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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 ~~September~~March 3031, ~~2025~~2026


☐			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 ~~October~~April 21, ~~2025~~2026, was ~~393~~387,~~550~~860,~~859~~106.

Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024		3
	Consolidated Balance Sheets (Unaudited) March 31, 2026 and December 31, 2025		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited)Three and Nine Months Ended September 30, 2025 and 2024		4
	Consolidated Statements of Operations and Comprehensive Income (Unaudited)Three Months Ended March 31, 2026 and 2025		4
	Consolidated Statements of Shareholders' Equity (Unaudited)Three and Nine Months Ended September 30, 2025 and 2024		5
	Consolidated Statements of Shareholders' Equity (Unaudited)Three Months Ended March 31, 2026 and 2025		5
	Consolidated Statements of Cash Flows (Unaudited)Nine Months Ended September 30, 2025 and 2024		6
	Consolidated Statements of Cash Flows (Unaudited)Three Months Ended March 31, 2026 and 2025		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	1312
	Note 5.	Reinsurance	1816
	Note 6.	Deferred policy acquisition costs	1917
	Note 7.	Goodwill	2018
	Note 8.	Unpaid losses and loss expenses	2019
	Note 9.	Future policy benefits	2221
	Note 10.	Policyholders' account balances, Separate accounts, and Unearned revenue liabilities	2725
	Note 11.	Market risk benefits	3129
	Note 12.	Debt	3230
	Note 13.	Commitments, contingencies, and guarantees	3330
	Note 14.	Shareholders' equity	3936
	Note 15.	Share-based compensation	4239
	Note 16.	Postretirement benefits	4340
	Note 17.	Other income and expense	4441
	Note 18.	Segment information	4541
	Note 19.	Earnings per share	5045
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		5146
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		8677
Item 4.	Controls and Procedures		8877
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		8978
Item 1A.	Risk Factors		8978
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		8978
Item 5.	Other Information		8978
Item 6.	Exhibits		9079

Table of Contents

PART I FINANCIAL INFORMATION


ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries

	September 30		December 31
	March 31		December 31
(in millions of U.S. dollars, except share and per share data)	~~2025~~2026		~~2024~~2025
Assets
Investments
Short-term investments, at fair value (amortized cost – $4,381 and $5,143) (includes variable interest entities (VIE) balances of $164 and $57)	$	4,380	$	5,142
Short-term investments, at fair value (amortized cost – $5,067 and $4,840) (includes variable interest entities (VIE) balances of $109 and $105)	$	5,067	$	4,840
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $50 and $70 (amortized cost – $123,726 and $115,083)	121,788		110,363
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $50 and $52 (amortized cost – $127,301 and $124,726)	123,433		122,680
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4	2,535		2,628
Private debt held-for-investment, at amortized cost, net of valuation allowance – $2 and $3	2,477		2,411
Equity securities, at fair value (includes VIE balances of $2,095 and $1,289)	10,377		9,151
Equity securities, at fair value (includes VIE balances of $2,379 and $2,275)	10,916		10,801
Private equities (includes VIE balances of $22 and $22)	16,734		14,769
Private equities (includes VIE balances of $23 and $22)	17,132		17,239
Other investments (includes VIE balances of $5,323 and $4,538)	10,182		8,597
Other investments (includes VIE balances of $5,828 and $5,818)	11,170		10,749
Total investments	~~165~~170,~~996~~195		~~150~~168,~~650~~720
Cash, including restricted cash $213 and $261 (includes VIE balances of $205 and $114)	2,454		2,549
Cash, including restricted cash $203 and $198 (includes VIE balances of $258 and $168)	2,634		2,470
Securities lending collateral	12,~~899~~277		12,~~445~~500
Accrued investment income	1,~~427~~351		1,~~160~~305
Insurance and reinsurance balances receivable, net of valuation allowance – $60 and $59	16,305		14,426
Insurance and reinsurance balances receivable, net of valuation allowance – $63 and $62	17,101		15,944
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $326 and $310	20,227		19,777
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $320	20,159		20,338
Reinsurance recoverable on policy benefits	~~302~~295		~~289~~286
Deferred policy acquisition costs	910,~~809~~452		810,~~358~~008
Value of business acquired	32,~~144~~926		32,~~223~~975
Goodwill	20,~~237~~370		1920,~~579~~207
Other intangible assets	6,~~318~~217		6,~~377~~241
Deferred tax assets	1,~~413~~315		1,~~603~~312
Prepaid reinsurance premiums	4,~~174~~105		3,~~378~~874
Separate account assets	6,~~810~~718		6,~~231~~925
Other assets (includes VIE balances of $95 and $26)	9,695		7,503
Other assets (includes VIE balances of $82 and $58)	9,341		9,222
Total assets	$	~~270~~275,~~210~~456	$	~~246~~272,~~548~~327
Liabilities
Unpaid losses and loss expenses	$	88,~~439~~915	$	8488,~~004~~018
Unearned premiums	2627,~~961~~180		2326,~~504~~279
Future policy benefits	1819,~~288~~273		1618,~~121~~420
Market risk benefits	~~666~~642		~~607~~659
Policyholders' account balances	8,~~539~~782		8,~~016~~576
Separate account liabilities	6,~~810~~718		6,~~231~~925
Insurance and reinsurance balances payable	8,~~475~~486		8,~~121~~349
Repurchase agreements (includes VIE balances of $789 and $815)	3,360		2,731
Repurchase agreements (includes VIE balances of $983 and $956)	3,736		3,324
Securities lending payable	12,~~899~~277		12,~~445~~500
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $67 and $183)	9,582		10,192
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $64 and $159)	9,881		10,108
Deferred tax liabilities	1,~~733~~759		1,~~584~~741
Short-term debt	1,~~499~~500		~~800~~1,499
Long-term debt	15,~~727~~970		1415,~~379~~728
Hybrid debt	~~421~~425		~~419~~422
Total liabilities	~~192~~195,~~399~~544		~~178~~192,~~154~~548
Commitments and contingencies (refer to Note 13)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 394,324,438 and 400,703,663 shares outstanding)	231		235
Common Shares (CHF 0.50 par value; 400,120,847 and 412,107,421 shares issued; 388,495,580 and 391,101,227 shares outstanding)	224		231
Common Shares in treasury (17,782,983 and 18,922,323 shares)	(3,682)		(3,524)
Common Shares in treasury (11,625,267 and 21,006,194 shares)	(2,302)		(4,699)
Additional paid-in capital	1312,~~476~~956		1413,~~393~~250
Retained earnings	6668,~~722~~821		6169,~~561~~950
Accumulated other comprehensive income (loss) (AOCI)	(45,~~892~~911)		(84,~~644~~975)
Total Chubb shareholders’ equity	7173,~~855~~788		6473,~~021~~757
Noncontrolling interests (includes VIE balances of $5,088 and $3,459)	5,956		4,373
Noncontrolling interests (includes VIE balances of $5,316 and $5,133)	6,124		6,022
Total shareholders' equity	7779,~~811~~912		6879,~~394~~779
Total liabilities and shareholders’ equity	$	~~270~~275,~~210~~456	$	~~246~~272,~~548~~327

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

~~Nine Months Ended~~

September 30

March 31

(in millions of U.S. dollars, except per share data)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Revenues

Net premiums written

14,~~866~~005

1312,~~829~~646

~~41,708~~

~~39,410~~

Increase in unearned premiums

(~~507~~548)

(~~456~~646)

~~(2,224)~~

~~(2,162)~~

Net premiums earned

1413,~~359~~457

1312,~~373~~000

~~39,484~~

~~37,248~~

Net investment income

1,~~648~~709

1,~~508~~561

~~4,777~~

~~4,367~~

Net realized gains (losses)

~~283~~(407)

~~198~~(116)

~~327~~

~~201~~

Market risk benefits gains (losses)

~~(142)~~14

(~~230~~92)

~~(251)~~

~~(238)~~

Total revenues

1614,~~148~~773

1413,~~849~~353

~~44,337~~

~~41,578~~

Expenses

Losses and loss expenses

6,~~951~~131

76,~~383~~896

~~20,419~~

~~19,541~~

Policy benefits (includes remeasurement gains of $66, $26, $61 and $4)

1,372

1,099

4,005

3,498

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

1,785

1,227

Policy acquisition costs

2,~~563~~596

2,~~324~~313

~~7,291~~

~~6,757~~

Administrative expenses

1,~~138~~149

1,~~094~~080

~~3,343~~

~~3,258~~

Interest expense

~~197~~198

~~192~~181

~~559~~

~~552~~

Other (income) expense

(43161)

(~~325~~83)

~~(781)~~

~~(626)~~

Amortization of purchased intangibles

7573

8175

~~224~~

~~241~~

Integration expenses

Integration expenses and severance

—

Total expenses

1211,~~254~~780

11,~~855~~689

~~35,063~~

~~33,242~~

Income before income tax

32,~~894~~993

21,~~994~~664

~~9,274~~

~~8,336~~

Income tax expense

~~787~~646

~~504~~321

~~1,825~~

~~1,336~~

Net income

32,~~107~~347

21,~~490~~343

~~7,449~~

~~7,000~~

Net income attributable to noncontrolling interests

~~306~~27

~~166~~12

~~349~~

~~303~~

Net income attributable to Chubb

2,~~801~~320

21,~~324~~331

~~7,100~~

~~6,697~~

Other comprehensive income

Other comprehensive income (loss)

Change in:

Unrealized appreciation

868

3,459

2,755

2,293

Unrealized appreciation (depreciation)

(1,826)

901

Current discount rate on future policy benefits

~~305~~386

(~~672~~122)

~~(672)~~

Instrument-specific credit risk on market risk benefits

~~(9)~~12

~~(8)~~4

~~(4)~~

Cumulative foreign currency translation adjustment

~~128~~528

~~445~~359

~~1,283~~

~~(5)~~

Other, including postretirement benefit liability adjustment

(6)

(1995)

~~(127)~~

~~(17)~~

Other comprehensive income, before income tax

1,286

3,205

3,960

1,601

Other comprehensive income (loss), before income tax

(906)

1,047

Income tax expense related to OCI items

(40)

(150)

(116)

(112)

Income tax (expense) benefit related to OCI items

141

(43)

Other comprehensive income

1,246

3,055

3,844

1,489

Other comprehensive income (loss)

(765)

1,004

Comprehensive income

41,~~353~~582

52,~~545~~347

~~11,293~~

~~8,489~~

Comprehensive income attributable to noncontrolling interests

~~386~~198

~~187~~7

~~441~~

~~253~~

Comprehensive income attributable to Chubb

31,~~967~~384

52,~~358~~340

~~10,852~~

~~8,236~~

Earnings per share

Basic earnings per share attributable to Chubb

75.0594

53.7532

~~17.78~~

~~16.55~~

Diluted earnings per share attributable to Chubb

65.9988

53.7029

~~17.61~~

~~16.38~~

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries

Three Months Ended

~~Nine Months Ended~~

September 30

March 31

(in millions of U.S. dollars)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Common Shares

Balance – beginning of period

231

235

~~235~~

~~241~~

Cancellation of treasury shares

—(7)

—(4)

~~(4)~~

~~(6)~~

Balance – end of period

~~231~~224

~~235~~231

~~231~~

~~235~~

Common Shares in treasury

Balance – beginning of period

(24,~~462~~699)

(23,~~481~~524)

~~(3,524)~~

~~(4,400)~~

Common Shares repurchased

(1,~~232~~143)

(~~413~~385)

~~(2,293)~~

~~(1,299)~~

Cancellation of treasury shares

—3,455

—1,942

~~1,942~~

~~2,527~~

Net shares issued under employee share-based compensation plans

1285

57168

~~193~~

~~335~~

Balance – end of period

(32,~~682~~302)

(21,~~837~~799)

