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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended March 31, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File No. 1-11778

CHUBB LIMITED

(Exact name of registrant as specified in its charter)


Switzerland			98-0091805
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)

+41 (0)43 456 76 00

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share	CB	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038	CB/38A	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of April 18, 2025, was 400,725,707.

Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q



Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) March 31, 202 5 and December 31, 2 024		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three Months Ended March 31 , 202 5 and 20 24		4
	Consolidated Statements of Shareholders' Equity (Unaudited) Three Months Ended March 31 , 202 5 and 2024		5
	Consolidated Statements of Cash Flows (Unaudited) Three Months Ended March 31 , 202 5 and 202 4		6
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1.	General and significant accounting policies	7
	Note 2.	Acquisitions	7
	Note 3.	Investments	8
	Note 4.	Fair value measurements	12
	Note 5.	Reinsurance	16
	Note 6.	Deferred policy acquisition costs	17

	Note 7.	Unpaid losses and loss expenses	18
	Note 8.	Future policy benefits	20
	Note 9.	Policyholders' account balances, Separate accounts, and Unearned revenue liabilities	24
	Note 10.	Market risk benefits	28

	Note 11.	Commitments, contingencies, and guarantees	29
	Note 12.	Shareholders' equity	35
	Note 13.	Share-based compensation	38
	Note 14.	Postretirement benefits	39
	Note 15.	Other income and expense	40
	Note 16.	Segment information	40
	Note 17.	Earnings per share	44

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		45
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		76
Item 4.	Controls and Procedures		78
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		79
Item 1A.	Risk Factors		79
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		79
Item 5.	Other Information		79
Item 6.	Exhibits		80

Table of Contents

PART I FINANCIAL INFORMATION


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)	2025		2024

Assets
Investments
Short-term investments, at fair value (amortized cost – $4,434 and $5,143) (includes variable interest entities (VIE) balances of $131 and $57)	$	4,432	$	5,142
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $63 and $70 (amortized cost – $114,930 and $115,083)	111,123		110,363
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4	2,460		2,628
Equity securities, at fair value (includes VIE balances of $1,631 and $1,289)	9,556		9,151
Private equities (includes VIE balances of $22 and $22)	15,506		14,769
Other investments (includes VIE balances of $5,002 and $4,538)	9,224		8,597
Total investments	152,301		150,650
Cash, including restricted cash $278 and $261 (includes VIE balances of $205 and $114)	2,250		2,549

Securities lending collateral	1,909		1,445
Accrued investment income	1,196		1,160
Insurance and reinsurance balances receivable, net of valuation allowance – $58 and $59	15,358		14,426
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $310	20,015		19,777
Reinsurance recoverable on policy benefits	267		289
Deferred policy acquisition costs	8,775		8,358

Value of business acquired	3,134		3,223
Goodwill	19,716		19,579
Other intangible assets	6,363		6,377
Deferred tax assets	1,798		1,603
Prepaid reinsurance premiums	3,681		3,378
Separate account assets	6,285		6,231
Other assets (includes VIE balances of $32 and $26)	8,704		7,503
Total assets	$	251,752	$	246,548
Liabilities
Unpaid losses and loss expenses	$	85,471	$	84,004
Unearned premiums	24,487		23,504
Future policy benefits	16,690		16,121
Market risk benefits	708		607
Policyholders' account balances	8,129		8,016
Separate account liabilities	6,285		6,231
Insurance and reinsurance balances payable	8,446		8,121
Repurchase agreements (includes VIE balances of $1,102 and $815)	3,124		2,731

