What changed in this filing

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Item 1. Financial Statements

2025-10-27 compared with 2025-07-28 · 192 added, 172 removed, 1579 unchanged (19% of the section changed)

2 unchanged sentences

Chubb Limited and Subsidiaries

June 30 December 31

September 30 December 31

(in millions of U.S.

60 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

8 unchanged sentences

Losses and loss expenses 6,951 7,383 20,419 19,541

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

Policy benefits (includes remeasurement gains of $ 66 , $ 26 , $ 61 and $ 4 )

1,372 1,099 4,005 3,498

9 unchanged sentences

Net income $ 3,107 $ 2,490 $ 7,449 $ 7,000

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

Net income attributable to noncontrolling interests 306 166 349 303

Net income attributable to Chubb $ 2,801 $ 2,324 $ 7,100 $ 6,697

Other comprehensive income (loss)

Unrealized appreciation (depreciation) $ 986 $ ( 489 ) $ 1,887 $ ( 1,166 )

Other comprehensive income

Unrealized appreciation $ 868 $ 3,459 $ 2,755 $ 2,293

Current discount rate on future policy benefits 305 ( 672 ) 53 ( 672 )

2 unchanged sentences

Other, including postretirement benefit liability adjustment ( 6 ) ( 19 ) ( 127 ) ( 17 )

Other comprehensive income (loss), before income tax 1,627 ( 990 ) 2,674 ( 1,604 )

Income tax (expense) benefit related to OCI items ( 33 ) 29 ( 76 ) 38

Other comprehensive income (loss) 1,594 ( 961 ) 2,598 ( 1,566 )

Other comprehensive income, before income tax 1,286 3,205 3,960 1,601

Income tax expense related to OCI items ( 40 ) ( 150 ) ( 116 ) ( 112 )

Other comprehensive income 1,246 3,055 3,844 1,489

Comprehensive income 4,353 5,545 11,293 8,489

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

Comprehensive income attributable to noncontrolling interests 386 187 441 253

Comprehensive income attributable to Chubb $ 3,967 $ 5,358 $ 10,852 $ 8,236

5 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

28 unchanged sentences

Balance – beginning of period ( 6,058 ) ( 8,304 ) ( 8,644 ) ( 6,809 )

Other comprehensive income (loss) 1,577 ( 918 ) 2,586 ( 1,495 )

Other comprehensive income 1,166 3,034 3,752 1,539

Balance – end of period ( 4,892 ) ( 5,270 ) ( 4,892 ) ( 5,270 )

4 unchanged sentences

and other transactions 518 639 1,142 ( 68 )

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

Net income attributable to noncontrolling interests 306 166 349 303

Other comprehensive income (loss) attributable to noncontrolling interests 80 21 92 ( 50 )

5 unchanged sentences

Chubb Limited and Subsidiaries

Six Months Ended

Nine Months Ended

(in millions of U.S.

51 unchanged sentences

Effect of foreign currency rate changes on cash and restricted cash 266 ( 49 )

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

Net increase (decrease) in cash and restricted cash ( 95 ) 57

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

40 unchanged sentences

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

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

a) Fixed maturities

June 30, 2025 Amortized

September 30, 2025 Amortized

Cost Valuation Allowance Gross

20 unchanged sentences

The following table presents fixed maturities by contractual maturity:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions of U.S.

16 unchanged sentences

0 – 12 Months Over 12 Months Total

June 30, 2025 Fair Value Gross

September 30, 2025 Fair Value Gross

Loss Fair Value Gross

16 unchanged sentences

Total AFS fixed maturities $ 27,956 $ ( 518 ) $ 39,789 $ ( 4,230 ) $ 67,745 $ ( 4,748 )

At June 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 341 million necessary due to limitations on the utilization of these losses for tax purposes.

At September 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 189 million necessary due to limitations on the utilization of these losses for tax purposes.