~~(3,682)~~

~~(2,837)~~

Additional paid-in capital

Balance – beginning of period

13,~~763~~250

14,~~926~~393

~~14,393~~

~~15,665~~

Net shares redeemed (issued) under employee share-based compensation plans

(112)

(139)

Net shares issued under employee share-based compensation plans

(66)

(146)

Exercise of stock options

~~(3)~~1

~~(22)~~

Share-based compensation expense

89100

8694

~~278~~

~~258~~

Net increase (decrease) due to acquisitions

—

(31)

Net increase due to acquisitions

—

Funding of dividends declared to Retained earnings

(~~385~~380)

(~~369~~366)

~~(1,139)~~

~~(1,088)~~

Balance – end of period

1312,~~476~~956

1413,~~643~~976

~~13,476~~

~~14,643~~

Retained earnings

Balance – beginning of period

6369,~~921~~950

5661,~~662~~561

~~61,561~~

~~54,810~~

Net income attributable to Chubb

2,~~801~~320

21,~~324~~331

~~7,100~~

~~6,697~~

Cancellation of treasury shares and other

—(3,449)

—(1,939)

~~(1,939)~~

~~(2,521)~~

Funding of dividends declared from Additional paid-in capital

~~385~~380

~~369~~366

~~1,139~~

~~1,088~~

Dividends declared on Common Shares

(~~385~~380)

(~~369~~366)

~~(1,139)~~

~~(1,088)~~

Balance – end of period

6668,~~722~~821

5860,~~986~~953

~~66,722~~

~~58,986~~

Accumulated other comprehensive income (loss) (AOCI)

Balance – beginning of period

(64,~~058~~975)

(8,~~304~~644)

~~(8,644)~~

~~(6,809)~~

Other comprehensive income

1,166

3,034

3,752

1,539

Other comprehensive income (loss)

(936)

1,009

Balance – end of period

(45,~~892~~911)

(57,~~270~~635)

~~(4,892)~~

~~(5,270)~~

Total Chubb shareholders’ equity

7173,~~855~~788

65,~~757~~726

~~71,855~~

~~65,757~~

Noncontrolling interests

Balance – beginning of period

56,~~052~~022

34,~~537~~373

~~4,373~~

~~4,184~~

Net increase (decrease) due to consolidation, deconsolidation, and other transactions

~~518~~(96)

~~639~~649

~~1,142~~

~~(68)~~

Net income attributable to noncontrolling interests

~~306~~27

~~166~~12

~~349~~

~~303~~

Other comprehensive income (loss) attributable to noncontrolling interests

80171

21(5)

~~(50)~~

Other

—

(6)

Balance – end of period

6,124

5,029

Balance – end of period

5,956

4,363

5,956

4,363

Total shareholders' equity

79,912

70,755

Total shareholders' equity

77,811

70,120

77,811

70,120

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

	Nine Months Ended
	Three Months Ended
	September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Cash flows from operating activities
Net income	$	72,~~449~~347	$	71,~~000~~343
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	~~(327)~~407		~~(201)~~116
Market risk benefits (gains) losses	~~251~~(14)		~~238~~92
Amortization of premiums (discounts) on fixed maturities	(~~303~~102)		(~~271~~100)
Amortization of purchased intangibles	~~224~~73		~~241~~75
Equity in net income of partially-owned entities	(~~779~~157)		(~~621~~82)
Deferred income taxes	~~208~~156		~~150~~(198)
Unpaid losses and loss expenses	~~3,098~~646		41,~~242~~182
Unearned premiums	~~2,803~~747		~~2,563~~868
Future policy benefits	1,~~646~~023		~~1,399~~440
Insurance and reinsurance balances payable	~~251~~77		~~433~~305
Accounts payable, accrued expenses, and other liabilities	(~~599~~592)		(~~175~~567)
Income taxes	~~(112)~~217		~~(129)~~203
Insurance and reinsurance balances receivable	(1,~~553~~076)		(~~2,468~~874)
Reinsurance recoverable	~~(72)~~244		~~312~~(127)
Deferred policy acquisition costs	(~~1,260~~419)		(~~1,142~~428)
Net sales (purchases) of investments by consolidated investment products	~~(985)~~144		(~~124~~435)
Other	~~(1,184)~~226		~~170~~(247)
Net cash flows from operating activities	83,~~756~~947		111,~~617~~566
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(249,~~708~~119)		(265,~~192~~894)
Purchases of equity securities	(~~2,164~~993)		(~~2,608~~783)
Sales of fixed maturities available-for-sale	83,~~187~~069		82,~~829~~660
Sales of equity securities	~~2,211~~878		~~1,956~~637
Maturities and redemptions of fixed maturities available-for-sale	83,~~775~~750		72,~~735~~902
Net change in short-term investments	~~939~~(133)		~~158~~773
Net derivative instruments settlements	~~(113)~~19		(~~122~~21)
Private equity contributions	(~~2,163~~161)		(~~733~~879)
Private equity distributions	~~1,020~~241		~~1,044~~222
Acquisition of subsidiaries (net of cash acquired of $32 and nil)	(289)		(538)
Other	(386)		(415)
Net consolidations of consolidated investment products	10		13
Net cash flows used for investing activities	(2,835)		(798)
Other	(633)		(991)
Net cash flows used for investing activities	(8,928)		(11,449)
Cash flows from financing activities
Dividends paid on Common Shares	(~~1,121~~380)		(~~1,069~~366)
Common Shares repurchased	(21,~~523~~174)		(~~1,351~~691)
Proceeds from issuance of long-term debt	~~2,424~~254		~~2,297~~—
Repayment of long-term debt	~~(800)~~—		(~~700~~800)
Proceeds from share-based compensation plans	~~210~~118		~~302~~98
Policyholder contract deposits	~~684~~382		~~818~~242
Policyholder contract withdrawals	(~~465~~271)		(~~534~~176)
Third-party capital invested into consolidated investment products	~~2,148~~494		~~1,409~~559
Third-party capital distributed by consolidated investment products	(~~1,100~~499)		(~~1,118~~242)
Proceeds from issuance of repurchase agreements	42,~~359~~164		~~3,950~~810
Repayment of repurchase agreements	(31,~~778~~917)		(~~3,838~~447)
Other	(~~227~~121)		(~~228~~112)
Net cash flows used for financing activities	(~~189~~950)		(621,125)
Effect of foreign currency rate changes on cash and restricted cash	~~266~~2		~~(49)~~58
Net increase (decrease) in cash and restricted cash	~~(95)~~164		57(299)
Cash and restricted cash – beginning of period	2,~~549~~470		2,~~621~~549
Cash and restricted cash – end of period	$	2,~~454~~634	$	2,~~678~~250
Supplemental cash flow information
Taxes paid	$	1,720	$	1,307
Interest paid	$	189	$	146
Interest paid	$	454	$	415

See accompanying notes to the Consolidated Financial Statements

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited)

Chubb Limited and Subsidiaries

1. General and significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 18 for additional information.

The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions have been eliminated.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our ~~2024~~2025 Form 10-K.

b) 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~~Business in ~~Thailand and~~ Vietnam

OnWe ~~March~~completed ~~3, 2025, we entered into agreements to acquire~~ the ~~insurance~~acquisition ~~businesses~~ of Liberty ~~Mutual~~Insurance in ~~Thailand and~~ Vietnam. ~~The~~on ~~two~~February ~~companies~~2, ~~LMG~~2026. ~~Insurance~~The inresults ~~Thailand~~of ~~and~~operations for Liberty Insurance in Vietnam, ~~offer~~are areported ~~range~~in ofour ~~consumer~~Overseas General Insurance segment and ~~commercial~~are ~~P&C~~not ~~products~~material to Chubb's financial results.

On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand for $321 million, and recognized goodwill of $183 million and intangible assets of $57 million. This acquisition expands our presence and advances our long-term growth opportunity in the region. The results of operations for LMG Insurance in Thailand are reported in our Overseas General Insurance segment, and they are not material to Chubb's financial results.

We expect to complete the acquisition of Liberty Insurance in Vietnam by early 2026, subject to required regulatory approvals and customary closing conditions.

Huatai Group

In the second quarter of 2025, we closed on incremental ownership interests of approximately 1.6 percent. Our aggregate ownership interest in Huatai Group was approximately 87.2 percent as of September 30, 2025.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities

September 30, 2025

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

March 31, 2026

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

(in millions of U.S. dollars)

Available-for-sale

U.S. and local government securities

43,~~046~~915

—

2417

(~~224~~235)

3,~~846~~697

Non-U.S.

4041,~~176~~543

(1512)

~~986~~396

(~~816~~1,345)

40,~~331~~582

Corporate and asset-backed securities

4849,~~360~~466

(3538)

~~706~~367

(1,~~580~~963)

47,~~451~~832

Mortgage-backed securities

3132,~~144~~377

—

~~326~~240

(1,~~310~~295)

3031,~~160~~322

~~123~~127,~~726~~301

(50)

21,~~042~~020

(34,~~930~~838)

~~121~~123,~~788~~433

December 31, 2024

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

December 31, 2025

AmortizedCost

Valuation Allowance

GrossUnrealizedAppreciation

GrossUnrealizedDepreciation

Fair Value

(in millions of U.S. dollars)

Available-for-sale

U.S. and local government securities

43,~~383~~908

—

1027

(~~323~~221)

43,~~070~~714

Non-U.S.

3640,~~311~~479

(2310)

~~753~~795

(~~1,203~~908)

3540,~~838~~356

Corporate and asset-backed securities

4548,~~231~~806

(4742)

~~287~~734

(21,~~264~~612)

4347,~~207~~886

Mortgage-backed securities

2931,~~158~~533

—

69398

(1,~~979~~207)

2730,~~248~~724

~~115~~124,~~083~~726

(7052)

1,~~119~~954

(53,~~769~~948)

~~110~~122,~~363~~680

The following table presents fixed maturities by contractual maturity:

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

(in millions of U.S. dollars)

Net Carrying Value

Fair Value

Net Carrying Value

Fair Value

Available-for-sale

Due in 1 year or less

54,~~207~~553

4,~~507~~749

Due after 1 year through 5 years

36,~~276~~333

3335,~~446~~611

Due after 5 years through 10 years

3031,~~504~~062

2631,~~901~~514

Due after 10 years

1920,~~641~~163

1820,~~261~~082

91,628

83,115

92,111

91,956

Mortgage-backed securities

3031,~~160~~322

2730,~~248~~724

~~121~~123,~~788~~433

~~110~~122,~~363~~680

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

b) Gross unrealized loss

Fixed maturities in an unrealized loss position comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the ~~2024~~2025 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:

0 – 12 Months

Over 12 Months

Total

September 30, 2025

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

March 31, 2026

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

(in millions of U.S. dollars)

U.S. and local government securities

~~274~~743

(29)

21,~~195~~983

(~~222~~226)

2,~~469~~726

(~~224~~235)

Non-U.S.

414,~~617~~685

(~~100~~468)

98,~~797~~352

(~~595~~750)

1423,~~414~~037

(~~695~~1,218)

Corporate and asset-backed securities

314,~~551~~841

(57237)

119,~~096~~626

(~~928~~1,088)

1424,~~647~~467

(~~985~~1,325)

Mortgage-backed securities

~~925~~6,046

(762)

1110,~~695~~007

(1,~~303~~233)

1216,~~620~~053

(1,~~310~~295)

Total AFS fixed maturities

936,~~367~~315

(~~166~~776)

3429,~~783~~968

(3,~~048~~297)

4466,~~150~~283

(34,~~214~~073)

0 – 12 Months

Over 12 Months

Total

December 31, 2024

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

December 31, 2025

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

Fair Value

GrossUnrealizedLoss

(in millions of U.S. dollars)

U.S. and local government securities

~~767~~307

(163)

2,~~489~~139

(~~303~~216)

32,~~256~~446

(~~319~~219)

Non-U.S.