Securities lending payable	1,909		1,445

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $93 and $183)	9,213		10,192

Deferred tax liabilities	1,608		1,584
Short-term debt	—		800
Long-term debt	14,508		14,379
Hybrid debt	419		419
Total liabilities	180,997		178,154
Commitments and contingencies (refer to Note 11)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 400,748,485 and 400,703,663 shares outstanding)	231		235
Common Shares in treasury (11,358,936 and 18,922,323 shares)	(1,799)		(3,524)
Additional paid-in capital	13,976		14,393
Retained earnings	60,953		61,561
Accumulated other comprehensive income (loss) (AOCI)	(7,635)		(8,644)
Total Chubb shareholders’ equity	65,726		64,021
Noncontrolling interests (includes VIE balances of $4,117 and $3,459)	5,029		4,373
Total shareholders' equity	70,755		68,394
Total liabilities and shareholders’ equity	$	251,752	$	246,548

See accompanying notes to the Consolidated Financial Statements

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)	2025		2024

Revenues
Net premiums written	$	12,646	$	12,221
Increase in unearned premiums	(646)		(638)
Net premiums earned	12,000		11,583
Net investment income	1,561		1,391
Net realized gains (losses)	(116)		(101)
Market risk benefits gains (losses)	(92)		21
Total revenues	13,353		12,894
Expenses
Losses and loss expenses	6,896		5,727
Policy benefits (includes remeasurement losses of $3 and $19)	1,227		1,180
Policy acquisition costs	2,313		2,207
Administrative expenses	1,080		1,070
Interest expense	181		178
Other (income) expense	(83)		(191)
Amortization of purchased intangibles	75		80
Integration expenses	—		7
Total expenses	11,689		10,258
Income before income tax	1,664		2,636
Income tax expense	321		342
Net income	$	1,343	$	2,294
Net income attributable to noncontrolling interests	12		151
Net income attributable to Chubb	$	1,331	$	2,143
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)	$	901	$	(677)
Current discount rate on future policy benefits	(122)		(53)
Instrument-specific credit risk on market risk benefits	4		5
Cumulative foreign currency translation adjustment	359		80
Other, including postretirement benefit liability adjustment	(95)		31
Other comprehensive income (loss), before income tax	1,047		(614)
Income tax (expense) benefit related to OCI items	(43)		9
Other comprehensive income (loss)	1,004		(605)
Comprehensive income	2,347		1,689
Comprehensive income attributable to noncontrolling interests	7		123
Comprehensive income attributable to Chubb	$	2,340	$	1,566
Earnings per share
Basic earnings per share attributable to Chubb	$	3.32	$	5.28
Diluted earnings per share attributable to Chubb	$	3.29	$	5.23

See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries


	Three Months Ended
	March 31
(in millions of U.S. dollars)		2025		2024
Common Shares
Balance – beginning of period		$	235	$	241

Cancellation of treasury shares		(4)		—
Balance – end of period		231		241
Common Shares in treasury
Balance – beginning of period		(3,524)		(4,400)
Common Shares repurchased		(385)		(316)
Cancellation of treasury shares		1,942		—
Net shares issued under employee share-based compensation plans		168		255
Balance – end of period		(1,799)		(4,461)
Additional paid-in capital
Balance – beginning of period		14,393		15,665
Net shares issued under employee share-based compensation plans		(146)		(159)
Exercise of stock options		1		(19)
Share-based compensation expense		94		82

Net decrease due to acquisitions		—		(31)
Funding of dividends declared to Retained earnings		(366)		(350)
Balance – end of period		13,976		15,188
Retained earnings
Balance – beginning of period		61,561		54,810
Net income attributable to Chubb		1,331		2,143
Cancellation of treasury shares and other		(1,939)		—
Funding of dividends declared from Additional paid-in capital		366		350
Dividends declared on Common Shares		(366)		(350)
Balance – end of period		60,953		56,953
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period		(8,644)		(6,809)
Other comprehensive income (loss)		1,009		(577)
Balance – end of period		(7,635)		(7,386)
Total Chubb shareholders’ equity		$	65,726	$	60,535
Noncontrolling interests
Balance – beginning of period		$	4,373	$	4,184
Net increase (decrease) due to consolidation, deconsolidation, and other transactions		649		(411)
Net income attributable to noncontrolling interests		12		151
Other comprehensive loss attributable to noncontrolling interests		(5)		(28)

