What changed in this filing

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Item 1. Financial Statements

2026-07-28 compared with 2026-04-28 · 340 added, 179 removed, 1358 unchanged (28% of the section changed)

2 unchanged sentences

Chubb Limited and Subsidiaries

March 31 December 31

June 30 December 31

(in millions of U.S.

40 unchanged sentences

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $ 95 and $ 159 )

10,065 10,108

Deferred tax liabilities 1,870 1,741

20 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

8 unchanged sentences

Losses and loss expenses 6,691 6,572 12,822 13,468

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

Policy benefits (includes remeasurement losses of nil , $ 2 , $ 2 , and $ 5 )

1,615 1,406 3,400 2,633

Policy acquisition costs 2,632 2,415 5,228 4,728

28 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

8 unchanged sentences

Cancellation of treasury shares — — 3,455 1,942

Net shares issued under employee share-based compensation plans 85 168

Net shares issued (redeemed) under employee share-based compensation plans ( 12 ) 13 73 181

Balance – end of period ( 3,293 ) ( 2,462 ) ( 3,293 ) ( 2,462 )

1 unchanged sentence

Balance – beginning of period 12,956 13,976 13,250 14,393

Net shares issued under employee share-based

Net shares redeemed (issued) under employee share-based

compensation plans 26 26 ( 40 ) ( 120 )

21 unchanged sentences

Net income attributable to noncontrolling interests 28 31 55 43

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

Other comprehensive income attributable to noncontrolling interests 80 17 251 12

Balance – end of period $ 5,473 $ 5,052 $ 5,473 $ 5,052

3 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended

Six Months Ended

(in millions of U.S.

31 unchanged sentences

Private equity distributions 726 744

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

( 25 ) ( 289 )

Other ( 660 ) ( 282 )

44 unchanged sentences

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

Liberty Mutual's P&C Insurance Business in Vietnam

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

1 unchanged sentence

a) Fixed maturities

March 31, 2026 Amortized

June 30, 2026 Amortized

Cost Valuation Allowance Gross

20 unchanged sentences

The following table presents fixed maturities by contractual maturity:

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions of U.S.

16 unchanged sentences

0 – 12 Months Over 12 Months Total

March 31, 2026 Fair Value Gross

June 30, 2026 Fair Value Gross

Loss Fair Value Gross

16 unchanged sentences

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

At 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.

At June 30, 2026, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 285 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

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Provision for expected credit loss 18 30 37 51

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

Recovery of expected credit loss ( 20 ) ( 21 ) ( 41 ) ( 49 )

8 unchanged sentences

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Gross realized losses ( 125 ) ( 123 ) ( 249 ) ( 219 )

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

Other investments - Fixed maturities (includes $ 63 , $ 53 , $ 43 , and nil related to investments measured under the fair value option)

Net recovery of expected credit losses 2 ( 9 ) 5 ( 1 )

Impairment (1)

( 25 ) ( 5 ) ( 57 ) ( 12 )

Total fixed maturities 18 ( 7 ) ( 103 ) ( 104 )

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

Equity securities (includes $( 2 ), $ 12 , $( 69 ), and $ 65 related to investments measured under the fair value option)

126 137 ( 23 ) 200

Private equities (less than 3 percent ownership) 93 ( 28 ) 109 ( 17 )

10 unchanged sentences

Net gains (losses) recognized during the period $ 126 $ 98 $ 93 $ 317 $ 137 $ 61 $ ( 28 ) $ 170

Net gains (losses) recognized from sales of securities 94 — — 94 ( 12 ) 1 — ( 11 )

Net gains recognized from sales of securities 46 1 — 47 32 3 — 35

Unrealized gains (losses) recognized for securities still held at reporting date $ 80 $ 97 $ 93 $ 270 $ 105 $ 58 $ ( 28 ) $ 135

1 unchanged sentence

Chubb Limited and Subsidiaries

Six Months Ended

(in millions of U.S.