6,~~630~~664

(~~138~~163)

128,~~023~~995

(~~874~~622)

1815,~~653~~659

(~~1,012~~785)

Corporate and asset-backed securities

104,~~069~~136

(~~194~~59)

1310,~~290~~225

(~~1,259~~867)

2314,~~359~~361

(~~1,453~~926)

Mortgage-backed securities

101,~~490~~467

(~~170~~12)

11,~~987~~016

(1,~~794~~194)

2212,~~477~~483

(1,~~964~~206)

Total AFS fixed maturities

2712,~~956~~574

(~~518~~237)

3932,~~789~~375

(42,~~230~~899)

6744,~~745~~949

(43,~~748~~136)

At ~~September~~March 3031, ~~2025~~2026, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $~~189~~336 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	7152	$	~~122~~70	$	70	$	~~156~~
Provision for expected credit loss	2519		2321		76		95
Write-offs charged against the expected credit loss	(1)		(1)		(2)		(6)
Recovery of expected credit loss	(21)		(28)
Recovery of expected credit loss	(45)		(69)		(94)		(170)
Valuation allowance for expected credit losses - end of period	$	50	$	63
Valuation allowance for expected credit losses - end of period	$	50	$	75	$	50	$	75
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	54	$	4	$	4
Provision for expected credit loss	1		—		1		2
Recovery of expected credit loss	(1)		(1)
Recovery of expected credit loss	(1)		—		(2)		(1)
Valuation allowance for expected credit losses - end of period	$	2	$	3
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5

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Chubb Limited and Subsidiaries

c) Net realized gains (losses)

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

	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Fixed maturities:
Gross realized gains	$	~~121~~40	$	2138	$	~~228~~	$	73
Gross realized losses	(~~157~~124)		(9196)		~~(376)~~		~~(338)~~
Other investments - Fixed maturities (2025 includes $(116) million and $(116) million related to investments measured under the fair value option)	82		152		103		452
Other investments - Fixed maturities (includes $(20) million and $(53) million related to investments measured under the fair value option)	(8)		(40)
Net recovery of expected credit losses	223		488		21		80
Impairment (1)	(2232)		(197)		~~(34)~~		~~(81)~~
Total fixed maturities	46(121)		~~111~~(97)		~~(58)~~		~~186~~
Equity securities (2025 includes $66 million and $131 million related to investments measured under the fair value option)	396		123		596		147
Equity securities (includes $(67) million and $53 million related to investments measured under the fair value option)	(149)		63
Private equities (less than 3 percent ownership)	4816		~~(41)~~11		31		39
Foreign exchange	(~~115~~8)		(5865)		~~(269)~~		~~(162)~~
Investment and embedded derivative instruments	(85115)		66(23)		46		6
Other derivative instruments	(9)		(23)		~~(14)~~		~~(7)~~
Other	2(21)		(12)		~~(5)~~		~~(8)~~
Net realized gains (losses) (pre-tax)	$	~~283~~(407)	$	~~198~~(116)	$	~~327~~	$	~~201~~

(1)Relates to certain securities we intend to sell and securities written to market entering default.

Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

											Three Months Ended
													September 30
													March 31
							2025								2024
							2026								2025
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	~~396~~(149)	$	82(8)	$	4816	$	~~526~~(141)	$	~~123~~63	$	~~152~~(40)	$	~~(41)~~11	$	~~234~~34
Less: Net gains (losses) recognized from sales of securities	5994		—		—		5994		(612)		21		—		(411)
Unrealized gains (losses) recognized for securities still held at reporting date	$	~~337~~(243)	$	82(8)	$	4816	$	~~467~~(235)	$	~~129~~75	$	~~150~~(41)	$	~~(41)~~11	$	~~238~~45

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Chubb Limited and Subsidiaries

											Nine Months Ended
													September 30
							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	$	596	$	103	$	31	$	730	$	147	$	452	$	39	$	638
Less: Net gains (losses) recognized from sales of securities	79		4		—		83		5		2		—		7
Unrealized gains (losses) recognized for securities still held at reporting date	$	517	$	99	$	31	$	647	$	142	$	450	$	39	$	631

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:

ExpectedLiquidationPeriod of Underlying Assets

~~September~~March 3031, ~~2025~~2026

December 31, ~~2024~~2025

(in millions of U.S. dollars)

FairValue

MaximumFuture FundingCommitments

FairValue

MaximumFuture FundingCommitments

Financial

2 to 10 Years

1,~~427~~270

~~223~~443

1,~~265~~420

~~281~~483

Real assets

2 to 13 Years

1,~~908~~901

~~662~~1,104

1,~~974~~924

~~547~~1,111

Distressed

2 to 8 Years

1,~~150~~198

1,~~048~~231

1,~~257~~226

~~679~~977

Private credit

3 to 8 Years

~~310~~301

~~312~~292

~~295~~299

~~285~~302

Traditional

2 to 14 Years

1112,~~578~~081

4,~~192~~209

911,~~674~~990

4,~~650~~345

Vintage

1 to 3 Years

5233

—

6443

—

Investment funds

Not Applicable

~~309~~348

—

~~240~~337

—

1617,~~734~~132

67,~~437~~279

1417,~~769~~239

67,~~442~~218

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.


Investment Category:						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies, such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at March

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Chubb Limited and Subsidiaries

~~Investment~~31, ~~funds employ various investment strategies~~2026, ~~such as long/short equity~~ and ~~arbitrage/distressed. Included~~December in31, ~~this~~2025, ~~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~~primarily ~~fund~~fixed ~~investments may be redeemed monthly~~maturities, ~~quarterly,~~totaling ~~semi-annually~~$19,373 ormillion ~~annually.~~and If$19,048 ~~Chubb wishes to redeem an investment fund investment~~million, 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 periodrespectively, ~~Chubb~~and ~~must~~cash ~~then notify the investment fund manager~~ of ~~its~~$203 ~~intention~~million toand ~~redeem~~$198 ~~by the notification date prescribed by the subscription agreement. Subsequent to notification~~million, ~~the investment fund can redeem Chubb’s investment within several months of the notification~~respectively. ~~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

The following table presents the components of restricted assets:

	September 30		December 31
	March 31		December 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Trust funds	$	8,~~675~~519	$	8,~~170~~461
Assets pledged under repurchase agreements	3,~~580~~925		23,~~890~~518
Deposits with U.S. regulatory authorities	2,~~563~~566		2,~~487~~598
Deposits with non-U.S. regulatory authorities and other	4,~~489~~566		4,~~659~~669
Total	$	19,~~307~~576	$	1819,~~206~~246

f) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our ~~2024~~2025 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

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Chubb Limited and Subsidiaries

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 ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, was $5.13 billion and $5.04 billion, respectively, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, was $~~159~~89 million and $9770 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified primarily within Equity securities ~~and Private equities~~ 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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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~~2025 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


March 31, 2026	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,487	$	2,210	$	—	$	3,697
Non-U.S.	—		39,893		689		40,582
Corporate and asset-backed securities	—		44,296		3,536		47,832
Mortgage-backed securities	—		31,322		—		31,322

	1,487		117,721		4,225		123,433
Equity securities (1)	5,343		—		121		5,464
Short-term investments	2,591		2,465		11		5,067
Other investments (2)	664		9,073		—		9,737
Securities lending collateral	—		2,277		—		2,277
Investment derivatives	33		—		—		33
Derivatives designated as hedging instruments	—		265		—		265
Other derivative instruments	28		—		—		28
Separate account assets	6,649		69		—		6,718
Total assets measured at fair value (1)(2)(3)	$	16,795	$	131,870	$	4,357	$	153,022
Liabilities:
Investment derivatives	$	358	$	—	$	—	$	358
Derivatives designated as hedging instruments	—		80		—		80

Market risk benefits (4)	—		—		642		642
Total liabilities measured at fair value	$	358	$	80	$	642	$	1,080

(1)Excluded from the table above are funds of $5,452 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,433 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $17,132 million, measured using NAV as a practical expedient.

(4)Refer to Note 11 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


December 31, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,481	$	2,233	$	—	$	3,714
Non-U.S.	—		39,685		671		40,356
Corporate and asset-backed securities	—		44,340		3,546		47,886
Mortgage-backed securities	—		30,724		—		30,724

	1,481		116,982		4,217		122,680
Equity securities (1)	5,163		—		119		5,282
Short-term investments	2,657		2,138		45		4,840
Other investments (2)	630		8,684		—		9,314
Securities lending collateral	—		2,500		—		2,500
Investment derivatives	22		—		—		22
Derivatives designated as hedging instruments	—		266		—		266
Other derivative instruments	11		—		—		11
Separate account assets	6,858		67		—		6,925
Total assets measured at fair value (1)(2)(3)	$	16,822	$	130,637	$	4,381	$	151,840
Liabilities:
Investment derivatives	$	242	$	—	$	—	$	242
Derivatives designated as hedging instruments	—		232		—		232
Other derivative instruments	—		4		—		4
Market risk benefits (4)	—		—		659		659
Total liabilities measured at fair value	$	242	$	236	$	659	$	1,137

September 30, 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	$	1,665	$	2,181	$	—	$	3,846
Non-U.S.	—		39,729		602		40,331
Corporate and asset-backed securities	—		44,212		3,239		47,451
Mortgage-backed securities	—		30,160		—		30,160
	1,665		116,282		3,841		121,788
Equity securities (1)	5,153		—		114		5,267
Short-term investments	2,376		1,962		42		4,380
Other investments (2)	638		8,106		—		8,744
Securities lending collateral	—		1,899		—		1,899
Investment derivatives	22		—		—		22
Derivatives designated as hedging instruments	—		261		—		261
Other derivative instruments	5		—		—		5
Separate account assets	6,733		77		—		6,810
Total assets measured at fair value (1)(2)(3)	$	16,592	$	128,587	$	3,997	$	149,176
Liabilities:
Investment derivatives	$	173	$	—	$	—	$	173
Derivatives designated as hedging instruments	—		183		—		183
Other derivative instruments	11		5		—		16
Market risk benefits (4)	—		—		666		666
Total liabilities measured at fair value	$	184	$	188	$	666	$	1,038

(1)Excluded from the table above are funds of $5,519 million, measured using NAV as a practical expedient.

(12)Excluded from the table above isare aother ~~fund~~investments of $51,~~110~~ 435 million, principally policy loans, measured using NAV as a practical expedient.

(23)Excluded from the table above are ~~other~~private ~~investments~~equities of $117,~~438~~239 million, ~~principally policy loans,~~ measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,734 million, measured using NAV as a practical expedient.

(4)Refer to Note 11 for additional information on Market risk benefits.

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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 11 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries

Level 3 financial instruments

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.

