What changed in this filing

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Item 1. Financial Statements

2026-04-28 compared with 2025-10-27 · 202 added, 436 removed, 1335 unchanged (32% of the section changed)

2 unchanged sentences

Chubb Limited and Subsidiaries

September 30 December 31

March 31 December 31

(in millions of U.S.

7 unchanged sentences

Equity securities, at fair value (includes VIE balances of $ 2,379 and $ 2,275 )

10,916 10,801

Private equities (includes VIE balances of $ 23 and $ 22 )

1 unchanged sentence

Other investments (includes VIE balances of $ 5,828 and $ 5,818 )

11,170 10,749

Total investments 170,195 168,720

48 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

8 unchanged sentences

Losses and loss expenses 6,131 6,896

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

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

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

Policy acquisition costs 2,596 2,313

3 unchanged sentences

Amortization of purchased intangibles 73 75

Integration expenses 1 7 3 21

Integration expenses and severance 9 —

Total expenses 11,780 11,689

4 unchanged sentences

Net income attributable to Chubb $ 2,320 $ 1,331

Other comprehensive income

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

Other comprehensive income (loss)

Unrealized appreciation (depreciation) $ ( 1,826 ) $ 901

Current discount rate on future policy benefits 386 ( 122 )

2 unchanged sentences

Other, including postretirement benefit liability adjustment ( 6 ) ( 95 )

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

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

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

Other comprehensive income (loss), before income tax ( 906 ) 1,047

Income tax (expense) benefit related to OCI items 141 ( 43 )

Other comprehensive income (loss) ( 765 ) 1,004

Comprehensive income 1,582 2,347

7 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

12 unchanged sentences

Balance – beginning of period 13,250 14,393

Net shares redeemed (issued) under employee share-based

Net shares issued under employee share-based

compensation plans ( 66 ) ( 146 )

1 unchanged sentence

Share-based compensation expense 100 94

Net increase (decrease) due to acquisitions — — 53 ( 31 )

Net increase due to acquisitions 47 —

Funding of dividends declared to Retained earnings ( 380 ) ( 366 )

9 unchanged sentences

Balance – beginning of period ( 4,975 ) ( 8,644 )

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

Other comprehensive income (loss) ( 936 ) 1,009

Balance – end of period ( 5,911 ) ( 7,635 )

6 unchanged sentences

Other comprehensive income (loss) attributable to noncontrolling interests 171 ( 5 )

Other — — — ( 6 )

Balance – end of period $ 6,124 $ 5,029

3 unchanged sentences

Chubb Limited and Subsidiaries

Nine Months Ended

Three Months Ended

(in millions of U.S.

31 unchanged sentences

Private equity distributions 241 222

Acquisition of subsidiaries (net of cash acquired of $ 32 and nil )

( 289 ) ( 538 )

Net consolidations of consolidated investment products 10 13

Other ( 386 ) ( 415 )

19 unchanged sentences

Supplemental cash flow information

Taxes paid $ 1,720 $ 1,307

Interest paid $ 189 $ 146

18 unchanged sentences

Accounting guidance not yet adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid.

The guidance is effective for our 2025 annual reporting.

Prospective application is required, with retrospective application permitted.

We are evaluating the impact of this disclosure-only requirement.

Disaggregation of Income Statement Expenses

3 unchanged sentences

We are evaluating the impact of this disclosure-only requirement.

Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam

On March 3, 2025 , we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam.

The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products.

On April 1, 2025 , we completed the acquisition of LMG Insurance in Thailand for $ 321 million, and recognized goodwill of $ 183 million and intangible assets of $ 57 million.

This acquisition expands our presence and advances our long-term growth opportunity in the region.

The results of operations for LMG Insurance in Thailand are reported in our Overseas General Insurance segment, and they are not material to Chubb's financial results.

We expect to complete the acquisition of Liberty Insurance in Vietnam by early 2026, subject to required regulatory approvals and customary closing conditions.

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

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

Liberty Mutual's P&C Insurance Business in Vietnam

We completed the acquisition of Liberty Insurance in Vietnam on February 2, 2026 .

The results of operations for Liberty Insurance in Vietnam are reported in our Overseas General Insurance segment and are not material to Chubb's financial results.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

a) Fixed maturities

September 30, 2025 Amortized

March 31, 2026 Amortized

Cost Valuation Allowance Gross

20 unchanged sentences

The following table presents fixed maturities by contractual maturity:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions of U.S.

