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Unpaid losses and loss expenses, and Future policy benefits | 6 Months Ended
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Jun. 30, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract] |
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] | Unpaid losses and loss expenses The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
| Six Months Ended
| June 30
(in millions of U.S. dollars) | 2025 |  | 2024
Gross unpaid losses and loss expenses – beginning of period | $ | 84,004 |  |  | $ | 80,122 |
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1) | (17,734) |  |  | (17,884) |
Net unpaid losses and loss expenses – beginning of period | 66,270 |  |  | 62,238 |
Net losses and loss expenses incurred in respect of losses occurring in: |  |  |
Current year | 13,959 |  |  | 12,604 |
Prior years (2) | (491) |  |  | (446) |
Total | 13,468 |  |  | 12,158 |
Net losses and loss expenses paid in respect of losses occurring in: |  |  |
Current year | 2,960 |  |  | 2,492 |
Prior years | 8,982 |  |  | 6,918 |
Total | 11,942 |  |  | 9,410 |
Foreign currency revaluation and other | 889 |  |  | (204) |
Net unpaid losses and loss expenses – end of period | 68,685 |  |  | 64,782 |
Reinsurance recoverable on unpaid losses and loss expenses (1) | 17,691 |  |  | 17,409 |
Gross unpaid losses and loss expenses – end of period | $ | 86,376 |  |  | $ | 82,191 |
(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 $(13) million and $47 million for the six months ended June 30, 2025 and 2024, respectively. Net unpaid losses and loss expenses increased $2,415 million for the six months ended June 30, 2025, principally reflecting underlying exposure growth, net catastrophe losses and the unfavorable impact of foreign currency movement, partially offset by the impact of favorable prior period development. 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 June 30 |  | Six Months Ended June 30
(in millions of U.S. dollars) | Long-tail |  | Short-tail |  | Total |  | Long-tail |  | Short-tail |  | Total
2025 |  |  |  |  |  |  |  |  |  |  |
North America Commercial P&C Insurance | $ | (75) |  |  | $ | (31) |  |  | $ | (106) |  |  | $ | (27) |  |  | $ | (193) |  |  | $ | (220) |
North America Personal P&C Insurance | — |  |  | (121) |  |  | (121) |  |  | — |  |  | (121) |  |  | (121) |
North America Agricultural Insurance | — |  |  | — |  |  | — |  |  | — |  |  | (33) |  |  | (33) |
Overseas General Insurance | 35 |  |  | (112) |  |  | (77) |  |  | 36 |  |  | (234) |  |  | (198) |
Global Reinsurance | — |  |  | (15) |  |  | (15) |  |  | (5) |  |  | (10) |  |  | (15) |
Corporate | 70 |  |  | — |  |  | 70 |  |  | 83 |  |  | — |  |  | 83 |
Total | $ | 30 |  |  | $ | (279) |  |  | $ | (249) |  |  | $ | 87 |  |  | $ | (591) |  |  | $ | (504) |
2024 |  |  |  |  |  |  |  |  |  |  |
North America Commercial P&C Insurance | $ | (142) |  |  | $ | (2) |  |  | $ | (144) |  |  | $ | (46) |  |  | $ | (146) |  |  | $ | (192) |
North America Personal P&C Insurance | — |  |  | (64) |  |  | (64) |  |  | — |  |  | (116) |  |  | (116) |
North America Agricultural Insurance | — |  |  | — |  |  | — |  |  | — |  |  | (28) |  |  | (28) |
Overseas General Insurance | 36 |  |  | (97) |  |  | (61) |  |  | 35 |  |  | (185) |  |  | (150) |
Global Reinsurance | 5 |  |  | (21) |  |  | (16) |  |  | 5 |  |  | (20) |  |  | (15) |
Corporate | 93 |  |  | — |  |  | 93 |  |  | 102 |  |  | — |  |  | 102 |
Total | $ | (8) |  |  | $ | (184) |  |  | $ | (192) |  |  | $ | 96 |  |  | $ | (495) |  |  | $ | (399) |
