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Item 2. Management’s Discussion and Analysis

2025-10-27 compared with 2025-07-28 · 217 added, 219 removed, 960 unchanged (31% of the section changed)

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

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

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

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

17 unchanged sentences

Net Investment Income

Interest Expense

Critical Accounting Estimates

46 unchanged sentences

Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide.

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

At September 30, 2025, we had total assets of $270 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $72 billion.

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

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

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

Consolidated Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

5 unchanged sentences

Net investment income 1,648 1,508 9.3 % 4,777 4,367 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

Net realized gains (losses) 283 198 43.2 % 327 201 62.8 %

Market risk benefits gains (losses) (142) (230) (38.6) % (251) (238) 5.5 %

Total revenues 16,148 14,849 8.8 % 44,337 41,578 6.6 %

4 unchanged sentences

Interest expense 197 192 2.6 % 559 552 1.2 %

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

Other (income) expense (43) (325) (86.9) % (781) (626) 24.6 %

Amortization of purchased intangibles 75 81 (7.4) % 224 241 (7.0) %

4 unchanged sentences

Net income $ 3,107 $ 2,490 24.7 % $ 7,449 $ 7,000 6.4 %

Net income (loss) attributable to noncontrolling interests

31 (14) NM 43 137 (68.2) %

Net income attributable to noncontrolling interests

306 166 83.4 % 349 303 15.2 %

Net income attributable to Chubb $ 2,801 $ 2,324 20.5 % $ 7,100 $ 6,697 6.0 %

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

Financial Highlights for the Three Months Ended September 30, 2025

• Net income attributable to Chubb was $2.8 billion compared with $2.3 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.

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 net investment income.

• Consolidated net premiums written were $14.87 billion, up 7.5 percent, or 6.8 percent in constant dollars.

• P&C net premiums written were $12.93 billion, up 5.3 percent, or 4.7 percent in constant dollars, with commercial insurance up 2.9 percent and consumer insurance up 10.1 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.

Overall growth in commercial lines reflects strong new business and retention highlighted by middle market and small commercial P&C, excess and surplus (E&S), crop insurance, large account casualty, and financial lines.

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

The increase in P&C net premiums was partially offset by two non-recurring items that benefited the prior year quarter in the North America commercial P&C segment, which unfavorably impacted growth by 1.5 percentage points.

• Life Insurance net premiums written were $1.9 billion, up 24.6 percent, or 23.5 percent in constant dollars, due to growth in international life of 25.1 percent in constant dollars, predominantly in North Asia, and Combined North America of 18.1 percent, primarily driven by worksite business.

Growth includes $126 million from a one-

time large transaction in New Zealand.

Life Insurance segment income was $324 million, up 14.2 percent, or 13.9 percent in constant dollars.

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• Operating cash flow was $3.6 billion.

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

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

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

Net Premiums Written Three Months Ended

Change Six Months Ended

Change Nine Months Ended

(in millions of U.S.

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

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 361 $ 244 $ 865 $ 643

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

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

California wildfire losses of $1.47 billion;

2 unchanged sentences

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.

◦ Total North America P&C Insurance catastrophe losses were $237 million and $2.1 billion for the three and nine months ended September 30, 2025, respectively.

◦ Total Overseas General catastrophe losses were $42 million and $349 million for the three and nine months ended September 30, 2025, respectively.

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.

◦ Total North America P&C Insurance catastrophe losses were $599 million and $1.4 billion for the three and nine months ended September 30, 2024, respectively.

◦ Total Overseas General catastrophe losses were $103 million and $286 million for the three and nine months ended September 30, 2024, respectively.

Pre-tax net favorable PPD for the three months ended September 30, 2025, was $422 million in our active companies, including net favorable development of $460 million in short-tail lines and net unfavorable development of $38 million in long-tail lines.

Net favorable development for short-tail lines is driven by property lines.

Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation.

Our corporate run-off portfolio had adverse development of $61 million, primarily driven by adverse development for environmental-related claims.

Pre-tax net favorable PPD for the nine months ended September 30, 2025, was $1.0 billion in our active companies, including net favorable development of $1.05 billion in short-tail lines and net adverse development of $42 million in long-tail lines.

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

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

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

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

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

Our corporate run-off portfolio had

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

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

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

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

Our corporate run-off portfolio had adverse development of $144 million, primarily driven by adverse development for environmental and molestation-related claims.

Pre-tax net favorable PPD for the three months ended September 30, 2024, was $299 million in our active companies, including net favorable development of $358 million in short-tail lines and net adverse development of $59 million in long-tail lines.