Balance – end of period		$	5,029	$	3,896
Total shareholders' equity		$	70,755	$	64,431

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2025		2024
Cash flows from operating activities
Net income	$	1,343	$	2,294
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	116		101
Market risk benefits (gains) losses	92		(21)
Amortization of premiums (discounts) on fixed maturities	(100)		(80)

Amortization of purchased intangibles	75		80
Equity in net income of partially-owned entities	(82)		(184)
Deferred income taxes	(198)		(24)
Unpaid losses and loss expenses	1,182		175
Unearned premiums	868		633
Future policy benefits	440		445
Insurance and reinsurance balances payable	305		155
Accounts payable, accrued expenses, and other liabilities	(567)		(267)
Income taxes	203		257
Insurance and reinsurance balances receivable	(874)		(586)
Reinsurance recoverable	(127)		852
Deferred policy acquisition costs	(428)		(390)
Net sales (purchases) of investments by consolidated investment products	(435)		(404)
Other	(247)		184
Net cash flows from operating activities	1,566		3,220
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(5,894)		(8,617)


Purchases of equity securities	(783)		(752)
Sales of fixed maturities available-for-sale	2,660		4,368


Sales of equity securities	637		520
Maturities and redemptions of fixed maturities available-for-sale	2,902		2,149

Net change in short-term investments	773		(708)
Net derivative instruments settlements	(21)		(17)
Private equity contributions	(879)		(248)
Private equity distributions	222		177
Acquisition of subsidiaries	—		(236)



Net consolidations of consolidated investment products	16		—
Other	(431)		(382)
Net cash flows used for investing activities	(798)		(3,746)
Cash flows from financing activities
Dividends paid on Common Shares	(366)		(349)
Common Shares repurchased	(691)		(404)
Proceeds from issuance of long-term debt	—		996
Repayment of long-term debt	(800)		—
Proceeds from share-based compensation plans	98		163
Policyholder contract deposits	242		336
Policyholder contract withdrawals	(176)		(245)
Third-party capital invested into consolidated investment products	559		509
Third-party capital distributed by consolidated investment products	(242)		(413)
Proceeds from issuance of repurchase agreements	810		1,062
Repayment of repurchase agreements	(447)		(984)
Other	(112)		(109)
Net cash flows from (used for) financing activities	(1,125)		562
Effect of foreign currency rate changes on cash and restricted cash	58		(6)
Net increase (decrease) in cash and restricted cash	(299)		30
Cash and restricted cash – beginning of period	2,549		2,621
Cash and restricted cash – end of period	$	2,250	$	2,651
Supplemental cash flow information
Taxes paid	$	314	$	89
Interest paid	$	146	$	112

See accompanying notes to the Consolidated Financial Statements

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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 16 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, including internal reinsurance 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 2024 Form 10-K.

b) Goodwill

During the three months ended March 31, 2025, Goodwill increased $137 million, primarily reflecting the impact of foreign exchange.

c) New Accounting Pronouncements

Accounting guidance not yet adopted

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our 2025 annual reporting. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Disaggregation of Income Statement Expenses

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 Businesses in Thailand and Vietnam

On March 3, 2025, we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products. On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand. We expect to complete the acquisition of Liberty Insurance in Vietnam later in 2025 or early 2026, subject to required regulatory approvals and customary closing conditions. The results of operations of these businesses will be reported in our Overseas General Insurance segment.

Huatai Group

Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of March 31, 2025. In the second quarter of 2025, we closed on incremental ownership interests of approximately 0.6 percent. Chubb has total outstanding agreements for approximately 1.0 percent of incremental ownership interests, pending completion of certain closing conditions.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities


March 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	$	4,268	$	—	$	17	$	(260)	$	4,025
Non-U.S.	36,574		(22)		810		(1,060)		36,302
Corporate and asset-backed securities	45,105		(41)		309		(2,093)		43,280
Mortgage-backed securities	28,983		—		145		(1,612)		27,516

