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Table of Contents
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 30, 2025
OR

☐ | 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
Comm on 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 Sh ares (CHF 0.50 par value) out standing as of October 21, 2025, was 393,550,859.

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 Statements of Operations and Comprehensive Income (Unaudited) Three and Nine Months Ended September 30, 2025 and 2024 | 4
| Consolidated Statements of Shareholders' Equity (Unaudited) Three and Nine Months Ended September 30, 2025 and 2024 | 5
| Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2025 and 2024 | 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 | 13
| Note 5. | Reinsurance | 18
| Note 6. | Deferred policy acquisition costs | 19
| Note 7. | Goodwill | 20
| Note 8. | Unpaid losses and loss expenses | 20
| Note 9. | Future policy benefits | 22
| Note 10. | Policyholders' account balances, Separate accounts, and Unearned revenue liabilities | 27
| Note 11. | Market risk benefits | 31
| Note 12. | Debt | 32
| Note 13. | Commitments, contingencies, and guarantees | 33
| Note 14. | Shareholders' equity | 39
| Note 15. | Share-based compensation | 42
| Note 16. | Postretirement benefits | 43
| Note 17. | Other income and expense | 44
| Note 18. | Segment information | 45
| Note 19. | Earnings per share | 50
Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 51
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 86
Item 4. | Controls and Procedures | 88
Part II. | OTHER INFORMATION |
Item 1. | Legal Proceedings | 89
Item 1A. | Risk Factors | 89
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 89
Item 5. | Other Information | 89
Item 6. | Exhibits | 90

2

Table of Contents
PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries

| September 30 |  | December 31
(in millions of U.S. dollars, except share and per share data) | 2025 |  | 2024
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 |
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 |
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4 | 2,535 |  |  | 2,628 |
Equity securities, at fair value (includes VIE balances of $2,095 and $1,289) | 10,377 |  |  | 9,151 |
Private equities (includes VIE balances of $22 and $22) | 16,734 |  |  | 14,769 |
Other investments (includes VIE balances of $5,323 and $4,538) | 10,182 |  |  | 8,597 |
Total investments | 165,996 |  |  | 150,650 |
Cash, including restricted cash $213 and $261 (includes VIE balances of $205 and $114) | 2,454 |  |  | 2,549 |
Securities lending collateral | 1,899 |  |  | 1,445 |
Accrued investment income | 1,427 |  |  | 1,160 |
Insurance and reinsurance balances receivable, net of valuation allowance – $60 and $59 | 16,305 |  |  | 14,426 |
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $326 and $310 | 20,227 |  |  | 19,777 |
Reinsurance recoverable on policy benefits | 302 |  |  | 289 |
Deferred policy acquisition costs | 9,809 |  |  | 8,358 |
Value of business acquired | 3,144 |  |  | 3,223 |
Goodwill | 20,237 |  |  | 19,579 |
Other intangible assets | 6,318 |  |  | 6,377 |
Deferred tax assets | 1,413 |  |  | 1,603 |
Prepaid reinsurance premiums | 4,174 |  |  | 3,378 |
Separate account assets | 6,810 |  |  | 6,231 |
Other assets (includes VIE balances of $95 and $26) | 9,695 |  |  | 7,503 |
Total assets | $ | 270,210 |  |  | $ | 246,548 |
Liabilities |  |  |
Unpaid losses and loss expenses | $ | 88,439 |  |  | $ | 84,004 |
Unearned premiums | 26,961 |  |  | 23,504 |
Future policy benefits | 18,288 |  |  | 16,121 |
Market risk benefits | 666 |  |  | 607 |
Policyholders' account balances | 8,539 |  |  | 8,016 |
Separate account liabilities | 6,810 |  |  | 6,231 |
Insurance and reinsurance balances payable | 8,475 |  |  | 8,121 |
Repurchase agreements (includes VIE balances of $789 and $815) | 3,360 |  |  | 2,731 |
Securities lending payable | 1,899 |  |  | 1,445 |
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $67 and $183) | 9,582 |  |  | 10,192 |
Deferred tax liabilities | 1,733 |  |  | 1,584 |
Short-term debt | 1,499 |  |  | 800 |
Long-term debt | 15,727 |  |  | 14,379 |
Hybrid debt | 421 |  |  | 419 |
Total liabilities | 192,399 |  |  | 178,154 |
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 in treasury (17,782,983 and 18,922,323 shares) | (3,682) |  |  | (3,524) |
Additional paid-in capital | 13,476 |  |  | 14,393 |
Retained earnings | 66,722 |  |  | 61,561 |
Accumulated other comprehensive income (loss) (AOCI) | (4,892) |  |  | (8,644) |
Total Chubb shareholders’ equity | 71,855 |  |  | 64,021 |
Noncontrolling interests (includes VIE balances of $5,088 and $3,459) | 5,956 |  |  | 4,373 |
Total shareholders' equity | 77,811 |  |  | 68,394 |
Total liabilities and shareholders’ equity | $ | 270,210 |  |  | $ | 246,548 |

See accompanying notes to the Consolidated Financial Statements
3

Table of Contents
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars, except per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
Revenues |  |  |  |  |  |  |
Net premiums written | $ | 14,866 |  |  | $ | 13,829 |  |  | $ | 41,708 |  |  | $ | 39,410 |
Increase in unearned premiums | (507) |  |  | (456) |  |  | (2,224) |  |  | (2,162) |
Net premiums earned | 14,359 |  |  | 13,373 |  |  | 39,484 |  |  | 37,248 |
Net investment income | 1,648 |  |  | 1,508 |  |  | 4,777 |  |  | 4,367 |
Net realized gains (losses) | 283 |  |  | 198 |  |  | 327 |  |  | 201 |
Market risk benefits gains (losses) | (142) |  |  | (230) |  |  | (251) |  |  | (238) |
Total revenues | 16,148 |  |  | 14,849 |  |  | 44,337 |  |  | 41,578 |
Expenses |  |  |  |  |  |  |
Losses and loss expenses | 6,951 |  |  | 7,383 |  |  | 20,419 |  |  | 19,541 |
Policy benefits (includes remeasurement gains of $66, $26, $61 and $4) | 1,372 |  |  | 1,099 |  |  | 4,005 |  |  | 3,498 |
Policy acquisition costs | 2,563 |  |  | 2,324 |  |  | 7,291 |  |  | 6,757 |
Administrative expenses | 1,138 |  |  | 1,094 |  |  | 3,343 |  |  | 3,258 |
Interest expense | 197 |  |  | 192 |  |  | 559 |  |  | 552 |
Other (income) expense | (43) |  |  | (325) |  |  | (781) |  |  | (626) |
Amortization of purchased intangibles | 75 |  |  | 81 |  |  | 224 |  |  | 241 |
Integration expenses | 1 |  |  | 7 |  |  | 3 |  |  | 21 |
Total expenses | 12,254 |  |  | 11,855 |  |  | 35,063 |  |  | 33,242 |
Income before income tax | 3,894 |  |  | 2,994 |  |  | 9,274 |  |  | 8,336 |
Income tax expense | 787 |  |  | 504 |  |  | 1,825 |  |  | 1,336 |
Net income | $ | 3,107 |  |  | $ | 2,490 |  |  | $ | 7,449 |  |  | $ | 7,000 |
Net income attributable to noncontrolling interests | 306 |  |  | 166 |  |  | 349 |  |  | 303 |
Net income attributable to Chubb | $ | 2,801 |  |  | $ | 2,324 |  |  | $ | 7,100 |  |  | $ | 6,697 |
Other comprehensive income |  |  |  |  |  |  |
Change in: |  |  |  |  |  |  |
Unrealized appreciation | $ | 868 |  |  | $ | 3,459 |  |  | $ | 2,755 |  |  | $ | 2,293 |
Current discount rate on future policy benefits | 305 |  |  | (672) |  |  | 53 |  |  | (672) |
Instrument-specific credit risk on market risk benefits | (9) |  |  | (8) |  |  | (4) |  |  | 2 |
Cumulative foreign currency translation adjustment | 128 |  |  | 445 |  |  | 1,283 |  |  | (5) |
Other, including postretirement benefit liability adjustment | (6) |  |  | (19) |  |  | (127) |  |  | (17) |
Other comprehensive income, before income tax | 1,286 |  |  | 3,205 |  |  | 3,960 |  |  | 1,601 |
Income tax expense related to OCI items | (40) |  |  | (150) |  |  | (116) |  |  | (112) |
Other comprehensive income | 1,246 |  |  | 3,055 |  |  | 3,844 |  |  | 1,489 |
Comprehensive income | 4,353 |  |  | 5,545 |  |  | 11,293 |  |  | 8,489 |
Comprehensive income attributable to noncontrolling interests | 386 |  |  | 187 |  |  | 441 |  |  | 253 |
Comprehensive income attributable to Chubb | $ | 3,967 |  |  | $ | 5,358 |  |  | $ | 10,852 |  |  | $ | 8,236 |
Earnings per share |  |  |  |  |  |  |
Basic earnings per share attributable to Chubb | $ | 7.05 |  |  | $ | 5.75 |  |  | $ | 17.78 |  |  | $ | 16.55 |
Diluted earnings per share attributable to Chubb | $ | 6.99 |  |  | $ | 5.70 |  |  | $ | 17.61 |  |  | $ | 16.38 |

See accompanying notes to the Consolidated Financial Statements
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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Common Shares |  |  |  |  |  |  |
Balance – beginning of period | $ | 231 |  |  | $ | 235 |  |  | $ | 235 |  |  | $ | 241 |
Cancellation of treasury shares | — |  |  | — |  |  | (4) |  |  | (6) |
Balance – end of period | 231 |  |  | 235 |  |  | 231 |  |  | 235 |
Common Shares in treasury |  |  |  |  |  |  |
Balance – beginning of period | (2,462) |  |  | (2,481) |  |  | (3,524) |  |  | (4,400) |
Common Shares repurchased | (1,232) |  |  | (413) |  |  | (2,293) |  |  | (1,299) |
Cancellation of treasury shares | — |  |  | — |  |  | 1,942 |  |  | 2,527 |
Net shares issued under employee share-based compensation plans | 12 |  |  | 57 |  |  | 193 |  |  | 335 |
Balance – end of period | (3,682) |  |  | (2,837) |  |  | (3,682) |  |  | (2,837) |
Additional paid-in capital |  |  |  |  |  |  |
Balance – beginning of period | 13,763 |  |  | 14,926 |  |  | 14,393 |  |  | 15,665 |
Net shares redeemed (issued) under employee share-based compensation plans | 8 |  |  | 3 |  |  | (112) |  |  | (139) |
Exercise of stock options | 1 |  |  | (3) |  |  | 3 |  |  | (22) |
Share-based compensation expense | 89 |  |  | 86 |  |  | 278 |  |  | 258 |
Net increase (decrease) due to acquisitions | — |  |  | — |  |  | 53 |  |  | (31) |
Funding of dividends declared to Retained earnings | (385) |  |  | (369) |  |  | (1,139) |  |  | (1,088) |
Balance – end of period | 13,476 |  |  | 14,643 |  |  | 13,476 |  |  | 14,643 |
Retained earnings |  |  |  |  |  |  |
Balance – beginning of period | 63,921 |  |  | 56,662 |  |  | 61,561 |  |  | 54,810 |
Net income attributable to Chubb | 2,801 |  |  | 2,324 |  |  | 7,100 |  |  | 6,697 |
Cancellation of treasury shares and other | — |  |  | — |  |  | (1,939) |  |  | (2,521) |
Funding of dividends declared from Additional paid-in capital | 385 |  |  | 369 |  |  | 1,139 |  |  | 1,088 |
Dividends declared on Common Shares | (385) |  |  | (369) |  |  | (1,139) |  |  | (1,088) |
Balance – end of period | 66,722 |  |  | 58,986 |  |  | 66,722 |  |  | 58,986 |
Accumulated other comprehensive income (loss) (AOCI) |  |  |  |  |  |  |
Balance – beginning of period | (6,058) |  |  | (8,304) |  |  | (8,644) |  |  | (6,809) |
Other comprehensive income | 1,166 |  |  | 3,034 |  |  | 3,752 |  |  | 1,539 |
Balance – end of period | (4,892) |  |  | (5,270) |  |  | (4,892) |  |  | (5,270) |
Total Chubb shareholders’ equity | $ | 71,855 |  |  | $ | 65,757 |  |  | $ | 71,855 |  |  | $ | 65,757 |
Noncontrolling interests |  |  |  |  |  |  |
Balance – beginning of period | $ | 5,052 |  |  | $ | 3,537 |  |  | $ | 4,373 |  |  | $ | 4,184 |
Net increase (decrease) due to consolidation, deconsolidation, and other transactions | 518 |  |  | 639 |  |  | 1,142 |  |  | (68) |
Net income attributable to noncontrolling interests | 306 |  |  | 166 |  |  | 349 |  |  | 303 |
Other comprehensive income (loss) attributable to noncontrolling interests | 80 |  |  | 21 |  |  | 92 |  |  | (50) |
Other | — |  |  | — |  |  | — |  |  | (6) |
Balance – end of period | $ | 5,956 |  |  | $ | 4,363 |  |  | $ | 5,956 |  |  | $ | 4,363 |
Total shareholders' equity | $ | 77,811 |  |  | $ | 70,120 |  |  | $ | 77,811 |  |  | $ | 70,120 |

See accompanying notes to the Consolidated Financial Statements
5

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries

| Nine Months Ended
| September 30
(in millions of U.S. dollars) | 2025 | 2024
Cash flows from operating activities |  |
Net income | $ | 7,449 |  | $ | 7,000 |
Adjustments to reconcile net income to net cash flows from operating activities |  |
Net realized (gains) losses | (327) |  | (201) |
Market risk benefits (gains) losses | 251 |  | 238 |
Amortization of premiums (discounts) on fixed maturities | (303) |  | (271) |
Amortization of purchased intangibles | 224 |  | 241 |
Equity in net income of partially-owned entities | (779) |  | (621) |
Deferred income taxes | 208 |  | 150 |
Unpaid losses and loss expenses | 3,098 |  | 4,242 |
Unearned premiums | 2,803 |  | 2,563 |
Future policy benefits | 1,646 |  | 1,399 |
Insurance and reinsurance balances payable | 251 |  | 433 |
Accounts payable, accrued expenses, and other liabilities | (599) |  | (175) |
Income taxes | (112) |  | (129) |
Insurance and reinsurance balances receivable | (1,553) |  | (2,468) |
Reinsurance recoverable | (72) |  | 312 |
Deferred policy acquisition costs | (1,260) |  | (1,142) |
Net sales (purchases) of investments by consolidated investment products | (985) |  | (124) |
Other | (1,184) |  | 170 |
Net cash flows from operating activities | 8,756 |  | 11,617 |
Cash flows from investing activities |  |
Purchases of fixed maturities available-for-sale | (24,708) |  | (26,192) |
Purchases of equity securities | (2,164) |  | (2,608) |
Sales of fixed maturities available-for-sale | 8,187 |  | 8,829 |
Sales of equity securities | 2,211 |  | 1,956 |
Maturities and redemptions of fixed maturities available-for-sale | 8,775 |  | 7,735 |
Net change in short-term investments | 939 |  | 158 |
Net derivative instruments settlements | (113) |  | (122) |
Private equity contributions | (2,163) |  | (733) |
Private equity distributions | 1,020 |  | 1,044 |
Acquisition of subsidiaries (net of cash acquired of $32 and nil) | (289) |  | (538) |
Net consolidations of consolidated investment products | 10 |  | 13 |
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) |  | (1,069) |
Common Shares repurchased | (2,523) |  | (1,351) |
Proceeds from issuance of long-term debt | 2,424 |  | 2,297 |
Repayment of long-term debt | (800) |  | (700) |
Proceeds from share-based compensation plans | 210 |  | 302 |
Policyholder contract deposits | 684 |  | 818 |
Policyholder contract withdrawals | (465) |  | (534) |
Third-party capital invested into consolidated investment products | 2,148 |  | 1,409 |
Third-party capital distributed by consolidated investment products | (1,100) |  | (1,118) |
Proceeds from issuance of repurchase agreements | 4,359 |  | 3,950 |
Repayment of repurchase agreements | (3,778) |  | (3,838) |
Other | (227) |  | (228) |
Net cash flows used for financing activities | (189) |  | (62) |
Effect of foreign currency rate changes on cash and restricted cash | 266 |  | (49) |
Net increase (decrease) in cash and restricted cash | (95) |  | 57 |
Cash and restricted cash – beginning of period | 2,549 |  | 2,621 |
Cash and restricted cash – end of period | $ | 2,454 |  | $ | 2,678 |
Supplemental cash flow information |  |
Taxes paid | $ | 1,720 |  | $ | 1,307 |
Interest paid | $ | 454 |  | $ | 415 |

See accompanying notes to the Consolidated Financial Statements
6

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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 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 in Thailand and Vietnam
On March 3, 2025, we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products.
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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
3. Investments
a) Fixed maturities

September 30, 2025 | Amortized Cost |  | Valuation Allowance |  | Gross Unrealized Appreciation |  | Gross Unrealized Depreciation |  | Fair Value |  |  |  |  |
(in millions of U.S. dollars) |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. and local government securities | $ | 4,046 |  |  | $ | — |  |  | $ | 24 |  |  | $ | (224) |  |  | $ | 3,846 |  |  |  |  |  |
Non-U.S. | 40,176 |  |  | (15) |  |  | 986 |  |  | (816) |  |  | 40,331 |  |  |  |  |  |
Corporate and asset-backed securities | 48,360 |  |  | (35) |  |  | 706 |  |  | (1,580) |  |  | 47,451 |  |  |  |  |  |
Mortgage-backed securities | 31,144 |  |  | — |  |  | 326 |  |  | (1,310) |  |  | 30,160 |  |  |  |  |  |
| $ | 123,726 |  |  | $ | (50) |  |  | $ | 2,042 |  |  | $ | (3,930) |  |  | $ | 121,788 |  |  |  |  |  |

December 31, 2024 | Amortized Cost |  | Valuation Allowance |  | Gross Unrealized Appreciation |  | Gross Unrealized Depreciation |  | Fair Value |  |  |  |  |  |  |  |  |  |  |
(in millions of U.S. dollars) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. and local government securities | $ | 4,383 |  |  | $ | — |  |  | $ | 10 |  |  | $ | (323) |  |  | $ | 4,070 |  |  |  |  |  |  |  |  |  |  |  |
Non-U.S. | 36,311 |  |  | (23) |  |  | 753 |  |  | (1,203) |  |  | 35,838 |  |  |  |  |  |  |  |  |  |  |  |
Corporate and asset-backed securities | 45,231 |  |  | (47) |  |  | 287 |  |  | (2,264) |  |  | 43,207 |  |  |  |  |  |  |  |  |  |  |  |
Mortgage-backed securities | 29,158 |  |  | — |  |  | 69 |  |  | (1,979) |  |  | 27,248 |  |  |  |  |  |  |  |  |  |  |  |
| $ | 115,083 |  |  | $ | (70) |  |  | $ | 1,119 |  |  | $ | (5,769) |  |  | $ | 110,363 |  |  |  |  |  |  |  |  |  |  |  |

The following table presents fixed maturities by contractual maturity:

| September 30, 2025 |  | December 31, 2024
(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 | $ | 5,207 |  |  | $ | 5,207 |  |  | $ | 4,507 |  |  | $ | 4,507 |
Due after 1 year through 5 years | 36,276 |  |  | 36,276 |  |  | 33,446 |  |  | 33,446 |
Due after 5 years through 10 years | 30,504 |  |  | 30,504 |  |  | 26,901 |  |  | 26,901 |
Due after 10 years | 19,641 |  |  | 19,641 |  |  | 18,261 |  |  | 18,261 |
| 91,628 |  |  | 91,628 |  |  | 83,115 |  |  | 83,115 |
Mortgage-backed securities | 30,160 |  |  | 30,160 |  |  | 27,248 |  |  | 27,248 |
| $ | 121,788 |  |  | $ | 121,788 |  |  | $ | 110,363 |  |  | $ | 110,363 |

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 Form 10-K for further information on factors considered in the evaluation of expected credit losses.
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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 |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
(in millions of U.S. dollars) |  |  |  |  |
U.S. and local government securities | $ | 274 |  |  | $ | (2) |  |  | $ | 2,195 |  |  | $ | (222) |  |  | $ | 2,469 |  |  | $ | (224) |
Non-U.S. | 4,617 |  |  | (100) |  |  | 9,797 |  |  | (595) |  |  | 14,414 |  |  | (695) |
Corporate and asset-backed securities | 3,551 |  |  | (57) |  |  | 11,096 |  |  | (928) |  |  | 14,647 |  |  | (985) |
Mortgage-backed securities | 925 |  |  | (7) |  |  | 11,695 |  |  | (1,303) |  |  | 12,620 |  |  | (1,310) |
Total AFS fixed maturities | $ | 9,367 |  |  | $ | (166) |  |  | $ | 34,783 |  |  | $ | (3,048) |  |  | $ | 44,150 |  |  | $ | (3,214) |

| 0 – 12 Months |  | Over 12 Months |  | Total
December 31, 2024 | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
(in millions of U.S. dollars) |  |  |  |  |
U.S. and local government securities | $ | 767 |  |  | $ | (16) |  |  | $ | 2,489 |  |  | $ | (303) |  |  | $ | 3,256 |  |  | $ | (319) |
Non-U.S. | 6,630 |  |  | (138) |  |  | 12,023 |  |  | (874) |  |  | 18,653 |  |  | (1,012) |
Corporate and asset-backed securities | 10,069 |  |  | (194) |  |  | 13,290 |  |  | (1,259) |  |  | 23,359 |  |  | (1,453) |
Mortgage-backed securities | 10,490 |  |  | (170) |  |  | 11,987 |  |  | (1,794) |  |  | 22,477 |  |  | (1,964) |
Total AFS fixed maturities | $ | 27,956 |  |  | $ | (518) |  |  | $ | 39,789 |  |  | $ | (4,230) |  |  | $ | 67,745 |  |  | $ | (4,748) |

