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Item 2. Management’s Discussion and Analysis

2026-04-28 compared with 2025-10-27 · 226 added, 420 removed, 757 unchanged (46% of the section changed)

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

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

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three months ended March 31, 2026.

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

17 unchanged sentences

Net Investment Income

Interest Expense

Critical Accounting Estimates

19 unchanged sentences

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;

global political conditions, the outbreak and effects of war, the occurrence of any terrorist attacks, 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;

24 unchanged sentences

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

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

At March 31, 2026, we had total assets of $275 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $74 billion.

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

2 unchanged sentences

For more information on our segments refer to “Segment Information” under Item 1 in our 2025 Form 10-K.

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

Consolidated Operating Results – Three Months Ended March 31, 2026 and 2025

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 14,005 $ 12,646 10.7 %

2 unchanged sentences

Net investment income 1,709 1,561 9.5 %

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 %

Net realized gains (losses) (407) (116) NM

Market risk benefits gains (losses) 14 (92) NM

Total revenues 14,773 13,353 10.6 %

6 unchanged sentences

Amortization of purchased intangibles 73 75 (2.1) %

Integration expenses 1 7 (80.8) % 3 21 (86.0) %

Integration expenses and severance 9 — NM

Total expenses 11,780 11,689 0.8 %

7 unchanged sentences

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.

NM - Not meaningful

Financial Highlights for the Three Months Ended March 31, 2026

• Net income attributable to Chubb was $2.3 billion compared with $1.3 billion in the prior year period, primarily due to lower catastrophe losses.

• Total pre-tax catastrophe losses were $500 million, compared with $1.64 billion in the prior year, which included $1.47 billion from the California wildfires.

• Consolidated net premiums written were $14.01 billion, up 10.7 percent.

• P&C net premiums written increased 7.2 percent, with consumer insurance up 14.2 percent and commercial insurance up 4.6 percent.

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

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

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

Growth includes $126 million from a one-

time large transaction in New Zealand.

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

• 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.

Commercial lines reflects continued growth primarily in casualty lines, middle market, and small commercial accounts.

Growth was unfavorably impacted by reduced exposure and lower rates, in large account property lines, both admitted and E&S.

• Life Insurance segment net premiums written increased 33.1 percent, or 30.8 percent in constant dollars, due to growth in international life of 34.1 percent in constant dollars reflecting 15.7 percentage points of growth from traditional regular premium products, with the remaining growth from savings-oriented single premium business.

Additionally, our Chubb Benefits business grew 15.8 percent, primarily driven by worksite business.

• Pre-tax net investment income was $1.71 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets from strong operating cash flow.

• Operating cash flow was $3.95 billion.

Net Premiums Written Three Months Ended

Change Nine Months Ended

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Property and other short-tail lines $ 2,467 $ 2,489 (0.9) % (4.6) %

11 unchanged sentences

Total Personal lines (2)

2,688 2,345 14.7 % 10.8 %

Global A&H - P&C 923 823 12.2 % 6.2 %

4 unchanged sentences

(1) Commercial multiple peril represents retail package business (property and general liability).

(2) For purposes of this schedule only, certain Q1 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting.

This reclassification did not impact total Personal lines results.

For additional information on net premiums written, refer to the segment operating results discussions.

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.

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

Three Months Ended

(in millions of U.S.

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Favorable prior period development $ 286 $ 255

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

Catastrophe losses through March 31, 2026 and 2025, were primarily from the following events:

Winter-related storms in the U.S., and other international weather-related events.

◦ Total North America P&C Insurance catastrophe losses were $428 million.

◦ Total Overseas General catastrophe losses were $64 million.

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.

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.

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.

flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

◦ Total North America P&C Insurance catastrophe losses were $1.51 billion.

◦ Total Overseas General catastrophe losses were $55 million.

Pre-tax net favorable PPD for the three months ended March 31, 2026, was $301 million in our active companies, including net favorable development of $322 million in short-tail lines and net unfavorable development of $21 million in long-tail lines.

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

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

Our corporate run-off portfolio had adverse development of $15 million.

Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property.

Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business.

Our corporate run-off portfolio had adverse development of $13 million.

Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and 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

Three Months Ended

Combined ratio:

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P&C CAY combined ratio excluding catastrophe losses 82.1 % 82.3 %

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.

