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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 June 30, 2026

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
Common 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 Shares (CHF 0.50 par value) outstanding as of July 20, 2026, was 385,799,859.

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Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.			FINANCIAL INFORMATION						Page
Item 1.			Financial Statements:
			Consolidated Balance Sheets (Unaudited) June 30, 2026 and December 31, 2025						3
			Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three and Six Months Ended June 30, 2026 and 2025						4
			Consolidated Statements of Shareholders' Equity (Unaudited) Three and Six Months Ended June 30, 2026 and 2025						5
			Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2026 and 2025						6
			Notes to Consolidated Financial Statements (Unaudited)
			Note 1.			General and significant accounting policies			7
			Note 2.			Investments			8
			Note 3.			Fair value measurements			12
			Note 4.			Reinsurance			17
			Note 5.			Deferred policy acquisition costs			18
			Note 6.			Goodwill			19
			Note 7.			Unpaid losses and loss expenses			20
			Note 8.			Future policy benefits			22
			Note 9.			Policyholders' account balances, Separate accounts, and Unearned revenue liabilities			27
			Note 10.			Market risk benefits			31
			Note 11.			Debt			32
			Note 12.			Commitments, contingencies, and guarantees			33
			Note 13.			Shareholders' equity			38
			Note 14.			Share-based compensation			41
			Note 15.			Postretirement benefits			42
			Note 16.			Other income and expense			43
			Note 17.			Segment information			44
			Note 18.			Earnings per share			49
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						50
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						84
Item 4.			Controls and Procedures						84
Part II.			OTHER INFORMATION
Item 1.			Legal Proceedings						85
Item 1A.			Risk Factors						85
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						85
Item 5.			Other Information						85
Item 6.			Exhibits						87

2

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Table of Contents

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries                    

			June 30						December 31
(in millions of U.S. dollars, except share and per share data)			2026						2025
Assets
Investments
Short-term investments, at fair value (amortized cost – $5,459 and $4,840) (includes variable interest entities (VIE) balances of $108 and $105)			$	5,458					$	4,840
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $48 and $52     (amortized cost – $129,028 and $124,726)			125,518						122,680
Private debt held-for-investment, at amortized cost, net of valuation allowance – $2 and $3			2,252						2,411
Equity securities, at fair value (includes VIE balances of $2,472 and $2,275)			11,014						10,801
Private equities (includes VIE balances of $25 and $22)			17,385						17,239
Other investments (includes VIE balances of $5,050 and $5,818)			11,022						10,749
Total investments			172,649						168,720
Cash, including restricted cash $243 and $198 (includes VIE balances of $243 and $168)			2,753						2,470
Securities lending collateral			1,870						2,500
Accrued investment income			1,491						1,305
Insurance and reinsurance balances receivable, net of valuation allowance – $66 and $62			19,068						15,944
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $324 and $320			20,284						20,338
Reinsurance recoverable on policy benefits			333						286
Deferred policy acquisition costs			10,744						10,008
Value of business acquired			2,828						2,975
Goodwill			20,343						20,207
Other intangible assets			6,145						6,241
Deferred tax assets			1,237						1,312
Prepaid reinsurance premiums			4,683						3,874
Separate account assets			7,471						6,925
Other assets (includes VIE balances of $110 and $58)			9,423						9,222
Total assets			$	281,322					$	272,327
Liabilities
Unpaid losses and loss expenses			$	89,669					$	88,018
Unearned premiums			28,511						26,279
Future policy benefits			20,159						18,420
Market risk benefits			505						659
Policyholders' account balances			9,102						8,576
Separate account liabilities			7,471						6,925
Insurance and reinsurance balances payable			9,345						8,349
Repurchase agreements (includes VIE balances of $930 and $956)			3,368						3,324
Securities lending payable			1,870						2,500
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $95 and $159)			10,065						10,108
Deferred tax liabilities			1,870						1,741
Short-term debt			663						1,499
Long-term debt			17,452						15,728
Hybrid debt			427						422
Total liabilities			200,477						192,548
Commitments and contingencies (refer to Note 12)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 400,120,847 and 412,107,421 shares issued; 385,634,049 and 391,101,227 shares outstanding)			224						231
Common Shares in treasury (14,486,798 and 21,006,194 shares)			(3,293)						(4,699)
Additional paid-in capital			12,689						13,250
Retained earnings			71,675						69,950
Accumulated other comprehensive income (loss) (AOCI)			(5,923)						(4,975)
Total Chubb shareholders’ equity			75,372						73,757
Noncontrolling interests (includes VIE balances of $4,655 and $5,133)			5,473						6,022
Total shareholders' equity			80,845						79,779
Total liabilities and shareholders’ equity			$	281,322					$	272,327

See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

Chubb Limited and Subsidiaries

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars, except per share data)			2026						2025						2026						2025
Revenues
Net premiums written			$	14,705					$	14,196					$	28,710					$	26,842
Increase in unearned premiums			(816)						(1,071)						(1,364)						(1,717)
Net premiums earned			13,889						13,125						27,346						25,125
Net investment income			1,760						1,568						3,469						3,129
Net realized gains (losses)			162						160						(245)						44
Market risk benefits gains (losses)			5						(17)						19						(109)
Total revenues			15,816						14,836						30,589						28,189
Expenses
Losses and loss expenses			6,691						6,572						12,822						13,468
Policy benefits (includes remeasurement losses of nil, $2, $2, and $5)			1,615						1,406						3,400						2,633
Policy acquisition costs			2,632						2,415						5,228						4,728
Administrative expenses			1,168						1,125						2,317						2,205
Interest expense			200						181						398						362
Other (income) expense			(196)						(655)						(357)						(738)
Amortization of purchased intangibles			74						74						147						149
Integration expenses and severance			8						2						17						2
Total expenses			12,192						11,120						23,972						22,809
Income before income tax			3,624						3,716						6,617						5,380
Income tax expense			742						717						1,388						1,038
Net income			$	2,882					$	2,999					$	5,229					$	4,342
Net income attributable to noncontrolling interests			28						31						55						43
Net income attributable to Chubb			$	2,854					$	2,968					$	5,174					$	4,299
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)			$	357					$	986					$	(1,469)					$	1,887
Current discount rate on future policy benefits			(145)						(130)						241						(252)
Instrument-specific credit risk on market risk benefits			1						1						13						5
Cumulative foreign currency translation adjustment			(158)						796						370						1,155
Other, including postretirement benefit liability adjustment			39						(26)						33						(121)
Other comprehensive income (loss), before income tax			94						1,627						(812)						2,674
Income tax (expense) benefit related to OCI items			(26)						(33)						115						(76)
Other comprehensive income (loss)			68						1,594						(697)						2,598
Comprehensive income			2,950						4,593						4,532						6,940
Comprehensive income attributable to noncontrolling interests			108						48						306						55
Comprehensive income attributable to Chubb			$	2,842					$	4,545					$	4,226					$	6,885
Earnings per share
Basic earnings per share attributable to Chubb			$	7.37					$	7.42					$	13.30					$	10.74
Diluted earnings per share attributable to Chubb			$	7.30					$	7.35					$	13.17					$	10.63

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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Common Shares
Balance – beginning of period			$	224					$	231					$	231					$	235
Cancellation of treasury shares			—						—						(7)						(4)
Balance – end of period			224						231						224						231
Common Shares in treasury
Balance – beginning of period			(2,302)						(1,799)						(4,699)						(3,524)
Common Shares repurchased			(979)						(676)						(2,122)						(1,061)
Cancellation of treasury shares			—						—						3,455						1,942
Net shares issued (redeemed) under employee share-based compensation plans			(12)						13						73						181
Balance – end of period			(3,293)						(2,462)						(3,293)						(2,462)
Additional paid-in capital
Balance – beginning of period			12,956						13,976						13,250						14,393
Net shares redeemed (issued) under employee share-based    compensation plans			26						26						(40)						(120)
Exercise of stock options			5						1						10						2
Share-based compensation expense			97						95						197						189
Net increase due to acquisitions			—						53						47						53
Funding of dividends declared to Retained earnings			(395)						(388)						(775)						(754)
Balance – end of period			12,689						13,763						12,689						13,763
Retained earnings
Balance – beginning of period			68,821						60,953						69,950						61,561
Net income attributable to Chubb			2,854						2,968						5,174						4,299
Cancellation of treasury shares and other			—						—						(3,449)						(1,939)
Funding of dividends declared from Additional paid-in capital			395						388						775						754
Dividends declared on Common Shares			(395)						(388)						(775)						(754)
Balance – end of period			71,675						63,921						71,675						63,921
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period			(5,911)						(7,635)						(4,975)						(8,644)
Other comprehensive income (loss)			(12)						1,577						(948)						2,586
Balance – end of period			(5,923)						(6,058)						(5,923)						(6,058)
Total Chubb shareholders’ equity			$	75,372					$	69,395					$	75,372					$	69,395
Noncontrolling interests
Balance – beginning of period			$	6,124					$	5,029					$	6,022					$	4,373
Net increase (decrease) due to consolidation, deconsolidation,    and other transactions			(759)						(25)						(855)						624
Net income attributable to noncontrolling interests			28						31						55						43
Other comprehensive income attributable to noncontrolling interests			80						17						251						12
Balance – end of period			$	5,473					$	5,052					$	5,473					$	5,052
Total shareholders' equity			$	80,845					$	74,447					$	80,845					$	74,447

See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2026			2025
Cash flows from operating activities
Net income			$	5,229		$	4,342
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses			245			(44)
Market risk benefits (gains) losses			(19)			109
Amortization of premiums (discounts) on fixed maturities			(215)			(196)
Amortization of purchased intangibles			147			149
Equity in net income of partially-owned entities			(281)			(739)
Deferred income taxes			330			(16)
Unpaid losses and loss expenses			1,539			1,224
Unearned premiums			2,122			2,446
Future policy benefits			1,832			1,178
Insurance and reinsurance balances payable			936			1,018
Accounts payable, accrued expenses, and other liabilities			(484)			10
Income taxes			85			(74)
Insurance and reinsurance balances receivable			(3,055)			(2,088)
Reinsurance recoverable			58			494
Deferred policy acquisition costs			(793)			(870)
Net sales (purchases) of investments by consolidated investment products			398			(115)
Other			(397)			(1,711)
Net cash flows from operating activities			7,677			5,117
Cash flows from investing activities
Purchases of fixed maturities available-for-sale			(18,620)			(13,805)
Purchases of equity securities			(1,613)			(1,413)
Sales of fixed maturities available-for-sale			6,837			5,292
Sales of equity securities			1,722			1,410
Maturities and redemptions of fixed maturities available-for-sale			7,601			5,542
Net change in short-term investments			(480)			764
Net derivative instruments settlements			(77)			(66)
Private equity contributions			(588)			(1,522)
Private equity distributions			726			744
Acquisition of subsidiaries (net of cash acquired of nil and $32)			(25)			(289)
Other			(660)			(282)
Net cash flows used for investing activities			(5,177)			(3,625)
Cash flows from financing activities
Dividends paid on Common Shares			(759)			(731)
Common Shares repurchased			(2,236)			(1,437)
Proceeds from issuance of long-term debt			2,416			249
Repayment of long-term debt			(1,500)			(800)
Proceeds from share-based compensation plans			195			189
Policyholder contract deposits			666			452
Policyholder contract withdrawals			(417)			(311)
Third-party capital invested into consolidated investment products			772			1,076
Third-party capital distributed by consolidated investment products			(1,070)			(677)
Proceeds from issuance of repurchase agreements			3,769			2,368
Repayment of repurchase agreements			(3,836)			(2,072)
Other			(219)			(193)
Net cash flows used for financing activities			(2,219)			(1,887)
Effect of foreign currency rate changes on cash and restricted cash			2			217
Net increase (decrease) in cash and restricted cash			283			(178)
Cash and restricted cash – beginning of period			2,470			2,549
Cash and restricted cash – end of period			$	2,753		$	2,371
Supplemental cash flow information
Interest paid			$	393		$	350

                                                    

See accompanying notes to the Consolidated Financial Statements

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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 17 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 2025 Form 10-K.

b) New Accounting Pronouncements

Accounting guidance not yet adopted

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.

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Chubb Limited and Subsidiaries

2. Investments

a) Fixed maturities

June 30, 2026			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			$	3,823					$	—					$	12					$	(241)					$	3,594
Non-U.S.			42,094						(14)						477						(1,185)						41,372
Corporate and asset-backed securities			49,363						(34)						375						(1,777)						47,927
Mortgage-backed securities			33,748						—						217						(1,340)						32,625
			$	129,028					$	(48)					$	1,081					$	(4,543)					$	125,518

December 31, 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			$	3,908					$	—					$	27					$	(221)					$	3,714
Non-U.S.			40,479						(10)						795						(908)						40,356
Corporate and asset-backed securities			48,806						(42)						734						(1,612)						47,886
Mortgage-backed securities			31,533						—						398						(1,207)						30,724
			$	124,726					$	(52)					$	1,954					$	(3,948)					$	122,680

The following table presents fixed maturities by contractual maturity:

			June 30, 2026												December 31, 2025
(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			$	4,240					$	4,240					$	4,749					$	4,749
Due after 1 year through 5 years			35,517						35,517						35,611						35,611
Due after 5 years through 10 years			32,012						32,012						31,514						31,514
Due after 10 years			21,124						21,124						20,082						20,082
			92,893						92,893						91,956						91,956
Mortgage-backed securities			32,625						32,625						30,724						30,724
			$	125,518					$	125,518					$	122,680					$	122,680

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 2025 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

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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
June 30, 2026			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			$	928					$	(14)					$	1,891					$	(227)					$	2,819					$	(241)
Non-U.S.			12,200						(344)						8,121						(693)						20,321						(1,037)
Corporate and asset-backed securities			13,317						(182)						8,502						(875)						21,819						(1,057)
Mortgage-backed securities			7,991						(89)						9,638						(1,251)						17,629						(1,340)
Total AFS fixed maturities			$	34,436					$	(629)					$	28,152					$	(3,046)					$	62,588					$	(3,675)

			0 – 12 Months												Over 12 Months												Total
December 31, 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			$	307					$	(3)					$	2,139					$	(216)					$	2,446					$	(219)
Non-U.S.			6,664						(163)						8,995						(622)						15,659						(785)
Corporate and asset-backed securities			4,136						(59)						10,225						(867)						14,361						(926)
Mortgage-backed securities			1,467						(12)						11,016						(1,194)						12,483						(1,206)
Total AFS fixed maturities			$	12,574					$	(237)					$	32,375					$	(2,899)					$	44,949					$	(3,136)

At June 30, 2026, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $285 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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Available-for-sale
Valuation allowance for expected credit losses - beginning of period			$	50					$	63					$	52					$	70
Provision for expected credit loss			18						30						37						51
Write-offs charged against the expected credit loss			—						(1)						—						(1)
Recovery of expected credit loss			(20)						(21)						(41)						(49)
Valuation allowance for expected credit losses - end of period			$	48					$	71					$	48					$	71
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period			$	2					$	3					$	3					$	4
Recovery of expected credit loss			—						—						(1)						(1)
Valuation allowance for expected credit losses - end of period			$	2					$	3					$	2					$	3