At September 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $189 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
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Available-for-sale |  |  |  |  |  |  |
Valuation allowance for expected credit losses - beginning of period | $ | 71 |  |  | $ | 122 |  |  | $ | 70 |  |  | $ | 156 |
Provision for expected credit loss | 25 |  |  | 23 |  |  | 76 |  |  | 95 |
Write-offs charged against the expected credit loss | (1) |  |  | (1) |  |  | (2) |  |  | (6) |
Recovery of expected credit loss | (45) |  |  | (69) |  |  | (94) |  |  | (170) |
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 |  |  | $ | 5 |  |  | $ | 4 |  |  | $ | 4 |
Provision for expected credit loss | 1 |  |  | — |  |  | 1 |  |  | 2 |
Recovery of expected credit loss | (1) |  |  | — |  |  | (2) |  |  | (1) |
Valuation allowance for expected credit losses - end of period | $ | 3 |  |  | $ | 5 |  |  | $ | 3 |  |  | $ | 5 |

9

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Fixed maturities: |  |  |  |  |  |  |
Gross realized gains | $ | 121 |  |  | $ | 21 |  |  | $ | 228 |  |  | $ | 73 |
Gross realized losses | (157) |  |  | (91) |  |  | (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 |
Net recovery of expected credit losses | 22 |  |  | 48 |  |  | 21 |  |  | 80 |
Impairment (1) | (22) |  |  | (19) |  |  | (34) |  |  | (81) |
Total fixed maturities | 46 |  |  | 111 |  |  | (58) |  |  | 186 |
Equity securities (2025 includes $66 million and $131 million related to investments measured under the fair value option) | 396 |  |  | 123 |  |  | 596 |  |  | 147 |
Private equities (less than 3 percent ownership) | 48 |  |  | (41) |  |  | 31 |  |  | 39 |
Foreign exchange | (115) |  |  | (58) |  |  | (269) |  |  | (162) |
Investment and embedded derivative instruments | (85) |  |  | 66 |  |  | 46 |  |  | 6 |
Other derivative instruments | (9) |  |  | (2) |  |  | (14) |  |  | (7) |
Other | 2 |  |  | (1) |  |  | (5) |  |  | (8) |
Net realized gains (losses) (pre-tax) | $ | 283 |  |  | $ | 198 |  |  | $ | 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
|  |  |  |  |  |  | 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 | $ | 396 |  |  | $ | 82 |  |  | $ | 48 |  |  | $ | 526 |  |  | $ | 123 |  |  | $ | 152 |  |  | $ | (41) |  |  | $ | 234 |
Less: Net gains (losses) recognized from sales of securities | 59 |  |  | — |  |  | — |  |  | 59 |  |  | (6) |  |  | 2 |  |  | — |  |  | (4) |
Unrealized gains (losses) recognized for securities still held at reporting date | $ | 337 |  |  | $ | 82 |  |  | $ | 48 |  |  | $ | 467 |  |  | $ | 129 |  |  | $ | 150 |  |  | $ | (41) |  |  | $ | 238 |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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:

| Expected Liquidation Period of Underlying Assets |  | September 30, 2025 |  | December 31, 2024
(in millions of U.S. dollars) | Fair Value |  | Maximum Future Funding Commitments |  | Fair Value |  | Maximum Future Funding Commitments
Financial | 2 to 10 Years |  | $ | 1,427 |  |  | $ | 223 |  |  | $ | 1,265 |  |  | $ | 281 |
Real assets | 2 to 13 Years |  | 1,908 |  |  | 662 |  |  | 1,974 |  |  | 547 |
Distressed | 2 to 8 Years |  | 1,150 |  |  | 1,048 |  |  | 1,257 |  |  | 679 |
Private credit | 3 to 8 Years |  | 310 |  |  | 312 |  |  | 295 |  |  | 285 |
Traditional | 2 to 14 Years |  | 11,578 |  |  | 4,192 |  |  | 9,674 |  |  | 4,650 |
Vintage | 1 to 3 Years |  | 52 |  |  | — |  |  | 64 |  |  | — |
Investment funds | Not Applicable |  | 309 |  |  | — |  |  | 240 |  |  | — |
|  |  | $ | 16,734 |  |  | $ | 6,437 |  |  | $ | 14,769 |  |  | $ | 6,442 |

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
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 September 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $19,094 million and $17,945 million, respectively, and cash of $213 million and $261 million, respectively.
The following table presents the components of restricted assets:

| September 30 |  | December 31
(in millions of U.S. dollars) | 2025 |  | 2024
Trust funds | $ | 8,675 |  |  | $ | 8,170 |
Assets pledged under repurchase agreements | 3,580 |  |  | 2,890 |
Deposits with U.S. regulatory authorities | 2,563 |  |  | 2,487 |
Deposits with non-U.S. regulatory authorities and other | 4,489 |  |  | 4,659 |
Total | $ | 19,307 |  |  | $ | 18,206 |

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 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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 30, 2025, and December 31, 2024, was $5.1 billion and $5.0 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 30, 2025, and December 31, 2024, was $159 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified 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.
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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy

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 is a fund of $5,110 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,438 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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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 Ended September 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 |  |  | $ | 598 |  |  | $ | 3,186 |  |  | $ | — |  |  |  |  | $ | 125 |  |  | $ | 42 |
Transfers into Level 3 |  |  | — |  |  | 90 |  |  | — |  |  |  |  | — |  |  | — |
Transfers out of Level 3 |  |  | (1) |  |  | (3) |  |  | — |  |  |  |  | — |  |  | — |
Change in Net Unrealized Gains (Losses) in OCI |  |  | 3 |  |  | 5 |  |  | — |  |  |  |  | — |  |  | — |
Net Realized Gains (Losses) |  |  | 1 |  |  | (8) |  |  | — |  |  |  |  | (2) |  |  | — |
Purchases |  |  | 66 |  |  | 212 |  |  | — |  |  |  |  | 6 |  |  | 2 |
Sales |  |  | (22) |  |  | (124) |  |  | — |  |  |  |  | (15) |  |  | (1) |
Settlements |  |  | (43) |  |  | (119) |  |  | — |  |  |  |  | — |  |  | (1) |
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 |  |  | $ | — |  |  |  |  | $ | 4 |  |  | $ | — |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | — |

Three Months Ended September 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 |  |  | $ | 632 |  |  | $ | 2,709 |  |  | $ | 20 |  |  |  |  | $ | 100 |  |  | $ | 12 |
Transfers out of Level 3 |  |  | (1) |  |  | — |  |  | (14) |  |  |  |  | — |  |  | — |
Change in Net Unrealized Gains (Losses) in OCI |  |  | 10 |  |  | 16 |  |  | — |  |  |  |  | — |  |  | (1) |
Net Realized Gains (Losses) |  |  | (1) |  |  | (10) |  |  | — |  |  |  |  | 7 |  |  | — |
Purchases |  |  | 59 |  |  | 316 |  |  | 40 |  |  |  |  | 17 |  |  | 6 |
Sales |  |  | (18) |  |  | (69) |  |  | — |  |  |  |  | (6) |  |  | (1) |
Settlements |  |  | (42) |  |  | (184) |  |  | — |  |  |  |  | — |  |  | (1) |
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 |  |  | $ | — |  |  | $ | (8) |  |  | $ | — |  |  |  |  | $ | 6 |  |  | $ | — |
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date |  |  | $ | 11 |  |  | $ | 12 |  |  | $ | — |  |  |  |  | $ | — |  |  | $ | (1) |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

Nine Months Ended September 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 |  |  | 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 Ended September 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 |  |  | (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 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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 Carrying Value
(in millions of U.S. dollars) | Level 1 |  | Level 2 |  | Level 3 |  | Total |
Assets: |  |  |  |  |  |  |  |  |
Private debt held-for-investment | $ | — |  |  | $ | — |  |  | $ | 2,566 |  |  | $ | 2,566 |  |  | $ | 2,535 |
Total assets | $ | — |  |  | $ | — |  |  | $ | 2,566 |  |  | $ | 2,566 |  |  | $ | 2,535 |
Liabilities: |  |  |  |  |  |  |  |  |
Repurchase agreements | $ | — |  |  | $ | 3,360 |  |  | $ | — |  |  | $ | 3,360 |  |  | $ | 3,360 |
Short-term debt | — |  |  | 1,492 |  |  | — |  |  | 1,492 |  |  | 1,499 |
Long-term debt | — |  |  | 14,095 |  |  | 570 |  |  | 14,665 |  |  | 15,727 |
Hybrid debt | — |  |  | 482 |  |  | — |  |  | 482 |  |  | 421 |
Total liabilities | $ | — |  |  | $ | 19,429 |  |  | $ | 570 |  |  | $ | 19,999 |  |  | $ | 21,007 |

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 |

5. Reinsurance
Reinsurance recoverable on ceded reinsurance

|  | September 30, 2025 |  | December 31, 2024
(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 |  |  | $ | 265 |  |  | $ | 17,734 |  |  | $ | 242 |
Reinsurance recoverable on paid losses and loss expenses | 1,806 |  |  | 61 |  |  | 2,043 |  |  | 68 |
Reinsurance recoverable on losses and loss expenses | $ | 20,227 |  |  | $ | 326 |  |  | $ | 19,777 |  |  | $ | 310 |
Reinsurance recoverable on policy benefits | $ | 302 |  |  | $ | — |  |  | $ | 289 |  |  | $ | — |

(1)Net of valuation allowance for uncollectible reinsurance.
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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
| September 30
(in millions of U.S. dollars) | 2025 |  | 2024
Valuation allowance for uncollectible reinsurance - beginning of period | $ | 310 |  |  | $ | 367 |
Provision for uncollectible reinsurance | 20 |  |  | 24 |
Write-offs charged against the valuation allowance | (7) |  |  | (4) |
Foreign exchange revaluation | 3 |  |  | 1 |
Valuation allowance for uncollectible reinsurance - end of period | $ | 326 |  |  | $ | 388 |

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2024 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
(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 | 175 |  |  | 90 |  |  | 347 |  |  | 521 |  |  | 78 |  |  | 1,211 |
Amortization expense | (111) |  |  | (62) |  |  | (39) |  |  | (172) |  |  | (23) |  |  | (407) |
Other (including foreign exchange) | 8 |  |  | 5 |  |  | 21 |  |  | 33 |  |  | 12 |  |  | 79 |
Balance – end of period | $ | 541 |  |  | $ | 755 |  |  | $ | 1,199 |  |  | $ | 2,063 |  |  | $ | 391 |  |  | $ | 4,949 |
Overseas General Insurance segment excluded from table |  |  |  |  |  |  |  |  |  |  | 663 |
Total deferred policy acquisition costs on long-duration contracts |  |  |  |  |  |  |  |  |  |  | $ | 5,612 |
Deferred policy acquisition costs on short-duration contracts |  |  |  |  |  |  |  |  |  |  | 4,197 |
Total deferred policy acquisition costs |  |  |  |  |  |  |  |  |  |  | $ | 9,809 |

| 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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Chubb Limited and Subsidiaries
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 |
Acquisition of Liberty Mutual's P&C insurance business in Thailand | — |  |  | — |  |  | — |  |  | 183 |  |  | — |  |  | — |  |  | 183 |
Foreign exchange revaluation | 20 |  |  | 7 |  |  | — |  |  | 306 |  |  | — |  |  | 142 |  |  | 475 |
Balance at September 30, 2025 (1) | $ | 7,188 |  |  | $ | 2,225 |  |  | $ | 134 |  |  | $ | 5,536 |  |  | $ | 371 |  |  | $ | 4,783 |  |  | $ | 20,237 |

(1)Includes $460 million attributable to noncontrolling interests.
8. Unpaid losses and loss expenses
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

| Nine Months Ended
| September 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 | 21,342 |  |  | 20,302 |
Prior years (2) | (923) |  |  | (761) |
Total | 20,419 |  |  | 19,541 |
Net losses and loss expenses paid in respect of losses occurring in: |  |  |
Current year | 5,551 |  |  | 5,005 |
Prior years | 12,135 |  |  | 10,074 |
Total | 17,686 |  |  | 15,079 |
Foreign currency revaluation and other | 1,015 |  |  | (5) |
Net unpaid losses and loss expenses – end of period | 70,018 |  |  | 66,695 |
Reinsurance recoverable on unpaid losses and loss expenses (1) | 18,421 |  |  | 17,631 |
Gross unpaid losses and loss expenses – end of period | $ | 88,439 |  |  | $ | 84,326 |

(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 $58 million and $118 million for the nine months ended September 30, 2025 and 2024, respectively.
Net unpaid losses and loss expenses increased $3,748 million for the nine months ended September 30, 2025, principally reflecting underlying exposure growth, the unfavorable impact of foreign currency movement, and net catastrophe losses, partially offset by the impact of favorable prior period development. The increase in net unpaid losses also reflected seasonality in our crop insurance business.
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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
(in millions of U.S. dollars) | Long-tail |  | Short-tail |  | Total |  | Long-tail |  | Short-tail |  | Total
2025 |  |  |  |  |  |  |  |  |  |  |
North America Commercial P&C Insurance | $ | 104 |  |  | $ | (130) |  |  | $ | (26) |  |  | $ | 77 |  |  | $ | (323) |  |  | $ | (246) |
North America Personal P&C Insurance | — |  |  | (282) |  |  | (282) |  |  | — |  |  | (403) |  |  | (403) |
North America Agricultural Insurance | — |  |  | (30) |  |  | (30) |  |  | — |  |  | (63) |  |  | (63) |
Overseas General Insurance | (66) |  |  | (18) |  |  | (84) |  |  | (30) |  |  | (252) |  |  | (282) |
Global Reinsurance | — |  |  | — |  |  | — |  |  | (5) |  |  | (10) |  |  | (15) |
Corporate | 61 |  |  | — |  |  | 61 |  |  | 144 |  |  | — |  |  | 144 |
Total | $ | 99 |  |  | $ | (460) |  |  | $ | (361) |  |  | $ | 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 30, 2025, included $130 million from short-tail lines, primarily from property lines, 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 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, 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 30, 2024, included $164 million and $310 million, respectively, from short-tail lines, primarily property and marine, driven by lower-than-expected loss development in the most recent accident years. The nine months ended September 30, 2024, also included favorable development from surety lines, due to lower-than-expected loss development. Long-tail lines experienced adverse development of $125 million and $79 million for the three and nine months ended September 30, 2024, respectively, which 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 annual assessment of multi-claimant events, including industrial accidents.
North America Personal P&C Insurance. Net favorable development for the three and nine months ended September 30, 2025 and 2024, was predominantly in homeowners, mainly due to lower-than-expected loss experience in the most recent accident years.
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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 Months Ended September 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 | (56) |  |  | (65) |  |  | (389) |  |  | 7 |  |  | (503) |
Effect of actual variances from expected experience | 5 |  |  | 13 |  |  | (213) |  |  | (1) |  |  | (196) |
Adjusted beginning of period balance | 1,768 |  |  | 4,251 |  |  | 10,897 |  |  | 130 |  |  | 17,046 |
Issuances | 166 |  |  | 1,280 |  |  | 1,542 |  |  | 368 |  |  | 3,356 |
Interest accrual | 43 |  |  | 107 |  |  | 413 |  |  | 8 |  |  | 571 |
Net premiums collected (1) | (188) |  |  | (1,192) |  |  | (1,145) |  |  | (115) |  |  | (2,640) |
Other (including foreign exchange) | 47 |  |  | 170 |  |  | 330 |  |  | 7 |  |  | 554 |
Ending balance at original discount rate | 1,836 |  |  | 4,616 |  |  | 12,037 |  |  | 398 |  |  | 18,887 |
Effect of changes in discount rate assumptions | (253) |  |  | 154 |  |  | 164 |  |  | 4 |  |  | 69 |
Balance – end of period | $ | 1,583 |  |  | $ | 4,770 |  |  | $ | 12,201 |  |  | $ | 402 |  |  | $ | 18,956 |

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

Present Value of Expected Future Policy Benefits | Nine Months Ended September 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 | (54) |  |  | (93) |  |  | (434) |  |  | 13 |  |  | (568) |
Effect of actual variances from expected experience | 9 |  |  | 11 |  |  | (212) |  |  | — |  |  | (192) |
Adjusted beginning of period balance | 2,602 |  |  | 11,160 |  |  | 15,006 |  |  | 614 |  |  | 29,382 |
Issuances | 166 |  |  | 1,280 |  |  | 1,542 |  |  | 368 |  |  | 3,356 |
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
(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 |
Deferred profit liability | 309 |  |  | 1,744 |  |  | 231 |  |  | 69 |  |  | 2,353 |
Net liability for future policy benefits, before reinsurance recoverable | 1,071 |  |  | 10,676 |  |  | 4,289 |  |  | 716 |  |  | 16,752 |
Less: Reinsurance recoverable on future policy benefits | 101 |  |  | 48 |  |  | 123 |  |  | 1 |  |  | 273 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 970 |  |  | $ | 10,628 |  |  | $ | 4,166 |  |  | $ | 715 |  |  | $ | 16,479 |
Weighted average duration (years) | 10.7 |  | 27.0 |  | 10.0 |  | 25.7 |  | 21.7

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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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Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment | September 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 | $ | 725 |  |  | $ | 7,506 |  |  | $ | 4,245 |  |  | $ | 516 |  |  | $ | 12,992 |
Deferred profit liability | 276 |  |  | 1,120 |  |  | 194 |  |  | 32 |  |  | 1,622 |
Net liability for future policy benefits, before reinsurance recoverable | 1,001 |  |  | 8,626 |  |  | 4,439 |  |  | 548 |  |  | 14,614 |
Less: Reinsurance recoverable on future policy benefits | 109 |  |  | 45 |  |  | 112 |  |  | — |  |  | 266 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 892 |  |  | $ | 8,581 |  |  | $ | 4,327 |  |  | $ | 548 |  |  | $ | 14,348 |
Weighted average duration (years) | 10.2 |  | 27.8 |  | 9.8 |  | 17.6 |  | 21.1

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

| September 30
(in millions of U.S. dollars) | 2025 |  | 2024
Net liability for future policy benefits, Life Insurance segment | $ | 14,399 |  |  | $ | 12,992 |
Other (1) | 1,536 |  |  | 1,389 |
Deferred profit liability | 2,353 |  |  | 1,622 |
Liability for future policy benefits, per consolidated balance sheet | $ | 18,288 |  |  | $ | 16,003 |

(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.
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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 |  | September 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 |
Term Life |  |  |  |
Undiscounted expected future benefit payments | $ | 4,498 |  |  | $ | 4,188 |  |
Undiscounted expected future gross premiums | 6,844 |  |  | 6,669 |  |
Discounted expected future benefit payments | 2,345 |  |  | 2,309 |  |
Discounted expected future gross premiums | 4,609 |  |  | 4,504 |  |
Whole Life |  |  |  |
Undiscounted expected future benefit payments | 32,059 |  |  | 28,111 |  |
Undiscounted expected future gross premiums | 11,115 |  |  | 10,363 |  |
Discounted expected future benefit payments | 13,702 |  |  | 11,909 |  |
Discounted expected future gross premiums | 9,180 |  |  | 8,404 |  |
A&H |  |  |  |
Undiscounted expected future benefit payments | 27,189 |  |  | 27,423 |  |
Undiscounted expected future gross premiums | 40,031 |  |  | 40,183 |  |
Discounted expected future benefit payments | 16,259 |  |  | 16,219 |  |
Discounted expected future gross premiums | 24,049 |  |  | 23,655 |  |
Other |  |  |  |
Undiscounted expected future benefit payments | 1,900 |  |  | 1,046 |  |
Undiscounted expected future gross premiums | 606 |  |  | 200 |  |
Discounted expected future benefit payments | 1,049 |  |  | 619 |  |
Discounted expected future gross premiums | $ | 567 |  |  | $ | 177 |  |

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 |
| Nine Months Ended |  | Nine Months Ended |
| September 30 |  | September 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | $ | 542 |  |  | $ | 509 |  |  | $ | 15 |  |  | $ | 14 |  |
Whole Life | 2,024 |  |  | 1,504 |  |  | 184 |  |  | 149 |  |
A&H | 2,314 |  |  | 2,250 |  |  | 98 |  |  | 95 |  |
Other | 157 |  |  | 42 |  |  | 12 |  |  | 8 |  |
Total | $ | 5,037 |  |  | $ | 4,305 |  |  | $ | 309 |  |  | $ | 266 |  |

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The following table presents the weighted-average interest rates for the Life Insurance segment:

| Interest Accretion Rate |  | Current Discount Rate |
| September 30 |  | September 30 |
| 2025 |  | 2024 |  | 2025 |  | 2024 |
Life Insurance |  |  |  |  |  |  |  |
Term Life | 3.0 | % |  | 3.0 | % |  | 5.7 | % |  | 5.2 | % |
Whole Life | 3.4 | % |  | 3.2 | % |  | 4.1 | % |  | 4.1 | % |
A&H | 4.2 | % |  | 3.8 | % |  | 5.8 | % |  | 5.8 | % |
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
(in millions of U.S. dollars) | Universal Life |  | Annuities (2) |  | Other (3) |  | Total
Balance – beginning of period | $ | 1,809 |  |  | $ | 2,585 |  |  | $ | 2,354 |  |  | $ | 6,748 |
Premiums received | 158 |  |  | 232 |  |  | 316 |  |  | 706 |
Policy charges (1) | (81) |  |  | — |  |  | (7) |  |  | (88) |
Surrenders and withdrawals | (91) |  |  | (24) |  |  | (143) |  |  | (258) |
Benefit payments (4) | (24) |  |  | (116) |  |  | (66) |  |  | (206) |
Interest credited | 35 |  |  | 36 |  |  | 59 |  |  | 130 |
Other (including foreign exchange) | 77 |  |  | 49 |  |  | 43 |  |  | 169 |
Balance – end of period | $ | 1,883 |  |  | $ | 2,762 |  |  | $ | 2,556 |  |  | $ | 7,201 |
Unearned revenue liability |  |  |  |  |  |  | 760 |
Other (5) |  |  |  |  |  |  | 578 |
Policyholders' account liability, per consolidated balance sheet |  |  |  |  |  |  | $ | 8,539 |

