
	Nine Months Ended September 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	157		200		751		1,108
Policy charges	(66)		—		(7)		(73)
Surrenders and withdrawals	(104)		(23)		(142)		(269)
Benefit payments (1)	(156)		(146)		(41)		(343)

Interest credited	37		45		61		143
Other (including foreign exchange)	90		144		10		244
Balance – end of period	$	1,857	$	3,021	$	3,163	$	8,041
Unearned revenue liability							794
Other (2)							610
Policyholders' account liability, per consolidated balance sheet							$	9,445

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


	Nine Months Ended September 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	158		232		316		706
Policy charges	(81)		—		(7)		(88)
Surrenders and withdrawals	(91)		(24)		(143)		(258)
Benefit payments (1)	(24)		(116)		(66)		(206)

Interest credited	35		36		59		130
Other (including foreign exchange)	77		49		43		169
Balance – end of period	$	1,883	$	2,762	$	2,556	$	7,201
Unearned revenue liability							760
Other (2)							578
Policyholders' account liability, per consolidated balance sheet							$	8,539

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



	September 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)	3.6		%	N/A		3.4		%	3.5		%	N/A		3.2		%
Net amount at risk (2)	$	10,568		$	93	$	385		$	11,474		$	30	$	366
Cash Surrender Value	$	1,740		$	2,036	$	2,820		$	1,747		$	1,827	$	2,264

(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:


	September 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%	$	—	$	13	$	43	$	267	$	323
2.01% – 4.00%	391		161		151		316		1,019
Greater than 4.00%	20		—		—		—		20
Fixed rate or no guarantee									495
Total	$	411	$	174	$	194	$	583	$	1,857


	September 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%	$	—	$	—	$	51	$	168	$	219
2.01% – 4.00%	489		317		354		—		1,160
Greater than 4.00%	15		—		—		—		15
Fixed rate or no guarantee									489
Total	$	504	$	317	$	405	$	168	$	1,883


	September 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	$	2	$	84	$	94	$	182
2.01% – 4.00%	987		—		271		—		1,258
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,723
Total	$	989	$	2	$	355	$	94	$	3,163


	September 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%	$	3	$	6	$	129	$	34	$	172
2.01% – 4.00%	1,079		52		—		—		1,131
Greater than 4.00%	—		—		—		—		—
Fixed rate or no guarantee									1,253
Total	$	1,082	$	58	$	129	$	34	$	2,556

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.


	September 30		September 30
(in millions of U.S. dollars)	2026		2025
Cash and cash equivalents	$	133	$	103

Mutual funds	7,134		6,631

Fixed maturities	73		76

Total	$	7,340	$	6,810


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2026		2025
Balance – beginning of period	$	6,925	$	6,231
Premiums and deposits	1,214		1,081
Policy charges	(136)		(122)
Surrenders and withdrawals	(988)		(745)
Benefit payments	(384)		(345)
Investment performance	635		320

Other (including foreign exchange)	74		390
Balance – end of period	$	7,340	$	6,810
Cash surrender value (1)	$	6,840	$	6,327

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:


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2026		2025
Balance – beginning of period	$	758	$	711
Deferred revenue	91		101
Amortization	(61)		(58)

Other (including foreign exchange)	6		6
Balance – end of period	$	794	$	760

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:


	Nine Months Ended September 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	(128)		45
Effect of market movements (1)	(56)		(115)
Effect of changes in volatilities	3		19
Actual policyholder behavior different from expected behavior	7		34
Effect of changes in future expected policyholder behavior	114		101

Effect of timing and all other	(56)		(29)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	520	$	647
Effect of changes in the instrument-specific credit risk	10		19
Balance – end of period	$	530	$	666
Weighted-average age of policyholders (years)	75		74
Net amount at risk (2)	$	1,138	$	1,385

(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 $162 million and $197 million for the nine months ended September 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.

In the third quarter, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. These refinements resulted in a net increase of approximately $114 million in 2026 to the MRB fair value, recognized as a Market risk benefits loss.

•We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.

•We updated the annuitization assumptions to include an additional year of experience, refreshing guarantee-based, treaty-based, and age-based behavior assumptions.

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

September 30, 2026

September 30, 2025

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB

Actuarial model

Lapse rate

0.5% – 27.3%

3.7

0.5% – 27.3%

3.2

Annuitization rate

0% – 100%

5.0

0% – 100%

4.9

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.