	$	114,930	$	(63)	$	1,281	$	(5,025)	$	111,123


December 31, 2024	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	$	4,383	$	—	$	10	$	(323)	$	4,070
Non-U.S.	36,311		(23)		753		(1,203)		35,838
Corporate and asset-backed securities	45,231		(47)		287		(2,264)		43,207
Mortgage-backed securities	29,158		—		69		(1,979)		27,248

	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363

The following table presents fixed maturities by contractual maturity:


	March 31, 2025				December 31, 2024
(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	$	4,938	$	4,938	$	4,507	$	4,507
Due after 1 year through 5 years	33,342		33,342		33,446		33,446
Due after 5 years through 10 years	27,027		27,027		26,901		26,901
Due after 10 years	18,300		18,300		18,261		18,261
	83,607		83,607		83,115		83,115
Mortgage-backed securities	27,516		27,516		27,248		27,248
	$	111,123	$	111,123	$	110,363	$	110,363

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 at March 31, 2025, and December 31, 2024, 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 2024 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

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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, 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	$	524	$	(7)	$	2,468	$	(253)	$	2,992	$	(260)
Non-U.S.	5,533		(102)		11,375		(774)		16,908		(876)
Corporate and asset-backed securities	10,320		(177)		12,824		(1,172)		23,144		(1,349)
Mortgage-backed securities	5,493		(48)		11,986		(1,564)		17,479		(1,612)

Total AFS fixed maturities	$	21,870	$	(334)	$	38,653	$	(3,763)	$	60,523	$	(4,097)


	0 – 12 Months				Over 12 Months				Total
December 31, 2024	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	$	767	$	(16)	$	2,489	$	(303)	$	3,256	$	(319)
Non-U.S.	6,630		(138)		12,023		(874)		18,653		(1,012)
Corporate and asset-backed securities	10,069		(194)		13,290		(1,259)		23,359		(1,453)
Mortgage-backed securities	10,490		(170)		11,987		(1,794)		22,477		(1,964)

Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)

At March 31, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $491 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)	2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	70	$	156


Provision for expected credit loss	21		31

Write-offs charged against the expected credit loss	—		(5)

Recovery of expected credit loss	(28)		(67)
Valuation allowance for expected credit losses - end of period	$	63	$	115
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	4	$	4
Provision for expected credit loss	—		1
Recovery of expected credit loss	(1)		—
Valuation allowance for expected credit losses - end of period	$	3	$	5

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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)	2025		2024
Fixed maturities:
Gross realized gains	$	38	$	16
Gross realized losses	(96)		(141)
Other investments - Fixed maturities (2025 includes $(53) million related to investments measured under the fair value option)	(40)		168
Net (provision for) recovery of expected credit losses	8		40
Impairment (1)	(7)		(34)
Total fixed maturities	(97)		49
Equity securities (2025 includes $53 million related to investments measured under the fair value option)	63		3
Private equities (less than 3 percent ownership)	11		31
Foreign exchange	(65)		(131)
Investment and embedded derivative instruments	(23)		(43)
Other derivative instruments	(3)		(2)
Other	(2)		(8)
Net realized gains (losses) (pre-tax)	$	(116)	$	(101)

(1)Relates to certain securities we intended 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
							2025								2024
(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	$	63	$	(40)	$	11	$	34	$	3	$	168	$	31	$	202
Less: Net gains (losses) recognized from sales of securities	(12)		1		—		(11)		(3)		—		—		(3)
Unrealized gains (losses) recognized for securities still held at reporting date	$	75	$	(41)	$	11	$	45	$	6	$	168	$	31	$	205

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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, 2025				December 31, 2024
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,340	$	250	$	1,265	$	281
Real assets	2 to 13 Years	1,952		487		1,974		547
Distressed	2 to 8 Years	1,249		656		1,257		679
Private credit	3 to 8 Years	315		328		295		285
Traditional	2 to 14 Years	10,336		4,694		9,674		4,650
Vintage	1 to 3 Years	61		—		64		—
Investment funds	Not Applicable	253		—		240		—
		$	15,506	$	6,415	$	14,769	$	6,442

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

31, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $18,079 million and $17,945 million, respectively, and cash of $278 million and $261 million, respectively.

The following table presents the components of restricted assets:


	March 31		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,273	$	8,170
Assets pledged under repurchase agreements	3,364		2,890
Deposits with U.S. regulatory authorities	2,522		2,487

Deposits with non-U.S. regulatory authorities and other	4,198		4,659

Total	$	18,357	$	18,206

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 2024 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, 2025, and December 31, 2024, was $5.0 billion, 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, 2025, and December 31, 2024, was $89 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified 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.

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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 2024 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, 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	$	1,739	$	2,286	$	—	$	4,025
Non-U.S.	—		35,715		587		36,302
Corporate and asset-backed securities	—		40,263		3,017		43,280
Mortgage-backed securities	—		27,516		—		27,516

	1,739		105,780		3,604		111,123
Equity securities (1)	4,412		—		113		4,525
Short-term investments	2,484		1,930		18		4,432
Other investments (2)	577		7,318		—		7,895
Securities lending collateral	—		1,909		—		1,909
Investment derivatives	40		—		—		40
Derivatives designated as hedging instruments	—		132		—		132
Other derivative instruments	5		—		—		5
Separate account assets	6,212		73		—		6,285
Total assets measured at fair value (1)(2)(3)	$	15,469	$	117,142	$	3,735	$	136,346
Liabilities:
Investment derivatives	$	294	$	—	$	—	$	294
Derivatives designated as hedging instruments	—		101		—		101
Other derivative instruments	—		5		—		5
Market risk benefits (4)	—		—		708		708
Total liabilities measured at fair value	$	294	$	106	$	708	$	1,108

(1)Excluded from the table above is a fund of $5,031 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,329 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $15,506 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


December 31, 2024	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	$	1,765	$	2,305	$	—	$	4,070
Non-U.S.	—		35,234		604		35,838
Corporate and asset-backed securities	—		40,316		2,891		43,207
Mortgage-backed securities	—		27,245		3		27,248

	1,765		105,100		3,498		110,363
Equity securities (1)	4,053		—		120		4,173
Short-term investments	3,156		1,972		14		5,142
Other investments (2)	573		6,783		—		7,356
Securities lending collateral	—		1,445		—		1,445
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		146		—		146
Other derivative instruments	35		—		—		35
Separate account assets	6,165		66		—		6,231
Total assets measured at fair value (1)(2)(3)	$	15,788	$	115,512	$	3,632	$	134,932
Liabilities:
Investment derivatives	$	303	$	—	$	—	$	303
Derivatives designated as hedging instruments	—		116		—		116
Other derivative instruments	—		2		—		2
Market risk benefits (4)	—		—		607		607
Total liabilities measured at fair value	$	303	$	118	$	607	$	1,028

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

(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

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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).



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)	$	—		$	—		$	—



Three Months Ended March 31, 2024 (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		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			1			—		—		—
Transfers out of Level 3		(4)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		14			6			—		—		—
Net Realized Gains (Losses)		—			—			—		(3)		—

Purchases		72			143			—		18		4
Sales		(20)			(20)			—		(1)		—
Settlements		(37)			(91)			—		—		(2)

Balance, end of period		$	718		$	2,658		$	7	$	101	$	5
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	—		$	—	$	(2)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	13		$	6		$	—	$	—	$	—

Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 10 Market risk benefits. Refer to Note 10 for additional information.

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 2024 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.

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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, 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	$	—	$	—	$	2,498	$	2,498	$	2,460
Total assets	$	—	$	—	$	2,498	$	2,498	$	2,460
Liabilities:
Repurchase agreements	$	—	$	3,124	$	—	$	3,124	$	3,124

Long-term debt	—		13,149		—		13,149		14,508
Hybrid debt	—		476		—		476		419
Total liabilities	$	—	$	16,749	$	—	$	16,749	$	18,051


December 31, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,680	$	2,680	$	2,628
Total assets	$	—	$	—	$	2,680	$	2,680	$	2,628
Liabilities:
Repurchase agreements	$	—	$	2,731	$	—	$	2,731	$	2,731
Short-term debt	—		797		—		797		800
Long-term debt	—		12,979		—		12,979		14,379
Hybrid debt	—		479		—		479		419
Total liabilities	$	—	$	16,986	$	—	$	16,986	$	18,329

5. Reinsurance

Reinsurance recoverable on ceded reinsurance


	March 31, 2025				December 31, 2024
(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	$	18,081	$	254	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,934		66		2,043		68
Reinsurance recoverable on losses and loss expenses	$	20,015	$	320	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	267	$	—	$	289	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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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)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	11		8
Write-offs charged against the valuation allowance	(2)		—
Foreign exchange revaluation	1		—

Valuation allowance for uncollectible reinsurance - end of period	$	320	$	375

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2024 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, 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


	Three Months Ended March 31, 2024

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185

Capitalizations	47		33		85		158		16		339
Amortization expense	(28)		(20)		(8)		(41)		(7)		(104)

Other (including foreign exchange)	(8)		1		(3)		3		(2)		(9)
Balance – end of period	$	413	$	688	$	608	$	1,421	$	281	$	3,411
Overseas General Insurance segment excluded from table											616
Total deferred policy acquisition costs on long-duration contracts											$	4,027
Deferred policy acquisition costs on short-duration contracts											3,510
Total deferred policy acquisition costs											$	7,537

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

7. 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)	2025		2024

Gross unpaid losses and loss expenses – beginning of period	$	84,004	$	80,122
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)	(17,734)		(17,884)
Net unpaid losses and loss expenses – beginning of period	66,270		62,238
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	7,133		5,980
Prior years (2)	(237)		(253)
Total	6,896		5,727
Net losses and loss expenses paid in respect of losses occurring in:
Current year	1,305		767
Prior years	4,699		4,055
Total	6,004		4,822
Foreign currency revaluation and other	228		35
Net unpaid losses and loss expenses – end of period	67,390		63,178
Reinsurance recoverable on unpaid losses and loss expenses (1)	18,081		17,163
Gross unpaid losses and loss expenses – end of period	$	85,471	$	80,341

(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 $(18) million and $46 million for the three months ended March 31, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $1,120 million for the three months ended March 31, 2025, principally reflecting underlying exposure growth and net catastrophe losses, partially offset by the impact of favorable prior period development and crop activity.

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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
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)
2024
North America Commercial P&C Insurance		$	96	$	(144)	$	(48)
North America Personal P&C Insurance		—		(52)		(52)
North America Agricultural Insurance		—		(28)		(28)
Overseas General Insurance		(1)		(88)		(89)
Global Reinsurance		—		1		1
Corporate		9		—		9
Total		$	104	$	(311)	$	(207)

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, 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.

Net favorable development for the three months ended March 31, 2024, included $144 million from short-tail lines, primarily from surety and property and marine lines due to lower-than-expected loss development. The favorable development was partially offset by net adverse development of $96 million from long-tail lines, primarily in commercial excess and umbrella lines, driven by higher-than-expected loss development.

Overseas General Insurance. 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 March 31, 2024, included $88 million from short-tail lines, primarily from property lines driven by favorable development across all regions, primarily in accident years 2020 through 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

8. 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, 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.


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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2025
(in millions of U.S. dollars)	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


Present Value of Expected Net Premiums	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		109		—		185
Effect of actual variances from expected experience	(1)		22		(37)		—		(16)
Adjusted beginning of period balance	1,997		4,037		10,764		64		16,862
Issuances	65		295		697		2		1,059
Interest accrual	14		27		133		—		174
Net premiums collected (1)	(57)		(310)		(363)		(7)		(737)


Other (including foreign exchange)	(5)		(4)		82		—		73
Ending balance at original discount rate	2,014		4,045		11,313		59		17,431
Effect of changes in discount rate assumptions	(407)		18		(295)		—		(684)
Balance – end of period	$	1,607	$	4,063	$	11,018	$	59	$	16,747