(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 to Huatai Life.
(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
(4)Includes benefit payments upon maturity as well as death benefits.
(5)Primarily comprises unpaid dividends on certain participating policies.
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| Nine Months Ended September 30, 2024
(in millions of U.S. dollars) | Universal Life |  | Annuities (2) |  | Other (3) |  | Total
Balance – beginning of period | $ | 1,876 |  |  | $ | 2,411 |  |  | $ | 2,502 |  |  | $ | 6,789 |
Premiums received | 204 |  |  | 294 |  |  | 320 |  |  | 818 |
Policy charges (1) | (98) |  |  | — |  |  | (7) |  |  | (105) |
Surrenders and withdrawals | (95) |  |  | (30) |  |  | (202) |  |  | (327) |
Benefit payments (4) | (59) |  |  | (116) |  |  | (40) |  |  | (215) |
Interest credited | 38 |  |  | 29 |  |  | 41 |  |  | 108 |
Other (including foreign exchange) | 3 |  |  | 20 |  |  | (223) |  |  | (200) |
Balance – end of period | $ | 1,869 |  |  | $ | 2,608 |  |  | $ | 2,391 |  |  | $ | 6,868 |
Unearned revenue liability |  |  |  |  |  |  | 712 |
Other (5) |  |  |  |  |  |  | 556 |
Policyholders' account liability, per consolidated balance sheet |  |  |  |  |  |  | $ | 8,136 |

(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 to Huatai Life.
(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
(4)Includes benefit payments upon maturity as well as death benefits.
(5)Primarily comprises unpaid dividends on certain participating policies.

| September 30
| 2025 |  | 2024
(in millions of U.S. dollars, except for percentages) | Universal Life |  | Annuities |  | Other |  | Universal Life |  | Annuities |  | Other
Weighted-average crediting rate (1) | 2.6 | % |  | 1.8 | % |  | 3.3 | % |  | 2.7 | % |  | 1.6 | % |  | 2.7 | %
Net amount at risk (2) | $ | 11,474 |  |  | $ | 30 |  |  | $ | 366 |  |  | $ | 12,648 |  |  | $ | — |  |  | $ | 440 |
Cash Surrender Value | $ | 1,747 |  |  | $ | 1,827 |  |  | $ | 2,264 |  |  | $ | 1,699 |  |  | $ | 1,691 |  |  | $ | 2,091 |

(1)Calculated using actual interest credited for the nine months ended September 30, 2025 and 2024, 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.
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
(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 |  |  | $ | — |  |  | $ | 51 |  |  | $ | 177 |  |  | $ | 708 |
2.01% – 4.00% | 489 |  |  | 317 |  |  | 354 |  |  | — |  |  | 1,160 |
Greater than 4.00% | 15 |  |  | — |  |  | — |  |  | — |  |  | 15 |
Total | $ | 984 |  |  | $ | 317 |  |  | $ | 405 |  |  | $ | 177 |  |  | $ | 1,883 |

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| 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% | $ | 464 |  |  | $ | — |  |  | $ | 47 |  |  | $ | 92 |  |  | $ | 603 |
2.01% – 4.00% | 249 |  |  | 371 |  |  | 633 |  |  | — |  |  | 1,253 |
Greater than 4.00% | 13 |  |  | — |  |  | — |  |  | — |  |  | 13 |
Total | $ | 726 |  |  | $ | 371 |  |  | $ | 680 |  |  | $ | 92 |  |  | $ | 1,869 |

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
(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 |  |  | $ | 6 |  |  | $ | 153 |  |  | $ | 434 |  |  | $ | 987 |
2.01% – 4.00% | 1,517 |  |  | 52 |  |  | — |  |  | — |  |  | 1,569 |
Greater than 4.00% | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total | $ | 1,911 |  |  | $ | 58 |  |  | $ | 153 |  |  | $ | 434 |  |  | $ | 2,556 |

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

| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024
Cash and cash equivalents | $ | 103 |  |  | $ | 75 |
Mutual funds | 6,631 |  |  | 5,844 |
Fixed maturities | 76 |  |  | 77 |
Total | $ | 6,810 |  |  | $ | 5,996 |

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

| Nine Months Ended
| September 30
(in millions of U.S. dollars) | 2025 |  | 2024
Balance – beginning of period | $ | 6,231 |  |  | $ | 5,573 |
Premiums and deposits | 1,081 |  |  | 945 |
Policy charges | (122) |  |  | (118) |
Surrenders and withdrawals | (745) |  |  | (666) |
Benefit payments | (345) |  |  | (320) |
Investment performance | 320 |  |  | 625 |
Other (including foreign exchange) | 390 |  |  | (43) |
Balance – end of period | $ | 6,810 |  |  | $ | 5,996 |
Cash surrender value (1) | $ | 6,327 |  |  | $ | 5,790 |

(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
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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 Ended September 30
(in millions of U.S. dollars) | 2025 |  | 2024
Balance – beginning of period | $ | 607 |  |  | $ | 771 |
Balance, beginning of period, before effect of changes in the instrument-specific credit risk | 592 |  |  | 749 |
Interest rate changes | 45 |  |  | 10 |
Effect of market movements (1) | (115) |  |  | (147) |
Effect of changes in volatilities | 19 |  |  | 9 |
Actual policyholder behavior different from expected behavior | 34 |  |  | 55 |
Effect of changes in future expected policyholder behavior | 101 |  |  | 87 |
Effect of timing and all other | (29) |  |  | (34) |
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 | 19 |  |  | 19 |
Balance – end of period | $ | 666 |  |  | $ | 748 |
Weighted-average age of policyholders (years) | 74 |  | 74
Net amount at risk (2) | $ | 1,385 |  |  | $ | 1,595 |

(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 of $197 million and $258 million for the nine months ended September 30, 2025 and 2024, 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 30, 2025 |  | September 30, 2024
|  |  | Ranges |  | Weighted Average(1) |  | Ranges |  | Weighted Average(1)
MRB (1) |  |  | Actuarial model |  | Lapse rate |  | 0.5% – 27.3% |  | 3.2 | % |  | 0.5% – 27.3% |  | 3.4 | %
|  |  |  |  | Annuitization rate |  | 0% – 100% |  | 4.9 | % |  | 0% – 100% |  | 4.6 | %

(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.
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) Foreign denominated debt
(i) Chubb INA CNY bonds
On August 6, 2025, Chubb INA issued a series of bonds denominated in Chinese yuan renminbi (CNY), 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
| Consolidated Balance Sheet Location |  | Fair Value |  | Notional Amount/ Payment Provision |  |  |  | Fair Value |  | Notional Amount/ Payment Provision
(in millions of U.S. dollars) |  | Derivative Asset |  | Derivative (Liability) |  |  |  | Derivative Asset |  | Derivative (Liability) |
Investment and embedded derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign currency forward contracts | OA / (AP) |  | $ | 18 |  |  | $ | (169) |  |  | $ | 4,695 |  |  |  |  | $ | 41 |  |  | $ | (295) |  |  | $ | 3,959 |
Options/Futures/Forward contracts on notes and bonds | OA / (AP) |  | 4 |  |  | (4) |  |  | 1,096 |  |  |  |  | — |  |  | (8) |  |  | 449 |
Convertible securities (1) | FM AFS / ES |  | 7 |  |  | — |  |  | 7 |  |  |  |  | 12 |  |  | — |  |  | 12 |
Total |  |  | $ | 29 |  |  | $ | (173) |  |  | $ | 5,798 |  |  |  |  | $ | 53 |  |  | $ | (303) |  |  | $ | 4,420 |
Other derivative instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Futures contracts on equities (2) | OA / (AP) |  | $ | — |  |  | $ | (11) |  |  | $ | 909 |  |  |  |  | $ | 35 |  |  | $ | — |  |  | $ | 1,047 |
Other | OA / (AP) |  | 5 |  |  | (5) |  |  | 435 |  |  |  |  | — |  |  | (2) |  |  | 211 |
Total |  |  | $ | 5 |  |  | $ | (16) |  |  | $ | 1,344 |  |  |  |  | $ | 35 |  |  | $ | (2) |  |  | $ | 1,258 |
Derivatives designated as hedging instruments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cross-currency swaps - fair value hedges | OA / (AP) |  | $ | 216 |  |  | $ | — |  |  | $ | 2,048 |  |  |  |  | $ | 103 |  |  | $ | — |  |  | $ | 1,579 |
Cross-currency swaps - net investment hedges | OA / (AP) |  | 45 |  |  | (183) |  |  | 3,014 |  |  |  |  | 43 |  |  | (116) |  |  | 2,896 |
Total |  |  | $ | 261 |  |  | $ | (183) |  |  | $ | 5,062 |  |  |  |  | $ | 146 |  |  | $ | (116) |  |  | $ | 4,475 |

(1)Includes fair value of embedded derivatives.
(2)Related to MRB book of business.
At September 30, 2025, and December 31, 2024, net derivative liabilities of $84 million and $199 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 30, 2025, 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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Chubb Limited and Subsidiaries

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(pre-tax, in millions of U.S. dollars) | 2025 | 2024 |  | 2025 | 2024
Gain (loss) recognized in OCI | $ | (17) |  | $ | 42 |  |  | $ | 98 |  | $ | (12) |
Net realized gain (loss) reclassified from OCI | (9) |  | 63 |  |  | 229 |  | 14 |
Interest expense reclassified from OCI | (5) |  | (3) |  |  | (14) |  | (11) |
OCI gain (loss) after reclassifications | $ | (3) |  | $ | (18) |  |  | $ | (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. 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.
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 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 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.
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
(pre-tax, in millions of U.S. dollars) | 2025 | 2024 |  | 2025 | 2024
Cross-currency swaps: |  |  |  |  |
Gain (loss) recognized in OCI | $ | 61 |  | $ | (98) |  |  | $ | (53) |  | $ | (25) |
Interest income reclassified from OCI | 8 |  | 5 |  |  | 23 |  | 11 |
Total cross currency swaps | 53 |  | (103) |  |  | (76) |  | (36) |
Foreign denominated debt: |  |  |  |  |
Gain (loss) recognized in OCI | (11) |  | — |  |  | (17) |  | — |
Total OCI gain (loss) after reclassifications | $ | 42 |  | $ | (103) |  |  | $ | (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
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Investment and embedded derivative instruments: |  |  |  |  |  |  |
Foreign currency forward contracts | $ | (82) |  |  | $ | 52 |  |  | $ | 51 |  |  | $ | (28) |
Options/Futures/Forward contracts on notes and bonds | (3) |  |  | 12 |  |  | (5) |  |  | 30 |
Convertible securities (1) | — |  |  | 2 |  |  | — |  |  | 4 |
Total investment and embedded derivative instruments | $ | (85) |  |  | $ | 66 |  |  | $ | 46 |  |  | $ | 6 |
Other derivative instruments: |  |  |  |  |  |  |
Futures contracts on equities (2) | $ | (59) |  |  | $ | (41) |  |  | $ | (94) |  |  | $ | (157) |
Other | (9) |  |  | (2) |  |  | (14) |  |  | (7) |
Total other derivative instruments | $ | (68) |  |  | $ | (43) |  |  | $ | (108) |  |  | $ | (164) |
Total | $ | (153) |  |  | $ | 23 |  |  | $ | (62) |  |  | $ | (158) |

(1)Includes embedded derivatives.
(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 available-for-sale or 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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:

| Remaining contractual maturity
| 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
| 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. | 1,544 |  |  | — |  |  | — |  |  | 1,544 |  |  | 1,387 |  |  | — |  |  | — |  |  | 1,387 |
U.S. and local government securities | — |  |  | 104 |  |  | — |  |  | 104 |  |  | — |  |  | — |  |  | 104 |  |  | 104 |
Mortgage-backed securities | 969 |  |  | 944 |  |  | 18 |  |  | 1,931 |  |  | — |  |  | 454 |  |  | 924 |  |  | 1,378 |
Total | $ | 2,513 |  |  | $ | 1,049 |  |  | $ | 18 |  |  | $ | 3,580 |  |  | $ | 1,387 |  |  | $ | 473 |  |  | $ | 1,030 |  |  | $ | 2,890 |
Gross amount of recognized liabilities for repurchase agreements |  |  |  |  |  |  | $ | 3,360 |  |  |  |  |  |  |  |  | $ | 2,731 |
Difference (1) |  |  |  |  |  |  | $ | 220 |  |  |  |  |  |  |  |  | $ | 159 |

(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.
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Chubb Limited and Subsidiaries
e) Fixed maturities
At September 30, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $1.4 billion and $1.3 billion, respectively.
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 out standing. 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
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.
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 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.
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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 |  | October 1, 2025 through October 24, 2025
| September 30 |  | September 30 |
(in millions of U.S. dollars, except share data) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Number of shares repurchased | 4,436,315 |  |  | 1,441,607 |  |  | 8,121,824 |  |  | 4,915,964 |  |  | 1,000,000 |
Cost of shares repurchased | $ | 1,232 |  |  | $ | 413 |  |  | $ | 2,293 |  |  | $ | 1,299 |  |  | $ | 282 |
Repurchase authorization remaining at end of period | $ | 3,783 |  |  | $ | 2,400 |  |  | $ | 3,783 |  |  | $ | 2,400 |  |  | $ | 3,502 |

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

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 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 | $ | (2,772) |  |  | $ | (5,301) |  |  | $ | (4,552) |  |  | $ | (4,177) |
Change in period, before reclassification from AOCI (before tax) | 837 |  |  | 3,419 |  |  | 2,598 |  |  | 2,139 |
Amounts reclassified from AOCI (before tax) | 31 |  |  | 40 |  |  | 157 |  |  | 154 |
Change in period, before tax | 868 |  |  | 3,459 |  |  | 2,755 |  |  | 2,293 |
Income tax expense | (52) |  |  | (198) |  |  | (163) |  |  | (149) |
Total other comprehensive income | 816 |  |  | 3,261 |  |  | 2,592 |  |  | 2,144 |
Noncontrolling interests, net of tax | (16) |  |  | 2 |  |  | (20) |  |  | 9 |
Balance – end of period, net of tax | (1,940) |  |  | (2,042) |  |  | (1,940) |  |  | (2,042) |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 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 | (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 | (2,919) |  |  | (3,342) |  |  | (4,025) |  |  | (2,945) |
Change in period, before reclassification from AOCI (before tax) | 136 |  |  | 450 |  |  | 1,306 |  |  | 6 |
Amounts reclassified from AOCI (before tax) | (8) |  |  | (5) |  |  | (23) |  |  | (11) |
Change in period, before tax | 128 |  |  | 445 |  |  | 1,283 |  |  | (5) |
Income tax (expense) benefit | (17) |  |  | 7 |  |  | (26) |  |  | 19 |
Total other comprehensive income | 111 |  |  | 452 |  |  | 1,257 |  |  | 14 |
Noncontrolling interests, net of tax | 49 |  |  | 62 |  |  | 89 |  |  | 21 |
Balance – end of period, net of tax | (2,857) |  |  | (2,952) |  |  | (2,857) |  |  | (2,952) |
Fair value hedging instruments |  |  |  |  |  |  |
Balance – beginning of period, net of tax | (40) |  |  | (11) |  |  | 50 |  |  | (13) |
Change in period, before reclassification from AOCI (before tax) | (17) |  |  | 42 |  |  | 98 |  |  | (12) |
Amounts reclassified from AOCI (before tax) | 14 |  |  | (60) |  |  | (215) |  |  | (3) |
Change in period, before tax | (3) |  |  | (18) |  |  | (117) |  |  | (15) |
Income tax benefit | — |  |  | 4 |  |  | 24 |  |  | 3 |
Total other comprehensive loss | (3) |  |  | (14) |  |  | (93) |  |  | (12) |
Noncontrolling interests, net of tax | — |  |  | — |  |  | — |  |  | — |
Balance – end of period, net of tax | (43) |  |  | (25) |  |  | (43) |  |  | (25) |
Postretirement benefit liability adjustment |  |  |  |  |  |  |
Balance – beginning of period, net of tax | 431 |  |  | 297 |  |  | 438 |  |  | 297 |
Change in period, before tax | (3) |  |  | (1) |  |  | (10) |  |  | (2) |
Income tax benefit | 1 |  |  | — |  |  | 1 |  |  | 1 |
Total other comprehensive loss | (2) |  |  | (1) |  |  | (9) |  |  | (1) |
Noncontrolling interests, net of tax | — |  |  | — |  |  | — |  |  | — |
Balance – end of period, net of tax | 429 |  |  | 296 |  |  | 429 |  |  | 296 |
Accumulated other comprehensive loss | $ | (4,892) |  |  | $ | (5,270) |  |  | $ | (4,892) |  |  | $ | (5,270) |

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
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
| September 30 |  | September 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024 |
Fixed maturities available-for-sale | $ | (31) |  |  | $ | (40) |  |  | $ | (157) |  |  | $ | (154) |  |  | Net realized gains (losses)
Income tax (expense) benefit | (11) |  |  | 17 |  |  | 17 |  |  | 41 |  |  | Income tax expense
| $ | (42) |  |  | $ | (23) |  |  | $ | (140) |  |  | $ | (113) |  |  | Net income
Cumulative foreign currency translation adjustment |  |  |  |  |  |  |  |  |
Cross-currency swaps | $ | 8 |  |  | $ | 5 |  |  | $ | 23 |  |  | $ | 11 |  |  | Interest expense
Income tax expense | (2) |  |  | (1) |  |  | (5) |  |  | (2) |  |  | Income tax expense
| $ | 6 |  |  | $ | 4 |  |  | $ | 18 |  |  | $ | 9 |  |  | Net income
Net gains (losses) of fair value hedging instruments |  |  |  |  |  |  |  |  |
Cross-currency swaps | $ | (9) |  |  | $ | 63 |  |  | $ | 229 |  |  | $ | 14 |  |  | Net realized gains (losses)
Cross-currency swaps | (5) |  |  | (3) |  |  | (14) |  |  | (11) |  |  | Interest expense
Income tax (expense) benefit | 3 |  |  | (12) |  |  | (45) |  |  | — |  |  | Income tax expense
| $ | (11) |  |  | $ | 48 |  |  | $ | 170 |  |  | $ | 3 |  |  | Net income
Total amounts reclassified from AOCI | $ | (47) |  |  | $ | 29 |  |  | $ | 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 3, 2025, Chubb granted 1,253,605 stock options with a weighted-average grant date fair value of $74.75 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 3, 2025, Chubb granted 619,298 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and 289,620 performance stock units to employees and officers with a grant date fair value of $289.69 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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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 Postretirement Benefit Plans
| 2025 |  | 2024 |  | 2025 |  | 2024
Three 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 | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |
Non-service cost (benefit): |  |  |  |  |  |  |  |  |  |  |
Interest cost | 34 |  |  | 9 |  |  | 33 |  |  | 9 |  |  | — |  |  | — |
Expected return on plan assets | (62) |  |  | (15) |  |  | (61) |  |  | (13) |  |  | (1) |  |  | — |
Amortization of net actuarial (gain) loss | (2) |  |  | 1 |  |  | — |  |  | — |  |  | — |  |  | (1) |
Amortization of prior service cost | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Settlements | — |  |  | — |  |  | 1 |  |  | — |  |  | — |  |  | — |
Total non-service cost (benefit) | (30) |  |  | (5) |  |  | (27) |  |  | (4) |  |  | (1) |  |  | (1) |
Net periodic benefit cost (benefit) | $ | (30) |  |  | $ | (3) |  |  | $ | (27) |  |  | $ | (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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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
(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 | (3) |  |  | (3) |  |  | — |  | —
Administrative expenses | (32) |  |  | (28) |  |  | (1) |  |  | (1) |
Total non-service cost (benefit) | (35) |  |  | (31) |  |  | (1) |  |  | (1) |
Net periodic benefit cost (benefit) | $ | (33) |  |  | $ | (29) |  |  | $ | (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) |

17. Other income and expense

| 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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$(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.
Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.
Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.
Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.
18. Segment information
Chubb operates through six 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. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.
Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.
Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss).
Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:
•Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.
•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and
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Chubb Limited and Subsidiaries
the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.
•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.
The following tables present the Statement of Operations by segment:

