v3.26.1
Unpaid losses and loss expenses, and Future policy benefits
 6 Months Ended
Jun. 30, 2026
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block] 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)20262025
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 period69,672 66,270 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year13,406 13,959 
Prior years (2)
(584)(491)
Total12,822 13,468 
Net losses and loss expenses paid in respect of losses occurring in:
Current year3,169 2,960 
Prior years8,184 8,982 
Total11,353 11,942 
Foreign currency revaluation and other75 889 
Net unpaid losses and loss expenses – end of period71,216 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 $(13) million for the six months ended June 30, 2026 and 2025, respectively.
Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:
Three Months Ended June 30Six Months Ended June 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2026
North America Commercial P&C Insurance$(69)$(42)$(111)$(48)$(152)$(200)
North America Personal P&C Insurance— (173)(173)— (174)(174)
North America Agricultural Insurance— — — — (80)(80)
Overseas General Insurance11 (157)(146)11 (288)(277)
Global Reinsurance10 (21)(11)10 (21)(11)
Corporate158 — 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 Insurance35 (112)(77)36 (234)(198)
Global Reinsurance— (15)(15)(5)(10)(15)
Corporate70 — 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.
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.
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 PremiumsSix Months Ended June 30, 2026
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,544 $4,749 $11,688 $426 $18,407 
Beginning balance at original discount rate1,814 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 balance1,805 4,666 11,377 430 18,278 
Issuances127 904 1,180 356 2,567 
Interest accrual31 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 rate1,823 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.
Present Value of Expected Future Policy BenefitsSix Months Ended June 30, 2026
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,313 $13,791 $15,587 $1,084 $32,775 
Beginning balance at original discount rate2,715 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 balance2,712 13,188 15,347 1,066 32,313 
Issuances127 904 1,180 356 2,567 
Interest accrual42 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 rate2,745 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 BenefitsJune 30, 2026
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$777 $9,960 $3,687 $859 $15,283 
Deferred profit liability320 2,402 248 141 3,111 
Net liability for future policy benefits, before reinsurance recoverable1,097 12,362 3,935 1,000 18,394 
Less: Reinsurance recoverable on future policy benefits110 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)11.325.710.128.221.7
Present Value of Expected Net PremiumsSix Months Ended June 30, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,523 $4,405 $11,626 $125 $17,679 
Beginning balance at original discount rate1,819 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 balance1,815 4,317 11,344 126 17,602 
Issuances116 719 1,107 311 2,253 
Interest accrual26 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 rate1,894 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 BenefitsSix Months Ended June 30, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,238 $12,057 $15,693 $647 $30,635 
Beginning balance at original discount rate2,647 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 balance2,646 11,251 15,503 604 30,004 
Issuances116 719 1,107 311 2,253 
Interest accrual36 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 rate2,776 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 
Liability for Future Policy BenefitsJune 30, 2025
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$746 $8,773 $4,182 $636 $14,337 
Deferred profit liability306 1,539 219 68 2,132 
Net liability for future policy benefits, before reinsurance recoverable1,052 10,312 4,401 704 16,469 
Less: Reinsurance recoverable on future policy benefits107 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)10.427.610.025.322.0

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)20262025
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.


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 30June 30
(in millions of U.S. dollars)20262025
Term Life
Undiscounted expected future benefit payments$4,607 $4,563 
Undiscounted expected future gross premiums6,802 7,094 
Discounted expected future benefit payments2,342 2,344 
Discounted expected future gross premiums4,545 4,775 
Whole Life
Undiscounted expected future benefit payments34,510 30,751 
Undiscounted expected future gross premiums11,062 10,841 
Discounted expected future benefit payments14,739 13,407 
Discounted expected future gross premiums9,262 8,929 
A&H
Undiscounted expected future benefit payments26,692 28,274 
Undiscounted expected future gross premiums39,629 41,427 
Discounted expected future benefit payments15,259 16,781 
Discounted expected future gross premiums23,846 24,697 
Other
Undiscounted expected future benefit payments2,759 1,754 
Undiscounted expected future gross premiums945 570 
Discounted expected future benefit payments1,481 992 
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 AssessmentsInterest Accretion
Six Months EndedSix Months Ended
June 30June 30
(in millions of U.S. dollars)2026202520262025
Term Life$374 $353 $11 $10 
Whole Life1,657 1,250 156 120 
A&H1,608 1,509 63 65 
Other260 129 11 7 
Total$3,899 $3,241 $241 $202 
The following table presents the weighted-average interest rates for the Life Insurance segment:
Interest Accretion RateCurrent Discount Rate
Six Months EndedSix Months Ended
June 30June 30
2026202520262025
Life Insurance
Term Life3.2 %3.0 %6.0 %5.9 %
Whole Life3.6 %3.4 %4.3 %3.9 %
A&H4.3 %4.0 %6.3 %5.8 %
Other3.2 %3.2 %3.4 %3.3 %