As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

15 unchanged sentences

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

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

3 unchanged sentences

Gross realized losses ( 157 ) ( 91 ) ( 376 ) ( 338 )

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

Other investments - Fixed maturities (2025 includes $( 116 ) million and $( 116 ) million related to investments measured under the fair value option)

82 152 103 452

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

Net recovery of expected credit losses 22 48 21 80

Impairment (1)

9 unchanged sentences

Net realized gains (losses) (pre-tax) $ 283 $ 198 $ 327 $ 201

(1) Relates to certain securities we intended to sell and securities written to market entering default.

(1) Relates to certain securities we intend to sell and securities written to market entering default.

Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

7 unchanged sentences

Chubb Limited and Subsidiaries

Six Months Ended

Nine Months Ended

(in millions of U.S.

6 unchanged sentences

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

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

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

(in millions of U.S.

45 unchanged sentences

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

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

Included in restricted assets at September 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $ 19,094 million and $ 17,945 million, respectively, and cash of $ 213 million and $ 261 million, respectively.

The following table presents the components of restricted assets:

June 30 December 31

September 30 December 31

(in millions of U.S.

21 unchanged sentences

however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund.

The carrying value of this investment at June 30, 2025, and December 31, 2024, was $ 5.0 billion, which approximates our maximum risk of loss.

The carrying value of this investment at September 30, 2025, and December 31, 2024, was $ 5.1 billion and $ 5.0 billion, respectively, which approximates our maximum risk of loss.

We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets.

1 unchanged sentence

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary.

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

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

The carrying value of these investments at September 30, 2025, and December 31, 2024, was $ 159 million and $ 97 million, respectively, and our maximum risk of loss approximates the carrying amount.

These investments are classified within Equity securities and Private equities on the Consolidated balance sheets.

Fair value measurements

18 unchanged sentences

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

June 30, 2025 Level 1 Level 2 Level 3 Total

September 30, 2025 Level 1 Level 2 Level 3 Total

(in millions of U.S.

63 unchanged sentences

Three Months Ended

June 30, 2025

September 30, 2025

(in millions of U.S.

15 unchanged sentences

Three Months Ended

June 30, 2024

September 30, 2024

(in millions of U.S.

4 unchanged sentences

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

Transfers into Level 3 — 4 — — —

Transfers out of Level 3 ( 1 ) — ( 14 ) — —

9 unchanged sentences

Chubb Limited and Subsidiaries

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

(in millions of U.S.

14 unchanged sentences

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 31 $ ( 18 ) $ — $ — $ —

Six Months Ended

June 30, 2024

Nine Months Ended

September 30, 2024

(in millions of U.S.

22 unchanged sentences

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

June 30, 2025 Fair Value Net Carrying

September 30, 2025 Fair Value Net Carrying

(in millions of U.S.

18 unchanged sentences

Reinsurance recoverable on ceded reinsurance

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions of U.S.

10 unchanged sentences

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

Six Months Ended

Nine Months Ended

(in millions of U.S.

8 unchanged sentences

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions of U.S.

9 unchanged sentences

Total deferred policy acquisition costs $ 9,809

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions of U.S.

17 unchanged sentences

Foreign exchange revaluation 20 7 — 306 — 142 475

Balance at June 30, 2025 (1)

Balance at September 30, 2025 (1)

$ 7,188 $ 2,225 $ 134 $ 5,536 $ 371 $ 4,783 $ 20,237

2 unchanged sentences

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

Six Months Ended

Nine Months Ended

(in millions of U.S.

19 unchanged sentences

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $( 13 ) million and $ 47 million for the six months ended June 30, 2025 and 2024, respectively.

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

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $ 58 million and $ 118 million for the nine months ended September 30, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $ 3,748 million for the nine months ended September 30, 2025, principally reflecting underlying exposure growth, the unfavorable impact of foreign currency movement, and net catastrophe losses, partially offset by the impact of favorable prior period development.

The increase in net unpaid losses also reflected seasonality in our crop insurance business.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

5 unchanged sentences

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

Three Months Ended June 30 Six Months Ended June 30

Three Months Ended September 30 Nine Months Ended September 30

(in millions of U.S.