For the Three Months Ended September 30, 2025 (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 |  | Total
Net premiums written | $ | 5,663 |  |  | $ | 1,814 |  |  | $ | 1,458 |  |  | $ | 3,695 |  |  | $ | 304 |  |  | $ | 1,932 |  |  | $ | 14,866 |
Net premiums earned | 5,080 |  |  | 1,741 |  |  | 1,495 |  |  | 3,803 |  |  | 315 |  |  | 1,925 |  |  | 14,359 |
Losses and loss expenses | 3,083 |  |  | 713 |  |  | 1,224 |  |  | 1,707 |  |  | 139 |  |  | 31 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 119 |  |  | — |  |  | 1,303 |  |  |
Policy acquisition costs | 708 |  |  | 339 |  |  | 86 |  |  | 975 |  |  | 96 |  |  | 359 |  |  |
Administrative expenses | 348 |  |  | 82 |  |  | 5 |  |  | 368 |  |  | 9 |  |  | 213 |  |  |
Underwriting income | 941 |  |  | 607 |  |  | 180 |  |  | 634 |  |  | 71 |  |  | NM |  |
Net investment income | 978 |  |  | 123 |  |  | 20 |  |  | 288 |  |  | 100 |  |  | 284 |  |  |
Other (income) expense | 10 |  |  | 1 |  |  | — |  |  | 8 |  |  | — |  |  | (31) |  |  |
Amortization of purchased intangibles | 1 |  |  | 2 |  |  | 6 |  |  | 20 |  |  | — |  |  | 10 |  |  |
Segment income | $ | 1,908 |  |  | $ | 727 |  |  | $ | 194 |  |  | $ | 894 |  |  | $ | 171 |  |  | $ | 324 |  |  | $ | 4,218 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 283 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (142) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 197 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 1 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (174) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (18) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | 87 |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 36 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,894 |

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
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For the Three Months Ended September 30, 2024 (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 |  | Total
Net premiums written | $ | 5,500 |  |  | $ | 1,679 |  |  | $ | 1,379 |  |  | $ | 3,367 |  |  | $ | 352 |  |  | $ | 1,552 |  |  | $ | 13,829 |
Net premiums earned | 5,110 |  |  | 1,577 |  |  | 1,419 |  |  | 3,421 |  |  | 316 |  |  | 1,530 |  |  | 13,373 |
Losses and loss expenses | 3,391 |  |  | 879 |  |  | 1,193 |  |  | 1,631 |  |  | 200 |  |  | 32 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 120 |  |  | — |  |  | 989 |  |  |
Policy acquisition costs | 689 |  |  | 315 |  |  | 88 |  |  | 852 |  |  | 89 |  |  | 291 |  |  |
Administrative expenses | 338 |  |  | 88 |  |  | 2 |  |  | 340 |  |  | 9 |  |  | 213 |  |  |
Underwriting income | 692 |  |  | 295 |  |  | 136 |  |  | 478 |  |  | 18 |  |  | NM |  |
Net investment income | 931 |  |  | 112 |  |  | 20 |  |  | 286 |  |  | 64 |  |  | 250 |  |  |
Other (income) expense | 6 |  |  | 1 |  |  | 1 |  |  | 5 |  |  | — |  |  | (39) |  |  |
Amortization of purchased intangibles | 2 |  |  | 3 |  |  | 5 |  |  | 21 |  |  | — |  |  | 10 |  |  |
Segment income | $ | 1,615 |  |  | $ | 403 |  |  | $ | 150 |  |  | $ | 738 |  |  | $ | 82 |  |  | $ | 284 |  |  | $ | 3,272 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 198 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (230) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 192 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 7 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (162) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (28) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | (202) |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 40 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | (19) |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 2,994 |

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
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For the Nine Months Ended September 30, 2025 (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 |  | Total
Net premiums written | $ | 16,173 |  |  | $ | 5,304 |  |  | $ | 2,467 |  |  | $ | 11,218 |  |  | $ | 1,092 |  |  | $ | 5,454 |  |  | $ | 41,708 |
Net premiums earned | 15,245 |  |  | 4,996 |  |  | 2,258 |  |  | 10,554 |  |  | 1,021 |  |  | 5,410 |  |  | 39,484 |
Losses and loss expenses | 9,372 |  |  | 3,628 |  |  | 1,799 |  |  | 4,893 |  |  | 513 |  |  | 77 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 361 |  |  | — |  |  | 3,715 |  |  |
Policy acquisition costs | 2,132 |  |  | 1,001 |  |  | 151 |  |  | 2,725 |  |  | 294 |  |  | 988 |  |  |
Administrative expenses | 1,049 |  |  | 251 |  |  | 9 |  |  | 1,067 |  |  | 29 |  |  | 614 |  |  |
Underwriting income | 2,692 |  |  | 116 |  |  | 299 |  |  | 1,508 |  |  | 185 |  |  | NM |  |
Net investment income | 2,845 |  |  | 361 |  |  | 63 |  |  | 847 |  |  | 255 |  |  | 829 |  |  |
Other (income) expense | 26 |  |  | 2 |  |  | 1 |  |  | 19 |  |  | — |  |  | (103) |  |  |
Amortization of purchased intangibles | 4 |  |  | 6 |  |  | 18 |  |  | 58 |  |  | — |  |  | 28 |  |  |
Segment income | $ | 5,507 |  |  | $ | 469 |  |  | $ | 343 |  |  | $ | 2,278 |  |  | $ | 440 |  |  | $ | 920 |  |  | $ | 9,957 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 327 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (251) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 559 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 3 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (469) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (74) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | (408) |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 110 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | 48 |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 9,274 |

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
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For the Nine Months Ended September 30, 2024 (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 |  | Total
Net premiums written | $ | 15,690 |  |  | $ | 4,911 |  |  | $ | 2,386 |  |  | $ | 10,536 |  |  | $ | 1,122 |  |  | $ | 4,765 |  |  | $ | 39,410 |
Net premiums earned | 14,890 |  |  | 4,560 |  |  | 2,173 |  |  | 9,966 |  |  | 950 |  |  | 4,709 |  |  | 37,248 |
Losses and loss expenses | 9,640 |  |  | 2,654 |  |  | 1,785 |  |  | 4,728 |  |  | 492 |  |  | 86 |  |  |
Policy benefits | — |  |  | — |  |  | — |  |  | 312 |  |  | — |  |  | 3,090 |  |  |
Policy acquisition costs | 2,037 |  |  | 914 |  |  | 154 |  |  | 2,517 |  |  | 250 |  |  | 885 |  |  |
Administrative expenses | 993 |  |  | 262 |  |  | 7 |  |  | 1,019 |  |  | 29 |  |  | 638 |  |  |
Underwriting income | 2,220 |  |  | 730 |  |  | 227 |  |  | 1,390 |  |  | 179 |  |  | NM |  |
Net investment income | 2,620 |  |  | 322 |  |  | 62 |  |  | 836 |  |  | 179 |  |  | 738 |  |  |
Other (income) expense | 28 |  |  | — |  |  | 1 |  |  | 14 |  |  | — |  |  | (111) |  |  |
Amortization of purchased intangibles | 2 |  |  | 7 |  |  | 18 |  |  | 61 |  |  | — |  |  | 31 |  |  |
Segment income | $ | 4,810 |  |  | $ | 1,045 |  |  | $ | 270 |  |  | $ | 2,151 |  |  | $ | 358 |  |  | $ | 828 |  |  | $ | 9,462 |
Net realized gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | 201 |
Market risk benefits gains (losses) |  |  |  |  |  |  |  |  |  |  |  |  | (238) |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | 552 |
Integration expenses |  |  |  |  |  |  |  |  |  |  |  |  | 21 |
Corporate underwriting loss |  |  |  |  |  |  |  |  |  |  |  |  | (471) |
Corporate net investment loss |  |  |  |  |  |  |  |  |  |  |  |  | (86) |
Corporate other (income) expense |  |  |  |  |  |  |  |  |  |  |  |  | (263) |
Corporate amortization of purchased intangibles |  |  |  |  |  |  |  |  |  |  |  |  | 122 |
Other reclassification |  |  |  |  |  |  |  |  |  |  |  |  | (100) |
Income before income tax |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,336 |

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries
19. Earnings per share

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars, except share and per share data) | 2025 |  | 2024 |  | 2025 |  | 2024
Numerator: |  |  |  |  |  |  |
Net income | $ | 3,107 |  |  | $ | 2,490 |  |  | $ | 7,449 |  |  | $ | 7,000 |
Net income (loss) attributable to noncontrolling interests | 306 |  |  | 166 |  |  | 349 |  |  | 303 |
Net income attributable to Chubb | $ | 2,801 |  |  | $ | 2,324 |  |  | $ | 7,100 |  |  | $ | 6,697 |
Denominator: |  |  |  |  |  |  |
Denominator for basic earnings per share attributable to Chubb: |  |  |  |  |  |  |
Weighted-average shares outstanding | 397,336,568 |  |  | 403,831,412 |  |  | 399,289,363 |  |  | 404,700,118 |
Denominator for diluted earnings per share attributable to Chubb: |  |  |  |  |  |  |
Share-based compensation plans | 3,532,323 |  |  | 4,047,315 |  |  | 3,902,807 |  |  | 4,191,655 |
Weighted-average shares outstanding and assumed conversions | 400,868,891 |  |  | 407,878,727 |  |  | 403,192,170 |  |  | 408,891,773 |
Basic earnings per share attributable to Chubb | $ | 7.05 |  |  | $ | 5.75 |  |  | $ | 17.78 |  |  | $ | 16.55 |
Diluted earnings per share attributable to Chubb | $ | 6.99 |  |  | $ | 5.70 |  |  | $ | 17.61 |  |  | $ | 16.38 |
Potential anti-dilutive share conversions | 1,631,069 |  |  | 1,330,590 |  |  | 1,819,681 |  |  | 1,080,371 |

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2024 Form 10-K for additional information on stock options.
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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and nine months ended September 30, 2025.
All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.
Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024 (2024 Form 10-K).
Other Information
We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.

MD&A Index | Page
Forward-Looking Statements | 52
Overview | 53
Consolidated Operating Results | 54
Segment Operating Results | 58
Net Realized and Unrealized Gains (Losses) | 68
Effective Income Tax Rate | 69
Non-GAAP Reconciliation | 69
Net Investment Income | 75
Interest Expense | 75
Investments | 75
Critical Accounting Estimates | 79
Catastrophe Management | 80
Global Property Catastrophe Reinsurance Program | 81
Capital Resources | 82
Liquidity | 83
Information Provided In Connection With Outstanding Debt of Subsidiaries | 85

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Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to:
•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete;
•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;
•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;
•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events;
•the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;
•severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic;
•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;
•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries;
•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery;
•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;
•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;
•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization;
•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;
•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;
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•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and
•management’s response to these factors and actual events (including, but not limited to, those described above).
The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise.

Overview

Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At September 30, 2025, we had total assets of $270 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $72 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six 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. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K.
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Consolidated Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  |  | YTD-25 vs. YTD-24
Net premiums written | $ | 14,866 |  |  | $ | 13,829 |  |  | 7.5 | % |  | $ | 41,708 |  |  | $ | 39,410 |  |  | 5.8 | %
Net premiums written - constant dollars (1) |  |  |  |  | 6.8 | % |  |  |  |  |  | 6.6 | %
Net premiums earned | 14,359 |  |  | 13,373 |  |  | 7.4 | % |  | 39,484 |  |  | 37,248 |  |  | 6.0 | %
Net investment income | 1,648 |  |  | 1,508 |  |  | 9.3 | % |  | 4,777 |  |  | 4,367 |  |  | 9.4 | %
Net realized gains (losses) | 283 |  |  | 198 |  |  | 43.2 | % |  | 327 |  |  | 201 |  |  | 62.8 | %
Market risk benefits gains (losses) | (142) |  |  | (230) |  |  | (38.6) | % |  | (251) |  |  | (238) |  |  | 5.5 | %
Total revenues | 16,148 |  |  | 14,849 |  |  | 8.8 | % |  | 44,337 |  |  | 41,578 |  |  | 6.6 | %
Losses and loss expenses | 6,951 |  |  | 7,383 |  |  | (5.9) | % |  | 20,419 |  |  | 19,541 |  |  | 4.5 | %
Policy benefits | 1,372 |  |  | 1,099 |  |  | 24.7 | % |  | 4,005 |  |  | 3,498 |  |  | 14.5 | %
Policy acquisition costs | 2,563 |  |  | 2,324 |  |  | 10.3 | % |  | 7,291 |  |  | 6,757 |  |  | 7.9 | %
Administrative expenses | 1,138 |  |  | 1,094 |  |  | 4.0 | % |  | 3,343 |  |  | 3,258 |  |  | 2.6 | %
Interest expense | 197 |  |  | 192 |  |  | 2.6 | % |  | 559 |  |  | 552 |  |  | 1.2 | %
Other (income) expense | (43) |  |  | (325) |  |  | (86.9) | % |  | (781) |  |  | (626) |  |  | 24.6 | %
Amortization of purchased intangibles | 75 |  |  | 81 |  |  | (7.4) | % |  | 224 |  |  | 241 |  |  | (7.0) | %
Integration expenses | 1 |  |  | 7 |  |  | (80.8) | % |  | 3 |  |  | 21 |  |  | (86.0) | %
Total expenses | 12,254 |  |  | 11,855 |  |  | 3.4 | % |  | 35,063 |  |  | 33,242 |  |  | 5.5 | %
Income before income tax | 3,894 |  |  | 2,994 |  |  | 30.0 | % |  | 9,274 |  |  | 8,336 |  |  | 11.2 | %
Income tax expense | 787 |  |  | 504 |  |  | 56.1 | % |  | 1,825 |  |  | 1,336 |  |  | 36.6 | %
Net income | $ | 3,107 |  |  | $ | 2,490 |  |  | 24.7 | % |  | $ | 7,449 |  |  | $ | 7,000 |  |  | 6.4 | %
Net income attributable to noncontrolling interests | 306 |  |  | 166 |  |  | 83.4 | % |  | 349 |  |  | 303 |  |  | 15.2 | %
Net income attributable to Chubb | $ | 2,801 |  |  | $ | 2,324 |  |  | 20.5 | % |  | $ | 7,100 |  |  | $ | 6,697 |  |  | 6.0 | %

(1) On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.
Financial Highlights for the Three Months Ended September 30, 2025
•Net income attributable to Chubb was $2.8 billion compared with $2.3 billion in the prior year period. Net income in the current year quarter was primarily driven by double-digit growth in both P&C underwriting income and Life segment income and higher net investment income.
•Consolidated net premiums written were $14.87 billion, up 7.5 percent, or 6.8 percent in constant dollars.
•P&C net premiums written were $12.93 billion, up 5.3 percent, or 4.7 percent in constant dollars, with commercial insurance up 2.9 percent and consumer insurance up 10.1 percent in constant dollars. Overall growth in commercial lines reflects strong new business and retention highlighted by middle market and small commercial P&C, excess and surplus (E&S), crop insurance, large account casualty, and financial lines. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. The increase in P&C net premiums was partially offset by two non-recurring items that benefited the prior year quarter in the North America commercial P&C segment, which unfavorably impacted growth by 1.5 percentage points.
•Life Insurance net premiums written were $1.9 billion, up 24.6 percent, or 23.5 percent in constant dollars, due to growth in international life of 25.1 percent in constant dollars, predominantly in North Asia, and Combined North America of 18.1 percent, primarily driven by worksite business. Growth includes $126 million from a one-
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time large transaction in New Zealand. Life Insurance segment income was $324 million, up 14.2 percent, or 13.9 percent in constant dollars.
•Pre-tax net investment income was $1.65 billion, up 9.3 percent compared to $1.5 billion in the prior year period, primarily due to higher average invested assets.
•Operating cash flow was $3.6 billion.

Net Premiums Written | Three Months Ended September 30 |  | % Change |  | Nine Months Ended September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  | 2024 |  | Q-25 vs. Q-24 | C$ Q-25 vs. Q-24 |  | 2025 |  | 2024 |  | YTD-25 vs. YTD-24 | C$ YTD-25 vs. YTD-24
Property and other short-tail lines | $ | 2,428 |  | $ | 2,314 |  | 4.9 | % | 4.4 | % |  | $ | 7,683 |  | $ | 7,389 |  | 4.0 | % | 4.5 | %
Commercial casualty | 2,627 |  | 2,548 |  | 3.1 | % | 2.4 | % |  | 7,268 |  | 6,913 |  | 5.1 | % | 5.2 | %
Financial lines | 1,349 |  | 1,249 |  | 8.0 | % | 7.2 | % |  | 3,706 |  | 3,594 |  | 3.1 | % | 3.4 | %
Workers' compensation | 537 |  | 539 |  | (0.2) | % | (0.2) | % |  | 1,722 |  | 1,727 |  | (0.3) | % | (0.3) | %
Commercial multiple peril (1) | 462 |  | 433 |  | 6.8 | % | 6.8 | % |  | 1,359 |  | 1,229 |  | 10.6 | % | 10.6 | %
Surety | 203 |  | 188 |  | 7.5 | % | 8.2 | % |  | 628 |  | 572 |  | 9.7 | % | 13.1 | %
Total Commercial P&C lines | 7,606 |  | 7,271 |  | 4.6 | % | 4.1 | % |  | 22,366 |  | 21,424 |  | 4.4 | % | 4.8 | %
Agriculture | 1,458 |  | 1,379 |  | 5.6 | % | 5.6 | % |  | 2,467 |  | 2,386 |  | 3.4 | % | 3.4 | %
Personal homeowners | 1,403 |  | 1,287 |  | 9.1 | % | 9.0 | % |  | 3,958 |  | 3,707 |  | 6.8 | % | 7.1 | %
Personal automobile | 780 |  | 624 |  | 24.9 | % | 25.2 | % |  | 2,192 |  | 1,880 |  | 16.6 | % | 22.0 | %
Personal other | 538 |  | 509 |  | 5.7 | % | 3.0 | % |  | 1,705 |  | 1,594 |  | 7.0 | % | 6.8 | %
Total Personal lines | 2,721 |  | 2,420 |  | 12.4 | % | 11.9 | % |  | 7,855 |  | 7,181 |  | 9.4 | % | 10.8 | %
Global A&H - P&C | 845 |  | 855 |  | (1.2) | % | (3.8) | % |  | 2,474 |  | 2,532 |  | (2.3) | % | (2.0) | %
Reinsurance lines | 304 |  | 352 |  | (13.5) | % | (13.8) | % |  | 1,092 |  | 1,122 |  | (2.6) | % | (2.7) | %
Total Property and Casualty lines | 12,934 |  | 12,277 |  | 5.3 | % | 4.7 | % |  | 36,254 |  | 34,645 |  | 4.6 | % | 5.2 | %
Life Insurance | 1,932 |  | 1,552 |  | 24.6 | % | 23.5 | % |  | 5,454 |  | 4,765 |  | 14.5 | % | 17.0 | %
Total consolidated | $ | 14,866 |  | $ | 13,829 |  | 7.5 | % | 6.8 | % |  | $ | 41,708 |  | $ | 39,410 |  | 5.8 | % | 6.6 | %

(1)Commercial multiple peril represents retail package business (property and general liability).
For additional information on net premiums written, refer to the segment operating results discussions.
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Catastrophe Losses and Prior Period Development
We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe losses are net of reinsurance and include reinstatement premiums, which are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.
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. PPD includes adjustments relating to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development.