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 June 30, 2025, included $75 million from long-tail lines, primarily from the Risk Management business where PPD was favorable $163 million. This business underwrites workers' compensation, general liability and auto liability, and the favorable development was the net of lower-than-expected reported loss activity primarily on workers' compensation, partially offset by adverse development in general liability. This favorable development was partially offset by adverse development from other commercial auto liability portfolios which experienced higher-than-expected reported loss activity. Net favorable development for the six months ended June 30, 2025, included $193 million of favorable development from short-tail lines, primarily from surety, due to lower-than-expected loss development. Net favorable development for long-tail lines was the result of favorable development in workers' compensation and financial lines partially offset by adverse development in general casualty lines. Net favorable development for the three and six months ended June 30, 2024, included $142 million and $46 million, respectively, from long-tail lines, primarily from worker's compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents. This favorable development was partially offset by net adverse development in commercial auto liability mainly due to higher-than-expected loss development and severity trend. F avorable development for the six months ended June 30, 2024, was partially offset by net adverse development in commercial excess and umbrella lines. Net favorable development for the six months ended June 30, 2024, included $146 million from short-tail lines, primarily from surety, and property and marine lines. North America Personal P&C Insurance. Net favorable development for the three and six months ended June 30, 2025, included favorable development in the auto physical damage and recreational marine lines due to favorable loss emergence. Overseas General Insurance. Net favorable development for the three and six months ended June 30, 2025, included $112 million and $234 million, respectively, from short-tail lines, primarily from favorable claim development in property and marine lines. Net favorable development for the three and six months ended June 30, 2024, included $97 million and $185 million from short-tail lines, primarily from favorable claim development in marine and property lines. Corporate. Net adverse development for the three and six months ended June 30, 2025, and 2024 was driven primarily by adverse development for molestation-related claims. Future policy benefits The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:
Present Value of Expected Net Premiums | Six Months Ended June 30, 2025
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 1,523 |  |  | $ | 4,405 |  |  | $ | 11,626 |  |  | $ | 125 |  |  | $ | 17,679 |
Beginning balance at original discount rate | 1,819 |  |  | 4,303 |  |  | 11,499 |  |  | 124 |  |  | 17,745 |
Effect of changes in cash flow assumptions | — |  |  | (4) |  |  | 13 |  |  | — |  |  | 9 |
Effect of actual variances from expected experience | (4) |  |  | 18 |  |  | (168) |  |  | 2 |  |  | (152) |
Adjusted beginning of period balance | 1,815 |  |  | 4,317 |  |  | 11,344 |  |  | 126 |  |  | 17,602 |
Issuances | 116 |  |  | 719 |  |  | 1,107 |  |  | 311 |  |  | 2,253 |
Interest accrual | 26 |  |  | 65 |  |  | 260 |  |  | 5 |  |  | 356 |
Net premiums collected (1) | (122) |  |  | (743) |  |  | (755) |  |  | (93) |  |  | (1,713) |
Other (including foreign exchange) | 59 |  |  | 134 |  |  | 459 |  |  | 4 |  |  | 656 |
Ending balance at original discount rate | 1,894 |  |  | 4,492 |  |  | 12,415 |  |  | 353 |  |  | 19,154 |
Effect of changes in discount rate assumptions | (296) |  |  | 142 |  |  | 184 |  |  | 3 |  |  | 33 |
Balance – end of period | $ | 1,598 |  |  | $ | 4,634 |  |  | $ | 12,599 |  |  | $ | 356 |  |  | $ | 19,187 |
(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 | Six Months Ended June 30, 2025
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Balance – beginning of period | $ | 2,238 |  |  | $ | 12,057 |  |  | $ | 15,693 |  |  | $ | 647 |  |  | $ | 30,635 |
Beginning balance at original discount rate | 2,647 |  |  | 11,242 |  |  | 15,652 |  |  | 601 |  |  | 30,142 |
Effect of changes in cash flow assumptions | — |  |  | (9) |  |  | 21 |  |  | — |  |  | 12 |
Effect of actual variances from expected experience | (1) |  |  | 18 |  |  | (170) |  |  | 3 |  |  | (150) |
Adjusted beginning of period balance | 2,646 |  |  | 11,251 |  |  | 15,503 |  |  | 604 |  |  | 30,004 |
Issuances | 116 |  |  | 719 |  |  | 1,107 |  |  | 311 |  |  | 2,253 |
Interest accrual | 36 |  |  | 185 |  |  | 325 |  |  | 12 |  |  | 558 |
Benefit payments | (110) |  |  | (154) |  |  | (864) |  |  | (10) |  |  | (1,138) |
Other (including foreign exchange) | 88 |  |  | 300 |  |  | 601 |  |  | 16 |  |  | 1,005 |
Ending balance at original discount rate | 2,776 |  |  | 12,301 |  |  | 16,672 |  |  | 933 |  |  | 32,682 |
Effect of changes in discount rate assumptions | (432) |  |  | 1,106 |  |  | 109 |  |  | 59 |  |  | 842 |
Balance – end of period | $ | 2,344 |  |  | $ | 13,407 |  |  | $ | 16,781 |  |  | $ | 992 |  |  | $ | 33,524 |
Liability for Future Policy Benefits, Life Insurance Segment | June 30, 2025
(in millions of U.S. dollars) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 746 |  |  | $ | 8,773 |  |  | $ | 4,182 |  |  | $ | 636 |  |  | $ | 14,337 |
Deferred profit liability | 306 |  |  | 1,539 |  |  | 219 |  |  | 68 |  |  | 2,132 |
Net liability for future policy benefits, before reinsurance recoverable | 1,052 |  |  | 10,312 |  |  | 4,401 |  |  | 704 |  |  | 16,469 |
Less: Reinsurance recoverable on future policy benefits | 107 |  |  | 46 |  |  | 121 |  |  | 1 |  |  | 275 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 945 |  |  | $ | 10,266 |  |  | $ | 4,280 |  |  | $ | 703 |  |  | $ | 16,194 |
Weighted average duration (years) | 10.4 |  | 27.6 |  | 10.0 |  | 25.3 |  | 22.0
Present Value of Expected Net Premiums | Six Months Ended June 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 | 6 |  |  | 70 |  |  | 111 |  |  | — |  |  | 187 |
Effect of actual variances from expected experience | (12) |  |  | 21 |  |  | (129) |  |  | (1) |  |  | (121) |
Adjusted beginning of period balance | 1,986 |  |  | 4,036 |  |  | 10,674 |  |  | 63 |  |  | 16,759 |
Issuances | 111 |  |  | 620 |  |  | 1,196 |  |  | 39 |  |  | 1,966 |
Interest accrual | 26 |  |  | 55 |  |  | 239 |  |  | 2 |  |  | 322 |
Net premiums collected (1) | (122) |  |  | (603) |  |  | (729) |  |  | (20) |  |  | (1,474) |
Other (including foreign exchange) | (25) |  |  | (77) |  |  | (273) |  |  | 10 |  |  | (365) |
Ending balance at original discount rate | 1,976 |  |  | 4,031 |  |  | 11,107 |  |  | 94 |  |  | 17,208 |
Effect of changes in discount rate assumptions | (397) |  |  | 17 |  |  | (162) |  |  | — |  |  | (542) |
Balance – end of period | $ | 1,579 |  |  | $ | 4,048 |  |  | $ | 10,945 |  |  | $ | 94 |  |  | $ | 16,666 |
(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 | Six Months Ended June 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 | 8 |  |  | 85 |  |  | 102 |  |  | — |  |  | 195 |
Effect of actual variances from expected experience | (9) |  |  | 31 |  |  | (129) |  |  | — |  |  | (107) |
Adjusted beginning of period balance | 2,748 |  |  | 10,107 |  |  | 15,044 |  |  | 492 |  |  | 28,391 |
Issuances | 111 |  |  | 620 |  |  | 1,196 |  |  | 39 |  |  | 1,966 |
Interest accrual | 35 |  |  | 151 |  |  | 300 |  |  | 8 |  |  | 494 |
Benefit payments | (115) |  |  | (179) |  |  | (789) |  |  | (10) |  |  | (1,093) |
Other (including foreign exchange) | (3) |  |  | (169) |  |  | (356) |  |  | 9 |  |  | (519) |
Ending balance at original discount rate | 2,776 |  |  | 10,530 |  |  | 15,395 |  |  | 538 |  |  | 29,239 |
Effect of changes in discount rate assumptions | (512) |  |  | 129 |  |  | (337) |  |  | 17 |  |  | (703) |
Balance – end of period | $ | 2,264 |  |  | $ | 10,659 |  |  | $ | 15,058 |  |  | $ | 555 |  |  | $ | 28,536 |
Liability for Future Policy Benefits, Life Insurance Segment | June 30, 2024
(in millions of U.S. dollars, except for years) | Term Life |  | Whole Life |  | A&H |  | Other |  | Total
Net liability for future policy benefits | $ | 685 |  |  | $ | 6,611 |  |  | $ | 4,113 |  |  | $ | 461 |  |  | $ | 11,870 |
Deferred profit liability | 268 |  |  | 986 |  |  | 174 |  |  | 24 |  |  | 1,452 |
Net liability for future policy benefits, before reinsurance recoverable | 953 |  |  | 7,597 |  |  | 4,287 |  |  | 485 |  |  | 13,322 |
Less: Reinsurance recoverable on future policy benefits | 103 |  |  | 44 |  |  | 110 |  |  | — |  |  | 257 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 850 |  |  | $ | 7,553 |  |  | $ | 4,177 |  |  | $ | 485 |  |  | $ | 13,065 |
Weighted average duration (years) | 10.2 |  | 25.0 |  | 10.0 |  | 16.3 |  | 19.1
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
| June 30
(in millions of U.S. dollars) | 2025 |  | 2024
Net liability for future policy benefits, Life Insurance segment | $ | 14,337 |  |  | $ | 11,870 |
Other (1) | 1,549 |  |  | 1,341 |
Deferred profit liability | 2,132 |  |  | 1,452 |
Liability for future policy benefits, per consolidated balance sheet | $ | 18,018 |  |  | $ | 14,663 |
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business. 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:
| June 30 |  | June 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 |
Term Life |  |  |  |
Undiscounted expected future benefit payments | $ | 4,563 |  |  | $ | 4,334 |  |
Undiscounted expected future gross premiums | 7,094 |  |  | 7,223 |  |
Discounted expected future benefit payments | 2,344 |  |  | 2,264 |  |
Discounted expected future gross premiums | 4,775 |  |  | 4,776 |  |
Whole Life |  |  |  |
Undiscounted expected future benefit payments | 30,751 |  |  | 25,052 |  |
Undiscounted expected future gross premiums | 10,841 |  |  | 9,555 |  |
Discounted expected future benefit payments | 13,407 |  |  | 10,659 |  |
Discounted expected future gross premiums | 8,929 |  |  | 7,744 |  |
A&H |  |  |  |
Undiscounted expected future benefit payments | 28,274 |  |  | 26,037 |  |
Undiscounted expected future gross premiums | 41,427 |  |  | 38,166 |  |
Discounted expected future benefit payments | 16,781 |  |  | 15,058 |  |
Discounted expected future gross premiums | 24,697 |  |  | 22,556 |  |
Other |  |  |  |
Undiscounted expected future benefit payments | 1,754 |  |  | 956 |  |
Undiscounted expected future gross premiums | 570 |  |  | 174 |  |
Discounted expected future benefit payments | 992 |  |  | 555 |  |
Discounted expected future gross premiums | $ | 527 |  |  | $ | 155 |  |
The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:
| Gross Premiums or Assessments |  | Interest Accretion |
| Six Months Ended |  | Six Months Ended |
| June 30 |  | June 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | $ | 353 |  |  | $ | 337 |  |  | $ | 10 |  |  | $ | 9 |  |
Whole Life | 1,250 |  |  | 1,008 |  |  | 120 |  |  | 96 |  |
A&H | 1,509 |  |  | 1,525 |  |  | 65 |  |  | 61 |  |
Other | 129 |  |  | 32 |  |  | 7 |  |  | 6 |  |
Total | $ | 3,241 |  |  | $ | 2,902 |  |  | $ | 202 |  |  | $ | 172 |  |
The following table presents the weighted-average interest rates for the Life Insurance segment:
| Interest Accretion Rate |  | Current Discount Rate |
| June 30 |  | June 30 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | 3.0 | % |  | 2.9 | % |  | 5.9 | % |  | 5.7 | % |
Whole Life | 3.4 | % |  | 3.2 | % |  | 3.9 | % |  | 4.6 | % |
A&H | 4.0 | % |  | 3.7 | % |  | 5.8 | % |  | 6.3 | % |
Other | 3.2 | % |  | 2.7 | % |  | 3.3 | % |  | 4.2 | % |

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- Definition The entire disclosure for liabilities related to future policy benefits and unpaid claims and claim adjustments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480081/944-40-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944-40/tableOfContent + Details
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