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

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

Our corporate run-off portfolio had adverse development of $55 million, primarily driven by adverse development for environmental-related claims.

Pre-tax net favorable PPD for the nine months ended September 30, 2024, was $800 million in our active companies, principally in short-tail property and marine lines.

Our corporate run-off portfolio had adverse development of $157 million, primarily driven by adverse development for environmental and molestation-related claims.

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

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P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio.

Three Months Ended Six Months Ended

June 30 June 30

Three Months Ended Nine Months Ended

September 30 September 30

2025 2024 2025 2024

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P&C CAY combined ratio excluding catastrophe losses 82.5 % 83.4 % 82.4 % 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 P&C combined ratio decreased for the three months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development, and the impact of a large structured transaction that had an unfavorable impact to the ratio in the prior year period.

The P&C combined ratio increased for the nine months ended September 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.

The P&C CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting lower losses, partially offset by an increase in the policy acquisition cost ratio from changes in mix of business.

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

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

Segment Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

We operate through six business segments:

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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

9 unchanged sentences

Other (income) expense 10 6 54.7 % 26 28 (6.2) %

Amortization of purchased intangibles 2 — NM 3 — NM

Amortization of purchased intangibles 1 2 (50.0) % 4 2 125.0 %

Segment income $ 1,908 $ 1,615 18.1 % $ 5,507 $ 4,810 14.5 %

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CAY combined ratio excluding catastrophe losses 80.8 % 80.8 % — pts 81.1 % 81.2 % (0.1) 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

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

September 30 % Change September 30 % Change

(in millions of U.S.

dollars) 2025 2024 2025 2024

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

Q-24 2025 2024 YTD-25 vs.

Major Accounts & Specialty $ 3,379 $ 3,296 2.5 % $ 9,688 $ 9,599 0.9 %

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Total $ 5,663 $ 5,500 2.9 % $ 16,173 $ 15,690 3.1 %

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

June 30 June 30

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

September 30 September 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 26 $ 39 $ 246 $ 231

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

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

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

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

Net premiums written increased $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.

Net premiums written increased $163 million, or 2.9 percent, for the three months ended September 30, 2025, and includes a 3.4 percentage point unfavorable impact of two non-recurring items that benefited the prior year quarter.

Middle market and small commercial grew 3.6 percent, including a 3.3 percentage point unfavorable impact of lower workers’ compensation annual payroll-related audit premium adjustments, which are made in the third quarter every year.

Major accounts and specialty were up 2.5 percent, and includes a 3.4 percent unfavorable impact from a one-off structured transaction which occurred in 2024, with E&S up 6.6 percent.

Net premiums written increased $483 million, or 3.1 percent, for the nine months ended September 30, 2025, which includes P&C lines growth of 2.9 percent and financial lines growth of 3.9 percent.

Middle market and small commercial grew 6.5 percent, with P&C lines up 8.1 percent and financial lines up 0.7 percent.

Major accounts retail and specialty grew 0.9 percent, with property and other short-tail lines down 3.1 percent, casualty up 4.9 percent, and financial lines up 7.7 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 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.

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.

Net premiums earned decreased $30 million, or 0.6 percent, for the three months ended September 30, 2025, and increased $355 million, or 2.4 percent, for the nine months ended September 30, 2025, both reflecting the growth in net premiums written described above.

The growth for the three months ended September 30, 2025 was unfavorably impacted by the one-off structured transaction described above and lower workers' compensation annual payroll-related audit premium adjustments that were fully earned when written.

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.

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

The CAY combined ratio excluding catastrophe losses was relatively flat for the three and nine months ended September 30, 2025, reflecting a change in the mix of business and earned rate exceeding loss trends in certain lines, partially offset by higher loss trends relative to earned rate growth in financial lines, and an increase in the expense ratio reflecting one-off benefits in the prior year.

The ratio was also favorably impacted from lower year-over-year large structured transactions as described above.

North America Personal P&C Insurance

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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

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Administrative expenses 82 88 (6.3) % 251 262 (4.1) %

Underwriting income (loss) 445 249 78.0 % (491) 435 NM

Underwriting income 607 295 106.2 % 116 730 (84.1) %

Net investment income 123 112 10.1 % 361 322 12.2 %

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

Other (income) expense 1 1 — 2 — NM

Amortization of purchased intangibles 2 3 (5.4) % 6 7 (5.4) %

Segment income (loss) $ 561 $ 357 57.2 % $ (258) $ 642 NM

Segment income $ 727 $ 403 80.4 % $ 469 $ 1,045 (55.1) %

Combined ratio:

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Net Catastrophe Losses and Prior Period Development

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.