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Net catastrophe losses | $ | 285 |  |  | $ | 765 |  |  | $ | 2,556 |  |  | $ | 1,780 |
Favorable prior period development | $ | 361 |  |  | $ | 244 |  |  | $ | 865 |  |  | $ | 643 |

Catastrophe losses through September 30, 2025 and 2024, were primarily from the following events:
•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses.
◦Total North America P&C Insurance catastrophe losses were $237 million and $2.1 billion for the three and nine months ended September 30, 2025, respectively.
◦Total Overseas General catastrophe losses were $42 million and $349 million for the three and nine months ended September 30, 2025, respectively.
•2024: Severe weather-related events in the U.S. and internationally.
◦Total North America P&C Insurance catastrophe losses were $599 million and $1.4 billion for the three and nine months ended September 30, 2024, respectively.
◦Total Overseas General catastrophe losses were $103 million and $286 million for the three and nine months ended September 30, 2024, respectively.
Pre-tax net favorable PPD for the three months ended September 30, 2025, was $422 million in our active companies, including net favorable development of $460 million in short-tail lines and net unfavorable development of $38 million in long-tail lines. Net favorable development for short-tail lines is driven by property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation. Our corporate run-off portfolio had adverse development of $61 million, primarily driven by adverse development for environmental-related claims.
Pre-tax net favorable PPD for the nine months ended September 30, 2025, was $1.0 billion in our active companies, including net favorable development of $1.05 billion in short-tail lines and net adverse development of $42 million in long-tail lines. Net favorable development for short-tail lines primarily includes surety, property, and marine lines. Net adverse development for long-tail lines reflects favorable development primarily in workers' compensation offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $144 million, primarily driven by adverse development for environmental and molestation-related claims.
Pre-tax net favorable PPD for the three months ended September 30, 2024, was $299 million in our active companies, including net favorable development of $358 million in short-tail lines and net adverse development of $59 million in long-tail lines. Net favorable development for short-tail lines primarily includes property and marine lines. Net adverse development for long-tail lines reflects favorable development primarily in workers' compensation offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $55 million, primarily driven by adverse development for environmental-related claims.
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Pre-tax net favorable PPD for the nine months ended September 30, 2024, was $800 million in our active companies, principally in short-tail property and marine lines. Our corporate run-off portfolio had adverse development of $157 million, primarily driven by adverse development for environmental and molestation-related claims.
Refer to the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.
P&C Combined Ratio
In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss. P&C CAY combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio.

| Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
| 2025 |  | 2024 |  | 2025 |  | 2024
Combined ratio: |  |  |  |  |  |  |
Loss and loss expense ratio | 56.7 | % |  | 63.1 | % |  | 60.8 | % |  | 60.8 | %
Policy acquisition cost ratio | 17.7 | % |  | 17.2 | % |  | 18.5 | % |  | 18.0 | %
Administrative expense ratio | 7.4 | % |  | 7.4 | % |  | 8.0 | % |  | 8.1 | %
P&C Combined ratio | 81.8 | % |  | 87.7 | % |  | 87.3 | % |  | 86.9 | %
Catastrophe losses | (2.3) | % |  | (6.4) | % |  | (7.4) | % |  | (5.5) | %
Prior period development | 3.0 | % |  | 2.1 | % |  | 2.5 | % |  | 2.0 | %
P&C CAY combined ratio excluding catastrophe losses | 82.5 | % |  | 83.4 | % |  | 82.4 | % |  | 83.4 | %

The P&C combined ratio decreased for the three months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development, and the impact of a large structured transaction that had an unfavorable impact to the ratio in the prior year period. The P&C combined ratio increased for the nine months ended September 30, 2025, reflecting California wildfire losses of $1.47 billion, including the unfavorable impact of $37 million of net ceded reinstatement premiums on the expense ratio (i.e., lower premium resulting in a higher expense ratio). The increase was partially offset by higher favorable prior period development.
The P&C CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting lower losses, partially offset by an increase in the policy acquisition cost ratio from changes in mix of business.
Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Interest expense, Amortization of purchased intangibles, and Income tax expense.
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Segment Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

We operate through six 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. For more information on our segments refer to “Segment Information” under Item 1 in our 2024 Form 10-K.
North America Commercial P&C Insurance
The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts).

| Three Months Ended |  |  |  |  | Nine Months Ended |  |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  |  | YTD-25 vs. YTD-24
Net premiums written | $ | 5,663 |  |  | $ | 5,500 |  |  | 2.9 | % |  | $ | 16,173 |  | $ | 15,690 |  | 3.1 | %
Net premiums earned | 5,080 |  |  | 5,110 |  |  | (0.6) | % |  | 15,245 |  | 14,890 |  | 2.4 | %
Losses and loss expenses | 3,083 |  |  | 3,391 |  |  | (9.1) | % |  | 9,372 |  | 9,640 |  | (2.8) | %
Policy acquisition costs | 708 |  |  | 689 |  |  | 2.8 | % |  | 2,132 |  | 2,037 |  | 4.7 | %
Administrative expenses | 348 |  |  | 338 |  |  | 2.9 | % |  | 1,049 |  | 993 |  | 5.6 | %
Underwriting income | 941 |  |  | 692 |  |  | 35.9 | % |  | 2,692 |  | 2,220 |  | 21.2 | %
Net investment income | 978 |  |  | 931 |  |  | 5.2 | % |  | 2,845 |  | 2,620 |  | 8.6 | %
Other (income) expense | 10 |  |  | 6 |  |  | 54.7 | % |  | 26 |  | 28 |  | (6.2) | %
Amortization of purchased intangibles | 1 |  |  | 2 |  |  | (50.0) | % |  | 4 |  | 2 |  | 125.0 | %
Segment income | $ | 1,908 |  |  | $ | 1,615 |  |  | 18.1 | % |  | $ | 5,507 |  | $ | 4,810 |  |  | 14.5 | %
Combined ratio: |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | 60.7 | % |  | 66.4 | % |  | (5.7) |  | pts |  | 61.5 | % |  | 64.7 | % |  | (3.2) |  | pts
Policy acquisition cost ratio | 13.9 | % |  | 13.5 | % |  | 0.4 |  | pts |  | 14.0 | % |  | 13.7 | % |  | 0.3 |  | pts
Administrative expense ratio | 6.9 | % |  | 6.6 | % |  | 0.3 |  | pts |  | 6.8 | % |  | 6.7 | % |  | 0.1 |  | pts
Combined ratio | 81.5 | % |  | 86.5 | % |  | (5.0) |  | pts |  | 82.3 | % |  | 85.1 | % |  | (2.8) |  | pts
Catastrophe losses | (1.4) | % |  | (6.6) | % |  | 5.2 |  | pts |  | (2.9) | % |  | (5.5) | % |  | 2.6 |  | pts
Prior period development | 0.7 | % |  | 0.9 | % |  | (0.2) |  | pts |  | 1.7 | % |  | 1.6 | % |  | 0.1 |  | pts
CAY combined ratio excluding catastrophe losses | 80.8 | % |  | 80.8 | % |  | — |  | pts |  | 81.1 | % |  | 81.2 | % |  | (0.1) |  | pts

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The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts.

Production by Size - Net premiums written | Three Months Ended |  | Nine Months Ended |
| September 30 | % Change | September 30 | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  | 2024 | Q-25 vs. Q-24 | 2025 |  | 2024 | YTD-25 vs. YTD-24
Major Accounts & Specialty | $ | 3,379 |  |  | $ | 3,296 |  | 2.5 | % | $ | 9,688 |  |  | $ | 9,599 |  | 0.9 | %
Commercial | 2,284 |  |  | 2,204 |  | 3.6 | % | 6,485 |  |  | 6,091 |  | 6.5 | %
Total | $ | 5,663 |  |  | $ | 5,500 |  | 2.9 | % | $ | 16,173 |  |  | $ | 15,690 |  | 3.1 | %

Net Catastrophe Losses and Prior Period Development | Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Net catastrophe losses | $ | 72 |  |  | $ | 340 |  |  | $ | 455 |  |  | $ | 828 |
Favorable prior period development | $ | 26 |  |  | $ | 39 |  |  | $ | 246 |  |  | $ | 231 |

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $163 million, or 2.9 percent, for the three months ended September 30, 2025, and includes a 3.4 percentage point unfavorable impact of two non-recurring items that benefited the prior year quarter. Middle market and small commercial grew 3.6 percent, including a 3.3 percentage point unfavorable impact of lower workers’ compensation annual payroll-related audit premium adjustments, which are made in the third quarter every year. Major accounts and specialty were up 2.5 percent, and includes a 3.4 percent unfavorable impact from a one-off structured transaction which occurred in 2024, with E&S up 6.6 percent.
Net premiums written increased $483 million, or 3.1 percent, for the nine months ended September 30, 2025, which includes P&C lines growth of 2.9 percent and financial lines growth of 3.9 percent. Middle market and small commercial grew 6.5 percent, with P&C lines up 8.1 percent and financial lines up 0.7 percent. Major accounts retail and specialty grew 0.9 percent, with property and other short-tail lines down 3.1 percent, casualty up 4.9 percent, and financial lines up 7.7 percent.
The increase in premiums was across a number of lines, most notably in primary and excess casualty and in our small and mid-market commercial E&S, reflecting new business and rate increases. The increases were partially offset by rate decreases in our Large Risk and E&S brokerage property lines.
Net premiums earned decreased $30 million, or 0.6 percent, for the three months ended September 30, 2025, and increased $355 million, or 2.4 percent, for the nine months ended September 30, 2025, both reflecting the growth in net premiums written described above. The growth for the three months ended September 30, 2025 was unfavorably impacted by the one-off structured transaction described above and lower workers' compensation annual payroll-related audit premium adjustments that were fully earned when written.
Combined Ratio
The combined ratio decreased for the three and nine months ended September 30, 2025, reflecting lower catastrophe losses. The CAY combined ratio excluding catastrophe losses was relatively flat for the three and nine months ended September 30, 2025, reflecting a change in the mix of business and earned rate exceeding loss trends in certain lines, partially offset by higher loss trends relative to earned rate growth in financial lines, and an increase in the expense ratio reflecting one-off benefits in the prior year. The ratio was also favorably impacted from lower year-over-year large structured transactions as described above.
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North America Personal P&C Insurance
The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.

| Three Months Ended |  |  |  |  | Nine Months Ended |  |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  |  | YTD-25 vs. YTD-24
Net premiums written | $ | 1,814 |  |  | $ | 1,679 |  |  | 8.1 | % |  | $ | 5,304 |  |  | $ | 4,911 |  |  | 8.0 | %
Net premiums earned | 1,741 |  |  | 1,577 |  |  | 10.5 | % |  | 4,996 |  |  | 4,560 |  |  | 9.6 | %
Losses and loss expenses | 713 |  |  | 879 |  |  | (18.8) | % |  | 3,628 |  |  | 2,654 |  |  | 36.7 | %
Policy acquisition costs | 339 |  |  | 315 |  |  | 7.5 | % |  | 1,001 |  |  | 914 |  |  | 9.5 | %
Administrative expenses | 82 |  |  | 88 |  |  | (6.3) | % |  | 251 |  |  | 262 |  |  | (4.1) | %
Underwriting income | 607 |  |  | 295 |  |  | 106.2 | % |  | 116 |  |  | 730 |  |  | (84.1) | %
Net investment income | 123 |  |  | 112 |  |  | 10.1 | % |  | 361 |  |  | 322 |  |  | 12.2 | %
Other (income) expense | 1 |  |  | 1 |  |  | — |  |  | 2 |  |  | — |  |  | NM
Amortization of purchased intangibles | 2 |  |  | 3 |  |  | (5.4) | % |  | 6 |  |  | 7 |  |  | (5.4) | %
Segment income | $ | 727 |  |  | $ | 403 |  |  | 80.4 | % |  | $ | 469 |  |  | $ | 1,045 |  |  | (55.1) | %
Combined ratio: |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | 41.0 | % |  | 55.8 | % |  | (14.8) |  | pts |  | 72.6 | % |  | 58.2 | % |  | 14.4 |  | pts
Policy acquisition cost ratio | 19.4 | % |  | 20.0 | % |  | (0.6) |  | pts |  | 20.1 | % |  | 20.0 | % |  | 0.1 |  | pts
Administrative expense ratio | 4.7 | % |  | 5.5 | % |  | (0.8) |  | pts |  | 5.0 | % |  | 5.8 | % |  | (0.8) |  | pts
Combined ratio | 65.1 | % |  | 81.3 | % |  | (16.2) |  | pts |  | 97.7 | % |  | 84.0 | % |  | 13.7 |  | pts
Catastrophe losses | (9.2) | % |  | (14.6) | % |  | 5.4 |  | pts |  | (32.6) | % |  | (11.8) | % |  | (20.8) |  | pts
Prior period development | 16.2 | % |  | 12.0 | % |  | 4.2 |  | pts |  | 8.0 | % |  | 6.7 | % |  | 1.3 |  | pts
CAY combined ratio excluding catastrophe losses | 72.1 | % |  | 78.7 | % |  | (6.6) |  | pts |  | 73.1 | % |  | 78.9 | % |  | (5.8) |  | pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development | Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Net catastrophe losses | $ | 161 |  |  | $ | 230 |  |  | $ | 1,645 |  |  | $ | 538 |
Favorable prior period development | $ | 282 |  |  | $ | 189 |  |  | $ | 403 |  |  | $ | 305 |

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $135 million, or 8.1 percent, and $393 million, or 8.0 percent, for the three and nine months ended September 30, 2025, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines. The growth in premiums for the nine months ended September 30, 2025, was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires.
Net premiums earned increased $164 million, or 10.5 percent, and $436 million, or 9.6 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in net premiums written described above.
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Combined Ratio
The combined ratio decreased for the three months ended September 30, 2025, reflecting higher favorable prior period development and a lower impact from catastrophe losses. The combined ratio increased for the nine months ended September 30, 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.
The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, primarily due to an improvement in homeowners and auto from lower underlying losses and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.
North America Agricultural Insurance
The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

| Three Months Ended |  |  |  |  | Nine Months Ended |  |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  |  | YTD-25 vs. YTD-24
Net premiums written | $ | 1,458 |  |  | $ | 1,379 |  |  | 5.6 | % |  | $ | 2,467 |  |  | $ | 2,386 |  |  | 3.4 | %
Net premiums earned | 1,495 |  |  | 1,419 |  |  | 5.4 | % |  | 2,258 |  |  | 2,173 |  |  | 3.9 | %
Losses and loss expenses | 1,224 |  |  | 1,193 |  |  | 2.6 | % |  | 1,799 |  |  | 1,785 |  |  | 0.8 | %
Policy acquisition costs | 86 |  |  | 88 |  |  | (1.5) | % |  | 151 |  |  | 154 |  |  | (1.7) | %
Administrative expenses | 5 |  |  | 2 |  |  | 68.7 | % |  | 9 |  |  | 7 |  |  | 20.3 | %
Underwriting income | 180 |  |  | 136 |  |  | 32.6 | % |  | 299 |  |  | 227 |  |  | 31.9 | %
Net investment income | 20 |  |  | 20 |  |  | — |  |  | 63 |  |  | 62 |  |  | 1.9 | %
Other (income) expense | — |  |  | 1 |  |  | NM |  | 1 |  |  | 1 |  |  | — |
Amortization of purchased intangibles | 6 |  |  | 5 |  |  | — |  |  | 18 |  |  | 18 |  |  | — |
Segment income | $ | 194 |  |  | $ | 150 |  |  | 29.6 | % |  | $ | 343 |  |  | $ | 270 |  |  | 27.2 | %
Combined ratio: |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | 81.9 | % |  | 84.1 | % |  | (2.2) |  | pts |  | 79.7 | % |  | 82.2 | % |  | (2.5) |  | pts
Policy acquisition cost ratio | 5.8 | % |  | 6.1 | % |  | (0.3) |  | pts |  | 6.7 | % |  | 7.1 | % |  | (0.4) |  | pts
Administrative expense ratio | 0.3 | % |  | 0.2 | % |  | 0.1 |  | pts |  | 0.4 | % |  | 0.3 | % |  | 0.1 |  | pts
Combined ratio | 88.0 | % |  | 90.4 | % |  | (2.4) |  | pts |  | 86.8 | % |  | 89.6 | % |  | (2.8) |  | pts
Catastrophe losses | (0.3) | % |  | (2.0) | % |  | 1.7 |  | pts |  | (0.9) | % |  | (2.9) | % |  | 2.0 |  | pts
Prior period development | 2.0 | % |  | 0.5 | % |  | 1.5 |  | pts |  | 2.8 | % |  | 1.7 | % |  | 1.1 |  | pts
CAY combined ratio excluding catastrophe losses | 89.7 | % |  | 88.9 | % |  | 0.8 |  | pts |  | 88.7 | % |  | 88.4 | % |  | 0.3 |  | pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development | Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Net catastrophe losses | $ | 4 |  |  | $ | 29 |  |  | $ | 20 |  |  | $ | 65 |
Favorable prior period development | $ | 30 |  |  | $ | 6 |  |  | $ | 63 |  |  | $ | 34 |

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
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Premiums
Net premiums written increased $79 million, or 5.6 percent, and $81 million, or 3.4 percent, for the three and nine months ended September 30, 2025, respectively, primarily due to higher reported acreage from policyholders, and policy count growth, partially offset by lower commodity prices in the current year. Net premiums written for the nine months ended September 30, 2025, also reflects a ceded premium increase of $41 million to the U.S. Government under the profit-sharing formula in the prior year, mostly offset by lower commodity prices in the current year.
Net premiums earned increased $76 million, or 5.4 percent, and $85 million, or 3.9 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in net premiums written described above.
Combined Ratio
The combined ratio decreased for the three and nine months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development.
The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2025, which contemplates a lower underwriting gain for the first nine months of the current crop year, partially offset by earned rate exceeding loss trend in our Agriculture P&C business.
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Overseas General Insurance
Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand.

| Three Months Ended |  |  |  |  | Nine Months Ended |  |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  |  | YTD-25 vs. YTD-24
Net premiums written | $ | 3,695 |  |  | $ | 3,367 |  |  | 9.7 | % |  | $ | 11,218 |  |  | $ | 10,536 |  |  | 6.5 | %
Net premiums written - constant dollars |  |  |  |  | 7.4 | % |  |  |  |  |  | 8.0 | %
Net premiums earned | 3,803 |  |  | 3,421 |  |  | 11.2 | % |  | 10,554 |  |  | 9,966 |  |  | 5.9 | %
Losses and loss expenses | 1,707 |  |  | 1,631 |  |  | 4.7 | % |  | 4,893 |  |  | 4,728 |  |  | 3.5 | %
Policy benefits | 119 |  |  | 120 |  |  | (1.4) | % |  | 361 |  |  | 312 |  |  | 15.7 | %
Policy acquisition costs | 975 |  |  | 852 |  |  | 14.4 | % |  | 2,725 |  |  | 2,517 |  |  | 8.3 | %
Administrative expenses | 368 |  |  | 340 |  |  | 8.5 | % |  | 1,067 |  |  | 1,019 |  |  | 4.7 | %
Underwriting income | 634 |  |  | 478 |  |  | 32.5 | % |  | 1,508 |  |  | 1,390 |  |  | 8.4 | %
Net investment income | 288 |  |  | 286 |  |  | 1.0 | % |  | 847 |  |  | 836 |  |  | 1.3 | %
Other (income) expense | 8 |  |  | 5 |  |  | 59.8 | % |  | 19 |  |  | 14 |  |  | 32.9 | %
Amortization of purchased intangibles | 20 |  |  | 21 |  |  | (2.7) | % |  | 58 |  |  | 61 |  |  | (4.9) | %
Segment income | $ | 894 |  |  | $ | 738 |  |  | 21.1 | % |  | $ | 2,278 |  |  | $ | 2,151 |  |  | 5.9 | %
Segment income - constant dollars |  |  |  |  | 17.7 | % |  |  |  |  |  | 6.2 | %
Combined ratio: |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | 48.0 | % |  | 51.2 | % |  | (3.2) |  | pts |  | 49.8 | % |  | 50.6 | % |  | (0.8) |  | pts
Policy acquisition cost ratio | 25.6 | % |  | 24.9 | % |  | 0.7 |  | pts |  | 25.8 | % |  | 25.3 | % |  | 0.5 |  | pts
Administrative expense ratio | 9.7 | % |  | 9.9 | % |  | (0.2) |  | pts |  | 10.1 | % |  | 10.2 | % |  | (0.1) |  | pts
Combined ratio | 83.3 | % |  | 86.0 | % |  | (2.7) |  | pts |  | 85.7 | % |  | 86.1 | % |  | (0.4) |  | pts
Catastrophe losses | (1.1) | % |  | (3.0) | % |  | 1.9 |  | pts |  | (3.3) | % |  | (2.9) | % |  | (0.4) |  | pts
Prior period development | 2.2 | % |  | 1.8 | % |  | 0.4 |  | pts |  | 2.7 | % |  | 2.1 | % |  | 0.6 |  | pts
CAY combined ratio excluding catastrophe losses | 84.4 | % |  | 84.8 | % |  | (0.4) |  | pts |  | 85.1 | % |  | 85.3 | % |  | (0.2) |  | pts

Net Catastrophe Losses and Prior Period Development | Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Net catastrophe losses | $ | 42 |  |  | $ | 103 |  |  | $ | 349 |  |  | $ | 286 |
Favorable prior period development | $ | 84 |  |  | $ | 60 |  |  | $ | 282 |  |  | $ | 210 |

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
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Net Premiums Written by Region | Three Months Ended September 30
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2025 % of Total |  | 2024 |  |  | 2024 % of Total |  | C$ 2024 |  | Q-25 vs. Q-24 |  | C$ Q-25 vs. Q-24
Region |  |  |  |  |
Europe, Middle East, and Africa | $ | 1,412 |  |  | 38 | % |  | $ | 1,347 |  |  | 40 | % |  | $ | 1,407 |  |  | 4.8 | % |  | 0.3 | %
Asia | 1,462 |  |  | 40 | % |  | 1,279 |  |  | 38 | % |  | 1,301 |  |  | 14.3 | % |  | 12.4 | %
Latin America | 775 |  |  | 21 | % |  | 701 |  |  | 21 | % |  | 690 |  |  | 10.6 | % |  | 12.3 | %
Other (1) | 46 |  |  | 1 | % |  | 40 |  |  | 1 | % |  | 40 |  |  | 15.0 | % |  | 13.5 | %
Net premiums written | $ | 3,695 |  |  | 100 | % |  | $ | 3,367 |  |  | 100 | % |  | $ | 3,438 |  |  | 9.7 | % |  | 7.4 | %

| Nine Months Ended September 30
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2025 % of Total |  | 2024 |  |  | 2024 % of Total |  | C$ 2024 |  | YTD-25 vs. YTD-24 |  | C$ YTD-25 vs. YTD-24
Region |  |  |  |  |
Europe, Middle East, and Africa | $ | 4,875 |  |  | 44 | % |  | $ | 4,625 |  |  | 44 | % |  | $ | 4,654 |  |  | 5.4 | % |  | 4.7 | %
Asia | 3,976 |  |  | 35 | % |  | 3,617 |  |  | 34 | % |  | 3,598 |  |  | 9.9 | % |  | 10.5 | %
Latin America | 2,254 |  |  | 20 | % |  | 2,175 |  |  | 21 | % |  | 2,017 |  |  | 3.6 | % |  | 11.7 | %
Other (1) | 113 |  |  | 1 | % |  | 119 |  |  | 1 | % |  | 119 |  |  | (5.7) | % |  | (5.6) | %
Net premiums written | $ | 11,218 |  |  | 100 | % |  | $ | 10,536 |  |  | 100 | % |  | $ | 10,388 |  |  | 6.5 | % |  | 8.0 | %

(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.
Premiums
Overall, net premiums written increased $328 million and $682 million, or $257 million and $830 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively, reflecting growth in commercial lines of 5.8 percent and 5.1 percent, or 3.9 percent and 6.0 percent on a constant-dollar basis, respectively, and growth in consumer lines of 15.5 percent and 8.6 percent, or 12.6 percent and 10.9 percent on a constant-dollar basis, respectively.
Our European division increased for the three and nine months ended September 30, 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property in our retail and wholesale business, casualty, and cyber lines due to higher new business.
Asia increased for the three and nine months ended September 30, 2025, reflecting growth primarily in consumer lines, including personal lines and A&H. Commercial lines growth reflects higher new business in property. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand effective April 1, 2025.
Latin America increased for the three and nine months ended September 30, 2025, reflecting growth in personal lines business, including automobile in Mexico. Commercial lines increased driven by growth across all lines.
Net premiums earned increased $382 million and $588 million, or $295 million and $693 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively, reflecting the increase in net premiums written described above.
Combined Ratio
The combined ratio decreased for the three months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2025, reflecting higher favorable prior period development, partially offset by higher catastrophe losses. The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting loss ratio improvement, primarily from commercial lines, offset by increase in expense ratio reflecting changes in mix of business, primarily higher consumer lines.
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Global Reinsurance
The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

| Three Months Ended |  |  |  |  | Nine Months Ended |  |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  |  | YTD-25 vs. YTD-24
Net premiums written | $ | 304 |  |  | $ | 352 |  |  | (13.5) | % |  | $ | 1,092 |  |  | $ | 1,122 |  |  | (2.6) | %
Net premiums written - constant dollars |  |  |  |  | (13.8) | % |  |  |  |  |  | (2.7) | %
Net premiums earned | 315 |  |  | 316 |  |  | (0.5) | % |  | 1,021 |  |  | 950 |  |  | 7.4 | %
Losses and loss expenses | 139 |  |  | 200 |  |  | (31.1) | % |  | 513 |  |  | 492 |  |  | 4.1 | %
Policy acquisition costs | 96 |  |  | 89 |  |  | 8.5 | % |  | 294 |  |  | 250 |  |  | 17.5 | %
Administrative expenses | 9 |  |  | 9 |  |  | — |  |  | 29 |  |  | 29 |  |  | 0.5 | %
Underwriting income | 71 |  |  | 18 |  |  | NM |  | 185 |  |  | 179 |  |  | 3.7 | %
Net investment income | 100 |  |  | 64 |  |  | 55.6 | % |  | 255 |  |  | 179 |  |  | 42.5 | %
Segment income | $ | 171 |  |  | $ | 82 |  |  | 108.0 | % |  | $ | 440 |  |  | $ | 358 |  |  | 23.1 | %
Combined ratio: |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | 43.8 | % |  | 63.3 | % |  | (19.5) |  | pts |  | 50.1 | % |  | 51.8 | % |  | (1.7) |  | pts
Policy acquisition cost ratio | 30.5 | % |  | 28.0 | % |  | 2.5 |  | pts |  | 28.8 | % |  | 26.3 | % |  | 2.5 |  | pts
Administrative expense ratio | 3.1 | % |  | 3.1 | % |  | — |  | pts |  | 3.0 | % |  | 3.1 | % |  | (0.1) |  | pts
Combined ratio | 77.4 | % |  | 94.4 | % |  | (17.0) |  | pts |  | 81.9 | % |  | 81.2 | % |  | 0.7 |  | pts
Catastrophe losses | (1.8) | % |  | (20.2) | % |  | 18.4 |  | pts |  | (8.9) | % |  | (6.7) | % |  | (2.2) |  | pts
Prior period development | — |  |  | 1.6 | % |  | (1.6) |  | pts |  | 1.5 | % |  | 2.1 | % |  | (0.6) |  | pts
CAY combined ratio excluding catastrophe losses | 75.6 | % |  | 75.8 | % |  | (0.2) |  | pts |  | 74.5 | % |  | 76.6 | % |  | (2.1) |  | pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development | Three Months Ended |  | Nine Months Ended
| September 30 |  | September 30
(in millions of U.S. dollars) | 2025 |  | 2024 |  | 2025 |  | 2024
Net catastrophe losses | $ | 6 |  |  | $ | 63 |  |  | $ | 87 |  |  | $ | 63 |
Favorable prior period development | $ | — |  |  | $ | 5 |  |  | $ | 15 |  |  | $ | 20 |

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written decreased $48 million and $30 million for the three and nine months ended September 30, 2025, respectively, as growth in casualty lines was more than offset by decreases in property, financial, and specialty lines and by the impact of a large treaty in the prior year with a coverage term through 2026. The decrease in net premiums written for the nine months ended September 30, 2025, also includes the impact of a large one-off structured transaction in the second quarter of 2024.
Net premiums earned were relatively flat for the three months ended September 30, 2025, and increased $71 million for the nine months ended September 30, 2025, reflecting the changes in net premiums written described above. Net premiums earned also includes the impact of new business written in the prior year for which premiums are earned in the current year.
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Combined Ratio
The combined ratio decreased for the three months ended September 30, 2025, primarily due to lower catastrophe losses. The combined ratio increased for the nine months ended September 30, 2025, primarily reflecting higher catastrophe losses and lower favorable prior period development.
The CAY combined ratio excluding catastrophe losses for the three months ended September 30, 2025, was relatively flat as lower loss expectations in property and casualty lines was mostly offset by a lower proportion of net premiums earned from property lines which carry a lower loss and expense ratio. The CAY combined ratio excluding catastrophe losses decreased for the nine months ended September 30, 2025, primarily due to lower loss expectations in property and casualty lines.
Life Insurance
The Life Insurance segment comprises our international life operations, the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance.

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  | 2024 |  | Q-25 vs. Q-24 |  | 2025 |  | 2024 |  | YTD-25 vs. YTD-24
Net premiums written | $ | 1,932 |  |  | $ | 1,552 |  |  | 24.6 | % |  | $ | 5,454 |  |  | $ | 4,765 |  |  | 14.5 | %
Net premiums written - constant dollars |  |  |  |  | 23.5 | % |  |  |  |  |  | 17.0 | %
Net premiums earned | 1,925 |  |  | 1,530 |  |  | 25.8 | % |  | 5,410 |  |  | 4,709 |  |  | 14.9 | %
Losses and loss expenses | 31 |  |  | 32 |  |  | (3.1) | % |  | 77 |  |  | 86 |  |  | (9.3) | %
Policy benefits | 1,303 |  |  | 989 |  |  | 31.7 | % |  | 3,715 |  |  | 3,090 |  |  | 20.2 | %
Policy acquisition costs | 359 |  |  | 291 |  |  | 23.5 | % |  | 988 |  |  | 885 |  |  | 11.6 | %
Administrative expenses | 213 |  |  | 213 |  |  | — |  |  | 614 |  |  | 638 |  |  | (3.7) | %
Net investment income | 284 |  |  | 250 |  |  | 13.7 | % |  | 829 |  |  | 738 |  |  | 12.3 | %
Other (income) expense | (31) |  |  | (39) |  |  | (22.9) | % |  | (103) |  |  | (111) |  |  | (7.4) | %
Amortization of purchased intangibles | 10 |  |  | 10 |  |  | — |  |  | 28 |  |  | 31 |  |  | (10.7) | %
Segment income | $ | 324 |  |  | $ | 284 |  |  | 14.2 | % |  | $ | 920 |  |  | $ | 828 |  |  | 11.1 | %
Segment income - constant dollars |  |  |  |  | 13.9 | % |  |  |  |  |  | 14.9 | %

Premiums
Net premiums written increased $380 million and $689 million, or $367 million and $794 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively.
For our international life operations, net premiums written increased 26.5 percent and 14.4 percent, or 25.1 percent and 17.3 percent on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively. Underlying growth was primarily driven by strong new business in North Asia, notably in Huatai, Hong Kong, Taiwan, and Korea. Growth for the three and nine months ended September 30, 2025, includes $126 million from a one-time large transaction in New Zealand.
Net premiums written in our Combined Insurance business increased 18.1 percent and 17.6 percent for the three and nine months ended September 30, 2025, or 18.1 percent and 18.3 percent on a constant-dollar basis, respectively, due to 29.8 percent and 33.6 percent growth in worksite business.
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Deposits
The following table presents deposits collected on universal life and investment contracts:

| Three Months Ended |  |  |  |  |  | Nine Months Ended |  |  |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  | 2024 |  | C$ 2024 |  | Q-25 vs. Q-24 |  | C$ Q-25 vs. Q-24 |  | 2025 |  | 2024 |  | C$ 2024 |  | Y-25 vs. Y-24 |  | C$ Y-25 vs. Y-24
Deposits collected on universal life and investment contracts | $ | 496 |  |  | $ | 586 |  |  | $ | 619 |  |  | (15.3) | % |  | (19.6) | % |  | $ | 1,769 |  |  | $ | 1,733 |  |  | $ | 1,741 |  |  | 2.0 | % |  | 1.6 | %

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected decreased $90 million for the three months ended September 30, 2025, reflecting a shift towards insurance products in Taiwan and market volatility, and increased $36 million for the nine months ended September 30, 2025, primarily from investment linked product sales through the Taiwan broker channel.
Life Insurance segment income
Life Insurance segment income increased $40 million, or 14.2 percent, and $92 million, or 11.1 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in premiums described above, expense leverage and higher net investment income from asset growth.
Corporate
Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity.

| Three Months Ended |  |  |  | Nine Months Ended |  |
| September 30 |  | % Change |  | September 30 |  | % Change
(in millions of U.S. dollars, except for percentages) | 2025 |  |  | 2024 |  |  | Q-25 vs. Q-24 |  | 2025 |  |  | 2024 |  | YTD-25 vs. YTD-24
Losses and loss expenses | $ | 61 |  |  | $ | 58 |  |  | 7.2 | % |  | $ | 145 |  |  | $ | 161 |  |  | (9.0) | %
Administrative expenses | 113 |  |  | 104 |  |  | 7.9 | % |  | 324 |  |  | 310 |  |  | 4.4 | %
Underwriting income (loss) | (174) |  |  | (162) |  |  | 7.7 | % |  | (469) |  |  | (471) |  |  | (0.3) | %
Net investment income (loss) | (18) |  |  | (28) |  |  | (25.8) | % |  | (74) |  |  | (86) |  |  | (12.0) | %
Other income (expense) | (87) |  |  | 202 |  |  | NM |  | 408 |  |  | 263 |  |  | 55.2 | %
Amortization of purchased intangibles | 36 |  |  | 40 |  |  | (9.6) | % |  | 110 |  |  | 122 |  |  | (9.6) | %
Net realized gains (losses) | 331 |  |  | 179 |  |  | 85.5 | % |  | 375 |  |  | 101 |  |  | 271.2 | %
Market risk benefits gains (losses) | (142) |  |  | (230) |  |  | (38.6) | % |  | (251) |  |  | (238) |  |  | 5.5 | %
Interest expense | 197 |  |  | 192 |  |  | 2.6 | % |  | 559 |  |  | 552 |  |  | 1.2 | %
Integration expenses | 1 |  |  | 7 |  |  | (80.8) | % |  | 3 |  |  | 21 |  |  | (86.0) | %
Income tax expense | 787 |  |  | 504 |  |  | 56.1 | % |  | 1,825 |  |  | 1,336 |  |  | 36.6 | %
Net loss | $ | (1,111) |  |  | $ | (782) |  |  | 42.3 | % |  | $ | (2,508) |  |  | $ | (2,462) |  |  | 1.9 | %
Net income attributable to noncontrolling interests | 306 |  |  | 166 |  |  | 83.4 | % |  | 349 |  |  | 303 |  |  | 15.2 | %
Net loss attributable to Chubb | $ | (1,417) |  |  | $ | (948) |  |  | 49.5 | % |  | $ | (2,857) |  |  | $ | (2,765) |  |  | 3.4 | %

NM - Not meaningful
Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.
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Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit). Refer to Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

Net Realized and Unrealized Gains (Losses)

We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value.
The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2024 Form 10-K. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.
The following table presents our net realized and unrealized gains (losses):

| Three Months Ended September 30
|  |  |  |  | 2025 |  |  |  |  |  | 2024
(in millions of U.S. dollars) | Net Realized Gains (Losses) |  | Net Unrealized Gains (Losses) |  | Net Impact |  | Net Realized Gains (Losses) |  | Net Unrealized Gains (Losses) |  | Net Impact
Fixed maturities | $ | 46 |  |  | $ | 868 |  |  | $ | 914 |  |  | $ | 111 |  |  | $ | 3,459 |  |  | $ | 3,570 |
Investment and embedded derivative instruments | (85) |  |  | — |  |  | (85) |  |  | 66 |  |  | — |  |  | 66 |
Public equity |  |  |  |  |  |  |  |  |  |  |
Sales | 59 |  |  | — |  |  | 59 |  |  | (6) |  |  | — |  |  | (6) |
Mark-to-market | 337 |  |  | — |  |  | 337 |  |  | 129 |  |  | — |  |  | 129 |
Private equity (less than 3 percent ownership) |  |  |  |  |  |  |  |  |  |  |
Mark-to-market | 48 |  |  | — |  |  | 48 |  |  | (41) |  |  | — |  |  | (41) |
Total investment portfolio | 405 |  |  | 868 |  |  | 1,273 |  |  | 259 |  |  | 3,459 |  |  | 3,718 |
Other derivative instruments | (9) |  |  | — |  |  | (9) |  |  | (2) |  |  | — |  |  | (2) |
Foreign exchange | (115) |  |  | 128 |  |  | 13 |  |  | (58) |  |  | 445 |  |  | 387 |
Current discount rate on future policy benefits | — |  |  | 305 |  |  | 305 |  |  | — |  |  | (672) |  |  | (672) |
Instrument-specific credit risk on market risk benefits | — |  |  | (9) |  |  | (9) |  |  | — |  |  | (8) |  |  | (8) |
Other | 2 |  |  | (6) |  |  | (4) |  |  | (1) |  |  | (19) |  |  | (20) |
Net gains (losses), pre-tax | $ | 283 |  |  | $ | 1,286 |  |  | $ | 1,569 |  |  | $ | 198 |  |  | $ | 3,205 |  |  | $ | 3,403 |

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| Nine Months Ended September 30
|  |  |  |  | 2025 |  |  |  |  |  | 2024
(in millions of U.S. dollars) | Net Realized Gains (Losses) |  | Net Unrealized Gains (Losses) |  | Net Impact |  | Net Realized Gains (Losses) |  | Net Unrealized Gains (Losses) |  | Net Impact
Fixed maturities | $ | (58) |  |  | $ | 2,755 |  |  | $ | 2,697 |  |  | $ | 186 |  |  | $ | 2,293 |  |  | $ | 2,479 |
Investment and embedded derivative instruments | 46 |  |  | — |  |  | 46 |  |  | 6 |  |  | — |  |  | 6 |
Public equity |  |  |  |  |  |  |  |  |  |  |
Sales | 79 |  |  | — |  |  | 79 |  |  | 5 |  |  | — |  |  | 5 |
Mark-to-market | 517 |  |  | — |  |  | 517 |  |  | 142 |  |  | — |  |  | 142 |
Private equity (less than 3 percent ownership) |  |  |  |  |  |  |  |  |  |  |
Mark-to-market | 31 |  |  | — |  |  | 31 |  |  | 39 |  |  | — |  |  | 39 |
Total investment portfolio | 615 |  |  | 2,755 |  |  | 3,370 |  |  | 378 |  |  | 2,293 |  |  | 2,671 |
Other derivative instruments | (14) |  |  | — |  |  | (14) |  |  | (7) |  |  | — |  |  | (7) |
Foreign exchange | (269) |  |  | 1,283 |  |  | 1,014 |  |  | (162) |  |  | (5) |  |  | (167) |
Current discount rate on future policy benefits | — |  |  | 53 |  |  | 53 |  |  | — |  |  | (672) |  |  | (672) |
Instrument-specific credit risk on market risk benefits | — |  |  | (4) |  |  | (4) |  |  | — |  |  | 2 |  |  | 2 |
Other | (5) |  |  | (127) |  |  | (132) |  |  | (8) |  |  | (17) |  |  | (25) |
Net gains (losses), pre-tax | $ | 327 |  |  | $ | 3,960 |  |  | $ | 4,287 |  |  | $ | 201 |  |  | $ | 1,601 |  |  | $ | 1,802 |

Pre-tax net unrealized gains of $868 million and $2,755 million in our investment portfolio for the three and nine months ended September 30, 2025, respectively, were primarily driven by lower interest rates.
Pre-tax net realized gains of $283 million and $327 million for the three and nine months ended September 30, 2025, respectively, were primarily driven by mark-to-market gains on equity securities, partially offset by foreign exchange losses.

Effective Income Tax Rate

Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR.
For the three and nine months ended September 30, 2025, our ETR was 20.2 percent and 19.7 percent, respectively, compared to an ETR of 16.8 percent and 16.0 percent, respectively, in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items. The ETR for the nine months ended September 30, 2024, included an incremental deferred tax benefit of $55 million related to the Bermuda tax law enacted in December 2023.

Non-GAAP Reconciliation

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP.
We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
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P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.
P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.
CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.
Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.
Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.
Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
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The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:

|  | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Corporate |  | Total P&C
Three Months Ended
September 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss expenses/policy benefits | A | $ | 3,083 |  |  | $ | 713 |  |  | $ | 1,224 |  |  | $ | 1,826 |  |  | $ | 139 |  |  | $ | 61 |  |  | $ | 7,046 |
Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses, net of related adjustments |  | (72) |  |  | (161) |  |  | (4) |  |  | (42) |  |  | (6) |  |  | — |  |  | (285) |
Reinstatement premiums collected (expensed) on catastrophe losses |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Catastrophe losses, gross of related adjustments |  | (72) |  |  | (161) |  |  | (4) |  |  | (42) |  |  | (6) |  |  | — |  |  | (285) |
PPD and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPD, net of related adjustments - favorable (unfavorable) |  | 26 |  |  | 282 |  |  | 30 |  |  | 84 |  |  | — |  |  | (61) |  |  | 361 |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 68 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 68 |
Expense adjustments - unfavorable (favorable) |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3 |
PPD, gross of related adjustments - favorable (unfavorable) |  | 97 |  |  | 282 |  |  | 30 |  |  | 84 |  |  | — |  |  | (61) |  |  | 432 |
CAY loss and loss expense ex CATs | B | $ | 3,108 |  |  | $ | 834 |  |  | $ | 1,250 |  |  | $ | 1,868 |  |  | $ | 133 |  |  | $ | — |  |  | $ | 7,193 |
Policy acquisition costs and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs and administrative expenses | C | $ | 1,056 |  |  | $ | 421 |  |  | $ | 91 |  |  | $ | 1,343 |  |  | $ | 105 |  |  | $ | 113 |  |  | $ | 3,129 |
Expense adjustments - favorable (unfavorable) |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (3) |
Policy acquisition costs and administrative expenses, adjusted | D | $ | 1,053 |  |  | $ | 421 |  |  | $ | 91 |  |  | $ | 1,343 |  |  | $ | 105 |  |  | $ | 113 |  |  | $ | 3,126 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | E | $ | 5,080 |  |  | $ | 1,741 |  |  | $ | 1,495 |  |  | $ | 3,803 |  |  | $ | 315 |  |  |  |  | $ | 12,434 |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 68 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 68 |
Net premiums earned excluding adjustments | F | $ | 5,148 |  |  | $ | 1,741 |  |  | $ | 1,495 |  |  | $ | 3,803 |  |  | $ | 315 |  |  |  |  | $ | 12,502 |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | A/E | 60.7 | % |  | 41.0 | % |  | 81.9 | % |  | 48.0 | % |  | 43.8 | % |  |  |  | 56.7 | %
Policy acquisition cost and administrative expense ratio | C/E | 20.8 | % |  | 24.1 | % |  | 6.1 | % |  | 35.3 | % |  | 33.6 | % |  |  |  | 25.1 | %
P&C Combined ratio |  | 81.5 | % |  | 65.1 | % |  | 88.0 | % |  | 83.3 | % |  | 77.4 | % |  |  |  | 81.8 | %
CAY P&C Combined ratio ex CATs |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio, adjusted | B/F | 60.4 | % |  | 48.0 | % |  | 83.6 | % |  | 49.1 | % |  | 42.0 | % |  |  |  | 57.5 | %
Policy acquisition cost and administrative expense ratio, adjusted | D/F | 20.4 | % |  | 24.1 | % |  | 6.1 | % |  | 35.3 | % |  | 33.6 | % |  |  |  | 25.0 | %
CAY P&C Combined ratio ex CATs |  | 80.8 | % |  | 72.1 | % |  | 89.7 | % |  | 84.4 | % |  | 75.6 | % |  |  |  | 82.5 | %
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 81.7 | %
Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | 0.1 | %
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 81.8 | %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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|  | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Corporate |  | Total P&C
Three Months Ended
September 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss expenses/policy benefits | A | $ | 3,391 |  |  | $ | 879 |  |  | $ | 1,193 |  |  | $ | 1,751 |  |  | $ | 200 |  |  | $ | 58 |  |  | $ | 7,472 |
Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses, net of related adjustments |  | (340) |  |  | (230) |  |  | (29) |  |  | (103) |  |  | (63) |  |  | — |  |  | (765) |
Reinstatement premiums collected (expensed) on catastrophe losses |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Catastrophe losses, gross of related adjustments |  | (340) |  |  | (230) |  |  | (29) |  |  | (103) |  |  | (67) |  |  | — |  |  | (769) |
PPD and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPD, net of related adjustments - favorable (unfavorable) |  | 39 |  |  | 189 |  |  | 6 |  |  | 60 |  |  | 5 |  |  | (55) |  |  | 244 |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 69 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 69 |
Expense adjustments - unfavorable (favorable) |  | 2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2 |
PPD, gross of related adjustments - favorable (unfavorable) |  | 110 |  |  | 189 |  |  | 6 |  |  | 60 |  |  | 5 |  |  | (55) |  |  | 315 |
CAY loss and loss expense ex CATs | B | $ | 3,161 |  |  | $ | 838 |  |  | $ | 1,170 |  |  | $ | 1,708 |  |  | $ | 138 |  |  | $ | 3 |  |  | $ | 7,018 |
Policy acquisition costs and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs and administrative expenses | C | $ | 1,027 |  |  | $ | 403 |  |  | $ | 90 |  |  | $ | 1,192 |  |  | $ | 98 |  |  | $ | 104 |  |  | $ | 2,914 |
Expense adjustments - favorable (unfavorable) |  | (2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |
Policy acquisition costs and administrative expenses, adjusted | D | $ | 1,025 |  |  | $ | 403 |  |  | $ | 90 |  |  | $ | 1,192 |  |  | $ | 98 |  |  | $ | 104 |  |  | $ | 2,912 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | E | $ | 5,110 |  |  | $ | 1,577 |  |  | $ | 1,419 |  |  | $ | 3,421 |  |  | $ | 316 |  |  |  |  | $ | 11,843 |
Reinstatement premiums (collected) expensed on catastrophe losses |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  |  |  | (4) |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 69 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 69 |
Net premiums earned excluding adjustments | F | $ | 5,179 |  |  | $ | 1,577 |  |  | $ | 1,419 |  |  | $ | 3,421 |  |  | $ | 312 |  |  |  |  | $ | 11,908 |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | A/E | 66.4 | % |  | 55.8 | % |  | 84.1 | % |  | 51.2 | % |  | 63.3 | % |  |  |  | 63.1 | %
Policy acquisition cost and administrative expense ratio | C/E | 20.1 | % |  | 25.5 | % |  | 6.3 | % |  | 34.8 | % |  | 31.1 | % |  |  |  | 24.6 | %
P&C Combined ratio |  | 86.5 | % |  | 81.3 | % |  | 90.4 | % |  | 86.0 | % |  | 94.4 | % |  |  |  | 87.7 | %
CAY P&C Combined ratio ex CATs |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio, adjusted | B/F | 61.0 | % |  | 53.1 | % |  | 82.5 | % |  | 49.9 | % |  | 44.4 | % |  |  |  | 58.9 | %
Policy acquisition cost and administrative expense ratio, adjusted | D/F | 19.8 | % |  | 25.6 | % |  | 6.4 | % |  | 34.9 | % |  | 31.4 | % |  |  |  | 24.5 | %
CAY P&C Combined ratio ex CATs |  | 80.8 | % |  | 78.7 | % |  | 88.9 | % |  | 84.8 | % |  | 75.8 | % |  |  |  | 83.4 | %
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 87.7 | %
Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 87.7 | %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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|  | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Corporate |  | Total P&C
Nine Months Ended
September 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss expenses/policy benefits | A | $ | 9,372 |  |  | $ | 3,628 |  |  | $ | 1,799 |  |  | $ | 5,254 |  |  | $ | 513 |  |  | $ | 145 |  |  | 20,711 |
Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses, net of related adjustments |  | (455) |  |  | (1,645) |  |  | (20) |  |  | (349) |  |  | (87) |  |  | — |  |  | (2,556) |
Reinstatement premiums collected (expensed) on catastrophe losses |  | — |  |  | (50) |  |  | — |  |  | (5) |  |  | 13 |  |  | — |  |  | (42) |
Catastrophe losses, gross of related adjustments |  | (455) |  |  | (1,595) |  |  | (20) |  |  | (344) |  |  | (100) |  |  | — |  |  | (2,514) |
PPD and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPD, net of related adjustments - favorable (unfavorable) |  | 246 |  |  | 403 |  |  | 63 |  |  | 282 |  |  | 15 |  |  | (144) |  |  | 865 |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 73 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 73 |
Expense adjustments - unfavorable (favorable) |  | 3 |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | — |
PPD reinstatement premiums - unfavorable (favorable) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
PPD, gross of related adjustments - favorable (unfavorable) |  | 322 |  |  | 403 |  |  | 60 |  |  | 282 |  |  | 13 |  |  | (144) |  |  | 936 |
CAY loss and loss expense ex CATs | B | $ | 9,239 |  |  | $ | 2,436 |  |  | $ | 1,839 |  |  | $ | 5,192 |  |  | $ | 426 |  |  | $ | 1 |  |  | $ | 19,133 |
Policy acquisition costs and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs and administrative expenses | C | $ | 3,181 |  |  | $ | 1,252 |  |  | $ | 160 |  |  | $ | 3,792 |  |  | $ | 323 |  |  | $ | 324 |  |  | $ | 9,032 |
Expense adjustments - favorable (unfavorable) |  | (3) |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | — |
Policy acquisition costs and administrative expenses, adjusted | D | $ | 3,178 |  |  | $ | 1,252 |  |  | $ | 163 |  |  | $ | 3,792 |  |  | $ | 323 |  |  | $ | 324 |  |  | $ | 9,032 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | E | $ | 15,245 |  |  | $ | 4,996 |  |  | $ | 2,258 |  |  | $ | 10,554 |  |  | $ | 1,021 |  |  |  |  | $ | 34,074 |
Reinstatement premiums (collected) expensed on catastrophe losses |  | — |  |  | 50 |  |  | — |  |  | 5 |  |  | (13) |  |  |  |  | 42 |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 73 |  |  | — |  |  | — |  |  | — |  |  | — |  |  |  |  | 73 |
PPD reinstatement premiums - unfavorable (favorable) |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  |  |  | (2) |
Net premiums earned excluding adjustments | F | $ | 15,318 |  |  | $ | 5,046 |  |  | $ | 2,258 |  |  | $ | 10,559 |  |  | $ | 1,006 |  |  |  |  | $ | 34,187 |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | A/E | 61.5 | % |  | 72.6 | % |  | 79.7 | % |  | 49.8 | % |  | 50.1 | % |  |  |  | 60.8 | %
Policy acquisition cost and administrative expense ratio | C/E | 20.8 | % |  | 25.1 | % |  | 7.1 | % |  | 35.9 | % |  | 31.8 | % |  |  |  | 26.5 | %
P&C Combined ratio |  | 82.3 | % |  | 97.7 | % |  | 86.8 | % |  | 85.7 | % |  | 81.9 | % |  |  |  | 87.3 | %
CAY P&C Combined ratio ex CATs |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio, adjusted | B/F | 60.3 | % |  | 48.3 | % |  | 81.5 | % |  | 49.2 | % |  | 42.3 | % |  |  |  | 56.0 | %
Policy acquisition cost and administrative expense ratio, adjusted | D/F | 20.8 | % |  | 24.8 | % |  | 7.2 | % |  | 35.9 | % |  | 32.2 | % |  |  |  | 26.4 | %
CAY P&C Combined ratio ex CATs |  | 81.1 | % |  | 73.1 | % |  | 88.7 | % |  | 85.1 | % |  | 74.5 | % |  |  |  | 82.4 | %
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 87.3 | %
Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 87.3 | %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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|  | North America Commercial P&C Insurance |  | North America Personal P&C Insurance |  | North America Agricultural Insurance |  | Overseas General Insurance |  | Global Reinsurance |  | Corporate |  | Total P&C
Nine Months Ended
September 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Losses and loss expenses/policy benefits | A | $ | 9,640 |  |  | $ | 2,654 |  |  | $ | 1,785 |  |  | $ | 5,040 |  |  | $ | 492 |  |  | $ | 161 |  |  | $ | 19,772 |
Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
Catastrophe losses, net of related adjustments |  | (828) |  |  | (538) |  |  | (65) |  |  | (286) |  |  | (63) |  |  | — |  |  | (1,780) |
Reinstatement premiums collected (expensed) on catastrophe losses |  | — |  |  | — |  |  | — |  |  | — |  |  | 4 |  |  | — |  |  | 4 |
Catastrophe losses, gross of related adjustments |  | (828) |  |  | (538) |  |  | (65) |  |  | (286) |  |  | (67) |  |  | — |  |  | (1,784) |
PPD and related adjustments |  |  |  |  |  |  |  |  |  |  |  |  |  |
PPD, net of related adjustments - favorable (unfavorable) |  | 231 |  |  | 305 |  |  | 34 |  |  | 210 |  |  | 20 |  |  | (157) |  |  | 643 |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 77 |  |  | — |  |  | 39 |  |  | — |  |  | — |  |  | — |  |  | 116 |
Expense adjustments - unfavorable (favorable) |  | 9 |  |  | — |  |  | 3 |  |  | — |  |  | — |  |  | — |  |  | 12 |
PPD reinstatement premiums - unfavorable (favorable) |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
PPD, gross of related adjustments - favorable (unfavorable) |  | 317 |  |  | 305 |  |  | 76 |  |  | 210 |  |  | 21 |  |  | (157) |  |  | 772 |
CAY loss and loss expense ex CATs | B | $ | 9,129 |  |  | $ | 2,421 |  |  | $ | 1,796 |  |  | $ | 4,964 |  |  | $ | 446 |  |  | $ | 4 |  |  | $ | 18,760 |
Policy acquisition costs and administrative expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Policy acquisition costs and administrative expenses | C | $ | 3,030 |  |  | $ | 1,176 |  |  | $ | 161 |  |  | $ | 3,536 |  |  | $ | 279 |  |  | $ | 310 |  |  | $ | 8,492 |
Expense adjustments - favorable (unfavorable) |  | (9) |  |  | — |  |  | (3) |  |  | — |  |  | — |  |  | — |  |  | (12) |
Policy acquisition costs and administrative expenses, adjusted | D | $ | 3,021 |  |  | $ | 1,176 |  |  | $ | 158 |  |  | $ | 3,536 |  |  | $ | 279 |  |  | $ | 310 |  |  | $ | 8,480 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net premiums earned | E | $ | 14,890 |  |  | $ | 4,560 |  |  | $ | 2,173 |  |  | $ | 9,966 |  |  | $ | 950 |  |  |  |  | $ | 32,539 |
Reinstatement premiums (collected) expensed on catastrophe losses |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  |  |  | (4) |
Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 77 |  |  | — |  |  | 39 |  |  | — |  |  | — |  |  |  |  | 116 |
PPD reinstatement premiums - unfavorable (favorable) |  | — |  |  | — |  |  | — |  |  | — |  |  | 1 |  |  |  |  | 1 |
Net premiums earned excluding adjustments | F | $ | 14,967 |  |  | $ | 4,560 |  |  | $ | 2,212 |  |  | $ | 9,966 |  |  | $ | 947 |  |  |  |  | $ | 32,652 |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio | A/E | 64.7 | % |  | 58.2 | % |  | 82.2 | % |  | 50.6 | % |  | 51.8 | % |  |  |  | 60.8 | %
Policy acquisition cost and administrative expense ratio | C/E | 20.4 | % |  | 25.8 | % |  | 7.4 | % |  | 35.5 | % |  | 29.4 | % |  |  |  | 26.1 | %
P&C Combined ratio |  | 85.1 | % |  | 84.0 | % |  | 89.6 | % |  | 86.1 | % |  | 81.2 | % |  |  |  | 86.9 | %
CAY P&C Combined ratio ex CATs |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss and loss expense ratio, adjusted | B/F | 61.0 | % |  | 53.1 | % |  | 81.3 | % |  | 49.8 | % |  | 47.0 | % |  |  |  | 57.5 | %
Policy acquisition cost and administrative expense ratio, adjusted | D/F | 20.2 | % |  | 25.8 | % |  | 7.1 | % |  | 35.5 | % |  | 29.6 | % |  |  |  | 25.9 | %
CAY P&C Combined ratio ex CATs |  | 81.2 | % |  | 78.9 | % |  | 88.4 | % |  | 85.3 | % |  | 76.6 | % |  |  |  | 83.4 | %
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  |
Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 86.9 | %
Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
P&C Combined ratio |  |  |  |  |  |  |  |  |  |  |  |  |  | 86.9 | %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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Net Investment Income

| Three Months Ended September 30 | Nine Months Ended September 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 | 2025 |  | 2024 |  |  |
Fixed maturities (1) | $ | 1,508 |  | $ | 1,407 | $ | 4,333 |  | $ | 4,085 |  |  |
Short-term investments | 40 |  | 48 | 114 |  | 138 |  |  |
Other interest income | 5 |  | 20 | 30 |  | 58 |  |  |
Equity securities | 83 |  | 25 | 269 |  | 84 |  |  |
Private equities | 39 |  | 23 | 109 |  | 70 |  |  |
Other investments | 28 |  | 33 | 80 |  | 78 |  |  |
Gross investment income (1) | 1,703 |  | 1,556 | 4,935 |  | 4,513 |  |  |
Investment expenses | (55) |  | (48) | (158) |  | (146) |  |  |
Net investment income (1) | $ | 1,648 |  | $ | 1,508 | $ | 4,777 |  | $ | 4,367 |  |  |
(1) Includes amortization expense related to fair value adjustment of acquired invested assets | $ | (1) |  | $ | (5) | $ | (7) |  | $ | (14) |  |  |

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 9.3 percent and 9.4 percent for the three and nine months ended September 30, 2025, respectively, primarily due to higher average invested assets. Income from equity securities increased due to dividends from an investment fund that holds investment grade fixed income securities.
For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:

| Three Months Ended September 30 | Nine Months Ended September 30 |
(in millions of U.S. dollars) | 2025 |  | 2024 | 2025 |  | 2024 |  |  |
Total mark-to-market gain (loss) on private equity, pre-tax | $ | (35) |  |  | $ | 170 |  | $ | 461 |  |  | $ | 357 |  |  |  |

Interest Expense

Interest expense for the nine months ended September 30, 2025 was $559 million comprising $575 million related to fixed expense on existing debt obligations and variable expense, and a $16 million benefit relating to the amortization of the fair value of debt assumed in the Chubb Corp acquisition. The variable expenses relate to fees from the usage of certain facilities, including letters of credit, and interest on held collateral and repurchase agreements. Based on projected variable expenses and our existing debt obligations, including recent issuances of Chinese yuan renminbi term loans, bonds, and U.S. dollar senior notes, we expect pre-tax interest expense to be approximately $210 million for the remainder of 2025, or $785 million for the full year. We also expect a $5 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition for the remainder of 2025. For more information on our debt obligations, refer to Note 12 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2024 Form 10-K.

Investments

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at September 30, 2025. The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our
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investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and clos ely monitor investment manager compliance with portfolio guidelines.
The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

| September 30, 2025 |  | December 31, 2024
(in millions of U.S. dollars) | Fair Value |  | Cost/ Amortized Cost, Net |  | Fair Value |  | Cost/ Amortized Cost, Net
Short-term investments | $ | 4,380 |  |  | $ | 4,381 |  |  | $ | 5,142 |  |  | $ | 5,143 |
Other investments - Fixed maturities | 7,522 |  |  | 7,522 |  |  | 6,265 |  |  | 6,265 |
Fixed maturities available-for-sale | 121,788 |  |  | 123,676 |  |  | 110,363 |  |  | 115,013 |
Fixed income securities | 133,690 |  |  | 135,579 |  |  | 121,770 |  |  | 126,421 |
Equity securities | 10,377 |  |  | 10,377 |  |  | 9,151 |  |  | 9,151 |
Private debt held-for-investment | 2,566 |  |  | 2,535 |  |  | 2,680 |  |  | 2,628 |
Private equities and other | 19,394 |  |  | 19,394 |  |  | 17,101 |  |  | 17,101 |
Total investments | $ | 166,027 |  |  | $ | 167,885 |  |  | $ | 150,702 |  |  | $ | 155,301 |

The fair value of our total investments increased $15.3 billion during the nine months ended September 30, 2025, mainly due to the investing of operating cash flow and gains in fixed maturities available-for-sale. The valuation of our fixed income portfolio is impacted by changes in interest rates.
The following tables present the fair value of our fixed income securities at September 30, 2025, and December 31, 2024. The first table lists investments according to type and second according to S&P credit rating:

| September 30, 2025 |  | December 31, 2024
(in millions of U.S. dollars, except for percentages) | Fair Value |  | % of Total |  | Fair Value |  | % of Total
U.S. and local government securities | $ | 3,846 |  |  | 3 | % |  | $ | 4,070 |  |  | 3 | %
Corporate and asset-backed securities | 47,451 |  |  | 35 | % |  | 43,207 |  |  | 36 | %
Mortgage-backed securities | 30,160 |  |  | 23 | % |  | 27,248 |  |  | 22 | %
Non-U.S. | 47,853 |  |  | 36 | % |  | 42,103 |  |  | 35 | %
Short-term investments | 4,380 |  |  | 3 | % |  | 5,142 |  |  | 4 | %
Total (1) | $ | 133,690 |  |  | 100 | % |  | $ | 121,770 |  |  | 100 | %
AAA | $ | 13,471 |  |  | 11 | % |  | $ | 13,933 |  |  | 11 | %
AA | 40,254 |  |  | 30 | % |  | 37,640 |  |  | 30 | %
A | 33,847 |  |  | 25 | % |  | 28,882 |  |  | 24 | %
BBB | 23,207 |  |  | 17 | % |  | 21,610 |  |  | 18 | %
BB | 12,748 |  |  | 10 | % |  | 10,789 |  |  | 9 | %
B | 9,762 |  |  | 7 | % |  | 8,279 |  |  | 7 | %
Other | 401 |  |  | — | % |  | 637 |  |  | 1 | %
Total (1) | $ | 133,690 |  |  | 100 | % |  | $ | 121,770 |  |  | 100 | %

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.5 billion and $6.3 billion at September 30, 2025, and December 31, 2024, respectively.
Corporate and asset-backed securities
The following table presents our 10 largest global exposures to corporate bonds by fair value at September 30, 2025:
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(in millions of U.S. dollars) | Fair Value
Bank of America Corp | $ | 811 |
Morgan Stanley | 760 |
JPMorgan Chase & Co | 721 |
Goldman Sachs Group Inc | 568 |
Wells Fargo & Co | 531 |
Citigroup Inc | 513 |
Verizon Communications Inc | 416 |
AT&T Inc | 390 |
UBS Group AG | 388 |
HSBC Holdings Plc | 370 |

Mortgage-backed securities
The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:

| S&P Credit Rating |  | Fair Value |  | Amortized Cost, Net
September 30, 2025 (in millions of U.S. dollars) | AAA |  | AA |  | A |  | BBB |  | BB and below |  | Total |  | Total
Agency residential mortgage-backed securities (RMBS) | $ | 16 |  |  | $ | 26,448 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 26,464 |  |  | $ | 27,396 |
Non-agency RMBS | 2,137 |  |  | 185 |  |  | 201 |  |  | 74 |  |  | 2 |  |  | 2,599 |  |  | 2,622 |
Commercial mortgage-backed securities | 918 |  |  | 118 |  |  | 54 |  |  | 5 |  |  | 2 |  |  | 1,097 |  |  | 1,126 |
Total mortgage-backed securities | $ | 3,071 |  |  | $ | 26,751 |  |  | $ | 255 |  |  | $ | 79 |  |  | $ | 4 |  |  | $ | 30,160 |  |  | $ | 31,144 |

Non-U.S.
Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines.
Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 41 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material.
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The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at September 30, 2025:

(in millions of U.S. dollars) | Fair Value |  | Amortized Cost, Net
Republic of Korea | $ | 1,999 |  |  | $ | 1,896 |
People's Republic of China | 1,962 |  |  | 1,981 |
Kingdom of Thailand | 1,089 |  |  | 928 |
Canada | 963 |  |  | 975 |
United Mexican States | 831 |  |  | 828 |
Taiwan | 774 |  |  | 749 |
Federative Republic of Brazil | 661 |  |  | 671 |
Commonwealth of Australia | 580 |  |  | 650 |
Province of Hunan China | 558 |  |  | 553 |
Province of Ontario | 557 |  |  | 557 |
Other Non-U.S. Government Securities | 8,475 |  |  | 8,525 |
Total | $ | 18,449 |  |  | $ | 18,313 |

The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at September 30, 2025:

(in millions of U.S. dollars) | Fair Value |  | Amortized Cost, Net
China | $ | 8,004 |  |  | $ | 7,989 |
United Kingdom | 2,763 |  |  | 2,807 |
Canada | 2,568 |  |  | 2,542 |
France | 1,755 |  |  | 1,752 |
United States (1) | 1,657 |  |  | 1,658 |
South Korea | 1,557 |  |  | 1,485 |
Australia | 1,236 |  |  | 1,254 |
Japan | 990 |  |  | 993 |
Germany | 686 |  |  | 701 |
Netherlands | 586 |  |  | 590 |
Other Non-U.S. Corporate Securities | 7,602 |  |  | 7,599 |
Total | $ | 29,404 |  |  | $ | 29,370 |

(1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.
Below-investment grade corporate fixed income portfolio
Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At September 30, 2025, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 15 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $204 million.
We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit
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as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.

Critical Accounting Estimates

Refer to Item 7 in our 2024 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2024.
Unpaid losses and loss expenses
As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money.
The following table presents a roll-forward of our unpaid losses and loss expenses:

(in millions of U.S. dollars) | Gross Losses |  | Reinsurance Recoverable (1) |  | Net Losses
Balance at December 31, 2024 | $ | 84,004 |  |  | $ | 17,734 |  |  | $ | 66,270 |
Losses and loss expenses incurred | 25,142 |  |  | 4,723 |  |  | 20,419 |
Losses and loss expenses paid | (22,020) |  |  | (4,334) |  |  | (17,686) |
Other (including foreign exchange translation) | 1,313 |  |  | 298 |  |  | 1,015 |
Balance at September 30, 2025 | $ | 88,439 |  |  | $ | 18,421 |  |  | $ | 70,018 |

(1)Net of valuation allowance for uncollectible reinsurance.
The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses).
Refer to Note 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.
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Catastrophe Management

We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at September 30, 2025, and does not represent our expected catastrophe losses for any one year.

| Modeled Net Probable Maximum Loss (PML) Pre-tax
| Worldwide (1) |  | U.S. Hurricane (2) |  | California Earthquake (3)
| Annual Aggregate |  | Annual Aggregate |  | Single Occurrence
(in millions of U.S. dollars, except for percentages) | Chubb |  | % of Total Chubb Shareholders’ Equity |  | Chubb |  | % of Total Chubb Shareholders’ Equity |  | Chubb |  | % of Total Chubb Shareholders’ Equity
1-in-10 | $ | 2,959 |  |  | 4.1 | % |  | $ | 1,669 |  |  | 2.3 | % |  | $ | 167 |  |  | 0.2 | %
1-in-100 | $ | 5,727 |  |  | 8.0 | % |  | $ | 3,904 |  |  | 5.4 | % |  | $ | 1,864 |  |  | 2.6 | %
1-in-250 | $ | 9,053 |  |  | 12.6 | % |  | $ | 6,470 |  |  | 9.0 | % |  | $ | 2,176 |  |  | 3.0 | %

(1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.
(2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding.
(3) California earthquake modeled losses include the fire-following sub-peril.
The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at July 1, 2025, and reflect the April 1, 2025, reinsurance program, as well as inuring reinsurance protection coverage. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible.
According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,904 million (or 5.4 percent of total Chubb shareholders’ equity at September 30, 2025).
The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:
•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;
•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;
•The potential effects of climate change add to modeling complexity; and
•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2025. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.
Refer to Item 7 in our 2024 Form 10-K for more information on man-made and other catastrophes.
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Global Property Catastrophe Reinsurance Program

Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).
We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.
Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2025, through March 31, 2026. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2025, through March 31, 2026, with the same limits, retention, and percentage placed except that the terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Loss Location |  | Layer of Loss |  | Comments | Notes
United States (excluding Alaska and Hawaii) |  | $0 million – $1.75 billion |  | Losses retained by Chubb | (a)
United States (excluding Alaska and Hawaii) |  | $1.75 billion – $2.85 billion |  | All natural perils and terrorism | (b)
United States (excluding Alaska and Hawaii) |  | $2.85 billion – $4.0 billion |  | All natural perils and terrorism | (c)
United States (excluding Alaska and Hawaii) |  | $4.0 billion – $5.7 billion |  | Named windstorm and earthquake |
International (including Alaska and Hawaii) |  | $0 million – $225 million |  | Losses retained by Chubb | (a)
International (including Alaska and Hawaii) |  | $225 million – $1.325 billion |  | All natural perils and terrorism | (b)
Alaska, Hawaii, and Canada |  | $1.325 billion – $2.475 billion |  | All natural perils and terrorism | (c)

(a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.
(b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.
(c) These coverages are both part of the same Second layer within the Global Property C atastrophe Reinsurance Program and are fully placed with Reinsurers.
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Capital Resources

Capital resources consist of funds deployed or available to be deployed to support our business operations.

| September 30 |  | December 31
(in millions of U.S. dollars, except for ratios) | 2025 |  | 2024
Short-term debt | $ | 1,499 |  |  | $ | 800 |
Long-term debt | 15,727 |  |  | 14,379 |
Total financial debt | 17,226 |  |  | 15,179 |
Trust preferred securities | 309 |  |  | 309 |
Subordinated debt (1) | 112 |  |  | 110 |
Total hybrid debt | 421 |  |  | 419 |
Total Chubb shareholders’ equity | 71,855 |  |  | 64,021 |
Total capitalization | $ | 89,502 |  |  | $ | 79,619 |
Ratio of financial debt to total capitalization (2) | 19.2 | % |  | 19.1 | %
Ratio of financial debt and hybrid debt to total capitalization (2) | 19.7 | % |  | 19.6 | %

(1) Capital Supplementary Bonds issued by Huatai Life.
(2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest).
Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.
Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2025:
•March 2025: Repaid $800 million of 3.15 percent senior notes upon maturity.
•April 2025: Entered into a 1.8 billion Chinese yuan (CNY) term loan (approximately $249 million at the time of issuance) at 2.85 percent, due April 10, 2028.
•July 2025: Entered into a 2.1 billion CNY term loan (approximately $299 million at the time of issuance) at 2.75 percent, due July 25, 2028.
•August 2025: Issued 4.5 billion CNY bonds (approximately $627 million at the time of issuance) in 5-year, 10-year, and 30-year tranches, with interest rates ranging from 2.50 percent to 3.05 percent.
•August 2025: Issued $1.25 billion of 4.90 percent senior notes due August 2035.
Refer to Note 12 to the Consolidated Financial Statements for additional details.
For the nine months ended September 30, 2025, we repurchased $2.3 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At September 30, 2025, there were 17,782,983 Common Shares in treasury with a weighted-average cost of $207.06 per share. In May 2025, the Board authorized the repurchase of up to $5.0 billion of Chubb's Common Shares effective July 1, 2025 with no expiration date. For the period October 1, 2025, through October 24, 2025, we repurchased 1,000,000 Common Shares for a total of $282 million in a series of open market transactions under the share repurchase authorization. At October 27, 2025, $3.5 billion in share repurchase authorization remained.
We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs.
Dividends
We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 14 to the Consolidated Financial Statements for a discussion of our dividend methodology.
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At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, or CHF 3.24 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 15, 2025, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2026 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2025 represented a $0.24 per share increase ($0.06 per quarter) over the prior year dividend.
The following table represents dividends paid per Common Share to shareholders of record on each of the following dates:

Shareholders of record as of: |  | Dividends paid as of: |  |  |
December 13, 2024 |  | January 3, 2025 |  | $0.91 (CHF 0.80) |
March 14, 2025 |  | April 4, 2025 |  | $0.91 (CHF 0.81) |
June 13, 2025 |  | July 3, 2025 |  | $0.97 (CHF 0.81) |
September 12, 2025 |  | October 3, 2025 |  | $0.97 (CHF 0.78) |

Liquidity

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to the long-term capital markets, credit facilities, and commercial paper.
Our group syndicated credit facility has capacity of $3.0 billion and expires in October 2027. Our total letter of credit capacity is $4.1 billion, $3.0 billion of which can be used for revolving credit. At September 30, 2025, our usage under these facilities was $944 million in letters of credit. Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at September 30, 2025. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.
We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion group syndicated credit facility. At September 30, 2025, there were no commercial paper borrowings outstanding.
The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the nine months ended September 30, 2025, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.
We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. Chubb Limited received dividends of $1.3 billion and $1.0 billion from its Bermuda subsidiaries during the nine months ended September 30, 2025, and 2024, respectively. Chubb Limited received dividends of $207 million and $91 million from its other international subsidiaries during the nine months ended September 30, 2025, and 2024, respectively. During the nine months ended September 30, 2025, Chubb Limited received $2.25 billion from Chubb INA for the redemption of a portion of its ownership interest in Chubb INA, in accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company. Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's 20 percent ownership interest in Chubb INA.
The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are
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also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the nine months ended September 30, 2025, and 2024. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received dividends of $1.8 billion from its subsidiaries during the nine months ended September 30, 2025, and 2024.
Cash Flows
Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the nine months ended September 30, 2025 and 2024.
Operating cash flows were $8.8 billion for the nine months ended September 30, 2025, compared to $11.6 billion in the prior year period, primarily due to higher net losses and income taxes paid, partially offset by higher premiums collected and higher net investment income.
Cash used for investing was $8.9 billion for the nine months ended September 30, 2025, compared to $11.4 billion in the prior year period, a decrease of $2.5 billion, primarily due to lower net purchases of fixed maturities, equity, and short-term securities of $3.4 billion. This activity was partially offset by the impact of net private equity contributions of $1.1 billion in the current year compared to net private equity distributions of $311 million received in the prior year period.
Cash used for financing was $189 million for the nine months ended September 30, 2025, compared to $62 million in the prior year period, an increase of $127 million. This was primarily due to higher common share repurchases of $1.2 billion, lower net policyholder deposits of $65 million, and lower proceeds from employee share-based compensation plans of $92 million, partially offset by higher net third-party capital invested into consolidated investment products of $757 million and higher repurchase agreement borrowings of $469 million.
We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At September 30, 2025, there were $3.4 billion in repurchase agreements outstanding with various maturities over the next eight months.
Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss.
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Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.
The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after e limination of investment in any non-guarantor subsidiary:

| Chubb Limited (Parent Guarantor) |  | Chubb INA Holdings LLC (Subsidiary Issuer)
| September 30 |  | December 31 |  | September 30 |  | December 31
(in millions of U.S. dollars) | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Assets |  |  |  |  |  |  |
Investments | $ | — |  |  | $ | — |  |  | $ | 545 |  |  | $ | 436 |
Cash | 390 |  |  | 383 |  |  | 1,843 |  |  | 1,002 |
Due from parent guarantor/subsidiary issuer | 259 |  |  | 396 |  |  | — |  |  | — |
Due from subsidiaries that are not issuers or guarantors | 467 |  |  | 464 |  |  | 602 |  |  | 592 |
Other assets | 9 |  |  | 13 |  |  | 3,247 |  |  | 3,062 |
Total assets | $ | 1,125 |  |  | $ | 1,256 |  |  | $ | 6,237 |  |  | $ | 5,092 |
Liabilities |  |  |  |  |  |  |
Due to parent guarantor/subsidiary issuer | $ | — |  |  | $ | — |  |  | $ | 259 |  |  | $ | 396 |
Due to subsidiaries that are not issuers or guarantors | 211 |  |  | 231 |  |  | 113 |  |  | 105 |
Affiliated notional cash pooling programs | 118 |  |  | 277 |  |  | — |  |  | — |
Short-term debt | — |  |  | — |  |  | 1,499 |  |  | 800 |
Long-term debt | — |  |  | — |  |  | 15,727 |  |  | 14,379 |
Hybrid debt | — |  |  | — |  |  | 309 |  |  | 309 |
Other liabilities | 625 |  |  | 868 |  |  | 1,857 |  |  | 1,577 |
Total liabilities | 954 |  |  | 1,376 |  |  | 19,764 |  |  | 17,566 |
Total equity | 171 |  |  | (120) |  |  | (13,527) |  |  | (12,474) |
Total liabilities and equity | $ | 1,125 |  |  | $ | 1,256 |  |  | $ | 6,237 |  |  | $ | 5,092 |

The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:

Nine Months Ended September 30, 2025 | Chubb Limited (Parent Guarantor) |  | Chubb INA Holdings LLC (Subsidiary Issuer)
(in millions of U.S. dollars) |
Net investment income (expense) | $ | (6) |  |  | $ | 26 |
Net realized gains (losses) | 1 |  |  | (201) |
Administrative expenses | 82 |  |  | (30) |
Interest (income) expense | (16) |  |  | 394 |
Other (income) expense | (26) |  |  | 3 |
Income tax expense (benefit) | 14 |  |  | (122) |
Net loss | $ | (59) |  |  | $ | (420) |
Comprehensive loss | $ | (59) |  |  | $ | (677) |

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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Foreign currency management
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. We occasionally engage in hedging activity for planned cross border transactions. For an estimated impact of foreign currency movement on our net assets denominated in non-U.S. currencies, refer to Item 7A in our 2024 Form 10-K. This information will be updated and disclosed in interim filings if our net assets in non-U.S. currencies change materially from the December 31, 2024, balances disclosed in the 2024 Form 10-K.
Reinsurance of market risk benefits
Chubb views its MRB reinsurance business as having a similar risk profile to that of catastrophe reinsurance, with the probability of long-term economic loss relatively small at the time of pricing. Adverse changes in market factors and policyholder behavior will have an impact on both MRB gains (losses) and net income. When evaluating these risks, we expect to be compensated for taking both the risk of a cumulative long-term economic net loss, as well as the short-term accounting variations caused by these market movements. Therefore, we evaluate this business in terms of its long-term economic risk and reward.
The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock etc.) at September 30, 2025, for both the fair value of the MRB liability (FVL) and the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the MRB reinsurance portfolio. The following assumptions should be considered when using the below tables:
•Equity shocks impact all global equity markets equally
•Our liabilities are sensitive to global equity markets in the following proportions: 80 percent—90 percent U.S. equity, and 10 percent—20 percent international equity.
•Our current hedge portfolio is sensitive only to U.S. equity markets.
•We would suggest using the S&P 500 index as a proxy for U.S. equity, and the MSCI EAFE index as a proxy for international equity.
•Interest rate shocks assume a parallel shift in the U.S. yield curve
•Our liabilities are also sensitive to global interest rates at various points on the yield curve, mainly the U.S. Treasury curve in the following proportions: up to 15 percent short-term rates (maturing in less than 5 years), 10 percent—30 percent medium-term rates (maturing between 5 years and 10 years, inclusive), and 65 percent—85 percent long-term rates (maturing beyond 10 years).
•A change in AA-rated credit spreads impacts the rate used to discount cash flows in the fair value model. AA-rated credit spreads are a proxy for both our own credit spreads and the credit spreads of the ceding insurers.
•The hedge sensitivity is from September 30, 2025, market levels and only applicable to the equity and interest rate sensitivities table below.
•The sensitivities do not scale linearly and may be proportionally greater for larger movements in the market factors. Actual sensitivity of our net income may differ from those disclosed in the tables below due to fluctuations in short-term market movements.
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Sensitivities to equity and interest rate movements |
(in millions of U.S. dollars) | Worldwide Equity Shock
Interest Rate Shock | +10% |  | Flat |  | -10% |  | -20% |  | -30% |  | -40%
+100 bps | (Increase)/decrease in FVL | $ | 236 |  |  | $ | 159 |  |  | $ | 63 |  |  | $ | (55) |  |  | $ | (203) |  |  | $ | (400) |
| Increase/(decrease) in hedge value | (92) |  |  | — |  |  | 92 |  |  | 184 |  |  | 276 |  |  | 368 |
| Increase/(decrease) in net income | $ | 144 |  |  | $ | 159 |  |  | $ | 155 |  |  | $ | 129 |  |  | $ | 73 |  |  | $ | (32) |
Flat | (Increase)/decrease in FVL | $ | 95 |  |  | $ | — |  |  | $ | (114) |  |  | $ | (251) |  |  | $ | (423) |  |  | $ | (646) |
| Increase/(decrease) in hedge value | (92) |  |  | — |  |  | 92 |  |  | 184 |  |  | 276 |  |  | 368 |
| Increase/(decrease) in net income | $ | 3 |  |  | $ | — |  |  | $ | (22) |  |  | $ | (67) |  |  | $ | (147) |  |  | $ | (278) |
-100 bps | (Increase)/decrease in FVL | $ | (81) |  |  | $ | (193) |  |  | $ | (324) |  |  | $ | (480) |  |  | $ | (679) |  |  | $ | (926) |
| Increase/(decrease) in hedge value | (92) |  |  | — |  |  | 92 |  |  | 184 |  |  | 276 |  |  | 368 |
| Increase/(decrease) in net income | $ | (173) |  |  | $ | (193) |  |  | $ | (232) |  |  | $ | (296) |  |  | $ | (403) |  |  | $ | (558) |
Sensitivities to Other Economic Variables | AA-rated Credit Spreads |  | Interest Rate Volatility |  | Equity Volatility
(in millions of U.S. dollars) | +100 bps |  | -100 bps |  | +2% |  | -2% |  | +2% |  | -2%
(Increase)/decrease in FVL | $ | 43 |  |  | $ | (48) |  |  | $ | — |  |  | $ | — |  |  | $ | (14) |  |  | $ | 14 |
Increase/(decrease) in net income | $ | 43 |  |  | $ | (48) |  |  | $ | — |  |  | $ | — |  |  | $ | (14) |  |  | $ | 14 |

Market Risk Benefits Net Amount at Risk
All our MRB reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible which limit the net amount at risk under these programs. The tables below present the net amount at risk at September 30, 2025, following an immediate change in equity market levels, assuming all global equity markets are impacted equally.
a) Reinsurance covering the GMDB risk only

| Equity Shock
(in millions of U.S. dollars) | +20 | % |  | Flat |  | -20 | % |  | -40 | % |  | -60 | % |  | -80 | %
GMDB net amount at risk | $ | 198 |  |  | $ | 194 |  |  | $ | 294 |  |  | $ | 565 |  |  | $ | 602 |  |  | $ | 491 |
Claims at 100% immediate mortality | 127 |  |  | 126 |  |  | 145 |  |  | 135 |  |  | 124 |  |  | 110 |

The treaty limits function as a ceiling as equity markets fall. As the shocks in the table above become incrementally more negative, the impacts begin to drop due to the specific nature of these claim limits, many of which are annual claim limits calculated as a percentage of the reinsured account value. There is also an impact due to a portion of the book under which claims are positively correlated to equity markets (claims decrease as equity markets fall).
b) Reinsurance covering the GLB risk only

| Equity Shock
(in millions of U.S. dollars) | +20 | % |  | Flat |  | -20 | % |  | -40 | % |  | -60 | % |  | -80 | %
GLB net amount at risk | $ | 651 |  |  | $ | 841 |  |  | $ | 1,138 |  |  | $ | 1,595 |  |  | $ | 1,846 |  |  | $ | 2,093 |

Beyond a certain point, the treaty limits cause the net amount at risk to increase at a declining rate as equity markets fall.
c) Reinsurance covering both the GMDB and GLB risks on the same underlying policyholders

| Equity Shock
(in millions of U.S. dollars) | +20 | % |  | Flat |  | -20 | % |  | -40 | % |  | -60 | % |  | -80 | %
GMDB net amount at risk | $ | 31 |  |  | $ | 36 |  |  | $ | 44 |  |  | $ | 54 |  |  | $ | 62 |  |  | $ | 68 |
GLB net amount at risk | 257 |  |  | 314 |  |  | 394 |  |  | 499 |  |  | 607 |  |  | 653 |
Claims at 100% immediate mortality | 24 |  |  | 23 |  |  | 23 |  |  | 23 |  |  | 23 |  |  | 23 |

Beyond a certain point, the treaty limits cause the net amount at risk to increase at a declining rate as equity markets fall.
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ITEM 4. Controls and Procedures

Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of September 30, 2025. Based upon that evaluation, Chubb’s Chief Executive Officer and Chief Financial Officer concluded that Chubb’s disclosure controls and procedures are effective in allowing information required to be disclosed in reports filed under the Securities Exchange Act of 1934 to be recorded, processed, summarized, and reported within time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to Chubb’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
There have been no changes in Chubb's internal controls over financial reporting during the three months ended September 30, 2025, that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.
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PART II OTHER INFORMATION

ITEM 1. Legal Proceedings

The information required with respect to this item is included in Note 13 h) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.

ITEM 1A. Risk Factors

There have been no material changes to the risk factors described under "Risk Factors" under Item 1A of Part I of our 2024 Form 10-K.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer’s Repurchases of Equity Securities
The following table provides information with respect to purchases by Chubb of its Common Shares during the three months ended September 30, 2025:

Period | Total Number of Shares Purchased (1) |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plan (2) |  | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan (3)
July 1 through July 31 | 512,565 |  |  | $ | 270.12 |  |  | 510,000 |  |  | $ | 4.86 | billion
August 1 through August 31 | 1,629,359 |  |  | $ | 273.66 |  |  | 1,628,000 |  |  | $ | 4.42 | billion
September 1 through September 30 | 2,301,277 |  |  | $ | 282.20 |  |  | 2,298,315 |  |  | $ | 3.78 | billion
Total | 4,443,201 |  |  | $ | — |  |  | 4,436,315 |  |  |

(1)This column represents open market share repurchases and the surrender to Chubb of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees and to cover the cost of the exercise of options by employees through stock swaps.
(2)The aggregate value of shares purchased in the three months ended September 30, 2025, as part of the publicly announced plan was $1.2 billion. Refer to Note 14 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.
(3)In May 2025, the Board of Directors authorized the repurchase of up to $5.0 billion of Chubb Common Shares effective July 1, 2025, with no expiration date. For the period October 1, 2025, through October 24, 2025, we repurchased 1,000,000 Common Shares for a total of $282 million in a series of open market transactions under the share repurchase authorization. At October 27, 2025, $3.50 billion in share repurchase authorization remained.

ITEM 5. Other Information

During the three months ended September 30, 2025, no director or officer of Chubb (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of SEC Regulation S-K.
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ITEM 6. Exhibits

|  |  |  | Incorporated by Reference |  |
Exhibit Number |  | Exhibit Description |  | Form |  | Original Number |  | Date Filed |  | Filed Herewith
3.1 |  | Articles of Association of the Company, as amended and restated |  | 8-K |  | 3.1 |  | May 16, 2025 |  |
3.2 |  | Organizational Regulations of the Company, as amended |  | 10-K |  | 3.2 |  | February 27, 2025 |  |
4.1 |  | Articles of Association of the Company, as amended and restated |  | 8-K |  | 4.1 |  | May 16, 2025 |  |
4.2 |  | Organizational Regulations of the Company, as amended |  | 10-K |  | 4.2 |  | February 27, 2025 |  |
4.3 |  | Form of Officer's Certificate related to the 4.900% Senior Notes due 2035 |  | 8-K |  | 4.1 |  | August 6, 2025 |  |
4.4 |  | Form of Global Note for the 4.900% Senior Notes due 2035 |  | 8-K |  | 4.2 |  | August 6, 2025 |  |
22.1 |  | Guaranteed Securities |  |  |  |  |  |  |  | X
31.1 |  | Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 |  |  |  |  |  |  |  | X
31.2 |  | Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002 |  |  |  |  |  |  |  | X
32.1 |  | Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 |  |  |  |  |  |  |  | X
32.2 |  | Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002 |  |  |  |  |  |  |  | X
101.1 |  | The following financial information from Chubb Limited’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) Consolidated Balance Sheets at September 30, 2025, and December 31, 2024; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2025 and 2024; (iii) Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2025 and 2024; (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024; and (v) Notes to Consolidated Financial Statements |  |  |  |  |  |  |  | X
104.1 |  | The Cover Page Interactive Data File formatted in Inline XBRL (The cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101.1) |  |  |  |  |  |  |  |

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| CHUBB LIMITED
| (Registrant)
October 27, 2025 | /s/ Evan G. Greenberg
| Evan G. Greenberg
| Chairman and Chief Executive Officer
October 27, 2025 | /s/ Peter C. Enns
| Peter C. Enns
| Executive Vice President and Chief Financial Officer

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