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Fair value measurements | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value measurements | 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. The three levels of the hierarchy are as follows: •Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets; •Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and •Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants would use in pricing an asset or liability. We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement. We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value. Financial instruments measured at fair value on a recurring basis, by valuation hierarchy
June 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 | $ | 1,783 |  |  | $ | 2,250 |  |  | $ | — |  |  | $ | 4,033 |
Non-U.S. | — |  |  | 37,865 |  |  | 598 |  |  | 38,463 |
Corporate and asset-backed securities | — |  |  | 41,940 |  |  | 3,186 |  |  | 45,126 |
Mortgage-backed securities | — |  |  | 28,497 |  |  | — |  |  | 28,497 |
| 1,783 |  |  | 110,552 |  |  | 3,784 |  |  | 116,119 |
Equity securities (1) | 4,744 |  |  | — |  |  | 125 |  |  | 4,869 |
Short-term investments | 2,666 |  |  | 1,800 |  |  | 42 |  |  | 4,508 |
Other investments (2) | 599 |  |  | 6,999 |  |  | — |  |  | 7,598 |
Securities lending collateral | — |  |  | 1,941 |  |  | — |  |  | 1,941 |
Investment derivatives | 51 |  |  | — |  |  | — |  |  | 51 |
Derivatives designated as hedging instruments | — |  |  | 257 |  |  | — |  |  | 257 |
Other derivative instruments | 7 |  |  | — |  |  | — |  |  | 7 |
Separate account assets | 6,399 |  |  | 82 |  |  | — |  |  | 6,481 |
Total assets measured at fair value (1)(2)(3) | $ | 16,249 |  |  | $ | 121,631 |  |  | $ | 3,951 |  |  | $ | 141,831 |
Liabilities: |  |  |  |  |  |  |
Investment derivatives | $ | 143 |  |  | $ | — |  |  | $ | — |  |  | $ | 143 |
Derivatives designated as hedging instruments | — |  |  | 223 |  |  | — |  |  | 223 |
Other derivative instruments | 31 |  |  | 5 |  |  | — |  |  | 36 |
Market risk benefits (4) | — |  |  | — |  |  | 609 |  |  | 609 |
Total liabilities measured at fair value | $ | 174 |  |  | $ | 228 |  |  | $ | 609 |  |  | $ | 1,011 |
(1)Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient. (2)Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient. (3)Excluded from the table above are private equities of $16,313 million, measured using NAV as a practical expedient. (4)Refer to Note 11 for additional information on Market risk benefits.
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. 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 Ended June 30, 2025 (in millions of U.S. dollars) |  |  | Available-for-Sale Debt Securities |  |  |  | Equity securities |  | Short-term investments
| Non-U.S. |  | Corporate and asset- backed securities |  | Mortgage-backed securities |  |
Balance, beginning of period |  |  | $ | 587 |  |  | $ | 3,017 |  |  | $ | — |  |  |  |  | $ | 113 |  |  | $ | 18 |
Transfers into Level 3 |  |  | 10 |  |  | 60 |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3 |  |  | — |  |  | (12) |  |  | — |  |  |  |  | (1) |  |  | — |
Change in Net Unrealized Gains (Losses) in OCI |  |  | 18 |  |  | (3) |  |  | — |  |  |  |  | — |  |  | — |
Net Realized Gains (Losses) |  |  | 3 |  |  | (4) |  |  | — |  |  |  |  | 2 |  |  | — |
Purchases |  |  | 84 |  |  | 295 |  |  | — |  |  |  |  | 19 |  |  | 25 |
Sales |  |  | (34) |  |  | (53) |  |  | — |  |  |  |  | (8) |  |  | — |
Settlements |  |  | (70) |  |  | (114) |  |  | — |  |  |  |  | — |  |  | (1) |
Balance, end of period |  |  | $ | 598 |  |  | $ | 3,186 |  |  | $ | — |  |  |  |  | $ | 125 |  |  | $ | 42 |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date |  |  | $ | — |  |  | $ | (1) |  |  | $ | — |  |  |  |  | $ | 4 |  |  | $ | — |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  |  | $ | 16 |  |  | $ | (7) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |
Three Months Ended June 30, 2024 (in millions of U.S. dollars) |  |  | Available-for-Sale Debt Securities |  |  |  | Equity securities |  | Short-term investments
| Non-U.S. |  | Corporate and asset- backed securities |  | Mortgage-backed securities |  |
Balance, beginning of period |  |  | $ | 718 |  |  | $ | 2,658 |  |  | $ | 7 |  |  |  |  | $ | 101 |  |  | $ | 5 |
Transfers into Level 3 |  |  | — |  |  | 4 |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3 |  |  | (2) |  |  | — |  |  | — |  |  |  |  | — |  |  | — |
Change in Net Unrealized Gains (Losses) in OCI |  |  | (6) |  |  | 4 |  |  | — |  |  |  |  | — |  |  | (1) |
Net Realized Gains (Losses) |  |  | (4) |  |  | (5) |  |  | — |  |  |  |  | 2 |  |  | — |
Purchases |  |  | 83 |  |  | 326 |  |  | 15 |  |  |  |  | 1 |  |  | 12 |
Sales |  |  | (31) |  |  | (87) |  |  | — |  |  |  |  | (4) |  |  | — |
Settlements |  |  | (126) |  |  | (191) |  |  | (2) |  |  |  |  | — |  |  | (4) |
Balance, end of period |  |  | $ | 632 |  |  | $ | 2,709 |  |  | $ | 20 |  |  |  |  | $ | 100 |  |  | $ | 12 |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | — |  |  |  |  | $ | 1 |  |  | $ | — |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  |  | $ | (10) |  |  | $ | (1) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (1) |
Six Months Ended June 30, 2025 (in millions of U.S. dollars) |  |  | Available-for-Sale Debt Securities |  | Equity securities |  | Short-term investments
|  | Non-U.S. |  | Corporate and asset- backed securities |  | Mortgage-backed securities |  |  |
Balance, beginning of period |  |  | $ | 604 |  |  | $ | 2,891 |  |  | $ | 3 |  |  |  |  | $ | 120 |  |  | $ | 14 |
Transfers into Level 3 |  |  | 11 |  |  | 84 |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3 |  |  | — |  |  | (13) |  |  | — |  |  |  |  | (1) |  |  | — |
Change in Net Unrealized Gains (Losses) in OCI |  |  | 38 |  |  | (7) |  |  | — |  |  |  |  | — |  |  | — |
Net Realized Gains (Losses) |  |  | (3) |  |  | (6) |  |  | (2) |  |  |  |  | (3) |  |  | — |
Purchases |  |  | 144 |  |  | 514 |  |  | 1 |  |  |  |  | 26 |  |  | 30 |
Sales |  |  | (87) |  |  | (100) |  |  | (2) |  |  |  |  | (17) |  |  | — |
Settlements |  |  | (109) |  |  | (177) |  |  | — |  |  |  |  | — |  |  | (2) |
Balance, end of period |  |  | $ | 598 |  |  | $ | 3,186 |  |  | $ | — |  |  |  |  | $ | 125 |  |  | $ | 42 |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date |  |  | $ | (1) |  |  | $ | (4) |  |  | $ | — |  |  |  |  | $ | 9 |  |  | $ | — |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  |  | $ | 30 |  |  | $ | (17) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |
Six Months Ended June 30, 2024 (in millions of U.S. dollars) |  |  | Available-for-Sale Debt Securities |  |  |  | Equity securities |  | Short-term investments
| Non-U.S. |  | Corporate and asset- backed securities |  | Mortgage-backed securities |  |
Balance, beginning of period |  |  | $ | 692 |  |  | $ | 2,622 |  |  | $ | 7 |  |  |  |  | $ | 87 |  |  | $ | 3 |
Transfers into Level 3 |  |  | 1 |  |  | 5 |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3 |  |  | (6) |  |  | (3) |  |  | — |  |  |  |  | — |  |  | — |
Change in Net Unrealized Gains (Losses) in OCI |  |  | 8 |  |  | 10 |  |  | — |  |  |  |  | — |  |  | (1) |
Net Realized Gains (Losses) |  |  | (4) |  |  | (5) |  |  | — |  |  |  |  | (1) |  |  | — |
Purchases |  |  | 155 |  |  | 469 |  |  | 15 |  |  |  |  | 19 |  |  | 16 |
Sales |  |  | (51) |  |  | (107) |  |  | — |  |  |  |  | (5) |  |  | — |
Settlements |  |  | (163) |  |  | (282) |  |  | (2) |  |  |  |  | — |  |  | (6) |
Balance, end of period |  |  | $ | 632 |  |  | $ | 2,709 |  |  | $ | 20 |  |  |  |  | $ | 100 |  |  | $ | 12 |
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date |  |  | $ | (1) |  |  | $ | (2) |  |  | $ | — |  |  |  |  | $ | (1) |  |  | $ | — |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  |  | $ | 3 |  |  | $ | 5 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (1) |
b) Financial instruments disclosed, but not measured, at fair value Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below. The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt. The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
June 30, 2025 | Fair Value |  | Net Carrying Value
(in millions of U.S. dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Private debt held-for-investment | $ | — |  |  | $ | — |  |  | $ | 2,472 |  |  | $ | 2,472 |  |  | $ | 2,429 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 2,472 |  |  | $ | 2,472 |  |  | $ | 2,429 |
Liabilities: |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | — |  |  | $ | 3,059 |  |  | $ | — |  |  | $ | 3,059 |  |  | $ | 3,059 |
Short-term debt | — |  |  | 1,488 |  |  | — |  |  | 1,488 |  |  | 1,499 |
Long-term debt | — |  |  | 12,025 |  |  | 254 |  |  | 12,279 |  |  | 13,477 |
Hybrid debt | — |  |  | 479 |  |  | — |  |  | 479 |  |  | 420 |
Total liabilities | $ | — |  |  | $ | 17,051 |  |  | $ | 254 |  |  | $ | 17,305 |  |  | $ | 18,455 |
December 31, 2024 | Fair Value |  | Net Carrying Value
(in millions of U.S. dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Private debt held-for-investment | $ | — |  |  | $ | — |  |  | $ | 2,680 |  |  | $ | 2,680 |  |  | $ | 2,628 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 2,680 |  |  | $ | 2,680 |  |  | $ | 2,628 |
Liabilities: |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | — |  |  | $ | 2,731 |  |  | $ | — |  |  | $ | 2,731 |  |  | $ | 2,731 |
Short-term debt | — |  |  | 797 |  |  | — |  |  | 797 |  |  | 800 |
Long-term debt | — |  |  | 12,979 |  |  | — |  |  | 12,979 |  |  | 14,379 |
Hybrid debt | — |  |  | 479 |  |  | — |  |  | 479 |  |  | 419 |
Total liabilities | $ | — |  |  | $ | 16,986 |  |  | $ | — |  |  | $ | 16,986 |  |  | $ | 18,329 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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