17 unchanged sentences

North America Commercial P&C Insurance .

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

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

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

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

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

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

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

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

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

Net favorable development for the three months ended September 30, 2025, included $ 130 million from short-tail lines, primarily from property lines, due to lower-than-expected loss development on catastrophe and non-catastrophe losses.

This favorable development was partially offset by net adverse development of $ 104 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation.

Net favorable development for the nine months ended September 30, 2025, included $ 323 million of favorable development from short-tail lines, primarily from property and surety, due to lower-than-expected loss development.

Net adverse development for long-tail lines of $ 77 million was the result of adverse development in general casualty lines partially offset by favorable development in workers' compensation.

Net favorable development for the three and nine months ended September 30, 2024, included $ 164 million and $ 310 million, respectively, from short-tail lines, primarily property and marine, driven by lower-than-expected loss development in the most recent accident years.

The nine months ended September 30, 2024, also included favorable development from surety lines, due to lower-than-expected loss development.

Long-tail lines experienced adverse development of $ 125 million and $ 79 million for the three and nine months ended September 30, 2024 , respectively, which was the net of adverse development in casualty lines, predominantly commercial excess and umbrella and commercial auto liability, due to higher-than-expected loss development, partially offset by favorable development in workers' compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents.

North America Personal P&C Insurance .

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

Net favorable development for the three and nine months ended September 30, 2025 and 2024, was predominantly in homeowners, mainly due to lower-than-expected loss experience in the most recent accident years.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

Overseas General Insurance.

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

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

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

Net favorable development for the three months ended September 30, 2025, included $ 66 million from long-tail lines.

Net favorable development for the nine months ended September 30, 2025, included $ 252 million from short-tail lines primarily due to favorable loss emergence across multiple accident years.

Net favorable development for the three months ended September 30, 2024, included $ 61 million from long-tail lines, primarily due to favorable loss emergence in accident years 2019 and 2020.

Net favorable development for the nine months ended September 30, 2024, included $ 184 million from short-tail lines.

Net adverse development for the three months ended September 30, 2025 and 2024, included adverse development resulting from our annual review of environmental liabilities.

Net adverse development for the nine months ended September 30, 2025 and 2024, also included adverse development for molestation-related claims development.

Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

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

Present Value of Expected Net Premiums Nine Months Ended September 30, 2025

(in millions of U.S.

16 unchanged sentences

Chubb Limited and Subsidiaries

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

Present Value of Expected Future Policy Benefits Nine Months Ended September 30, 2025

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,345 $ 13,702 $ 16,259 $ 1,049 $ 33,355

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

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

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

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

Present Value of Expected Net Premiums Nine Months Ended September 30, 2024

(in millions of U.S.

14 unchanged sentences

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

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

Present Value of Expected Future Policy Benefits Nine Months Ended September 30, 2024

(in millions of U.S.

14 unchanged sentences

Chubb Limited and Subsidiaries

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

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

(in millions of U.S.

13 unchanged sentences

(1) Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

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

June 30 June 30

September 30 September 30

(in millions of U.S.

18 unchanged sentences

Gross Premiums or Assessments Interest Accretion

Six Months Ended Six Months Ended

June 30 June 30

Nine Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

10 unchanged sentences

Interest Accretion Rate Current Discount Rate

June 30 June 30

September 30 September 30

2025 2024 2025 2024

7 unchanged sentences

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

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

(in millions of U.S.

19 unchanged sentences

Chubb Limited and Subsidiaries

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

(in millions of U.S.

24 unchanged sentences

Cash Surrender Value $ 1,747 $ 1,827 $ 2,264 $ 1,699 $ 1,691 $ 2,091

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

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

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

1 unchanged sentence

Universal Life

June 30, 2025

September 30, 2025

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

June 30, 2024

September 30, 2024

(in millions of U.S.

6 unchanged sentences

Total $ 726 $ 371 $ 680 $ 92 $ 1,869

June 30, 2025

September 30, 2025

(in millions of U.S.