2 unchanged sentences

Favorable prior period development $ 282 $ 189 $ 403 $ 305

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

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

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

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

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

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

Net premiums earned increased $169 million, or 11.1 percent, and $272 million, or 9.1 percent, for the three and six months ended June 30, 2025, respectively, reflecting the growth in net premiums written described above.

Net premiums written increased $135 million, or 8.1 percent, and $393 million, or 8.0 percent, for the three and nine months ended September 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 nine months ended September 30, 2025, was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires.

Net premiums earned increased $164 million, or 10.5 percent, and $436 million, or 9.6 percent, for the three and nine months ended September 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.

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

The combined ratio increased for the nine months ended September 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 nine months ended September 30, 2025, primarily due to an improvement in homeowners and auto from lower underlying losses and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.

North America Agricultural Insurance

2 unchanged sentences

(Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

20 unchanged sentences

NM - Not meaningful

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

June 30 June 30

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

September 30 September 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 30 $ 6 $ 63 $ 34

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

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

Net premiums written 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.

Net premiums written increased $79 million, or 5.6 percent, and $81 million, or 3.4 percent, for the three and nine months ended September 30, 2025, respectively, primarily due to higher reported acreage from policyholders, and policy count growth, partially offset by lower commodity prices in the current year.

Net premiums written for the nine months ended September 30, 2025, also reflects a ceded premium increase of $41 million to the U.S.

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

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

Net premiums earned increased $76 million, or 5.4 percent, and $85 million, or 3.9 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in net premiums written 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.

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

The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2025, which contemplates a lower underwriting gain for the first nine months of the current crop year, partially offset by earned rate exceeding loss trend in our Agriculture P&C business.

Overseas General Insurance

5 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

22 unchanged sentences

CAY combined ratio excluding catastrophe losses 84.4 % 84.8 % (0.4) pts 85.1 % 85.3 % (0.2) pts

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

June 30 June 30

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

September 30 September 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ 84 $ 60 $ 282 $ 210

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

Global earthquakes, principally in Thailand;

storms in Australia;

and California wildfire losses.

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

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

Net Premiums Written by Region

Three Months Ended June 30

Three Months Ended September 30

(in millions of U.S.

8 unchanged sentences

Net premiums written $ 3,695 100 % $ 3,367 100 % $ 3,438 9.7 % 7.4 %

Six Months Ended June 30

Nine Months Ended September 30

(in millions of U.S.

9 unchanged sentences

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

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.

Overall, net premiums written increased $328 million and $682 million, or $257 million and $830 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively, reflecting growth in commercial lines of 5.8 percent and 5.1 percent, or 3.9 percent and 6.0 percent on a constant-dollar basis, respectively, and growth in consumer lines of 15.5 percent and 8.6 percent, or 12.6 percent and 10.9 percent on a constant-dollar basis, respectively.

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

Asia increased for the three and nine months ended September 30, 2025, reflecting growth primarily in consumer lines, including personal lines and A&H.

Commercial lines growth reflects higher new business in property.

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

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

Commercial lines increased primarily from new business growth.

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

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

Commercial lines increased driven by growth across all lines.

Net premiums earned increased $382 million and $588 million, or $295 million and $693 million on a constant-dollar basis, for the three and nine months ended September 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.

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

The combined ratio decreased for the nine months ended September 30, 2025, reflecting higher favorable prior period development, partially offset by higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting loss ratio improvement, primarily from commercial lines, offset by increase in expense ratio reflecting changes in mix of business, primarily higher consumer lines.

Global Reinsurance

1 unchanged sentence

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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

7 unchanged sentences

Administrative expenses 9 9 — 29 29 0.5 %

Underwriting income 98 93 6.0 % 114 161 (29.0) %

Underwriting income 71 18 NM 185 179 3.7 %

Net investment income 100 64 55.6 % 255 179 42.5 %

8 unchanged sentences

CAY combined ratio excluding catastrophe losses 75.6 % 75.8 % (0.2) pts 74.5 % 76.6 % (2.1) pts

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

June 30 June 30

NM - Not meaningful

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

September 30 September 30

(in millions of U.S.

2 unchanged sentences

Favorable prior period development $ — $ 5 $ 15 $ 20

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

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

Net premiums written 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.