16 unchanged sentences

0 – 12 Months Over 12 Months Total

September 30, 2025 Fair Value Gross

March 31, 2026 Fair Value Gross

Loss Fair Value Gross

16 unchanged sentences

Total AFS fixed maturities $ 12,574 $ ( 237 ) $ 32,375 $ ( 2,899 ) $ 44,949 $ ( 3,136 )

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

At March 31, 2026, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 336 million necessary due to limitations on the utilization of these losses for tax purposes.

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

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

3 unchanged sentences

Provision for expected credit loss 19 21

Write-offs charged against the expected credit loss ( 1 ) ( 1 ) ( 2 ) ( 6 )

Recovery of expected credit loss ( 21 ) ( 28 )

2 unchanged sentences

Valuation allowance for expected credit losses - beginning of period $ 3 $ 4

Provision for expected credit loss 1 — 1 2

Recovery of expected credit loss ( 1 ) ( 1 )

4 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

4 unchanged sentences

Other investments - Fixed maturities (includes $( 20 ) million and $( 53 ) million related to investments measured under the fair value option)

82 152 103 452

Net recovery of expected credit losses 3 8

Impairment (1)

( 22 ) ( 19 ) ( 34 ) ( 81 )

Total fixed maturities ( 121 ) ( 97 )

Equity securities (includes $( 67 ) million and $ 53 million related to investments measured under the fair value option)

396 123 596 147

Private equities (less than 3 percent ownership) 16 11

14 unchanged sentences

Chubb Limited and Subsidiaries

Nine Months Ended

(in millions of U.S.

dollars) Equity Securities Other Investments Private Equities Total Equity Securities Other Investments Private Equities Total

Net gains (losses) recognized during the period $ 596 $ 103 $ 31 $ 730 $ 147 $ 452 $ 39 $ 638

Net gains (losses) recognized from sales of securities 79 4 — 83 5 2 — 7

Unrealized gains (losses) recognized for securities still held at reporting date $ 517 $ 99 $ 31 $ 647 $ 142 $ 450 $ 39 $ 631

d) Private equities

1 unchanged sentence

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

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

Period of Underlying Assets March 31, 2026 December 31, 2025

(in millions of U.S.

28 unchanged sentences

Vintage funds where the initial fund term has expired

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed.

13 unchanged sentences

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

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

Included in restricted assets at March

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

31, 2026, and December 31, 2025, are investments, primarily fixed maturities, totaling $ 19,373 million and $ 19,048 million, respectively, and cash of $ 203 million and $ 198 million, respectively.

The following table presents the components of restricted assets:

September 30 December 31

March 31 December 31

(in millions of U.S.

15 unchanged sentences

Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Unconsolidated VIEs

2 unchanged sentences

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

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

The carrying value of this investment at March 31, 2026, and December 31, 2025, was $ 5.3 billion and $ 5.4 billion, respectively, which approximates our maximum risk of loss.

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

1 unchanged sentence

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

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

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

The carrying value of these investments at March 31, 2026, and December 31, 2025, was $ 89 million and $ 70 million, respectively, and our maximum risk of loss approximates the carrying amount.

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

Fair value measurements

3 unchanged sentences

The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The three levels of the hierarchy are as follows:

10 unchanged sentences

Refer to Note 4 a) of our 2025 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

September 30, 2025 Level 1 Level 2 Level 3 Total

March 31, 2026 Level 1 Level 2 Level 3 Total

(in millions of U.S.

19 unchanged sentences

Derivatives designated as hedging instruments — 80 — 80

Other derivative instruments 11 5 — 16

Market risk benefits (4)

Total liabilities measured at fair value $ 358 $ 80 $ 642 $ 1,080

(1) Excluded from the table above is a fund of $ 5,110 million, measured using NAV as a practical expedient.

(1) Excluded from the table above are funds of $ 5,452 million, measured using NAV as a practical expedient.

(2) Excluded from the table above are other investments of $ 1,433 million, principally policy loans, measured using NAV as a practical expedient.

28 unchanged sentences

Total liabilities measured at fair value $ 242 $ 236 $ 659 $ 1,137

(1) Excluded from the table above is a fund of $ 4,978 million, measured using NAV as a practical expedient.

(1) Excluded from the table above are funds of $ 5,519 million, measured using NAV as a practical expedient.

(2) Excluded from the table above are other investments of $ 1,435 million, principally policy loans, measured using NAV as a practical expedient.

