Chubb Ltd 10-Q

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and nine months ended September 30, 2025. All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ. Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K). Other Information We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report. MD&A Index Page Forward-Looking Statements 52 Overview 53 Consolidated Operating Results 54 Segment Operating Results 58 Net Realized and Unrealized Gains (Losses) 68 Effective Income Tax Rate 69 Non-GAAP Reconciliation 69 Net Investment Income 75 Interest Expense 75 Investments 75 Critical Accounting Estimates 79 Catastrophe Management 80 Global Property Catastrophe Reinsurance Program 81 Capital Resources 82 Liquidity 83 Information Provided In Connection With Outstanding Debt of Subsidiaries 85 51 Table of Contents Forward-Looking Statements The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to: • actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete; • losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments; • changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance; • uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events; • the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment; • severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic; • developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession; • the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries; • changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery; • actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent; • the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues; • acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization; • risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations; • loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame; 52 Table of Contents • the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and • management’s response to these factors and actual events (including, but not limited to, those described above). The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue, ” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise. Overview Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At 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. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K. 53 Table of Contents 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. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 14,866 $ 13,829 7.5 % $ 41,708 $ 39,410 5.8 % Net premiums written - constant dollars (1) 6.8 % 6.6 % Net premiums earned 14,359 13,373 7.4 % 39,484 37,248 6.0 % Net investment income 1,648 1,508 9.3 % 4,777 4,367 9.4 % 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 % Losses and loss expenses 6,951 7,383 (5.9) % 20,419 19,541 4.5 % Policy benefits 1,372 1,099 24.7 % 4,005 3,498 14.5 % Policy acquisition costs 2,563 2,324 10.3 % 7,291 6,757 7.9 % Administrative expenses 1,138 1,094 4.0 % 3,343 3,258 2.6 % Interest expense 197 192 2.6 % 559 552 1.2 % Other (income) expense (43) (325) (86.9) % (781) (626) 24.6 % Amortization of purchased intangibles 75 81 (7.4) % 224 241 (7.0) % Integration expenses 1 7 (80.8) % 3 21 (86.0) % Total expenses 12,254 11,855 3.4 % 35,063 33,242 5.5 % Income before income tax 3,894 2,994 30.0 % 9,274 8,336 11.2 % Income tax expense 787 504 56.1 % 1,825 1,336 36.6 % Net income $ 3,107 $ 2,490 24.7 % $ 7,449 $ 7,000 6.4 % 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 % (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 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 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 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- 54 Table of Contents time large transaction in New Zealand. Life Insurance segment income was $324 million, up 14.2 percent, or 13.9 percent in constant dollars. • Pre-tax net investment income was $1.65 billion, up 9.3 percent compared to $1.5 billion in the prior year period, primarily due to higher average invested assets. • Operating cash flow was $3.6 billion. Net Premiums Written Three Months Ended September 30 % Change Nine Months Ended September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 C$ YTD-25 vs. YTD-24 Property and other short-tail lines $ 2,428 $ 2,314 4.9 % 4.4 % $ 7,683 $ 7,389 4.0 % 4.5 % Commercial casualty 2,627 2,548 3.1 % 2.4 % 7,268 6,913 5.1 % 5.2 % Financial lines 1,349 1,249 8.0 % 7.2 % 3,706 3,594 3.1 % 3.4 % Workers' compensation 537 539 (0.2) % (0.2) % 1,722 1,727 (0.3) % (0.3) % Commercial multiple peril (1) 462 433 6.8 % 6.8 % 1,359 1,229 10.6 % 10.6 % Surety 203 188 7.5 % 8.2 % 628 572 9.7 % 13.1 % Total Commercial P&C lines 7,606 7,271 4.6 % 4.1 % 22,366 21,424 4.4 % 4.8 % Agriculture 1,458 1,379 5.6 % 5.6 % 2,467 2,386 3.4 % 3.4 % Personal homeowners 1,403 1,287 9.1 % 9.0 % 3,958 3,707 6.8 % 7.1 % Personal automobile 780 624 24.9 % 25.2 % 2,192 1,880 16.6 % 22.0 % Personal other 538 509 5.7 % 3.0 % 1,705 1,594 7.0 % 6.8 % Total Personal lines 2,721 2,420 12.4 % 11.9 % 7,855 7,181 9.4 % 10.8 % Global A&H - P&C 845 855 (1.2) % (3.8) % 2,474 2,532 (2.3) % (2.0) % Reinsurance lines 304 352 (13.5) % (13.8) % 1,092 1,122 (2.6) % (2.7) % Total Property and Casualty lines 12,934 12,277 5.3 % 4.7 % 36,254 34,645 4.6 % 5.2 % Life Insurance 1,932 1,552 24.6 % 23.5 % 5,454 4,765 14.5 % 17.0 % Total consolidated $ 14,866 $ 13,829 7.5 % 6.8 % $ 41,708 $ 39,410 5.8 % 6.6 % (1) Commercial multiple peril represents retail package business (property and general liability). For additional information on net premiums written, refer to the segment operating results discussions. 