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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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Fixed maturities:
Gross realized gains			$	68					$	69					$	108					$	107
Gross realized losses			(125)						(123)						(249)						(219)
Other investments - Fixed maturities (includes $63, $53, $43, and nil related to investments measured under the fair value option)			98						61						90						21
Net recovery of expected credit losses			2						(9)						5						(1)
Impairment (1)			(25)						(5)						(57)						(12)
Total fixed maturities			18						(7)						(103)						(104)
Equity securities (includes $(2), $12, $(69), and $65 related to investments measured under the fair value option)			126						137						(23)						200
Private equities (less than 3 percent ownership)			93						(28)						109						(17)
Foreign exchange			(17)						(89)						(25)						(154)
Investment and embedded derivative instruments			(55)						154						(170)						131
Other derivative instruments			(8)						(2)						(17)						(5)
Other			5						(5)						(16)						(7)
Net realized gains (losses) (pre-tax)			$	162					$	160					$	(245)					$	44

(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
																																							June 30
																					2026																								2025
(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			$	126					$	98					$	93					$	317					$	137					$	61					$	(28)					$	170
Less: Net gains recognized from sales of securities			46						1						—						47						32						3						—						35
Unrealized gains (losses) recognized for securities still held at reporting date			$	80					$	97					$	93					$	270					$	105					$	58					$	(28)					$	135

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

																																	Six Months Ended
																																							June 30
																					2026																								2025
(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			$	(23)					$	90					$	109					$	176					$	200					$	21					$	(17)					$	204
Less: Net gains recognized from sales of securities			140						1						—						141						20						4						—						24
Unrealized gains (losses) recognized for securities still held at reporting date			$	(163)					$	89					$	109					$	35					$	180					$	17					$	(17)					$	180

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						June 30, 2026												December 31, 2025
(in millions of U.S. dollars)									Fair Value						Maximum Future Funding Commitments						Fair Value						Maximum Future Funding Commitments
Financial			2 to 10 Years						$	1,293					$	402					$	1,420					$	483
Real assets			2 to 13 Years						1,909						1,043						1,924						1,111
Distressed			2 to 8 Years						1,185						1,208						1,226						977
Private credit			3 to 8 Years						303						360						299						302
Traditional			2 to 14 Years						12,199						4,112						11,990						4,345
Vintage			1 to 3 Years						29						—						43						—
Investment funds			Not Applicable						467						—						337						—
									$	17,385					$	7,125					$	17,239					$	7,218

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

    

Refer to Note 3 e) in our 2025 Form 10-K for further information on our private equity investments.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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 June 30, 2026, and December 31, 2025, are investments, primarily fixed maturities, totaling $18,955 million and $19,048 million, respectively, and cash of $243 million and $198 million, respectively.

The following table presents the components of restricted assets:

			June 30						December 31
(in millions of U.S. dollars)			2026						2025
Trust funds			$	8,529					$	8,461
Assets pledged under repurchase agreements			3,546						3,518
Deposits with U.S. regulatory authorities			2,575						2,598
Deposits with non-U.S. regulatory authorities and other			4,548						4,669
Total			$	19,198					$	19,246

f) Variable interest entities (VIEs)

Consolidated VIEs

We 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 2025 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.

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 June 30, 2026, and December 31, 2025, was $5.3 billion and $5.4 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 June 30, 2026, and December 31, 2025, was $198 million and $70 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified primarily within Equity securities on the Consolidated balance sheets.

3. 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.

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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) in our 2025 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy

June 30, 2026			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			$	1,442					$	2,152					$	—					$	3,594
Non-U.S.			—						40,678						694						41,372
Corporate and asset-backed securities			—						44,385						3,542						47,927
Mortgage-backed securities			—						32,625						—						32,625
			1,442						119,840						4,236						125,518
Equity securities (1)			5,394						—						110						5,504
Short-term investments			3,074						2,374						10						5,458
Other investments (2)			716						8,455						—						9,171
Securities lending collateral			—						1,870						—						1,870
Investment derivatives			34						—						—						34
Derivatives designated as hedging instruments			—						346						—						346
Other derivative instruments			15						—						—						15
Separate account assets			7,405						66						—						7,471
Total assets measured at fair value (1)(2)(3)			$	18,080					$	132,951					$	4,356					$	155,387
Liabilities:
Investment derivatives			$	371					$	—					$	—					$	371
Derivatives designated as hedging instruments			—						127						—						127
Other derivative instruments			2						—						—						2
Market risk benefits (4)			—						—						505						505
Total liabilities measured at fair value			$	373					$	127					$	505					$	1,005

(1)Excluded from the table above are funds of $5,510 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,851 million, principally investments measured using NAV as a practical expedient and policy loans.

(3)Excluded from the table above are private equities of $17,385 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

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December 31, 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			$	1,481					$	2,233					$	—					$	3,714
Non-U.S.			—						39,685						671						40,356
Corporate and asset-backed securities			—						44,340						3,546						47,886
Mortgage-backed securities			—						30,724						—						30,724
			1,481						116,982						4,217						122,680
Equity securities (1)			5,163						—						119						5,282
Short-term investments			2,657						2,138						45						4,840
Other investments (2)			630						8,684						—						9,314
Securities lending collateral			—						2,500						—						2,500
Investment derivatives			22						—						—						22
Derivatives designated as hedging instruments			—						266						—						266
Other derivative instruments			11						—						—						11
Separate account assets			6,858						67						—						6,925
Total assets measured at fair value (1)(2)(3)			$	16,822					$	130,637					$	4,381					$	151,840
Liabilities:
Investment derivatives			$	242					$	—					$	—					$	242
Derivatives designated as hedging instruments			—						232						—						232
Other derivative instruments			—						4						—						4
Market risk benefits (4)			—						—						659						659
Total liabilities measured at fair value			$	242					$	236					$	659					$	1,137

(1)Excluded from the table above are funds of $5,519 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,435 million, principally investments measured using NAV as a practical expedient and policy loans.

(3)Excluded from the table above are private equities of $17,239 million, measured using NAV as a practical expedient.

(4)Refer to Note 10 for additional information on Market risk benefits.

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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 10 for additional information.

Three Months Ended June 30, 2026 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																					Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities
Balance, beginning of period									$	689					$	3,536																	$	121					$	11
Transfers into Level 3									—						15																		—						—
Transfers out of Level 3									(2)						(4)																		(13)						—
Change in Net Unrealized Gains (Losses) in OCI									(2)						(11)																		—						—
Net Realized Gains (Losses)									—						(11)																		(1)						—
Purchases									34						299																		6						3
Sales									(9)						(53)																		(3)						—
Settlements									(16)						(229)																		—						(4)
Balance, end of period									$	694					$	3,542																	$	110					$	10
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(15)																	$	(2)					$	(6)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	(2)					$	(14)																	$	—					$	—

Three Months Ended June 30, 2025 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																					Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities
Balance, beginning of period									$	587					$	3,017																	$	113					$	18
Transfers into Level 3									10						60																		—						—
Transfers out of Level 3									—						(12)																		(1)						—
Change in Net Unrealized Gains (Losses) in OCI									18						(3)																		—						—
Net Realized Gains (Losses)									3						(4)																		2						—
Purchases									84						295																		19						25
Sales									(34)						(53)																		(8)						—
Settlements									(70)						(114)																		—						(1)
Balance, end of period									$	598					$	3,186																	$	125					$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	—					$	(1)																	$	4					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	16					$	(7)																	$	—					$	—

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Six Months Ended June 30, 2026 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																		Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities
Balance, beginning of period									$	671					$	3,546																	$	119					$	45
Transfers into Level 3									2						16																		—						—
Transfers out of Level 3									(2)						(21)																		(13)						—
Change in Net Unrealized Gains (Losses) in OCI									(12)						(25)																		—						(2)
Net Realized Gains (Losses)									—						(18)																		(1)						—
Purchases									110						410																		12						11
Sales									(39)						(54)																		(7)						—
Settlements									(36)						(312)																		—						(44)
Balance, end of period									$	694					$	3,542																	$	110					$	10
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(18)																	$	(2)					$	(6)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	(12)					$	(32)																	$	—					$	(1)

Six Months Ended June 30, 2025 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
Balance, beginning of period									$	604					$	2,891					$	3											$	120					$	14
Transfers into Level 3									11						84						—												—						—
Transfers out of Level 3									—						(13)						—												(1)						—
Change in Net Unrealized Gains (Losses) in OCI									38						(7)						—												—						—
Net Realized Gains (Losses)									(3)						(6)						$	(2)											(3)						—
Purchases									144						514						1												26						30
Sales									(87)						(100)						(2)												(17)						—
Settlements									(109)						(177)						—												—						(2)
Balance, end of period									$	598					$	3,186					$	—											$	125					$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(4)					$	—											$	9					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	30					$	(17)					$	—											$	—					$	—

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 2025 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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The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

June 30, 2026			Fair Value																								Net Carrying Value
(in millions of U.S. dollars)			Level 1						Level 2						Level 3						Total
Assets:
Private debt held-for-investment			$	—					$	—					$	2,289					$	2,289					$	2,252
Total assets			$	—					$	—					$	2,289					$	2,289					$	2,252
Liabilities:
Repurchase agreements			$	—					$	3,368					$	—					$	3,368					$	3,368
Short-term debt			—						652						—						652						663
Long-term debt			—						15,694						590						16,284						17,452
Hybrid debt			—						482						—						482						427
Total liabilities			$	—					$	20,196					$	590					$	20,786					$	21,910

December 31, 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			$	—					$	—					$	2,445					$	2,445					$	2,411
Total assets			$	—					$	—					$	2,445					$	2,445					$	2,411
Liabilities:
Repurchase agreements			$	—					$	3,324					$	—					$	3,324					$	3,324
Short-term debt			—						1,498						—						1,498						1,499
Long-term debt			—						14,045						576						14,621						15,728
Hybrid debt			—						484						—						484						422
Total liabilities			$	—					$	19,351					$	576					$	19,927					$	20,973

4. Reinsurance

Reinsurance recoverable on ceded reinsurance

						June 30, 2026												December 31, 2025
(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						$	18,453					$	273					$	18,346					$	248
Reinsurance recoverable on paid losses and loss expenses						1,831						51						1,992						72
Reinsurance recoverable on losses and loss expenses						$	20,284					$	324					$	20,338					$	320
Reinsurance recoverable on policy benefits						$	333					$	—					$	286					$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:

			Six Months Ended
									June 30
(in millions of U.S. dollars)			2026						2025
Valuation allowance for uncollectible reinsurance - beginning of period			$	320					$	310
Provision for uncollectible reinsurance			17						17
Write-offs charged against the valuation allowance			(14)						(6)
Foreign exchange revaluation			1						2
Valuation allowance for uncollectible reinsurance - end of period			$	324					$	323

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2025 Form 10-K.

5. 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:

			Six Months Ended June 30, 2026
(in millions of U.S. dollars)			Term Life						Universal Life						Whole Life						A&H						Other												Total
Balance – beginning of period			$	567					$	746					$	1,296					$	2,136					$	392											$	5,137
Capitalizations			124						52						243						383						90												892
Amortization expense			(81)						(43)						(37)						(141)						(17)												(319)
Other (including foreign exchange)			—						(8)						(15)						(44)						1												(66)
Balance – end of Period			$	610					$	747					$	1,487					$	2,334					$	466											$	5,644
Overseas General Insurance segment excluded from table																																							725
Total deferred policy acquisition costs on long-duration contracts																																							$	6,369
Deferred policy acquisition costs on short-duration contracts																																							4,375
Total deferred policy acquisition costs																																							$	10,744

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			Six Months Ended June 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			115						69						224						327						61						796
Amortization expense			(73)						(41)						(25)						(111)						(15)						(265)
Other (including foreign exchange)			13						10						23						51						12						109
Balance – end of period			$	524					$	760					$	1,092					$	1,948					$	382					$	4,706
Overseas General Insurance segment excluded from table																																	646
Total deferred policy acquisition costs on long-duration contracts																																	$	5,352
Deferred policy acquisition costs on short-duration contracts																																	4,085
Total deferred policy acquisition costs																																	$	9,437

6. 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, 2025			$	7,191					$	2,226					$	134					$	5,530					$	371					$	4,755					$	20,207
Measurement-period adjustments			—						—						—						(7)						—						—						(7)
Foreign exchange revaluation			(6)						(2)						—						53						—						98						143
Balance at June 30, 2026 (1)			$	7,185					$	2,224					$	134					$	5,576					$	371					$	4,853					$	20,343

(1)Includes $426 million attributable to noncontrolling interests.

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7. Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2026						2025
Gross unpaid losses and loss expenses – beginning of period			$	88,018					$	84,004
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)			(18,346)						(17,734)
Net unpaid losses and loss expenses – beginning of period			69,672						66,270
Net losses and loss expenses incurred in respect of losses occurring in:
Current year			13,406						13,959
Prior years (2)			(584)						(491)
Total			12,822						13,468
Net losses and loss expenses paid in respect of losses occurring in:
Current year			3,169						2,960
Prior years			8,184						8,982
Total			11,353						11,942
Foreign currency revaluation and other			75						889
Net unpaid losses and loss expenses – end of period			71,216						68,685
Reinsurance recoverable on unpaid losses and loss expenses (1)			18,453						17,691
Gross unpaid losses and loss expenses – end of period			$	89,669					$	86,376

(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 $15 million and $(13) million for the six months ended June 30, 2026 and 2025, respectively.

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Prior Period Development

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:

			Three Months Ended June 30																		Six Months Ended June 30
(in millions of U.S. dollars)			Long-tail						Short-tail						Total						Long-tail						Short-tail						Total
2026
North America Commercial P&C Insurance			$	(69)					$	(42)					$	(111)					$	(48)					$	(152)					$	(200)
North America Personal P&C Insurance			—						(173)						(173)						—						(174)						(174)
North America Agricultural Insurance			—						—						—						—						(80)						(80)
Overseas General Insurance			11						(157)						(146)						11						(288)						(277)
Global Reinsurance			10						(21)						(11)						10						(21)						(11)
Corporate			158						—						158						173						—						173
Total			$	110					$	(393)					$	(283)					$	146					$	(715)					$	(569)
2025
North America Commercial P&C Insurance			$	(75)					$	(31)					$	(106)					$	(27)					$	(193)					$	(220)
North America Personal P&C Insurance			—						(121)						(121)						—						(121)						(121)
North America Agricultural Insurance			—						—						—						—						(33)						(33)
Overseas General Insurance			35						(112)						(77)						36						(234)						(198)
Global Reinsurance			—						(15)						(15)						(5)						(10)						(15)
Corporate			70						—						70						83						—						83
Total			$	30					$	(279)					$	(249)					$	87					$	(591)					$	(504)

Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance. Net favorable development for the three months ended June 30, 2026, included $69 million from long-tail lines, primarily from workers' compensation, due to lower-than-expected reported loss activity and our annual assessment of multi-claimant events, including industrial accidents, partially offset by net adverse development in commercial general liability, mainly due to higher-than-expected loss development. Net favorable development for the six months ended June 30, 2026, included $152 million from short-tail lines, primarily from surety, due to lower-than-expected loss development.

