
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


	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

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.

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.


	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


	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

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


											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

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

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under

repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at 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.


	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

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.

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.