Three Months EndedSeptember 30, 2025(in millions of U.S. dollars)		Available-for-Sale Debt Securities									Equitysecurities			Short-term investments
Three Months Ended March 31, 2026(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities			Short-term investments
	Non-U.S.			Corporate and asset-backed securities			~~Mortgage-backed securities~~
Balance, beginning of period		$	~~598~~671		$	3,~~186~~546		$	—		$	~~125~~119		$	4245
Transfers into Level 3		—2			901			—			—			—
Transfers out of Level 3		~~(1)~~—			(317)			—			—			—
Change in Net Unrealized Gains (Losses) in OCI		3(10)			5(14)			—			—			—(2)
Net Realized Gains (Losses)		1—			(87)			—			~~(2)~~—			—
Purchases		6676			~~212~~111			—			6			28
Sales		(2230)			(~~124~~1)			—			(154)			~~(1)~~—
Settlements		(4320)			(~~119~~83)			—			—			(140)
Balance, end of period		$	~~602~~689		$	3,~~239~~536		$	—		$	~~114~~121		$	4211
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	1(3)		$	—		$	4—		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	1(10)		$	(118)		$	—		$	—		$	—(1)

Three Months EndedSeptember 30, 2024(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
Three Months EndedMarch 31, 2025 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		Short-term investments
	Non-U.S.			Corporate and asset-backed securities			Mortgage-backed securities
Balance, beginning of period		$	~~632~~604		$	2,~~709~~891		$	203	$	~~100~~120	$	1214
Transfers out of Level 3		(1)			—			(14)		—		—
Transfers into Level 3		1			24			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		10			16			—		—		(1)
Transfers out of Level 3		—			(1)			—		—		—
Net Realized Gains (Losses)		(1)			(10)			—		7		—
Change in Net Unrealized Gains (Losses) in OCI		20			(4)			—		—		—
Purchases		59			316			40		17		6
Net Realized Gains (Losses)		(6)			(2)			(2)		(5)		—
Sales		(18)			(69)			—		(6)		(1)
Purchases		60			219			1		7		5
Settlements		(42)			(184)			—		—		(1)
Sales		(53)			(47)			(2)		(9)		—
Balance, end of period		$	639		$	2,778		$	46	$	118	$	15
Settlements		(39)			(63)			—		—		(1)
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(8)		$	—	$	6	$	—
Balance, end of period		$	587		$	3,017		$	—	$	113	$	18
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	11		$	12		$	—	$	—	$	(1)
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)		$	—	$	—	$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Nine Months EndedSeptember 30, 2025(in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equitysecurities			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	11		174		—			—			—
Transfers out of Level 3	(1)		(16)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	41		(2)		—			—			—
Net Realized Gains (Losses)	(2)		(14)		(2)			(5)			—
Purchases	210		726		1			32			32
Sales	(109)		(224)		(2)			(32)			(1)
Settlements	(152)		(296)		—			—			(3)
Balance, end of period	$	602	$	3,239	$	—		$	114		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—		$	13		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	31	$	(18)	$	—		$	—		$	—

Nine Months EndedSeptember 30, 2024(in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equitysecurities		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			5			—		—		—
Transfers out of Level 3		(7)			(3)			(14)		—		—
Change in Net Unrealized Gains (Losses) in OCI		18			26			—		—		(2)
Net Realized Gains (Losses)		(5)			(15)			—		6		—
Purchases		214			785			55		36		22
Sales		(69)			(176)			—		(11)		(1)
Settlements		(205)			(466)			(2)		—		(7)
Balance, end of period		$	639		$	2,778		$	46	$	118	$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(10)		$	—	$	5	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	14		$	17		$	—	$	—	$	(2)

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~~2025 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt.

1715

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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:

September 30, 2025

Fair Value

Net CarryingValue

March 31, 2026

Fair Value

Net CarryingValue

(in millions of U.S. dollars)

Level 1

Level 2

Level 3

Total

Assets:

Private debt held-for-investment

—

2,~~566~~515

2,~~535~~477

Total assets

—

2,~~566~~515

2,~~535~~477

Liabilities:

Repurchase agreements

—

3,~~360~~736

—

3,~~360~~736

Short-term debt

—

1,~~492~~499

—

1,~~492~~499

1,~~499~~500

Long-term debt

—

14,~~095~~038

~~570~~590

14,~~665~~628

15,~~727~~970

Hybrid debt

—

~~482~~480

—

~~482~~480

~~421~~425

Total liabilities

—

19,~~429~~753

~~570~~590

1920,~~999~~343

21,~~007~~631

December 31, 2024	Fair Value								Net CarryingValue
December 31, 2025	Fair Value								Net CarryingValue
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,~~680~~445	$	2,~~680~~445	$	2,~~628~~411
Total assets	$	—	$	—	$	2,~~680~~445	$	2,~~680~~445	$	2,~~628~~411
Liabilities:
Repurchase agreements	$	—	$	23,~~731~~324	$	—	$	23,~~731~~324	$	23,~~731~~324
Short-term debt	—		~~797~~1,498		—		~~797~~1,498		~~800~~1,499
Long-term debt	—		1214,~~979~~045		—576		1214,~~979~~621		1415,~~379~~728
Hybrid debt	—		~~479~~484		—		~~479~~484		~~419~~422
Total liabilities	$	—	$	1619,~~986~~351	$	—576	$	1619,~~986~~927	$	1820,~~329~~973

5. Reinsurance

Reinsurance recoverable on ceded reinsurance

September 30, 2025

December 31, 2024

March 31, 2026

December 31, 2025

(in millions of U.S. dollars)

Net Reinsurance Recoverable (1)

Valuation allowance

Net Reinsurance Recoverable (1)

Valuation allowance

Reinsurance recoverable on unpaid losses and loss expenses

18,~~421~~253

~~265~~256

1718,~~734~~346

~~242~~248

Reinsurance recoverable on paid losses and loss expenses

1,~~806~~906

6164

21,~~043~~992

6872

Reinsurance recoverable on losses and loss expenses

20,~~227~~159

~~326~~320

1920,~~777~~338

~~310~~320

Reinsurance recoverable on policy benefits

~~302~~295

—

~~289~~286

—

(1)Net of valuation allowance for uncollectible reinsurance.

1816

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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:

	Nine Months Ended
	Three Months Ended
	September 30
			March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Valuation allowance for uncollectible reinsurance - beginning of period	$	~~310~~320	$	~~367~~310
Provision for uncollectible reinsurance	208		2411
Write-offs charged against the valuation allowance	(79)		(42)
Foreign exchange revaluation	31		1
Valuation allowance for uncollectible reinsurance - end of period	$	~~326~~320	$	~~388~~320

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our ~~2024~~2025 Form 10-K.

6. Deferred policy acquisition costs

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

	Nine Months Ended September 30, 2025
	Three Months Ended March 31, 2026
(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		~~Total~~		Total
Balance – beginning of period	$	~~469~~567	$	~~722~~746	$	~~870~~1,296	$	12,~~681~~136	$	~~324~~392	$	~~4,066~~	$	5,137
Capitalizations	~~175~~64		9026		~~347~~139		~~521~~197		7852		~~1,211~~		478
Amortization expense	(~~111~~41)		(6221)		(3918)		(~~172~~71)		(239)		~~(407)~~		(160)
Other (including foreign exchange)	85		5(7)		21(1)		33(2)		121		79		(4)
Balance – end of period	$	541	$	755	$	1,199	$	2,063	$	391	$	4,949
Balance – end of Period	$	595	$	744	$	1,416	$	2,260	$	436			$	5,451
Overseas General Insurance segment excluded from table											~~663~~		713
Total deferred policy acquisition costs on long-duration contracts											$	~~5,612~~	$	6,164
Deferred policy acquisition costs on short-duration contracts											~~4,197~~		4,288
Total deferred policy acquisition costs											$	~~9,809~~	$	10,452

	Nine Months Ended September 30, 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	149		109		276		467		53		1,054
Amortization expense	(89)		(60)		(27)		(132)		(20)		(328)
Other (including foreign exchange)	(1)		(2)		2		(8)		(3)		(12)
Balance – end of period	$	461	$	721	$	785	$	1,628	$	304	$	3,899
Overseas General Insurance segment excluded from table											615
Total deferred policy acquisition costs on long-duration contracts											$	4,514
Deferred policy acquisition costs on short-duration contracts											3,735
Total deferred policy acquisition costs											$	8,249

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


	Three Months Ended March 31, 2025

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	469	$	722	$	870	$	1,681	$	324	$	4,066
Capitalizations	58		38		109		170		40		415
Amortization expense	(36)		(20)		(12)		(54)		(7)		(129)

Other (including foreign exchange)	4		(8)		(4)		(16)		(2)		(26)
Balance – end of period	$	495	$	732	$	963	$	1,781	$	355	$	4,326
Overseas General Insurance segment excluded from table											608
Total deferred policy acquisition costs on long-duration contracts											$	4,934
Deferred policy acquisition costs on short-duration contracts											3,841
Total deferred policy acquisition costs											$	8,775

7. Goodwill

Goodwill

The following table presents a roll-forward of Goodwill by segment:

(in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Chubb Consolidated
Balance at December 31, 2024	$	7,168	$	2,218	$	134	$	5,047	$	371	$	4,641	$	19,579
Balance at December 31, 2025	$	7,191	$	2,226	$	134	$	5,530	$	371	$	4,755	$	20,207
Acquisition of Liberty Mutual's P&C insurance business in Thailand	—		—		—		183		—		—		183
Measurement-period adjustments	—		—		—		(7)		—		—		(7)
Foreign exchange revaluation	209		73		—		~~306~~77		—		~~142~~81		~~475~~170
Balance at September 30, 2025 (1)	$	7,188	$	2,225	$	134	$	5,536	$	371	$	4,783	$	20,237
Balance at March 31, 2026 (1)	$	7,200	$	2,229	$	134	$	5,600	$	371	$	4,836	$	20,370

(1)Includes $~~460~~420 million attributable to noncontrolling interests.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

8. Unpaid losses and loss expenses

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

	Nine Months Ended
	Three Months Ended
	September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Gross unpaid losses and loss expenses – beginning of period	$	8488,~~004~~018	$	8084,~~122~~004
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)	(1718,~~734~~346)		(17,~~884~~734)
Net unpaid losses and loss expenses – beginning of period	6669,~~270~~672		6266,~~238~~270
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	216,~~342~~419		207,~~302~~133
Prior years (2)	(~~923~~288)		(~~761~~237)
Total	206,~~419~~131		196,~~541~~896
Net losses and loss expenses paid in respect of losses occurring in:
Current year	51,~~551~~191		51,~~005~~305
Prior years	124,~~135~~140		104,~~074~~699
Total	175,~~686~~331		156,~~079~~004
Foreign currency revaluation and other	~~1,015~~190		~~(5)~~228
Net unpaid losses and loss expenses – end of period	70,~~018~~662		6667,~~695~~390
Reinsurance recoverable on unpaid losses and loss expenses (1)	18,~~421~~253		1718,~~631~~081
Gross unpaid losses and loss expenses – end of period	$	88,~~439~~915	$	8485,~~326~~471

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $582 million and $~~118~~(18) million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively.

Net unpaid losses and loss expenses increased $~~3,748~~990 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026, principally reflecting underlying exposure growth, and the unfavorable impact of foreign currency movement, ~~and net catastrophe losses,~~ partially offset by the impact of favorable prior period development. ~~The~~and ~~increase in net unpaid losses also reflected seasonality in our~~ crop ~~insurance business~~activity.

2019

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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 September 30						Nine Months Ended September 30
	Three Months Ended March 31
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		~~Long-tail~~		~~Short-tail~~		~~Total~~
2026
North America Commercial P&C Insurance	$	21	$	(110)	$	(89)
North America Personal P&C Insurance	—		(1)		(1)
North America Agricultural Insurance	—		(80)		(80)
Overseas General Insurance	—		(131)		(131)
Global Reinsurance	—		—		—
Corporate	15		—		15
Total	$	36	$	(322)	$	(286)
2025
North America Commercial P&C Insurance	$	~~104~~49	$	(~~130~~163)	$	(26114)	$	77	$	~~(323)~~	$	~~(246)~~
North America Personal P&C Insurance	—		~~(282)~~—		~~(282)~~—		—		~~(403)~~		~~(403)~~
North America Agricultural Insurance	—		(3033)		(3033)		—		~~(63)~~		~~(63)~~
Overseas General Insurance	~~(66)~~1		(18122)		(84121)		~~(30)~~		~~(252)~~		~~(282)~~
Global Reinsurance	—(5)		—5		—		~~(5)~~		~~(10)~~		~~(15)~~
Corporate	6113		—		6113		~~144~~		—		~~144~~
Total	$	9958	$	(~~460~~313)	$	(~~361~~255)	$	~~186~~	$	~~(1,051)~~	$	~~(865)~~
2024
North America Commercial P&C Insurance	$	125	$	(164)	$	(39)	$	79	$	(310)	$	(231)
North America Personal P&C Insurance	—		(189)		(189)		—		(305)		(305)
North America Agricultural Insurance	—		(6)		(6)		—		(34)		(34)
Overseas General Insurance	(61)		1		(60)		(26)		(184)		(210)
Global Reinsurance	(5)		—		(5)		—		(20)		(20)
Corporate	55		—		55		157		—		157
Total	$	114	$	(358)	$	(244)	$	210	$	(853)	$	(643)

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 ~~September~~March 3031, ~~2025~~2026, included $~~130~~110 million from short-tail lines, primarily from ~~property lines~~surety, due to lower-than-expected loss development ~~on catastrophe and non-catastrophe losses~~. This favorable development was partially offset by net adverse development of $~~104~~21 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation. ~~Net favorable development for the nine months ended September 30, 2025, included $323 million of favorable development from short-tail lines, primarily from property~~ and ~~surety,~~financial ~~due to lower-than-expected loss development. Net adverse development for long-tail~~ lines ~~of $77 million was the result of adverse development in general casualty lines partially offset by favorable development in workers' compensation~~.