7 unchanged sentences

Three Months Ended

September 30, 2025

March 31, 2026

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

backed securities

Balance, beginning of period $ 671 $ 3,546 $ 119 $ 45

10 unchanged sentences

Three Months Ended

September 30, 2024

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

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

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

Change in Net Unrealized Gains (Losses) in OCI 10 16 — — ( 1 )

Net Realized Gains (Losses) ( 1 ) ( 10 ) — 7 —

Purchases 59 316 40 17 6

Sales ( 18 ) ( 69 ) — ( 6 ) ( 1 )

Settlements ( 42 ) ( 184 ) — — ( 1 )

Balance, end of period $ 639 $ 2,778 $ 46 $ 118 $ 15

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ — $ ( 8 ) $ — $ 6 $ —

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 11 $ 12 $ — $ — $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Nine Months Ended

September 30, 2025

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

Balance, beginning of period $ 604 $ 2,891 $ 3 $ 120 $ 14

Transfers into Level 3 11 174 — — —

Transfers out of Level 3 ( 1 ) ( 16 ) — ( 1 ) —

Change in Net Unrealized Gains (Losses) in OCI 41 ( 2 ) — — —

Net Realized Gains (Losses) ( 2 ) ( 14 ) ( 2 ) ( 5 ) —

Purchases 210 726 1 32 32

Sales ( 109 ) ( 224 ) ( 2 ) ( 32 ) ( 1 )

Settlements ( 152 ) ( 296 ) — — ( 3 )

Balance, end of period $ 602 $ 3,239 $ — $ 114 $ 42

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 3 ) $ — $ 13 $ —

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

Nine Months Ended

September 30, 2024

(in millions of U.S.

dollars) Available-for-Sale Debt Securities Equity

March 31, 2025 (in millions of U.S.

Available-for-Sale Debt Securities Equity

securities Short-term investments

20 unchanged sentences

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

September 30, 2025 Fair Value Net Carrying

March 31, 2026 Fair Value Net Carrying

(in millions of U.S.

18 unchanged sentences

Reinsurance recoverable on ceded reinsurance

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions of U.S.

10 unchanged sentences

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

8 unchanged sentences

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

(in millions of U.S.

9 unchanged sentences

Total deferred policy acquisition costs $ 10,452

Nine Months Ended September 30, 2024

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended March 31, 2025

(in millions of U.S.

9 unchanged sentences

Total deferred policy acquisition costs $ 8,775

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents a roll-forward of Goodwill by segment:

2 unchanged sentences

Balance at December 31, 2025 $ 7,191 $ 2,226 $ 134 $ 5,530 $ 371 $ 4,755 $ 20,207

Acquisition of Liberty Mutual's P&C insurance business in Thailand — — — 183 — — 183

Measurement-period adjustments — — — ( 7 ) — — ( 7 )

Foreign exchange revaluation 9 3 — 77 — 81 170

Balance at September 30, 2025 (1)

Balance at March 31, 2026 (1)

$ 7,200 $ 2,229 $ 134 $ 5,600 $ 371 $ 4,836 $ 20,370

(1) Includes $ 420 million attributable to noncontrolling interests.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Unpaid losses and loss expenses

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

19 unchanged sentences

(1) Net of valuation allowance for uncollectible reinsurance.

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

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

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

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $ 2 million and $( 18 ) million for the three months ended March 31, 2026 and 2025, respectively.

Net unpaid losses and loss expenses increased $ 990 million for the three months ended March 31, 2026, principally reflecting underlying exposure growth and the unfavorable impact of foreign currency movement, partially offset by the impact of favorable prior period development and crop activity.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

5 unchanged sentences

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

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

dollars) Long-tail Short-tail Total Long-tail Short-tail Total

dollars) Long-tail Short-tail Total

North America Commercial P&C Insurance $ 21 $ ( 110 ) $ ( 89 )

15 unchanged sentences

North America Commercial P&C Insurance .

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

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

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

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

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

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

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

North America Personal P&C Insurance .

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

Net favorable development for the three months ended March 31, 2026 , included $ 110 million from short-tail lines, primarily from surety, due to lower-than-expected loss development.

This favorable development was partially offset by net adverse development of $ 21 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines.

Net favorable development for the three months ended March 31, 2025, included $ 163 million from short-tail lines, primarily from surety, due to lower-than-expected loss development.

This favorable development was partially offset by net adverse development of $ 49 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines.

North America Agricultural Insurance.

Net favorable development for the three months ended March 31, 2026, was driven by multi-peril crop insurance results for the 2025 crop year.

Overseas General Insurance.

Net favorable development for the three months ended March 31, 2026 , includes a $ 131 million release from short-tail lines, primarily property.

Net favorable development for the three months ended March 31, 2025, included a $ 122 million release from short-tail lines.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Overseas General Insurance.

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

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

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

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

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

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

Future policy benefits

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

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

Present Value of Expected Net Premiums Three Months Ended March 31, 2026

(in millions of U.S.