Net premiums written decreased $48 million and $30 million for the three and nine months ended September 30, 2025, respectively, as growth in casualty lines was more than offset by decreases in property, financial, and specialty lines and by the impact of a large treaty in the prior year with a coverage term through 2026.

The decrease in net premiums written for the nine months ended September 30, 2025, also includes the impact of a large one-off structured transaction in the second quarter of 2024.

Net premiums earned were relatively flat for the three months ended September 30, 2025, and increased $71 million for the nine months ended September 30, 2025, reflecting the changes in net premiums written described above.

Net premiums earned also includes the impact of new business written in the prior year for which premiums are earned in the current year.

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.

The combined ratio decreased for the three months ended September 30, 2025, primarily due to lower catastrophe losses.

The combined ratio increased for the nine months ended September 30, 2025, primarily reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses for the three months ended September 30, 2025, was relatively flat as lower loss expectations in property and casualty lines was mostly offset by a lower proportion of net premiums earned from property lines which carry a lower loss and expense ratio.

The CAY combined ratio excluding catastrophe losses decreased for the nine months ended September 30, 2025, primarily due to 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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

13 unchanged sentences

Segment income - constant dollars 13.9 % 14.9 %

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.

Net premiums written increased $380 million and $689 million, or $367 million and $794 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively.

For our international life operations, net premiums written increased 26.5 percent and 14.4 percent, or 25.1 percent and 17.3 percent on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively.

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

Growth for the three and nine months ended September 30, 2025, includes $126 million from a one-time large transaction in New Zealand.

Net premiums written in our Combined Insurance business increased 18.1 percent and 17.6 percent for the three and nine months ended September 30, 2025, or 18.1 percent and 18.3 percent on a constant-dollar basis, respectively, due to 29.8 percent and 33.6 percent growth in worksite business.

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

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

5 unchanged sentences

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 deposits collected decreased $90 million for the three months ended September 30, 2025, reflecting a shift towards insurance products in Taiwan and market volatility, and increased $36 million for the nine months ended September 30, 2025, primarily from investment linked product sales through the Taiwan broker channel.

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.

Life Insurance segment income increased $40 million, or 14.2 percent, and $92 million, or 11.1 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in premiums described above, expense leverage and higher net investment income from asset growth.

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity.

Three Months Ended Six Months Ended

June 30 % Change June 30 % Change

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

(in millions of U.S.

5 unchanged sentences

Net investment income (loss) (18) (28) (25.8) % (74) (86) (12.0) %

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

Other income (expense) (87) 202 NM 408 263 55.2 %

Amortization of purchased intangibles 36 40 (9.6) % 110 122 (9.6) %

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

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

Net realized gains (losses) 331 179 85.5 % 375 101 271.2 %

Market risk benefits gains (losses) (142) (230) (38.6) % (251) (238) 5.5 %

Interest expense 197 192 2.6 % 559 552 1.2 %

2 unchanged sentences

Net loss $ (1,111) $ (782) 42.3 % $ (2,508) $ (2,462) 1.9 %

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

Net income attributable to noncontrolling interests 306 166 83.4 % 349 303 15.2 %

Net loss attributable to Chubb $ (1,417) $ (948) 49.5 % $ (2,857) $ (2,765) 3.4 %

2 unchanged sentences

These expenses are one-time in nature and are not related to the on-going business activities of the segments.

The Chief Executive

Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit).

9 unchanged sentences

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

Three Months Ended June 30

Three Months Ended September 30

(in millions of U.S.

13 unchanged sentences

Net gains (losses), pre-tax $ 283 $ 1,286 $ 1,569 $ 198 $ 3,205 $ 3,403

Six Months Ended June 30

Nine Months Ended September 30

(in millions of U.S.

13 unchanged sentences

Net gains (losses), pre-tax $ 327 $ 3,960 $ 4,287 $ 201 $ 1,601 $ 1,802

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.

Pre-tax net unrealized gains of $868 million and $2,755 million in our investment portfolio for the three and nine months ended September 30, 2025, respectively, were primarily driven by lower interest rates.

Pre-tax net realized gains of $283 million and $327 million for the three and nine months ended September 30, 2025, respectively, were primarily driven by mark-to-market gains on equity securities, partially offset by foreign exchange losses.

Effective Income Tax Rate

2 unchanged sentences

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.

For the three and nine months ended September 30, 2025, our ETR was 20.2 percent and 19.7 percent, respectively, compared to an ETR of 16.8 percent and 16.0 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.

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

Non-GAAP Reconciliation

28 unchanged sentences

Three Months Ended

June 30, 2025

September 30, 2025

(in millions of U.S.

