
	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

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


	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

(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

(2)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:


	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


	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


	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 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.


	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


	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 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

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

(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

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.