Commitments, contingencies, and guarantees (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments

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:


				June 30, 2025								December 31, 2024
	Consolidated Balance Sheet Location	Fair Value				Notional Amount/ Payment Provision			Fair Value					Notional Amount/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	45	$	(136)	$	4,386		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	6		(7)		909			—			(8)		449
Convertible securities (1)	FM AFS / ES	7		—		6			12			—		12
Total		$	58	$	(143)	$	5,301		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(31)	$	986		$	35		$	—	$	1,047
Other	OA / (AP)	7		(5)		379			—			(2)		211
Total		$	7	$	(36)	$	1,365		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	233	$	—	$	2,010		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	24		(223)		3,003			43			(116)		2,896
Total		$	257	$	(223)	$	5,013		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Gain (loss) recognized in OCI	$	141	$	(46)	$	115	$	(54)
Net realized gain (loss) reclassified from OCI	169		(12)		238		(49)
Interest expense reclassified from OCI	(5)		(4)		(9)		(8)
OCI gain (loss) after reclassifications	$	(23)	$	(30)	$	(114)	$	3

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Cross-currency swaps:
Gain (loss) recognized in OCI	$	(138)	$	37	$	(114)	$	73
Interest income reclassified from OCI	7		3		15		6
Total cross currency swaps	(145)		34		(129)		67
Foreign denominated debt:
Gain (loss) recognized in OCI	(6)		—		(6)		—
Total OCI gain (loss) after reclassifications	$	(151)	$	34	$	(135)	$	67

Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	147	$	(28)	$	133	$	(80)

Options/Futures/Forward contracts on notes and bonds	7		12		(2)		18
Convertible securities (1)	—		(1)		—		2
Total investment and embedded derivative instruments	$	154	$	(17)	$	131	$	(60)
Other derivative instruments:
Futures contracts on equities (2)	$	(89)	$	(21)	$	(35)	$	(116)
Other	(2)		(3)		(5)		(5)
Total other derivative instruments	$	(91)	$	(24)	$	(40)	$	(121)
Total	$	63	$	(41)	$	91	$	(181)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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


	Remaining contractual maturity
	June 30, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	695	$	557
U.S. and local government securities	161		148
Non-U.S.	1,001		663
Corporate and asset-backed securities	74		49

Equity securities	10		28
Total	$	1,941	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,941	$	1,445

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


	Remaining contractual maturity
	June 30, 2025								December 31, 2024
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	2	$	—	$	2	$	—	$	19	$	2	$	21
Non-U.S.	1,205		—		—		1,205		1,387		—		—		1,387
U.S. and local government securities	—		—		—		—		—		—		104		104

Mortgage-backed securities	977		923		25		1,925		—		454		924		1,378
Total	$	2,182	$	925	$	25	$	3,132	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements							$	3,059							$	2,731
Difference (1)							$	73							$	159

(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Chubb Ltd 10-Q