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.

The P&C combined ratio decreased for the three months ended March 31, 2026, reflecting lower catastrophe losses.

The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three months ended March 31, 2026.

Segment Operating Results – Three Months Ended March 31, 2026 and 2025

North America Commercial P&C Insurance

1 unchanged sentence

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

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 4,895 $ 4,787 2.3 %

9 unchanged sentences

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

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

Loss and loss expense ratio 62.5 % 60.8 % 1.7 pts

Policy acquisition cost ratio 14.6 % 14.4 % 0.2 pts

Administrative expense ratio 6.9 % 6.9 % — pts

Combined ratio 84.0 % 82.1 % 1.9 pts

Catastrophe losses (3.9) % (3.1) % (0.8) pts

Prior period development 1.7 % 2.3 % (0.6) pts

CAY combined ratio excluding catastrophe losses 81.8 % 81.3 % 0.5 pts

Production by Size - Net premiums written Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

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 %

Major Accounts & Specialty (large corporate accounts and wholesale business) $ 2,772 $ 2,731 1.5 %

Commercial (middle market and small commercial accounts) 2,123 2,056 3.3 %

Total $ 4,895 $ 4,787 2.3 %

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

September 30 September 30

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

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

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.

Net premiums written increased $108 million, or 2.3 percent, for the three months ended March 31, 2026, which includes P&C lines growth of 3.2 percent and a decline in financial lines of 3.5 percent.

Middle market and small commercial grew 3.3 percent, with P&C lines up 5.4 percent and financial lines down 5.7 percent.

Major accounts retail and specialty grew 1.5 percent, with property and other short-tail lines down 21.9 percent, casualty up 20.3 percent, and financial lines down 0.4 percent.

Premium growth was broad-based, reflecting continued growth in large account primary and excess casualty, and in our small and mid-market commercial P&C lines, supported by new business and positive rate in most lines.

This growth was partially offset by a decline in our large account property lines, both admitted and E&S, which reduced overall growth by approximately 5.0 percentage points, primarily due to reduced exposure and lower rates.

Net premiums earned increased $160 million, or 3.2 percent, for the three months ended March 31, 2026, 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.

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.

The combined ratio increased for the three months ended March 31, 2026, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three months ended March 31, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.

North America Personal P&C Insurance

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 1,681 $ 1,552 8.3 %

3 unchanged sentences

Administrative expenses 85 87 (2.7) %

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

Underwriting income (loss) 280 (936) 129.9 %

Net investment income 137 120 14.2 %

Other (income) expense 1 1 — 2 — NM

Other (income) expense 3 1 (198.5) %

Amortization of purchased intangibles 2 2 —

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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

Loss and loss expense ratio 59.3 % 133.0 % (73.7) pts

Policy acquisition cost ratio 19.9 % 21.0 % (1.1) pts

Administrative expense ratio 4.8 % 5.5 % (0.7) pts

Combined ratio 84.0 % 159.5 % (75.5) pts

Catastrophe losses (12.7) % (84.5) % 71.8 pts

Prior period development — — — pts

CAY combined ratio excluding catastrophe losses 71.3 % 75.0 % (3.7) pts

Net Catastrophe Losses and Prior Period Development

Three Months Ended Nine Months Ended

September 30 September 30

Three Months Ended

(in millions of U.S.

3 unchanged sentences

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

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.

Net premiums written increased $129 million, or 8.3 percent, for the three months ended March 31, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.

Growth includes the favorable impact of $50 million of ceded reinstatement premiums related to the California wildfires in the prior year.

Net premiums earned increased $172 million, or 10.9 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.

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.

The combined ratio decreased for the three months ended March 31, 2026, reflecting the California wildfire catastrophe losses in the prior year, 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 months ended March 31, 2026, primarily due to an improvement in homeowners and personal excess from lower underlying losses, and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.

North America Agricultural Insurance

2 unchanged sentences

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 311 $ 276 12.7 %

2 unchanged sentences

Policy acquisition costs 24 17 39.1 %

Administrative expenses 5 2 68.7 % 9 7 20.3 %

Administrative expenses (6) 2 NM

Underwriting income 118 54 120.0 %

4 unchanged sentences

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

Loss and loss expense ratio 27.9 % 55.9 % (28.0) pts

Policy acquisition cost ratio 12.6 % 10.4 % 2.2 pts

Administrative expense ratio (3.0) % 1.2 % (4.2) pts

Combined ratio 37.5 % 67.5 % (30.0) pts

Catastrophe losses (2.4) % (8.9) % 6.5 pts

Prior period development 42.5 % 20.3 % 22.2 pts

CAY combined ratio excluding catastrophe losses 77.6 % 78.9 % (1.3) pts

NM - Not meaningful

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

September 30 September 30

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

3 unchanged sentences

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

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.

Net premiums written increased $35 million, or 12.7 percent, for the three months ended March 31, 2026, primarily due to growth in Livestock driven by lower reinsurance cessions, and growth in MPCI.

Net premiums earned increased $24 million, or 14.6 percent, for the three months ended March 31, 2026, 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.

The combined ratio decreased for the three months ended March 31, 2026, reflecting higher favorable prior period development and lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, reflecting a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business, partially offset by a higher loss ratio reflecting a change in the mix of business.

Overseas General Insurance

4 unchanged sentences

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

The Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand and Liberty Insurance in Vietnam, effective April 1, 2025, and February 2, 2026, respectively.

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 4,466 $ 3,903 14.4 %

12 unchanged sentences

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

Loss and loss expense ratio 46.7 % 47.0 % (0.3) pts

Policy acquisition cost ratio 26.7 % 26.1 % 0.6 pts

Administrative expense ratio 10.2 % 10.3 % (0.1) pts

Combined ratio 83.6 % 83.4 % 0.2 pts

Catastrophe losses (1.7) % (1.7) % — pts

Prior period development 3.5 % 3.8 % (0.3) pts

CAY combined ratio excluding catastrophe losses 85.4 % 85.5 % (0.1) pts

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

4 unchanged sentences

Net Premiums Written by Region

Three Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

8 unchanged sentences

Net premiums written $ 4,466 100 % $ 3,903 100 % $ 4,209 14.4 % 6.1 %

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.

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 %

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.

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.

Overall, net premiums written increased $563 million, or $257 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting growth in commercial lines of 10.8 percent, or 3.1 percent on a constant-dollar basis, and growth in consumer lines of 20.5 percent, or 11.1 percent on a constant-dollar basis.

Our European division increased for the three months ended March 31, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three months ended March 31, 2026, reflecting growth primarily in consumer lines, including personal lines and A&H.

Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand and Vietnam.

Latin America increased for the three months ended March 31, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $571 million, or $331 million on a constant-dollar basis, for the three months ended March 31, 2026, 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.

The combined ratio and CAY combined ratio excluding catastrophe losses were relatively flat for the three months ended March 31, 2026, reflecting an increase in acquisition expense ratio, offset by underlying loss ratio improvement driven by mix shift.

Global Reinsurance

1 unchanged sentence

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 363 $ 408 (11.2) %

8 unchanged sentences

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

Loss and loss expense ratio 41.9 % 65.8 % (23.9) pts

Policy acquisition cost ratio 31.3 % 27.1 % 4.2 pts

Administrative expense ratio 2.8 % 2.7 % 0.1 pts

Combined ratio 76.0 % 95.6 % (19.6) pts

Catastrophe losses (2.3) % (21.3) % 19.0 pts

Prior period development — — — pts

CAY combined ratio excluding catastrophe losses 73.7 % 74.3 % (0.6) pts

NM - Not meaningful

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

September 30 September 30

Net Catastrophe Losses and Prior Period Development Three Months Ended

(in millions of U.S.

3 unchanged sentences

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

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.

Net premiums written decreased $45 million for the three months ended March 31, 2026, primarily reflecting a decrease in property lines due to increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms, as well as the favorable impact of higher catastrophe reinstatement premiums in the prior year.

This decrease was partially offset by growth in casualty business due to higher underlying rates favorably impacting the renewal portfolio.

Net premiums earned decreased $42 million for the three months ended March 31, 2026, reflecting the changes in net premiums written described above, including catastrophe reinstatement premiums in the prior year which were fully earned when written.

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.

The combined ratio decreased for the three months ended March 31, 2026, primarily due to lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to lower loss expectations in property lines, offset by a shift in mix of business from property to 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

The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Net premiums written $ 2,289 $ 1,720 33.1 %

10 unchanged sentences

Segment income - constant dollars 7.1 %

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.

Net premiums written increased $569 million , or $539 million on a constant-dollar basis, for the three months ended March 31, 2026.

For our international life operations, net premiums written increased 36.8 percent, or 34.1 percent on a constant-dollar basis, for the three months ended March 31, 2026.

This increase included 15.7 percentage points of growth primarily driven by our traditional regular premium products in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 15.8 percent for the three months ended March 31, 2026, due to 34.6 percent growth in worksite business.

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

Three Months Ended Nine Months Ended

September 30 % Change September 30 % Change

Three Months Ended

March 31 % Change

(in millions of U.S.

1 unchanged sentence

2025 Q-26 vs.

Q-24 2025 2024 C$ 2024 Y-25 vs.

Deposits collected on universal life and investment contracts $ 749 $ 755 $ 781 (0.8) % (4.1) %

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.

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.

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

Life deposits collected decreased $6 million for the three months ended March 31, 2026, due to lower investment linked products in Taiwan, offset by higher savings-oriented single premium sales in Huatai Life and Hong Kong.

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.

Life Insurance segment income increased $25 million, or 8.5 percent for the three months ended March 31, 2026, reflecting the growth in our international life operations, higher net investment income from asset growth, and higher other income from Huatai.

This growth was partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

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

Three Months Ended

March 31 % Change

(in millions of U.S.

dollars, except for percentages) 2026 2025 Q-26 vs.

Q-24 2025 2024 YTD-25 vs.

Losses and loss expenses $ 15 $ 14 10.3 %

Administrative expenses 110 105 4.3 %

Underwriting income (loss) (174) (162) 7.7 % (469) (471) (0.3) %

Underwriting loss (125) (119) 5.0 %

Net investment income (loss) (11) (27) (58.9) %

1 unchanged sentence

Amortization of purchased intangibles 34 37 (8.5) %

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 %

Net realized gains (losses) (383) (78) NM

Market risk benefits gains (losses) 14 (92) NM

Interest expense 198 181 9.1 %

Integration expenses 1 7 (80.8) % 3 21 (86.0) %

Integration expenses and severance 9 — NM

Income tax expense 646 321 101.2 %

3 unchanged sentences

NM - Not meaningful

Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions.

Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency.

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

6 unchanged sentences

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.

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 2025 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).

2 unchanged sentences

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

Three Months Ended September 30

(in millions of U.S.

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

Nine Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

13 unchanged sentences

Net gains (losses), pre-tax $ (407) $ (906) $ (1,313) $ (116) $ 1,047 $ 931

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.

Pre-tax net unrealized losses of $1,826 million in our investment portfolio for the three months ended March 31, 2026, were primarily driven by higher interest rates.

Pre-tax net realized losses of $407 million for the three months ended March 31, 2026, were primarily driven by mark-to-market losses on equity securities, net realized losses on fixed maturities, and losses on investment derivatives.

Effective Income Tax Rate

2 unchanged sentences

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.

For the three months ended March 31, 2026, our ETR was 21.6 percent compared to an ETR of 19.3 percent 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

24 unchanged sentences

The expense adjustments correlate to the prior period loss development on these same policies.

Total adjusted capitalization is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains (losses) on investments, net of deferred tax.

This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our underlying total capital position.

The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:

2 unchanged sentences

Three Months Ended

September 30, 2025

(in millions of U.S.

dollars except for ratios)

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

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 %

impact of gains and losses on crop derivatives 0.1 %

P&C Combined ratio 81.8 %

The ratios above are calculated using whole U.S.

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.

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)

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

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 %

impact of gains and losses on crop derivatives —

P&C Combined ratio 87.7 %

The ratios above are calculated using whole U.S.

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.

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

March 31, 2026

(in millions of U.S.

7 unchanged sentences

PPD, net of related adjustments - favorable (unfavorable) 89 1 80 131 — (15) 286

Net premiums earned adjustments on PPD - unfavorable (favorable) 73 — — — — — 73

Expense adjustments - unfavorable (favorable) 2 — — — 2 — 4

7 unchanged sentences

Net premiums earned E $ 5,148 $ 1,746 $ 189 $ 3,780 $ 326 $ 11,189

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) — — — 7 — 7

15 unchanged sentences

Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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

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

March 31, 2025

(in millions of U.S.

9 unchanged sentences

Expense adjustments - unfavorable (favorable) (2) — (3) — (1) — (6)

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

PPD, gross of related adjustments - favorable (unfavorable) 111 — 30 121 (1) (13) 248

7 unchanged sentences

Net premiums earned adjustments on PPD - unfavorable (favorable) (1) — — — — (1)

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

Net premiums earned excluding adjustments F $ 4,987 $ 1,624 $ 165 $ 3,209 $ 355 $ 10,340

15 unchanged sentences

Net Investment Income

Three Months Ended September 30 Nine Months Ended September 30

Three Months Ended March 31

(in millions of U.S.

8 unchanged sentences

Gross investment income (1)

1,703 1,556 4,935 4,513

Investment expenses (57) (50)

2 unchanged sentences

(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.

Net investment income increased 9.5 percent for the three months ended March 31, 2026, primarily due to higher average invested assets.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above.

2 unchanged sentences

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

Three Months Ended March 31

(in millions of U.S.

1 unchanged sentence

Total mark-to-market gain (loss) on private equity, pre-tax $ 43 $ (16)

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.

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

investment portfolio, and we provide no credit default protection.

We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection.

We have long-standing global credit limits for our entire portfolio across the organization.

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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

March 31, 2026 December 31, 2025

(in millions of U.S.

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Total investments $ 170,233 $ 174,013 $ 168,754 $ 170,714

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 fair value of our total investments increased $1.5 billion during the three months ended March 31, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases.

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 following tables present the fair value of our fixed income securities at March 31, 2026, and December 31, 2025.

The first table lists investments according to type and second according to S&P credit rating:

September 30, 2025 December 31, 2024

March 31, 2026 December 31, 2025

(in millions of U.S.

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$ 136,933 100 % $ 135,611 100 %

(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.

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $8.4 billion and $8.1 billion at March 31, 2026, and December 31, 2025, 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:

The following table presents our 10 largest global exposures to corporate bonds by fair value at March 31, 2026:

(in millions of U.S.

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UBS Group AG 366

HSBC Holdings Plc 370

Comcast Corp 365

Mortgage-backed securities

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Value Amortized Cost, Net

September 30, 2025

March 31, 2026

(in millions of U.S.

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

government securities at September 30, 2025:

government securities at March 31, 2026:

(in millions of U.S.

dollars) Fair Value Amortized Cost, Net

Republic of Korea $ 1,999 $ 1,896

People's Republic of China $ 2,257 $ 2,305

Republic of Korea 1,626 1,764

Kingdom of Thailand 1,076 1,058

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Commonwealth of Australia 614 716

Province of Hunan China 558 553

Province of Ontario 555 562

Province of Hunan China 551 547

Other Non-U.S.

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

corporate securities at September 30, 2025:

corporate securities at March 31, 2026:

(in millions of U.S.

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United States (1)

South Korea 1,557 1,485

Australia 1,361 1,401

South Korea 1,319 1,330

Japan 1,165 1,185

Chile 681 698

Germany 660 684

Netherlands 586 590

Other Non-U.S.

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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.

At March 31, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 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 $198 million.

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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 net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

The following table presents a roll-forward of our unpaid losses and loss expenses:

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Other (including foreign exchange translation) 238 48 190

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

Balance at March 31, 2026 $ 88,915 $ 18,253 $ 70,662

(1) Net of valuation allowance for uncollectible reinsurance.

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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.

The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at March 31, 2026, and does not represent our expected catastrophe losses for any one year.

Modeled Net Probable Maximum Loss (PML) Pre-tax

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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.

peril regions are based on our in-force portfolio at January 1, 2026, and reflect the April 1, 2026, reinsurance program, as well as inuring reinsurance protection coverage.

Refer to the Global Property Catastrophe Reinsurance section for more information.

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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).

hurricane events could be in excess of $3,823 million (or 5.2 percent of total Chubb shareholders’ equity at March 31, 2026).

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

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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.

Terrorism is covered in all three layers (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) in the United States on an aggregate basis above our retentions without a reinstatement.

Loss Location Layer of Loss Comments Notes

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(excluding Alaska and Hawaii) $4.0 billion –

$5.7 billion Named windstorm and earthquake

$5.7 billion All natural perils and terrorism

International

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

September 30 December 31

March 31 December 31

(in millions of U.S.

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Total capitalization 91,683 91,406

Ratio of financial debt to total capitalization (2)

Chubb unrealized gains (losses) on investments, net of deferred tax (3,611) (1,997)

Total adjusted capitalization $ 95,294 $ 93,403

Ratio of financial debt to total adjusted capitalization (2)

18.3 % 18.4 %

Ratio of financial debt and hybrid debt to total capitalization (2)

Ratio of financial debt and hybrid debt to total adjusted capitalization (2)

18.8 % 18.8 %

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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.

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.

On March 17, 2026, 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.

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.

For the three months ended March 31, 2026, we repurchased $1.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.

At March 31, 2026, there were 11,625,267 Common Shares in treasury with a weighted-average cost of $198.05 per share.

For the period April 1, 2026, through April 27, 2026, we repurchased 1,029,374 Common Shares for a total of $340 million in a series of open market transactions under the share repurchase authorization.

At April 27, 2026, $1.2 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.

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March 13, 2026 April 6, 2026 $0.97 (CHF 0.75)

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

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

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term.

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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 group syndicated credit facility has capacity of $3.0 billion and expires in December 2030.

Our total credit facility capacity is $4.1 billion, $3.0 billion of which can be used for revolving credit.

At March 31, 2026, our letter of credit borrowings outstanding under these facilities was $980 million.

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.

The facilities require that we maintain certain financial covenants, all of which we met at March 31, 2026.

Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market.

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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.

At March 31, 2026, 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.

During the three months ended March 31, 2026, 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.

Chubb Limited received dividends of nil and $310 million from its Bermuda subsidiaries during the three months ended March 31, 2026 and 2025, respectively.

Chubb Limited received dividends of $149 million and $207 million from its other international subsidiaries during the three months ended March 31, 2026, and 2025, respectively.

During the three months ended March 31, 2026, and 2025, Chubb Limited received no redemptions from Chubb INA for the 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 ownership interest in Chubb INA.

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

Chubb INA’s international subsidiaries are

also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate.

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

These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities.

Chubb Limited received no dividends from Chubb INA during the nine months ended September 30, 2025, and 2024.

Chubb Limited received no dividends from Chubb INA during the three months ended March 31, 2026, and 2025.

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.

Chubb INA received dividends of nil and $366 million from its subsidiaries during the three months ended March 31, 2026, and 2025, respectively.

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.

The following is a discussion of our cash flows for the three months ended March 31, 2026 and 2025.

Operating cash flows were $3.9 billion for the three months ended March 31, 2026, compared to $1.6 billion in the prior year period, primarily due to higher net premiums collected and lower net losses paid, partially offset by higher expenses paid.

Cash used for investing was $2.8 billion for the three months ended March 31, 2026, compared to $798 million in the prior year period, an increase of $2.0 billion, primarily due to higher net purchases of fixed maturities and short-term securities of $2.9 billion.

This activity was partially offset by the impact of net private equity distributions of $80 million in the current year compared to net private equity contributions of $657 million in the prior year period.

Cash used for financing was $950 million for the three months ended March 31, 2026, compared to $1.1 billion in the prior year period, a decrease of $175 million.

This decrease reflects a repayment of long term debt of $800 million in the prior year compared to an issuance of $254 million in the current year.

This activity was partially offset by higher common shares repurchased of $483 million, higher net distributions from consolidated investment products of $322 million, and lower net repurchase agreement borrowings of $116 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.

At March 31, 2026, there were $3.7 billion in repurchase agreements outstanding with various maturities over the next two months.

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

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(Subsidiary Issuer)

September 30 December 31 September 30 December 31

March 31 December 31 March 31 December 31

(in millions of U.S.

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The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:

Nine Months Ended September 30, 2025 Chubb Limited

Three Months Ended March 31, 2026 Chubb Limited

(Parent Guarantor) Chubb INA Holdings LLC

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Comprehensive loss $ (15) $ (30)

Quantitative and Qualitative Disclosures about Market Risk

For disclosures regarding Market Risk, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in our 2025 Form 10-K.

There have been no material changes to Chubb's market risk exposures from those previously disclosed.

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

What changed 10-Q

Item 2. Management’s Discussion and Analysis