Companies: 11,396     total market cap: $149.751 T
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Chubb
CB
#153
Rank
$138.86 B
Marketcap
๐Ÿ‡จ๐Ÿ‡ญ Switzerland
Country
$363.45
Share price
-0.43%
Change (1 day)
26.09%
Change (1 year)
๐Ÿฆ Insurance
Categories
  1. Chubb
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2026 Q3

Chubb - 10-Q quarterly report FY2026 Q3


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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Quarterly Period Ended September 30, 2026
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from             to             
Commission File No. 1-11778
CHUBB LIMITED
(Exact name of registrant as specified in its charter)
Switzerland98-0091805
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)
+41 (0)43 456 76 00
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share
CBNew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027CB/27New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028CB/28New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029CB/29ANew York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031CB/31New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038CB/38ANew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes  ☑                                                 No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes  ☑                                                 No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes  ☐                                               No  ☑
The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of October 20, 2026, was 382,079,222.


CHUBB LIMITED
INDEX TO FORM 10-Q


Part I.FINANCIAL INFORMATIONPage
Item 1.
Financial Statements:
3
Consolidated Statements of Operations and Comprehensive Income (Unaudited)
Three and Nine Months Ended September 30, 2026 and 2025
4
Consolidated Statements of Shareholders' Equity (Unaudited)
Three and Nine Months Ended September 30, 2026 and 2025
5
Consolidated Statements of Cash Flows (Unaudited)
Nine Months Ended September 30, 2026 and 2025
6
Note 1.
7
Note 2.
8
Note 3.
12
Note 4.
17
Note 5.
18
Note 6.
19
Note 7.
20
Note 8.
22
Note 9.
27
Note 10.
31
Note 11.
33
Note 12.
33
Note 13.
38
Note 14.
41
Note 15.
42
Note 16.
43
Note 17.
44
Note 18.
49
Item 2.
50
Item 3.
84
Item 4.
84
Part II.OTHER INFORMATION
Item 1.
85
Item 1A.
85
Item 2.
85
Item 5.
85
Item 6.
86
2

PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONSOLIDATED BALANCE SHEETS (Unaudited)
Chubb Limited and Subsidiaries                    
September 30December 31
(in millions of U.S. dollars, except share and per share data)20262025
Assets
Investments
Short-term investments, at fair value (amortized cost – $5,295 and $4,840) (includes variable interest entities (VIE) balances of $255 and $105)
$5,293 $4,840 
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $53 and $52
    (amortized cost – $134,146 and $124,726)
125,804 122,680 
Private debt held-for-investment, at amortized cost, net of valuation allowance – $2 and $3
2,261 2,411 
Equity securities, at fair value (includes VIE balances of $2,349 and $2,275)
10,760 10,801 
Private equities (includes VIE balances of $48 and $22)
17,528 17,239 
Other investments (includes VIE balances of $4,609 and $5,818)
10,861 10,749 
Total investments172,507 168,720 
Cash, including restricted cash $250 and $198 (includes VIE balances of $313 and $168)
3,010 2,470 
Securities lending collateral2,295 2,500 
Accrued investment income1,559 1,305 
Insurance and reinsurance balances receivable, net of valuation allowance – $75 and $62
18,188 15,944 
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $332 and $320
20,611 20,338 
Reinsurance recoverable on policy benefits306 286 
Deferred policy acquisition costs11,422 10,008 
Value of business acquired3,011 2,975 
Goodwill20,546 20,207 
Other intangible assets6,119 6,241 
Deferred tax assets1,455 1,312 
Prepaid reinsurance premiums4,484 3,874 
Separate account assets7,340 6,925 
Other assets (includes VIE balances of $59 and $58)
10,656 9,222 
Total assets$283,509 $272,327 
Liabilities
Unpaid losses and loss expenses$91,829 $88,018 
Unearned premiums28,608 26,279 
Future policy benefits21,133 18,420 
Market risk benefits530 659 
Policyholders' account balances9,445 8,576 
Separate account liabilities7,340 6,925 
Insurance and reinsurance balances payable8,837 8,349 
Repurchase agreements (includes VIE balances of $782 and $956)
3,225 3,324 
Securities lending payable2,295 2,500 
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $103 and $159)
10,817 10,108 
Deferred tax liabilities1,852 1,741 
Short-term debt668 1,499 
Long-term debt17,990 15,728 
Hybrid debt428 422 
Total liabilities204,997 192,548 
Commitments and contingencies (refer to Note 12)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 400,120,847 and 412,107,421 shares issued; 382,530,069 and 391,101,227 shares outstanding)
224 231 
Common Shares in treasury (17,590,778 and 21,006,194 shares)
(4,419)(4,699)
Additional paid-in capital12,386 13,250 
Retained earnings74,519 69,950 
Accumulated other comprehensive income (loss) (AOCI)(9,483)(4,975)
Total Chubb shareholders’ equity73,227 73,757 
Noncontrolling interests (includes VIE balances of $4,468 and $5,133)
5,285 6,022 
Total shareholders' equity78,512 79,779 
Total liabilities and shareholders’ equity$283,509 $272,327 
See accompanying notes to the Consolidated Financial Statements

3

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except per share data)2026202520262025
Revenues
Net premiums written$15,143 $14,866 $43,853 $41,708 
Increase in unearned premiums(219)(507)(1,583)(2,224)
Net premiums earned14,924 14,359 42,270 39,484 
Net investment income1,791 1,648 5,260 4,777 
Net realized gains (losses) (455)283 (700)327 
Market risk benefits gains (losses)(65)(142)(46)(251)
Total revenues16,195 16,148 46,784 44,337 
Expenses
Losses and loss expenses7,526 6,951 20,348 20,419 
Policy benefits (includes remeasurement gains (losses) of $(9), $66, $(11), and $61)
1,477 1,372 4,877 4,005 
Policy acquisition costs2,739 2,563 7,967 7,291 
Administrative expenses1,126 1,138 3,443 3,343 
Interest expense204 197 602 559 
Other (income) expense(364)(43)(721)(781)
Amortization of purchased intangibles74 75 221 224 
Integration expenses and severance11 1 28 3 
Total expenses12,793 12,254 36,765 35,063 
Income before income tax3,402 3,894 10,019 9,274 
Income tax expense666 787 2,054 1,825 
Net income$2,736 $3,107 $7,965 $7,449 
Net income (loss) attributable to noncontrolling interests(108)306 (53)349 
Net income attributable to Chubb$2,844 $2,801 $8,018 $7,100 
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)$(4,836)$868 $(6,305)$2,755 
Current discount rate on future policy benefits300 305 541 53 
Instrument-specific credit risk on market risk benefits— (9)13 (4)
Cumulative foreign currency translation adjustment655 128 1,025 1,283 
Other, including postretirement benefit liability adjustment7 (6)40 (127)
Other comprehensive income (loss), before income tax(3,874)1,286 (4,686)3,960 
Income tax (expense) benefit related to OCI items357 (40)472 (116)
Other comprehensive income (loss)(3,517)1,246 (4,214)3,844 
Comprehensive income (loss)(781)4,353 3,751 11,293 
Comprehensive income (loss) attributable to noncontrolling interests(65)386 241 441 
Comprehensive income (loss) attributable to Chubb$(716)$3,967 $3,510 $10,852 
Earnings per share
Basic earnings per share attributable to Chubb$7.38 $7.05 $20.68 $17.78 
Diluted earnings per share attributable to Chubb$7.30 $6.99 $20.46 $17.61 
See accompanying notes to the Consolidated Financial Statements
4

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)
Chubb Limited and Subsidiaries
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Common Shares
Balance – beginning of period$224 $231 $231 $235 
Cancellation of treasury shares— — (7)(4)
Balance – end of period224 231 224 231 
Common Shares in treasury
Balance – beginning of period(3,293)(2,462)(4,699)(3,524)
Common Shares repurchased(1,177)(1,232)(3,299)(2,293)
Cancellation of treasury shares— — 3,455 1,942 
Net shares issued under employee share-based compensation plans51 12 124 193 
Balance – end of period(4,419)(3,682)(4,419)(3,682)
Additional paid-in capital
Balance – beginning of period12,689 13,763 13,250 14,393 
Net shares redeemed (issued) under employee share-based
   compensation plans		— 8 (40)(112)
Exercise of stock options— 1 10 3 
Share-based compensation expense90 89 287 278 
Net increase due to acquisitions— — 47 53 
Funding of dividends declared to Retained earnings(393)(385)(1,168)(1,139)
Balance – end of period12,386 13,476 12,386 13,476 
Retained earnings
Balance – beginning of period71,675 63,921 69,950 61,561 
Net income attributable to Chubb2,844 2,801 8,018 7,100 
Cancellation of treasury shares and other— — (3,449)(1,939)
Funding of dividends declared from Additional paid-in capital393 385 1,168 1,139 
Dividends declared on Common Shares(393)(385)(1,168)(1,139)
Balance – end of period74,519 66,722 74,519 66,722 
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period(5,923)(6,058)(4,975)(8,644)
Other comprehensive income (loss)(3,560)1,166 (4,508)3,752 
Balance – end of period(9,483)(4,892)(9,483)(4,892)
Total Chubb shareholders’ equity$73,227 $71,855 $73,227 $71,855 
Noncontrolling interests
Balance – beginning of period$5,473 $5,052 $6,022 $4,373 
Net increase (decrease) due to consolidation, deconsolidation,
   and other transactions		(123)518 (978)1,142 
Net income (loss) attributable to noncontrolling interests(108)306 (53)349 
Other comprehensive income attributable to noncontrolling interests43 80 294 92 
Balance – end of period$5,285 $5,956 $5,285 $5,956 
Total shareholders' equity$78,512 $77,811 $78,512 $77,811 
See accompanying notes to the Consolidated Financial Statements

5

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Chubb Limited and Subsidiaries

Nine Months Ended
September 30
(in millions of U.S. dollars)20262025
Cash flows from operating activities
Net income$7,965 $7,449 
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses700 (327)
Market risk benefits (gains) losses46 251 
Amortization of premiums (discounts) on fixed maturities(322)(303)
Amortization of purchased intangibles221 224 
Equity in net income of partially-owned entities (662)(779)
Deferred income taxes350 208 
Unpaid losses and loss expenses3,409 3,098 
Unearned premiums2,059 2,803 
Future policy benefits2,505 1,646 
Insurance and reinsurance balances payable393 251 
Accounts payable, accrued expenses, and other liabilities(374)(599)
Income taxes130 (112)
Insurance and reinsurance balances receivable(2,088)(1,553)
Reinsurance recoverable(162)(72)
Deferred policy acquisition costs(1,182)(1,260)
Net sales (purchases) of investments by consolidated investment products919 (985)
Other(159)(1,184)
Net cash flows from operating activities13,748 8,756 
Cash flows from investing activities
Purchases of fixed maturities available-for-sale(30,234)(24,708)
Purchases of equity securities(2,454)(2,164)
Sales of fixed maturities available-for-sale10,838 8,187 
Sales of equity securities2,400 2,211 
Maturities and redemptions of fixed maturities available-for-sale10,859 8,775 
Net change in short-term investments(128)939 
Net derivative instruments settlements(420)(113)
Private equity contributions(900)(2,163)
Private equity distributions1,081 1,020 
Acquisition of subsidiaries (net of cash acquired of nil and $32)
(25)(289)
Other(912)(623)
Net cash flows used for investing activities(9,895)(8,928)
Cash flows from financing activities
Dividends paid on Common Shares(1,157)(1,121)
Common Shares repurchased(3,276)(2,523)
Proceeds from issuance of long-term debt2,909 2,424 
Repayment of long-term debt(1,500)(800)
Proceeds from share-based compensation plans252 210 
Policyholder contract deposits1,094 684 
Policyholder contract withdrawals(611)(465)
Third-party capital invested into consolidated investment products1,017 2,148 
Third-party capital distributed by consolidated investment products(1,606)(1,100)
Proceeds from issuance of repurchase agreements5,493 4,359 
Repayment of repurchase agreements(5,747)(3,778)
Other(258)(227)
Net cash flows used for financing activities(3,390)(189)
Effect of foreign currency rate changes on cash and restricted cash77 266 
Net increase (decrease) in cash and restricted cash540 (95)
Cash and restricted cash – beginning of period2,470 2,549 
Cash and restricted cash – end of period$3,010 $2,454 
Supplemental cash flow information
Interest paid$539 $454 
                                                    
See accompanying notes to the Consolidated Financial Statements

6
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited)
Chubb Limited and Subsidiaries
1. General and significant accounting policies

a) Basis of presentation
Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following 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. Refer to Note 17 for additional information.

The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions have been eliminated.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2025 Form 10-K.

b) New Accounting Pronouncements

Accounting guidance not yet adopted
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.


7

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

2. Investments

a) Fixed maturities

September 30, 2026Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$3,777 $— $3 $(393)$3,387 
Non-U.S.44,320 (17)304 (2,141)42,466 
Corporate and asset-backed securities50,414 (36)83 (3,319)47,142 
Mortgage-backed securities35,635 — 11 (2,837)32,809 
$134,146 $(53)$401 $(8,690)$125,804 

December 31, 2025Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross
Unrealized
Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$3,908 $— $27 $(221)$3,714 
Non-U.S.40,479 (10)795 (908)40,356 
Corporate and asset-backed securities48,806 (42)734 (1,612)47,886 
Mortgage-backed securities31,533 — 398 (1,207)30,724 
$124,726 $(52)$1,954 $(3,948)$122,680 


The following table presents fixed maturities by contractual maturity:
September 30, 2026December 31, 2025
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$3,991 $3,991 $4,749 $4,749 
Due after 1 year through 5 years35,226 35,226 35,611 35,611 
Due after 5 years through 10 years32,802 32,802 31,514 31,514 
Due after 10 years20,976 20,976 20,082 20,082 
92,995 92,995 91,956 91,956 
Mortgage-backed securities32,809 32,809 30,724 30,724 
$125,804 $125,804 $122,680 $122,680 

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.


b) Gross unrealized loss
Fixed maturities in an unrealized loss position comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2025 Form 10-K for further information on factors considered in the evaluation of expected credit losses.


8

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
0 – 12 MonthsOver 12 MonthsTotal
September 30, 2026Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. and local government securities$1,404 $(73)$1,764 $(320)$3,168 $(393)
Non-U.S.22,099 (944)8,207 (968)30,306 (1,912)
Corporate and asset-backed securities28,769 (1,130)7,905 (1,354)36,674 (2,484)
Mortgage-backed securities23,293 (1,104)8,604 (1,733)31,897 (2,837)
Total AFS fixed maturities $75,565 $(3,251)$26,480 $(4,375)$102,045 $(7,626)

0 – 12 MonthsOver 12 MonthsTotal
December 31, 2025Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss		Fair ValueGross
Unrealized
Loss
(in millions of U.S. dollars)
U.S. and local government securities$307 $(3)$2,139 $(216)$2,446 $(219)
Non-U.S.6,664 (163)8,995 (622)15,659 (785)
Corporate and asset-backed securities4,136 (59)10,225 (867)14,361 (926)
Mortgage-backed securities1,467 (12)11,016 (1,194)12,483 (1,206)
Total AFS fixed maturities$12,574 $(237)$32,375 $(2,899)$44,949 $(3,136)

At September 30, 2026, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $884 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Available-for-sale
Valuation allowance for expected credit losses - beginning of period$48 $71 $52 $70 
Provision for expected credit loss21 25 58 76 
Write-offs charged against the expected credit loss— (1)— (2)
Recovery of expected credit loss(16)(45)(57)(94)
Valuation allowance for expected credit losses - end of period$53 $50 $53 $50 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period$2 $3 $3 $4 
Provision for expected credit loss1 1 1 1 
Recovery of expected credit loss(1)(1)(2)(2)
Valuation allowance for expected credit losses - end of period$2 $3 $2 $3 
9

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

c) Net realized gains (losses)

The following table presents the components of net realized gains (losses):
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Fixed maturities:
Gross realized gains$12 $121 $120 $228 
Gross realized losses(98)(157)(347)(376)
Other investments - Fixed maturities (includes $84, $(116), $127, and $(116) related to investments measured under the fair value option)
(39)82 51 103 
Net (provision for) recovery of expected credit losses(5)22 — 21 
Impairment (1)
(15)(22)(72)(34)
Total fixed maturities (145)46 (248)(58)
Equity securities (includes $(250), $66, $(319), and $131 related to investments measured under the fair value option)
(329)396 (352)596 
Private equities (less than 3 percent ownership) (105)48 4 31 
Foreign exchange(112)(115)(137)(269)
Investment and embedded derivative instruments233 (85)63 46 
Other derivative instruments5 (9)(12)(14)
Other(2)2 (18)(5)
Net realized gains (losses) (pre-tax)$(455)$283 $(700)$327 
(1)Relates to certain securities we intend to sell and securities written to market entering default.


Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

Three Months Ended
September 30
20262025
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$(329)$(39)$(105)$(473)$396 $82 $48 $526 
Less: Net gains recognized from sales of securities29 1 — 30 59 — — 59 
Unrealized gains (losses) recognized for securities still held at reporting date$(358)$(40)$(105)$(503)$337 $82 $48 $467 


10

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

Nine Months Ended
September 30
20262025
(in millions of U.S. dollars)Equity SecuritiesOther InvestmentsPrivate EquitiesTotalEquity SecuritiesOther InvestmentsPrivate EquitiesTotal
Net gains (losses) recognized during the period$(352)$51 $4 $(297)$596 $103 $31 $730 
Less: Net gains recognized from sales of securities169 2 — 171 79 4 — 83 
Unrealized gains (losses) recognized for securities still held at reporting date$(521)$49 $4 $(468)$517 $99 $31 $647 

d) Private equities
Private equities include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:
Expected
Liquidation
Period of Underlying Assets		September 30, 2026December 31, 2025
(in millions of U.S. dollars)Fair
Value		Maximum
Future Funding
Commitments		Fair
Value		Maximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,321 $393 $1,420 $483 
Real assets
2 to 13 Years
1,803 1,104 1,924 1,111 
Distressed
2 to 8 Years
1,178 878 1,226 977 
Private credit
3 to 8 Years
311 352 299 302 
Traditional
2 to 14 Years
12,415 4,355 11,990 4,345 
Vintage
1 to 3 Years
28 — 43 — 
Investment funds
Not Applicable
472 — 337 — 
$17,528 $7,082 $17,239 $7,218 

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.