6 unchanged sentences

Total $ 1,011 $ — $ 1,675 $ 76 $ 2,762

June 30, 2024

September 30, 2024

(in millions of U.S.

7 unchanged sentences

Other policyholders' account balances

June 30, 2025

September 30, 2025

(in millions of U.S.

8 unchanged sentences

Chubb Limited and Subsidiaries

June 30, 2024

September 30, 2024

(in millions of U.S.

11 unchanged sentences

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

June 30 June 30

September 30 September 30

(in millions of U.S.

5 unchanged sentences

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

Six Months Ended

Nine Months Ended

(in millions of U.S.

19 unchanged sentences

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

Six Months Ended

Nine Months Ended

(in millions of U.S.

8 unchanged sentences

The following table presents a roll-forward of MRB:

Six Months Ended

Nine Months Ended

(in millions of U.S.

7 unchanged sentences

Actual policyholder behavior different from expected behavior 34 55

Effect of changes in future expected policyholder behavior 101 87

Effect of timing and all other ( 29 ) ( 34 )

9 unchanged sentences

GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB losses of $ 103 million and $ 191 million for the six months ended June 30, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows.

Excluded from the table above are MRB losses of $ 197 million and $ 258 million for the nine months ended September 30, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows.

There is no reinsurance recoverable associated with our liability for MRB.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality.

All reinsurance treaties contain claim limits, which are also factored into the valuation model.

In the third quarter of 2025 and 2024, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business.

These refinements resulted in a net increase of approximately $ 101 million and $ 87 million to the MRB fair value, respectively, recognized as a Market risk benefits loss.

• We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.

• We updated the annuitization assumptions to include an additional year of experience, refreshing treaty-based and age-based behavior assumptions.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Valuation Technique Significant Unobservable Inputs June 30, 2025

June 30, 2024

• We updated the mortality and lapse assumptions to include an additional year of experience.

All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique Significant Unobservable Inputs September 30, 2025

September 30, 2024

Ranges Weighted Average (1)

15 unchanged sentences

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

Chubb INA Senior Notes

a) Chubb INA senior notes

On August 6, 2025, Chubb INA issued $ 1.25 billion of 4.90 percent senior notes due August 2035.

These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb INA's other senior obligations.

They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent).

The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.

These notes do not have the benefit of any sinking fund.

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

Chubb INA Term Loan

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Foreign denominated debt

(i) Chubb INA CNY bonds

On August 6, 2025, Chubb INA issued a series of bonds denominated in Chinese yuan renminbi (CNY), guaranteed by Chubb Limited.

The issuance comprises:

• 1.0 billion CNY (approximately $ 139 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 2.50 percent bonds due 2030;

• 1.5 billion CNY (approximately $ 209 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 2.75 percent bonds due 2035;

• 2.0 billion CNY (approximately $ 279 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 3.05 percent bonds due 2055.

(ii) Chubb INA term loans

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 2028.

This term loan is guaranteed by Chubb Limited.

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

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

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

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

Commercial Paper Program

In July 2025, Chubb INA entered into a 2.1 billion Chinese yuan renminbi term loan (approximately $ 299 million based on the foreign exchange rate on the date of issuance) at 2.75 percent, due July 2028.

These term loans are guaranteed by Chubb Limited.

c) Commercial paper program

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

2 unchanged sentences

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Commitments, contingencies, and guarantees

10 unchanged sentences

We also consider economic hedging for planned cross border transactions.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents the balance sheet location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments:

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Balance Sheet

20 unchanged sentences

(2) Related to MRB book of business.

At June 30, 2025, and December 31, 2024, net derivative liabilities of $ 87 million and $ 199 million, respectively, included in the table above were subject to a master netting agreement.

At September 30, 2025, and December 31, 2024, net derivative liabilities of $ 84 million and $ 199 million, respectively, included in the table above were subject to a master netting agreement.