55 Table of Contents Catastrophe Losses and Prior Period Development We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe losses are net of reinsurance and include reinstatement premiums, which are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. PPD includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development. Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 285 $ 765 $ 2,556 $ 1,780 Favorable prior period development $ 361 $ 244 $ 865 $ 643 Catastrophe losses through September 30, 2025 and 2024, were primarily from the following events: • 2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses. ◦ Total North America P&C Insurance catastrophe losses were $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. • 2024: Severe weather-related events in the U.S. and internationally. ◦ 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 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. 56 Table of Contents 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. P&C Combined Ratio In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss. P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. Three Months Ended Nine Months Ended September 30 September 30 2025 2024 2025 2024 Combined ratio: Loss and loss expense ratio 56.7 % 63.1 % 60.8 % 60.8 % Policy acquisition cost ratio 17.7 % 17.2 % 18.5 % 18.0 % Administrative expense ratio 7.4 % 7.4 % 8.0 % 8.1 % P&C Combined ratio 81.8 % 87.7 % 87.3 % 86.9 % Catastrophe losses (2.3) % (6.4) % (7.4) % (5.5) % Prior period development 3.0 % 2.1 % 2.5 % 2.0 % 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 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 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. 57 Table of Contents Segment Operating Results – Three and Nine Months Ended September 30, 2025 and 2024 We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K. North America Commercial P&C Insurance The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts). Three Months Ended Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 5,663 $ 5,500 2.9 % $ 16,173 $ 15,690 3.1 % Net premiums earned 5,080 5,110 (0.6) % 15,245 14,890 2.4 % Losses and loss expenses 3,083 3,391 (9.1) % 9,372 9,640 (2.8) % Policy acquisition costs 708 689 2.8 % 2,132 2,037 4.7 % Administrative expenses 348 338 2.9 % 1,049 993 5.6 % Underwriting income 941 692 35.9 % 2,692 2,220 21.2 % Net investment income 978 931 5.2 % 2,845 2,620 8.6 % Other (income) expense 10 6 54.7 % 26 28 (6.2) % 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 % Combined ratio: Loss and loss expense ratio 60.7 % 66.4 % (5.7) pts 61.5 % 64.7 % (3.2) pts Policy acquisition cost ratio 13.9 % 13.5 % 0.4 pts 14.0 % 13.7 % 0.3 pts Administrative expense ratio 6.9 % 6.6 % 0.3 pts 6.8 % 6.7 % 0.1 pts Combined ratio 81.5 % 86.5 % (5.0) pts 82.3 % 85.1 % (2.8) pts Catastrophe losses (1.4) % (6.6) % 5.2 pts (2.9) % (5.5) % 2.6 pts Prior period development 0.7 % 0.9 % (0.2) pts 1.7 % 1.6 % 0.1 pts CAY combined ratio excluding catastrophe losses 80.8 % 80.8 % — pts 81.1 % 81.2 % (0.1) pts 58 Table of Contents 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 Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Major Accounts & Specialty $ 3,379 $ 3,296 2.5 % $ 9,688 $ 9,599 0.9 % Commercial 2,284 2,204 3.6 % 6,485 6,091 6.5 % Total $ 5,663 $ 5,500 2.9 % $ 16,173 $ 15,690 3.1 % Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 72 $ 340 $ 455 $ 828 Favorable prior period development $ 26 $ 39 $ 246 $ 231 Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development. Premiums 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. The increases were partially offset by rate decreases in our Large Risk and E&S brokerage property lines. 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 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. 59 Table of Contents North America Personal P&C Insurance The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada. Three Months Ended Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 1,814 $ 1,679 8.1 % $ 5,304 $ 4,911 8.0 % Net premiums earned 1,741 1,577 10.5 % 4,996 4,560 9.6 % Losses and loss expenses 713 879 (18.8) % 3,628 2,654 36.7 % Policy acquisition costs 339 315 7.5 % 1,001 914 9.5 % Administrative expenses 82 88 (6.3) % 251 262 (4.1) % Underwriting income 607 295 106.2 % 116 730 (84.1) % Net investment income 123 112 10.1 % 361 322 12.2 % Other (income) expense 1 1 — 2 — NM Amortization of purchased intangibles 2 3 (5.4) % 6 7 (5.4) % Segment income $ 727 $ 403 80.4 % $ 469 $ 1,045 (55.1) % Combined ratio: Loss and loss expense ratio 41.0 % 55.8 % (14.8) pts 72.6 % 58.2 % 14.4 pts Policy acquisition cost ratio 19.4 % 20.0 % (0.6) pts 20.1 % 20.0 % 0.1 pts Administrative expense ratio 4.7 % 5.5 % (0.8) pts 5.0 % 5.8 % (0.8) pts Combined ratio 65.1 % 81.3 % (16.2) pts 97.7 % 84.0 % 13.7 pts Catastrophe losses (9.2) % (14.6) % 5.4 pts (32.6) % (11.8) % (20.8) pts Prior period development 16.2 % 12.0 % 4.2 pts 8.0 % 6.7 % 1.3 pts CAY combined ratio excluding catastrophe losses 72.1 % 78.7 % (6.6) pts 73.1 % 78.9 % (5.8) pts 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. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 161 $ 230 $ 1,645 $ 538 Favorable prior period development $ 282 $ 189 $ 403 $ 305 Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development. Premiums 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. 