Net favorable development for the three months ended June 30, 2025, included $75 million from long-tail lines, primarily from the Risk Management business where PPD was favorable $163 million. This business underwrites workers' compensation, general liability and auto liability, and the favorable development was the net of lower-than-expected reported loss activity primarily on workers' compensation, partially offset by adverse development in general liability. This favorable development was partially offset by adverse development from other commercial auto liability portfolios which experienced higher-than-expected reported loss activity. Net favorable development for the six months ended June 30, 2025, included $193 million of favorable development from short-tail lines, primarily from surety, due to lower-than-expected loss development. Net favorable development for long-tail lines was the result of favorable development in workers' compensation and financial lines partially offset by adverse development in general casualty lines.

North America Personal P&C Insurance. Net favorable development for the three and six months ended June 30, 2026, included favorable development primarily in the auto physical damage line, due to lower-than-expected loss development.

Net favorable development for the three and six months ended June 30, 2025, included favorable development in the auto physical damage and recreational marine lines due to favorable loss emergence.

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Overseas General Insurance. Net favorable development for the three and six months ended June 30, 2026, included $157 million and $288 million, respectively, from short-tail lines, primarily from favorable claim development in property.

Net favorable development for the three and six months ended June 30, 2025, included $112 million and $234 million, respectively, from short-tail lines, primarily from favorable claim development in property and marine lines.

Corporate. Net adverse development for the three and six months ended June 30, 2026 and 2025, was driven primarily by adverse development for molestation-related claims.

8. Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net Premiums			Six Months Ended June 30, 2026
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other												Total
Balance – beginning of period			$	1,544					$	4,749					$	11,688					$	426											$	18,407
Beginning balance at original discount rate			1,814						4,616						11,665						423												18,518
Effect of changes in cash flow assumptions			—						—						—						—												—
Effect of actual variances from expected experience			(9)						50						(288)						7												(240)
Adjusted beginning of period balance			1,805						4,666						11,377						430												18,278
Issuances			127						904						1,180						356												2,567
Interest accrual			31						73						282						7												393
Net premiums collected (1)			(126)						(949)						(776)						(185)												(2,036)
Other (including foreign exchange)			(14)						11						(114)						12												(105)
Ending balance at original discount rate			1,823						4,705						11,949						620												19,097
Effect of changes in discount rate assumptions			(258)						74						(377)						2												(559)
Balance – end of period			$	1,565					$	4,779					$	11,572					$	622											$	18,538

(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			Six Months Ended June 30, 2026
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other												Total
Balance – beginning of period			$	2,313					$	13,791					$	15,587					$	1,084											$	32,775
Beginning balance at original discount rate			2,715						13,133						15,645						1,058												32,551
Effect of changes in cash flow assumptions			—						—						—						—												—
Effect of actual variances from expected experience			(3)						55						(298)						8												(238)
Adjusted beginning of period balance			2,712						13,188						15,347						1,066												32,313
Issuances			127						904						1,180						356												2,567
Interest accrual			42						229						345						18												634
Benefit payments			(115)						(188)						(847)						(13)												(1,163)
Other (including foreign exchange)			(21)						129						(202)						27												(67)
Ending balance at original discount rate			2,745						14,262						15,823						1,454												34,284
Effect of changes in discount rate assumptions			(403)						477						(564)						27												(463)
Balance – end of period			$	2,342					$	14,739					$	15,259					$	1,481											$	33,821

Liability for Future Policy Benefits			June 30, 2026
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other												Total
Net liability for future policy benefits			$	777					$	9,960					$	3,687					$	859											$	15,283
Deferred profit liability			320						2,402						248						141												3,111
Net liability for future policy benefits, before reinsurance recoverable			1,097						12,362						3,935						1,000												18,394
Less: Reinsurance recoverable on future policy benefits			110						49						128						1												288
Net liability for future policy benefits, after reinsurance recoverable			$	987					$	12,313					$	3,807					$	999											$	18,106
Weighted average duration (years)			11.3						25.7						10.1						28.2												21.7

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Chubb Limited and Subsidiaries

Present Value of Expected Net Premiums			Six Months Ended June 30, 2025
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	1,523					$	4,405					$	11,626					$	125					$	17,679
Beginning balance at original discount rate			1,819						4,303						11,499						124						17,745
Effect of changes in cash flow assumptions			—						(4)						13						—						9
Effect of actual variances from expected experience			(4)						18						(168)						2						(152)
Adjusted beginning of period balance			1,815						4,317						11,344						126						17,602
Issuances			116						719						1,107						311						2,253
Interest accrual			26						65						260						5						356
Net premiums collected (1)			(122)						(743)						(755)						(93)						(1,713)
Other (including foreign exchange)			59						134						459						4						656
Ending balance at original discount rate			1,894						4,492						12,415						353						19,154
Effect of changes in discount rate assumptions			(296)						142						184						3						33
Balance – end of period			$	1,598					$	4,634					$	12,599					$	356					$	19,187

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

Present Value of Expected Future Policy Benefits			Six Months Ended June 30, 2025
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	2,238					$	12,057					$	15,693					$	647					$	30,635
Beginning balance at original discount rate			2,647						11,242						15,652						601						30,142
Effect of changes in cash flow assumptions			—						(9)						21						—						12
Effect of actual variances from expected experience			(1)						18						(170)						3						(150)
Adjusted beginning of period balance			2,646						11,251						15,503						604						30,004
Issuances			116						719						1,107						311						2,253
Interest accrual			36						185						325						12						558
Benefit payments			(110)						(154)						(864)						(10)						(1,138)
Other (including foreign exchange)			88						300						601						16						1,005
Ending balance at original discount rate			2,776						12,301						16,672						933						32,682
Effect of changes in discount rate assumptions			(432)						1,106						109						59						842
Balance – end of period			$	2,344					$	13,407					$	16,781					$	992					$	33,524

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Chubb Limited and Subsidiaries

Liability for Future Policy Benefits			June 30, 2025
(in millions of U.S. dollars, except for years)			Term Life						Whole Life						A&H						Other						Total
Net liability for future policy benefits			$	746					$	8,773					$	4,182					$	636					$	14,337
Deferred profit liability			306						1,539						219						68						2,132
Net liability for future policy benefits, before reinsurance recoverable			1,052						10,312						4,401						704						16,469
Less: Reinsurance recoverable on future policy benefits			107						46						121						1						275
Net liability for future policy benefits, after reinsurance recoverable			$	945					$	10,266					$	4,280					$	703					$	16,194
Weighted average duration (years)			10.4						27.6						10.0						25.3						22.0

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

			June 30
(in millions of U.S. dollars)			2026						2025
Net liability for future policy benefits			$	15,283					$	14,337
Other (1)			1,765						1,549
Deferred profit liability			3,111						2,132
Liability for future policy benefits, per consolidated balance sheet			$	20,159					$	18,018

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

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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:

			June 30						June 30
(in millions of U.S. dollars)			2026						2025
Term Life
Undiscounted expected future benefit payments			$	4,607					$	4,563
Undiscounted expected future gross premiums			6,802						7,094
Discounted expected future benefit payments			2,342						2,344
Discounted expected future gross premiums			4,545						4,775
Whole Life
Undiscounted expected future benefit payments			34,510						30,751
Undiscounted expected future gross premiums			11,062						10,841
Discounted expected future benefit payments			14,739						13,407
Discounted expected future gross premiums			9,262						8,929
A&H
Undiscounted expected future benefit payments			26,692						28,274
Undiscounted expected future gross premiums			39,629						41,427
Discounted expected future benefit payments			15,259						16,781
Discounted expected future gross premiums			23,846						24,697
Other
Undiscounted expected future benefit payments			2,759						1,754
Undiscounted expected future gross premiums			945						570
Discounted expected future benefit payments			1,481						992
Discounted expected future gross premiums			$	892					$	527

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life insurance segment:

			Gross Premiums or Assessments												Interest Accretion
			Six Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Term Life			$	374					$	353					$	11					$	10
Whole Life			1,657						1,250						156						120
A&H			1,608						1,509						63						65
Other			260						129						11						7
Total			$	3,899					$	3,241					$	241					$	202

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Chubb Limited and Subsidiaries

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

			Interest Accretion Rate												Current Discount Rate
			Six Months Ended												Six Months Ended
			June 30												June 30
			2026						2025						2026						2025
Life Insurance
Term Life			3.2		%				3.0		%				6.0		%				5.9		%
Whole Life			3.6		%				3.4		%				4.3		%				3.9		%
A&H			4.3		%				4.0		%				6.3		%				5.8		%
Other			3.2		%				3.2		%				3.4		%				3.3		%

9. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:

			Six Months Ended June 30, 2026
(in millions of U.S. dollars)			Universal Life						Annuities (3)						Other investment contracts (4)						Total
Balance – beginning of period			$	1,899					$	2,801					$	2,531					$	7,231
Premiums received			109						130						449						688
Policy charges			(44)						—						(5)						(49)
Surrenders and withdrawals			(68)						(15)						(100)						(183)
Benefit payments (1)			(97)						(107)						(30)						(234)
Interest credited			24						24						41						89
Other (including foreign exchange)			76						113						(15)						174
Balance – end of period			$	1,899					$	2,946					$	2,871					$	7,716
Unearned revenue liability																					772
Other (2)																					614
Policyholders' account liability, per consolidated balance sheet																					$	9,102

(1)Includes payments for survival and death benefits.

(2)Primarily comprises unpaid dividends on certain participating policies.

(3)Relates to Huatai Life.

(4)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

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Chubb Limited and Subsidiaries

			Six Months Ended June 30, 2025
(in millions of U.S. dollars)			Universal Life						Annuities (3)						Other investment contracts (4)						Total
Balance – beginning of period			$	1,809					$	2,585					$	2,354					$	6,748
Premiums received			105						159						211						475
Policy charges			(56)						—						(5)						(61)
Surrenders and withdrawals			(57)						(17)						(94)						(168)
Benefit payments (1)			(19)						(77)						(46)						(142)
Interest credited			24						24						33						81
Other (including foreign exchange)			34						22						25						81
Balance – end of period			$	1,840					$	2,696					$	2,478					$	7,014
Unearned revenue liability																					753
Other (2)																					577
Policyholders' account liability, per consolidated balance sheet																					$	8,344

(1)Includes payments for survival and death benefits.

(2)Primarily comprises unpaid dividends on certain participating policies.

(3)Relates to Huatai Life.

(4)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

			June 30
			2026																		2025
(in millions of U.S. dollars, except for percentages)			Universal Life						Annuities (3)						Other						Universal Life						Annuities (3)						Other
Weighted-average crediting rate (1)			3.4		%				N/A						3.4		%				3.5		%				N/A						3.3		%
Net amount at risk (2)			$	10,539					$	86					$	340					$	11,571					$	10					$	378
Cash Surrender Value			$	1,779					$	1,974					$	2,549					$	1,695					$	1,774					$	2,175

(1)Calculated using actual interest credited for the six months ended June 30, 2026 and 2025, 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.

(3)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.

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

			June 30, 2026
(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%			$	—					$	34					$	17					$	239					$	290
2.01% – 4.00%			449						291						329						—						1,069
Greater than 4.00%			19						—						—						—						19
Fixed rate or no guarantee																											521
Total			$	468					$	325					$	346					$	239					$	1,899

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Chubb Limited and Subsidiaries

			June 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%			$	—					$	—					$	49					$	145					$	194
2.01% – 4.00%			247						573						352						—						1,172
Greater than 4.00%			12						—						—						—						12
Fixed rate or no guarantee																											462
Total			$	259					$	573					$	401					$	145					$	1,840

Other policyholders' account balances

			June 30, 2026
(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%			$	2					$	52					$	28					$	76					$	158
2.01% – 4.00%			955						—						271						—						1,226
Greater than 4.00%			—						—						—						—						—
Fixed rate or no guarantee																											1,487
Total			$	957					$	52					$	299					$	76					$	2,871

			June 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%			$	5					$	5					$	133					$	27					$	170
2.01% – 4.00%			1,035						52						—						—						1,087
Greater than 4.00%			—						—						—						—						—
Fixed rate or no guarantee																											1,221
Total			$	1,040					$	57					$	133					$	27					$	2,478

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.

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Chubb Limited and Subsidiaries

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

			June 30						June 30
(in millions of U.S. dollars)			2026						2025
Cash and cash equivalents			$	121					$	131
Mutual funds			7,284						6,268
Fixed maturities			66						82
Total			$	7,471					$	6,481

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

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2026						2025
Balance – beginning of period			$	6,925					$	6,231
Premiums and deposits			787						802
Policy charges			(92)						(79)
Surrenders and withdrawals			(698)						(494)
Benefit payments			(252)						(225)
Investment performance			859						(265)
Other (including foreign exchange)			(58)						511
Balance – end of period			$	7,471					$	6,481
Cash surrender value (1)			$	6,960					$	6,101

(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 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:

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2026						2025
Balance – beginning of period			$	758					$	711
Deferred revenue			61						69
Amortization			(40)						(38)
Other (including foreign exchange)			(7)						11
Balance – end of period			$	772					$	753

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Chubb Limited and Subsidiaries

10. 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:

			Six Months Ended June 30
(in millions of U.S. dollars)			2026						2025
Balance – beginning of period			$	659					$	607
Balance, beginning of period, before effect of changes in the instrument-specific credit risk			636						592
Interest rate changes			(22)						41
Effect of market movements (1)			(78)						(50)
Effect of changes in volatilities			(2)						19
Actual policyholder behavior different from expected behavior			9						28
Effect of timing and all other			(48)						(31)
Balance, end of period, before effect of changes in the instrument-specific credit risk			$	495					$	599
Effect of changes in the instrument-specific credit risk			10						10
Balance – end of period			$	505					$	609
Weighted-average age of policyholders (years)			75						74
Net amount at risk (2)			$	1,189					$	1,479

(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 $121 million and $103 million for the six months ended June 30, 2026 and 2025, 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.

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

June 30, 2026

June 30, 2025

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.5

%

0.5% – 27.3%

3.4

%

Annuitization rate

0% – 100%

4.7

%

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.

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Chubb Limited and Subsidiaries

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. 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 2025 Form 10-K.

11. Debt

a) Chubb INA senior unsecured notes

In March 2026, Chubb INA issued CHF200 million (approximately $254 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.

Chubb INA's $1.5 billion of 3.35 percent senior unsecured notes due May 2026 were paid upon maturity.

In May 2026, Chubb INA issued a series of senior unsecured notes denominated in Chinese yuan renminbi (CNH) comprising:

•CNH2.5 billion (approximately $367 million based on the foreign exchange rate at the date of issuance) of 2.40 percent senior unsecured notes due 2031; and

•CNH1.5 billion (approximately $220 million based on the foreign exchange rate at the date of issuance) of 2.85 percent senior unsecured notes due 2036.

In May 2026, Chubb INA issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036.

In June 2026, Chubb INA issued a series of senior unsecured notes denominated in Canadian dollar (CAD) comprising:

•CAD400 million (approximately $286 million based on the foreign exchange rate at the date of issuance) of 3.780 percent senior unsecured notes due 2031; and

•CAD400 million (approximately $286 million based on the foreign exchange rate at the date of issuance) of 4.034 percent senior unsecured notes due 2033.

In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.

Chubb INA's senior unsecured notes are guaranteed on a senior basis by Chubb Limited and 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 notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium, as defined in the offering documentation. 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.

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Chubb Limited and Subsidiaries

12. 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 Fixed maturities available-for-sale (FM AFS). 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.