14 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Present Value of Expected Future Policy Benefits Three Months Ended March 31, 2026

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,331 $ 14,167 $ 15,471 $ 1,320 $ 33,289

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits March 31, 2026

(in millions of U.S.

6 unchanged sentences

Weighted average duration (years) 11.1 25.8 10.0 27.2 21.4

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Present Value of Expected Net Premiums Three Months Ended March 31, 2025

(in millions of U.S.

14 unchanged sentences

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits Three Months Ended March 31, 2025

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,268 $ 12,429 $ 15,930 $ 857 $ 31,484

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Liability for Future Policy Benefits March 31, 2025

(in millions of U.S.

9 unchanged sentences

dollars) 2026 2025

Net liability for future policy benefits, Life Insurance segment $ 14,399 $ 12,992

Net liability for future policy benefits $ 14,755 $ 13,351

Deferred profit liability 2,904 1,908

1 unchanged sentence

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

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

September 30 September 30

March 31 March 31

(in millions of U.S.

18 unchanged sentences

Gross Premiums or Assessments Interest Accretion

Nine Months Ended Nine Months Ended

September 30 September 30

Three Months Ended Three Months Ended

March 31 March 31

(in millions of U.S.

dollars) 2026 2025 2026 2025

Life Insurance

Term Life $ 186 $ 170 $ 6 $ 5

7 unchanged sentences

Interest Accretion Rate Current Discount Rate

September 30 September 30

March 31 March 31

2026 2025 2026 2025

Life Insurance

Term Life 3.2 % 3.0 % 6.1 % 5.6 %

5 unchanged sentences

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

Nine Months Ended September 30, 2025

Three Months Ended March 31, 2026

(in millions of U.S.

dollars) Universal Life Annuities (4)

Other investment contracts (5)

Balance – beginning of period $ 1,899 $ 2,801 $ 2,531 $ 7,231

11 unchanged sentences

(1) Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2) Includes payments for survival and death benefits.

(3) Primarily comprises unpaid dividends on certain participating policies.

(4) Relates to Huatai Life.

(5) Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4) Includes benefit payments upon maturity as well as death benefits.

(5) Primarily comprises unpaid dividends on certain participating policies.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Nine Months Ended September 30, 2024

Three Months Ended March 31, 2025

(in millions of U.S.

dollars) Universal Life Annuities (4)

Other investment contracts (5)

Balance – beginning of period $ 1,809 $ 2,585 $ 2,354 $ 6,748

11 unchanged sentences

(1) Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2) Includes payments for survival and death benefits.

(3) Primarily comprises unpaid dividends on certain participating policies.

(4) Relates to Huatai Life.

(5) Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4) Includes benefit payments upon maturity as well as death benefits.

(5) Primarily comprises unpaid dividends on certain participating policies.

(in millions of U.S.

dollars, except for percentages) Universal Life Annuities Other Universal Life Annuities Other

dollars, except for percentages) Universal Life Annuities (3)

Other Universal Life Annuities (3)

Weighted-average crediting rate (1)

2.6 % 1.8 % 3.3 % 2.7 % 1.6 % 2.7 %

3.4 % N/A 3.1 % 3.5 % N/A 3.4 %

Net amount at risk (2)

1 unchanged sentence

Cash Surrender Value $ 1,705 $ 1,928 $ 2,381 $ 1,659 $ 1,728 $ 2,095

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

(1) Calculated using actual interest credited for the three months ended March 31, 2026 and 2025, respectively.

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

(3) Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life

September 30, 2025

March 31, 2026

(in millions of U.S.

5 unchanged sentences

Greater than 4.00 %

Fixed rate or no guarantee 472

Total $ 462 $ 324 $ 356 $ 217 $ 1,831

1 unchanged sentence

Chubb Limited and Subsidiaries

September 30, 2024

(in millions of U.S.

dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total

Guaranteed minimum crediting rates

$ 464 $ — $ 47 $ 92 $ 603

2.01 % – 4.00 %

249 371 633 — 1,253

Greater than 4.00 %

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

September 30, 2025

(in millions of U.S.

dollars) At Guaranteed Minimum 1 Basis Point - 50 Basis Points Above 51 Basis Points - 150 Basis Points Above Greater Than 150 Basis Points Above Total

Guaranteed minimum crediting rates

$ 118 $ — $ 1,675 $ 76 $ 1,869

2.01 % – 4.00 %

893 — — — 893

Greater than 4.00 %

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

September 30, 2024

March 31, 2025

(in millions of U.S.