60 Table of Contents Combined Ratio 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 The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business. Three Months Ended Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 1,458 $ 1,379 5.6 % $ 2,467 $ 2,386 3.4 % Net premiums earned 1,495 1,419 5.4 % 2,258 2,173 3.9 % Losses and loss expenses 1,224 1,193 2.6 % 1,799 1,785 0.8 % Policy acquisition costs 86 88 (1.5) % 151 154 (1.7) % Administrative expenses 5 2 68.7 % 9 7 20.3 % Underwriting income 180 136 32.6 % 299 227 31.9 % Net investment income 20 20 — 63 62 1.9 % Other (income) expense — 1 NM 1 1 — Amortization of purchased intangibles 6 5 — 18 18 — Segment income $ 194 $ 150 29.6 % $ 343 $ 270 27.2 % Combined ratio: Loss and loss expense ratio 81.9 % 84.1 % (2.2) pts 79.7 % 82.2 % (2.5) pts Policy acquisition cost ratio 5.8 % 6.1 % (0.3) pts 6.7 % 7.1 % (0.4) pts Administrative expense ratio 0.3 % 0.2 % 0.1 pts 0.4 % 0.3 % 0.1 pts Combined ratio 88.0 % 90.4 % (2.4) pts 86.8 % 89.6 % (2.8) pts Catastrophe losses (0.3) % (2.0) % 1.7 pts (0.9) % (2.9) % 2.0 pts Prior period development 2.0 % 0.5 % 1.5 pts 2.8 % 1.7 % 1.1 pts CAY combined ratio excluding catastrophe losses 89.7 % 88.9 % 0.8 pts 88.7 % 88.4 % 0.3 pts 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. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 4 $ 29 $ 20 $ 65 Favorable prior period development $ 30 $ 6 $ 63 $ 34 Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development. 61 Table of Contents Premiums 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 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 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. 62 Table of Contents Overseas General Insurance Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand. Three Months Ended Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 3,695 $ 3,367 9.7 % $ 11,218 $ 10,536 6.5 % Net premiums written - constant dollars 7.4 % 8.0 % Net premiums earned 3,803 3,421 11.2 % 10,554 9,966 5.9 % Losses and loss expenses 1,707 1,631 4.7 % 4,893 4,728 3.5 % Policy benefits 119 120 (1.4) % 361 312 15.7 % Policy acquisition costs 975 852 14.4 % 2,725 2,517 8.3 % Administrative expenses 368 340 8.5 % 1,067 1,019 4.7 % Underwriting income 634 478 32.5 % 1,508 1,390 8.4 % Net investment income 288 286 1.0 % 847 836 1.3 % Other (income) expense 8 5 59.8 % 19 14 32.9 % Amortization of purchased intangibles 20 21 (2.7) % 58 61 (4.9) % Segment income $ 894 $ 738 21.1 % $ 2,278 $ 2,151 5.9 % Segment income - constant dollars 17.7 % 6.2 % Combined ratio: Loss and loss expense ratio 48.0 % 51.2 % (3.2) pts 49.8 % 50.6 % (0.8) pts Policy acquisition cost ratio 25.6 % 24.9 % 0.7 pts 25.8 % 25.3 % 0.5 pts Administrative expense ratio 9.7 % 9.9 % (0.2) pts 10.1 % 10.2 % (0.1) pts Combined ratio 83.3 % 86.0 % (2.7) pts 85.7 % 86.1 % (0.4) pts Catastrophe losses (1.1) % (3.0) % 1.9 pts (3.3) % (2.9) % (0.4) pts Prior period development 2.2 % 1.8 % 0.4 pts 2.7 % 2.1 % 0.6 pts 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 Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 42 $ 103 $ 349 $ 286 Favorable prior period development $ 84 $ 60 $ 282 $ 210 Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development. 63 Table of Contents Net Premiums Written by Region Three Months Ended September 30 (in millions of U.S. dollars, except for percentages) 2025 2025 % of Total 2024 2024 % of Total C$ 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 Region Europe, Middle East, and Africa $ 1,412 38 % $ 1,347 40 % $ 1,407 4.8 % 0.3 % Asia 1,462 40 % 1,279 38 % 1,301 14.3 % 12.4 % Latin America 775 21 % 701 21 % 690 10.6 % 12.3 % Other (1) 46 1 % 40 1 % 40 15.0 % 13.5 % Net premiums written $ 3,695 100 % $ 3,367 100 % $ 3,438 9.7 % 7.4 % Nine Months Ended September 30 (in millions of U.S. dollars, except for percentages) 2025 2025 % of Total 2024 2024 % of Total C$ 2024 YTD-25 vs. YTD-24 C$ YTD-25 vs. YTD-24 Region Europe, Middle East, and Africa $ 4,875 44 % $ 4,625 44 % $ 4,654 5.4 % 4.7 % Asia 3,976 35 % 3,617 34 % 3,598 9.9 % 10.5 % Latin America 2,254 20 % 2,175 21 % 2,017 3.6 % 11.7 % Other (1) 113 1 % 119 1 % 119 (5.7) % (5.6) % Net premiums written $ 11,218 100 % $ 10,536 100 % $ 10,388 6.5 % 8.0 % (1) Includes the international supplemental A&H business of Combined Insurance and other international operations. Premiums 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 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 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. 64 Table of Contents Global Reinsurance The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies. Three Months Ended Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 304 $ 352 (13.5) % $ 1,092 $ 1,122 (2.6) % Net premiums written - constant dollars (13.8) % (2.7) % Net premiums earned 315 316 (0.5) % 1,021 950 7.4 % Losses and loss expenses 139 200 (31.1) % 513 492 4.1 % Policy acquisition costs 96 89 8.5 % 294 250 17.5 % Administrative expenses 9 9 — 29 29 0.5 % Underwriting income 71 18 NM 185 179 3.7 % Net investment income 100 64 55.6 % 255 179 42.5 % Segment income $ 171 $ 82 108.0 % $ 440 $ 358 23.1 % Combined ratio: Loss and loss expense ratio 43.8 % 63.3 % (19.5) pts 50.1 % 51.8 % (1.7) pts Policy acquisition cost ratio 30.5 % 28.0 % 2.5 pts 28.8 % 26.3 % 2.5 pts Administrative expense ratio 3.1 % 3.1 % — pts 3.0 % 3.1 % (0.1) pts Combined ratio 77.4 % 94.4 % (17.0) pts 81.9 % 81.2 % 0.7 pts Catastrophe losses (1.8) % (20.2) % 18.4 pts (8.9) % (6.7) % (2.2) pts Prior period development — 1.6 % (1.6) pts 1.5 % 2.1 % (0.6) pts CAY combined ratio excluding catastrophe losses 75.6 % 75.8 % (0.2) pts 74.5 % 76.6 % (2.1) pts 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. dollars) 2025 2024 2025 2024 Net catastrophe losses $ 6 $ 63 $ 87 $ 63 Favorable prior period development $ — $ 5 $ 15 $ 20 Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development. Premiums 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. 