9 unchanged sentences

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

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

PPD, gross of related adjustments - favorable (unfavorable) 97 282 30 84 — (61) 432

5 unchanged sentences

Net premiums earned E $ 5,080 $ 1,741 $ 1,495 $ 3,803 $ 315 $ 12,434

Reinstatement premiums (collected) expensed on catastrophe losses — — — 5 — 5

Net premiums earned adjustments on PPD - unfavorable (favorable) 68 — — — — 68

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

Net premiums earned excluding adjustments F $ 5,148 $ 1,741 $ 1,495 $ 3,803 $ 315 $ 12,502

16 unchanged sentences

Three Months Ended

June 30, 2024

September 30, 2024

(in millions of U.S.

9 unchanged sentences

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

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

PPD, gross of related adjustments - favorable (unfavorable) 110 189 6 60 5 (55) 315

5 unchanged sentences

Net premiums earned E $ 5,110 $ 1,577 $ 1,419 $ 3,421 $ 316 $ 11,843

Reinstatement premiums (collected) expensed on catastrophe losses — — — — (4) (4)

Net premiums earned adjustments on PPD - unfavorable (favorable) 69 — — — — 69

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

Net premiums earned excluding adjustments F $ 5,179 $ 1,577 $ 1,419 $ 3,421 $ 312 $ 11,908

16 unchanged sentences

Reinsurance Corporate Total P&C

Six Months Ended

June 30, 2025

Nine Months Ended

September 30, 2025

(in millions of U.S.

38 unchanged sentences

Reinsurance Corporate Total P&C

Six Months Ended

June 30, 2024

Nine Months Ended

September 30, 2024

(in millions of U.S.

17 unchanged sentences

Net premiums earned E $ 14,890 $ 4,560 $ 2,173 $ 9,966 $ 950 $ 32,539

Reinstatement premiums (collected) expensed on catastrophe losses — — — — (4) (4)

Net premiums earned adjustments on PPD - unfavorable (favorable) 77 — 39 — — 116

17 unchanged sentences

Net Investment Income

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.

15 unchanged sentences

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.

Net investment income increased 9.3 percent and 9.4 percent for the three and nine months ended September 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.

3 unchanged sentences

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

Three Months Ended September 30 Nine Months Ended September 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

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.

Total mark-to-market gain (loss) on private equity, pre-tax $ (35) $ 170 $ 461 $ 357

Interest Expense

Interest expense for the nine months ended September 30, 2025 was $ 559 million comprising $575 million related to fixed expense on existing debt obligations and variable expense, and a $16 million benefit relating to the amortization of the fair value of debt assumed in the Chubb Corp acquisition.

The variable expenses relate to fees from the usage of certain facilities, including letters of credit, and interest on held collateral and repurchase agreements.

Based on projected variable expenses and our existing debt obligations, including recent issuances of Chinese yuan renminbi term loans, bonds, and U.S.

dollar senior notes, we expect pre-tax interest expense to be approximately $210 million for the remainder of 2025, or $785 million for the full year.

We also expect a $5 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition for the remainder of 2025.

For more information on our debt obligations, refer to Note 12 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2024 Form 10-K.

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 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.

2 unchanged sentences

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

September 30, 2025 December 31, 2024

(in millions of U.S.

9 unchanged sentences

Total investments $ 166,027 $ 167,885 $ 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 fair value of our total investments increased $15.3 billion during the nine months ended September 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 following tables present the fair value of our fixed income securities at September 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

September 30, 2025 December 31, 2024

(in millions of U.S.

16 unchanged sentences

$ 133,690 100 % $ 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.

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.5 billion and $6.3 billion at September 30, 2025, and December 31, 2024, respectively.

Corporate and asset-backed securities

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

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

(in millions of U.S.

13 unchanged sentences

Value Amortized Cost, Net

June 30, 2025

September 30, 2025

(in millions of U.S.

17 unchanged sentences

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

government securities at June 30, 2025:

government securities at September 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 $ 1,999 $ 1,896

People's Republic of China 1,962 1,981

Kingdom of Thailand 1,089 928

3 unchanged sentences

Federative Republic of Brazil

Province of Ontario 564 569

Commonwealth of Australia 580 650

Province of Hunan China 558 553

Province of Ontario 557 557

Other Non-U.S.

3 unchanged sentences

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

corporate securities at June 30, 2025:

corporate securities at September 30, 2025:

(in millions of U.S.