5 unchanged sentences

Greater than 4.00 %

Fixed rate or no guarantee 438

Total $ 260 $ 589 $ 402 $ 123 $ 1,812

Other policyholders' account balances

September 30, 2025

March 31, 2026

(in millions of U.S.

5 unchanged sentences

Greater than 4.00 %

Fixed rate or no guarantee 1,324

Total $ 1,150 $ 119 $ 38 $ 59 $ 2,690

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

September 30, 2024

March 31, 2025

(in millions of U.S.

5 unchanged sentences

Greater than 4.00 %

Fixed rate or no guarantee 1,154

Total $ 1,023 $ 56 $ 130 $ 25 $ 2,388

3 unchanged sentences

Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

September 30 September 30

March 31 March 31

(in millions of U.S.

5 unchanged sentences

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

14 unchanged sentences

The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs.

Unearned revenue liabilities pertaining to both

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets.

Unearned revenue liabilities pertaining to both policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets.

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

Nine Months Ended

Three Months Ended

(in millions of U.S.

5 unchanged sentences

Balance – end of period $ 762 $ 719

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Market risk benefits

1 unchanged sentence

The following table presents a roll-forward of MRB:

Nine Months Ended

Three Months Ended

(in millions of U.S.

4 unchanged sentences

Effect of market movements (1)

( 115 ) ( 147 )

Effect of changes in volatilities 2 16

Actual policyholder behavior different from expected behavior ( 4 ) 16

Effect of changes in future expected policyholder behavior 101 87

Effect of timing and all other ( 34 ) ( 25 )

9 unchanged sentences

GLB-related risks contain conservative mortality and annuitization assumptions.

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

Excluded from the table above are MRB gains of $ 10 million and $ 14 million for the three months ended March 31, 2026 and 2025, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows.

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

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

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

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

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

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

Valuation Technique Significant Unobservable Inputs September 30, 2025

September 30, 2024

Valuation Technique Significant Unobservable Inputs March 31, 2026

March 31, 2025

Ranges Weighted Average (1)

11 unchanged sentences

All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants.

For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies.

The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities.

For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2025 Form 10-K.

a) Chubb INA senior notes

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

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

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

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

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

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Foreign denominated debt

(i) Chubb INA CNY bonds

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

The issuance comprises:

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

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

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

(ii) Chubb INA term loans

In April 2025, Chubb INA entered into a 1.8 billion Chinese yuan renminbi term loan (approximately $ 249 million based on the foreign exchange rate at the date of issuance) at 2.85 percent, due April 2028.

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

These term loans are guaranteed by Chubb Limited.

c) Commercial paper program

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

Payment of the commercial paper is guaranteed on an unsecured and unsubordinated basis by Chubb Limited, and the commercial paper and guarantee rank equally with all other unsecured and unsubordinated indebtedness.

We have the ability to borrow a total of $ 2.0 billion, supported by our $ 3.0 billion group syndicated credit facility which expires in October 2027.

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

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

On March 17, 2026, Chubb INA Holdings LLC (Chubb INA) issued CHF 200 million (approximately $ 254 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.

These notes are guaranteed by Chubb Limited.

Commitments, contingencies, and guarantees

3 unchanged sentences

Derivative instruments are principally recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets.

Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES), depending on the underlying investment.

These are the most numerous and frequent derivative transactions.

Convertible securities are recorded in Fixed maturities available-for-sale (FM AFS).

In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

6 unchanged sentences

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

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

Balance Sheet

7 unchanged sentences

Convertible securities (1)

FM AFS / ES 7 — 7 12 — 12

FM AFS 4 — 3 6 — 5

Total $ 37 $ ( 358 ) $ 6,030 $ 28 $ ( 242 ) $ 6,133

10 unchanged sentences

(2) Related to MRB book of business.

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

At March 31, 2026, and December 31, 2025, net derivative liabilities of $ 112 million and $ 179 million, respectively, included in the table above were subject to a master netting agreement.

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

6 unchanged sentences

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

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

The objective of these cross-currency swaps is to hedge the foreign currency risk on € 1.7 billion, or approximately $ 2.0 billion at March 31, 2026, of euro denominated debt by converting cash flows back into the U.S.

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

3 unchanged sentences

Three Months Ended

Nine Months Ended

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

8 unchanged sentences

The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S.

dollar to the British pound sterling, Japanese yen, Swiss franc, and Chinese yuan renminbi.

dollar to the British pound sterling, Japanese yen, Swiss franc, Chinese yuan renminbi, and Korean won.

The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

1 unchanged sentence

The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

In March 2026, in connection with the issuance of Swiss franc (CHF) 200 million senior unsecured notes and related designation as a net investment hedge, Chubb terminated its Swiss franc cross-currency swap with a notional amount of CHF 95.8 million, originally maturing in March 2038.