The remaining derivatives included in the table above were not subject to a master netting agreement.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Hedge accounting

5 unchanged sentences

Chubb holds certain cross-currency swaps designated as fair value hedges.

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

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

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

The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

Six Months Ended

Nine Months Ended

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

13 unchanged sentences

Foreign denominated debt

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

Chubb designated its foreign denominated Chinese yuan renminbi bonds and term loans issued in 2025 as non-derivative net investment hedges to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries.

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

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

The carrying amount of non-derivative debt instruments designated as net investment hedges was $ 1.2 billion at September 30, 2025.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Three Months Ended

Six Months Ended

Nine Months Ended

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

7 unchanged sentences

Total OCI gain (loss) after reclassifications $ 42 $ ( 103 ) $ ( 93 ) $ ( 36 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

c) Derivative instruments not designated as hedges

1 unchanged sentence

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

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

21 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.

6 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties.

22 unchanged sentences

The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement.

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

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

The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

the securities on loan.

The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:

Remaining contractual maturity

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

(in millions of U.S.

7 unchanged sentences

Gross amount of recognized liability for securities lending payable $ 1,899 $ 1,445

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

At September 30, 2025, and December 31, 2024, our repurchase agreement obligations of $ 3,360 million and $ 2,731 million, respectively, were fully collateralized.

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

2 unchanged sentences

Remaining contractual maturity

June 30, 2025 December 31, 2024

September 30, 2025 December 31, 2024

Up to 30 Days 30-90 Days Greater than

20 unchanged sentences

e) Fixed maturities

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

At September 30, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $ 1.4 billion and $ 1.3 billion, respectively.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies.

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

At September 30, 2025, private equities with a carrying value of $ 16.4 billion had commitments that could require funding of up to $ 6.4 billion over the next several years.

At December 31, 2024, these investments had a carrying value of $ 14.5 billion with commitments of up to $ 6.4 billion.

1 unchanged sentence

g) Income taxes

At June 30, 2025, $ 77 million of unrecognized tax benefits remain out standing.

At September 30, 2025, $ 76 million of unrecognized tax benefits remain out standing.

It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations.

7 unchanged sentences

i) Lease commitments

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

At September 30, 2025, and December 31, 2024, the right-of-use asset was $ 1,044 million and $ 824 million, respectively, recorded within Other assets , and the lease liability was $ 1,183 million and $ 942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

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

4 unchanged sentences

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

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

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

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

5 unchanged sentences

dollars (USD):

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

2025 2024 2025 2024

7 unchanged sentences

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

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

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

During the nine months ended September 30, 2025, 8,121,824 shares were repurchased, 7,518,565 shares were canceled, and 1,742,599 net shares were issued under employee share-based compensation plans.

At September 30, 2025, 17,782,983 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

2 unchanged sentences

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

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended October 1, 2025

October 24, 2025

September 30 September 30

(in millions of U.S.

3 unchanged sentences

Repurchase authorization remaining at end of period $ 3,783 $ 2,400 $ 3,783 $ 2,400 $ 3,502

$ — $ 2,808 $ — $ 2,808

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

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

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

6 unchanged sentences

Change in period, before tax 868 3,459 2,755 2,293

Income tax (expense) benefit ( 50 ) 7 ( 111 ) 49

Total other comprehensive income (loss) 936 ( 482 ) 1,776 ( 1,117 )

Income tax expense ( 52 ) ( 198 ) ( 163 ) ( 149 )

Total other comprehensive income 816 3,261 2,592 2,144

Noncontrolling interests, net of tax ( 16 ) 2 ( 20 ) 9

2 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

4 unchanged sentences

Change in period, before tax 305 ( 672 ) 53 ( 672 )

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

Income tax benefit 26 36 47 14

Total other comprehensive income (loss) 331 ( 636 ) 100 ( 658 )

4 unchanged sentences

Change in period, before tax ( 9 ) ( 8 ) ( 4 ) 2

Income tax expense — ( 1 ) ( 1 ) ( 1 )