Net favorable development for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2024~~2025, included $~~164~~163 million ~~and $310 million, respectively,~~ from short-tail lines, primarily ~~property~~from ~~and marine~~surety, ~~driven~~due byto lower-than-expected loss development ~~in the most recent accident years~~. ~~The~~This ~~nine months ended September 30, 2024, also included~~ favorable development ~~from~~was ~~surety~~partially ~~lines,~~offset ~~due~~by tonet ~~lower-than-expected loss development. Long-tail lines experienced~~ adverse development of $~~125~~49 million ~~and~~from ~~$79~~long-tail ~~million for the three and nine months ended September 30~~lines, ~~2024,~~primarily ~~respectively,~~from ~~which~~general ~~was the net of adverse development in~~ casualty ~~lines, predominantly commercial excess and umbrella and commercial auto liability, due to higher-than-expected loss development,~~ partially offset by favorable development in workers' compensation ~~due to lower-than-expected loss experience~~ and ~~our~~financial ~~annual assessment of multi-claimant events, including industrial accidents~~lines.

North America ~~Personal~~Agricultural ~~P&C~~ Insurance. Net favorable development for the three ~~and nine~~ months ended ~~September~~March 3031, ~~2025 and 2024~~2026, was ~~predominantly~~driven inby ~~homeowners, mainly due to lower~~multi-~~than-expected~~peril ~~loss~~crop ~~experience~~insurance inresults for the ~~most~~2025 ~~recent~~crop ~~accident years~~year.

21Overseas 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Overseas General Insurance. Net favorable development for the three months ended September 30, 2025, included $66 million from long-tail lines. Net favorable development for the nine months ended September 30, 2025, included $252 million from short-tail lines primarily due to favorable loss emergence across multiple accident years.

Net favorable development for the three months ended September 30, 2024, included $61 million from long-tail lines, primarily due to favorable loss emergence in accident years 2019 and 2020. Net favorable development for the nine months ended September 30, 2024, included $184 million from short-tail lines.

Corporate. Net adverse development for the three months ended September 30, 2025 and 2024, included adverse development resulting from our annual review of environmental liabilities. Net adverse development for the nine months ended September 30, 2025 and 2024, also included adverse development for molestation-related claims development.

9. Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net Premiums

~~Nine~~Three Months Ended ~~September~~March 3031, ~~2025~~2026

(in millions of U.S. dollars)

Term Life

Whole Life

A&H

Other

~~Total~~

Total

Balance – beginning of period

1,~~523~~544

4,~~405~~749

11,~~626~~688

~~125~~426

~~17,679~~

18,407

Beginning balance at original discount rate

1,~~819~~814

4,~~303~~616

11,~~499~~665

~~124~~423

~~17,745~~

18,518

Effect of changes in cash flow assumptions

~~(56)~~—

~~(65)~~—

~~(389)~~—

7—

~~(503)~~

—

Effect of actual variances from expected experience

1353

(~~213~~187)

~~(1)~~4

~~(196)~~

(128)

Adjusted beginning of period balance

1,~~768~~816

4,~~251~~669

1011,~~897~~478

~~130~~427

~~17,046~~

18,390

Issuances

~~166~~70

~~1,280~~495

~~1,542~~609

~~368~~234

~~3,356~~

1,408

Interest accrual

4315

~~107~~36

~~413~~138

~~571~~

192

Net premiums collected (1)

(~~188~~62)

(~~1,192~~565)

(~~1,145~~390)

(~~115~~122)

~~(2,640)~~

(1,139)

Other (including foreign exchange)

4710

~~170~~27

~~330~~87

~~554~~

132

Ending balance at original discount rate

1,~~836~~849

4,~~616~~662

1211,~~037~~922

~~398~~550

~~18,887~~

18,983

Effect of changes in discount rate assumptions

(~~253~~282)

~~154~~81

~~164~~(250)

(449)

Balance – end of period

1,~~583~~567

4,~~770~~743

1211,~~201~~672

~~402~~552

~~18,956~~

18,534

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


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

(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,313	$	13,791	$	15,587	$	1,084	$	32,775
Beginning balance at original discount rate	2,715		13,133		15,645		1,058		32,551
Effect of changes in cash flow assumptions	—		—		—		—		—
Effect of actual variances from expected experience	9		55		(194)		4		(126)
Adjusted beginning of period balance	2,724		13,188		15,451		1,062		32,425
Issuances	70		495		609		234		1,408
Interest accrual	21		112		170		8		311
Benefit payments	(56)		(87)		(422)		(7)		(572)

Other (including foreign exchange)	8		123		63		21		215
Ending balance at original discount rate	2,767		13,831		15,871		1,318		33,787
Effect of changes in discount rate assumptions	(436)		336		(400)		2		(498)
Balance – end of period	$	2,331	$	14,167	$	15,471	$	1,320	$	33,289

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits	Nine Months Ended September 30, 2025
Liability for Future Policy Benefits	March 31, 2026
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		~~Total~~		Total
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Net liability for future policy benefits	$	764	$	9,424	$	3,799	$	768			$	14,755
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Deferred profit liability	323		2,210		243		128				2,904
Effect of changes in cash flow assumptions	(54)		(93)		(434)		13		(568)
Net liability for future policy benefits, before reinsurance recoverable	1,087		11,634		4,042		896				17,659
Effect of actual variances from expected experience	9		11		(212)		—		(192)
Less: Reinsurance recoverable on future policy benefits	110		48		125		1				284
Adjusted beginning of period balance	2,602		11,160		15,006		614		29,382
Net liability for future policy benefits, after reinsurance recoverable	$	977	$	11,586	$	3,917	$	895			$	17,375
Issuances	166		1,280		1,542		368		3,356
Weighted average duration (years)	11.1		25.8		10.0		27.2				21.4
Interest accrual	58		291		511		20		880
Benefit payments	(170)		(243)		(1,331)		(14)		(1,758)
Other (including foreign exchange)	74		394		430		25		923
Ending balance at original discount rate	2,730		12,882		16,158		1,013		32,783
Effect of changes in discount rate assumptions	(385)		820		101		36		572
Balance – end of period	$	2,345	$	13,702	$	16,259	$	1,049	$	33,355

Liability for Future Policy Benefits, Life Insurance Segment	September 30, 2025
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
Net liability for future policy benefits	$	762	$	8,932	$	4,058	$	647	$	14,399
Balance – beginning of period	$	1,523	$	4,405	$	11,626	$	125	$	17,679
Deferred profit liability	309		1,744		231		69		2,353
Beginning balance at original discount rate	1,819		4,303		11,499		124		17,745
Net liability for future policy benefits, before reinsurance recoverable	1,071		10,676		4,289		716		16,752
Effect of changes in cash flow assumptions	—		(4)		(5)		—		(9)
Less: Reinsurance recoverable on future policy benefits	101		48		123		1		273
Effect of actual variances from expected experience	7		23		(93)		—		(63)
Net liability for future policy benefits, after reinsurance recoverable	$	970	$	10,628	$	4,166	$	715	$	16,479
Adjusted beginning of period balance	1,826		4,322		11,401		124		17,673
Weighted average duration (years)	10.7		27.0		10.0		25.7		21.7
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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums	Nine Months Ended September 30, 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	(140)		160		394		(4)		410
Effect of actual variances from expected experience	6		9		(126)		(1)		(112)
Adjusted beginning of period balance	1,858		4,114		10,960		59		16,991
Issuances	161		942		1,717		53		2,873
Interest accrual	45		91		424		3		563
Net premiums collected (1)	(183)		(852)		(1,105)		(27)		(2,167)
Other (including foreign exchange)	(10)		14		(158)		14		(140)
Ending balance at original discount rate	1,871		4,309		11,838		102		18,120
Effect of changes in discount rate assumptions	(287)		94		136		1		(56)
Balance – end of period	$	1,584	$	4,403	$	11,974	$	103	$	18,064

(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	Nine Months Ended September 30, 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	(137)		181		348		(5)		387
Effect of actual variances from expected experience	13		21		(127)		—		(93)
Adjusted beginning of period balance	2,625		10,193		15,292		487		28,597
Issuances	161		942		1,717		53		2,873
Interest accrual	59		240		519		11		829
Benefit payments	(173)		(260)		(1,186)		(14)		(1,633)
Other (including foreign exchange)	27		55		(188)		41		(65)
Ending balance at original discount rate	2,699		11,170		16,154		578		30,601
Effect of changes in discount rate assumptions	(390)		739		65		41		455
Balance – end of period	$	2,309	$	11,909	$	16,219	$	619	$	31,056

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment	September 30, 2024
Present Value of Expected Future Policy Benefits	Three Months Ended March 31, 2025
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	725	$	7,506	$	4,245	$	516	$	12,992
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Deferred profit liability	276		1,120		194		32		1,622
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Net liability for future policy benefits, before reinsurance recoverable	1,001		8,626		4,439		548		14,614
Effect of changes in cash flow assumptions	—		(10)		2		—		(8)
Less: Reinsurance recoverable on future policy benefits	109		45		112		—		266
Effect of actual variances from expected experience	10		24		(95)		—		(61)
Net liability for future policy benefits, after reinsurance recoverable	$	892	$	8,581	$	4,327	$	548	$	14,348
Adjusted beginning of period balance	2,657		11,256		15,559		601		30,073
Weighted average duration (years)	10.2		27.8		9.8		17.6		21.1
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

	September 30
Liability for Future Policy Benefits	March 31, 2025
(in millions of U.S. dollars)	2025		2024
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits, Life Insurance segment	$	14,399	$	12,992
Net liability for future policy benefits	$	723	$	8,006	$	4,041	$	581	$	13,351
Other (1)	1,536		1,389
Deferred profit liability	291		1,351		202		64		1,908
Deferred profit liability	2,353		1,622
Net liability for future policy benefits, before reinsurance recoverable	1,014		9,357		4,243		645		15,259
Liability for future policy benefits, per consolidated balance sheet	$	18,288	$	16,003
Less: Reinsurance recoverable on future policy benefits	108		45		114		—		267
Net liability for future policy benefits, after reinsurance recoverable	$	906	$	9,312	$	4,129	$	645	$	14,992
Weighted average duration (years)	10.5		27.9		9.9		23.5		21.8

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.


