2025 and 2024, were primarily from the following events: • 2025: Global earthquakes, principally in Thailand; storms in Australia; and California wildfire losses. • 2024: 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 June 30 (in millions of U.S. dollars, except for percentages) 2025 2025 % of Total 2024 2024 % of Total C$ 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 Region Europe, Middle East, and Africa $ 1,548 43 % $ 1,409 42 % $ 1,431 9.9 % 8.2 % Asia 1,316 36 % 1,177 35 % 1,167 11.8 % 12.7 % Latin America 743 21 % 697 21 % 633 6.6 % 17.3 % Other (1) 13 — % 51 2 % 53 (76.0) % (76.1) % 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. YTD-24 C$ YTD-25 vs. YTD-24 Region 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 % Other (1) 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. Premiums 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. 63 Table of Contents 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 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. 64 Table of Contents Global Reinsurance The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies. Three Months Ended 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. YTD-24 Net premiums written $ 380 $ 411 (7.6) % $ 788 $ 770 2.4 % Net premiums written - constant dollars (7.8) % 2.3 % Net premiums earned 338 339 (0.3) % 706 634 11.4 % Losses and loss expenses 132 155 (14.9) % 374 292 28.3 % Policy acquisition costs 98 80 21.7 % 198 161 22.4 % Administrative expenses 10 11 (7.6) % 20 20 — Underwriting income 98 93 6.0 % 114 161 (29.0) % Net investment income 85 58 46.6 % 155 115 35.2 % Segment income $ 183 $ 151 21.6 % $ 269 $ 276 (2.3) % Combined ratio: 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. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 6 $ — $ 81 $ — 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. Premiums 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. 65 Table of Contents Combined Ratio 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 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. YTD-24 Net premiums written $ 1,802 $ 1,580 14.1 % $ 3,522 $ 3,213 9.6 % Net premiums written - constant dollars 17.3 % 13.8 % Net premiums earned 1,789 1,568 14.2 % 3,485 3,179 9.6 % Losses and loss expenses 20 22 (9.1) % 46 54 (14.8) % Policy benefits 1,249 1,031 21.2 % 2,412 2,101 14.8 % Policy acquisition costs 319 300 5.8 % 629 594 5.8 % Administrative expenses 199 218 (8.8) % 401 425 (5.7) % Net investment income 274 258 6.3 % 545 488 11.6 % Other (income) expense (37) (32) 16.5 % (72) (72) 1.2 % Amortization of purchased intangibles 8 11 (9.4) % 18 21 (9.9) % Segment income $ 305 $ 276 10.4 % $ 596 $ 544 9.5 % Segment income - constant dollars 15.3 % 15.5 % Premiums Net premiums written increased $222 million and $309 million, or $266 million and $427 million on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively. For our international life operations, net premiums written increased 14.0 percent and 8.6 percent, or 17.8 percent and 13.4 percent on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively. This growth was primarily driven by strong new business in North Asia, notably in Huatai, Hong Kong, Taiwan, and Korea. Net premiums written in our Combined Insurance business increased 17.3 percent for both the three and six months ended June 30, 2025, or 18.1 percent and 18.4 percent on a constant-dollar basis, respectively, due to 36.7 percent and 35.7 percent growth in worksite business. 66 Table of Contents Deposits The following table presents deposits collected on universal life and investment contracts: Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 C$ 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 2025 2024 C$ 2024 Y-25 vs. Y-24 C$ Y-25 vs. Y-24 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. GAAP. 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 $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 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 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. YTD-24 Losses and loss expenses $ 70 $ 93 (24.0) % $ 84 $ 103 (18.1) % Administrative expenses 106 99 6.5 % 211 206 2.7 % 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) 528 (7) NM 495 61 NM Amortization of purchased intangibles 37 40 (9.4) % 74 82 (9.6) % 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 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 (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) % NM - not meaningful Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive 67 Table of Contents 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. Net Realized and Unrealized Gains (Losses) We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value. The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2024 Form 10-K. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets. The following table presents our net realized and unrealized gains (losses): Three Months Ended June 30 2025 2024 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ (7) $ 986 $ 979 $ 26 $ (489) $ (463) Investment and embedded derivative instruments 154 — 154 (17) — (17) Public equity Sales 32 — 32 14 — 14 Mark-to-market 105 — 105 7 — 7 Private equity (less than 3 percent ownership) Mark-to-market (28) — (28) 49 — 49 Total investment portfolio 256 986 1,242 79 (489) (410) Other derivative instruments (2) — (2) (3) — (3) Foreign exchange (89) 796 707 27 (530) (503) Current discount rate on future policy benefits — (130) (130) — 53 53 Instrument-specific credit risk on market risk benefits — 1 1 — 5 5 Other (5) (26) (31) 1 (29) (28) Net gains (losses), pre-tax $ 160 $ 1,627 $ 1,787 $ 104 $ (990) $ (886) 68 Table of Contents Six Months Ended June 30 2025 2024 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ (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 Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR. For the three 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 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 In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP. We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period. 69 Table of Contents P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations. P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations. CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison. Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded. Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. 70 Table of Contents The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD: North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended June 30, 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,258 $ 822 $ 483 $ 1,918 $ 132 $ 70 $ 6,683 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (229) (142) (1) (252) (6) — (630) Reinstatement premiums collected (expensed) on catastrophe losses — — — (5) — — (5) Catastrophe losses, gross of related adjustments (229) (142) (1) (247) (6) — (625) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 106 121 — 77 15 (70) 249 Net premiums earned adjustments on PPD - unfavorable (favorable) 6 — — — — — 6 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 CAY loss and loss expense ex CATs B $ 3,143 $ 801 $ 482 $ 1,748 $ 140 $ — $ 6,314 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,062 $ 414 $ 50 $ 1,282 $ 108 $ 106 $ 3,022 Expense adjustments - favorable (unfavorable) (2) — — — (1) — (3) Policy acquisition costs and administrative expenses, adjusted D $ 1,060 $ 414 $ 50 $ 1,282 $ 107 $ 106 $ 3,019 Denominator Net premiums earned E $ 5,177 $ 1,681 $ 598 $ 3,542 $ 338 $ 11,336 Reinstatement premiums (collected) expensed on catastrophe losses — — — 5 — 5 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 P&C Combined ratio Loss and loss expense ratio A/E 62.9 % 48.9 % 80.8 % 54.2 % 39.0 % 59.0 % Policy acquisition cost and administrative expense ratio C/E 20.6 % 24.6 % 8.3 % 36.1 % 32.0 % 26.6 % P&C Combined ratio 83.5 % 73.5 % 89.1 % 90.3 % 71.0 % 85.6 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.6 % 47.6 % 80.5 % 49.3 % 41.5 % 55.6 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.5 % 24.6 % 8.3 % 36.1 % 32.0 % 26.7 % CAY P&C Combined ratio ex CATs 81.1 % 72.2 % 88.8 % 85.4 % 73.5 % 82.3 % Combined ratio Combined ratio 85.6 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 85.6 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 71 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended June 30, 2024 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,074 $ 876 $ 543 $ 1,763 $ 155 $ 93 $ 6,504 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (252) (138) (33) (157) — — (580) Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — — Catastrophe losses, gross of related adjustments (252) (138) (33) (157) — — (580) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 144 64 — 61 16 (93) 192 Net premiums earned adjustments on PPD - unfavorable (favorable) 8 — — — — — 8 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 CAY loss and loss expense ex CATs B $ 2,973 $ 802 $ 510 $ 1,667 $ 172 $ — $ 6,124 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 987 $ 387 $ 48 $ 1,190 $ 91 $ 99 $ 2,802 Expense adjustments - favorable (unfavorable) 1 — — — — — 1 Policy acquisition costs and administrative expenses, adjusted D $ 988 $ 387 $ 48 $ 1,190 $ 91 $ 99 $ 2,803 Denominator Net premiums earned E $ 4,900 $ 1,512 $ 626 $ 3,347 $ 339 $ 10,724 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 P&C Combined ratio Loss and loss expense ratio A/E 62.7 % 57.9 % 86.8 % 52.7 % 45.7 % 60.6 % Policy acquisition cost and administrative expense ratio C/E 20.2 % 25.6 % 7.6 % 35.5 % 27.0 % 26.2 % P&C Combined ratio 82.9 % 83.5 % 94.4 % 88.2 % 72.7 % 86.8 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.6 % 53.0 % 81.5 % 49.8 % 50.4 % 57.1 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.1 % 25.6 % 7.6 % 35.5 % 27.0 % 26.1 % CAY P&C Combined ratio ex CATs 80.7 % 78.6 % 89.1 % 85.3 % 77.4 % 83.2 % Combined ratio Combined ratio 86.8 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 86.8 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 72 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Six Months Ended June 30, 2025 (in millions of U.S. dollars except for ratios) Numerator 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 Denominator 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 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 90.4 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 73 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Six Months Ended June 30, 2024 (in millions of U.S. dollars except for ratios) Numerator 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 Denominator 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 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 86.4 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 74 Table of Contents Net Investment Income Three Months Ended June 30 Six Months Ended June 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Fixed maturities (1) $ 1,424 $ 1,367 $ 2,825 $ 2,678 Short-term investments 36 41 74 90 Other interest income 8 23 25 38 Equity securities 93 35 186 59 Private equities 35 31 70 47 Other investments 25 22 52 45 Gross investment income (1) 1,621 1,519 3,232 2,957 Investment expenses (53) (51) (103) (98) Net investment income (1) $ 1,568 $ 1,468 $ 3,129 $ 2,859 (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 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. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows: Three Months Ended June 30 Six Months Ended June 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Total mark-to-market gain on private equity, pre-tax $ 512 $ 53 $ 496 $ 187 Investments Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at June 30, 2025. The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and clos ely monitor investment manager compliance with portfolio guidelines. 75 Table of Contents The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets: June 30, 2025 December 31, 2024 (in millions of U.S. dollars) Fair Value Cost/ Amortized Cost, Net Fair Value Cost/ Amortized Cost, Net Short-term investments $ 4,508 $ 4,508 $ 5,142 $ 5,143 Other investments - Fixed maturities 6,441 6,441 6,265 6,265 Fixed maturities available-for-sale 116,119 118,876 110,363 115,013 Fixed income securities 127,068 129,825 121,770 126,421 Equity securities 9,913 9,913 9,151 9,151 Private debt held-for-investment 2,472 2,429 2,680 2,628 Private equities and other 18,904 18,904 17,101 17,101 Total investments $ 158,357 $ 161,071 $ 150,702 $ 155,301 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 June 30, 2025, and December 31, 2024. The first table lists investments according to type and second according to S&P credit rating: June 30, 2025 December 31, 2024 (in millions of U.S. dollars, except for percentages) Fair Value % of Total Fair Value % of Total U.S. and local government securities $ 4,033 3 % $ 4,070 3 % Corporate and asset-backed securities 45,126 36 % 43,207 36 % Mortgage-backed securities 28,497 22 % 27,248 22 % Non-U.S. 44,904 35 % 42,103 35 % Short-term investments 4,508 4 % 5,142 4 % Total (1) $ 127,068 100 % $ 121,770 100 % AAA $ 13,450 11 % $ 13,933 11 % AA 38,363 30 % 37,640 30 % A 31,633 25 % 28,882 24 % BBB 22,452 18 % 21,610 18 % BB 11,644 9 % 10,789 9 % B 9,114 7 % 8,279 7 % Other 412 — % 637 1 % Total (1) $ 127,068 100 % $ 121,770 100 % (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. 76 Table of Contents Corporate and asset-backed securities The following table presents our 10 largest global exposures to corporate bonds by fair value at June 30, 2025: (in millions of U.S. dollars) Fair Value Bank of America Corp $ 809 Morgan Stanley 763 JPMorgan Chase & Co 713 Goldman Sachs Group Inc 562 Wells Fargo & Co 555 Citigroup Inc 512 AT&T Inc 411 Verizon Communications Inc 406 UBS Group AG 404 HSBC Holdings Plc 360 Mortgage-backed securities The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities: S&P Credit Rating Fair Value Amortized Cost, Net June 30, 2025 (in millions of U.S. dollars) AAA AA A BBB BB and below Total Total Agency residential mortgage-backed securities (RMBS) $ 4 $ 24,702 $ — $ — $ — $ 24,706 $ 25,981 Non-agency RMBS 2,103 188 184 76 2 2,553 2,591 Commercial mortgage-backed securities 998 123 101 14 2 1,238 1,282 Total mortgage-backed securities $ 3,105 $ 25,013 $ 285 $ 90 $ 4 $ 28,497 $ 29,854 Non-U.S. Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines. Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 42 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material. 77 Table of Contents The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at June 30, 2025: (in millions of U.S. dollars) Fair Value Amortized Cost, Net People's Republic of China $ 2,111 $ 2,050 Republic of Korea 2,010 1,869 Kingdom of Thailand 1,005 875 Canada 936 954 United Mexican States 765 772 Taiwan 760 749 Federative Republic of Brazil 603 619 Province of Ontario 564 569 Commonwealth of Australia 552 615 Province of Hunan China 481 454 Other Non-U.S. Government Securities 8,065 8,133 Total $ 17,852 $ 17,659 The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at June 30, 2025: (in millions of U.S. dollars) Fair Value Amortized Cost, Net China $ 6,791 $ 6,766 United Kingdom 2,562 2,621 Canada 2,545 2,543 United States (1) 1,668 1,686 France 1,643 1,643 South Korea 1,594 1,507 Australia 1,196 1,216 Japan 785 798 Germany 677 693 Chile 541 561 Other Non-U.S. Corporate Securities 7,050 7,139 Total $ 27,052 $ 27,173 (1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations. Below-investment grade corporate fixed income portfolio Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At 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. We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit 78 Table of Contents as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio. Critical Accounting Estimates Refer to Item 7 in our 2024 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2024. Unpaid losses and loss expenses As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The following table presents a roll-forward of our unpaid losses and loss expenses: (in millions of U.S. dollars) Gross Losses Reinsurance Recoverable (1) Net Losses Balance at December 31, 2024 $ 84,004 $ 17,734 $ 66,270 Losses and loss expenses incurred 16,315 2,847 13,468 Losses and loss expenses paid (15,086) (3,144) (11,942) Other (including foreign exchange translation) 1,143 254 889 Balance at June 30, 2025 $ 86,376 $ 17,691 $ 68,685 (1) Net of valuation allowance for uncollectible reinsurance. The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses). Refer to Note 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves. 79 Table of Contents Catastrophe Management We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at June 30, 2025, and does not represent our expected catastrophe losses for any one year. Modeled Net Probable Maximum Loss (PML) Pre-tax Worldwide (1) U.S. Hurricane (2) California Earthquake (3) Annual Aggregate Annual Aggregate Single Occurrence (in millions of U.S. dollars, except for percentages) Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity 1-in-10 $ 2,934 4.2 % $ 1,676 2.4 % $ 164 0.2 % 1-in-100 $ 5,678 8.2 % $ 3,946 5.7 % $ 1,879 2.7 % 1-in-250 $ 8,925 12.9 % $ 6,432 9.3 % $ 2,196 3.2 % (1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic. (2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding. (3) California earthquake modeled losses include the fire-following sub-peril. The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at 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. These estimates assume that reinsurance recoverable is fully collectible. According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,946 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: • While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential; • There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates; • The potential effects of climate change add to modeling complexity; and • Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2025. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy. Refer to Item 7 in our 2024 Form 10-K for more information on man-made and other catastrophes. 80 Table of Contents Global Property Catastrophe Reinsurance Program Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments). We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations. Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2025, through March 31, 2026. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2025, through March 31, 2026, with the same limits, retention, and percentage placed except that the terrorism coverage is on an aggregate basis above our retentions without a reinstatement. Loss Location Layer of Loss Comments Notes United States (excluding Alaska and Hawaii) $0 million – $1.75 billion Losses retained by Chubb (a) United States (excluding Alaska and Hawaii) $1.75 billion – $2.85 billion All natural perils and terrorism (b) United States (excluding Alaska and Hawaii) $2.85 billion – $4.0 billion All natural perils and terrorism (c) United States (excluding Alaska and Hawaii) $4.0 billion – $5.7 billion Named windstorm and earthquake International (including Alaska and Hawaii) $0 million – $225 million Losses retained by Chubb (a) International (including Alaska and Hawaii) $225 million – $1.325 billion All natural perils and terrorism (b) Alaska, Hawaii, and Canada $1.325 billion – $2.475 billion All natural perils and terrorism (c) (a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels. (b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers. (c) These coverages are both part of the same Second layer within the Global Property C atastrophe Reinsurance Program and are fully placed with Reinsurers. 