Investment Category: Consists of investments in private equity funds:
Financialtargeting financial services companies, such as financial institutions and insurance services worldwide
Real assetstargeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources
Distressedtargeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credittargeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditionalemploying traditional private equity investment strategies, such as buyout and growth equity globally
Vintagefunds where the initial fund term has expired
    
Refer to Note 3 e) in our 2025 Form 10-K for further information on our private equity investments.

e) Restricted assets
Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under
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Chubb Limited and Subsidiaries

repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at September 30, 2026, and December 31, 2025, are investments, primarily fixed maturities, totaling $18,734 million and $19,048 million, respectively, and cash of $250 million and $198 million, respectively.
The following table presents the components of restricted assets:
September 30December 31
(in millions of U.S. dollars)20262025
Trust funds$8,391 $8,461 
Assets pledged under repurchase agreements3,434 3,518 
Deposits with U.S. regulatory authorities2,498 2,598 
Deposits with non-U.S. regulatory authorities and other4,661 4,669 
Total$18,984 $19,246 
f) Variable interest entities (VIEs)
Consolidated VIEs
We maintain investments in sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2025 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.
Unconsolidated VIEs
We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at September 30, 2026, and December 31, 2025, was $5.0 billion and $5.4 billion, respectively, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.
We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at September 30, 2026, and December 31, 2025, was $292 million and $70 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified primarily within Equity securities on the Consolidated balance sheets.

3. 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.

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Chubb Limited and Subsidiaries

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.


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Chubb Limited and Subsidiaries

 
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.

























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Chubb Limited and Subsidiaries

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 $(1)$— $— 

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Chubb Limited and Subsidiaries

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.

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Chubb Limited and Subsidiaries

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 


4. Reinsurance

Reinsurance recoverable on ceded reinsurance
September 30, 2026December 31, 2025
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$18,919 $283 $18,346 $248 
Reinsurance recoverable on paid losses and loss expenses1,692 49 1,992 72 
Reinsurance recoverable on losses and loss expenses$20,611 $332 $20,338 $320 
Reinsurance recoverable on policy benefits$306 $— $286 $— 
(1)Net of valuation allowance for uncollectible reinsurance.


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Chubb Limited and Subsidiaries

The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:
Nine Months Ended
September 30
(in millions of U.S. dollars)20262025
Valuation allowance for uncollectible reinsurance - beginning of period$320 $310 
Provision for uncollectible reinsurance26 20 
Write-offs charged against the valuation allowance(15)(7)
Foreign exchange revaluation1 3 
Valuation allowance for uncollectible reinsurance - end of period$332 $326 
For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2025 Form 10-K.

5. Deferred policy acquisition costs

The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment:

Nine Months Ended September 30, 2026
(in millions of U.S. dollars)Term LifeUniversal LifeWhole LifeA&HOtherTotal
Balance – beginning of period $567 $746 $1,296 $2,136 $392 $5,137 
Capitalizations187 80 364 589 138 1,358 
Amortization expense(123)(64)(56)(217)(27)(487)
Other (including foreign exchange)3 7 28 118 7 163 
Balance – end of Period$634 $769 $1,632 $2,626 $510 $6,171 
Overseas General Insurance segment excluded from table787 
Total deferred policy acquisition costs on long-duration contracts$6,958 
Deferred policy acquisition costs on short-duration contracts4,464 
Total deferred policy acquisition costs$11,422 

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Chubb Limited and Subsidiaries



Nine Months Ended September 30, 2025
(in millions of U.S. dollars)Term LifeUniversal LifeWhole LifeA&HOtherTotal
Balance – beginning of period $469 $722 $870 $1,681 $324 $4,066 
Capitalizations175 90 347 521 78 1,211 
Amortization expense(111)(62)(39)(172)(23)(407)
Other (including foreign exchange)8 5 21 33 12 79 
Balance – end of period$541 $755 $1,199 $2,063 $391 $4,949 
Overseas General Insurance segment excluded from table663 
Total deferred policy acquisition costs on long-duration contracts$5,612 
Deferred policy acquisition costs on short-duration contracts4,197 
Total deferred policy acquisition costs$9,809 

6. Goodwill

Goodwill
The following table presents a roll-forward of Goodwill by segment:

(in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife InsuranceChubb Consolidated
Balance at December 31, 2025$7,191 $2,226 $134 $5,530 $371 $4,755 $20,207 
Measurement-period adjustments— — — (7)— — (7)
Foreign exchange revaluation— — — 117 — 229 346 
Balance at September 30, 2026 (1)
$7,191 $2,226 $134 $5,640 $371 $4,984 $20,546 
(1)Includes $440 million attributable to noncontrolling interests.


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Chubb Limited and Subsidiaries

7. 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.



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Chubb Limited and Subsidiaries

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.
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Chubb Limited and Subsidiaries


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.

8. 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.
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Chubb Limited and Subsidiaries


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


23

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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 


24

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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.
25

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries


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 





26

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries


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 %



9. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances
The following tables present a roll-forward of policyholders' account balances:
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 credited37 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 liability794 
Other (2)
610 
Policyholders' account liability, per consolidated balance sheet$9,445 
(1)Includes payments for survival and death benefits.
(2)Primarily comprises unpaid dividends on certain participating policies.
(3)Relates to Huatai Life.
(4)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.




27

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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 credited35 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 liability760 
Other (2)
578 
Policyholders' account liability, per consolidated balance sheet$8,539 
(1)Includes payments for survival and death benefits.
(2)Primarily comprises unpaid dividends on certain participating policies.
(3)Relates to Huatai Life.
(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
20262025
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (3)
OtherUniversal Life
Annuities (3)
Other
Weighted-average crediting rate (1)
3.6 %N/A3.4 %3.5 %N/A3.2 %
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 
(1)Calculated using actual interest credited for the nine months ended September 30, 2026 and 2025, respectively.
(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.
(3)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.

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:

Universal Life
September 30, 2026
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 guarantee495 
Total$411 $174 $194 $583 $1,857 

28

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

September 30, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 guarantee489 
Total$504 $317 $405 $168 $1,883 

Other policyholders' account balances
September 30, 2026
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 guarantee1,723 
Total$989 $2 $355 $94 $3,163 

September 30, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
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 guarantee1,253 
Total$1,082 $58 $129 $34 $2,556 

Separate accounts

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.

29

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following table presents the aggregate fair value of Separate account assets, by major security type:
September 30September 30
(in millions of U.S. dollars)20262025
Cash and cash equivalents $133 $103 
Mutual funds 7,134 6,631 
Fixed maturities73 76 
Total$7,340 $6,810 

The following table presents a roll-forward of separate account liabilities:
Nine Months Ended
September 30
(in millions of U.S. dollars)20262025
Balance – beginning of period$6,925 $6,231 
Premiums and deposits1,214 1,081 
Policy charges(136)(122)
Surrenders and withdrawals(988)(745)
Benefit payments(384)(345)
Investment performance635 320 
Other (including foreign exchange)74 390 
Balance – end of period$7,340 $6,810 
Cash surrender value (1)
$6,840 $6,327 
(1)Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges.


Unearned revenue liabilities

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 revenue91 101 
Amortization(61)(58)
Other (including foreign exchange)6 6 
Balance – end of period$794 $760 

30

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

10. Market risk benefits

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 risk636 592 
Interest rate changes(128)45 
Effect of market movements (1)
(56)(115)
Effect of changes in volatilities3 19 
Actual policyholder behavior different from expected behavior7 34 
Effect of changes in future expected policyholder behavior114 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 risk10 19 
Balance – end of period$530 $666 
Weighted-average age of policyholders (years)7574
Net amount at risk (2)
$1,138 $1,385 
(1)     Market movements are predominantly driven by changes in equities.    
(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.
•We updated mortality and lapse assumptions to include an additional year of experience.

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 TechniqueSignificant Unobservable Inputs
September 30, 2026
September 30, 2025
Ranges
Weighted Average(1)
Ranges
Weighted Average(1)
MRBActuarial modelLapse rate
0.5% – 27.3%
3.7%
0.5% – 27.3%
3.2%
Annuitization rate
0% – 100%
5.0%
0% – 100%
4.9%
(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.
31

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries


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.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2025 Form 10-K.

32

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

11. Debt

a) Chubb INA senior unsecured notes

In March 2026, Chubb INA issued Swiss franc CHF200 million (approximately $254 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.

Chubb INA's $1.5 billion of 3.35 percent senior unsecured notes due May 2026 were paid upon maturity.

In May 2026, Chubb INA issued a series of senior unsecured notes denominated in Chinese yuan renminbi (CNH) comprising:
•CNH2.5 billion (approximately $367 million based on the foreign exchange rate at the date of issuance) of 2.40 percent senior unsecured notes due 2031; and
•CNH1.5 billion (approximately $220 million based on the foreign exchange rate at the date of issuance) of 2.85 percent senior unsecured notes due 2036.

In May 2026, Chubb INA issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036.

In June 2026, Chubb INA issued a series of senior unsecured notes denominated in Canadian dollar (CAD) comprising:
•CAD400 million (approximately $286 million based on the foreign exchange rate at the date of issuance) of 3.780 percent senior unsecured notes due 2031; and
•CAD400 million (approximately $286 million based on the foreign exchange rate at the date of issuance) of 4.034 percent senior unsecured notes due 2033.

In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.

In August 2026, Chubb INA issued a series of senior unsecured notes denominated in CHF comprising:
•CHF175 million (approximately $216 million based on the foreign exchange rate at the date of issuance) of 0.86 percent senior unsecured notes due 2029; and
•CHF225 million (approximately $278 million based on the foreign exchange rate at the date of issuance) of 1.22 percent senior unsecured notes due 2033.

Chubb INA's senior unsecured notes are guaranteed on a senior basis by Chubb Limited and rank equally with all of Chubb INA's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. These notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium, as defined in the offering documentation. The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund.


12. Commitments, contingencies, and guarantees

a) Derivative instruments
Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of business. Derivative instruments are principally recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets. Convertible securities are recorded in Fixed maturities available-for-sale (FM AFS). In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.

33

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following table presents the balance sheet location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments:
September 30, 2026December 31, 2025
Consolidated
Balance Sheet
Location		Fair ValueNotional
Amount/
Payment
Provision		Fair ValueNotional
Amount/
Payment
Provision
(in millions of U.S. dollars)Derivative AssetDerivative (Liability)Derivative AssetDerivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contractsOA / (AP)$123 $(116)$3,989 $18 $(230)$4,912 
Options/Futures/Forward contracts on notes and bondsOA / (AP)15 (50)1,626 4 (12)1,216 
Convertible securities (1)
FM AFS— — — 6 — 5 
Total$138 $(166)$5,615 $28 $(242)$6,133 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$— $(3)$665 $3 $— $943 
OtherOA / (AP)10 — 592 8 (4)334 
Total$10 $(3)$1,257 $11 $(4)$1,277 
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedgesOA / (AP)$167 $(6)$2,084 $198 $— $2,046 
Cross-currency swaps - net investment hedgesOA / (AP)66 (237)3,702 68 (232)2,995 
Total$233 $(243)$5,786 $266 $(232)$5,041 
(1)Includes fair value of embedded derivatives.
(2)Related to MRB book of business.

At September 30, 2026, and December 31, 2025, net derivative liabilities of $31 million and $179 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting
We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Fair value hedges

Cross-currency swaps
Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.7 billion, or approximately $2.0 billion at September 30, 2026, of euro denominated debt by converting cash flows back into the U.S. dollar.

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense as follows:

34

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

Three Months Ended
Nine Months Ended
 September 30
 September 30
(pre-tax, in millions of U.S. dollars)
2026
2025
2026
2025
Gain (loss) recognized in OCI$(9)$(17)$(36)$98 
Net realized gain (loss) reclassified from OCI(16)(9)(73)229 
Interest expense reclassified from OCI(5)(5)(14)(14)
OCI gain (loss) after reclassifications$12 $(3)$51 $(117)

(ii) Net investment hedges

Cross-currency swaps
Chubb holds certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, Swiss franc, Chinese yuan renminbi, and Korean won. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense. The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

In March 2026, in connection with the issuance of Swiss franc (CHF) 200 million senior unsecured notes and related designation as a net investment hedge, Chubb terminated its Swiss franc cross-currency swap with a notional amount of CHF95.8 million, originally maturing in March 2038. This termination resulted in a $42 million loss, which will remain in CTA until the underlying hedged subsidiary is deconsolidated.

Foreign denominated debt
Chubb designated the following foreign denominated debt as non-derivative net investment hedges:
•Chinese yuan renminbi term loans, $593 million at September 30, 2026
•Chinese yuan renminbi bonds, $1.3 billion at September 30, 2026
•Swiss franc senior unsecured notes, issued in Q1 and Q3 2026, $432 million at September 30, 2026
•Canadian dollar bonds, issued in Q2 2026, $579 million at September 30, 2026

These non-derivative net investment hedges mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries. Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in CTA within OCI. These adjustments will remain in CTA until the underlying hedged subsidiary is deconsolidated or hedge accounting is discontinued.

The following table presents the OCI impact of derivative and non-derivative net investment hedges:

Three Months Ended
Nine Months Ended
September 30
 September 30
(pre-tax, in millions of U.S. dollars)
2026
2025
2026
2025
Cross-currency swaps:
Gain (loss) recognized in OCI$(287)$61 $(212)$(53)
Interest income reclassified from OCI11 8 31 23 
Total cross currency swaps(298)53 (243)(76)
Foreign denominated debt:
Gain (loss) recognized in OCI(22)(11)(69)(17)
Total OCI gain (loss) after reclassifications$(320)$42 $(312)$(93)

35

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries


c) Derivative instruments not designated as hedges
Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:


Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Investment and embedded derivative instruments:
Foreign currency forward contracts$276 $(82)$108 $51 
Options/Futures/Forward contracts on notes and bonds(43)(3)(45)(5)
Total investment and embedded derivative instruments$233 $(85)$63 $46 
Other derivative instruments:
Futures contracts on equities (1)
$(11)$(59)$(76)$(94)
Other5 (9)(12)(14)
Total other derivative instruments$(6)$(68)$(88)$(108)
Total$227 $(153)$(25)$(62)
(1)Related to MRB book of business.


(i) Foreign currency exposure management
A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

(ii) Duration management and market exposure
Futures
Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.

Forwards
A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums.

Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand.

36

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other
Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may, from time to time, enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments
A convertible security is a debt instrument that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as a fixed maturity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA
By acquiring to be announced mortgage-backed securities (TBAs), we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) Futures contracts on equities
Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings
Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2026December 31, 2025
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$753 $1,332 
U.S. and local government securities378 234 
Non-U.S.652 768 
Corporate and asset-backed securities70 62 
Equity securities442 104 
Total$2,295 $2,500 
Gross amount of recognized liability for securities lending payable$2,295 $2,500 
37

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries


At September 30, 2026, and December 31, 2025, our repurchase agreement obligations of $3,225 million and $3,324 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
September 30, 2026December 31, 2025
Up to 30 Days30-90 DaysTotalUp to 30 Days30-90 DaysGreater than
90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash$— $3 $3 $— $— $— $— 
Non-U.S.1,429 — 1,429 1,496 — — 1,496 
U.S. and local government securities41 — 41 — 129 — 129 
Corporate securities22 — 22 — — — — 
Mortgage-backed securities967 972 1,939 980 904 9 1,893 
Total$2,459 $975 $3,434 $2,476 $1,033 $9 $3,518 
Gross amount of recognized liabilities for repurchase agreements3,225 3,324 
Difference (1)
$209 $194 
(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Refer to Note 14 e) in our 2025 Form 10-K for further information on our secured borrowing transactions.

e) Private equities
Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. Refer to Note 2 d) for information on our future private equity funding commitments.

f) Legal proceedings
Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

g) Lease commitments
At September 30, 2026, and December 31, 2025, the right-of-use asset was $1,027 million and $1,025 million, respectively, recorded within Other assets, and the lease liability was $1,260 million and $1,214 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

13. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value
38

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At September 30, 2026, our Common Shares had a par value of CHF 0.50 per share.

At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, expected to be paid in four quarterly installments of $1.02 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2027 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.
At our May 2025 and 2024 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.88 per share and $3.64 per share, respectively, which were paid in four quarterly installments of $0.97 and $0.91 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.


The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

Three Months EndedNine Months Ended
September 30September 30
2026202520262025
CHFUSDCHFUSDCHFUSDCHFUSD
Total dividend distributions per common share0.83 $1.02 0.78 $0.97 2.38 $3.01 2.40 $2.85 

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations.
During March 2026 and 2025, Chubb completed share capital reductions by means of cancellation of 11,986,574 and 7,518,565 Common Shares purchased under our share repurchase program during 2025 and 2024, respectively. The capital reductions were completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the nine months ended September 30, 2026, 9,927,161 shares were repurchased, 11,986,574 shares were canceled, and 1,356,003 net shares were issued under employee share-based compensation plans. At September 30, 2026, 17,590,778 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations
In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date. In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date. In May 2026, the Board determined to terminate the June 2025 authorization as of June 30, 2026 and concurrently authorized a new repurchase amount of up to $7.5 billion of Chubb Common Shares, effective July 1, 2026, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:

Three Months EndedNine Months EndedOctober 1, 2026
through
October 27, 2026
September 30September 30
(in millions of U.S. dollars, except share data)2026202520262025
Number of shares repurchased3,419,780 4,436,315 9,927,161 8,121,824 876,400 
Cost of shares repurchased$1,177 $1,232 $3,299 $2,293 $305 
Repurchase authorization remaining at end of period$6,327 $3,783 $6,327 $3,783 $6,024 

39

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The following table presents changes in accumulated other comprehensive income (loss):
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax$(3,282)$(2,772)$(1,997)$(4,552)
Change in period, before reclassification from AOCI (before tax)(4,941)837 (6,604)2,598 
Amounts reclassified from AOCI (before tax)105 31 299 157 
Change in period, before tax(4,836)868 (6,305)2,755 
Income tax (expense) benefit370 (52)559 (163)
Total other comprehensive income (loss)(4,466)816 (5,746)2,592 
Noncontrolling interests, net of tax9 (16)14 (20)
Balance – end of period, net of tax(7,757)(1,940)(7,757)(1,940)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax(164)(746)(344)(539)
Change in period, before tax300 305 541 53 
Income tax (expense) benefit(51)26 (120)47 
Total other comprehensive income 249 331 421 100 
Noncontrolling interests, net of tax(22)47 (30)23 
Balance – end of period, net of tax107 (462)107 (462)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax(12)(12)(23)(16)
Change in period, before tax— (9)13 (4)
Income tax (expense) benefit— 2 (2)1 
Total other comprehensive income (loss)— (7)11 (3)
Noncontrolling interests, net of tax— — — — 
Balance – end of period, net of tax(12)(19)(12)(19)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax(3,015)(2,919)(3,135)(4,025)
Change in period, before reclassification from AOCI (before tax)666 136 1,056 1,306 
Amounts reclassified from AOCI (before tax)(11)(8)(31)(23)
Change in period, before tax 655 128 1,025 1,283 
Income tax (expense) benefit40 (17)44 (26)
Total other comprehensive income 695 111 1,069 1,257 
Noncontrolling interests, net of tax56 49 310 89 
Balance – end of period, net of tax(2,376)(2,857)(2,376)(2,857)
Fair value hedging instruments
Balance – beginning of period, net of tax(27)(40)(58)50 
Change in period, before reclassification from AOCI (before tax)(9)(17)(36)98 
Amounts reclassified from AOCI (before tax)21 14 87 (215)
Change in period, before tax12 (3)51 (117)
Income tax (expense) benefit(3)— (11)24 
Total other comprehensive income (loss)9 (3)40 (93)
Noncontrolling interests, net of tax— — — — 
Balance – end of period, net of tax(18)(43)(18)(43)
40

