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Shareholders' equity | 6 Months Ended
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Jun. 30, 2025
Stockholders' Equity Note [Abstract] |
Shareholders' equity | 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 June 30, 2025, our Common Shares had a par value of CHF 0.50 per share. At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.64 per share and $3.44 per share, respectively, which were paid in four quarterly installments of $0.91 and $0.86 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. The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
| Three Months Ended |  | Six Months Ended
| June 30 |  | June 30
| 2025 |  | 2024 |  | 2025 |  | 2024
CHF |  | USD |  | CHF |  | USD |  | CHF |  | USD |  | CHF |  | USD
Total dividend distributions per common share | 0.81 |  |  | $ | 0.97 |  |  | 0.82 |  |  | $ | 0.91 |  |  | 1.62 |  |  | $ | 1.88 |  |  | 1.57 |  |  | $ | 1.77 |
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 six months ended June 30, 2025, 3,685,509 shares were repurchased, 7,518,565 shares were canceled, and 1,642,634 net shares were issued under employee share-based compensation plans. At June 30, 2025, 13,446,633 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 |  | Six Months Ended |  |
| June 30 |  | June 30 |
(in millions of U.S. dollars, except share data) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Number of shares repurchased | 2,339,727 |  |  | 2,254,236 |  |  | 3,685,509 |  |  | 3,474,357 |  |  |
Cost of shares repurchased | $ | 676 |  |  | $ | 570 |  |  | $ | 1,061 |  |  | $ | 886 |  |  |
Repurchase authorization remaining at end of period (1) | $ | — |  |  | $ | 2,808 |  |  | $ | — |  |  | $ | 2,808 |  |  |
(1) As of June 30, 2025, $628 million expired under the July 2023 $5.0 billion share repurchase authorization. The following table presents changes in accumulated other comprehensive income (loss):
| Three Months Ended |  | Six Months Ended
| June 30 |  | June 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Accumulated other comprehensive income (loss) (AOCI) |  |  |  |  |  |  |
Net unrealized appreciation (depreciation) on investments |  |  |  |  |  |  |
Balance – beginning of period, net of tax | $ | (3,704) |  |  | $ | (4,825) |  |  | $ | (4,552) |  |  | $ | (4,177) |
Change in period, before reclassification from AOCI (before tax) | 918 |  |  | (484) |  |  | 1,761 |  |  | (1,280) |
Amounts reclassified from AOCI (before tax) | 68 |  |  | (5) |  |  | 126 |  |  | 114 |
Change in period, before tax | 986 |  |  | (489) |  |  | 1,887 |  |  | (1,166) |
Income tax (expense) benefit | (50) |  |  | 7 |  |  | (111) |  |  | 49 |
Total other comprehensive income (loss) | 936 |  |  | (482) |  |  | 1,776 |  |  | (1,117) |
Noncontrolling interests, net of tax | 4 |  |  | (6) |  |  | (4) |  |  | 7 |
Balance – end of period, net of tax | (2,772) |  |  | (5,301) |  |  | (2,772) |  |  | (5,301) |
| Three Months Ended |  | Six Months Ended
| June 30 |  | June 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 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 | (645) |  |  | 11 |  |  | (539) |  |  | 51 |
Change in period, before tax | (130) |  |  | 53 |  |  | (252) |  |  | — |
Income tax (expense) benefit | 9 |  |  | (2) |  |  | 21 |  |  | (22) |
Total other comprehensive income (loss) | (121) |  |  | 51 |  |  | (231) |  |  | (22) |
Noncontrolling interests, net of tax | (20) |  |  | (4) |  |  | (24) |  |  | (37) |
Balance – end of period, net of tax | (746) |  |  | 66 |  |  | (746) |  |  | 66 |
Instrument-specific credit risk on market risk benefits |  |  |  |  |  |  |
Balance – beginning of period, net of tax | (13) |  |  | (17) |  |  | (16) |  |  | (22) |
Change in period, before tax | 1 |  |  | 5 |  |  | 5 |  |  | 10 |
Income tax expense | — |  |  | (1) |  |  | (1) |  |  | (1) |