	March 31
(in millions of U.S. dollars)	2026		2025
Net liability for future policy benefits	$	14,755	$	13,351
Other (1)	1,614		1,431
Deferred profit liability	2,904		1,908
Liability for future policy benefits, per consolidated balance sheet	$	19,273	$	16,690

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

~~In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.~~ 23

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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:

September 30

March 31

(in millions of U.S. dollars)

~~2025~~2026

~~2024~~2025

Term Life

Undiscounted expected future benefit payments

4,~~498~~636

4,~~188~~266

Undiscounted expected future gross premiums

6,~~844~~838

6,~~669~~595

Discounted expected future benefit payments

2,~~345~~331

2,~~309~~268

Discounted expected future gross premiums

4,609

4,~~504~~460

Whole Life

Undiscounted expected future benefit payments

3233,~~059~~780

2829,~~111~~099

Undiscounted expected future gross premiums

11,~~115~~052

10,~~363~~390

Discounted expected future benefit payments

1314,~~702~~167

1112,~~909~~429

Discounted expected future gross premiums

9,~~180~~213

8,~~404~~518

A&H

Undiscounted expected future benefit payments

2726,~~189~~758

2726,~~423~~695

Undiscounted expected future gross premiums

4039,~~031~~618

4039,~~183~~108

Discounted expected future benefit payments

1615,~~259~~471

1615,~~219~~930

Discounted expected future gross premiums

2423,~~049~~867

23,~~655~~346

Other

Undiscounted expected future benefit payments

12,~~900~~530

1,~~046~~556

Undiscounted expected future gross premiums

~~606~~851

~~200~~478

Discounted expected future benefit payments

1,~~049~~320

~~619~~857

Discounted expected future gross premiums

$798

~~567~~

$437

~~177~~

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life ~~Insurance~~insurance segment:

	Gross Premiums or Assessments				Interest Accretion
	Nine Months Ended				Nine Months Ended
	Three Months Ended				Three Months Ended
	September 30				September 30
	March 31				March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~2026		~~2024~~2025
Life Insurance
Term Life	$	186	$	170	$	6	$	5
Term Life	$	542	$	509	$	15	$	14
Whole Life	954		563		76		58
Whole Life	2,024		1,504		184		149
A&H	802		752		32		32
A&H	2,314		2,250		98		95
Other	176		89		5		4
Other	157		42		12		8
Total	$	2,118	$	1,574	$	119	$	99
Total	$	5,037	$	4,305	$	309	$	266

2624

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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
	September 30				September 30
	March 31				March 31
	2025		2024		2025		2024
	2026		2025		2026		2025
Life Insurance
Term Life	3.2	%	3.0	%	6.1	%	5.6	%
Term Life	3.0	%	3.0	%	5.7	%	5.2	%
Whole Life	3.6	%	3.5	%	4.4	%	4.0	%
Whole Life	3.4	%	3.2	%	4.1	%	4.1	%
A&H	4.3	%	4.1	%	6.1	%	5.7	%
A&H	4.2	%	3.8	%	5.8	%	5.8	%
Other	3.3	%	3.2	%	3.7	%	3.6	%
Other	3.3	%	2.7	%	3.5	%	3.8	%

10. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

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

	Nine Months Ended September 30, 2025
	Three Months Ended March 31, 2026
(in millions of U.S. dollars)	Universal Life		Annuities (24)		Other investment contracts (35)		Total
Balance – beginning of period	$	1,~~809~~899	$	2,~~585~~801	$	2,~~354~~531	$	67,~~748~~231
Premiums received	~~158~~61		~~232~~80		~~316~~246		~~706~~387
Policy charges (1)	(8123)		—		(72)		(8825)
Surrenders and withdrawals	(9133)		(248)		(~~143~~50)		(~~258~~91)
Benefit payments (4)	(24)		(116)		(66)		(206)
Benefit payments (2)	(95)		(69)		(16)		(180)
Interest credited	3512		3613		5918		~~130~~43
Other (including foreign exchange)	7710		4979		43(37)		~~169~~52
Balance – end of period	$	1,~~883~~831	$	2,~~762~~896	$	2,~~556~~690	$	7,~~201~~417
Unearned revenue liability							~~760~~762
Other (5)							578
Other (3)							603
Policyholders' account liability, per consolidated balance sheet							$	8,~~539~~782

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

(2)~~Relates~~Includes topayments ~~Huatai~~for ~~Life~~survival and death benefits.

(3)Primarily comprises ~~policyholder~~unpaid ~~account~~dividends ~~balances~~on ~~related~~certain toparticipating ~~investment linked products including endowment and investment contracts, none of which bear significant insurance risk~~policies.

(4)~~Includes~~Relates ~~benefit~~to ~~payments~~Huatai ~~upon maturity as well as death benefits~~Life.

(5)Primarily comprises ~~unpaid~~policyholder ~~dividends~~account onbalances ~~certain~~related ~~participating~~to ~~policies~~investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

2725

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	Nine Months Ended September 30, 2024
	Three Months Ended March 31, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (24)		Other investment contracts (35)		Total
Balance – beginning of period	$	1,~~876~~809	$	2,~~411~~585	$	2,~~502~~354	$	6,~~789~~748
Premiums received	~~204~~53		~~294~~101		~~320~~94		~~818~~248
Policy charges (1)	(9829)		—		(72)		(~~105~~31)
Surrenders and withdrawals	(9529)		(309)		(~~202~~51)		(~~327~~89)
Benefit payments (4)	(59)		(116)		(40)		(215)
Benefit payments (2)	(17)		(48)		(22)		(87)
Interest credited	3812		2910		4116		~~108~~38
Other (including foreign exchange)	313		205		(~~223~~1)		~~(200)~~17
Balance – end of period	$	1,~~869~~812	$	2,~~608~~644	$	2,~~391~~388	$	6,~~868~~844
Unearned revenue liability							~~712~~719
Other (5)							556
Other (3)							566
Policyholders' account liability, per consolidated balance sheet							$	8,~~136~~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~~Includes topayments ~~Huatai~~for ~~Life~~survival and death benefits.

(4)~~Includes~~Relates ~~benefit~~to ~~payments~~Huatai ~~upon maturity as well as death benefits~~Life.

	September 30
	March 31
	2025									2024
	2026									2025
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities (3)			Other			Universal Life			Annuities (3)			Other
Weighted-average crediting rate (1)	23.64		%	~~1.8~~N/A		%	3.31		%	23.75		%	~~1.6~~N/A		%	23.74		%
Net amount at risk (2)	$	1110,~~474~~753		$	3064		$	~~366~~336		$	12,~~648~~079		$	—		$	~~440~~407
Cash Surrender Value	$	1,~~747~~705		$	1,~~827~~928		$	2,~~264~~381		$	1,~~699~~659		$	1,~~691~~728		$	2,~~091~~095

(1)Calculated using actual interest credited for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~2025, respectively.

(2)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

(3)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life

	September 30, 2025
	March 31, 2026
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~480~~—	$	—35	$	5116	$	~~177~~217	$	~~708~~268
2.01% – 4.00%	~~489~~444		~~317~~289		~~354~~340		—		1,~~160~~073
Greater than 4.00%	1518		—		—		—		1518
Total	$	984	$	317	$	405	$	177	$	1,883
Fixed rate or no guarantee									472
Total	$	462	$	324	$	356	$	217	$	1,831

2826

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	September 30, 2024
	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~464~~3	$	—	$	47	$	92123	$	~~603~~173
2.01% – 4.00%	~~249~~245		~~371~~589		~~633~~355		—		1,~~253~~189
Greater than 4.00%	1312		—		—		—		1312
Total	$	726	$	371	$	680	$	92	$	1,869
Fixed rate or no guarantee									438
Total	$	260	$	589	$	402	$	123	$	1,812

Annuities

	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	118	$	—	$	1,675	$	76	$	1,869
2.01% – 4.00%	893		—		—		—		893
Greater than 4.00%	—		—		—		—		—
Total	$	1,011	$	—	$	1,675	$	76	$	2,762

	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	72	$	—	$	1,645	$	47	$	1,764
2.01% – 4.00%	844		—		—		—		844
Greater than 4.00%	—		—		—		—		—
Total	$	916	$	—	$	1,645	$	47	$	2,608

Other policyholders' account balances

	September 30, 2025
	March 31, 2026
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	~~394~~2	$	666	$	~~153~~38	$	~~434~~59	$	~~987~~165
2.01% – 4.00%	1,~~517~~148		5253		—		—		1,~~569~~201
Greater than 4.00%	—		—		—		—		—
Total	$	1,911	$	58	$	153	$	434	$	2,556
Fixed rate or no guarantee									1,324
Total	$	1,150	$	119	$	38	$	59	$	2,690


	March 31, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	6	$	5	$	130	$	25	$	166
2.01% – 4.00%	1,017		51		—		—		1,068
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,154
Total	$	1,023	$	56	$	130	$	25	$	2,388

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	349	$	2	$	214	$	459	$	1,024
2.01% – 4.00%	1,317		50		—		—		1,367
Greater than 4.00%	—		—		—		—		—
Total	$	1,666	$	52	$	214	$	459	$	2,391

Separate accounts

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

	September 30		September 30
	March 31		March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Cash and cash equivalents	$	~~103~~156	$	75131
Mutual funds	6,~~631~~493		56,~~844~~081
Fixed maturities	7669		7773
Total	$	6,~~810~~718	$	56,~~996~~285

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

	Nine Months Ended
	Three Months Ended
	September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Balance – beginning of period	$	6,~~231~~925	$	56,~~573~~231
Premiums and deposits	~~1,081~~367		~~945~~490
Policy charges	(~~122~~44)		(~~118~~33)
Surrenders and withdrawals	(~~745~~337)		(~~666~~243)
Benefit payments	(~~345~~125)		(~~320~~113)
Investment performance	~~320~~23		~~625~~5
Other (including foreign exchange)	~~390~~(91)		(4352)
Balance – end of period	$	6,~~810~~718	$	56,~~996~~285
Cash surrender value (1)	$	6,~~327~~239	$	5,~~790~~898

(1)Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2026		2025
Balance – beginning of period	$	758	$	711
Deferred revenue	30		34
Amortization	(20)		(18)

Other (including foreign exchange)	(6)		(8)
Balance – end of period	$	762	$	719

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:

	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	101		106
Amortization	(58)		(54)
Other (including foreign exchange)	6		(13)
Balance – end of period	$	760	$	712

11. Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:

	Nine Months EndedSeptember 30
	Three Months EndedMarch 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025
Balance – beginning of period	$	~~607~~659	$	~~771~~607
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	~~592~~636		~~749~~592
Interest rate changes	45(11)		1046
Effect of market movements (1)	~~(115)~~42		~~(147)~~52
Effect of changes in volatilities	192		916
Actual policyholder behavior different from expected behavior	34(4)		5516
Effect of changes in future expected policyholder behavior	101		87
Effect of timing and all other	(34)		(25)
Effect of timing and all other	(29)		(34)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	631	$	697
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	647	$	729
Effect of changes in the instrument-specific credit risk	11		11
Effect of changes in the instrument-specific credit risk	19		19
Balance – end of period	$	642	$	708
Balance – end of period	$	666	$	748
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,~~385~~403	$	1,~~595~~654

(1) Market movements are predominantly driven by changes in equities.

(2) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB ~~losses~~gains of $~~197~~10 million and $~~258~~14 million for the ~~nine~~three months ended ~~September~~March 3031, ~~2025~~2026 and ~~2024~~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.

In the third quarter of 2025 and 2024, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. These refinements resulted in a net increase of approximately $101 million and $87 million to the MRB fair value, respectively, recognized as a Market risk benefits loss.

•We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.

•We updated the annuitization assumptions to include an additional year of experience, refreshing treaty-based and age-based behavior assumptions.

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•We updated the mortality and lapse assumptions to include an additional year of experience.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

~~September~~March 3031, ~~2025~~2026

~~September~~March 3031, ~~2024~~2025

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.21

0.5% – 27.3%

3.42

Annuitization rate

0% – 100%

45.91

0% – 100%

4.68

(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K. 29

12. Debt

a) Chubb INA senior notes

On August 6, 2025, Chubb INA issued $1.25 billion of 4.90 percent senior notes due August 2035.

These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they 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 senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent). 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.

Chubb INA's $800 million of 3.15 percent senior notes due March 2025 were paid upon maturity.

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b)The ~~Foreign~~effect ~~denominated~~of ~~debt~~changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2025 Form 10-K.

~~(i)~~12. ~~Chubb INA CNY bonds~~Debt

On ~~August~~March 617, ~~2025~~2026, Chubb INA Holdings LLC (Chubb INA) issued aCHF ~~series~~200 ofmillion ~~bonds~~(approximately ~~denominated~~$254 inmillion ~~Chinese~~based ~~yuan~~on ~~renminbi~~the ~~(CNY~~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. ~~The issuance comprises:~~

•1.0 billion CNY (approximately $139 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 2.50 percent bonds due 2030;

•1.5 billion CNY (approximately $209 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 2.75 percent bonds due 2035; and,

•2.0 billion CNY (approximately $279 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 3.05 percent bonds due 2055.

(ii) Chubb INA term loans

In April 2025, Chubb INA entered into a 1.8 billion Chinese yuan renminbi term loan (approximately $249 million based on the foreign exchange rate at the date of issuance) at 2.85 percent, due April 2028.

In July 2025, Chubb INA entered into a 2.1 billion Chinese yuan renminbi term loan (approximately $299 million based on the foreign exchange rate on the date of issuance) at 2.75 percent, due July 2028.

These term loans are guaranteed by Chubb Limited.

c) Commercial paper program

In the second quarter of 2025, Chubb established a commercial paper program, under which Chubb INA may issue short-term, unsecured commercial paper notes (commercial paper) on a private placement basis. Payment of the commercial paper is guaranteed on an unsecured and unsubordinated basis by Chubb Limited, and the commercial paper and guarantee rank equally with all other unsecured and unsubordinated indebtedness.

We have the ability to borrow a total of $2.0 billion, supported by our $3.0 billion group syndicated credit facility which expires in October 2027. Commercial paper is recorded in Short-term debt in the Consolidated balance sheets.

As of September 30, 2025, there was no commercial paper outstanding.

13. Commitments, contingencies, and guarantees

a) Derivative instruments

Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of business. Derivative instruments are principally recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets. Convertible securities are recorded in ~~either~~ Fixed maturities available-for-sale (FM AFS) ~~or Equity securities (ES), depending on the underlying investment~~. ~~These are the most numerous and frequent derivative transactions.~~ In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.

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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:

				September 30, 2025								December 31, 2024
				March 31, 2026								December 31, 2025
	ConsolidatedBalance SheetLocation	Fair Value				NotionalAmount/PaymentProvision			Fair Value					NotionalAmount/PaymentProvision
(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)	$	1820	$	(~~169~~337)	$	4,~~695~~519		$	4118		$	(~~295~~230)	$	34,~~959~~912
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	413		(421)		1,~~096~~508			—4			(812)		~~449~~1,216
Convertible securities (1)	FM AFS ~~/ ES~~	74		—		73			126			—		125
Total		$	2937	$	(~~173~~358)	$	56,~~798~~030		$	5328		$	(~~303~~242)	$	46,~~420~~133
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—18	$	~~(11)~~—	$	~~909~~807		$	353		$	—	$	~~1,047~~943
Other	OA / (AP)	510		~~(5)~~—		~~435~~242			—8			(24)		~~211~~334
Total		$	528	$	~~(16)~~—	$	1,~~344~~049		$	3511		$	(24)	$	1,~~258~~277
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	~~216~~155	$	—(2)	$	2,~~048~~090		$	~~103~~198		$	—	$	12,~~579~~046
Cross-currency swaps - net investment hedges	OA / (AP)	45110		(~~183~~78)		3,~~014~~891			4368			(~~116~~232)		2,~~896~~995
Total		$	~~261~~265	$	(~~183~~80)	$	5,~~062~~981		$	~~146~~266		$	(~~116~~232)	$	45,~~475~~041

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, net derivative liabilities of $84112 million and $~~199~~179 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Fair value hedges

Cross-currency swaps

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.7 billion, or approximately $2.0 billion at ~~September~~March 3031, ~~2025~~2026, of euro denominated debt by converting cash flows back into the U.S. dollar.

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows:

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	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(pre-tax, in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Gain (loss) recognized in OCI	$	(1743)	$	42(26)	$	98	$	~~(12)~~
Net realized gain (loss) reclassified from OCI	(934)		6369		~~229~~		14
Interest expense reclassified from OCI	(5)		(34)		~~(14)~~		~~(11)~~
OCI gain (loss) after reclassifications	$	(34)	$	(1891)	$	~~(117)~~	$	~~(15)~~

(ii) Net investment hedges

Cross-currency swaps

Chubb holds certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, Swiss franc, ~~and~~ Chinese yuan renminbi, and Korean won. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense. The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

In March 2026, in connection with the issuance of Swiss franc (CHF) 200 million senior unsecured notes and related designation as a net investment hedge, Chubb terminated its Swiss franc cross-currency swap with a notional amount of CHF95.8 million, originally maturing in March 2038. This termination resulted in a $42 million loss, which will remain in CTA until the underlying hedged subsidiary is deconsolidated.

Foreign denominated debt

Chubb designated ~~its foreign denominated Chinese yuan renminbi bonds and term loans issued in 2025 as non-derivative net investment hedges to mitigate~~ the ~~foreign~~following ~~currency exposure in the net investments of certain~~ foreign ~~subsidiaries.~~denominated ~~Changes in the carrying value of the~~ debt ~~attributable~~as to foreign currency revaluation are recorded in CTA within OCI. These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued. The carrying amount of non-derivative ~~debt instruments designated as~~ net investment hedges ~~was $1.2 billion at September 30, 2025. Refer to Note 12 to the Consolidated Financial Statements for more information.~~:

•Chinese yuan renminbi term loans, $578 million at March 31, 2026

•Chinese yuan renminbi bonds, $652 million at March 31, 2026

•Swiss franc senior unsecured notes, issued in Q1 2026, $256 million at March 31, 2026

These non-derivative net investment hedges mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries. Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in CTA within OCI. These adjustments will remain in CTA until the underlying hedged subsidiary is deconsolidated or hedge accounting is discontinued.

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

	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(pre-tax, in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Cross-currency swaps:
Gain (loss) recognized in OCI	$	6158	$	~~(98)~~24	$	~~(53)~~	$	~~(25)~~
Interest income reclassified from OCI	89		58		23		11
Total cross currency swaps	5349		~~(103)~~16		~~(76)~~		~~(36)~~
Foreign denominated debt:
Gain (loss) recognized in OCI	(1133)		—		~~(17)~~		—
Total OCI gain (loss) after reclassifications	$	4216	$	~~(103)~~16	$	~~(93)~~	$	~~(36)~~

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Chubb Limited and Subsidiaries

c) Derivative instruments not designated as hedges

Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:

	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(82108)	$	52(14)	$	51	$	~~(28)~~
Options/Futures/Forward contracts on notes and bonds	(37)		12(9)		~~(5)~~		30
Convertible securities (1)	—		2		—		4
Total investment and embedded derivative instruments	$	(115)	$	(23)
Total investment and embedded derivative instruments	$	(85)	$	66	$	46	$	6
Other derivative instruments:
Futures contracts on equities (2)	$	(59)	$	(41)	$	(94)	$	(157)
Futures contracts on equities (1)	$	45	$	54
Other	(9)		(23)		~~(14)~~		~~(7)~~
Total other derivative instruments	$	~~(68)~~36	$	~~(43)~~51	$	~~(108)~~	$	~~(164)~~
Total	$	(~~153~~79)	$	2328	$	~~(62)~~	$	~~(158)~~

(1)~~Includes~~Related ~~embedded~~to ~~derivatives~~MRB book of business.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

(ii) Duration management and market exposure

Futures

Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.

Forwards

A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums.

Options

An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

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

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Chubb Limited and Subsidiaries

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may, from time to time, enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments

A convertible security is a debt instrument ~~or preferred stock~~ that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as ~~either~~a ~~available-for-sale~~fixed ormaturity ~~as an equity~~ security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA

By acquiring to be announced mortgage-backed securities (TBAs), we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) Futures contracts on equities

Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

37The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:


	Remaining contractual maturity
	March 31, 2026		December 31, 2025
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	896	$	1,332
U.S. and local government securities	419		234
Non-U.S.	752		768
Corporate and asset-backed securities	66		62

Equity securities	144		104
Total	$	2,277	$	2,500
Gross amount of recognized liability for securities lending payable	$	2,277	$	2,500

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~~The~~At ~~following~~March ~~table~~31, ~~presents~~2026, ~~the~~and ~~carrying~~December ~~value~~31, 2025, our repurchase agreement obligations of ~~collateral~~$3,736 ~~held~~million ~~under~~and $3,324 million, respectively, were fully collateralized. In contrast to securities lending ~~agreements~~programs, bythe ~~investment~~use ~~category~~of ~~and~~cash ~~remaining~~received ~~contractual~~is ~~maturity~~not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements: in the Consolidated balance sheets.

	Remaining contractual maturity
	September 30, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	986	$	557
U.S. and local government securities	143		148
Non-U.S.	635		663
Corporate and asset-backed securities	34		49
Equity securities	101		28
Total	$	1,899	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,899	$	1,445

At September 30, 2025, and December 31, 2024, our repurchase agreement obligations of $3,360 million and $2,731 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

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

	Remaining contractual maturity
	September 30, 2025									December 31, 2024
	March 31, 2026								December 31, 2025
	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	$	—	$	1	$	—	$	1		$	—	$	19	$	2	$	21
Non-U.S.	$	1,920	$	—			$	1,920		$	—	$	129	$	—	$	129
Non-U.S.	1,544		—		—		1,544			1,387		—		—		1,387
U.S. and local government securities	22		117				139			1,496		—		—		1,496
U.S. and local government securities	—		104		—		104			—		—		104		104
Mortgage-backed securities	1,007		859				1,866			980		904		9		1,893
Mortgage-backed securities	969		944		18		1,931			—		454		924		1,378
Total	$	2,949	$	976			$	3,925		$	2,476	$	1,033	$	9	$	3,518
Total	$	2,513	$	1,049	$	18	$	3,580		$	1,387	$	473	$	1,030	$	2,890
Repurchase agreements							$	2,753								$	2,368
Gross amount of recognized liabilities for repurchase agreements							$	3,360								$	2,731
Repurchase agreements - VIEs							983									956
Difference (1)							$	220								$	159
Gross amount of recognized liabilities for repurchase agreements							$	3,736								$	3,324
Difference (1)							$	189								$	194

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

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

38e) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At March 31, 2026, private equities with a carrying value of $16.8 billion had commitments that could require funding of up to $7.3 billion over the next several years. At December 31, 2025, these investments had a carrying value of $16.9 billion with commitments of up to $7.2 billion. The remaining private equities had no funding commitments.

f) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

eg) ~~Fixed~~Lease ~~maturities~~commitments

At ~~September~~March 3031, ~~2025~~2026, and December 31, ~~2024~~2025, ~~commitments~~the toright-of-use ~~purchase~~asset ~~fixed~~was ~~income~~$1,001 ~~securities~~million ~~over~~and ~~the~~$1,025 ~~next~~million, ~~several~~respectively, ~~years~~recorded ~~were~~within Other assets, and the lease liability was $1.4,231 million ~~billion~~ and $1,214 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.3 These ~~billion~~leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, ~~respectively~~which expire at various dates.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At September 30, 2025, private equities with a carrying value of $16.4 billion had commitments that could require funding of up to $6.4 billion over the next several years. At December 31, 2024, these investments had a carrying value of $14.5 billion with commitments of up to $6.4 billion. The remaining private equities had no funding commitments.

g) Income taxes

At September 30, 2025, $76 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

h) Legal proceedings

i) Lease commitments

At September 30, 2025, and December 31, 2024, the right-of-use asset was $1,044 million and $824 million, respectively, recorded within Other assets, and the lease liability was $1,183 million and $942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

14. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At ~~September~~March 3031, ~~2025~~2026, our Common Shares had a par value of CHF 0.50 per share.