81 Table of Contents Capital Resources Capital resources consist of funds deployed or available to be deployed to support our business operations. June 30 December 31 (in millions of U.S. dollars, except for ratios) 2025 2024 Short-term debt $ 1,499 $ 800 Long-term debt 13,477 14,379 Total financial debt 14,976 15,179 Trust preferred securities 309 309 Subordinated debt (1) 111 110 Total hybrid debt 420 419 Total Chubb shareholders’ equity 69,395 64,021 Total capitalization $ 84,791 $ 79,619 Ratio of financial debt to total capitalization (2) 17.7 % 19.1 % Ratio of financial debt and hybrid debt to total capitalization (2) 18.2 % 19.6 % (1) Capital Supplementary Bonds issued by Huatai Life. (2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest). Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments. Chubb INA Holdings LLC (Chubb INA)'s $800 million of 3.15 percent senior notes due March 2025 were paid upon maturity. 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. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. Dividends We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 14 to the Consolidated Financial Statements for a discussion of our dividend methodology. At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, or CHF 3.24 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 15, 2025, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2026 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2025 represented a $0.24 per share increase ($0.06 per quarter) over the prior year dividend. 82 Table of Contents The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: Shareholders of record as of: Dividends paid as of: December 13, 2024 January 3, 2025 $0.91 (CHF 0.80) March 14, 2025 April 4, 2025 $0.91 (CHF 0.81) June 13, 2025 July 3, 2025 $0.97 (CHF 0.81) Liquidity We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to 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 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 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. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed. 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 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 $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. The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the 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 $1.3 billion and $1.7 billion from its subsidiaries during the six months ended June 30, 2025, and 2024, respectively. 83 Table of Contents Cash Flows Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the 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. 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 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. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss. 84 Table of Contents Information provided in connection with outstanding debt of subsidiaries Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after e limination of investment in any non-guarantor subsidiary: Chubb Limited (Parent Guarantor) Chubb INA Holdings LLC (Subsidiary Issuer) June 30 December 31 June 30 December 31 (in millions of U.S. dollars) 2025 2024 2025 2024 Assets Investments $ — $ — $ 101 $ 436 Cash 147 383 1,136 1,002 Due from parent guarantor/subsidiary issuer 204 396 — — Due from subsidiaries that are not issuers or guarantors 472 464 567 592 Other assets 17 13 3,258 3,062 Total assets $ 840 $ 1,256 $ 5,062 $ 5,092 Liabilities Due to parent guarantor/subsidiary issuer $ — $ — $ 204 $ 396 Due to subsidiaries that are not issuers or guarantors 275 231 154 105 Affiliated notional cash pooling programs 661 277 — — Short-term debt — — 1,499 800 Long-term debt — — 13,477 14,379 Hybrid debt — — 309 309 Other liabilities 490 868 1,667 1,577 Total liabilities 1,426 1,376 17,310 17,566 Total equity (586) (120) (12,248) (12,474) Total liabilities and equity $ 840 $ 1,256 $ 5,062 $ 5,092 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: Six Months Ended June 30, 2025 Chubb Limited (Parent Guarantor) Chubb INA Holdings LLC (Subsidiary Issuer) (in millions of U.S. dollars) Net investment income (expense) $ (6) $ 20 Net realized gains (losses) 7 (104) Administrative expenses 55 (25) Interest (income) expense (13) 256 Other (income) expense (18) 8 Income tax expense (benefit) 11 (61) Net loss $ (34) $ (262) Comprehensive loss $ (34) $ (503) 85 Table of Contents