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		86		100		—		194
Effect of actual variances from expected experience	3		27		(36)		—		(6)
Adjusted beginning of period balance	2,760		10,104		15,135		492		28,491
Issuances	65		295		697		2		1,059
Interest accrual	19		74		164		3		260
Benefit payments	(59)		(87)		(398)		(6)		(550)

Other (including foreign exchange)	30		(2)		114		21		163
Ending balance at original discount rate	2,815		10,384		15,712		512		29,423
Effect of changes in discount rate assumptions	(516)		184		(487)		18		(801)
Balance – end of period	$	2,299	$	10,568	$	15,225	$	530	$	28,622


Liability for Future Policy Benefits, Life Insurance Segment	March 31, 2024
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	692	$	6,505	$	4,207	$	471	$	11,875
Deferred profit liability	254		904		174		19		1,351
Net liability for future policy benefits, before reinsurance recoverable	946		7,409		4,381		490		13,226
Less: Reinsurance recoverable on future policy benefits	107		45		113		1		266
Net liability for future policy benefits, after reinsurance recoverable	$	839	$	7,364	$	4,268	$	489	$	12,960
Weighted average duration (years)	10.2		25.6		10.1		15.1		19.3

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)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	13,351	$	11,875
Other (1)	1,431		1,149
Deferred profit liability	1,908		1,351
Liability for future policy benefits, per consolidated balance sheet	$	16,690	$	14,375

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

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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)	2025		2024

Term Life
Undiscounted expected future benefit payments	$	4,266	$	4,358
Undiscounted expected future gross premiums	6,595		7,291
Discounted expected future benefit payments	2,268		2,299
Discounted expected future gross premiums	4,460		3,909
Whole Life
Undiscounted expected future benefit payments	29,099		24,834
Undiscounted expected future gross premiums	10,390		9,593
Discounted expected future benefit payments	12,429		10,568
Discounted expected future gross premiums	8,518		7,774
A&H
Undiscounted expected future benefit payments	26,695		26,475
Undiscounted expected future gross premiums	39,108		39,002
Discounted expected future benefit payments	15,930		15,225
Discounted expected future gross premiums	23,346		22,975
Other
Undiscounted expected future benefit payments	1,556		901
Undiscounted expected future gross premiums	478		94
Discounted expected future benefit payments	857		530
Discounted expected future gross premiums	$	437	$	83

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)	2025		2024		2025		2024
Life Insurance
Term Life	$	170	$	167	$	5	$	5

Whole Life	563		530		58		47
A&H	752		753		32		31
Other	89		20		4		3
Total	$	1,574	$	1,470	$	99	$	86

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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
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	2.9	%	5.6	%	5.7	%

Whole Life	3.5	%	3.2	%	4.0	%	4.5	%
A&H	4.1	%	3.7	%	5.7	%	6.3	%
Other	3.2	%	2.6	%	3.6	%	3.8	%

9. 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, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		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 (4)	(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 (5)							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)Relates to Huatai Life.

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

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

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

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


	Three Months Ended March 31, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789

Premiums received	72		131		131		334
Policy charges (1)	(34)		—		(2)		(36)
Surrenders and withdrawals	(32)		(10)		(77)		(119)
Benefit payments (4)	(54)		(59)		(3)		(116)

Interest credited	13		16		14		43
Other (including foreign exchange)	(1)		(5)		(9)		(15)
Balance – end of period	$	1,840	$	2,484	$	2,556	$	6,880
Unearned revenue liability							680
Policyholders' account liability, per consolidated balance sheet							$	7,560

(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)Relates to Huatai Life.

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

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



	March 31
	2025							2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities		Other		Universal Life		Annuities		Other
Weighted-average crediting rate (1)	2.7		%	1.6	%	2.7	%	2.9	%	2.6	%	2.5	%
Net amount at risk (2)	$	12,079

Chubb Ltd 10-Q