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:

															June 30, 2026																								December 31, 2025
			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)						$	17					$	(353)					$	3,960											$	18					$	(230)					$	4,912
Options/Futures/Forward contracts on notes and bonds			OA / (AP)						17						(18)						1,860												4						(12)						1,216
Convertible securities (1)			FM AFS						6						—						5												6						—						5
Total									$	40					$	(371)					$	5,825											$	28					$	(242)					$	6,133
Other derivative instruments:
Futures contracts on equities (2)			OA / (AP)						$	—					$	(2)					$	904											$	3					$	—					$	943
Other			OA / (AP)						15						—						538												8						(4)						334
Total									$	15					$	(2)					$	1,442											$	11					$	(4)					$	1,277
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges			OA / (AP)						$	173					$	(3)					$	2,081											$	198					$	—					$	2,046
Cross-currency swaps - net investment hedges			OA / (AP)						173						(124)						3,874												68						(232)						2,995
Total									$	346					$	(127)					$	5,955											$	266					$	(232)					$	5,041

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At June 30, 2026, and December 31, 2025, net derivative liabilities of $105 million and $179 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.

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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 June 30, 2026, 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:

			Three Months Ended									Six Months Ended
			June 30									June 30
(pre-tax, in millions of U.S. dollars)			2026			2025						2026			2025
Gain (loss) recognized in OCI			$	16		$	141					$	(27)		$	115
Net realized gain (loss) reclassified from OCI			(23)			169						(57)			238
Interest expense reclassified from OCI			(4)			(5)						(9)			(9)
OCI gain (loss) after reclassifications			$	43		$	(23)					$	39		$	(114)

(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, Chinese yuan renminbi, and Korean won. 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.

In March 2026, in connection with the issuance of Swiss franc (CHF) 200 million senior unsecured notes and related designation as a net investment hedge, Chubb terminated its Swiss franc cross-currency swap with a notional amount of CHF95.8 million, originally maturing in March 2038. This termination resulted in a $42 million loss, which will remain in CTA until the underlying hedged subsidiary is deconsolidated.

Foreign denominated debt

Chubb designated the following foreign denominated debt as non-derivative net investment hedges:

•Chinese yuan renminbi term loans, $586 million at June 30, 2026

•Chinese yuan renminbi bonds, $1.3 billion at June 30, 2026

•Swiss franc senior unsecured notes, issued in Q1 2026, $250 million at June 30, 2026

•Canadian dollar bonds, issued in Q2 2026, $574 million at June 30, 2026

These non-derivative net investment hedges 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

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OCI. These adjustments will remain in CTA until the underlying hedged subsidiary is deconsolidated or hedge accounting is discontinued.

The following table presents the OCI impact of derivative and non-derivative net investment hedges:

			Three Months Ended									Six Months Ended
			June 30									June 30
(pre-tax, in millions of U.S. dollars)			2026			2025						2026			2025
Cross-currency swaps:
Gain (loss) recognized in OCI			$	17		$	(138)					$	75		$	(114)
Interest income reclassified from OCI			11			7						20			15
Total cross currency swaps			6			(145)						55			(129)
Foreign denominated debt:
Gain (loss) recognized in OCI			(14)			(6)						(47)			(6)
Total OCI gain (loss) after reclassifications			$	(8)		$	(151)					$	8		$	(135)

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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Investment and embedded derivative instruments:
Foreign currency forward contracts			$	(60)					$	147					$	(168)					$	133
Options/Futures/Forward contracts on notes and bonds			5						7						(2)						(2)
Total investment and embedded derivative instruments			$	(55)					$	154					$	(170)					$	131
Other derivative instruments:
Futures contracts on equities (1)			$	(110)					$	(89)					$	(65)					$	(35)
Other			(8)						(2)						(17)						(5)
Total other derivative instruments			$	(118)					$	(91)					$	(82)					$	(40)
Total			$	(173)					$	63					$	(252)					$	91

(1)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

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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.

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 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 a fixed maturity 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

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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.

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
			June 30, 2026						December 31, 2025
(in millions of U.S. dollars)			Overnight and Continuous
Collateral held under securities lending agreements:
Cash			$	533					$	1,332
U.S. and local government securities			315						234
Non-U.S.			544						768
Corporate and asset-backed securities			96						62
Equity securities			382						104
Total			$	1,870					$	2,500
Gross amount of recognized liability for securities lending payable			$	1,870					$	2,500

At June 30, 2026, and December 31, 2025, our repurchase agreement obligations of $3,368 million and $3,324 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
			June 30, 2026																					December 31, 2025
			Up to 30 Days						30-90 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			$	—					$	4											$	4					$	—					$	—					$	—					$	—
Non-U.S.			1,535						—												1,535						—						129						—						129
U.S. and local government securities			6						104												110						1,496						—						—						1,496
Mortgage-backed securities			990						907												1,897						980						904						9						1,893
Total			$	2,531					$	1,015											$	3,546					$	2,476					$	1,033					$	9					$	3,518
Gross amount of recognized liabilities for repurchase agreements																					3,368																								3,324
Difference (1)																					$	178																							$	194

(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Refer to Note 14 e) in our 2025 Form 10-K for further information on our secured borrowing transactions.

e) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. Refer to Note 2 d) for information on our future private equity funding commitments.

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f) 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.

g) Lease commitments

At June 30, 2026, and December 31, 2025, the right-of-use asset was $1,002 million and $1,025 million, respectively, recorded within Other assets, and the lease liability was $1,234 million and $1,214 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.

13. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At June 30, 2026, our Common Shares had a par value of CHF 0.50 per share.

At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, expected to be paid in four quarterly installments of $1.02 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 2027 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2025 and 2024 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.88 per share and $3.64 per share, respectively, which were paid in four quarterly installments of $0.97 and $0.91 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

			Three Months Ended																								Six Months Ended
			June 30																								June 30
			2026												2025												2026												2025
			CHF						USD						CHF						USD						CHF						USD						CHF						USD
Total dividend distributions per common share			0.80						$	1.02					0.81						$	0.97					1.55						$	1.99					1.62						$	1.88

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.

During March 2026 and 2025, Chubb completed share capital reductions by means of cancellation of 11,986,574 and 7,518,565 Common Shares purchased under our share repurchase program during 2025 and 2024, respectively. The capital reductions were completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the six months ended June 30, 2026, 6,507,381 shares were repurchased, 11,986,574 shares were canceled, and 1,040,203 net shares were issued under employee share-based compensation plans. At June 30, 2026, 14,486,798 Common Shares remain in treasury.

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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. In May 2026, the Board determined to terminate the June 2025 authorization as of June 30, 2026 and concurrently authorized a new repurchase amount of up to $7.5 billion of Chubb Common Shares, effective July 1, 2026, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:

			Three Months Ended												Six Months Ended												July 1, 2026 through July 27, 2026
			June 30												June 30
(in millions of U.S. dollars, except share data)			2026						2025						2026						2025
Number of shares repurchased			2,989,571						2,339,727						6,507,381						3,685,509						40,000
Cost of shares repurchased			$	979					$	676					$	2,122					$	1,061					$	14
Repurchase authorization remaining at end of period (1)			$	—					$	—					$	—					$	—					$	7,486

(1) As of June 30, 2026 and 2025, $547 million and $628 million expired under the share repurchase authorizations, respectively.

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

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax			$	(3,611)					$	(3,704)					$	(1,997)					$	(4,552)
Change in period, before reclassification from AOCI (before tax)			276						918						(1,663)						1,761
Amounts reclassified from AOCI (before tax)			81						68						194						126
Change in period, before tax			357						986						(1,469)						1,887
Income tax (expense) benefit			(21)						(50)						189						(111)
Total other comprehensive income (loss)			336						936						(1,280)						1,776
Noncontrolling interests, net of tax			7						4						5						(4)
Balance – end of period, net of tax			(3,282)						(2,772)						(3,282)						(2,772)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax			(27)						(645)						(344)						(539)
Change in period, before tax			(145)						(130)						241						(252)
Income tax (expense) benefit			(8)						9						(69)						21
Total other comprehensive income (loss)			(153)						(121)						172						(231)
Noncontrolling interests, net of tax			(16)						(20)						(8)						(24)
Balance – end of period, net of tax			(164)						(746)						(164)						(746)

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			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Accumulated other comprehensive income (loss) (AOCI) - continued
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax			(13)						(13)						(23)						(16)
Change in period, before tax			1						1						13						5
Income tax expense			—						—						(2)						(1)
Total other comprehensive income			1						1						11						4
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			(12)						(12)						(12)						(12)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax			(2,778)						(3,685)						(3,135)						(4,025)
Change in period, before reclassification from AOCI (before tax)			(147)						803						390						1,170
Amounts reclassified from AOCI (before tax)			(11)						(7)						(20)						(15)
Change in period, before tax			(158)						796						370						1,155
Income tax (expense) benefit			10						3						4						(9)
Total other comprehensive income (expense)			(148)						799						374						1,146
Noncontrolling interests, net of tax			89						33						254						40
Balance – end of period, net of tax			(3,015)						(2,919)						(3,015)						(2,919)
Fair value hedging instruments
Balance – beginning of period, net of tax			(61)						(22)						(58)						50
Change in period, before reclassification from AOCI (before tax)			16						141						(27)						115
Amounts reclassified from AOCI (before tax)			27						(164)						66						(229)
Change in period, before tax			43						(23)						39						(114)
Income tax (expense) benefit			(9)						5						(8)						24
Total other comprehensive income (loss)			34						(18)						31						(90)
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			(27)						(40)						(27)						(40)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax			579						434						582						438
Change in period, before tax			(4)						(3)						(6)						(7)
Income tax benefit			2						—						1						—
Total other comprehensive loss			(2)						(3)						(5)						(7)
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			577						431						577						431
Accumulated other comprehensive loss			$	(5,923)					$	(6,058)					$	(5,923)					$	(6,058)

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The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:

			Three Months Ended												Six Months Ended												Consolidated Statement of Operations Location
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Fixed maturities available-for-sale			$	(81)					$	(68)					$	(194)					$	(126)					Net realized gains (losses)
Income tax benefit			5						3						23						28						Income tax expense
			$	(76)					$	(65)					$	(171)					$	(98)					Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps			$	11					$	7					$	20					$	15					Interest expense
Income tax expense			(2)						(1)						(4)						(3)						Income tax expense
			$	9					$	6					$	16					$	12					Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps			$	(23)					$	169					$	(57)					$	238					Net realized gains (losses)
Cross-currency swaps			(4)						(5)						(9)						(9)						Interest expense
Income tax (expense) benefit			6						(34)						14						(48)						Income tax expense
			$	(21)					$	130					$	(52)					$	181					Net income
Total amounts reclassified from AOCI			$	(88)					$	71					$	(207)					$	95

14. 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 2, 2026, Chubb granted 1,070,510 stock options with a weighted-average grant date fair value of $87.84 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 2, 2026, Chubb granted 102,036 service-based restricted stock, 670,919 service-based restricted stock units, 90,078 performance shares, and 251,832 performance stock units to employees and officers with a grant date fair value of $342.76 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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15. 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
			2026												2025												2026						2025
Three Months Ended June 30			U.S. Plans						Non-U.S. Plans						U.S. Plans						Non-U.S. Plans
(in millions of U.S. dollars)
Service cost			$	—					$	3					$	—					$	2					$	—					$	—
Non-service cost (benefit):
Interest cost			31						9						33						9						1						1
Expected return on plan assets			(67)						(16)						(62)						(14)						—						(1)
Amortization of net actuarial (gain) loss			(3)						(1)						(2)						—						—						(1)
Amortization of prior service cost			—						—						—						—						—						—
Settlements			—						—						—						—						—						—
Total non-service cost (benefit)			(39)						(8)						(31)						(5)						1						(1)
Net periodic benefit cost (benefit)			$	(39)					$	(5)					$	(31)					$	(3)					$	1					$	(1)

			Pension Benefit Plans																								Other Postretirement Benefit Plans
			2026												2025												2026						2025
Six Months Ended June 30			U.S. Plans						Non-U.S. Plans						U.S. Plans						Non-U.S. Plans
(in millions of U.S. dollars)
Service cost			$	—					$	5					$	—					$	4					$	—					$	—
Non-service cost (benefit):
Interest cost			62						18						67						18						1						1
Expected return on plan assets			(135)						(32)						(125)						(27)						—						(1)
Amortization of net actuarial (gain) loss			(6)						(1)						(4)						—						—						(2)
Amortization of prior service cost			—						—						—						—						—						—
Settlements			—						—						—						—						—						—
Total non-service cost (benefit)			(79)						(15)						(62)						(9)						1						(2)
Net periodic benefit cost (benefit)			$	(79)					$	(10)					$	(62)					$	(5)					$	1					$	(2)

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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 June 30			2026						2025						2026						2025
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses			$	—					$	—					$	—					$	—
Administrative expenses			3						2						—						—
Total service cost			3						2						—						—
Non-service cost (benefit):
Losses and loss expenses			(5)						(4)						—						—
Administrative expenses			(42)						(32)						1						(1)
Total non-service cost (benefit)			(47)						(36)						1						(1)
Net periodic benefit cost (benefit)			$	(44)					$	(34)					$	1					$	(1)

			Pension Benefit Plans												Other Postretirement Benefit Plans
Six Months Ended June 30			2026						2025						2026						2025
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses			$	—					$	—					$	—					$	—
Administrative expenses			5						4						—						—
Total service cost			5						4						—						—
Non-service cost (benefit):
Losses and loss expenses			(9)						(7)						—						—
Administrative expenses			(85)						(64)						1						(2)
Total non-service cost (benefit)			(94)						(71)						1						(2)
Net periodic benefit cost (benefit)			$	(89)					$	(67)					$	1					$	(2)

16. Other income and expense

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Equity in net income (loss) of partially-owned entities			$	124					$	657					$	281					$	739
Gains (losses) from fair value changes in separate account assets			63						(12)						51						(22)
Asset management and performance fee revenue			80						57						150						113
Asset management and performance fee expense			(47)						(39)						(87)						(72)
Other, including federal excise and capital taxes			(24)						(8)						(38)						(20)
Total			$	196					$	655					$	357					$	738

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

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percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $6 million and $33 million for the three and six months ended June 30, 2026 respectively, and $540 million and $513 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.

17. 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 and severance, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses and severance are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. 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 and severance 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.

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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 June 30, 2026 (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			$	5,594					$	2,054					$	776					$	3,990					$	354					$	1,937					$	14,705
Net premiums earned			5,214						1,817						641						3,984						299						1,934						13,889
Losses and loss expenses			3,372						791						526						1,709						121						22
Policy benefits			—						—						—						106						—						1,374
Policy acquisition costs			730						347						45						1,060						98						352
Administrative expenses			351						86						4						399						8						213
Underwriting income			761						593						66						710						72						NM
Net investment income			982						140						21						313						110						323
Other (income) expense			15						3						2						6						—						(45)
Amortization of purchased intangibles			1						2						6						22						—						9
Segment income			$	1,727					$	728					$	79					$	995					$	182					$	332					$	4,043
Net realized gains (losses)																																							162
Market risk benefits gains (losses)																																							5
Interest expense																																							200
Integration expenses and severance																																							8
Corporate underwriting loss																																							(265)
Corporate net investment loss																																							(10)
Corporate other (income) expense																																							5
Corporate amortization of purchased intangibles																																							34
Other reclassification																																							(64)
Income before income tax																																							$	3,624

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 June 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			$	5,723					$	1,938					$	733					$	3,620					$	380					$	1,802					$	14,196
Net premiums earned			5,177						1,681						598						3,542						338						1,789						13,125
Losses and loss expenses			3,258						822						483						1,789						132						20
Policy benefits			—						—						—						129						—						1,249
Policy acquisition costs			705						332						48						913						98						319
Administrative expenses			357						82						2						369						10						199
Underwriting income			857						445						65						342						98						NM
Net investment income			938						118						19						278						85						274
Other (income) expense			8						—						—						5						—						(37)
Amortization of purchased intangibles			2						2						6						19						—						8
Segment income			$	1,785					$	561					$	78					$	596					$	183					$	305					$	3,508
Net realized gains (losses)																																							160
Market risk benefits gains (losses)																																							(17)
Interest expense																																							181
Integration expenses and severance																																							2
Corporate underwriting loss																																							(176)
Corporate net investment loss																																							(29)
Corporate other (income) expense																																							(528)
Corporate amortization of purchased intangibles																																							37
Other reclassification																																							(38)
Income before income tax																																							$	3,716

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 Six Months Ended June 30, 2026 (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			$	10,489					$	3,735					$	1,087					$	8,456					$	717					$	4,226					$	28,710
Net premiums earned			10,362						3,563						830						7,764						625						4,202						27,346
Losses and loss expenses			6,592						1,825						579						3,361						258						50
Policy benefits			—						—						—						219						—						3,074
Policy acquisition costs			1,482						694						69						2,069						200						714
Administrative expenses			705						171						(2)						786						17						423
Underwriting income			1,583						873						184						1,329						150						NM
Net investment income			1,953						277						47						613						218						628
Other (income) expense			29						6						2						12						—						(96)
Amortization of purchased intangibles			2						4						12						44						—						17
Segment income			$	3,505					$	1,140					$	217					$	1,886					$	368					$	648					$	7,764
Net realized gains (losses)																																							(245)
Market risk benefits gains (losses)																																							19
Interest expense																																							398
Integration expenses and severance																																							17
Corporate underwriting loss																																							(390)
Corporate net investment loss																																							(21)
Corporate other (income) expense																																							(13)
Corporate amortization of purchased intangibles																																							68
Other reclassification																																							(40)
Income before income tax																																							$	6,617

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 Six Months Ended June 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			$	10,510					$	3,490					$	1,009					$	7,523					$	788					$	3,522					$	26,842
Net premiums earned			10,165						3,255						763						6,751						706						3,485						25,125
Losses and loss expenses			6,289						2,915						575						3,186						374						46
Policy benefits			—						—						—						242						—						2,412
Policy acquisition costs			1,424						662						65						1,750						198						629
Administrative expenses			701						169						4						699						20						401
Underwriting income (loss)			1,751						(491)						119						874						114						NM
Net investment income			1,867						238						43						559						155						545
Other (income) expense			16						1						1						11						—						(72)
Amortization of purchased intangibles			3						4						12						38						—						18
Segment income (loss)			$	3,599					$	(258)					$	149					$	1,384					$	269					$	596					$	5,739
Net realized gains (losses)																																							44
Market risk benefits gains (losses)																																							(109)
Interest expense																																							362
Integration expenses and severance																																							2
Corporate underwriting loss																																							(295)
Corporate net investment loss																																							(56)
Corporate other (income) expense																																							(495)
Corporate amortization of purchased intangibles																																							74
Income before income tax																																							$	5,380

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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18. Earnings per share

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars, except share and per share data)			2026						2025						2026						2025
Numerator:
Net income			$	2,882					$	2,999					$	5,229					$	4,342
Net income (loss) attributable to noncontrolling interests			28						31						55						43
Net income attributable to Chubb			$	2,854					$	2,968					$	5,174					$	4,299
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding			387,413,573						399,886,323						388,941,257						400,281,946
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans			3,837,043						3,960,707						4,069,038						4,012,933
Weighted-average shares outstanding and assumed conversions			391,250,616						403,847,030						393,010,295						404,294,879
Basic earnings per share attributable to Chubb			$	7.37					$	7.42					$	13.30					$	10.74
Diluted earnings per share attributable to Chubb			$	7.30					$	7.35					$	13.17					$	10.63
Potential anti-dilutive share conversions			1,451,931						1,663,091						1,492,821						1,684,365

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 2025 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 six months ended June 30, 2026.

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, 2025 (2025 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			51
Overview			52
Consolidated Operating Results			53
Segment Operating Results			57
Net Realized and Unrealized Gains (Losses)			67
Effective Income Tax Rate			68
Non-GAAP Reconciliation			68
Net Investment Income			74
Interest Expense			74
Investments			74
Critical Accounting Estimates			78
Catastrophe Management			79
Global Property Catastrophe Reinsurance Program			80
Capital Resources			81
Liquidity			82
Information Provided In Connection With Outstanding Debt of Subsidiaries			83

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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, the outbreak and effects of war, the occurrence of any terrorist attacks, 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 June 30, 2026, we had total assets of $281 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $75 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 2025 Form 10-K.

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Consolidated Operating Results – Three and Six Months Ended June 30, 2026 and 2025

			Three Months Ended																		Six Months Ended
			June 30												% Change						June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25						2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	14,705					$	14,196					3.6		%				$	28,710					$	26,842					7.0		%
Net premiums written - constant dollars (1)															2.0		%																4.7		%
Net premiums earned			13,889						13,125						5.8		%				27,346						25,125						8.8		%
Net investment income			1,760						1,568						12.3		%				3,469						3,129						10.9		%
Net realized gains (losses)			162						160						1.5		%				(245)						44						NM
Market risk benefits gains (losses)			5						(17)						NM						19						(109)						NM
Total revenues			15,816						14,836						6.6		%				30,589						28,189						8.5		%
Losses and loss expenses			6,691						6,572						1.8		%				12,822						13,468						(4.8)		%
Policy benefits			1,615						1,406						14.8		%				3,400						2,633						29.1		%
Policy acquisition costs			2,632						2,415						9.0		%				5,228						4,728						10.6		%
Administrative expenses			1,168						1,125						3.9		%				2,317						2,205						5.1		%
Interest expense			200						181						11.0		%				398						362						10.0		%
Other (income) expense			(196)						(655)						(70.1)		%				(357)						(738)						(51.7)		%
Amortization of purchased intangibles			74						74						—						147						149						(1.7)		%
Integration expenses and severance			8						2						NM						17						2						NM
Total expenses			12,192						11,120						9.7		%				23,972						22,809						5.1		%
Income before income tax			3,624						3,716						(2.5)		%				6,617						5,380						23.0		%
Income tax expense			742						717						3.5		%				1,388						1,038						33.7		%
Net income			$	2,882					$	2,999					(3.9)		%				$	5,229					$	4,342					20.4		%
Net income attributable to noncontrolling interests			28						31						(12.3)		%				55						43						26.8		%
Net income attributable to Chubb			$	2,854					$	2,968					(3.8)		%				$	5,174					$	4,299					20.4		%

(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.

NM - Not meaningful

Financial Highlights for the Three Months Ended June 30, 2026

•Net income attributable to Chubb was $2.9 billion compared with $3.0 billion in the prior year period, reflecting growth in both P&C underwriting income and Life segment income, and higher net investment income, offset by lower mark-to-market gains on private equity investments.

•Total pre-tax catastrophe losses were $475 million, compared with $630 million in the prior year.

•Consolidated net premiums written were $14.71 billion, up 3.6 percent.

•P&C net premiums written increased 3.0 percent, with consumer insurance up 8.7 percent and commercial insurance up 0.8 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines growth was unfavorably impacted by underwriting actions in large account and E&S property, which reduced growth by 4.5 percentage points.

•Life Insurance segment net premiums written increased 7.5 percent, due to growth in international life of 6.2 percent reflecting growth in traditional regular premium products of 12.4 percent, offset by lower savings-oriented single premium business. International life insurance deposits collected increased $197 million, up 38.3 percent.

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Additionally, our Chubb Benefits business grew 14.0 percent, primarily driven by worksite business.

•Pre-tax net investment income was $1.76 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets.

•Operating cash flow was $3.7 billion.

Net Premiums Written			Three Months Ended June 30									% Change						Six Months Ended June 30									% Change
(in millions of U.S. dollars, except for percentages)			2026			2025			Q-26 vs. Q-25			C$ Q-26 vs. Q-25						2026			2025			YTD-26 vs. YTD-25			C$ YTD-26 vs. YTD-25
Property and other short-tail lines			$	2,486		$	2,766		(10.1)		%	(11.7)		%				$	4,953		$	5,255		(5.8)		%	(8.3)		%
Commercial casualty			2,543			2,389			6.4		%	5.2		%				5,114			4,641			10.2		%	8.3		%
Financial lines			1,331			1,278			4.2		%	2.6		%				2,424			2,357			2.9		%	0.6		%
Workers' compensation			581			547			6.2		%	6.2		%				1,207			1,185			1.9		%	1.9		%
Commercial multiple peril (1)			537			481			11.6		%	11.4		%				991			897			10.5		%	10.3		%
Surety			247			225			10.0		%	6.9		%				467			425			9.9		%	6.4		%
Total Commercial P&C lines			7,725			7,686			0.5		%	(0.9)		%				15,156			14,760			2.7		%	0.6		%
Agriculture			776			733			6.0		%	6.0		%				1,087			1,009			7.8		%	7.8		%
Personal homeowners			1,640			1,535			6.8		%	6.0		%				2,913			2,678			8.8		%	7.7		%
Personal automobile			861			779			10.5		%	4.3		%				1,716			1,470			16.8		%	9.7		%
Personal other			530			475			11.4		%	9.0		%				1,090			986			10.5		%	7.2		%
Total Personal lines (2)			3,031			2,789			8.6		%	6.0		%				5,719			5,134			11.4		%	8.2		%
Global A&H - P&C			882			806			9.3		%	6.0		%				1,805			1,629			10.8		%	6.1		%
Reinsurance lines			354			380			(6.7)		%	(6.7)		%				717			788			(9.0)		%	(9.3)		%
Total Property and Casualty lines			12,768			12,394			3.0		%	1.4		%				24,484			23,320			5.0		%	2.7		%
Life Insurance			1,937			1,802			7.5		%	6.3		%				4,226			3,522			20.0		%	18.3		%
Total consolidated			$	14,705		$	14,196		3.6		%	2.0		%				$	28,710		$	26,842		7.0		%	4.7		%

(1)Commercial multiple peril represents retail package business (property and general liability).

(2)For purposes of this schedule only, certain 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results.

For additional information on net premiums written, refer to the segment operating results discussions.

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Catastrophe Losses and Prior Period Development

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Net catastrophe losses			$	475					$	630					$	975					$	2,271
Favorable prior period development			$	283					$	249					$	569					$	504

Catastrophe losses through June 30, 2026 and 2025, were primarily from the following events:

•2026: Flooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and other international weather-related events.

◦Total North America P&C Insurance catastrophe losses were $442 million and $870 million for the three and six months ended June 30, 2026, respectively.

◦Total Overseas General catastrophe losses were $25 million and $89 million for the three and six months ended June 30, 2026, respectively.

•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 $372 million and $1.88 billion for the three and six months ended June 30, 2025, respectively.

◦Total Overseas General catastrophe losses were $252 million and $307 million for the three and six months ended June 30, 2025, respectively.

Pre-tax net favorable PPD for the three months ended June 30, 2026, was $441 million in our active companies, including net favorable development of $393 million in short-tail lines and net favorable development of $48 million in long-tail lines. Net favorable development for short-tail lines is driven by auto physical damage and property lines. Net favorable development for long-tail lines primarily relates to workers' compensation, partially offset by adverse development in commercial general liability. Our corporate run-off portfolio had adverse development of $158 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2026 was $742 million in our active companies, including net favorable development of $715 million in short-tail lines and net favorable development of $27 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, auto physical damage and surety lines. Net favorable development for long-tail lines is driven by workers' compensation, partially offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $173 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the three months ended June 30, 2025 was $319 million in our active companies, including net favorable development of $279 million and $40 million in short-tail lines and long-tail lines, respectively. Net favorable development for short-tail lines primarily includes property, auto physical damage, and marine lines. Net favorable development for long-tail lines primarily relates to the Risk Management business with favorable development primarily in workers' compensation, partially offset by adverse development in general liability in the Risk Management business and adverse development from other commercial auto liability portfolios. Our corporate run-off portfolio had adverse development of $70 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2025, was $587 million in our active companies, including net favorable development of $591 million in short-tail lines and net adverse development of $4 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 in workers' compensation and financial lines offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $83 million, primarily driven by adverse development for molestation-related claims.

Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and the prior period development discussion in Note 7 to the Consolidated Financial Statements for additional information.

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P&C Combined Ratio

			Three Months Ended												Six Months Ended
			June 30												June 30
			2026						2025						2026						2025
Combined ratio:
Loss and loss expense ratio			56.7		%				59.0		%				56.2		%				63.1		%
Policy acquisition cost ratio			19.1		%				18.5		%				19.5		%				18.9		%
Administrative expense ratio			8.0		%				8.1		%				8.2		%				8.4		%
P&C Combined ratio			83.8		%				85.6		%				83.9		%				90.4		%
Catastrophe losses			(4.0)		%				(5.5)		%				(4.2)		%				(10.5)		%
Prior period development			2.4		%				2.2		%				2.5		%				2.4		%
P&C CAY combined ratio excluding catastrophe losses			82.2		%				82.3		%				82.2		%				82.3		%

The P&C combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2026.

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Segment Operating Results – Three and Six Months Ended June 30, 2026 and 2025

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																					Six Months Ended
			June 30												% Change									June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25									2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	5,594					$	5,723					(2.3)					%				$	10,489					$	10,510					(0.2)					%
Net premiums earned			5,214						5,177						0.7					%				10,362						10,165						1.9					%
Losses and loss expenses			3,372						3,258						3.5					%				6,592						6,289						4.8					%
Policy acquisition costs			730						705						3.5					%				1,482						1,424						4.0					%
Administrative expenses			351						357						(1.7)					%				705						701						0.7					%
Underwriting income			761						857						(11.2)					%				1,583						1,751						(9.6)					%
Net investment income			982						938						4.8					%				1,953						1,867						4.6					%
Other (income) expense			15						8						87.6					%				29						16						81.7					%
Amortization of purchased intangibles			1						2						NM									2						3						NM
Segment income			$	1,727					$	1,785					(3.2)					%				$	3,505					$	3,599					(2.6)					%
Combined ratio:
Loss and loss expense ratio			64.7		%				62.9		%				1.8			pts						63.6		%				61.9		%				1.7			pts
Policy acquisition cost ratio			14.0		%				13.7		%				0.3			pts						14.3		%				14.0		%				0.3			pts
Administrative expense ratio			6.7		%				6.9		%				(0.2)			pts						6.8		%				6.9		%				(0.1)			pts
Combined ratio			85.4		%				83.5		%				1.9			pts						84.7		%				82.8		%				1.9			pts
Catastrophe losses			(5.8)		%				(4.5)		%				(1.3)			pts						(4.9)		%				(3.8)		%				(1.1)			pts
Prior period development			2.2		%				2.1		%				0.1			pts						2.0		%				2.2		%				(0.2)			pts
CAY combined ratio excluding catastrophe losses			81.8		%				81.1		%				0.7			pts						81.8		%				81.2		%				0.6			pts

NM - Not meaningful

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Production by Size - Net premiums written			Three Months Ended												Six Months Ended
			June 30									% Change			June 30									% Change
(in millions of U.S. dollars, except for percentages)			2026						2025			Q-26 vs. Q-25			2026						2025			YTD-26 vs. YTD-25
Major Accounts & Specialty (large corporate accounts and wholesale business)			$	3,257					$	3,578		(9.0)		%	$	6,029					$	6,309		(4.4)		%
Commercial (middle market and small commercial accounts)			2,337						2,145			8.9		%	4,460						4,201			6.2		%
Total			$	5,594					$	5,723		(2.3)		%	$	10,489					$	10,510		(0.2)		%

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Net catastrophe losses			$	302					$	229					$	504					$	383
Favorable prior period development			$	111					$	106					$	200					$	220

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written decreased $129 million, or 2.3 percent, for the three months ended June 30, 2026, which includes a decline in P&C lines of 3.1 percent, and growth in financial lines of 2.1 percent. Middle market and small commercial grew 8.9 percent, with P&C lines up 12.0 percent and financial lines down 2.8 percent. Major accounts retail and specialty declined 9.0 percent, with property and other short-tail lines down 30.1 percent, casualty up 1.1 percent, and financial lines up 6.8 percent.

Net premiums written decreased $21 million, or 0.2 percent, for the six months ended June 30, 2026, which includes declines in P&C lines of 0.2 percent and in financial lines of 0.3 percent. Middle market and small commercial grew 6.2 percent, with P&C lines up 8.7 percent and financial lines down 4.2 percent. Major accounts retail and specialty declined 4.4 percent, with property and other short-tail lines down 26.9 percent, casualty up 9.7 percent, and financial lines up 4.0 percent.

The decrease in premiums is primarily due to a decline in our large account and E&S property, which reduced overall growth by approximately 6.4 and 5.8 percentage points, for the three and six months ended June 30, 2026, respectively, primarily due to underwriting actions.

Net premiums earned increased $37 million, or 0.7 percent, and $197 million, or 1.9 percent, for the three and six months ended June 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.

Combined Ratio

The combined ratio increased for the three and six months ended June 30, 2026, reflecting higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.

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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																					Six Months Ended
			June 30												% Change									June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25									2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	2,054					$	1,938					6.0					%				$	3,735					$	3,490					7.0					%
Net premiums earned			1,817						1,681						8.1					%				3,563						3,255						9.5					%
Losses and loss expenses			791						822						(3.8)					%				1,825						2,915						(37.4)					%
Policy acquisition costs			347						332						4.7					%				694						662						4.9					%
Administrative expenses			86						82						4.6					%				171						169						0.9					%
Underwriting income (loss)			593						445						33.4					%				873						(491)						NM
Net investment income			140						118						19.1					%				277						238						16.6					%
Other (income) expense			3						—						NM									6						1						NM
Amortization of purchased intangibles			2						2						—									4						4						—
Segment income (loss)			$	728					$	561					29.9					%				$	1,140					$	(258)					NM
Combined ratio:
Loss and loss expense ratio			43.5		%				48.9		%				(5.4)			pts						51.2		%				89.5		%				(38.3)			pts
Policy acquisition cost ratio			19.1		%				19.7		%				(0.6)			pts						19.5		%				20.4		%				(0.9)			pts
Administrative expense ratio			4.7		%				4.9		%				(0.2)			pts						4.8		%				5.2		%				(0.4)			pts
Combined ratio			67.3		%				73.5		%				(6.2)			pts						75.5		%				115.1		%				(39.6)			pts
Catastrophe losses			(7.0)		%				(8.5)		%				1.5			pts						(9.8)		%				(45.2)		%				35.4			pts
Prior period development			9.6		%				7.2		%				2.4			pts						4.9		%				3.7		%				1.2			pts
CAY combined ratio excluding catastrophe losses			69.9		%				72.2		%				(2.3)			pts						70.6		%				73.6		%				(3.0)			pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Net catastrophe losses			$	126					$	142					$	348					$	1,484
Favorable prior period development			$	173					$	121					$	174					$	121

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $116 million, or 6.0 percent, and $245 million, or 7.0 percent, for the three and six months ended June 30, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.

Net premiums earned increased $136 million, or 8.1 percent, and $308 million, or 9.5 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

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Combined Ratio

The combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses and higher favorable prior period development. The decrease in the combined ratio for the six months ended June 30, 2026, reflects the impact of the California wildfire catastrophe losses in the prior year, 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 six months ended June 30, 2026, due to improvement in homeowners and personal excess from lower underlying losses, a lower acquisition ratio resulting from a change in business mix, and a lower administrative ratio due to 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																					Six Months Ended
			June 30												% Change									June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25									2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	776					$	733					6.0					%				$	1,087					$	1,009					7.8					%
Net premiums earned			641						598						7.2					%				830						763						8.8					%
Losses and loss expenses			526						483						8.9					%				579						575						0.7					%
Policy acquisition costs			45						48						(3.6)					%				69						65						7.7					%
Administrative expenses			4						2						39.8					%				(2)						4						NM
Underwriting income			66						65						1.2					%				184						119						54.7					%
Net investment income			21						19						10.7					%				47						43						9.1					%
Other (income) expense			2						—						NM									2						1						155.1					%
Amortization of purchased intangibles			6						6						—									12						12						—
Segment income			$	79					$	78					1.9					%				$	217					$	149					45.4					%
Combined ratio:
Loss and loss expense ratio			82.0		%				80.8		%				1.2			pts						69.7		%				75.4		%				(5.7)			pts
Policy acquisition cost ratio			7.2		%				7.9		%				(0.7)			pts						8.4		%				8.5		%				(0.1)			pts
Administrative expense ratio			0.5		%				0.4		%				0.1			pts						(0.3)		%				0.5		%				(0.8)			pts
Combined ratio			89.7		%				89.1		%				0.6			pts						77.8		%				84.4		%				(6.6)			pts
Catastrophe losses			(2.1)		%				(0.3)		%				(1.8)			pts						(2.1)		%				(2.1)		%				—			pts
Prior period development			—						—						—			pts						9.7		%				4.4		%				5.3			pts
CAY combined ratio excluding catastrophe losses			87.6		%				88.8		%				(1.2)			pts						85.4		%				86.7		%				(1.3)			pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Net catastrophe losses			$	14					$	1					$	18					$	16
Favorable prior period development			$	—					$	—					$	80					$	33

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

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Premiums

Net premiums written increased $43 million, or 6.0 percent, and $78 million, or 7.8 percent, for the three and six months ended June 30, 2026, primarily driven by growth in MPCI and crop-hail. The six months ended June 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.

Net premiums earned increased $43 million, or 7.2 percent, and $67 million, or 8.8 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio increased for the three months ended June 30, 2026, reflecting higher catastrophe losses. The combined ratio decreased for the six months ended June 30, 2026, reflecting higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting lower underlying losses in the agriculture P&C business and a lower acquisition cost ratio. The CAY combined ratio excluding catastrophe losses for the six months ended June 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI 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																					Six Months Ended
			June 30												% Change									June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25									2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	3,990					$	3,620					10.2					%				$	8,456					$	7,523					12.4					%
Net premiums written - constant dollars															4.8					%																5.5					%
Net premiums earned			3,984						3,542						12.5					%				7,764						6,751						15.0					%
Losses and loss expenses			1,709						1,789						(4.4)					%				3,361						3,186						5.5					%
Policy benefits			106						129						(18.7)					%				219						242						(9.8)					%
Policy acquisition costs			1,060						913						16.1					%				2,069						1,750						18.2					%
Administrative expenses			399						369						8.3					%				786						699						12.5					%
Underwriting income			710						342						107.6					%				1,329						874						52.1					%
Net investment income			313						278						12.6					%				613						559						9.7					%
Other (income) expense			6						5						0.8					%				12						11						5.8					%
Amortization of purchased intangibles			22						19						17.5					%				44						38						15.8					%
Segment income			$	995					$	596					67.2					%				$	1,886					$	1,384					36.3					%
Segment income - constant dollars															55.9					%																27.9					%
Combined ratio:
Loss and loss expense ratio			45.6		%				54.2		%				(8.6)			pts						46.1		%				50.8		%				(4.7)			pts
Policy acquisition cost ratio			26.6		%				25.7		%				0.9			pts						26.7		%				25.9		%				0.8			pts
Administrative expense ratio			10.0		%				10.4		%				(0.4)			pts						10.1		%				10.3		%				(0.2)			pts
Combined ratio			82.2		%				90.3		%				(8.1)			pts						82.9		%				87.0		%				(4.1)			pts
Catastrophe losses			(0.6)		%				(7.1)		%				6.5			pts						(1.1)		%				(4.5)		%				3.4			pts
Prior period development			3.6		%				2.2		%				1.4			pts						3.5		%				3.0		%				0.5			pts
CAY combined ratio excluding catastrophe losses			85.2		%				85.4		%				(0.2)			pts						85.3		%				85.5		%				(0.2)			pts

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Net catastrophe losses			$	25					$	252					$	89					$	307
Favorable prior period development			$	146					$	77					$	277					$	198

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

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Net Premiums Written by Region			Three Months Ended June 30
(in millions of U.S. dollars, except for percentages)			2026						2026  % of Total						2025						2025 % of Total						C$ 2025						Q-26 vs. Q-25						C$ Q-26 vs. Q-25
Region
Europe, Middle East, and Africa			$	1,628					41		%				$	1,548					43		%				$	1,610					5.1		%				1.1		%
Asia			1,473						37		%				1,316						36		%				1,373						12.0		%				7.2		%
Latin America			859						21		%				743						21		%				812						15.6		%				5.7		%
Other (1)			30						1		%				13						—		%				14						142.4		%				125.0		%
Net premiums written			$	3,990					100		%				$	3,620					100		%				$	3,809					10.2		%				4.8		%

			Six Months Ended June 30
(in millions of U.S. dollars, except for percentages)			2026						2026  % of Total						2025						2025 % of Total						C$ 2025						YTD-26 vs. YTD-25						C$ YTD-26 vs. YTD-25
Region
Europe, Middle East, and Africa			$	3,845					45		%				$	3,463					46		%				$	3,705					11.0		%				3.8		%
Asia			2,817						33		%				2,514						33		%				2,624						12.0		%				7.3		%
Latin America			1,726						21		%				1,479						20		%				1,620						16.7		%				6.5		%
Other (1)			68						1		%				67						1		%				69						2.8		%				(0.6)		%
Net premiums written			$	8,456					100		%				$	7,523					100		%				$	8,018					12.4		%				5.5		%

(1)    Includes the international supplemental A&H business of Combined Insurance and other international operations.

Premiums

Overall, net premiums written increased $370 million and $933 million, or $181 million and $438 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting growth in commercial lines of 8.8 percent and 9.9 percent, or 3.9 percent and 3.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.1 percent and 16.2 percent, or 5.8 percent and 8.4 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 30, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three and six months ended June 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand.

Latin America increased for the three and six months ended June 30, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $442 million and $1,013 million, or $250 million and $581 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three and six months ended June 30, 2026, primarily due to lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting mix shift and continued expense management.

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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																					Six Months Ended
			June 30												% Change									June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25									2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	354					$	380					(6.7)					%				$	717					$	788					(9.0)					%
Net premiums written - constant dollars															(6.7)					%																(9.3)					%
Net premiums earned			299						338						(11.5)					%				625						706						(11.5)					%
Losses and loss expenses			121						132						(7.8)					%				258						374						(31.0)					%
Policy acquisition costs			98						98						—									200						198						1.0					%
Administrative expenses			8						10						(15.1)					%				17						20						(11.6)					%
Underwriting income			72						98						(27.2)					%				150						114						31.0					%
Net investment income			110						85						29.4					%				218						155						40.7					%
Segment income			$	182					$	183					(0.9)					%				$	368					$	269					36.6					%
Combined ratio:
Loss and loss expense ratio			40.6		%				39.0		%				1.6			pts						41.3		%				53.0		%				(11.7)			pts
Policy acquisition cost ratio			32.7		%				29.1		%				3.6			pts						32.0		%				28.0		%				4.0			pts
Administrative expense ratio			2.8		%				2.9		%				(0.1)			pts						2.8		%				2.8		%				—			pts
Combined ratio			76.1		%				71.0		%				5.1			pts						76.1		%				83.8		%				(7.7)			pts
Catastrophe losses			(2.8)		%				(1.8)		%				(1.0)			pts						(2.6)		%				(12.0)		%				9.4			pts
Prior period development			3.6		%				4.3		%				(0.7)			pts						1.7		%				2.1		%				(0.4)			pts
CAY combined ratio excluding catastrophe losses			76.9		%				73.5		%				3.4			pts						75.2		%				73.9		%				1.3			pts

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2026						2025						2026						2025
Net catastrophe losses			$	8					$	6					$	16					$	81
Favorable prior period development			$	11					$	15					$	11					$	15

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written decreased $26 million and $71 million for the three and six months ended June 30, 2026, most notably in catastrophe exposed property and casualty lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms. The six months ended June 30, 2026, also included the impact of higher catastrophe reinstatement premiums in the prior year.

Net premiums earned decreased $39 million and $81 million for the three and six months ended June 30, 2026, reflecting the changes in net premiums written described above. The six months ended June 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written.

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Combined Ratio

The combined ratio increased for the three months ended June 30, 2026, primarily due to higher catastrophe losses and lower favorable prior period development. The combined ratio decreased for the six months ended June 30, 2026, primarily due to lower catastrophe losses, partially offset by lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily due to less premium from catastrophe exposed property lines. Additionally, the three months ended June 30, 2026, was negatively impacted by higher underlying loss expectations on property lines than in the prior year.

Life Insurance

The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.

			Three Months Ended																		Six Months Ended
			June 30												% Change						June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25						2026						2025						YTD-26 vs. YTD-25
Net premiums written			$	1,937					$	1,802					7.5		%				$	4,226					$	3,522					20.0		%
Net premiums written - constant dollars															6.3		%																18.3		%
Net premiums earned			1,934						1,789						8.1		%				4,202						3,485						20.6		%
Losses and loss expenses			22						20						7.1		%				50						46						6.8		%
Policy benefits			1,374						1,249						10.0		%				3,074						2,412						27.5		%
Policy acquisition costs			352						319						10.3		%				714						629						13.5		%
Administrative expenses			213						199						7.8		%				423						401						5.7		%
Net investment income			323						274						17.9		%				628						545						15.3		%
Other (income) expense			(45)						(37)						20.4		%				(96)						(72)						33.6		%
Amortization of purchased intangibles			9						8						NM						17						18						(8.6)		%
Segment income			$	332					$	305					9.0		%				$	648					$	596					8.8		%
Segment income - constant dollars															9.1		%																8.1		%

NM - Not meaningful

Premiums

Net premiums written increased $135 million and $704 million, or $114 million and $653 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively.

For our international life operations, net premiums written increased 6.2 percent and 21.1 percent, or 4.9 percent and 19.2 percent on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively. The increase for the three months ended June 30, 2026, reflected growth in traditional regular premium products of 12.4 percent, primarily in Taiwan and Hong Kong, partially offset by lower savings-oriented single premium business, primarily from Huatai Life bancassurance channels. The increase for the six months ended June 30, 2026, reflected growth in traditional regular premium products of 14.1 percent, primarily in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 14.0 percent and 14.9 percent for the three and six months ended June 30, 2026, respectively, due to 23.4 percent and 28.8 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																														Six Months Ended
			June 30																		% Change												June 30																		% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						C$ 2025						Q-26 vs. Q-25						C$ Q-26 vs. Q-25						2026						2025						C$ 2025						Y-26 vs. Y-25						C$  Y-26 vs. Y-25
Deposits collected on universal life and investment contracts			$	715					$	518					$	527					38.3		%				35.9		%				$	1,464					$	1,273					$	1,308					15.1		%				12.0		%

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 increased $197 million for the three months ended June 30, 2026, due to new higher single premium investment linked products in Taiwan and new participating product offerings in Hong Kong broker channels. Life deposits increased $191 million for the six months ended June 30, 2026, due to higher savings-oriented single premium sales in Hong Kong and Huatai Life, partially offset by lower single premium investment linked products in Taiwan.

Life Insurance segment income

Life Insurance segment income increased $27 million and $52 million, or 9.0 percent and 8.8 percent, for the three and six months ended June 30, 2026, respectively, reflecting underwriting profitability in our international life operations, which includes net investment income, and other income from asset management fees. The growth for the six months was driven by international life business growth mainly from Greater China, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

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																		Six Months Ended
			June 30												% Change						June 30												% Change
(in millions of U.S. dollars, except for percentages)			2026						2025						Q-26 vs. Q-25						2026						2025						YTD-26 vs. YTD-25
Losses and loss expenses			$	158					$	70					125.5		%				$	173					$	84					106.4		%
Administrative expenses			107						106						0.8		%				217						211						2.5		%
Underwriting loss			(265)						(176)						50.1		%				(390)						(295)						31.9		%
Net investment income (loss)			(10)						(29)						(62.7)		%				(21)						(56)						(60.8)		%
Other income (expense)			(5)						528						NM						13						495						(97.5)		%
Amortization of purchased intangibles			34						37						(8.8)		%				68						74						(8.6)		%
Net realized gains (losses)			98						122						(19.2)		%				(285)						44						NM
Market risk benefits gains (losses)			5						(17)						NM						19						(109)						NM
Interest expense			200						181						11.0		%				398						362						10.0		%
Integration expenses and severance			8						2						NM						17						2						NM
Income tax expense			742						717						3.5		%				1,388						1,038						33.7		%
Net loss			$	(1,161)					$	(509)					128.8		%				$	(2,535)					$	(1,397)					81.4		%
Net income attributable to noncontrolling interests			28						31						(12.3)		%				55						43						26.8		%
Net loss attributable to Chubb			$	(1,189)					$	(540)					120.5		%				$	(2,590)					$	(1,440)					79.8		%

NM - Not meaningful

Losses and loss expenses primarily includes unfavorable prior period development for molestation claims.

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Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. 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.

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 10 and 16 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 2025 Form 10-K. For more information on the effect of market movements and their impact on Net income and Accumulated other comprehensive income, refer to Net Realized and Unrealized Gains (Losses) in Item 7 in our 2025 Form 10-K.

The following table presents our net realized and unrealized gains (losses):

			Three Months Ended June 30
															2026																		2025
(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			$	18					$	357					$	375					$	(7)					$	986					$	979
Investment and embedded derivative instruments			(55)						—						(55)						154						—						154
Public equity
Sales			46						—						46						32						—						32
Mark-to-market			80						—						80						105						—						105
Private equity (less than 3 percent ownership)
Mark-to-market			93						—						93						(28)						—						(28)
Total investment portfolio			182						357						539						256						986						1,242
Other derivative instruments			(8)						—						(8)						(2)						—						(2)
Foreign exchange			(17)						(158)						(175)						(89)						796						707
Current discount rate on future policy benefits			—						(145)						(145)						—						(130)						(130)
Instrument-specific credit risk on market risk benefits			—						1						1						—						1						1
Other			5						39						44						(5)						(26)						(31)
Net gains (losses), pre-tax			$	162					$	94					$	256					$	160					$	1,627					$	1,787

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			Six Months Ended June 30
															2026																		2025
(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			$	(103)					$	(1,469)					$	(1,572)					$	(104)					$	1,887					$	1,783
Investment and embedded derivative instruments			(170)						—						(170)						131						—						131
Public equity
Sales			140						—						140						20						—						20
Mark-to-market			(163)						—						(163)						180						—						180
Private equity (less than 3 percent ownership)
Mark-to-market			109						—						109						(17)						—						(17)
Total investment portfolio			(187)						(1,469)						(1,656)						210						1,887						2,097
Other derivative instruments			(17)						—						(17)						(5)						—						(5)
Foreign exchange			(25)						370						345						(154)						1,155						1,001
Current discount rate on future policy benefits			—						241						241						—						(252)						(252)
Instrument-specific credit risk on market risk benefits			—						13						13						—						5						5
Other			(16)						33						17						(7)						(121)						(128)
Net gains (losses), pre-tax			$	(245)					$	(812)					$	(1,057)					$	44					$	2,674					$	2,718

Pre-tax net unrealized gains of $357 million and losses of $1,469 million in our investment portfolio for the three and six months ended June 30, 2026, respectively, were primarily driven by changes in interest rates.

Pre-tax net realized gains of $162 million for the three months ended June 30, 2026, were primarily driven by mark-to-market gains on equities and sales of equities, partially offset by losses on derivatives. Pre-tax net realized losses of $245 million for the six months ended June 30, 2026, were primarily driven by losses on derivatives, net realized losses on fixed maturities, and net mark-to-market losses on equities, partially offset by gains on sales of equity securities.

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 six months ended June 30, 2026, our ETR was 20.5 percent and 21.0 percent, respectively, compared to an ETR of 19.3 percent in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items.

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.

Total adjusted capitalization is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains (losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our underlying total capital position.

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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
June 30, 2026
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	3,372					$	791					$	526					$	1,815					$	121					$	158					$	6,783
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(302)						(126)						(14)						(25)						(8)						—						(475)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(302)						(126)						(14)						(25)						(8)						—						(475)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						111						173						—						146						11						(158)						283
Net premiums earned adjustments on PPD - unfavorable (favorable)						5						—						—						—						—						—						5
Expense adjustments - unfavorable (favorable)						2						—						—						—						2						—						4
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						10						—						—						10
PPD, gross of related adjustments - favorable (unfavorable)						118						173						—						156						13						(158)						302
CAY loss and loss expense ex CATs			B			$	3,188					$	838					$	512					$	1,946					$	126					$	—					$	6,610
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	1,081					$	433					$	49					$	1,459					$	106					$	107					$	3,235
Expense adjustments - favorable (unfavorable)						(2)						—						—						—						(2)						—						(4)
Policy acquisition costs and administrative expenses, adjusted			D			$	1,079					$	433					$	49					$	1,459					$	104					$	107					$	3,231
Denominator
Net premiums earned			E			$	5,214					$	1,817					$	641					$	3,984					$	299											$	11,955
Net premiums earned adjustments on PPD - unfavorable (favorable)						5						—						—						—						—												5
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						10						—												10
Net premiums earned excluding adjustments			F			$	5,219					$	1,817					$	641					$	3,994					$	299											$	11,970
P&C Combined ratio
Loss and loss expense ratio			A/E			64.7		%				43.5		%				82.0		%				45.6		%				40.6		%										56.7		%
Policy acquisition cost and administrative expense ratio			C/E			20.7		%				23.8		%				7.7		%				36.6		%				35.5		%										27.1		%
P&C Combined ratio						85.4		%				67.3		%				89.7		%				82.2		%				76.1		%										83.8		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			61.1		%				46.1		%				80.0		%				48.7		%				42.1		%										55.2		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.7		%				23.8		%				7.6		%				36.5		%				34.8		%										27.0		%
CAY P&C Combined ratio ex CATs						81.8		%				69.9		%				87.6		%				85.2		%				76.9		%										82.2		%
Combined ratio
Combined ratio																																										83.7		%
Add: impact of gains and losses on crop derivatives																																										0.1		%
P&C Combined ratio																																										83.8		%
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
June 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	3,258					$	822					$	483					$	1,918					$	132					$	70					$	6,683
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(229)						(142)						(1)						(252)						(6)						—						(630)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						(5)						—						—						(5)
Catastrophe losses, gross of related adjustments						(229)						(142)						(1)						(247)						(6)						—						(625)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						106						121						—						77						15						(70)						249
Net premiums earned adjustments on PPD - unfavorable (favorable)						6						—						—						—						—						—						6
Expense adjustments - unfavorable (favorable)						2						—						—						—						1						—						3
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						(2)						—						(2)
PPD, gross of related adjustments - favorable (unfavorable)						114						121						—						77						14						(70)						256
CAY loss and loss expense ex CATs			B			$	3,143					$	801					$	482					$	1,748					$	140					$	—					$	6,314
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	1,062					$	414					$	50					$	1,282					$	108					$	106					$	3,022
Expense adjustments - favorable (unfavorable)						(2)						—						—						—						(1)						—						(3)
Policy acquisition costs and administrative expenses, adjusted			D			$	1,060					$	414					$	50					$	1,282					$	107					$	106					$	3,019
Denominator
Net premiums earned			E			$	5,177					$	1,681					$	598					$	3,542					$	338											$	11,336
Reinstatement premiums (collected) expensed on catastrophe losses						—						—						—						5						—												5
Net premiums earned adjustments on PPD - unfavorable (favorable)						6						—						—						—						—												6
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						(2)												(2)
Net premiums earned excluding adjustments			F			$	5,183					$	1,681					$	598					$	3,547					$	336											$	11,345
P&C Combined ratio
Loss and loss expense ratio			A/E			62.9		%				48.9		%				80.8		%				54.2		%				39.0		%										59.0		%
Policy acquisition cost and administrative expense ratio			C/E			20.6		%				24.6		%				8.3		%				36.1		%				32.0		%										26.6		%
P&C Combined ratio						83.5		%				73.5		%				89.1		%				90.3		%				71.0		%										85.6		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.6		%				47.6		%				80.5		%				49.3		%				41.5		%										55.6		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.5		%				24.6		%				8.3		%				36.1		%				32.0		%										26.7		%
CAY P&C Combined ratio ex CATs						81.1		%				72.2		%				88.8		%				85.4		%				73.5		%										82.3		%
Combined ratio
Combined ratio																																										85.6		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										85.6		%
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
Six Months Ended
June 30, 2026
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	6,592					$	1,825					$	579					$	3,580					$	258					$	173					$	13,007
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(504)						(348)						(18)						(89)						(16)						—						(975)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(504)						(348)						(18)						(89)						(16)						—						(975)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						200						174						80						277						11						(173)						569
Net premiums earned adjustments on PPD - unfavorable (favorable)						5						—						—						—						—						—						5
Expense adjustments - unfavorable (favorable)						4						—						—						—						4						—						8
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						17						—						—						17
PPD, gross of related adjustments - favorable (unfavorable)						209						174						80						294						15						(173)						599
CAY loss and loss expense ex CATs			B			$	6,297					$	1,651					$	641					$	3,785					$	257					$	—					$	12,631
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	2,187					$	865					$	67					$	2,855					$	217					$	217					$	6,408
Expense adjustments - favorable (unfavorable)						(4)						—						—						—						(4)						—						(8)
Policy acquisition costs and administrative expenses, adjusted			D			$	2,183					$	865					$	67					$	2,855					$	213					$	217					$	6,400
Denominator
Net premiums earned			E			$	10,362					$	3,563					$	830					$	7,764					$	625											$	23,144
Net premiums earned adjustments on PPD - unfavorable (favorable)						5						—						—						—						—												5
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						17						—												17
Net premiums earned excluding adjustments			F			$	10,367					$	3,563					$	830					$	7,781					$	625											$	23,166
P&C Combined ratio
Loss and loss expense ratio			A/E			63.6		%				51.2		%				69.7		%				46.1		%				41.3		%										56.2		%
Policy acquisition cost and administrative expense ratio			C/E			21.1		%				24.3		%				8.1		%				36.8		%				34.8		%										27.7		%
P&C Combined ratio						84.7		%				75.5		%				77.8		%				82.9		%				76.1		%										83.9		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.7		%				46.3		%				77.3		%				48.6		%				41.1		%										54.5		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			21.1		%				24.3		%				8.1		%				36.7		%				34.1		%										27.7		%
CAY P&C Combined ratio ex CATs						81.8		%				70.6		%				85.4		%				85.3		%				75.2		%										82.2		%
Combined ratio
Combined ratio																																										83.8		%
Add: impact of gains and losses on crop derivatives																																										0.1		%
P&C Combined ratio																																										83.9		%
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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						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
Six Months Ended
June 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	6,289					$	2,915					$	575					$	3,428					$	374					$	84					$	13,665
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(383)						(1,484)						(16)						(307)						(81)						—						(2,271)
Reinstatement premiums collected (expensed) on catastrophe losses						—						(50)						—						(5)						13						—						(42)
Catastrophe losses, gross of related adjustments						(383)						(1,434)						(16)						(302)						(94)						—						(2,229)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						220						121						33						198						15						(83)						504
Net premiums earned adjustments on PPD - unfavorable (favorable)						5						—						—						—						—						—						5
Expense adjustments - unfavorable (favorable)						—						—						(3)						—						—						—						(3)
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						(2)						—						(2)
PPD, gross of related adjustments - favorable (unfavorable)						225						121						30						198						13						(83)						504
CAY loss and loss expense ex CATs			B			$	6,131					$	1,602					$	589					$	3,324					$	293					$	1					$	11,940
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	2,125					$	831					$	69					$	2,449					$	218					$	211					$	5,903
Expense adjustments - favorable (unfavorable)						—						—						3						—						—						—						3
Policy acquisition costs and administrative expenses, adjusted			D			$	2,125					$	831					$	72					$	2,449					$	218					$	211					$	5,906
Denominator
Net premiums earned			E			$	10,165					$	3,255					$	763					$	6,751					$	706											$	21,640
Reinstatement premiums (collected) expensed on catastrophe losses						—						50						—						5						(13)												42
Net premiums earned adjustments on PPD - unfavorable (favorable)						5						—						—						—						—												5
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						(2)												(2)
Net premiums earned excluding adjustments			F			$	10,170					$	3,305					$	763					$	6,756					$	691											$	21,685
P&C Combined ratio
Loss and loss expense ratio			A/E			61.9		%				89.5		%				75.4		%				50.8		%				53.0		%										63.1		%
Policy acquisition cost and administrative expense ratio			C/E			20.9		%				25.6		%				9.0		%				36.2		%				30.8		%										27.3		%
P&C Combined ratio						82.8		%				115.1		%				84.4		%				87.0		%				83.8		%										90.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.3		%				48.4		%				77.3		%				49.2		%				42.4		%										55.1		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.9		%				25.2		%				9.4		%				36.3		%				31.5		%										27.2		%
CAY P&C Combined ratio ex CATs						81.2		%				73.6		%				86.7		%				85.5		%				73.9		%										82.3		%
Combined ratio
Combined ratio																																										90.4		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										90.4		%
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 June 30									Six Months Ended June 30
(in millions of U.S. dollars)			2026						2025			2026						2025
Fixed maturities (1)			$	1,586					$	1,424		$	3,143					$	2,825
Short-term investments			43						36			83						74
Other interest income			4						8			12						25
Equity securities			94						93			186						186
Private equities			52						35			91						70
Other investments			34						25			64						52
Gross investment income (1)			1,813						1,621			3,579						3,232
Investment expenses			(53)						(53)			(110)						(103)
Net investment income (1)			$	1,760					$	1,568		$	3,469					$	3,129
(1) Includes amortization expense related to fair value adjustment of acquired invested assets			$	(1)					$	(4)		$	(3)					$	(6)

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 12.3 percent and 10.9 percent for the three and six months ended June 30, 2026, respectively, primarily due to higher average invested assets.

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 June 30									Six Months Ended June 30
(in millions of U.S. dollars)			2026						2025			2026						2025
Total mark-to-market gain on private equity, pre-tax			$	99					$	512		$	142					$	496

Interest Expense

Interest expense for the six months ended June 30, 2026 was $398 million. Based on projected variable expenses and our existing debt obligations, including recent issuances, we expect pre-tax interest expense to be approximately $410 million for the remainder of 2026, or $808 million for the full year. For more information on our debt obligations, refer to Note 11 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2025 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 June 30, 2026. For further information on the management of our investment portfolio, please refer to Investments within Item 7 in our 2025 Form 10-K.

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The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

			June 30, 2026												December 31, 2025
(in millions of U.S. dollars)			Fair Value						Cost/ Amortized Cost, Net						Fair Value						Cost/ Amortized Cost, Net
Short-term investments			$	5,458					$	5,459					$	4,840					$	4,840
Other investments - Fixed maturities			7,763						7,763						8,091						8,091
Fixed maturities available-for-sale			125,518						128,980						122,680						124,674
Fixed income securities			138,739						142,202						135,611						137,605
Equity securities			11,014						11,014						10,801						10,801
Private debt held-for-investment			2,289						2,252						2,445						2,411
Private equities and other			20,644						20,644						19,897						19,897
Total investments			$	172,686					$	176,112					$	168,754					$	170,714

The fair value of our total investments increased $3.9 billion during the six months ended June 30, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases. 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 June 30, 2026, and December 31, 2025. The first table lists investments according to type and second according to S&P credit rating:

			June 30, 2026												December 31, 2025
(in millions of U.S. dollars, except for percentages)			Fair Value						% of Total						Fair Value						% of Total
U.S. and local government securities			$	3,594					3		%				$	3,714					3		%
Corporate and asset-backed securities			47,927						35		%				47,886						35		%
Mortgage-backed securities			32,625						23		%				30,724						23		%
Non-U.S.			49,135						35		%				48,447						35		%
Short-term investments			5,458						4		%				4,840						4		%
Total (1)			$	138,739					100		%				$	135,611					100		%
AAA			$	13,542					10		%				$	13,313					10		%
AA			42,512						31		%				40,720						30		%
A			36,488						26		%				35,184						26		%
BBB			25,882						19		%				23,584						17		%
BB			11,782						8		%				12,948						10		%
B			8,258						6		%				9,469						7		%
Other			275						—		%				393						—		%
Total (1)			$	138,739					100		%				$	135,611					100		%

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.8 billion and $8.1 billion at June 30, 2026, and December 31, 2025, respectively.

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Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at June 30, 2026: 

(in millions of U.S. dollars)			Fair Value
Bank of America Corp			$	829
Morgan Stanley			752
JPMorgan Chase & Co			689
Goldman Sachs Group Inc			571
Citigroup Inc			556
Wells Fargo & Co			541
Verizon Communications Inc			422
AT&T Inc			397
T-Moblie USA Inc			389
Comcast Corp			359

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
June 30, 2026 (in millions of U.S. dollars)			AAA						AA						A						BBB						BB and below						Total						Total
Agency residential mortgage-backed securities (RMBS)			$	55					$	29,179					$	—					$	—					$	—					$	29,234					$	30,288
Non-agency RMBS			2,092						211						192						45						2						2,542						2,581
Commercial mortgage-backed securities			673						109						60						5						2						849						879
Total mortgage-backed securities			$	2,820					$	29,499					$	252					$	50					$	4					$	32,625					$	33,748

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 39 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 June 30, 2026:

(in millions of U.S. dollars)			Fair Value						Amortized Cost, Net
People's Republic of China			$	2,570					$	2,591
Republic of Korea			1,515						1,741
Kingdom of Thailand			1,022						996
Canada			860						877
United Mexican States			803						808
Taiwan			737						745
Federative Republic of Brazil			643						655
Commonwealth of Australia			618						706
Province of Hunan China			569						557
Province of Ontario			529						531
Other Non-U.S. Government Securities			8,530						8,625
Total			$	18,396					$	18,832

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 June 30, 2026:

(in millions of U.S. dollars)			Fair Value						Amortized Cost, Net
China			$	8,192					$	8,167
United Kingdom			2,776						2,849
Canada			2,752						2,759
France			2,016						2,022
United States (1)			1,631						1,648
South Korea			1,318						1,350
Australia			1,307						1,334
Japan			1,278						1,293
Chile			722						740
Germany			692						708
Other Non-U.S. Corporate Securities			8,055						8,141
Total			$	30,739					$	31,011

(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 June 30, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 13 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 $194 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 2025 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, 2025.

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 net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

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, 2025			$	88,018					$	18,346					$	69,672
Losses and loss expenses incurred			15,595						2,773						12,822
Losses and loss expenses paid			(14,043)						(2,690)						(11,353)
Other (including foreign exchange translation)			99						24						75
Balance at June 30, 2026			$	89,669					$	18,453					$	71,216

(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 7 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 June 30, 2026, 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			$	2,922					3.9		%				$	1,599					2.1		%				$	156					0.2		%
1-in-100			$	5,650					7.5		%				$	3,766					5.0		%				$	1,835					2.4		%
1-in-250			$	9,052					12.0		%				$	6,375					8.5		%				$	2,082					2.8		%

(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 April 1, 2026, and reflect the April 1, 2026, 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 $3,766 million (or 5.0 percent of total Chubb shareholders’ equity at June 30, 2026).

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, 2026. 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 2025 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, 2026, through March 31, 2027. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Terrorism is covered in all three layers (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) in the United States 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

All natural perils and terrorism

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 Catastrophe 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.

			June 30						December 31
(in millions of U.S. dollars, except for ratios)			2026						2025
Short-term debt			$	663					$	1,499
Long-term debt			17,452						15,728
Total financial debt			18,115						17,227
Trust preferred securities			309						309
Subordinated debt (1)			118						113
Total hybrid debt			427						422
Total Chubb shareholders' equity			75,372						73,757
Total capitalization			93,914						91,406
Less: Chubb unrealized gains (losses) on investments, net of deferred tax			(3,282)						(1,997)
Total adjusted capitalization			$	97,196					$	93,403
Ratio of financial debt to total adjusted capitalization (2)			18.6		%				18.4		%
Ratio of financial debt and hybrid debt to total adjusted capitalization (2)			19.1		%				18.8		%

(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. In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.

Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2026:

•March 2026: Issued CHF200 million (approximately $254 million at the time of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.

•May 2026: Repaid $1.5 billion of 3.35 percent senior unsecured notes upon maturity.

•May 2026: Issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036.

•May 2026: Issued CNH4.0 billion senior unsecured notes (approximately $587 million at the time of issuance) in 5-year and 10-year tranches, at 2.40 percent and 2.85 percent, respectively.

•June 2026: Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively.

Refer to Note 11 to the Consolidated Financial Statements for additional details.

For the six months ended June 30, 2026, we repurchased $2.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At June 30, 2026, there were 14,486,798 Common Shares in treasury with a weighted-average cost of $227.29 per share. In May 2026, the Board authorized the repurchase of up to $7.5 billion of Chubb's Common Shares, effective July 1, 2026 with no expiration date. Chubb's existing share repurchase program remained effective through June 30, 2026. For the period July 1, 2026, through July 27, 2026, we repurchased 40,000 Common Shares for a total of $14 million in a series of open market transactions under the share repurchase authorization. At July 27, 2026, $7.5 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.

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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 13 to the Consolidated Financial Statements for a discussion of our dividend methodology.

At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, or CHF 3.20 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 21, 2026, expected to be paid in four quarterly installments of $1.02 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 2027 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2026 represented a $0.20 per share increase ($0.05 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 12, 2025

January 2, 2026

$0.97 (CHF 0.78)

March 13, 2026

April 6, 2026

$0.97 (CHF 0.75)

June 12, 2026

July 2, 2026

$1.02 (CHF 0.80)

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 December 2030. Our total credit facility capacity is $4.3 billion, $3.0 billion of which can be used for revolving credit. At June 30, 2026, our letter of credit borrowings outstanding under these facilities were $991 million. 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 June 30, 2026. 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 availability under our $3.0 billion group syndicated credit facility. At June 30, 2026, there were no commercial paper borrowings outstanding.

We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At June 30, 2026, there were $3.4 billion in repurchase agreements outstanding with various maturities over the next two months.

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 six months ended June 30, 2026, 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. 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

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subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are 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. The following table summarizes dividends paid to Chubb Limited and Chubb INA and redemptions of Chubb Limited's ownership interest in Chubb INA.

			From Bermuda Subsidiaries									From Chubb INA and Subsidiaries									From Other International Subsidiaries									From Swiss Subsidiaries
			Six months ended June 30									Six months ended June 30									Six months ended June 30									Six months ended June 30
(in millions of U.S. dollars)			2026			2025						2026			2025						2026			2025						2026			2025
Dividends received by Chubb Limited			$	—		$	510					$	—		$	—					$	149		$	207					$	112		$	—
Dividends received by Chubb INA			N/A			N/A						1,043			1,340						N/A			N/A						N/A			N/A
Chubb Ltd redemptions from Chubb INA (1)			N/A			N/A						1,250			625						N/A			N/A						N/A			N/A

(1) 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 ownership interest in Chubb INA.

Cash Flows			Six Months Ended
			June 30
(in millions of U.S. dollars)			2026						2025
Net cash provided by operating activities			$	7,677					$	5,117
Net cash used for investing activities			(5,177)						(3,625)
Net cash used for financing activities			(2,219)						(1,887)

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements.

Net cash provided by operating activities increased $2.6 billion primarily due to higher net premiums collected, lower net losses paid, and higher net investment income collected.

Cash used in investing increased $1.6 billion primarily due to higher net purchases of fixed maturities and short-term investments of $2.5 billion, partially offset by lower net private equity contributions of $1.0 billion.

Cash used in financing increased $332 million. This increase reflects higher common shares repurchased of $799 million and $363 million higher net repayment of repurchase agreements. Additionally, the current year net capital distributed by consolidated investment products were $298 million compared to a prior year net third party capital invested into consolidated investment products of $399 million. This activity was partially offset by higher net proceeds of long-term debt of $916 million in the current year, compared to net repayment of $551 million in the prior year.

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.

Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings LLC (Chubb INA or 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. Chubb Limited and Chubb INA act as holding companies within the Chubb Group and primarily hold investments in operating insurance subsidiaries. On a standalone basis, excluding investments in subsidiaries that are not issuers or guarantors, the combined assets, liabilities, and results of operations of Chubb Limited and Chubb INA are not material to investors’ assessment of the guaranteed notes. The creditworthiness of the guaranteed securities depends on the underlying operating insurance subsidiaries.

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ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

For disclosures regarding Market Risk, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in our 2025 Form 10-K. There have been no material changes to Chubb's market risk exposures from those previously disclosed.

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 June 30, 2026. 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 June 30, 2026, 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 12 f) 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 2025 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 June 30, 2026:

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)
April 1 through April 30			1,313,887						$	329.73					1,311,374						$	1.90	billion
May 1 through May 31			1,242,702						$	326.31					1,056,000						$	747	million
June 1 through June 30			626,668						$	324.42					622,197						—
Total			3,183,257						$	327.35					2,989,571

(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 June 30, 2026, as part of the publicly announced plan was $979 million. Refer to Note 13 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.

(3)In May 2026, the Board of Directors authorized the repurchase of up to $7.5 billion of Chubb Common Shares effective July 1, 2026, with no expiration date. As of June 30, 2026, $547 million expired under the July 2025 $5.0 billion share repurchase authorization. For the period July 1, 2026, through July 27, 2026, we repurchased 40,000 Common Shares for a total of $14 million in a series of open market transactions under the 2026 $7.5 billion share repurchase authorization.

ITEM 5. Other Information

Insider Trading Arrangements

During the three months ended June 30, 2026, 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.

Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934

Section 13(r) of the Securities Exchange Act of 1934, as amended, requires an issuer to disclose whether it or an affiliate engaged, inter alia, with individuals or entities sanctioned pursuant to certain Executive Orders during the period covered by the report. Certain activities must be reported even if they are not prohibited by U.S. law and were done outside the U.S. in full compliance with local laws.

Chubb, through certain of its non-U.S. subsidiaries, provides a broad range of insurance and reinsurance products worldwide. During the second quarter of 2026, Chubb identified that one of its non-U.S. subsidiaries issued automobile insurance policies to two persons designated pursuant to Executive Order 13224. One policy was issued in the fourth quarter of 2025, and the other in the second quarter of 2026.

Chubb also identified that, during the third and fourth quarter of 2025, a different non-U.S. subsidiary issued or renewed automobile insurance policies for two entities and travel insurance and accident and health insurance policies for one individual. Each of the insured parties was designated pursuant to Executive Order 13224.

In each case, the non-U.S. subsidiary froze the applicable policies and any related unearned premiums. Following designation, no claims were paid, and in the case of two automobile policies where premiums were received, the premiums were frozen. Gross revenues attributable to these policies were approximately USD equivalent $3,834.82, based on the applicable exchange

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rates. Net profits attributable to these policies are not precisely determinable but are less than the associated revenues. Chubb and its non-U.S. subsidiaries do not intend to provide any services to these persons in the future.

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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 22, 2026

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 22, 2026

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 5.300% Senior Notes due 2036

8-K

4.1

May 20, 2026

4.4

Form of Global Note for the 5.300% Senior Notes due 2036

8-K

4.2

May 20, 2026

4.5

Form of Officer's Certificate related to the 3.780% Senior Notes due 2031 and the 4.034% Senior Notes due 2033

8-K

4.1

June 10, 2026

4.6

Form of Global Note for the 3.780% Senior Notes due 2031

8-K

4.2

June 10, 2026

4.7

Form of Global Note for the 4.034% Senior Notes due 2033

8-K

4.3

June 10, 2026

10.1*

Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated

8-K

10.1

May 22, 2026

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 June 30, 2026, formatted in Inline XBRL: (i) Consolidated Balance Sheets at June 30, 2026, and December 31, 2025; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2026 and 2025; (iii) Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2026 and 2025; (iv) Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025; 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)

* Management contract, compensatory plan or arrangement

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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)
July 28, 2026			/s/ Evan G. Greenberg
			Evan G. Greenberg
			Chairman and Chief Executive Officer
July 28, 2026			/s/ Peter C. Enns
			Peter C. Enns
			Executive Vice President and Chief Financial Officer

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ATTACHMENTS / EXHIBITS

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EX-31.1

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EX-32.1

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