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

Net gains (losses) recognized during the period $ ( 23 ) $ 90 $ 109 $ 176 $ 200 $ 21 $ ( 17 ) $ 204

Net gains recognized from sales of securities 140 1 — 141 20 4 — 24

Unrealized gains (losses) recognized for securities still held at reporting date $ ( 163 ) $ 89 $ 109 $ 35 $ 180 $ 17 $ ( 17 ) $ 180

d) Private equities

1 unchanged sentence

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

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

Period of Underlying Assets June 30, 2026 December 31, 2025

(in millions of U.S.

28 unchanged sentences

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.

Refer to Note 3 e) in our 2025 Form 10-K for further information on our private equity investments.

e) Restricted assets

2 unchanged sentences

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

Chubb is also required to restrict assets pledged under

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.

repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price.

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

Included in restricted assets at June 30, 2026, and December 31, 2025, are investments, primarily fixed maturities, totaling $ 18,955 million and $ 19,048 million, respectively, and cash of $ 243 million and $ 198 million, respectively.

The following table presents the components of restricted assets:

March 31 December 31

June 30 December 31

(in millions of U.S.

9 unchanged sentences

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs.

We 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.

7 unchanged sentences

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

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

The carrying value of this investment at June 30, 2026, and December 31, 2025, was $ 5.3 billion and $ 5.4 billion, respectively, which approximates our maximum risk of loss.

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

1 unchanged sentence

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

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

The carrying value of these investments at June 30, 2026, and December 31, 2025, was $ 198 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.

17 unchanged sentences

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.

Refer to Note 4 a) in 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

June 30, 2026 Level 1 Level 2 Level 3 Total

(in millions of U.S.

19 unchanged sentences

Derivatives designated as hedging instruments — 127 — 127

Other derivative instruments 2 — — 2

Market risk benefits (4)

1 unchanged sentence

(1) Excluded from the table above are funds of $ 5,510 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.

(2) Excluded from the table above are other investments of $ 1,851 million, principally investments measured using NAV as a practical expedient and policy loans.

(3) Excluded from the table above are private equities of $ 17,385 million, measured using NAV as a practical expedient.

28 unchanged sentences

(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.

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

(3) Excluded from the table above are private equities of $ 17,239 million, measured using NAV as a practical expedient.

6 unchanged sentences

Three Months Ended

March 31, 2026

June 30, 2026

(in millions of U.S.

15 unchanged sentences

Three Months Ended

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

June 30, 2025

(in millions of U.S.

Available-for-Sale Debt Securities Equity

1 unchanged sentence

Corporate and asset-

backed securities

Balance, beginning of period $ 587 $ 3,017 $ 113 $ 18

Transfers into Level 3 10 60 — —

Transfers out of Level 3 — ( 12 ) ( 1 ) —

Change in Net Unrealized Gains (Losses) in OCI 18 ( 3 ) — —

Net Realized Gains (Losses) 3 ( 4 ) 2 —

Purchases 84 295 19 25

Sales ( 34 ) ( 53 ) ( 8 ) —

Settlements ( 70 ) ( 114 ) — ( 1 )

Balance, end of period $ 598 $ 3,186 $ 125 $ 42

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ — $ ( 1 ) $ 4 $ —

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ 16 $ ( 7 ) $ — $ —

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Six Months Ended

June 30, 2026

(in millions of U.S.

Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities

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

Transfers into Level 3 2 16 — —

Transfers out of Level 3 ( 2 ) ( 21 ) ( 13 ) —

Change in Net Unrealized Gains (Losses) in OCI ( 12 ) ( 25 ) — ( 2 )

Net Realized Gains (Losses) — ( 18 ) ( 1 ) —

Purchases 110 410 12 11

Sales ( 39 ) ( 54 ) ( 7 ) —

Settlements ( 36 ) ( 312 ) — ( 44 )

Balance, end of period $ 694 $ 3,542 $ 110 $ 10

Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date $ ( 1 ) $ ( 18 ) $ ( 2 ) $ ( 6 )

Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date $ ( 12 ) $ ( 32 ) $ — $ ( 1 )

Six Months Ended

June 30, 2025

(in millions of U.S.

Available-for-Sale Debt Securities Equity

securities Short-term investments

Corporate and asset-

backed securities Mortgage-backed securities

18 unchanged sentences

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

June 30, 2026 Fair Value Net Carrying

(in millions of U.S.

