v3.26.3
Unpaid losses and loss expenses, and Future policy benefits
 9 Months Ended
Sep. 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:
Nine Months Ended
September 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 year21,470 21,342 
Prior years (2)
(1,122)(923)
Total20,348 20,419 
Net losses and loss expenses paid in respect of losses occurring in:
Current year6,172 5,551 
Prior years11,233 12,135 
Total17,405 17,686 
Foreign currency revaluation and other295 1,015 
Net unpaid losses and loss expenses – end of period72,910 70,018 
Reinsurance recoverable on unpaid losses and loss expenses (1)
18,919 18,421 
Gross unpaid losses and loss expenses – end of period$91,829 $88,439 
(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 $42 million and $58 million for the nine months ended September 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 September 30Nine Months Ended September 30
(in millions of U.S. dollars)Long-tail    Short-tailTotalLong-tail    Short-tailTotal
2026
North America Commercial P&C Insurance$192 $(206)$(14)$144 $(358)$(214)
North America Personal P&C Insurance— (379)(379)— (553)(553)
North America Agricultural Insurance— (2)(2)— (82)(82)
Overseas General Insurance(174)12 (162)(163)(276)(439)
Global Reinsurance(5)— (5)5 (21)(16)
Corporate51 — 51 224 — 224 
Total$64 $(575)$(511)$210 $(1,290)$(1,080)
2025
North America Commercial P&C Insurance$104 $(130)$(26)$77 $(323)$(246)
North America Personal P&C Insurance— (282)(282)— (403)(403)
North America Agricultural Insurance— (30)(30)— (63)(63)
Overseas General Insurance(66)(18)(84)(30)(252)(282)
Global Reinsurance— — — (5)(10)(15)
Corporate61 — 61 144 — 144 
Total$99 $(460)$(361)$186 $(1,051)$(865)
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 September 30, 2026, included $206 million from short-tail lines, primarily from property and marine lines, due to lower-than-expected loss development on catastrophe and non-catastrophe losses. This favorable development was partially offset by net adverse development of $192 million from long-tail lines, primarily from commercial excess and umbrella lines and large multi-line prospective deals, mainly due to higher-than-expected loss development. Net favorable development for the nine months ended September 30, 2026, included $358 million of favorable development from short-tail lines, primarily from property, marine and surety lines, due to lower-than-expected loss development. Net adverse development for long-tail lines of $144 million was the result of adverse development in commercial excess and umbrella and commercial general liability lines, partially offset by favorable development in workers' compensation.

Net favorable development for the three months ended September 30, 2025, included $130 million from short-tail lines, primarily from property lines, due to lower-than-expected loss development on catastrophe and non-catastrophe losses. This favorable development was partially offset by net adverse development of $104 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation. Net favorable development for the nine months ended September 30, 2025, included $323 million of favorable development from short-tail lines, primarily from property and surety, due to lower-than-expected loss development. Net adverse development for long-tail lines of $77 million was the result of adverse development in general casualty lines partially offset by favorable development in workers' compensation.

North America Personal P&C Insurance. Net favorable development for the three months ended September 30, 2026, was predominately in homeowners, due to lower-than-expected loss development. Net favorable development for the nine months ended September 30, 2026, included favorable development in the homeowners and auto physical damage lines, due to lower-than-expected loss development.
Net favorable development for the three and nine months ended September 30, 2025, was predominantly in homeowners, mainly due to lower-than-expected loss experience in the most recent accident years.

Overseas General Insurance. Net favorable development for the three months ended September 30, 2026, included $174 million from long-tail lines primarily from favorable development in financial lines. Net favorable development for the nine months ended September 30, 2026, also included $276 million from short-tail lines primarily from favorable claim development in property.

Net favorable development for the three months ended September 30, 2025, included $66 million from long-tail lines. Net favorable development for the nine months ended September 30, 2025, included $252 million from short-tail lines primarily due to favorable loss emergence across multiple accident years.

Corporate. Net adverse development for the three months ended September 30, 2026 and 2025, included adverse development resulting from our annual review of environmental liabilities. Net adverse development for the nine months ended September 30, 2026 and 2025, also included 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 PremiumsNine Months Ended September 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(93)(9)78 5 (19)
Effect of actual variances from expected experience(17)39 (326)5 (299)
Adjusted beginning of period balance1,704 4,646 11,417 433 18,200 
Issuances186 1,235 1,717 480 3,618 
Interest accrual40 110 387 11 548 
Net premiums collected (1)
(194)(1,331)(1,186)(260)(2,971)
Other (including foreign exchange)87 132 740 16 975 
Ending balance at original discount rate1,823 4,792 13,075 680 20,370 
Effect of changes in discount rate assumptions(294)19 (708)(1)(984)
Balance – end of period$1,529 $4,811 $12,367 $679 $19,386 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
Present Value of Expected Future Policy BenefitsNine Months Ended September 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(90)(1)109 6 24 
Effect of actual variances from expected experience(11)45 (370)5 (331)
Adjusted beginning of period balance2,614 13,177 15,384 1,069 32,244 
Issuances186 1,235 1,717 480 3,618 
Interest accrual58 350 483 28 919 
Benefit payments(172)(276)(1,300)(17)(1,765)
Other (including foreign exchange)80 458 824 49 1,411 
Ending balance at original discount rate2,766 14,944 17,108 1,609 36,427 
Effect of changes in discount rate assumptions(481)263 (973)11 (1,180)
Balance – end of period$2,285 $15,207 $16,135 $1,620 $35,247 


Liability for Future Policy BenefitsSeptember 30, 2026
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$756 $10,396 $3,768 $941 $15,861 
Deferred profit liability323 2,665 277 156 3,421 
Net liability for future policy benefits, before reinsurance recoverable1,079 13,061 4,045 1,097 19,282 
Less: Reinsurance recoverable on future policy benefits107 47 130 — 284 
Net liability for future policy benefits, after reinsurance recoverable$972 $13,014 $3,915 $1,097 $18,998 
Weighted average duration (years)11.125.610.028.521.8
Present Value of Expected Net PremiumsNine Months Ended September 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(56)(65)(389)7 (503)
Effect of actual variances from expected experience5 13 (213)(1)(196)
Adjusted beginning of period balance1,768 4,251 10,897 130 17,046 
Issuances166 1,280 1,542 368 3,356 
Interest accrual43 107 413 8 571 
Net premiums collected (1)
(188)(1,192)(1,145)(115)(2,640)
Other (including foreign exchange)47 170 330 7 554 
Ending balance at original discount rate1,836 4,616 12,037 398 18,887 
Effect of changes in discount rate assumptions(253)154 164 4 69 
Balance – end of period$1,583 $4,770 $12,201 $402 $18,956 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.

Present Value of Expected Future Policy BenefitsNine Months Ended September 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(54)(93)(434)13 (568)
Effect of actual variances from expected experience9 11 (212)— (192)
Adjusted beginning of period balance2,602 11,160 15,006 614 29,382 
Issuances166 1,280 1,542 368 3,356 
Interest accrual58 291 511 20 880 
Benefit payments(170)(243)(1,331)(14)(1,758)
Other (including foreign exchange)74 394 430 25 923 
Ending balance at original discount rate2,730 12,882 16,158 1,013 32,783 
Effect of changes in discount rate assumptions(385)820 101 36 572 
Balance – end of period$2,345 $13,702 $16,259 $1,049 $33,355 
Liability for Future Policy BenefitsSeptember 30, 2025
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$762 $8,932 $4,058 $647 $14,399 
Deferred profit liability309 1,744 231 69 2,353 
Net liability for future policy benefits, before reinsurance recoverable1,071 10,676 4,289 716 16,752 
Less: Reinsurance recoverable on future policy benefits101 48 123 1 273 
Net liability for future policy benefits, after reinsurance recoverable$970 $10,628 $4,166 $715 $16,479 
Weighted average duration (years)10.727.010.025.721.7

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
September 30
(in millions of U.S. dollars)20262025
Net liability for future policy benefits$15,861 $14,399 
Other (1)
1,851 1,536 
Deferred profit liability 3,421 2,353 
Liability for future policy benefits, per consolidated balance sheet$21,133 $18,288 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.


In the third quarter of 2026 and 2025, we completed our annual actuarial assumptions review, resulting in immaterial changes to the liability for future policy benefits.
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:
September 30September 30
(in millions of U.S. dollars)20262025
Term Life
Undiscounted expected future benefit payments$4,798 $4,498 
Undiscounted expected future gross premiums6,776 6,844 
Discounted expected future benefit payments2,285 2,345 
Discounted expected future gross premiums4,604 4,609 
Whole Life
Undiscounted expected future benefit payments36,353 32,059 
Undiscounted expected future gross premiums11,320 11,115 
Discounted expected future benefit payments15,207 13,702 
Discounted expected future gross premiums9,493 9,180 
A&H
Undiscounted expected future benefit payments29,650 27,189 
Undiscounted expected future gross premiums43,668 40,031 
Discounted expected future benefit payments16,135 16,259 
Discounted expected future gross premiums25,699 24,049 
Other
Undiscounted expected future benefit payments3,026 1,900 
Undiscounted expected future gross premiums1,026 606 
Discounted expected future benefit payments1,620 1,049 
Discounted expected future gross premiums$971 $567 


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
Nine Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Term Life$563 $542 $18 $15 
Whole Life2,351 2,024 240 184 
A&H2,433 2,314 96 98 
Other355 157 17 12 
Total$5,702 $5,037 $371 $309 
The following table presents the weighted-average interest rates for the Life Insurance segment:
Interest Accretion RateCurrent Discount Rate
Nine Months EndedNine Months Ended
September 30September 30
2026202520262025
Life Insurance
Term Life3.2 %3.0 %6.4 %5.7 %
Whole Life3.6 %3.4 %4.4 %4.1 %
A&H4.2 %4.2 %6.7 %5.8 %
Other3.1 %3.3 %3.4 %3.5 %