Total other comprehensive income 1 4 4 9

Income tax benefit 2 1 1 —

Total other comprehensive income (loss) ( 7 ) ( 7 ) ( 3 ) 2

Noncontrolling interests, net of tax — — — —

6 unchanged sentences

Income tax (expense) benefit ( 17 ) 7 ( 26 ) 19

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

Total other comprehensive income 111 452 1,257 14

Noncontrolling interests, net of tax 49 62 89 21

5 unchanged sentences

Change in period, before tax ( 3 ) ( 18 ) ( 117 ) ( 15 )

Income tax (expense) benefit 5 6 24 ( 1 )

Total other comprehensive income (loss) ( 18 ) ( 24 ) ( 90 ) 2

Income tax benefit — 4 24 3

Total other comprehensive loss ( 3 ) ( 14 ) ( 93 ) ( 12 )

Noncontrolling interests, net of tax — — — —

4 unchanged sentences

Income tax benefit 1 — 1 1

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

Total other comprehensive loss ( 2 ) ( 1 ) ( 9 ) ( 1 )

Noncontrolling interests, net of tax — — — —

4 unchanged sentences

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:

Three Months Ended Six Months Ended Consolidated Statement of Operations Location

June 30 June 30

Three Months Ended Nine Months Ended Consolidated Statement of Operations Location

September 30 September 30

(in millions of U.S.

1 unchanged sentence

Fixed maturities available-for-sale $ ( 31 ) $ ( 40 ) $ ( 157 ) $ ( 154 ) Net realized gains (losses)

Income tax benefit 3 12 28 24 Income tax expense

Income tax (expense) benefit ( 11 ) 17 17 41 Income tax expense

$ ( 42 ) $ ( 23 ) $ ( 140 ) $ ( 113 ) Net income

30 unchanged sentences

2025 2024 2025 2024

Three Months Ended June 30 U.S.

Three Months Ended September 30 U.S.

Plans Non-U.S.

12 unchanged sentences

2025 2024 2025 2024

Six Months Ended June 30 U.S.

Nine Months Ended September 30 U.S.

Plans Non-U.S.

15 unchanged sentences

Benefit Plans

Three Months Ended June 30 2025 2024 2025 2024

Three Months Ended September 30 2025 2024 2025 2024

(in millions of U.S.

10 unchanged sentences

Benefit Plans

Six Months Ended June 30 2025 2024 2025 2024

Nine Months Ended September 30 2025 2024 2025 2024

(in millions of U.S.

9 unchanged sentences

Other income and expense

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

11 unchanged sentences

Chubb Limited and Subsidiaries

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

$( 84 ) million and $ 429 million for the three and nine months ended September 30, 2025, respectively, and $ 211 million and $ 318 million, respectively, for the prior year periods.

Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S.

38 unchanged sentences

For the Three Months Ended

June 30, 2025

September 30, 2025

(in millions of U.S.

27 unchanged sentences

For the Three Months Ended

June 30, 2024

September 30, 2024

(in millions of U.S.

26 unchanged sentences

Chubb Limited and Subsidiaries

For the Six Months Ended

June 30, 2025

For the Nine Months Ended

September 30, 2025

(in millions of U.S.

7 unchanged sentences

Administrative expenses 1,049 251 9 1,067 29 614

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

Underwriting income 2,692 116 299 1,508 185 NM

Net investment income 2,845 361 63 847 255 829

1 unchanged sentence

Amortization of purchased intangibles 4 6 18 58 — 28

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

Segment income $ 5,507 $ 469 $ 343 $ 2,278 $ 440 $ 920 $ 9,957

Net realized gains (losses) 327

6 unchanged sentences

Corporate amortization of purchased intangibles 110

Other reclassification 48

Income before income tax $ 9,274

3 unchanged sentences

Chubb Limited and Subsidiaries

For the Six Months Ended

June 30, 2024

For the Nine Months Ended

September 30, 2024

(in millions of U.S.

29 unchanged sentences

Earnings per share

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

16 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements