v3.26.3
Segment information
 9 Months Ended
Sep. 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.

Effective for the quarter ending September 30, 2026, amortization expenses related to certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights) are excluded from reportable segment results and included in Corporate amortization of purchased intangibles. We believe that this presentation better reflects the operating results of the segments as such expenses are a result of our corporate mergers and acquisitions strategy and not indicative of segment operating performance. Prior-period segment results have been recast to conform to the current presentation.

The following tables present the Statement of Operations by segment:

For the Three Months Ended
September 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$5,512 $1,909 $1,532 $3,943 $287 $1,960 $15,143 
Net premiums earned5,222 1,846 1,559 4,053 287 1,957 14,924 
Losses and loss expenses3,422 668 1,306 1,910 130 34 
Policy benefits— — — 124 — 1,355 
Policy acquisition costs750 359 84 1,085 93 368 
Administrative expenses333 87 2 383 9 202 
Underwriting income717 732 167 551 55 NM
Net investment income985 143 21 318 114 321 
Other (income) expense17 3 1 14 — (52)
Amortization of purchased intangibles— — — 15 — 2 
Segment income$1,685 $872 $187 $840 $169 $369 $4,122 
Net realized gains (losses)(455)
Market risk benefits gains (losses)(65)
Interest expense204 
Integration expenses and severance11 
Corporate underwriting loss(161)
Corporate net investment loss(14)
Corporate other (income) expense(274)
Corporate amortization of purchased intangibles57 
Other reclassification(27)
Income before income tax$3,402 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Three Months Ended
September 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$5,663 $1,814 $1,458 $3,695 $304 $1,932 $14,866 
Net premiums earned5,080 1,741 1,495 3,803 315 1,925 14,359 
Losses and loss expenses3,083 713 1,224 1,707 139 31 
Policy benefits— — — 119 — 1,303 
Policy acquisition costs708 339 86 975 96 359 
Administrative expenses348 82 5 368 9 213 
Underwriting income941 607 180 634 71 NM
Net investment income978 123 20 288 100 284 
Other (income) expense10 1 — 8 — (31)
Amortization of purchased intangibles (1)
— — — 13 — 2 
Segment income$1,909 $729 $200 $901 $171 $332 $4,242 
Net realized gains (losses)283 
Market risk benefits gains (losses)(142)
Interest expense197 
Integration expenses and severance1 
Corporate underwriting loss(174)
Corporate net investment loss(18)
Corporate other (income) expense87 
Corporate amortization of purchased intangibles (1)
60 
Other reclassification48 
Income before income tax$3,894 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
(1)     Recast to exclude amortization expense related to certain intangible assets acquired through business combinations from reportable segment results.
For the Nine Months Ended
September 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$16,001 $5,644 $2,619 $12,399 $1,004 $6,186 $43,853 
Net premiums earned15,584 5,409 2,389 11,817 912 6,159 42,270 
Losses and loss expenses10,014 2,493 1,885 5,271 388 84 
Policy benefits— — — 343 — 4,429 
Policy acquisition costs2,232 1,053 153 3,154 293 1,082 
Administrative expenses1,038 258 — 1,169 26 625 
Underwriting income2,300 1,605 351 1,880 205 NM
Net investment income2,938 420 68 931 332 949 
Other (income) expense46 9 3 26 — (148)
Amortization of purchased intangibles— — — 43 — 8 
Segment income$5,192 $2,016 $416 $2,742 $537 $1,028 $11,931 
Net realized gains (losses)(700)
Market risk benefits gains (losses)(46)
Interest expense602 
Integration expenses and severance28 
Corporate underwriting loss(551)
Corporate net investment loss(35)
Corporate other (income) expense(287)
Corporate amortization of purchased intangibles170 
Other reclassification(67)
Income before income tax$10,019 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Nine Months Ended
September 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$16,173 $5,304 $2,467 $11,218 $1,092 $5,454 $41,708 
Net premiums earned15,245 4,996 2,258 10,554 1,021 5,410 39,484 
Losses and loss expenses9,372 3,628 1,799 4,893 513 77 
Policy benefits— — — 361 — 3,715 
Policy acquisition costs2,132 1,001 151 2,725 294 988 
Administrative expenses1,049 251 9 1,067 29 614 
Underwriting income2,692 116 299 1,508 185 NM
Net investment income2,845 361 63 847 255 829 
Other (income) expense26 2 1 19 — (103)
Amortization of purchased intangibles (1)
— — — 39 — 7 
Segment income$5,511 $475 $361 $2,297 $440 $941 $10,025 
Net realized gains (losses)327 
Market risk benefits gains (losses)(251)
Interest expense559 
Integration expenses and severance3 
Corporate underwriting loss(469)
Corporate net investment loss(74)
Corporate other (income) expense(408)
Corporate amortization of purchased intangibles (1)
178 
Other reclassification48 
Income before income tax$9,274 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
(1)     Recast to exclude amortization expense related to certain intangible assets acquired through business combinations from reportable segment results.

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.