At our May 2025 and 2024 annual general ~~meeting~~meetings, our shareholders approved an annual ~~dividend~~dividends for the following year of up to $3.88 per share and $3.64 per share, ~~expected~~respectively, towhich bewere paid in four quarterly installments of $0.97 and $0.91 per share, ~~after~~respectively, ~~the~~at ~~general~~dates ~~meeting~~determined by ~~way~~the ~~of distribution from capital contribution reserves, transferred to free reserves for payment. The~~ Board of Directors (Board) ~~will~~after ~~determine~~ the ~~record and payment dates at which the~~ annual ~~dividend~~general ~~may~~meetings beby ~~paid~~way ~~until~~of ~~the~~a ~~date~~distribution offrom ~~2026~~capital ~~annual~~contribution ~~general meeting~~reserves, ~~and~~transferred ~~is authorized~~ to ~~abstain~~free ~~from~~reserves ~~distributing~~for ~~a dividend at its discretion~~payment.

AtThe ~~our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the~~ following ~~year~~table ofpresents updividend todistributions ~~$3.64~~ per ~~share~~Common ~~and~~Share ~~$3.44 per share, respectively, which were paid~~ in ~~four~~Swiss ~~quarterly~~francs ~~installments~~(CHF) ~~of $0.91~~ and $0U.~~86 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~~S. dollars (USD):


	Three Months Ended
	March 31
	2026			2025
	CHF	USD		CHF	USD
Total dividend distributions per common share	0.75	$	0.97	0.81	$	0.91

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

	Three Months Ended						Nine Months Ended
	September 30						September 30
	2025			2024			2025			2024
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.78	$	0.97	0.78	$	0.91	2.40	$	2.85	2.35	$	2.68

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased under our share repurchase programs during 2023. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024. 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 nine months ended September 30, 2025, 8,121,824 shares were repurchased, 7,518,565 shares were canceled, and 1,742,599 net shares were issued under employee share-based compensation plans. At September 30, 2025, 17,782,983 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date. In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:

Three Months Ended

~~Nine Months Ended~~

April 1, 2026 through April 27, 2026

~~October 1, 2025 through October 24, 2025~~

September 30

March 31

(in millions of U.S. dollars, except share data)

~~2025~~2026

~~2024~~2025

~~2025~~

~~2024~~

Number of shares repurchased

43,~~436~~517,~~315~~810

1,~~441~~345,~~607~~782

~~8,121,824~~

~~4,915,964~~

1,~~000~~029,~~000~~374

Cost of shares repurchased

1,~~232~~143

~~413~~385

~~2,293~~

~~1,299~~

~~282~~340

Repurchase authorization remaining at end of period

31,~~783~~520

21,~~400~~300

~~3,783~~

~~2,400~~

31,~~502~~182

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

	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(21,~~772~~997)	$	(54,~~301~~552)	$	~~(4,552)~~	$	~~(4,177)~~
Change in period, before reclassification from AOCI (before tax)	~~837~~(1,939)		~~3,419~~843		~~2,598~~		~~2,139~~
Amounts reclassified from AOCI (before tax)	31113		4058		~~157~~		~~154~~
Change in period, before tax	~~868~~(1,826)		~~3,459~~901		~~2,755~~		~~2,293~~
Income tax expense	(52)		(198)		(163)		(149)
Income tax (expense) benefit	210		(61)
Total other comprehensive income	816		3,261		2,592		2,144
Total other comprehensive income (loss)	(1,616)		840
Noncontrolling interests, net of tax	(162)		2(8)		~~(20)~~		9
Balance – end of period, net of tax	(13,~~940~~611)		(23,~~042~~704)		~~(1,940)~~		~~(2,042)~~
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(344)		(539)
Change in period, before tax	386		(122)
Income tax (expense) benefit	(61)		12
Total other comprehensive income (loss)	325		(110)
Noncontrolling interests, net of tax	8		(4)
Balance – end of period, net of tax	(27)		(645)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(23)		(16)
Change in period, before tax	12		4
Income tax expense	(2)		(1)
Total other comprehensive income	10		3
Noncontrolling interests, net of tax	—		—
Balance – end of period, net of tax	(13)		(13)

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Chubb Limited and Subsidiaries

	Three Months Ended				~~Nine Months Ended~~
	September 30				September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Accumulated other comprehensive income (loss) (AOCI) - continued
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(746)		66		(539)		51
Change in period, before tax	305		(672)		53		(672)
Income tax benefit	26		36		47		14
Total other comprehensive income (loss)	331		(636)		100		(658)
Noncontrolling interests, net of tax	47		(43)		23		(80)
Balance – end of period, net of tax	(462)		(527)		(462)		(527)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(12)		(13)		(16)		(22)
Change in period, before tax	(9)		(8)		(4)		2
Income tax benefit	2		1		1		—
Total other comprehensive income (loss)	(7)		(7)		(3)		2
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(19)		(20)		(19)		(20)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(23,~~919~~135)		(34,~~342~~025)		~~(4,025)~~		~~(2,945)~~
Change in period, before reclassification from AOCI (before tax)	~~136~~537		~~450~~367		~~1,306~~		6
Amounts reclassified from AOCI (before tax)	(89)		(58)		~~(23)~~		~~(11)~~
Change in period, before tax	~~128~~528		~~445~~359		~~1,283~~		~~(5)~~
Income tax (expense) benefit	(17)		7		(26)		19
Income tax expense	(6)		(12)
Total other comprehensive income	~~111~~522		~~452~~347		~~1,257~~		14
Noncontrolling interests, net of tax	49165		627		89		21
Balance – end of period, net of tax	(2,~~857~~778)		(23,~~952~~685)		~~(2,857)~~		~~(2,952)~~
Fair value hedging instruments
Balance – beginning of period, net of tax	(4058)		~~(11)~~50		50		~~(13)~~
Change in period, before reclassification from AOCI (before tax)	(1743)		42(26)		98		~~(12)~~
Amounts reclassified from AOCI (before tax)	1439		(6065)		~~(215)~~		~~(3)~~
Change in period, before tax	(34)		(1891)		~~(117)~~		~~(15)~~
Income tax benefit	—1		419		24		3
Total other comprehensive loss	(3)		(1472)		~~(93)~~		~~(12)~~
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(4361)		(2522)		~~(43)~~		~~(25)~~
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	~~431~~582		~~297~~438		~~438~~		~~297~~
Change in period, before tax	(32)		(14)		~~(10)~~		~~(2)~~
Income tax benefit	1		—		1		1
Income tax expense	(1)		—
Total other comprehensive loss	(23)		(14)		~~(9)~~		~~(1)~~
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	~~429~~579		~~296~~434		~~429~~		~~296~~
Accumulated other comprehensive loss	$	(45,~~892~~911)	$	(57,~~270~~635)	$	~~(4,892)~~	$	~~(5,270)~~

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Chubb Limited and Subsidiaries

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:

	Three Months Ended				~~Nine Months Ended~~		Consolidated Statement of Operations Location		~~Consolidated Statement of Operations Location~~
	September 30				September 30
	March 31
(in millions of U.S. dollars)	~~2025~~2026		~~2024~~2025		~~2025~~		~~2024~~
Fixed maturities available-for-sale	$	(31113)	$	(4058)	$	~~(157)~~	$	~~(154)~~	Net realized gains (losses)
Income tax (expense) benefit	(11)		17		17		41		Income tax expense
Income tax benefit	18		25						Income tax expense
	$	(4295)	$	(2333)	$	~~(140)~~	$	~~(113)~~	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	89	$	58	$	23	$	11	Interest expense
Income tax expense	(2)		(12)		~~(5)~~		~~(2)~~		Income tax expense
	$	67	$	46	$	18	$	9	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	(934)	$	6369	$	~~229~~	$	14	Net realized gains (losses)
Cross-currency swaps	(5)		(34)		~~(14)~~		~~(11)~~		Interest expense
Income tax (expense) benefit	38		(1214)		~~(45)~~		—		Income tax expense
	$	(1131)	$	4851	$	~~170~~	$	3	Net income
Total amounts reclassified from AOCI	$	(47119)	$	2924	$	48	$	~~(101)~~

15. Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On March 32, ~~2025~~2026, Chubb granted 1,~~253~~070,~~605~~510 stock options with a weighted-average grant date fair value of $7487.7584 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation.

Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 32, ~~2025~~2026, Chubb granted ~~619~~102,~~298~~036 service-based restricted stock, ~~287~~670,~~268~~919 service-based restricted stock units, ~~103~~90,~~285~~078 performance shares, and ~~289~~251,~~620~~832 performance stock units to employees and officers with a grant date fair value of $~~289~~342.6976 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

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Chubb Limited and Subsidiaries

16. Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:

	Pension Benefit Plans								Other PostretirementBenefit Plans
	2025				2024				2025		2024
	2026				2025				2026		2025
Three Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
Three Months Ended March 31	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	2	$	—	$	—
Non-service cost (benefit):
Interest cost	3431		9		3334		9		—		—
Expected return on plan assets	(6268)		(1516)		(6163)		(13)		~~(1)~~—		—
Amortization of net actuarial (gain) loss	(23)		1—		—(2)		—		—		(1)
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		1—		—		—		—
Total non-service cost (benefit)	(3040)		(57)		(2731)		(4)		~~(1)~~—		(1)
Net periodic benefit cost (benefit)	$	(3040)	$	(35)	$	(2731)	$	(2)	$	~~(1)~~—	$	(1)

	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Nine Months Ended September 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	6	$	—	$	7	$	—	$	—
Non-service cost (benefit):
Interest cost	101		27		100		27		1		1
Expected return on plan assets	(187)		(42)		(183)		(38)		(2)		(2)
Amortization of net actuarial (gain) loss	(6)		1		(1)		1		(2)		(2)
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		1		—		—		—
Total non-service cost (benefit)	(92)		(14)		(83)		(10)		(3)		(3)
Net periodic benefit cost (benefit)	$	(92)	$	(8)	$	(83)	$	(3)	$	(3)	$	(3)

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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:

	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended September 30	2025		2024		2025		2024
Three Months Ended March 31	2026		2025		2026		2025
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		2		—		—
Total service cost	2		2		—		—
Non-service cost (benefit):
Losses and loss expenses	(34)		(3)		—		—
Administrative expenses	(3243)		(2832)		~~(1)~~—		(1)
Total non-service cost (benefit)	(3547)		(3135)		~~(1)~~—		(1)
Net periodic benefit cost (benefit)	$	(3345)	$	(2933)	$	~~(1)~~—	$	(1)

	Pension Benefit Plans				Other Postretirement Benefit Plans
Nine Months Ended September 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	6		7		—		—
Total service cost	6		7		—		—
Non-service cost (benefit):
Losses and loss expenses	(10)		(9)		—		—
Administrative expenses	(96)		(84)		(3)		(3)
Total non-service cost (benefit)	(106)		(93)		(3)		(3)
Net periodic benefit cost (benefit)	$	(100)	$	(86)	$	(3)	$	(3)

	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Equity in net income (loss) of partially-owned entities	$	40	$	343	$	779	$	621
Gains (losses) from fair value changes in separate account assets	(9)		(30)		(31)		(9)
Asset management and performance fee revenue	61		53		174		163
Asset management and performance fee expense	(41)		(34)		(113)		(102)
Federal excise and capital taxes	(7)		(7)		(18)		(16)
Other	(1)		—		(10)		(31)
Total	$	43	$	325	$	781	$	626

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

17. Other income and expense

$(84) million and $429 million for the three and nine months ended September 30, 2025, respectively, and $211 million and $318 million, respectively, for the prior year periods.


	Three Months Ended
	March 31
(in millions of U.S. dollars)	2026		2025
Equity in net income (loss) of partially-owned entities	$	157	$	82
Gains (losses) from fair value changes in separate account assets	(12)		(10)
Asset management and performance fee revenue	70		56

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