This termination resulted in a $ 42 million loss, which will remain in CTA until the underlying hedged subsidiary is deconsolidated.

Foreign denominated debt

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

Chubb designated the following foreign denominated debt as non-derivative net investment hedges:

• Chinese yuan renminbi term loans, $ 578 million at March 31, 2026

• Chinese yuan renminbi bonds, $ 652 million at March 31, 2026

• Swiss franc senior unsecured notes, issued in Q1 2026, $ 256 million at March 31, 2026

These non-derivative net investment hedges mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries.

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

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

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

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

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

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

Three Months Ended

Nine Months Ended

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

12 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

3 unchanged sentences

Options/Futures/Forward contracts on notes and bonds ( 7 ) ( 9 )

Convertible securities (1)

Total investment and embedded derivative instruments $ ( 115 ) $ ( 23 )

1 unchanged sentence

Futures contracts on equities (1)

$ ( 59 ) $ ( 41 ) $ ( 94 ) $ ( 157 )

Other ( 9 ) ( 3 )

1 unchanged sentence

Total $ ( 79 ) $ 28

(1) Includes embedded derivatives.

(1) Related to MRB book of business.

25 unchanged sentences

(iii) Convertible security investments

A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity.

The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available-for-sale or as an equity security.

A convertible security is a debt instrument that can be converted into a predetermined amount of the issuer’s equity.

The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as a fixed maturity security.

Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

14 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Remaining contractual maturity

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions of U.S.

7 unchanged sentences

Gross amount of recognized liability for securities lending payable $ 2,277 $ 2,500

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

At March 31, 2026, and December 31, 2025, our repurchase agreement obligations of $ 3,736 million and $ 3,324 million, respectively, were fully collateralized.

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

2 unchanged sentences

Remaining contractual maturity

September 30, 2025 December 31, 2024

Up to 30 Days 30-90 Days Greater than

90 Days Total Up to 30 Days 30-90 Days Greater than

March 31, 2026 December 31, 2025

Up to 30 Days 30-90 Days Total Up to 30 Days 30-90 Days Greater than

90 Days Total

1 unchanged sentence

Collateral pledged under repurchase agreements:

Cash $ — $ 1 $ — $ 1 $ — $ 19 $ 2 $ 21

$ 1,920 $ — $ 1,920 $ — $ 129 $ — $ 129

2 unchanged sentences

Total $ 2,949 $ 976 $ 3,925 $ 2,476 $ 1,033 $ 9 $ 3,518

Repurchase agreements $ 2,753 $ 2,368

Repurchase agreements - VIEs 983 956

Gross amount of recognized liabilities for repurchase agreements $ 3,736 $ 3,324

7 unchanged sentences

Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

e) Fixed maturities

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

f) Private equities

e) Private equities

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

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

At March 31, 2026, private equities with a carrying value of $ 16.8 billion had commitments that could require funding of up to $ 7.3 billion over the next several years.

At December 31, 2025, these investments had a carrying value of $ 16.9 billion with commitments of up to $ 7.2 billion.

The remaining private equities had no funding commitments.

g) Income taxes

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

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

With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012 .

h) Legal proceedings

f) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders.

3 unchanged sentences

In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

g) Lease commitments

At March 31, 2026, and December 31, 2025, the right-of-use asset was $ 1,001 million and $ 1,025 million, respectively, recorded within Other assets , and the lease liability was $ 1,231 million and $ 1,214 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

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

4 unchanged sentences

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

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

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

The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $ 3.64 per share and $ 3.44 per share, respectively, which were paid in four quarterly installments of $ 0.91 and $ 0.86 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

At March 31, 2026, our Common Shares had a par value of CHF 0.50 per share.

At our May 2025 and 2024 annual general meetings, our shareholders approved annual dividends for the following year of up to $ 3.88 per share and $ 3.64 per share, respectively, which were paid in four quarterly installments of $ 0.97 and $ 0.91 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S.

dollars (USD):

Three Months Ended Nine Months Ended

September 30 September 30

2025 2024 2025 2024

CHF USD CHF USD CHF USD CHF USD

Three Months Ended

CHF USD CHF USD

Total dividend distributions per common share 0.75 $ 0.97 0.81 $ 0.91

1 unchanged sentence

Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations.

At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased under our share repurchase programs during 2023.

The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024.

On March 10, 2026, Chubb completed a share capital reduction by means of cancellation of 11,986,574 Common Shares purchased under our share repurchase program during 2025.

