v3.26.3
Fair value measurements
 9 Months Ended
Sep. 30, 2026
Fair Value Disclosures [Abstract]  
Fair value measurements 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.
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
September 30, 2026Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,359 $2,028 $— $3,387 
Non-U.S.— 41,753 713 42,466 
Corporate and asset-backed securities— 43,502 3,640 47,142 
Mortgage-backed securities— 32,697 112 32,809 
1,359 119,980 4,465 125,804 
Equity securities (1)
5,385 — 115 5,500 
Short-term investments2,634 2,644 15 5,293 
Other investments (2)
687 8,184 — 8,871 
Securities lending collateral— 2,295 — 2,295 
Investment derivatives138 — — 138 
Derivatives designated as hedging instruments— 233 — 233 
Other derivative instruments10 — — 10 
Separate account assets7,267 73 — 7,340 
Total assets measured at fair value (1)(2)(3)
$17,480 $133,409 $4,595 $155,484 
Liabilities:
Investment derivatives$166 $— $— $166 
Derivatives designated as hedging instruments— 243 — 243 
Other derivative instruments3 — — 3 
Market risk benefits (4)
— — 530 530 
Total liabilities measured at fair value$169 $243 $530 $942 
(1)Excluded from the table above are funds of $5,260 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,990 million, principally investments measured using NAV as a practical expedient and policy loans.
(3)Excluded from the table above are private equities of $17,528 million, measured using NAV as a practical expedient.
(4)Refer to Note 10 for additional information on Market risk benefits.
 
December 31, 2025Level 1Level 2Level 3Total
(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 investments2,657 2,138 45 4,840 
Other investments (2)
630 8,684 — 9,314 
Securities lending collateral— 2,500 — 2,500 
Investment derivatives22 — — 22 
Derivatives designated as hedging instruments— 266 — 266 
Other derivative instruments11 — — 11 
Separate account assets6,858 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.
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
September 30, 2026
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$694 $3,542 $— $110 $10 
Transfers into Level 3— 1 18 — — 
Transfers out of Level 3— (1)— — — 
Change in Net Unrealized Gains (Losses) in OCI6 (19)(2)— (1)
Net Realized Gains (Losses)(4)(9)— 1 (1)
Purchases83 321 96 6 9 
Sales(33)(71)— (2)— 
Settlements(33)(124)— — (2)
Balance, end of period$713 $3,640 $112 $115 $15 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(2)$4 $— $2 $5 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$7 $(23)$(2)$— $(1)
Three Months Ended
September 30, 2025
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities
Balance, beginning of period$598 $3,186 $125 $42 
Transfers into Level 3— 90 — — 
Transfers out of Level 3(1)(3)— — 
Change in Net Unrealized Gains (Losses) in OCI3 5 — — 
Net Realized Gains (Losses)1 (8)(2)— 
Purchases66 212 6 2 
Sales(22)(124)(15)(1)
Settlements(43)(119)— (1)
Balance, end of period$602 $3,239 $114 $42 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $1 $4 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$1 $(1)$— $— 
Nine Months Ended
September 30, 2026
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Non-U.S.Corporate and asset-
backed securities		Mortgage-backed securities
Balance, beginning of period$671 $3,546 $— $119 $45 
Transfers into Level 32 17 18 — — 
Transfers out of Level 3(2)(22)— (13)— 
Change in Net Unrealized Gains (Losses) in OCI(6)(44)(2)— (3)
Net Realized Gains (Losses)(4)(27)— — (1)
Purchases193 731 96 18 20 
Sales(72)(125)— (9)— 
Settlements(69)(436)— — (46)
Balance, end of period$713 $3,640 $112 $115 $15 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(3)$(14)$— $— $(1)
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$(5)$(55)$(2)$— $(2)

Nine Months Ended
September 30, 2025
(in millions of U.S. dollars)
Available-for-Sale Debt SecuritiesEquity
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 311 174 — — — 
Transfers out of Level 3(1)(16)— (1)— 
Change in Net Unrealized Gains (Losses) in OCI41 (2)— — — 
Net Realized Gains (Losses)(2)(14)(2)(5)— 
Purchases210 726 1 32 32 
Sales(109)(224)(2)(32)(1)
Settlements(152)(296)— — (3)
Balance, end of period$602 $3,239 $— $114 $42 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(3)$— $13 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$31 $(18)$— $— $— 

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

September 30, 2026Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,292 $2,292 $2,261 
Total assets$— $— $2,292 $2,292 $2,261 
Liabilities:
Repurchase agreements$— $3,225 $— $3,225 $3,225 
Short-term debt— 657 — 657 668 
Long-term debt— 15,412 601 16,013 17,990 
Hybrid debt— 467 — 467 428 
Total liabilities$— $19,761 $601 $20,362 $22,311 

December 31, 2025Fair ValueNet Carrying
Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
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