18 unchanged sentences

Reinsurance recoverable on ceded reinsurance

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions of U.S.

10 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

8 unchanged sentences

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

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

(in millions of U.S.

11 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(in millions of U.S.

15 unchanged sentences

Foreign exchange revaluation ( 6 ) ( 2 ) — 53 — 98 143

Balance at March 31, 2026 (1)

Balance at June 30, 2026 (1)

$ 7,185 $ 2,224 $ 134 $ 5,576 $ 371 $ 4,853 $ 20,343

4 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

19 unchanged sentences

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $ 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.

(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 $ 15 million and $( 13 ) million for the six months ended June 30, 2026 and 2025, respectively.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

5 unchanged sentences

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

Three Months Ended March 31

Three Months Ended June 30 Six Months Ended June 30

(in millions of U.S.

dollars) Long-tail Short-tail Total

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

North America Commercial P&C Insurance $ ( 69 ) $ ( 42 ) $ ( 111 ) $ ( 48 ) $ ( 152 ) $ ( 200 )

15 unchanged sentences

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.

Net favorable development for the three months ended June 30, 2026, included $ 69 million from long-tail lines, primarily from workers' compensation, due to lower-than-expected reported loss activity and our annual assessment of multi-claimant events, including industrial accidents, partially offset by net adverse development in commercial general liability, mainly due to higher-than-expected loss development.

Net favorable development for the six months ended June 30, 2026, included $ 152 million from short-tail lines, primarily from surety, due to lower-than-expected loss development.

Net favorable development for the three months ended June 30, 2025, included $ 75 million from long-tail lines, primarily from the Risk Management business where PPD was favorable $ 163 million.

This business underwrites workers' compensation, general liability and auto liability, and the favorable development was the net of lower-than-expected reported loss activity primarily on workers' compensation, partially offset by adverse development in general liability.

This favorable development was partially offset by adverse development from other commercial auto liability portfolios which experienced higher-than-expected reported loss activity.

Net favorable development for the six months ended June 30, 2025, included $ 193 million of favorable development from short-tail lines, primarily from surety, due to lower-than-expected loss development.

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

North America Personal P&C Insurance .

Net favorable development for the three and six months ended June 30, 2026, included favorable development primarily in the auto physical damage line, due to lower-than-expected loss development.

Net favorable development for the three and six months ended June 30, 2025, included favorable development in the auto physical damage and recreational marine lines due to favorable loss emergence.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Overseas General Insurance.

Net favorable development for the three and six months ended June 30, 2026, included $ 157 million and $ 288 million, respectively, from short-tail lines, primarily from favorable claim development in property.

Net favorable development for the three and six months ended June 30, 2025, included $ 112 million and $ 234 million, respectively, from short-tail lines, primarily from favorable claim development in property and marine lines.

Net adverse development for the three and six months ended June 30, 2026 and 2025, was driven primarily by adverse development for molestation-related claims.

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

Present Value of Expected Net Premiums Six Months Ended June 30, 2026

(in millions of U.S.

14 unchanged sentences

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits Six Months Ended June 30, 2026

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,342 $ 14,739 $ 15,259 $ 1,481 $ 33,821

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits March 31, 2026

Liability for Future Policy Benefits June 30, 2026

(in millions of U.S.

6 unchanged sentences

Weighted average duration (years) 11.3 25.7 10.1 28.2 21.7

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums Six Months Ended June 30, 2025

(in millions of U.S.

14 unchanged sentences

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

Present Value of Expected Future Policy Benefits Six Months Ended June 30, 2025

(in millions of U.S.

12 unchanged sentences

Balance – end of period $ 2,344 $ 13,407 $ 16,781 $ 992 $ 33,524

Liability for Future Policy Benefits March 31, 2025

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits June 30, 2025

(in millions of U.S.

16 unchanged sentences

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

June 30 June 30

(in millions of U.S.

18 unchanged sentences

Gross Premiums or Assessments Interest Accretion

Three Months Ended Three Months Ended

March 31 March 31

Six Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

9 unchanged sentences

Interest Accretion Rate Current Discount Rate

March 31 March 31

Six Months Ended Six Months Ended

June 30 June 30

2026 2025 2026 2025

Life Insurance

Term Life 3.2 % 3.0 % 6.0 % 5.9 %

5 unchanged sentences

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

Three Months Ended March 31, 2026

Six Months Ended June 30, 2026

(in millions of U.S.

4 unchanged sentences

Policy charges ( 44 ) — ( 5 ) ( 49 )

( 23 ) — ( 2 ) ( 25 )

Surrenders and withdrawals ( 68 ) ( 15 ) ( 100 ) ( 183 )

6 unchanged sentences

Policyholders' account liability, per consolidated balance sheet $ 9,102

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

(1) Includes payments for survival and death benefits.

4 unchanged sentences

Chubb Limited and Subsidiaries

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

(in millions of U.S.

4 unchanged sentences

Policy charges ( 56 ) — ( 5 ) ( 61 )

( 29 ) — ( 2 ) ( 31 )

Surrenders and withdrawals ( 57 ) ( 17 ) ( 94 ) ( 168 )

6 unchanged sentences

Policyholders' account liability, per consolidated balance sheet $ 8,344

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

(1) Includes payments for survival and death benefits.

10 unchanged sentences

Cash Surrender Value $ 1,779 $ 1,974 $ 2,549 $ 1,695 $ 1,774 $ 2,175

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

(1) Calculated using actual interest credited for the six months ended June 30, 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.

2 unchanged sentences

Universal Life

March 31, 2026

June 30, 2026

(in millions of U.S.

9 unchanged sentences

Chubb Limited and Subsidiaries

March 31, 2025

June 30, 2025

(in millions of U.S.

8 unchanged sentences

Other policyholders' account balances

March 31, 2026

June 30, 2026

(in millions of U.S.

7 unchanged sentences

Total $ 957 $ 52 $ 299 $ 76 $ 2,871

March 31, 2025

June 30, 2025

(in millions of U.S.

14 unchanged sentences

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

March 31 March 31

June 30 June 30

(in millions of U.S.

5 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

16 unchanged sentences

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

Three Months Ended

Six Months Ended

(in millions of U.S.

10 unchanged sentences

The following table presents a roll-forward of MRB:

Three Months Ended

Six Months Ended

(in millions of U.S.

4 unchanged sentences

Effect of market movements (1)

( 78 ) ( 50 )

Effect of changes in volatilities ( 2 ) 19

11 unchanged sentences

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.

Excluded from the table above are MRB losses of $ 121 million and $ 103 million for the six months ended June 30, 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.

1 unchanged sentence

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

Valuation Technique Significant Unobservable Inputs June 30, 2026

June 30, 2025

Ranges Weighted Average (1)

16 unchanged sentences

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.

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.

a) Chubb INA senior unsecured notes

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

Chubb INA's $ 1.5 billion of 3.35 percent senior unsecured notes due May 2026 were paid upon maturity.

In May 2026, Chubb INA issued a series of senior unsecured notes denominated in Chinese yuan renminbi (CNH) comprising:

• CNH 2.5 billion (approximately $ 367 million based on the foreign exchange rate at the date of issuance) of 2.40 percent senior unsecured notes due 2031;

• CNH 1.5 billion (approximately $ 220 million based on the foreign exchange rate at the date of issuance) of 2.85 percent senior unsecured notes due 2036.

In May 2026, Chubb INA issued $ 1.0 billion of 5.30 percent senior unsecured notes due May 2036.

In June 2026, Chubb INA issued a series of senior unsecured notes denominated in Canadian dollar (CAD) comprising:

• CAD 400 million (approximately $ 286 million based on the foreign exchange rate at the date of issuance) of 3.780 percent senior unsecured notes due 2031;

• CAD 400 million (approximately $ 286 million based on the foreign exchange rate at the date of issuance) of 4.034 percent senior unsecured notes due 2033.

In June 2026, the € 575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.

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

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

These notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium, as defined in the offering documentation.

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

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Commitments, contingencies, and guarantees

9 unchanged sentences

We also consider economic hedging for planned cross border transactions.

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

June 30, 2026 December 31, 2025

Balance Sheet

20 unchanged sentences

(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.

At June 30, 2026, and December 31, 2025, net derivative liabilities of $ 105 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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

b) Hedge accounting

5 unchanged sentences

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

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

The objective of these cross-currency swaps is to hedge the foreign currency risk on € 1.7 billion, or approximately $ 2.0 billion at June 30, 2026, of euro denominated debt by converting cash flows back into the U.S.

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

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:

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

Six Months Ended

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

16 unchanged sentences

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

• Chinese yuan renminbi term loans, $ 586 million at June 30, 2026

• Chinese yuan renminbi bonds, $ 1.3 billion at June 30, 2026

• Swiss franc senior unsecured notes, issued in Q1 2026, $ 250 million at June 30, 2026

• Canadian dollar bonds, issued in Q2 2026, $ 574 million at June 30, 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.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

1 unchanged sentence

Three Months Ended

Six Months Ended

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

7 unchanged sentences

Total OCI gain (loss) after reclassifications $ ( 8 ) $ ( 151 ) $ 8 $ ( 135 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

c) Derivative instruments not designated as hedges

1 unchanged sentence

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

6 unchanged sentences

Futures contracts on equities (1)

$ ( 110 ) $ ( 89 ) $ ( 65 ) $ ( 35 )

Other ( 8 ) ( 2 ) ( 17 ) ( 5 )

8 unchanged sentences

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

7 unchanged sentences

The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand.

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.

22 unchanged sentences

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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.

1 unchanged sentence

Remaining contractual maturity

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

(in millions of U.S.

7 unchanged sentences

Gross amount of recognized liability for securities lending payable $ 1,870 $ 2,500

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.

At June 30, 2026, and December 31, 2025, our repurchase agreement obligations of $ 3,368 million and $ 3,324 million, respectively, were fully collateralized.

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

2 unchanged sentences

Remaining contractual maturity

March 31, 2026 December 31, 2025

June 30, 2026 December 31, 2025

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

2 unchanged sentences

Collateral pledged under repurchase agreements:

Cash $ — $ 4 $ 4 $ — $ — $ — $ —

1,535 — 1,535 — 129 — 129

2 unchanged sentences

Total $ 2,531 $ 1,015 $ 3,546 $ 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 3,368 3,324

1 unchanged sentence

(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.

Refer to Note 14 e) in our 2025 Form 10-K for further information on our secured borrowing transactions.

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.

Refer to Note 2 d) for information on our future private equity funding commitments.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

f) Legal proceedings

4 unchanged sentences

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

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.

At June 30, 2026, and December 31, 2025, the right-of-use asset was $ 1,002 million and $ 1,025 million, respectively, recorded within Other assets , and the lease liability was $ 1,234 million and $ 1,214 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

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

4 unchanged sentences

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

At 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.

At June 30, 2026, our Common Shares had a par value of CHF 0.50 per share.

At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $ 4.08 per share, expected to be paid in four quarterly installments of $ 1.02 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment.

The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2027 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

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 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

CHF USD CHF USD

Three Months Ended Six Months Ended

June 30 June 30

2026 2025 2026 2025

CHF USD CHF USD CHF USD CHF USD

Total dividend distributions per common share 0.80 $ 1.02 0.81 $ 0.97 1.55 $ 1.99 1.62 $ 1.88

1 unchanged sentence

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

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.

During March 2026 and 2025, Chubb completed share capital reductions by means of cancellation of 11,986,574 and 7,518,565 Common Shares purchased under our share repurchase program during 2025 and 2024, respectively.

The capital reductions were 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 six months ended June 30, 2026, 6,507,381 shares were repurchased, 11,986,574 shares were canceled, and 1,040,203 net shares were issued under employee share-based compensation plans.

At June 30, 2026, 14,486,798 Common Shares remain in treasury.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

3 unchanged sentences

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.

In May 2026, the Board determined to terminate the June 2025 authorization as of June 30, 2026 and concurrently authorized a new repurchase amount of up to $ 7.5 billion of Chubb Common Shares, effective July 1, 2026, 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

April 27, 2026

Three Months Ended Six Months Ended July 1, 2026

July 27, 2026

June 30 June 30

(in millions of U.S.

3 unchanged sentences

Repurchase authorization remaining at end of period (1)

$ — $ — $ — $ — $ 7,486

(1) As of June 30, 2026 and 2025, $ 547 million and $ 628 million expired under the share repurchase authorizations, respectively.

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

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

17 unchanged sentences

Balance – end of period, net of tax ( 164 ) ( 746 ) ( 164 ) ( 746 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

dollars) 2026 2025 2026 2025

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

Instrument-specific credit risk on market risk benefits

5 unchanged sentences

Balance – end of period, net of tax ( 12 ) ( 12 ) ( 12 ) ( 12 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

(in millions of U.S.

dollars) 2026 2025

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

Cumulative foreign currency translation adjustment

3 unchanged sentences

Change in period, before tax ( 158 ) 796 370 1,155

Income tax expense ( 6 ) ( 12 )

Total other comprehensive income 522 347

Income tax (expense) benefit 10 3 4 ( 9 )

Total other comprehensive income (expense) ( 148 ) 799 374 1,146

Noncontrolling interests, net of tax 89 33 254 40

5 unchanged sentences

Change in period, before tax 43 ( 23 ) 39 ( 114 )

Income tax benefit 1 19

Total other comprehensive loss ( 3 ) ( 72 )

Income tax (expense) benefit ( 9 ) 5 ( 8 ) 24

Total other comprehensive income (loss) 34 ( 18 ) 31 ( 90 )

Noncontrolling interests, net of tax — — — —

3 unchanged sentences

Change in period, before tax ( 4 ) ( 3 ) ( 6 ) ( 7 )

Income tax expense ( 1 ) —

Income tax benefit 2 — 1 —

Total other comprehensive loss ( 2 ) ( 3 ) ( 5 ) ( 7 )

5 unchanged sentences

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

Three Months Ended Six Months Ended Consolidated Statement of Operations Location

June 30 June 30

(in millions of U.S.

34 unchanged sentences

2026 2025 2026 2025

Three Months Ended March 31 U.S.

Three Months Ended June 30 U.S.

Plans Non-U.S.

10 unchanged sentences

Net periodic benefit cost (benefit) $ ( 39 ) $ ( 5 ) $ ( 31 ) $ ( 3 ) $ 1 $ ( 1 )

Pension Benefit Plans Other Postretirement Benefit Plans

2026 2025 2026 2025

Six Months Ended June 30 U.S.

Plans Non-U.S.

(in millions of U.S.

Service cost $ — $ 5 $ — $ 4 $ — $ —

Non-service cost (benefit):

Interest cost 62 18 67 18 1 1

Expected return on plan assets ( 135 ) ( 32 ) ( 125 ) ( 27 ) — ( 1 )

Amortization of net actuarial (gain) loss ( 6 ) ( 1 ) ( 4 ) — — ( 2 )

Amortization of prior service cost — — — — — —

Settlements — — — — — —

Total non-service cost (benefit) ( 79 ) ( 15 ) ( 62 ) ( 9 ) 1 ( 2 )

Net periodic benefit cost (benefit) $ ( 79 ) $ ( 10 ) $ ( 62 ) $ ( 5 ) $ 1 $ ( 2 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

1 unchanged sentence

Benefit Plans

Three Months Ended March 31 2026 2025 2026 2025

Three Months Ended June 30 2026 2025 2026 2025

(in millions of U.S.

8 unchanged sentences

Net periodic benefit cost (benefit) $ ( 44 ) $ ( 34 ) $ 1 $ ( 1 )

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Pension Benefit Plans Other Postretirement

Benefit Plans

Six Months Ended June 30 2026 2025 2026 2025

(in millions of U.S.

Service cost:

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

Administrative expenses 5 4 — —

Total service cost 5 4 — —

Non-service cost (benefit):

Losses and loss expenses ( 9 ) ( 7 ) — —

Administrative expenses ( 85 ) ( 64 ) 1 ( 2 )

Total non-service cost (benefit) ( 94 ) ( 71 ) 1 ( 2 )

Net periodic benefit cost (benefit) $ ( 89 ) $ ( 67 ) $ 1 $ ( 2 )

Other income and expense

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

4 unchanged sentences

Asset management and performance fee expense ( 47 ) ( 39 ) ( 87 ) ( 72 )

Federal excise and capital taxes ( 13 ) ( 5 )

Other ( 1 ) ( 7 )

Other, including federal excise and capital taxes ( 24 ) ( 8 ) ( 38 ) ( 20 )

Total $ 196 $ 655 $ 357 $ 738

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

percent, and partially-owned insurance companies.

This line item includes mark-to-market gains (losses) on private equities of $ 6 million and $ 33 million for the three and six months ended June 30, 2026 respectively, and $ 540 million and $ 513 million, respectively, for the prior year periods.

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.

19 unchanged sentences

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.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

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 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.

7 unchanged sentences

Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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

2 unchanged sentences

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

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

June 30, 2026

(in millions of U.S.

27 unchanged sentences

For the Three Months Ended

March 31, 2025

June 30, 2025

(in millions of U.S.

7 unchanged sentences

Administrative expenses 357 82 2 369 10 199

Underwriting income 857 445 65 342 98 NM

Net investment income 938 118 19 278 85 274

Other (income) expense 8 — — 5 — ( 37 )

Amortization of purchased intangibles 2 2 6 19 — 8

Segment income $ 1,785 $ 561 $ 78 $ 596 $ 183 $ 305 $ 3,508

Net realized gains (losses) 160

Market risk benefits gains (losses) ( 17 )

Interest expense 181

Integration expenses and severance 2

Corporate underwriting loss ( 176 )

Corporate net investment loss ( 29 )

Corporate other (income) expense ( 528 )

Corporate amortization of purchased intangibles 37

Other reclassification ( 38 )

Income before income tax $ 3,716

NM – not meaningful.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Six Months Ended

June 30, 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 $ 10,489 $ 3,735 $ 1,087 $ 8,456 $ 717 $ 4,226 $ 28,710

Net premiums earned 10,362 3,563 830 7,764 625 4,202 27,346

Losses and loss expenses 6,592 1,825 579 3,361 258 50

Policy benefits — — — 219 — 3,074

Policy acquisition costs 1,482 694 69 2,069 200 714

Administrative expenses 705 171 ( 2 ) 786 17 423

Underwriting income 1,583 873 184 1,329 150 NM

Net investment income 1,953 277 47 613 218 628

Other (income) expense 29 6 2 12 — ( 96 )

Amortization of purchased intangibles 2 4 12 44 — 17

Segment income $ 3,505 $ 1,140 $ 217 $ 1,886 $ 368 $ 648 $ 7,764

Net realized gains (losses) ( 245 )

Market risk benefits gains (losses) 19

Interest expense 398

Integration expenses and severance 17

Corporate underwriting loss ( 390 )

Corporate net investment loss ( 21 )

Corporate other (income) expense ( 13 )

Corporate amortization of purchased intangibles 68

Other reclassification ( 40 )

Income before income tax $ 6,617

NM – not meaningful.

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

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Six Months Ended

June 30, 2025

(in millions of U.S.

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

Reinsurance Life Insurance Total

Net premiums written $ 10,510 $ 3,490 $ 1,009 $ 7,523 $ 788 $ 3,522 $ 26,842

Net premiums earned 10,165 3,255 763 6,751 706 3,485 25,125

Losses and loss expenses 6,289 2,915 575 3,186 374 46

Policy benefits — — — 242 — 2,412

Policy acquisition costs 1,424 662 65 1,750 198 629

Administrative expenses 701 169 4 699 20 401

Underwriting income (loss) 1,751 ( 491 ) 119 874 114 NM

6 unchanged sentences

Interest expense 362

Integration expenses and severance 2

Corporate underwriting loss ( 295 )

2 unchanged sentences

Corporate amortization of purchased intangibles 74

Other reclassification 38

Income before income tax $ 5,380

6 unchanged sentences

Earnings per share

Three Months Ended

Three Months Ended Six Months Ended

June 30 June 30

(in millions of U.S.

16 unchanged sentences

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

What changed 10-Q

Item 1. Financial Statements