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

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

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

On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024.

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

During the three months ended March 31, 2026, 3,517,810 shares were repurchased, 11,986,574 shares were canceled, and 912,163 net shares were issued under employee share-based compensation plans.

At March 31, 2026, 11,625,267 Common Shares remain in treasury.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Chubb Limited securities repurchase authorizations

2 unchanged sentences

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

Three Months Ended Nine Months Ended October 1, 2025

October 24, 2025

September 30 September 30

Three Months Ended April 1, 2026

April 27, 2026

(in millions of U.S.

4 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

6 unchanged sentences

Change in period, before tax ( 1,826 ) 901

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

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

Income tax (expense) benefit 210 ( 61 )

Total other comprehensive income (loss) ( 1,616 ) 840

Noncontrolling interests, net of tax ( 2 ) ( 8 )

Balance – end of period, net of tax ( 3,611 ) ( 3,704 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended Nine Months Ended

September 30 September 30

(in millions of U.S.

dollars) 2025 2024 2025 2024

Accumulated other comprehensive income (loss) (AOCI) - continued

Current discount rate on liability for future policy benefits

1 unchanged sentence

Change in period, before tax 386 ( 122 )

Income tax benefit 26 36 47 14

Income tax (expense) benefit ( 61 ) 12

Total other comprehensive income (loss) 325 ( 110 )

4 unchanged sentences

Change in period, before tax 12 4

Income tax benefit 2 1 1 —

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

Income tax expense ( 2 ) ( 1 )

Total other comprehensive income 10 3

Noncontrolling interests, net of tax — —

Balance – end of period, net of tax ( 13 ) ( 13 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

(in millions of U.S.

dollars) 2026 2025

Accumulated other comprehensive income (loss) (AOCI) - continued

Cumulative foreign currency translation adjustment

3 unchanged sentences

Change in period, before tax 528 359

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

Income tax expense ( 6 ) ( 12 )

Total other comprehensive income 522 347

13 unchanged sentences

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

Income tax benefit 1 — 1 1

Income tax expense ( 1 ) —

Total other comprehensive loss ( 3 ) ( 4 )

5 unchanged sentences

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

Three Months Ended Nine Months Ended Consolidated Statement of Operations Location

September 30 September 30

Three Months Ended Consolidated Statement of Operations Location

(in millions of U.S.

1 unchanged sentence

Fixed maturities available-for-sale $ ( 113 ) $ ( 58 ) Net realized gains (losses)

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

Income tax benefit 18 25 Income tax expense

$ ( 95 ) $ ( 33 ) Net income

30 unchanged sentences

2026 2025 2026 2025

Three Months Ended September 30 U.S.

Plans Non-U.S.

(in millions of U.S.

Service cost $ — $ 2 $ — $ 2 $ — $ —

Non-service cost (benefit):

Interest cost 34 9 33 9 — —

Expected return on plan assets ( 62 ) ( 15 ) ( 61 ) ( 13 ) ( 1 ) —

Amortization of net actuarial (gain) loss ( 2 ) 1 — — — ( 1 )

Amortization of prior service cost — — — — — —

Settlements — — 1 — — —

Total non-service cost (benefit) ( 30 ) ( 5 ) ( 27 ) ( 4 ) ( 1 ) ( 1 )

Net periodic benefit cost (benefit) $ ( 30 ) $ ( 3 ) $ ( 27 ) $ ( 2 ) $ ( 1 ) $ ( 1 )

Pension Benefit Plans Other Postretirement Benefit Plans

2025 2024 2025 2024

Nine Months Ended September 30 U.S.

Three Months Ended March 31 U.S.

Plans Non-U.S.

10 unchanged sentences

Net periodic benefit cost (benefit) $ ( 40 ) $ ( 5 ) $ ( 31 ) $ ( 2 ) $ — $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows:

1 unchanged sentence

Benefit Plans

Three Months Ended September 30 2025 2024 2025 2024

(in millions of U.S.

Service cost:

Losses and loss expenses $ — $ — $ — $ —

Administrative expenses 2 2 — —

Total service cost 2 2 — —

Non-service cost (benefit):

Losses and loss expenses ( 3 ) ( 3 ) — —

Administrative expenses ( 32 ) ( 28 ) ( 1 ) ( 1 )

Total non-service cost (benefit) ( 35 ) ( 31 ) ( 1 ) ( 1 )

Net periodic benefit cost (benefit) $ ( 33 ) $ ( 29 ) $ ( 1 ) $ ( 1 )

Pension Benefit Plans Other Postretirement

Benefit Plans

Nine Months Ended September 30 2025 2024 2025 2024

Three Months Ended March 31 2026 2025 2026 2025

(in millions of U.S.