4 unchanged sentences

United States (1)

France 1,643 1,643

South Korea 1,557 1,485

2 unchanged sentences

Germany 686 701

Chile 541 561

Netherlands 586 590

Other Non-U.S.

10 unchanged sentences

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.

At September 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 $204 million.

24 unchanged sentences

Other (including foreign exchange translation) 1,313 298 1,015

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

Balance at September 30, 2025 $ 88,439 $ 18,421 $ 70,018

(1) Net of valuation allowance for uncollectible reinsurance.

6 unchanged sentences

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.

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

Modeled Net Probable Maximum Loss (PML) Pre-tax

17 unchanged sentences

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.

peril regions are based on our in-force portfolio at July 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.

1 unchanged sentence

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).

hurricane events could be in excess of $3,904 million (or 5.4 percent of total Chubb shareholders’ equity at September 30, 2025).

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

52 unchanged sentences

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

June 30 December 31

September 30 December 31

(in millions of U.S.

16 unchanged sentences

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.

Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2025:

• March 2025:

Repaid $800 million of 3.15 percent senior notes upon maturity.

• April 2025:

Entered into a 1.8 billion Chinese yuan (CNY) term loan (approximately $249 million at the time of issuance) at 2.85 percent, due April 10, 2028.

Entered into a 2.1 billion CNY term loan (approximately $299 million at the time of issuance) at 2.75 percent, due July 25, 2028.

• August 2025:

Issued 4.5 billion CNY bonds (approximately $627 million at the time of issuance) in 5-year, 10-year, and 30-year tranches, with interest rates ranging from 2.50 percent to 3.05 percent.

• August 2025:

Issued $1.25 billion of 4.90 percent senior notes due August 2035.

Refer to Note 12 to the Consolidated Financial Statements for additional details.

For the nine months ended September 30, 2025, we repurchased $2.3 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At September 30, 2025, there were 17,782,983 Common Shares in treasury with a weighted-average cost of $207.06 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.

For the period October 1, 2025, through October 24, 2025, we repurchased 1,000,000 Common Shares for a total of $282 million in a series of open market transactions under the share repurchase authorization.

At October 27, 2025, $3.5 billion in share repurchase authorization remained.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years.

12 unchanged sentences

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

September 12, 2025 October 3, 2025 $0.97 (CHF 0.78)

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.

4 unchanged sentences

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.

At September 30, 2025, our usage under these facilities was $944 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.

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

2 unchanged sentences

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.

At September 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.

During the nine months ended September 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 Limited received dividends of $1.3 billion and $1.0 billion from its Bermuda subsidiaries during the nine months ended September 30, 2025, and 2024, respectively.

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

During the nine months ended September 30, 2025, Chubb Limited received $2.25 billion from Chubb INA for the redemption of a portion of its ownership interest in Chubb INA, in accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company.

Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's 20 percent ownership interest in Chubb INA.

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

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

Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate.

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.

Chubb Limited received no dividends from Chubb INA during the nine months ended September 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.

Chubb INA received dividends of $1.8 billion from its subsidiaries during the nine months ended September 30, 2025, and 2024.

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.

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

Operating cash flows were $8.8 billion for the nine months ended September 30, 2025, compared to $11.6 billion in the prior year period, primarily due to higher net losses and income taxes paid, partially offset by higher premiums collected and higher net investment income.

Cash used for investing was $8.9 billion for the nine months ended September 30, 2025, compared to $11.4 billion in the prior year period, a decrease of $2.5 billion, primarily due to lower net purchases of fixed maturities, equity, and short-term securities of $3.4 billion.

This activity was partially offset by the impact of net private equity contributions of $1.1 billion in the current year compared to net private equity distributions of $311 million received in the prior year period.

Cash used for financing was $189 million for the nine months ended September 30, 2025, compared to $62 million in the prior year period, an increase of $127 million.

This was primarily due to higher common share repurchases of $1.2 billion, lower net policyholder deposits of $65 million, and lower proceeds from employee share-based compensation plans of $92 million, partially offset by higher net third-party capital invested into consolidated investment products of $757 million and higher repurchase agreement borrowings of $469 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.

At September 30, 2025, there were $3.4 billion in repurchase agreements outstanding with various maturities over the next eight months.

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

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(Subsidiary Issuer)

June 30 December 31 June 30 December 31

September 30 December 31 September 30 December 31

(in millions of U.S.

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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

Nine Months Ended September 30, 2025 Chubb Limited

(Parent Guarantor) Chubb INA Holdings LLC

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis