v3.26.1
Segment information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment information Segment information
Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses 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.
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 InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$5,594 $2,054 $776 $3,990 $354 $1,937 $14,705 
Net premiums earned5,214 1,817 641 3,984 299 1,934 13,889 
Losses and loss expenses3,372 791 526 1,709 121 22 
Policy benefits— — — 106 — 1,374 
Policy acquisition costs730 347 45 1,060 98 352 
Administrative expenses351 86 4 399 8 213 
Underwriting income761 593 66 710 72 NM
Net investment income982 140 21 313 110 323 
Other (income) expense15 3 2 6 — (45)
Amortization of purchased intangibles1 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 expense200 
Integration expenses and severance8 
Corporate underwriting loss(265)
Corporate net investment loss(10)
Corporate other (income) expense5 
Corporate amortization of purchased intangibles34 
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.
For the Three Months Ended
June 30, 2025
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$5,723 $1,938 $733 $3,620 $380 $1,802 $14,196 
Net premiums earned5,177 1,681 598 3,542 338 1,789 13,125 
Losses and loss expenses3,258 822 483 1,789 132 20 
Policy benefits— — — 129 — 1,249 
Policy acquisition costs705 332 48 913 98 319 
Administrative expenses357 82 2 369 10 199 
Underwriting income857 445 65 342 98 NM
Net investment income938 118 19 278 85 274 
Other (income) expense8 — — 5 — (37)
Amortization of purchased intangibles2 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 expense181 
Integration expenses and severance2 
Corporate underwriting loss(176)
Corporate net investment loss(29)
Corporate other (income) expense(528)
Corporate amortization of purchased intangibles37 
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.
For the Six Months Ended
June 30, 2026
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$10,489 $3,735 $1,087 $8,456 $717 $4,226 $28,710 
Net premiums earned10,362 3,563 830 7,764 625 4,202 27,346 
Losses and loss expenses6,592 1,825 579 3,361 258 50 
Policy benefits— — — 219 — 3,074 
Policy acquisition costs1,482 694 69 2,069 200 714 
Administrative expenses705 171 (2)786 17 423 
Underwriting income1,583 873 184 1,329 150 NM
Net investment income1,953 277 47 613 218 628 
Other (income) expense29 6 2 12 — (96)
Amortization of purchased intangibles2 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 expense398 
Integration expenses and severance17 
Corporate underwriting loss(390)
Corporate net investment loss(21)
Corporate other (income) expense(13)
Corporate amortization of purchased intangibles68 
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.
For the Six Months Ended
June 30, 2025
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$10,510 $3,490 $1,009 $7,523 $788 $3,522 $26,842 
Net premiums earned10,165 3,255 763 6,751 706 3,485 25,125 
Losses and loss expenses6,289 2,915 575 3,186 374 46 
Policy benefits— — — 242 — 2,412 
Policy acquisition costs1,424 662 65 1,750 198 629 
Administrative expenses701 169 4 699 20 401 
Underwriting income (loss)1,751 (491)119 874 114 NM
Net investment income1,867 238 43 559 155 545 
Other (income) expense16 1 1 11 — (72)
Amortization of purchased intangibles3 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 expense362 
Integration expenses and severance2 
Corporate underwriting loss(295)
Corporate net investment loss(56)
Corporate other (income) expense(495)
Corporate amortization of purchased intangibles74 
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.