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Segment information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment information 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
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 InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$5,663 $1,814 $1,458 $3,695 $304 $1,932 $14,866 
Net premiums earned5,080 1,741 1,495 3,803 315 1,925 14,359 
Losses and loss expenses3,083 713 1,224 1,707 139 31 
Policy benefits— — — 119 — 1,303 
Policy acquisition costs708 339 86 975 96 359 
Administrative expenses348 82 5 368 9 213 
Underwriting income941 607 180 634 71 NM
Net investment income978 123 20 288 100 284 
Other (income) expense10 1 — 8 — (31)
Amortization of purchased intangibles1 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 expense197 
Integration expenses1 
Corporate underwriting loss(174)
Corporate net investment loss(18)
Corporate other (income) expense87 
Corporate amortization of purchased intangibles36 
Other reclassification48 
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.
For the Three Months Ended
September 30, 2024
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$5,500 $1,679 $1,379 $3,367 $352 $1,552 $13,829 
Net premiums earned5,110 1,577 1,419 3,421 316 1,530 13,373 
Losses and loss expenses3,391 879 1,193 1,631 200 32 
Policy benefits— — — 120 — 989 
Policy acquisition costs689 315 88 852 89 291 
Administrative expenses338 88 2 340 9 213 
Underwriting income692 295 136 478 18 NM
Net investment income931 112 20 286 64 250 
Other (income) expense6 1 1 5 — (39)
Amortization of purchased intangibles2 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 expense192 
Integration expenses7 
Corporate underwriting loss(162)
Corporate net investment loss(28)
Corporate other (income) expense(202)
Corporate amortization of purchased intangibles40 
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.
For the Nine Months Ended
September 30, 2025
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$16,173 $5,304 $2,467 $11,218 $1,092 $5,454 $41,708 
Net premiums earned15,245 4,996 2,258 10,554 1,021 5,410 39,484 
Losses and loss expenses9,372 3,628 1,799 4,893 513 77 
Policy benefits— — — 361 — 3,715 
Policy acquisition costs2,132 1,001 151 2,725 294 988 
Administrative expenses1,049 251 9 1,067 29 614 
Underwriting income2,692 116 299 1,508 185 NM
Net investment income2,845 361 63 847 255 829 
Other (income) expense26 2 1 19 — (103)
Amortization of purchased intangibles4 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 expense559 
Integration expenses3 
Corporate underwriting loss(469)
Corporate net investment loss(74)
Corporate other (income) expense(408)
Corporate amortization of purchased intangibles110 
Other reclassification48 
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.
For the Nine Months Ended
September 30, 2024
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$15,690 $4,911 $2,386 $10,536 $1,122 $4,765 $39,410 
Net premiums earned14,890 4,560 2,173 9,966 950 4,709 37,248 
Losses and loss expenses9,640 2,654 1,785 4,728 492 86 
Policy benefits— — — 312 — 3,090 
Policy acquisition costs2,037 914 154 2,517 250 885 
Administrative expenses993 262 7 1,019 29 638 
Underwriting income2,220 730 227 1,390 179 NM
Net investment income2,620 322 62 836 179 738 
Other (income) expense28 — 1 14 — (111)
Amortization of purchased intangibles2 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 expense552 
Integration expenses21 
Corporate underwriting loss(471)
Corporate net investment loss(86)
Corporate other (income) expense(263)
Corporate amortization of purchased intangibles122 
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.