65 Table of Contents Combined Ratio 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 Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Net premiums written $ 1,932 $ 1,552 24.6 % $ 5,454 $ 4,765 14.5 % Net premiums written - constant dollars 23.5 % 17.0 % Net premiums earned 1,925 1,530 25.8 % 5,410 4,709 14.9 % Losses and loss expenses 31 32 (3.1) % 77 86 (9.3) % Policy benefits 1,303 989 31.7 % 3,715 3,090 20.2 % Policy acquisition costs 359 291 23.5 % 988 885 11.6 % Administrative expenses 213 213 — 614 638 (3.7) % Net investment income 284 250 13.7 % 829 738 12.3 % Other (income) expense (31) (39) (22.9) % (103) (111) (7.4) % Amortization of purchased intangibles 10 10 — 28 31 (10.7) % Segment income $ 324 $ 284 14.2 % $ 920 $ 828 11.1 % Segment income - constant dollars 13.9 % 14.9 % Premiums 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 $126 million from a one-time large transaction in New Zealand. Net premiums written in our Combined Insurance business increased 18.1 percent and 17.6 percent for the three and nine months ended September 30, 2025, or 18.1 percent and 18.3 percent on a constant-dollar basis, respectively, due to 29.8 percent and 33.6 percent growth in worksite business. 66 Table of Contents Deposits The following table presents deposits collected on universal life and investment contracts: Three Months Ended Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 C$ 2024 Q-25 vs. Q-24 C$ Q-25 vs. Q-24 2025 2024 C$ 2024 Y-25 vs. Y-24 C$ Y-25 vs. Y-24 Deposits collected on universal life and investment contracts $ 496 $ 586 $ 619 (15.3) % (19.6) % $ 1,769 $ 1,733 $ 1,741 2.0 % 1.6 % Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected decreased $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 $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 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 Nine Months Ended September 30 % Change September 30 % Change (in millions of U.S. dollars, except for percentages) 2025 2024 Q-25 vs. Q-24 2025 2024 YTD-25 vs. YTD-24 Losses and loss expenses $ 61 $ 58 7.2 % $ 145 $ 161 (9.0) % Administrative expenses 113 104 7.9 % 324 310 4.4 % Underwriting income (loss) (174) (162) 7.7 % (469) (471) (0.3) % Net investment income (loss) (18) (28) (25.8) % (74) (86) (12.0) % 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) 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 % Integration expenses 1 7 (80.8) % 3 21 (86.0) % Income tax expense 787 504 56.1 % 1,825 1,336 36.6 % Net loss $ (1,111) $ (782) 42.3 % $ (2,508) $ (2,462) 1.9 % 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 % NM - Not meaningful Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive 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. 67 Table of Contents Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit). Refer to Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively. Net Realized and Unrealized Gains (Losses) We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value. The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2024 Form 10-K. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets. The following table presents our net realized and unrealized gains (losses): Three Months Ended September 30 2025 2024 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ 46 $ 868 $ 914 $ 111 $ 3,459 $ 3,570 Investment and embedded derivative instruments (85) — (85) 66 — 66 Public equity Sales 59 — 59 (6) — (6) Mark-to-market 337 — 337 129 — 129 Private equity (less than 3 percent ownership) Mark-to-market 48 — 48 (41) — (41) Total investment portfolio 405 868 1,273 259 3,459 3,718 Other derivative instruments (9) — (9) (2) — (2) Foreign exchange (115) 128 13 (58) 445 387 Current discount rate on future policy benefits — 305 305 — (672) (672) Instrument-specific credit risk on market risk benefits — (9) (9) — (8) (8) Other 2 (6) (4) (1) (19) (20) Net gains (losses), pre-tax $ 283 $ 1,286 $ 1,569 $ 198 $ 3,205 $ 3,403 68 Table of Contents Nine Months Ended September 30 2025 2024 (in millions of U.S. dollars) Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Net Realized Gains (Losses) Net Unrealized Gains (Losses) Net Impact Fixed maturities $ (58) $ 2,755 $ 2,697 $ 186 $ 2,293 $ 2,479 Investment and embedded derivative instruments 46 — 46 6 — 6 Public equity Sales 79 — 79 5 — 5 Mark-to-market 517 — 517 142 — 142 Private equity (less than 3 percent ownership) Mark-to-market 31 — 31 39 — 39 Total investment portfolio 615 2,755 3,370 378 2,293 2,671 Other derivative instruments (14) — (14) (7) — (7) Foreign exchange (269) 1,283 1,014 (162) (5) (167) Current discount rate on future policy benefits — 53 53 — (672) (672) Instrument-specific credit risk on market risk benefits — (4) (4) — 2 2 Other (5) (127) (132) (8) (17) (25) Net gains (losses), pre-tax $ 327 $ 3,960 $ 4,287 $ 201 $ 1,601 $ 1,802 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 Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR. For the three and 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 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 In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP. We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period. 69 Table of Contents P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations. P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations. CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison. Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted. Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded. Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies. 70 Table of Contents The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD: North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended September 30, 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,083 $ 713 $ 1,224 $ 1,826 $ 139 $ 61 $ 7,046 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (72) (161) (4) (42) (6) — (285) Reinstatement premiums collected (expensed) on catastrophe losses — — — — — — — Catastrophe losses, gross of related adjustments (72) (161) (4) (42) (6) — (285) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 26 282 30 84 — (61) 361 Net premiums earned adjustments on PPD - unfavorable (favorable) 68 — — — — — 68 Expense adjustments - unfavorable (favorable) 3 — — — — — 3 PPD, gross of related adjustments - favorable (unfavorable) 97 282 30 84 — (61) 432 CAY loss and loss expense ex CATs B $ 3,108 $ 834 $ 1,250 $ 1,868 $ 133 $ — $ 7,193 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,056 $ 421 $ 91 $ 1,343 $ 105 $ 113 $ 3,129 Expense adjustments - favorable (unfavorable) (3) — — — — — (3) Policy acquisition costs and administrative expenses, adjusted D $ 1,053 $ 421 $ 91 $ 1,343 $ 105 $ 113 $ 3,126 Denominator Net premiums earned E $ 5,080 $ 1,741 $ 1,495 $ 3,803 $ 315 $ 12,434 Net premiums earned adjustments on PPD - unfavorable (favorable) 68 — — — — 68 Net premiums earned excluding adjustments F $ 5,148 $ 1,741 $ 1,495 $ 3,803 $ 315 $ 12,502 P&C Combined ratio Loss and loss expense ratio A/E 60.7 % 41.0 % 81.9 % 48.0 % 43.8 % 56.7 % Policy acquisition cost and administrative expense ratio C/E 20.8 % 24.1 % 6.1 % 35.3 % 33.6 % 25.1 % P&C Combined ratio 81.5 % 65.1 % 88.0 % 83.3 % 77.4 % 81.8 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.4 % 48.0 % 83.6 % 49.1 % 42.0 % 57.5 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.4 % 24.1 % 6.1 % 35.3 % 33.6 % 25.0 % CAY P&C Combined ratio ex CATs 80.8 % 72.1 % 89.7 % 84.4 % 75.6 % 82.5 % Combined ratio Combined ratio 81.7 % Add: impact of gains and losses on crop derivatives 0.1 % P&C Combined ratio 81.8 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 71 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Three Months Ended September 30, 2024 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 3,391 $ 879 $ 1,193 $ 1,751 $ 200 $ 58 $ 7,472 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (340) (230) (29) (103) (63) — (765) Reinstatement premiums collected (expensed) on catastrophe losses — — — — 4 — 4 Catastrophe losses, gross of related adjustments (340) (230) (29) (103) (67) — (769) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 39 189 6 60 5 (55) 244 Net premiums earned adjustments on PPD - unfavorable (favorable) 69 — — — — — 69 Expense adjustments - unfavorable (favorable) 2 — — — — — 2 PPD, gross of related adjustments - favorable (unfavorable) 110 189 6 60 5 (55) 315 CAY loss and loss expense ex CATs B $ 3,161 $ 838 $ 1,170 $ 1,708 $ 138 $ 3 $ 7,018 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 1,027 $ 403 $ 90 $ 1,192 $ 98 $ 104 $ 2,914 Expense adjustments - favorable (unfavorable) (2) — — — — — (2) Policy acquisition costs and administrative expenses, adjusted D $ 1,025 $ 403 $ 90 $ 1,192 $ 98 $ 104 $ 2,912 Denominator 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 Net premiums earned excluding adjustments F $ 5,179 $ 1,577 $ 1,419 $ 3,421 $ 312 $ 11,908 P&C Combined ratio Loss and loss expense ratio A/E 66.4 % 55.8 % 84.1 % 51.2 % 63.3 % 63.1 % Policy acquisition cost and administrative expense ratio C/E 20.1 % 25.5 % 6.3 % 34.8 % 31.1 % 24.6 % P&C Combined ratio 86.5 % 81.3 % 90.4 % 86.0 % 94.4 % 87.7 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 61.0 % 53.1 % 82.5 % 49.9 % 44.4 % 58.9 % Policy acquisition cost and administrative expense ratio, adjusted D/F 19.8 % 25.6 % 6.4 % 34.9 % 31.4 % 24.5 % CAY P&C Combined ratio ex CATs 80.8 % 78.7 % 88.9 % 84.8 % 75.8 % 83.4 % Combined ratio Combined ratio 87.7 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 87.7 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 72 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Nine Months Ended September 30, 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 9,372 $ 3,628 $ 1,799 $ 5,254 $ 513 $ 145 20,711 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (455) (1,645) (20) (349) (87) — (2,556) Reinstatement premiums collected (expensed) on catastrophe losses — (50) — (5) 13 — (42) Catastrophe losses, gross of related adjustments (455) (1,595) (20) (344) (100) — (2,514) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 246 403 63 282 15 (144) 865 Net premiums earned adjustments on PPD - unfavorable (favorable) 73 — — — — — 73 Expense adjustments - unfavorable (favorable) 3 — (3) — — — — PPD reinstatement premiums - unfavorable (favorable) — — — — (2) — (2) PPD, gross of related adjustments - favorable (unfavorable) 322 403 60 282 13 (144) 936 CAY loss and loss expense ex CATs B $ 9,239 $ 2,436 $ 1,839 $ 5,192 $ 426 $ 1 $ 19,133 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 3,181 $ 1,252 $ 160 $ 3,792 $ 323 $ 324 $ 9,032 Expense adjustments - favorable (unfavorable) (3) — 3 — — — — Policy acquisition costs and administrative expenses, adjusted D $ 3,178 $ 1,252 $ 163 $ 3,792 $ 323 $ 324 $ 9,032 Denominator Net premiums earned E $ 15,245 $ 4,996 $ 2,258 $ 10,554 $ 1,021 $ 34,074 Reinstatement premiums (collected) expensed on catastrophe losses — 50 — 5 (13) 42 Net premiums earned adjustments on PPD - unfavorable (favorable) 73 — — — — 73 PPD reinstatement premiums - unfavorable (favorable) — — — — (2) (2) Net premiums earned excluding adjustments F $ 15,318 $ 5,046 $ 2,258 $ 10,559 $ 1,006 $ 34,187 P&C Combined ratio Loss and loss expense ratio A/E 61.5 % 72.6 % 79.7 % 49.8 % 50.1 % 60.8 % Policy acquisition cost and administrative expense ratio C/E 20.8 % 25.1 % 7.1 % 35.9 % 31.8 % 26.5 % P&C Combined ratio 82.3 % 97.7 % 86.8 % 85.7 % 81.9 % 87.3 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.3 % 48.3 % 81.5 % 49.2 % 42.3 % 56.0 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.8 % 24.8 % 7.2 % 35.9 % 32.2 % 26.4 % CAY P&C Combined ratio ex CATs 81.1 % 73.1 % 88.7 % 85.1 % 74.5 % 82.4 % Combined ratio Combined ratio 87.3 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 87.3 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 73 Table of Contents North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Corporate Total P&C Nine Months Ended September 30, 2024 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 9,640 $ 2,654 $ 1,785 $ 5,040 $ 492 $ 161 $ 19,772 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (828) (538) (65) (286) (63) — (1,780) Reinstatement premiums collected (expensed) on catastrophe losses — — — — 4 — 4 Catastrophe losses, gross of related adjustments (828) (538) (65) (286) (67) — (1,784) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 231 305 34 210 20 (157) 643 Net premiums earned adjustments on PPD - unfavorable (favorable) 77 — 39 — — — 116 Expense adjustments - unfavorable (favorable) 9 — 3 — — — 12 PPD reinstatement premiums - unfavorable (favorable) — — — — 1 — 1 PPD, gross of related adjustments - favorable (unfavorable) 317 305 76 210 21 (157) 772 CAY loss and loss expense ex CATs B $ 9,129 $ 2,421 $ 1,796 $ 4,964 $ 446 $ 4 $ 18,760 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 3,030 $ 1,176 $ 161 $ 3,536 $ 279 $ 310 $ 8,492 Expense adjustments - favorable (unfavorable) (9) — (3) — — — (12) Policy acquisition costs and administrative expenses, adjusted D $ 3,021 $ 1,176 $ 158 $ 3,536 $ 279 $ 310 $ 8,480 Denominator 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 PPD reinstatement premiums - unfavorable (favorable) — — — — 1 1 Net premiums earned excluding adjustments F $ 14,967 $ 4,560 $ 2,212 $ 9,966 $ 947 $ 32,652 P&C Combined ratio Loss and loss expense ratio A/E 64.7 % 58.2 % 82.2 % 50.6 % 51.8 % 60.8 % Policy acquisition cost and administrative expense ratio C/E 20.4 % 25.8 % 7.4 % 35.5 % 29.4 % 26.1 % P&C Combined ratio 85.1 % 84.0 % 89.6 % 86.1 % 81.2 % 86.9 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 61.0 % 53.1 % 81.3 % 49.8 % 47.0 % 57.5 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.2 % 25.8 % 7.1 % 35.5 % 29.6 % 25.9 % CAY P&C Combined ratio ex CATs 81.2 % 78.9 % 88.4 % 85.3 % 76.6 % 83.4 % Combined ratio Combined ratio 86.9 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 86.9 % Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above. 74 Table of Contents Net Investment Income Three Months Ended September 30 Nine Months Ended September 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Fixed maturities (1) $ 1,508 $ 1,407 $ 4,333 $ 4,085 Short-term investments 40 48 114 138 Other interest income 5 20 30 58 Equity securities 83 25 269 84 Private equities 39 23 109 70 Other investments 28 33 80 78 Gross investment income (1) 1,703 1,556 4,935 4,513 Investment expenses (55) (48) (158) (146) Net investment income (1) $ 1,648 $ 1,508 $ 4,777 $ 4,367 (1) Includes amortization expense related to fair value adjustment of acquired invested assets $ (1) $ (5) $ (7) $ (14) 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 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. For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows: Three Months Ended September 30 Nine Months Ended September 30 (in millions of U.S. dollars) 2025 2024 2025 2024 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. Investments Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at September 30, 2025. The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our 75 Table of Contents investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and clos ely monitor investment manager compliance with portfolio guidelines. The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets: September 30, 2025 December 31, 2024 (in millions of U.S. dollars) Fair Value Cost/ Amortized Cost, Net Fair Value Cost/ Amortized Cost, Net Short-term investments $ 4,380 $ 4,381 $ 5,142 $ 5,143 Other investments - Fixed maturities 7,522 7,522 6,265 6,265 Fixed maturities available-for-sale 121,788 123,676 110,363 115,013 Fixed income securities 133,690 135,579 121,770 126,421 Equity securities 10,377 10,377 9,151 9,151 Private debt held-for-investment 2,566 2,535 2,680 2,628 Private equities and other 19,394 19,394 17,101 17,101 Total investments $ 166,027 $ 167,885 $ 150,702 $ 155,301 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 September 30, 2025, and December 31, 2024. The first table lists investments according to type and second according to S&P credit rating: September 30, 2025 December 31, 2024 (in millions of U.S. dollars, except for percentages) Fair Value % of Total Fair Value % of Total U.S. and local government securities $ 3,846 3 % $ 4,070 3 % Corporate and asset-backed securities 47,451 35 % 43,207 36 % Mortgage-backed securities 30,160 23 % 27,248 22 % Non-U.S. 47,853 36 % 42,103 35 % Short-term investments 4,380 3 % 5,142 4 % Total (1) $ 133,690 100 % $ 121,770 100 % AAA $ 13,471 11 % $ 13,933 11 % AA 40,254 30 % 37,640 30 % A 33,847 25 % 28,882 24 % BBB 23,207 17 % 21,610 18 % BB 12,748 10 % 10,789 9 % B 9,762 7 % 8,279 7 % Other 401 — % 637 1 % Total (1) $ 133,690 100 % $ 121,770 100 % (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 September 30, 2025: 76 Table of Contents (in millions of U.S. dollars) Fair Value Bank of America Corp $ 811 Morgan Stanley 760 JPMorgan Chase & Co 721 Goldman Sachs Group Inc 568 Wells Fargo & Co 531 Citigroup Inc 513 Verizon Communications Inc 416 AT&T Inc 390 UBS Group AG 388 HSBC Holdings Plc 370 Mortgage-backed securities The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities: S&P Credit Rating Fair Value Amortized Cost, Net September 30, 2025 (in millions of U.S. dollars) AAA AA A BBB BB and below Total Total Agency residential mortgage-backed securities (RMBS) $ 16 $ 26,448 $ — $ — $ — $ 26,464 $ 27,396 Non-agency RMBS 2,137 185 201 74 2 2,599 2,622 Commercial mortgage-backed securities 918 118 54 5 2 1,097 1,126 Total mortgage-backed securities $ 3,071 $ 26,751 $ 255 $ 79 $ 4 $ 30,160 $ 31,144 Non-U.S. Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines. Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 41 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material. 77 Table of Contents The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at September 30, 2025: (in millions of U.S. dollars) Fair Value Amortized Cost, Net Republic of Korea $ 1,999 $ 1,896 People's Republic of China 1,962 1,981 Kingdom of Thailand 1,089 928 Canada 963 975 United Mexican States 831 828 Taiwan 774 749 Federative Republic of Brazil 661 671 Commonwealth of Australia 580 650 Province of Hunan China 558 553 Province of Ontario 557 557 Other Non-U.S. Government Securities 8,475 8,525 Total $ 18,449 $ 18,313 The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at September 30, 2025: (in millions of U.S. dollars) Fair Value Amortized Cost, Net China $ 8,004 $ 7,989 United Kingdom 2,763 2,807 Canada 2,568 2,542 France 1,755 1,752 United States (1) 1,657 1,658 South Korea 1,557 1,485 Australia 1,236 1,254 Japan 990 993 Germany 686 701 Netherlands 586 590 Other Non-U.S. Corporate Securities 7,602 7,599 Total $ 29,404 $ 29,370 (1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations. Below-investment grade corporate fixed income portfolio Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At 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. We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit 78 Table of Contents as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio. Critical Accounting Estimates Refer to Item 7 in our 2024 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2024. Unpaid losses and loss expenses As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The following table presents a roll-forward of our unpaid losses and loss expenses: (in millions of U.S. dollars) Gross Losses Reinsurance Recoverable (1) Net Losses Balance at December 31, 2024 $ 84,004 $ 17,734 $ 66,270 Losses and loss expenses incurred 25,142 4,723 20,419 Losses and loss expenses paid (22,020) (4,334) (17,686) Other (including foreign exchange translation) 1,313 298 1,015 Balance at September 30, 2025 $ 88,439 $ 18,421 $ 70,018 (1) Net of valuation allowance for uncollectible reinsurance. The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses). Refer to Note 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves. 79 Table of Contents Catastrophe Management We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at September 30, 2025, and does not represent our expected catastrophe losses for any one year. Modeled Net Probable Maximum Loss (PML) Pre-tax Worldwide (1) U.S. Hurricane (2) California Earthquake (3) Annual Aggregate Annual Aggregate Single Occurrence (in millions of U.S. dollars, except for percentages) Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity Chubb % of Total Chubb Shareholders’ Equity 1-in-10 $ 2,959 4.1 % $ 1,669 2.3 % $ 167 0.2 % 1-in-100 $ 5,727 8.0 % $ 3,904 5.4 % $ 1,864 2.6 % 1-in-250 $ 9,053 12.6 % $ 6,470 9.0 % $ 2,176 3.0 % (1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic. (2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding. (3) California earthquake modeled losses include the fire-following sub-peril. The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at 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. These estimates assume that reinsurance recoverable is fully collectible. According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,904 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: • While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential; • There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates; • The potential effects of climate change add to modeling complexity; and • Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2025. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy. Refer to Item 7 in our 2024 Form 10-K for more information on man-made and other catastrophes. 80 Table of Contents Global Property Catastrophe Reinsurance Program Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments). We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations. Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2025, through March 31, 2026. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2025, through March 31, 2026, with the same limits, retention, and percentage placed except that the terrorism coverage is on an aggregate basis above our retentions without a reinstatement. Loss Location Layer of Loss Comments Notes United States (excluding Alaska and Hawaii) $0 million – $1.75 billion Losses retained by Chubb (a) United States (excluding Alaska and Hawaii) $1.75 billion – $2.85 billion All natural perils and terrorism (b) United States (excluding Alaska and Hawaii) $2.85 billion – $4.0 billion All natural perils and terrorism (c) United States (excluding Alaska and Hawaii) $4.0 billion – $5.7 billion Named windstorm and earthquake International (including Alaska and Hawaii) $0 million – $225 million Losses retained by Chubb (a) International (including Alaska and Hawaii) $225 million – $1.325 billion All natural perils and terrorism (b) Alaska, Hawaii, and Canada $1.325 billion – $2.475 billion All natural perils and terrorism (c) (a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels. (b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers. (c) These coverages are both part of the same Second layer within the Global Property C atastrophe Reinsurance Program and are fully placed with Reinsurers. 81 Table of Contents Capital Resources Capital resources consist of funds deployed or available to be deployed to support our business operations. September 30 December 31 (in millions of U.S. dollars, except for ratios) 2025 2024 Short-term debt $ 1,499 $ 800 Long-term debt 15,727 14,379 Total financial debt 17,226 15,179 Trust preferred securities 309 309 Subordinated debt (1) 112 110 Total hybrid debt 421 419 Total Chubb shareholders’ equity 71,855 64,021 Total capitalization $ 89,502 $ 79,619 Ratio of financial debt to total capitalization (2) 19.2 % 19.1 % Ratio of financial debt and hybrid debt to total capitalization (2) 19.7 % 19.6 % (1) Capital Supplementary Bonds issued by Huatai Life. (2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest). Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments. Chubb INA Holdings LLC (Chubb INA) 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. • July 2025: 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. 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. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. Dividends We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 14 to the Consolidated Financial Statements for a discussion of our dividend methodology. 82 Table of Contents At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, or CHF 3.24 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 15, 2025, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2026 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2025 represented a $0.24 per share increase ($0.06 per quarter) over the prior year dividend. The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: Shareholders of record as of: Dividends paid as of: December 13, 2024 January 3, 2025 $0.91 (CHF 0.80) March 14, 2025 April 4, 2025 $0.91 (CHF 0.81) June 13, 2025 July 3, 2025 $0.97 (CHF 0.81) September 12, 2025 October 3, 2025 $0.97 (CHF 0.78) Liquidity We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to the long-term capital markets, credit facilities, and commercial paper. Our group syndicated credit facility has capacity of $3.0 billion and expires in October 2027. Our total letter of credit capacity is $4.1 billion, $3.0 billion of which can be used for revolving credit. At 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 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. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed. We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion group syndicated credit facility. At 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 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 $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. The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are 83 Table of Contents 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 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 $1.8 billion from its subsidiaries during the nine months ended September 30, 2025, and 2024. Cash Flows Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the 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 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. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss. 84 Table of Contents Information provided in connection with outstanding debt of subsidiaries Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after e limination of investment in any non-guarantor subsidiary: Chubb Limited (Parent Guarantor) Chubb INA Holdings LLC (Subsidiary Issuer) September 30 December 31 September 30 December 31 (in millions of U.S. dollars) 2025 2024 2025 2024 Assets Investments $ — $ — $ 545 $ 436 Cash 390 383 1,843 1,002 Due from parent guarantor/subsidiary issuer 259 396 — — Due from subsidiaries that are not issuers or guarantors 467 464 602 592 Other assets 9 13 3,247 3,062 Total assets $ 1,125 $ 1,256 $ 6,237 $ 5,092 Liabilities Due to parent guarantor/subsidiary issuer $ — $ — $ 259 $ 396 Due to subsidiaries that are not issuers or guarantors 211 231 113 105 Affiliated notional cash pooling programs 118 277 — — Short-term debt — — 1,499 800 Long-term debt — — 15,727 14,379 Hybrid debt — — 309 309 Other liabilities 625 868 1,857 1,577 Total liabilities 954 1,376 19,764 17,566 Total equity 171 (120) (13,527) (12,474) Total liabilities and equity $ 1,125 $ 1,256 $ 6,237 $ 5,092 The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries: Nine Months Ended September 30, 2025 Chubb Limited (Parent Guarantor) Chubb INA Holdings LLC (Subsidiary Issuer) (in millions of U.S. dollars) Net investment income (expense) $ (6) $ 26 Net realized gains (losses) 1 (201) Administrative expenses 82 (30) Interest (income) expense (16) 394 Other (income) expense (26) 3 Income tax expense (benefit) 14 (122) Net loss $ (59) $ (420) Comprehensive loss $ (59) $ (677) 85 Table of Contents