Total other comprehensive income | 1 |  |  | 4 |  |  | 4 |  |  | 9 |
Noncontrolling interests, net of tax | — |  |  | — |  |  | — |  |  | — |
Balance – end of period, net of tax | (12) |  |  | (13) |  |  | (12) |  |  | (13) |
Cumulative foreign currency translation adjustment |  |  |  |  |  |  |
Balance – beginning of period, net of tax | (3,685) |  |  | (2,864) |  |  | (4,025) |  |  | (2,945) |
Change in period, before reclassification from AOCI (before tax) | 803 |  |  | (527) |  |  | 1,170 |  |  | (444) |
Amounts reclassified from AOCI (before tax) | (7) |  |  | (3) |  |  | (15) |  |  | (6) |
Change in period, before tax | 796 |  |  | (530) |  |  | 1,155 |  |  | (450) |
Income tax (expense) benefit | 3 |  |  | 19 |  |  | (9) |  |  | 12 |
Total other comprehensive income (loss) | 799 |  |  | (511) |  |  | 1,146 |  |  | (438) |
Noncontrolling interests, net of tax | 33 |  |  | (33) |  |  | 40 |  |  | (41) |
Balance – end of period, net of tax | (2,919) |  |  | (3,342) |  |  | (2,919) |  |  | (3,342) |
Fair value hedging instruments |  |  |  |  |  |  |
Balance – beginning of period, net of tax | (22) |  |  | 13 |  |  | 50 |  |  | (13) |
Change in period, before reclassification from AOCI (before tax) | 141 |  |  | (46) |  |  | 115 |  |  | (54) |
Amounts reclassified from AOCI (before tax) | (164) |  |  | 16 |  |  | (229) |  |  | 57 |
Change in period, before tax | (23) |  |  | (30) |  |  | (114) |  |  | 3 |
Income tax (expense) benefit | 5 |  |  | 6 |  |  | 24 |  |  | (1) |
Total other comprehensive income (loss) | (18) |  |  | (24) |  |  | (90) |  |  | 2 |
Noncontrolling interests, net of tax | — |  |  | — |  |  | — |  |  | — |
Balance – end of period, net of tax | (40) |  |  | (11) |  |  | (40) |  |  | (11) |
Postretirement benefit liability adjustment |  |  |  |  |  |  |
Balance – beginning of period, net of tax | 434 |  |  | 296 |  |  | 438 |  |  | 297 |
Change in period, before tax | (3) |  |  | 1 |  |  | (7) |  |  | (1) |
Income tax benefit | — |  |  | — |  |  | — |  |  | 1 |
Total other comprehensive income (loss) | (3) |  |  | 1 |  |  | (7) |  |  | — |
Noncontrolling interests, net of tax | — |  |  | — |  |  | — |  |  | — |
Balance – end of period, net of tax | 431 |  |  | 297 |  |  | 431 |  |  | 297 |
Accumulated other comprehensive loss | $ | (6,058) |  |  | $ | (8,304) |  |  | $ | (6,058) |  |  | $ | (8,304) |
The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:
| Three Months Ended |  | Six Months Ended |  | Consolidated Statement of Operations Location
| June 30 |  | June 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Fixed maturities available-for-sale | $ | (68) |  |  | $ | 5 |  |  | $ | (126) |  |  | $ | (114) |  |  | Net realized gains (losses)
Income tax benefit | 3 |  |  | 12 |  |  | 28 |  |  | 24 |  |  | Income tax expense
| $ | (65) |  |  | $ | 17 |  |  | $ | (98) |  |  | $ | (90) |  |  | Net income
Cumulative foreign currency translation adjustment |  |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 7 |  |  | $ | 3 |  |  | $ | 15 |  |  | $ | 6 |  |  | Interest expense
Income tax expense | (1) |  |  | — |  |  | (3) |  |  | (1) |  |  | Income tax expense
| $ | 6 |  |  | $ | 3 |  |  | $ | 12 |  |  | $ | 5 |  |  | Net income
Net gains (losses) of fair value hedging instruments |  |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 169 |  |  | $ | (12) |  |  | $ | 238 |  |  | $ | (49) |  |  | Net realized gains (losses)
Cross-currency swaps | (5) |  |  | (4) |  |  | (9) |  |  | (8) |  |  | Interest expense
Income tax (expense) benefit | (34) |  |  | 3 |  |  | (48) |  |  | 12 |  |  | Income tax expense
| $ | 130 |  |  | $ | (13) |  |  | $ | 181 |  |  | $ | (45) |  |  | Net income
Total amounts reclassified from AOCI | $ | 71 |  |  | $ | 7 |  |  | $ | 95 |  |  | $ | (130) |  |  |

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