8 unchanged sentences

Net periodic benefit cost (benefit) $ ( 45 ) $ ( 33 ) $ — $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Other income and expense

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

8 unchanged sentences

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three percent, and partially-owned insurance companies.

This line item includes mark-to-market gains (losses) on private equities of

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

This line item includes mark-to-market gains (losses) on private equities of $ 27 million and $( 27 ) million for the three months ended March 31, 2026 and 2025, respectively.

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

18 unchanged sentences

We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate.

Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses and severance, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate.

Integration expenses and severance are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees, as well as severance

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

expenses incurred as part of transformation initiatives to enhance operational efficiency.

These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment.

The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss).

The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses and severance are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:

6 unchanged sentences

These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits.

This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

• Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent.

We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Three Months Ended

September 30, 2025

(in millions of U.S.

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

Reinsurance Life Insurance Total

Net premiums written $ 5,663 $ 1,814 $ 1,458 $ 3,695 $ 304 $ 1,932 $ 14,866

Net premiums earned 5,080 1,741 1,495 3,803 315 1,925 14,359

Losses and loss expenses 3,083 713 1,224 1,707 139 31

Policy benefits — — — 119 — 1,303

Policy acquisition costs 708 339 86 975 96 359

Administrative expenses 348 82 5 368 9 213

Underwriting income 941 607 180 634 71 NM

Net investment income 978 123 20 288 100 284

Other (income) expense 10 1 — 8 — ( 31 )

Amortization of purchased intangibles 1 2 6 20 — 10

Segment income $ 1,908 $ 727 $ 194 $ 894 $ 171 $ 324 $ 4,218

Net realized gains (losses) 283

Market risk benefits gains (losses) ( 142 )

Interest expense 197

Integration expenses 1

Corporate underwriting loss ( 174 )

Corporate net investment loss ( 18 )

Corporate other (income) expense 87

Corporate amortization of purchased intangibles 36

Other reclassification 48

Income before income tax $ 3,894

NM – not meaningful.

Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following tables present the Statement of Operations by segment:

For the Three Months Ended

September 30, 2024

(in millions of U.S.

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

Reinsurance Life Insurance Total

Net premiums written $ 5,500 $ 1,679 $ 1,379 $ 3,367 $ 352 $ 1,552 $ 13,829

Net premiums earned 5,110 1,577 1,419 3,421 316 1,530 13,373

Losses and loss expenses 3,391 879 1,193 1,631 200 32

Policy benefits — — — 120 — 989

Policy acquisition costs 689 315 88 852 89 291

Administrative expenses 338 88 2 340 9 213

Underwriting income 692 295 136 478 18 NM

Net investment income 931 112 20 286 64 250

Other (income) expense 6 1 1 5 — ( 39 )

Amortization of purchased intangibles 2 3 5 21 — 10

Segment income $ 1,615 $ 403 $ 150 $ 738 $ 82 $ 284 $ 3,272

Net realized gains (losses) 198

Market risk benefits gains (losses) ( 230 )

Interest expense 192

Integration expenses 7

Corporate underwriting loss ( 162 )

Corporate net investment loss ( 28 )

Corporate other (income) expense ( 202 )

Corporate amortization of purchased intangibles 40

Other reclassification ( 19 )

Income before income tax $ 2,994

NM – not meaningful.

Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Nine Months Ended

September 30, 2025

March 31, 2026

(in millions of U.S.

15 unchanged sentences

Interest expense 198

Integration expenses 3

Integration expenses and severance 9

Corporate underwriting loss ( 125 )

8 unchanged sentences

Chubb Limited and Subsidiaries

For the Nine Months Ended

September 30, 2024

For the Three Months Ended

March 31, 2025

(in millions of U.S.

7 unchanged sentences

Administrative expenses 344 87 2 330 10 202

Underwriting income 2,220 730 227 1,390 179 NM

Underwriting income (loss) 894 ( 936 ) 54 532 16 NM

Net investment income 929 120 24 281 70 271

1 unchanged sentence

Amortization of purchased intangibles 1 2 6 19 — 10

Segment income $ 4,810 $ 1,045 $ 270 $ 2,151 $ 358 $ 828 $ 9,462

Segment income (loss) $ 1,814 $ ( 819 ) $ 71 $ 788 $ 86 $ 291 $ 2,231

Net realized gains (losses) ( 116 )

1 unchanged sentence

Interest expense 181

Integration expenses 21

Corporate underwriting loss ( 119 )

11 unchanged sentences

Earnings per share

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

16 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements