Chubb Ltd 10-Q

ITEM 1. Financial Statements CONSOLIDATED BALANCE SHEETS (Unaudited) Chubb Limited and Subsidiaries March 31 December 31 (in millions of U.S. dollars, except share and per share data) 2026 2025 Assets Investments Short-term investments, at fair value (amortized cost – $ 5,067 and $ 4,840 ) (includes variable interest entities (VIE) balances of $ 109 and $ 105 ) $ 5,067 $ 4,840 Fixed maturities available-for-sale, at fair value, net of valuation allowance – $ 50 and $ 52 (amortized cost – $ 127,301 and $ 124,726 ) 123,433 122,680 Private debt held-for-investment, at amortized cost, net of valuation allowance – $ 2 and $ 3 2,477 2,411 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 ) 17,132 17,239 Other investments (includes VIE balances of $ 5,828 and $ 5,818 ) 11,170 10,749 Total investments 170,195 168,720 Cash, including restricted cash $ 203 and $ 198 (includes VIE balances of $ 258 and $ 168 ) 2,634 2,470 Securities lending collateral 2,277 2,500 Accrued investment income 1,351 1,305 Insurance and reinsurance balances receivable, net of valuation allowance – $ 63 and $ 62 17,101 15,944 Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $ 320 and $ 320 20,159 20,338 Reinsurance recoverable on policy benefits 295 286 Deferred policy acquisition costs 10,452 10,008 Value of business acquired 2,926 2,975 Goodwill 20,370 20,207 Other intangible assets 6,217 6,241 Deferred tax assets 1,315 1,312 Prepaid reinsurance premiums 4,105 3,874 Separate account assets 6,718 6,925 Other assets (includes VIE balances of $ 82 and $ 58 ) 9,341 9,222 Total assets $ 275,456 $ 272,327 Liabilities Unpaid losses and loss expenses $ 88,915 $ 88,018 Unearned premiums 27,180 26,279 Future policy benefits 19,273 18,420 Market risk benefits 642 659 Policyholders' account balances 8,782 8,576 Separate account liabilities 6,718 6,925 Insurance and reinsurance balances payable 8,486 8,349 Repurchase agreements (includes VIE balances of $ 983 and $ 956 ) 3,736 3,324 Securities lending payable 2,277 2,500 Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $ 64 and $ 159 ) 9,881 10,108 Deferred tax liabilities 1,759 1,741 Short-term debt 1,500 1,499 Long-term debt 15,970 15,728 Hybrid debt 425 422 Total liabilities 195,544 192,548 Commitments and contingencies (refer to Note 13) Shareholders’ equity Common Shares (CHF 0.50 par value; 400,120,847 and 412,107,421 shares issued; 388,495,580 and 391,101,227 shares outstanding) 224 231 Common Shares in treasury ( 11,625,267 and 21,006,194 shares) ( 2,302 ) ( 4,699 ) Additional paid-in capital 12,956 13,250 Retained earnings 68,821 69,950 Accumulated other comprehensive income (loss) (AOCI) ( 5,911 ) ( 4,975 ) Total Chubb shareholders’ equity 73,788 73,757 Noncontrolling interests (includes VIE balances of $ 5,316 and $ 5,133 ) 6,124 6,022 Total shareholders' equity 79,912 79,779 Total liabilities and shareholders’ equity $ 275,456 $ 272,327 See accompanying notes to the Consolidated Financial Statements 3 Table of Contents CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars, except per share data) 2026 2025 Revenues Net premiums written $ 14,005 $ 12,646 Increase in unearned premiums ( 548 ) ( 646 ) Net premiums earned 13,457 12,000 Net investment income 1,709 1,561 Net realized gains (losses) ( 407 ) ( 116 ) Market risk benefits gains (losses) 14 ( 92 ) Total revenues 14,773 13,353 Expenses Losses and loss expenses 6,131 6,896 Policy benefits (includes remeasurement losses of $ 2 and $ 3 ) 1,785 1,227 Policy acquisition costs 2,596 2,313 Administrative expenses 1,149 1,080 Interest expense 198 181 Other (income) expense ( 161 ) ( 83 ) Amortization of purchased intangibles 73 75 Integration expenses and severance 9 — Total expenses 11,780 11,689 Income before income tax 2,993 1,664 Income tax expense 646 321 Net income $ 2,347 $ 1,343 Net income attributable to noncontrolling interests 27 12 Net income attributable to Chubb $ 2,320 $ 1,331 Other comprehensive income (loss) Change in: Unrealized appreciation (depreciation) $ ( 1,826 ) $ 901 Current discount rate on future policy benefits 386 ( 122 ) Instrument-specific credit risk on market risk benefits 12 4 Cumulative foreign currency translation adjustment 528 359 Other, including postretirement benefit liability adjustment ( 6 ) ( 95 ) 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 Comprehensive income attributable to noncontrolling interests 198 7 Comprehensive income attributable to Chubb $ 1,384 $ 2,340 Earnings per share Basic earnings per share attributable to Chubb $ 5.94 $ 3.32 Diluted earnings per share attributable to Chubb $ 5.88 $ 3.29 See accompanying notes to the Consolidated Financial Statements 4 Table of Contents CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Common Shares Balance – beginning of period $ 231 $ 235 Cancellation of treasury shares ( 7 ) ( 4 ) Balance – end of period 224 231 Common Shares in treasury Balance – beginning of period ( 4,699 ) ( 3,524 ) Common Shares repurchased ( 1,143 ) ( 385 ) Cancellation of treasury shares 3,455 1,942 Net shares issued under employee share-based compensation plans 85 168 Balance – end of period ( 2,302 ) ( 1,799 ) Additional paid-in capital Balance – beginning of period 13,250 14,393 Net shares issued under employee share-based compensation plans ( 66 ) ( 146 ) Exercise of stock options 5 1 Share-based compensation expense 100 94 Net increase due to acquisitions 47 — Funding of dividends declared to Retained earnings ( 380 ) ( 366 ) Balance – end of period 12,956 13,976 Retained earnings Balance – beginning of period 69,950 61,561 Net income attributable to Chubb 2,320 1,331 Cancellation of treasury shares and other ( 3,449 ) ( 1,939 ) Funding of dividends declared from Additional paid-in capital 380 366 Dividends declared on Common Shares ( 380 ) ( 366 ) Balance – end of period 68,821 60,953 Accumulated other comprehensive income (loss) (AOCI) Balance – beginning of period ( 4,975 ) ( 8,644 ) Other comprehensive income (loss) ( 936 ) 1,009 Balance – end of period ( 5,911 ) ( 7,635 ) Total Chubb shareholders’ equity $ 73,788 $ 65,726 Noncontrolling interests Balance – beginning of period $ 6,022 $ 4,373 Net increase (decrease) due to consolidation, deconsolidation, and other transactions ( 96 ) 649 Net income attributable to noncontrolling interests 27 12 Other comprehensive income (loss) attributable to noncontrolling interests 171 ( 5 ) Balance – end of period $ 6,124 $ 5,029 Total shareholders' equity $ 79,912 $ 70,755 See accompanying notes to the Consolidated Financial Statements 5 Table of Contents CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Cash flows from operating activities Net income $ 2,347 $ 1,343 Adjustments to reconcile net income to net cash flows from operating activities Net realized (gains) losses 407 116 Market risk benefits (gains) losses ( 14 ) 92 Amortization of premiums (discounts) on fixed maturities ( 102 ) ( 100 ) Amortization of purchased intangibles 73 75 Equity in net income of partially-owned entities ( 157 ) ( 82 ) Deferred income taxes 156 ( 198 ) Unpaid losses and loss expenses 646 1,182 Unearned premiums 747 868 Future policy benefits 1,023 440 Insurance and reinsurance balances payable 77 305 Accounts payable, accrued expenses, and other liabilities ( 592 ) ( 567 ) Income taxes 217 203 Insurance and reinsurance balances receivable ( 1,076 ) ( 874 ) Reinsurance recoverable 244 ( 127 ) Deferred policy acquisition costs ( 419 ) ( 428 ) Net sales (purchases) of investments by consolidated investment products 144 ( 435 ) Other 226 ( 247 ) Net cash flows from operating activities 3,947 1,566 Cash flows from investing activities Purchases of fixed maturities available-for-sale ( 9,119 ) ( 5,894 ) Purchases of equity securities ( 993 ) ( 783 ) Sales of fixed maturities available-for-sale 3,069 2,660 Sales of equity securities 878 637 Maturities and redemptions of fixed maturities available-for-sale 3,750 2,902 Net change in short-term investments ( 133 ) 773 Net derivative instruments settlements 19 ( 21 ) Private equity contributions ( 161 ) ( 879 ) Private equity distributions 241 222 Other ( 386 ) ( 415 ) Net cash flows used for investing activities ( 2,835 ) ( 798 ) Cash flows from financing activities Dividends paid on Common Shares ( 380 ) ( 366 ) Common Shares repurchased ( 1,174 ) ( 691 ) Proceeds from issuance of long-term debt 254 — Repayment of long-term debt — ( 800 ) Proceeds from share-based compensation plans 118 98 Policyholder contract deposits 382 242 Policyholder contract withdrawals ( 271 ) ( 176 ) Third-party capital invested into consolidated investment products 494 559 Third-party capital distributed by consolidated investment products ( 499 ) ( 242 ) Proceeds from issuance of repurchase agreements 2,164 810 Repayment of repurchase agreements ( 1,917 ) ( 447 ) Other ( 121 ) ( 112 ) Net cash flows used for financing activities ( 950 ) ( 1,125 ) Effect of foreign currency rate changes on cash and restricted cash 2 58 Net increase (decrease) in cash and restricted cash 164 ( 299 ) Cash and restricted cash – beginning of period 2,470 2,549 Cash and restricted cash – end of period $ 2,634 $ 2,250 Supplemental cash flow information Interest paid $ 189 $ 146 See accompanying notes to the Consolidated Financial Statements 6 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited) Chubb Limited and Subsidiaries 1. General and significant accounting policies a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following 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. Refer to Note 18 for additional information. The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2025 Form 10-K . b) New Accounting Pronouncements Accounting guidance not yet adopted Disaggregation of Income Statement Expenses In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement. 2. Acquisitions 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. 7 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 3. Investments a) Fixed maturities March 31, 2026 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available-for-sale U.S. and local government securities $ 3,915 $ — $ 17 $ ( 235 ) $ 3,697 Non-U.S. 41,543 ( 12 ) 396 ( 1,345 ) 40,582 Corporate and asset-backed securities 49,466 ( 38 ) 367 ( 1,963 ) 47,832 Mortgage-backed securities 32,377 — 240 ( 1,295 ) 31,322 $ 127,301 $ ( 50 ) $ 1,020 $ ( 4,838 ) $ 123,433 December 31, 2025 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available-for-sale U.S. and local government securities $ 3,908 $ — $ 27 $ ( 221 ) $ 3,714 Non-U.S. 40,479 ( 10 ) 795 ( 908 ) 40,356 Corporate and asset-backed securities 48,806 ( 42 ) 734 ( 1,612 ) 47,886 Mortgage-backed securities 31,533 — 398 ( 1,207 ) 30,724 $ 124,726 $ ( 52 ) $ 1,954 $ ( 3,948 ) $ 122,680 The following table presents fixed maturities by contractual maturity: March 31, 2026 December 31, 2025 (in millions of U.S. dollars) Net Carrying Value Fair Value Net Carrying Value Fair Value Available-for-sale Due in 1 year or less $ 4,553 $ 4,553 $ 4,749 $ 4,749 Due after 1 year through 5 years 36,333 36,333 35,611 35,611 Due after 5 years through 10 years 31,062 31,062 31,514 31,514 Due after 10 years 20,163 20,163 20,082 20,082 92,111 92,111 91,956 91,956 Mortgage-backed securities 31,322 31,322 30,724 30,724 $ 123,433 $ 123,433 $ 122,680 $ 122,680 Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. b) Gross unrealized loss Fixed maturities in an unrealized loss position comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2025 Form 10-K for further information on factors considered in the evaluation of expected credit losses. 8 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 0 – 12 Months Over 12 Months Total March 31, 2026 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. and local government securities $ 743 $ ( 9 ) $ 1,983 $ ( 226 ) $ 2,726 $ ( 235 ) Non-U.S. 14,685 ( 468 ) 8,352 ( 750 ) 23,037 ( 1,218 ) Corporate and asset-backed securities 14,841 ( 237 ) 9,626 ( 1,088 ) 24,467 ( 1,325 ) Mortgage-backed securities 6,046 ( 62 ) 10,007 ( 1,233 ) 16,053 ( 1,295 ) Total AFS fixed maturities $ 36,315 $ ( 776 ) $ 29,968 $ ( 3,297 ) $ 66,283 $ ( 4,073 ) 0 – 12 Months Over 12 Months Total December 31, 2025 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. and local government securities $ 307 $ ( 3 ) $ 2,139 $ ( 216 ) $ 2,446 $ ( 219 ) Non-U.S. 6,664 ( 163 ) 8,995 ( 622 ) 15,659 ( 785 ) Corporate and asset-backed securities 4,136 ( 59 ) 10,225 ( 867 ) 14,361 ( 926 ) Mortgage-backed securities 1,467 ( 12 ) 11,016 ( 1,194 ) 12,483 ( 1,206 ) Total AFS fixed maturities $ 12,574 $ ( 237 ) $ 32,375 $ ( 2,899 ) $ 44,949 $ ( 3,136 ) 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 March 31 (in millions of U.S. dollars) 2026 2025 Available-for-sale Valuation allowance for expected credit losses - beginning of period $ 52 $ 70 Provision for expected credit loss 19 21 Recovery of expected credit loss ( 21 ) ( 28 ) Valuation allowance for expected credit losses - end of period $ 50 $ 63 Private debt held-for-investment Valuation allowance for expected credit losses - beginning of period $ 3 $ 4 Recovery of expected credit loss ( 1 ) ( 1 ) Valuation allowance for expected credit losses - end of period $ 2 $ 3 9 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries c) Net realized gains (losses) The following table presents the components of net realized gains (losses): Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Fixed maturities: Gross realized gains $ 40 $ 38 Gross realized losses ( 124 ) ( 96 ) Other investments - Fixed maturities (includes $( 20 ) million and $( 53 ) million related to investments measured under the fair value option) ( 8 ) ( 40 ) Net recovery of expected credit losses 3 8 Impairment (1) ( 32 ) ( 7 ) Total fixed maturities ( 121 ) ( 97 ) Equity securities (includes $( 67 ) million and $ 53 million related to investments measured under the fair value option) ( 149 ) 63 Private equities (less than 3 percent ownership) 16 11 Foreign exchange ( 8 ) ( 65 ) Investment and embedded derivative instruments ( 115 ) ( 23 ) Other derivative instruments ( 9 ) ( 3 ) Other ( 21 ) ( 2 ) Net realized gains (losses) (pre-tax) $ ( 407 ) $ ( 116 ) (1) Relates to certain securities we intend to sell and securities written to market entering default. Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Three Months Ended March 31 2026 2025 (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 $ ( 149 ) $ ( 8 ) $ 16 $ ( 141 ) $ 63 $ ( 40 ) $ 11 $ 34 Less: Net gains (losses) recognized from sales of securities 94 — — 94 ( 12 ) 1 — ( 11 ) Unrealized gains (losses) recognized for securities still held at reporting date $ ( 243 ) $ ( 8 ) $ 16 $ ( 235 ) $ 75 $ ( 41 ) $ 11 $ 45 10 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries d) Private equities Private equities include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities: Expected Liquidation Period of Underlying Assets March 31, 2026 December 31, 2025 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 1,270 $ 443 $ 1,420 $ 483 Real assets 2 to 13 Years 1,901 1,104 1,924 1,111 Distressed 2 to 8 Years 1,198 1,231 1,226 977 Private credit 3 to 8 Years 301 292 299 302 Traditional 2 to 14 Years 12,081 4,209 11,990 4,345 Vintage 1 to 3 Years 33 — 43 — Investment funds Not Applicable 348 — 337 — $ 17,132 $ 7,279 $ 17,239 $ 7,218 Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds. Investment Category: Consists of investments in private equity funds: Financial targeting financial services companies, such as financial institutions and insurance services worldwide Real assets targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources Distressed targeting distressed corporate debt/credit and equity opportunities in the U.S. Private credit targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds Traditional employing traditional private equity investment strategies, such as buyout and growth equity globally Vintage funds where the initial fund term has expired Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers. e) Restricted assets Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March 11 Table of Contents 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: March 31 December 31 (in millions of U.S. dollars) 2026 2025 Trust funds $ 8,519 $ 8,461 Assets pledged under repurchase agreements 3,925 3,518 Deposits with U.S. regulatory authorities 2,566 2,598 Deposits with non-U.S. regulatory authorities and other 4,566 4,669 Total $ 19,576 $ 19,246 f) Variable interest entities (VIEs) Consolidated VIEs Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2025 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest. Unconsolidated VIEs We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; 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 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. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations. 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 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. 4. Fair value measurements a) Fair value hierarchy Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. 12 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The three levels of the hierarchy are as follows: • Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; • Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and • Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement. We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. 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. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy March 31, 2026 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available-for-sale U.S. and local government securities $ 1,487 $ 2,210 $ — $ 3,697 Non-U.S. — 39,893 689 40,582 Corporate and asset-backed securities — 44,296 3,536 47,832 Mortgage-backed securities — 31,322 — 31,322 1,487 117,721 4,225 123,433 Equity securities (1) 5,343 — 121 5,464 Short-term investments 2,591 2,465 11 5,067 Other investments (2) 664 9,073 — 9,737 Securities lending collateral — 2,277 — 2,277 Investment derivatives 33 — — 33 Derivatives designated as hedging instruments — 265 — 265 Other derivative instruments 28 — — 28 Separate account assets 6,649 69 — 6,718 Total assets measured at fair value (1)(2)(3) $ 16,795 $ 131,870 $ 4,357 $ 153,022 Liabilities: Investment derivatives $ 358 $ — $ — $ 358 Derivatives designated as hedging instruments — 80 — 80 Market risk benefits (4) — — 642 642 Total liabilities measured at fair value $ 358 $ 80 $ 642 $ 1,080 (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. (3) Excluded from the table above are private equities of $ 17,132 million, measured using NAV as a practical expedient. (4) Refer to Note 11 for additional information on Market risk benefits. 13 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries December 31, 2025 Level 1 Level 2 Level 3 Total (in millions of U.S. dollars) Assets: Fixed maturities available-for-sale U.S. and local government securities $ 1,481 $ 2,233 $ — $ 3,714 Non-U.S. — 39,685 671 40,356 Corporate and asset-backed securities — 44,340 3,546 47,886 Mortgage-backed securities — 30,724 — 30,724 1,481 116,982 4,217 122,680 Equity securities (1) 5,163 — 119 5,282 Short-term investments 2,657 2,138 45 4,840 Other investments (2) 630 8,684 — 9,314 Securities lending collateral — 2,500 — 2,500 Investment derivatives 22 — — 22 Derivatives designated as hedging instruments — 266 — 266 Other derivative instruments 11 — — 11 Separate account assets 6,858 67 — 6,925 Total assets measured at fair value (1)(2)(3) $ 16,822 $ 130,637 $ 4,381 $ 151,840 Liabilities: Investment derivatives $ 242 $ — $ — $ 242 Derivatives designated as hedging instruments — 232 — 232 Other derivative instruments — 4 — 4 Market risk benefits (4) — — 659 659 Total liabilities measured at fair value $ 242 $ 236 $ 659 $ 1,137 (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. (3) Excluded from the table above are private equities of $ 17,239 million, measured using NAV as a practical expedient. (4) Refer to Note 11 for additional information on Market risk benefits. 14 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Level 3 financial instruments The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information. Three Months Ended March 31, 2026 (in millions of U.S. dollars) Available-for-Sale Debt Securities Equity securities Short-term investments Non-U.S. Corporate and asset- backed securities Balance, beginning of period $ 671 $ 3,546 $ 119 $ 45 Transfers into Level 3 2 1 — — Transfers out of Level 3 — ( 17 ) — — Change in Net Unrealized Gains (Losses) in OCI ( 10 ) ( 14 ) — ( 2 ) Net Realized Gains (Losses) — ( 7 ) — — Purchases 76 111 6 8 Sales ( 30 ) ( 1 ) ( 4 ) — Settlements ( 20 ) ( 83 ) — ( 40 ) Balance, end of period $ 689 $ 3,536 $ 121 $ 11 Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ — $ ( 3 ) $ — $ — Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ ( 10 ) $ ( 18 ) $ — $ ( 1 ) Three Months Ended March 31, 2025 (in millions of U.S. dollars) Available-for-Sale Debt Securities Equity securities Short-term investments Non-U.S. Corporate and asset- backed securities Mortgage-backed securities Balance, beginning of period $ 604 $ 2,891 $ 3 $ 120 $ 14 Transfers into Level 3 1 24 — — — Transfers out of Level 3 — ( 1 ) — — — Change in Net Unrealized Gains (Losses) in OCI 20 ( 4 ) — — — Net Realized Gains (Losses) ( 6 ) ( 2 ) ( 2 ) ( 5 ) — Purchases 60 219 1 7 5 Sales ( 53 ) ( 47 ) ( 2 ) ( 9 ) — Settlements ( 39 ) ( 63 ) — — ( 1 ) Balance, end of period $ 587 $ 3,017 $ — $ 113 $ 18 Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 3 ) $ — $ 5 $ — Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 14 $ ( 10 ) $ — $ — $ — b) Financial instruments disclosed, but not measured, at fair value Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below. The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to Note 4 b) of our 2025 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt. 15 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value: March 31, 2026 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Private debt held-for-investment $ — $ — $ 2,515 $ 2,515 $ 2,477 Total assets $ — $ — $ 2,515 $ 2,515 $ 2,477 Liabilities: Repurchase agreements $ — $ 3,736 $ — $ 3,736 $ 3,736 Short-term debt — 1,499 — 1,499 1,500 Long-term debt — 14,038 590 14,628 15,970 Hybrid debt — 480 — 480 425 Total liabilities $ — $ 19,753 $ 590 $ 20,343 $ 21,631 December 31, 2025 Fair Value Net Carrying Value (in millions of U.S. dollars) Level 1 Level 2 Level 3 Total Assets: Private debt held-for-investment $ — $ — $ 2,445 $ 2,445 $ 2,411 Total assets $ — $ — $ 2,445 $ 2,445 $ 2,411 Liabilities: Repurchase agreements $ — $ 3,324 $ — $ 3,324 $ 3,324 Short-term debt — 1,498 — 1,498 1,499 Long-term debt — 14,045 576 14,621 15,728 Hybrid debt — 484 — 484 422 Total liabilities $ — $ 19,351 $ 576 $ 19,927 $ 20,973 5. Reinsurance Reinsurance recoverable on ceded reinsurance March 31, 2026 December 31, 2025 (in millions of U.S. dollars) Net Reinsurance Recoverable (1) Valuation allowance Net Reinsurance Recoverable (1) Valuation allowance Reinsurance recoverable on unpaid losses and loss expenses $ 18,253 $ 256 $ 18,346 $ 248 Reinsurance recoverable on paid losses and loss expenses 1,906 64 1,992 72 Reinsurance recoverable on losses and loss expenses $ 20,159 $ 320 $ 20,338 $ 320 Reinsurance recoverable on policy benefits $ 295 $ — $ 286 $ — (1) Net of valuation allowance for uncollectible reinsurance. 16 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Valuation allowance for uncollectible reinsurance - beginning of period $ 320 $ 310 Provision for uncollectible reinsurance 8 11 Write-offs charged against the valuation allowance ( 9 ) ( 2 ) Foreign exchange revaluation 1 1 Valuation allowance for uncollectible reinsurance - end of period $ 320 $ 320 For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2025 Form 10-K. 6. Deferred policy acquisition costs The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment: Three Months Ended March 31, 2026 (in millions of U.S. dollars) Term Life Universal Life Whole Life A&H Other Total Balance – beginning of period $ 567 $ 746 $ 1,296 $ 2,136 $ 392 $ 5,137 Capitalizations 64 26 139 197 52 478 Amortization expense ( 41 ) ( 21 ) ( 18 ) ( 71 ) ( 9 ) ( 160 ) Other (including foreign exchange) 5 ( 7 ) ( 1 ) ( 2 ) 1 ( 4 ) Balance – end of Period $ 595 $ 744 $ 1,416 $ 2,260 $ 436 $ 5,451 Overseas General Insurance segment excluded from table 713 Total deferred policy acquisition costs on long-duration contracts $ 6,164 Deferred policy acquisition costs on short-duration contracts 4,288 Total deferred policy acquisition costs $ 10,452 17 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31, 2025 (in millions of U.S. dollars) Term Life Universal Life Whole Life A&H Other Total Balance – beginning of period $ 469 $ 722 $ 870 $ 1,681 $ 324 $ 4,066 Capitalizations 58 38 109 170 40 415 Amortization expense ( 36 ) ( 20 ) ( 12 ) ( 54 ) ( 7 ) ( 129 ) Other (including foreign exchange) 4 ( 8 ) ( 4 ) ( 16 ) ( 2 ) ( 26 ) Balance – end of period $ 495 $ 732 $ 963 $ 1,781 $ 355 $ 4,326 Overseas General Insurance segment excluded from table 608 Total deferred policy acquisition costs on long-duration contracts $ 4,934 Deferred policy acquisition costs on short-duration contracts 3,841 Total deferred policy acquisition costs $ 8,775 7. Goodwill Goodwill The following table presents a roll-forward of Goodwill by segment: (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 Chubb Consolidated Balance at December 31, 2025 $ 7,191 $ 2,226 $ 134 $ 5,530 $ 371 $ 4,755 $ 20,207 Measurement-period adjustments — — — ( 7 ) — — ( 7 ) Foreign exchange revaluation 9 3 — 77 — 81 170 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. 18 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 8. Unpaid losses and loss expenses The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses: Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Gross unpaid losses and loss expenses – beginning of period $ 88,018 $ 84,004 Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1) ( 18,346 ) ( 17,734 ) Net unpaid losses and loss expenses – beginning of period 69,672 66,270 Net losses and loss expenses incurred in respect of losses occurring in: Current year 6,419 7,133 Prior years (2) ( 288 ) ( 237 ) Total 6,131 6,896 Net losses and loss expenses paid in respect of losses occurring in: Current year 1,191 1,305 Prior years 4,140 4,699 Total 5,331 6,004 Foreign currency revaluation and other 190 228 Net unpaid losses and loss expenses – end of period 70,662 67,390 Reinsurance recoverable on unpaid losses and loss expenses (1) 18,253 18,081 Gross unpaid losses and loss expenses – end of period $ 88,915 $ 85,471 (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 $ 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. 19 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Prior Period Development 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. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment: Three Months Ended March 31 (in millions of U.S. dollars) Long-tail Short-tail Total 2026 North America Commercial P&C Insurance $ 21 $ ( 110 ) $ ( 89 ) North America Personal P&C Insurance — ( 1 ) ( 1 ) North America Agricultural Insurance — ( 80 ) ( 80 ) Overseas General Insurance — ( 131 ) ( 131 ) Global Reinsurance — — — Corporate 15 — 15 Total $ 36 $ ( 322 ) $ ( 286 ) 2025 North America Commercial P&C Insurance $ 49 $ ( 163 ) $ ( 114 ) North America Personal P&C Insurance — — — North America Agricultural Insurance — ( 33 ) ( 33 ) Overseas General Insurance 1 ( 122 ) ( 121 ) Global Reinsurance ( 5 ) 5 — Corporate 13 — 13 Total $ 58 $ ( 313 ) $ ( 255 ) Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate. North America Commercial P&C Insurance . 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. 20 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 9. 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 Three Months Ended March 31, 2026 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 1,544 $ 4,749 $ 11,688 $ 426 $ 18,407 Beginning balance at original discount rate 1,814 4,616 11,665 423 18,518 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience 2 53 ( 187 ) 4 ( 128 ) Adjusted beginning of period balance 1,816 4,669 11,478 427 18,390 Issuances 70 495 609 234 1,408 Interest accrual 15 36 138 3 192 Net premiums collected (1) ( 62 ) ( 565 ) ( 390 ) ( 122 ) ( 1,139 ) Other (including foreign exchange) 10 27 87 8 132 Ending balance at original discount rate 1,849 4,662 11,922 550 18,983 Effect of changes in discount rate assumptions ( 282 ) 81 ( 250 ) 2 ( 449 ) Balance – end of period $ 1,567 $ 4,743 $ 11,672 $ 552 $ 18,534 (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 Three Months Ended March 31, 2026 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 2,313 $ 13,791 $ 15,587 $ 1,084 $ 32,775 Beginning balance at original discount rate 2,715 13,133 15,645 1,058 32,551 Effect of changes in cash flow assumptions — — — — — Effect of actual variances from expected experience 9 55 ( 194 ) 4 ( 126 ) Adjusted beginning of period balance 2,724 13,188 15,451 1,062 32,425 Issuances 70 495 609 234 1,408 Interest accrual 21 112 170 8 311 Benefit payments ( 56 ) ( 87 ) ( 422 ) ( 7 ) ( 572 ) Other (including foreign exchange) 8 123 63 21 215 Ending balance at original discount rate 2,767 13,831 15,871 1,318 33,787 Effect of changes in discount rate assumptions ( 436 ) 336 ( 400 ) 2 ( 498 ) Balance – end of period $ 2,331 $ 14,167 $ 15,471 $ 1,320 $ 33,289 21 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Liability for Future Policy Benefits March 31, 2026 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Net liability for future policy benefits $ 764 $ 9,424 $ 3,799 $ 768 $ 14,755 Deferred profit liability 323 2,210 243 128 2,904 Net liability for future policy benefits, before reinsurance recoverable 1,087 11,634 4,042 896 17,659 Less: Reinsurance recoverable on future policy benefits 110 48 125 1 284 Net liability for future policy benefits, after reinsurance recoverable $ 977 $ 11,586 $ 3,917 $ 895 $ 17,375 Weighted average duration (years) 11.1 25.8 10.0 27.2 21.4 Present Value of Expected Net Premiums Three Months Ended March 31, 2025 (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 1,523 $ 4,405 $ 11,626 $ 125 $ 17,679 Beginning balance at original discount rate 1,819 4,303 11,499 124 17,745 Effect of changes in cash flow assumptions — ( 4 ) ( 5 ) — ( 9 ) Effect of actual variances from expected experience 7 23 ( 93 ) — ( 63 ) Adjusted beginning of period balance 1,826 4,322 11,401 124 17,673 Issuances 65 288 599 208 1,160 Interest accrual 14 32 133 2 181 Net premiums collected (1) ( 59 ) ( 311 ) ( 370 ) ( 61 ) ( 801 ) Other (including foreign exchange) ( 6 ) ( 19 ) ( 86 ) 2 ( 109 ) Ending balance at original discount rate 1,840 4,312 11,677 275 18,104 Effect of changes in discount rate assumptions ( 295 ) 111 212 1 29 Balance – end of period $ 1,545 $ 4,423 $ 11,889 $ 276 $ 18,133 (1) Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit. 22 Table of Contents 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. dollars) Term Life Whole Life A&H Other Total Balance – beginning of period $ 2,238 $ 12,057 $ 15,693 $ 647 $ 30,635 Beginning balance at original discount rate 2,647 11,242 15,652 601 30,142 Effect of changes in cash flow assumptions — ( 10 ) 2 — ( 8 ) Effect of actual variances from expected experience 10 24 ( 95 ) — ( 61 ) Adjusted beginning of period balance 2,657 11,256 15,559 601 30,073 Issuances 65 288 599 208 1,160 Interest accrual 19 90 165 6 280 Benefit payments ( 51 ) ( 78 ) ( 421 ) ( 6 ) ( 556 ) Other (including foreign exchange) ( 6 ) ( 32 ) ( 127 ) 3 ( 162 ) Ending balance at original discount rate 2,684 11,524 15,775 812 30,795 Effect of changes in discount rate assumptions ( 416 ) 905 155 45 689 Balance – end of period $ 2,268 $ 12,429 $ 15,930 $ 857 $ 31,484 Liability for Future Policy Benefits March 31, 2025 (in millions of U.S. dollars, except for years) Term Life Whole Life A&H Other Total Net liability for future policy benefits $ 723 $ 8,006 $ 4,041 $ 581 $ 13,351 Deferred profit liability 291 1,351 202 64 1,908 Net liability for future policy benefits, before reinsurance recoverable 1,014 9,357 4,243 645 15,259 Less: Reinsurance recoverable on future policy benefits 108 45 114 — 267 Net liability for future policy benefits, after reinsurance recoverable $ 906 $ 9,312 $ 4,129 $ 645 $ 14,992 Weighted average duration (years) 10.5 27.9 9.9 23.5 21.8 The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets. March 31 (in millions of U.S. dollars) 2026 2025 Net liability for future policy benefits $ 14,755 $ 13,351 Other (1) 1,614 1,431 Deferred profit liability 2,904 1,908 Liability for future policy benefits, per consolidated balance sheet $ 19,273 $ 16,690 (1) Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business. 23 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 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: March 31 March 31 (in millions of U.S. dollars) 2026 2025 Term Life Undiscounted expected future benefit payments $ 4,636 $ 4,266 Undiscounted expected future gross premiums 6,838 6,595 Discounted expected future benefit payments 2,331 2,268 Discounted expected future gross premiums 4,609 4,460 Whole Life Undiscounted expected future benefit payments 33,780 29,099 Undiscounted expected future gross premiums 11,052 10,390 Discounted expected future benefit payments 14,167 12,429 Discounted expected future gross premiums 9,213 8,518 A&H Undiscounted expected future benefit payments 26,758 26,695 Undiscounted expected future gross premiums 39,618 39,108 Discounted expected future benefit payments 15,471 15,930 Discounted expected future gross premiums 23,867 23,346 Other Undiscounted expected future benefit payments 2,530 1,556 Undiscounted expected future gross premiums 851 478 Discounted expected future benefit payments 1,320 857 Discounted expected future gross premiums 798 437 The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life insurance segment: Gross Premiums or Assessments Interest Accretion Three Months Ended Three Months Ended March 31 March 31 (in millions of U.S. dollars) 2026 2025 2026 2025 Term Life $ 186 $ 170 $ 6 $ 5 Whole Life 954 563 76 58 A&H 802 752 32 32 Other 176 89 5 4 Total $ 2,118 $ 1,574 $ 119 $ 99 24 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents the weighted-average interest rates for the Life Insurance segment: Interest Accretion Rate Current Discount Rate March 31 March 31 2026 2025 2026 2025 Term Life 3.2 % 3.0 % 6.1 % 5.6 % Whole Life 3.6 % 3.5 % 4.4 % 4.0 % A&H 4.3 % 4.1 % 6.1 % 5.7 % Other 3.3 % 3.2 % 3.7 % 3.6 % 10. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities Policyholders' account balances The following tables present a roll-forward of policyholders' account balances: Three Months Ended March 31, 2026 (in millions of U.S. dollars) Universal Life Annuities (4) Other investment contracts (5) Total Balance – beginning of period $ 1,899 $ 2,801 $ 2,531 $ 7,231 Premiums received 61 80 246 387 Policy charges (1) ( 23 ) — ( 2 ) ( 25 ) Surrenders and withdrawals ( 33 ) ( 8 ) ( 50 ) ( 91 ) Benefit payments (2) ( 95 ) ( 69 ) ( 16 ) ( 180 ) Interest credited 12 13 18 43 Other (including foreign exchange) 10 79 ( 37 ) 52 Balance – end of period $ 1,831 $ 2,896 $ 2,690 $ 7,417 Unearned revenue liability 762 Other (3) 603 Policyholders' account liability, per consolidated balance sheet $ 8,782 (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. 25 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31, 2025 (in millions of U.S. dollars) Universal Life Annuities (4) Other investment contracts (5) Total Balance – beginning of period $ 1,809 $ 2,585 $ 2,354 $ 6,748 Premiums received 53 101 94 248 Policy charges (1) ( 29 ) — ( 2 ) ( 31 ) Surrenders and withdrawals ( 29 ) ( 9 ) ( 51 ) ( 89 ) Benefit payments (2) ( 17 ) ( 48 ) ( 22 ) ( 87 ) Interest credited 12 10 16 38 Other (including foreign exchange) 13 5 ( 1 ) 17 Balance – end of period $ 1,812 $ 2,644 $ 2,388 $ 6,844 Unearned revenue liability 719 Other (3) 566 Policyholders' account liability, per consolidated balance sheet $ 8,129 (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. March 31 2026 2025 (in millions of U.S. dollars, except for percentages) Universal Life Annuities (3) Other Universal Life Annuities (3) Other Weighted-average crediting rate (1) 3.4 % N/A 3.1 % 3.5 % N/A 3.4 % Net amount at risk (2) $ 10,753 $ 64 $ 336 $ 12,079 $ — $ 407 Cash Surrender Value $ 1,705 $ 1,928 $ 2,381 $ 1,659 $ 1,728 $ 2,095 (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 March 31, 2026 (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 Up to 2.00 % $ — $ 35 $ 16 $ 217 $ 268 2.01 % – 4.00 % 444 289 340 — 1,073 Greater than 4.00 % 18 — — — 18 Fixed rate or no guarantee 472 Total $ 462 $ 324 $ 356 $ 217 $ 1,831 26 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries March 31, 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 Up to 2.00 % $ 3 $ — $ 47 $ 123 $ 173 2.01 % – 4.00 % 245 589 355 — 1,189 Greater than 4.00 % 12 — — — 12 Fixed rate or no guarantee 438 Total $ 260 $ 589 $ 402 $ 123 $ 1,812 Other policyholders' account balances March 31, 2026 (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 Up to 2.00 % $ 2 $ 66 $ 38 $ 59 $ 165 2.01 % – 4.00 % 1,148 53 — — 1,201 Greater than 4.00 % — — — — — Fixed rate or no guarantee 1,324 Total $ 1,150 $ 119 $ 38 $ 59 $ 2,690 March 31, 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 Up to 2.00 % $ 6 $ 5 $ 130 $ 25 $ 166 2.01 % – 4.00 % 1,017 51 — — 1,068 Greater than 4.00 % — — — — — Fixed rate or no guarantee 1,154 Total $ 1,023 $ 56 $ 130 $ 25 $ 2,388 Separate accounts Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations. 27 Table of Contents 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: March 31 March 31 (in millions of U.S. dollars) 2026 2025 Cash and cash equivalents $ 156 $ 131 Mutual funds 6,493 6,081 Fixed maturities 69 73 Total $ 6,718 $ 6,285 The following table presents a roll-forward of separate account liabilities: Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Balance – beginning of period $ 6,925 $ 6,231 Premiums and deposits 367 490 Policy charges ( 44 ) ( 33 ) Surrenders and withdrawals ( 337 ) ( 243 ) Benefit payments ( 125 ) ( 113 ) Investment performance 23 5 Other (including foreign exchange) ( 91 ) ( 52 ) Balance – end of period $ 6,718 $ 6,285 Cash surrender value (1) $ 6,239 $ 5,898 (1) Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges. Unearned revenue liabilities Unearned revenue liabilities represent policy charges for services to be provided in future periods. 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 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: Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Balance – beginning of period $ 758 $ 711 Deferred revenue 30 34 Amortization ( 20 ) ( 18 ) Other (including foreign exchange) ( 6 ) ( 8 ) Balance – end of period $ 762 $ 719 28 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 11. Market risk benefits Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB: Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Balance – beginning of period $ 659 $ 607 Balance, beginning of period, before effect of changes in the instrument-specific credit risk 636 592 Interest rate changes ( 11 ) 46 Effect of market movements (1) 42 52 Effect of changes in volatilities 2 16 Actual policyholder behavior different from expected behavior ( 4 ) 16 Effect of timing and all other ( 34 ) ( 25 ) Balance, end of period, before effect of changes in the instrument-specific credit risk $ 631 $ 697 Effect of changes in the instrument-specific credit risk 11 11 Balance – end of period $ 642 $ 708 Weighted-average age of policyholders (years) 74 74 Net amount at risk (2) $ 1,403 $ 1,654 (1) Market movements are predominantly driven by changes in equities. (2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions. 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. 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 March 31, 2026 March 31, 2025 Ranges Weighted Average (1) Ranges Weighted Average (1) MRB (1) Actuarial model Lapse rate 0.5 % – 27.3 % 3.1 % 0.5 % – 27.3 % 3.2 % Annuitization rate 0 % – 100 % 5.1 % 0 % – 100 % 4.8 % (1) The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value. The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable. A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease. The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits. 29 Table of Contents 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. 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. 12. Debt 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. 13. Commitments, contingencies, and guarantees a) Derivative instruments Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of business. 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 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. As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions. 30 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents the balance sheet location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments: March 31, 2026 December 31, 2025 Consolidated Balance Sheet Location Fair Value Notional Amount/ Payment Provision Fair Value Notional Amount/ Payment Provision (in millions of U.S. dollars) Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability) Investment and embedded derivatives not designated as hedging instruments: Foreign currency forward contracts OA / (AP) $ 20 $ ( 337 ) $ 4,519 $ 18 $ ( 230 ) $ 4,912 Options/Futures/Forward contracts on notes and bonds OA / (AP) 13 ( 21 ) 1,508 4 ( 12 ) 1,216 Convertible securities (1) FM AFS 4 — 3 6 — 5 Total $ 37 $ ( 358 ) $ 6,030 $ 28 $ ( 242 ) $ 6,133 Other derivative instruments: Futures contracts on equities (2) OA / (AP) $ 18 $ — $ 807 $ 3 $ — $ 943 Other OA / (AP) 10 — 242 8 ( 4 ) 334 Total $ 28 $ — $ 1,049 $ 11 $ ( 4 ) $ 1,277 Derivatives designated as hedging instruments: Cross-currency swaps - fair value hedges OA / (AP) $ 155 $ ( 2 ) $ 2,090 $ 198 $ — $ 2,046 Cross-currency swaps - net investment hedges OA / (AP) 110 ( 78 ) 3,891 68 ( 232 ) 2,995 Total $ 265 $ ( 80 ) $ 5,981 $ 266 $ ( 232 ) $ 5,041 (1) Includes fair value of embedded derivatives. (2) Related to MRB book of business. 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. b) Hedge accounting We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective. (i) Fair value hedges Cross-currency swaps 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 March 31, 2026, of euro denominated debt by converting cash flows back into the U.S. dollar. These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows: 31 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (pre-tax, in millions of U.S. dollars) 2026 2025 Gain (loss) recognized in OCI $ ( 43 ) $ ( 26 ) Net realized gain (loss) reclassified from OCI ( 34 ) 69 Interest expense reclassified from OCI ( 5 ) ( 4 ) OCI gain (loss) after reclassifications $ ( 4 ) $ ( 91 ) (ii) Net investment hedges Cross-currency swaps Chubb holds certain cross-currency swaps designated as net investment hedges. 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, 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. These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense. 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 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 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 March 31 (pre-tax, in millions of U.S. dollars) 2026 2025 Cross-currency swaps: Gain (loss) recognized in OCI $ 58 $ 24 Interest income reclassified from OCI 9 8 Total cross currency swaps 49 16 Foreign denominated debt: Gain (loss) recognized in OCI ( 33 ) — Total OCI gain (loss) after reclassifications $ 16 $ 16 32 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries c) Derivative instruments not designated as hedges Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations: Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Investment and embedded derivative instruments: Foreign currency forward contracts $ ( 108 ) $ ( 14 ) Options/Futures/Forward contracts on notes and bonds ( 7 ) ( 9 ) Total investment and embedded derivative instruments $ ( 115 ) $ ( 23 ) Other derivative instruments: Futures contracts on equities (1) $ 45 $ 54 Other ( 9 ) ( 3 ) Total other derivative instruments $ 36 $ 51 Total $ ( 79 ) $ 28 (1) Related to MRB book of business. (i) Foreign currency exposure management A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above. (ii) Duration management and market exposure Futures Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed. Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves. Forwards A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums. Options An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above. The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand. 33 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines. Other Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may, from time to time, enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices. (iii) Convertible security investments 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. (iv) TBA By acquiring to be announced mortgage-backed securities (TBAs), we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy. (v) Futures contracts on equities Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations. d) Securities lending and secured borrowings Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets. The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity March 31, 2026 December 31, 2025 (in millions of U.S. dollars) Overnight and Continuous Collateral held under securities lending agreements: Cash $ 896 $ 1,332 U.S. and local government securities 419 234 Non-U.S. 752 768 Corporate and asset-backed securities 66 62 Equity securities 144 104 Total $ 2,277 $ 2,500 Gross amount of recognized liability for securities lending payable $ 2,277 $ 2,500 34 Table of Contents 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. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets. The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements: Remaining contractual maturity 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 (in millions of U.S. dollars) Collateral pledged under repurchase agreements: Non-U.S. $ 1,920 $ — $ 1,920 $ — $ 129 $ — $ 129 U.S. and local government securities 22 117 139 1,496 — — 1,496 Mortgage-backed securities 1,007 859 1,866 980 904 9 1,893 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 Difference (1) $ 189 $ 194 (1) Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability. Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. 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. e) Private equities Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. 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. 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. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. 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. 35 Table of Contents 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. 14. Shareholders’ equity All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. 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. dollars. 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 March 31 2026 2025 CHF USD CHF USD Total dividend distributions per common share 0.75 $ 0.97 0.81 $ 0.91 Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. 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. 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. 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. 36 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Chubb Limited securities repurchase authorizations In June 2023, the Board authorized the repurchase of up to $ 5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date. In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $ 5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date. 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 April 1, 2026 through April 27, 2026 March 31 (in millions of U.S. dollars, except share data) 2026 2025 Number of shares repurchased 3,517,810 1,345,782 1,029,374 Cost of shares repurchased $ 1,143 $ 385 $ 340 Repurchase authorization remaining at end of period $ 1,520 $ 1,300 $ 1,182 The following table presents changes in accumulated other comprehensive income (loss): Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Accumulated other comprehensive income (loss) (AOCI) Net unrealized appreciation (depreciation) on investments Balance – beginning of period, net of tax $ ( 1,997 ) $ ( 4,552 ) Change in period, before reclassification from AOCI (before tax) ( 1,939 ) 843 Amounts reclassified from AOCI (before tax) 113 58 Change in period, before tax ( 1,826 ) 901 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 ) Current discount rate on liability for future policy benefits Balance – beginning of period, net of tax ( 344 ) ( 539 ) Change in period, before tax 386 ( 122 ) Income tax (expense) benefit ( 61 ) 12 Total other comprehensive income (loss) 325 ( 110 ) Noncontrolling interests, net of tax 8 ( 4 ) Balance – end of period, net of tax ( 27 ) ( 645 ) Instrument-specific credit risk on market risk benefits Balance – beginning of period, net of tax ( 23 ) ( 16 ) Change in period, before tax 12 4 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 ) 37 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Accumulated other comprehensive income (loss) (AOCI) - continued Cumulative foreign currency translation adjustment Balance – beginning of period, net of tax ( 3,135 ) ( 4,025 ) Change in period, before reclassification from AOCI (before tax) 537 367 Amounts reclassified from AOCI (before tax) ( 9 ) ( 8 ) Change in period, before tax 528 359 Income tax expense ( 6 ) ( 12 ) Total other comprehensive income 522 347 Noncontrolling interests, net of tax 165 7 Balance – end of period, net of tax ( 2,778 ) ( 3,685 ) Fair value hedging instruments Balance – beginning of period, net of tax ( 58 ) 50 Change in period, before reclassification from AOCI (before tax) ( 43 ) ( 26 ) Amounts reclassified from AOCI (before tax) 39 ( 65 ) Change in period, before tax ( 4 ) ( 91 ) Income tax benefit 1 19 Total other comprehensive loss ( 3 ) ( 72 ) Noncontrolling interests, net of tax — — Balance – end of period, net of tax ( 61 ) ( 22 ) Postretirement benefit liability adjustment Balance – beginning of period, net of tax 582 438 Change in period, before tax ( 2 ) ( 4 ) Income tax expense ( 1 ) — Total other comprehensive loss ( 3 ) ( 4 ) Noncontrolling interests, net of tax — — Balance – end of period, net of tax 579 434 Accumulated other comprehensive loss $ ( 5,911 ) $ ( 7,635 ) 38 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations: Three Months Ended Consolidated Statement of Operations Location March 31 (in millions of U.S. dollars) 2026 2025 Fixed maturities available-for-sale $ ( 113 ) $ ( 58 ) Net realized gains (losses) Income tax benefit 18 25 Income tax expense $ ( 95 ) $ ( 33 ) Net income Cumulative foreign currency translation adjustment Cross-currency swaps $ 9 $ 8 Interest expense Income tax expense ( 2 ) ( 2 ) Income tax expense $ 7 $ 6 Net income Net gains (losses) of fair value hedging instruments Cross-currency swaps $ ( 34 ) $ 69 Net realized gains (losses) Cross-currency swaps ( 5 ) ( 4 ) Interest expense Income tax (expense) benefit 8 ( 14 ) Income tax expense $ ( 31 ) $ 51 Net income Total amounts reclassified from AOCI $ ( 119 ) $ 24 15. Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3 -year vesting period and a 10 -year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On March 2, 2026, Chubb granted 1,070,510 stock options with a weighted-average grant date fair value of $ 87.84 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation. Chubb generally grants service-based restricted stock and restricted stock units with a 4 -year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3 -year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 2, 2026, Chubb granted 102,036 service-based restricted stock, 670,919 service-based restricted stock units, 90,078 performance shares, and 251,832 performance stock units to employees and officers with a grant date fair value of $ 342.76 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan). 39 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 16. Postretirement benefits The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows: Pension Benefit Plans Other Postretirement Benefit Plans 2026 2025 2026 2025 Three Months Ended March 31 U.S. Plans Non-U.S. Plans U.S. Plans Non-U.S. Plans (in millions of U.S. dollars) Service cost $ — $ 2 $ — $ 2 $ — $ — Non-service cost (benefit): Interest cost 31 9 34 9 — — Expected return on plan assets ( 68 ) ( 16 ) ( 63 ) ( 13 ) — — Amortization of net actuarial (gain) loss ( 3 ) — ( 2 ) — — ( 1 ) Amortization of prior service cost — — — — — — Settlements — — — — — — Total non-service cost (benefit) ( 40 ) ( 7 ) ( 31 ) ( 4 ) — ( 1 ) Net periodic benefit cost (benefit) $ ( 40 ) $ ( 5 ) $ ( 31 ) $ ( 2 ) $ — $ ( 1 ) 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: Pension Benefit Plans Other Postretirement Benefit Plans Three Months Ended March 31 2026 2025 2026 2025 (in millions of U.S. dollars) Service cost: Losses and loss expenses $ — $ — $ — $ — Administrative expenses 2 2 — — Total service cost 2 2 — — Non-service cost (benefit): Losses and loss expenses ( 4 ) ( 3 ) — — Administrative expenses ( 43 ) ( 32 ) — ( 1 ) Total non-service cost (benefit) ( 47 ) ( 35 ) — ( 1 ) Net periodic benefit cost (benefit) $ ( 45 ) $ ( 33 ) $ — $ ( 1 ) 40 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 17. Other income and expense Three Months Ended March 31 (in millions of U.S. dollars) 2026 2025 Equity in net income (loss) of partially-owned entities $ 157 $ 82 Gains (losses) from fair value changes in separate account assets ( 12 ) ( 10 ) Asset management and performance fee revenue 70 56 Asset management and performance fee expense ( 40 ) ( 33 ) Federal excise and capital taxes ( 13 ) ( 5 ) Other ( 1 ) ( 7 ) Total $ 161 $ 83 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 $ 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. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations. Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur. Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense. 18. Segment information Chubb operates 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. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. 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 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 41 Table of Contents 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 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: • Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses. • Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. 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 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. 42 Table of Contents 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 March 31, 2026 (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 $ 4,895 $ 1,681 $ 311 $ 4,466 $ 363 $ 2,289 $ 14,005 Net premiums earned 5,148 1,746 189 3,780 326 2,268 13,457 Losses and loss expenses 3,220 1,034 53 1,652 137 28 Policy benefits — — — 113 — 1,700 Policy acquisition costs 752 347 24 1,009 102 362 Administrative expenses 354 85 ( 6 ) 387 9 210 Underwriting income 822 280 118 619 78 NM Net investment income 971 137 26 300 108 305 Other (income) expense 14 3 — 6 — ( 51 ) Amortization of purchased intangibles 1 2 6 22 — 8 Segment income $ 1,778 $ 412 $ 138 $ 891 $ 186 $ 316 $ 3,721 Net realized gains (losses) ( 407 ) Market risk benefits gains (losses) 14 Interest expense 198 Integration expenses and severance 9 Corporate underwriting loss ( 125 ) Corporate net investment loss ( 11 ) Corporate other (income) expense ( 18 ) Corporate amortization of purchased intangibles 34 Other reclassification 24 Income before income tax $ 2,993 NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment. 43 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries For the Three Months Ended March 31, 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 $ 4,787 $ 1,552 $ 276 $ 3,903 $ 408 $ 1,720 $ 12,646 Net premiums earned 4,988 1,574 165 3,209 368 1,696 12,000 Losses and loss expenses 3,031 2,093 92 1,397 242 26 Policy benefits — — — 113 — 1,163 Policy acquisition costs 719 330 17 837 100 310 Administrative expenses 344 87 2 330 10 202 Underwriting income (loss) 894 ( 936 ) 54 532 16 NM Net investment income 929 120 24 281 70 271 Other (income) expense 8 1 1 6 — ( 35 ) Amortization of purchased intangibles 1 2 6 19 — 10 Segment income (loss) $ 1,814 $ ( 819 ) $ 71 $ 788 $ 86 $ 291 $ 2,231 Net realized gains (losses) ( 116 ) Market risk benefits gains (losses) ( 92 ) Interest expense 181 Corporate underwriting loss ( 119 ) Corporate net investment loss ( 27 ) Corporate other (income) expense 33 Corporate amortization of purchased intangibles 37 Other reclassification 38 Income before income tax $ 1,664 NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment. Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments. 44 Table of Contents NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 19. Earnings per share Three Months Ended March 31 (in millions of U.S. dollars, except share and per share data) 2026 2025 Numerator: Net income $ 2,347 $ 1,343 Net income (loss) attributable to noncontrolling interests 27 12 Net income attributable to Chubb $ 2,320 $ 1,331 Denominator: Denominator for basic earnings per share attributable to Chubb: Weighted-average shares outstanding 390,485,934 400,681,956 Denominator for diluted earnings per share attributable to Chubb: Share-based compensation plans 4,113,570 3,992,395 Weighted-average shares outstanding and assumed conversions 394,599,504 404,674,351 Basic earnings per share attributable to Chubb $ 5.94 $ 3.32 Diluted earnings per share attributable to Chubb $ 5.88 $ 3.29 Potential anti-dilutive share conversions 1,142,124 1,268,531 Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2025 Form 10-K for additional information on stock options. 45 Table of Contents