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax577 431 582 438 
Change in period, before tax(5)(3)(11)(10)
Income tax benefit1 1 2 1 
Total other comprehensive loss(4)(2)(9)(9)
Noncontrolling interests, net of tax— — — — 
Balance – end of period, net of tax573 429 573 429 
Accumulated other comprehensive loss$(9,483)$(4,892)$(9,483)$(4,892)

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:
Three Months EndedNine Months EndedConsolidated Statement of Operations Location
September 30September 30
(in millions of U.S. dollars)2026202520262025
Fixed maturities available-for-sale$(105)$(31)$(299)$(157)Net realized gains (losses)
Income tax (expense) benefit20 (11)43 17 Income tax expense
$(85)$(42)$(256)$(140)Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps$11 $8 $31 $23 Interest expense
Income tax expense(2)(2)(6)(5)Income tax expense
$9 $6 $25 $18 Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps$(16)$(9)$(73)$229 Net realized gains (losses)
Cross-currency swaps(5)(5)(14)(14)Interest expense
Income tax (expense) benefit4 3 18 (45)Income tax expense
$(17)$(11)$(69)$170 Net income
Total amounts reclassified from AOCI$(93)$(47)$(300)$48 

14. Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On March 2, 2026, Chubb granted 1,070,510 stock options with a weighted-average grant date fair value of $87.84 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

41

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation.

Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 2, 2026, Chubb granted 102,036 service-based restricted stock, 670,919 service-based restricted stock units, 90,078 performance shares, and 251,832 performance stock units to employees and officers with a grant date fair value of $342.76 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).


15. Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2026202520262025
Three Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$— $2 $— $2 $1 $— 
Non-service cost (benefit):
Interest cost31 9 34 9 — — 
Expected return on plan assets(68)(15)(62)(15)— (1)
Amortization of net actuarial (gain) loss(3)— (2)1 — — 
Amortization of prior service cost— — — — — — 
Settlements— — — — — — 
Total non-service cost (benefit)(40)(6)(30)(5)— (1)
Net periodic benefit cost (benefit)$(40)$(4)$(30)$(3)$1 $(1)
Pension Benefit PlansOther Postretirement Benefit Plans
2026202520262025
Nine Months Ended September 30U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Service cost$— $7 $— $6 $1 $— 
Non-service cost (benefit):
Interest cost93 27 101 27 1 1 
Expected return on plan assets(203)(47)(187)(42)— (2)
Amortization of net actuarial (gain) loss(9)(1)(6)1 — (2)
Amortization of prior service cost— — — — — — 
Settlements— — — — — — 
Total non-service cost (benefit)(119)(21)(92)(14)1 (3)
Net periodic benefit cost (benefit)$(119)$(14)$(92)$(8)$2 $(3)
42

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
Three Months Ended September 302026202520262025
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$— $— $— $— 
Administrative expenses2 2 1— 
Total service cost2 21 —
Non-service cost (benefit):
Losses and loss expenses(4)(3)——
Administrative expenses(42)(32)— (1)
Total non-service cost (benefit)(46)(35)— (1)
Net periodic benefit cost (benefit)$(44)$(33)$1 $(1)

Pension Benefit PlansOther Postretirement
Benefit Plans
Nine Months Ended September 302026202520262025
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses$— $— $— $— 
Administrative expenses76 1—
Total service cost7 61 —
Non-service cost (benefit):
Losses and loss expenses(13)(10)——
Administrative expenses(127)(96)1 (3)
Total non-service cost (benefit)(140)(106)1 (3)
Net periodic benefit cost (benefit)$(133)$(100)$2 $(3)


16. Other income and expense
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Equity in net income (loss) of partially-owned entities$381 $40 $662 $779 
Gains (losses) from fair value changes in separate account assets(24)(9)27 (31)
Asset management and performance fee revenue95 61 245 174 
Asset management and performance fee expense(54)(41)(141)(113)
Other, including federal excise and capital taxes(34)(8)(72)(28)
Total$364 $43 $721 $781 

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three
43

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $281 million and $314 million for the three and nine months ended September 30, 2026 respectively, and $(84) million and $429 million, respectively, for the prior year periods.
Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.
Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.
Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

17. 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.
44

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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.


45

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)
Chubb Limited and Subsidiaries

18. Earnings per share
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars, except share and per share data)2026202520262025
Numerator:
Net income$2,736 $3,107 $7,965 $7,449 
Net income (loss) attributable to noncontrolling interests(108)306 (53)349 
Net income attributable to Chubb$2,844 $2,801 $8,018 $7,100 
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding385,554,748 397,336,568 387,800,016 399,289,363 
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans3,816,275 3,532,323 4,034,183 3,902,807 
Weighted-average shares outstanding and assumed conversions
389,371,023 400,868,891 391,834,199 403,192,170 
Basic earnings per share attributable to Chubb$7.38 $7.05 $20.68 $17.78 
Diluted earnings per share attributable to Chubb$7.30 $6.99 $20.46 $17.61 
Potential anti-dilutive share conversions1,047,366 1,631,069 1,223,436 1,819,681 

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2025 Form 10-K for additional information on stock options.    

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and nine months ended September 30, 2026.

All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).

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.

Other Information
We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.
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Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to:
•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete;
•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;
•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;
•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions, the outbreak and effects of war, the occurrence of any terrorist attacks, and possible business disruption or economic contraction that may result from such events;
•the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;
•severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic;
•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;
•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries;
•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery;
•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;
•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;
•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization;
•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;
•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;
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•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and
•management’s response to these factors and actual events (including, but not limited to, those described above).
The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise.

Overview
Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At September 30, 2026, we had total assets of $284 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $73 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate 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. For more information on our segments refer to “Segment Information” under Item 1 in our 2025 Form 10-K.


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Consolidated Operating Results – Three and Nine Months Ended September 30, 2026 and 2025

Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs.
Q-25		2026 2025 YTD-26 vs. YTD-25
Net premiums written $15,143 $14,866 1.9 %$43,853 $41,708 5.1 %
Net premiums written - constant dollars (1)
1.8 %3.7 %
Net premiums earned 14,924 14,359 3.9 %42,270 39,484 7.1 %
Net investment income1,791 1,648 8.6 %5,260 4,777 10.1 %
Net realized gains (losses)(455)283 NM(700)327 NM
Market risk benefits gains (losses)(65)(142)(54.4)%(46)(251)(81.7)%
Total revenues16,195 16,148 0.3 %46,784 44,337 5.5 %
Losses and loss expenses7,526 6,951 8.3 %20,348 20,419 (0.3)%
Policy benefits1,477 1,372 7.8 %4,877 4,005 21.8 %
Policy acquisition costs2,739 2,563 6.9 %7,967 7,291 9.3 %
Administrative expenses1,126 1,138 (1.2)%3,443 3,343 3.0 %
Interest expense204 197 3.7 %602 559 7.8 %
Other (income) expense(364)(43)NM(721)(781)(7.6)%
Amortization of purchased intangibles74 75 (0.8)%221 224 (1.4)%
Integration expenses and severance11 1 NM28 3 NM
Total expenses12,793 12,254 4.4 %36,765 35,063 4.9 %
Income before income tax3,402 3,894 (12.7)%10,019 9,274 8.0 %
Income tax expense666 787 (15.4)%2,054 1,825 12.5 %
Net income$2,736 $3,107 (12.0)%$7,965 $7,449 6.9 %
Net income (loss) attributable to noncontrolling interests(108)306 NM(53)349 NM
Net income attributable to Chubb$2,844 $2,801 1.5 %$8,018 $7,100 12.9 %
(1)     On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.
NM - Not meaningful

Financial Highlights for the Three Months Ended September 30, 2026

•Net income attributable to Chubb was $2.84 billion compared with $2.80 billion in the prior year period, reflecting higher net investment income and higher mark-to-market gains on private equity investments included in other income, partially offset by a decline in P&C underwriting income driven by higher catastrophe losses.

•Total pre-tax catastrophe losses were $705 million, compared with $285 million in the prior year.

•Consolidated net premiums written were $15.1 billion, up 1.9 percent.

•P&C net premiums written increased 1.9 percent, with consumer insurance up 6.2 percent and commercial insurance up 0.4 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines net growth was unfavorably impacted from North America large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance.

•Life Insurance segment net premiums written increased 1.4 percent, as growth in international life from both traditional regular premium products and savings-oriented single premium business was offset by the impact of a
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one-time large transaction in New Zealand for $126 million in the third quarter of 2025. International life insurance deposits collected increased $341 million, up 68.7 percent. Additionally, net premiums written in our Chubb Benefits business increased $37 million, up 11.7 percent, primarily driven by worksite business.

•Pre-tax net investment income was $1.8 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets and higher interest rates.

•Operating cash flow was $6.1 billion.

Net Premiums Written
Three Months Ended
September 30
%
Change
Nine Months Ended
September 30
%
Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-25C$
Q-26 vs. Q-25		2026 2025 YTD-26 vs. YTD-25C$
YTD-26 vs. YTD-25
Property and other short-tail lines$2,335 $2,428 (3.8)%(4.3)%$7,288 $7,683 (5.1)%(7.1)%
Commercial casualty2,684 2,627 2.2 %2.1 %7,798 7,268 7.3 %6.1 %
Financial lines1,307 1,349 (3.2)%(3.5)%3,731 3,706 0.7 %(0.9)%
Workers' compensation504 537 (6.2)%(6.2)%1,711 1,722 (0.6)%(0.6)%
Commercial multiple peril (1)
489 462 5.9 %6.0 %1,480 1,359 8.9 %8.8 %
Surety249 203 22.3 %20.0 %716 628 13.9 %10.8 %
Total Commercial P&C lines7,568 7,606 (0.5)%(0.8)%22,724 22,366 1.6 %0.2 %
Agriculture1,532 1,458 5.1 %5.1 %2,619 2,467 6.2 %6.2 %
Personal homeowners1,568 1,473 6.4 %6.2 %4,481 4,151 8.0 %7.2 %
Personal automobile834 801 4.1 %1.0 %2,550 2,271 12.3 %6.7 %
Personal other506 447 13.2 %13.2 %1,596 1,433 11.3 %9.0 %
Total Personal lines (2)
2,908 2,721 6.9 %5.8 %8,627 7,855 9.8 %7.4 %
Global A&H - P&C 888 845 5.2 %5.9 %2,693 2,474 8.9 %6.0 %
Reinsurance lines287 304 (5.6)%(5.6)%1,004 1,092 (8.1)%(8.2)%
Total Property and Casualty lines13,183 12,934 1.9 %1.6 %37,667 36,254 3.9 %2.3 %
Life Insurance1,960 1,932 1.4 %3.7 %6,186 5,454 13.4 %13.2 %
Total consolidated$15,143 $14,866 1.9 %1.8 %$43,853 $41,708 5.1 %3.7 %
(1)Commercial multiple peril represents retail package business (property and general liability).
(2)For purposes of this schedule only, certain 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results.


For additional information on net premiums written, refer to the segment operating results discussions.

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Catastrophe Losses and Prior Period Development
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Net catastrophe losses$705 $285 $1,680 $2,556 
Favorable prior period development$511 $361 $1,080 $865 

Catastrophe losses through September 30, 2026 and 2025, were primarily from the following events:
•2026: Flooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and international weather-related events and earthquakes.
◦Total North America P&C Insurance catastrophe losses were $445 million and $1.3 billion for the three and nine months ended September 30, 2026, respectively.
◦Total Overseas General catastrophe losses were $249 million and $338 million for the three and nine months ended September 30, 2026, respectively.
•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses.
◦Total North America P&C Insurance catastrophe losses were $237 million and $2.1 billion for the three and nine months ended September 30, 2025, respectively.
◦Total Overseas General catastrophe losses were $42 million and $349 million for the three and nine months ended September 30, 2025, respectively.

Pre-tax net favorable PPD for the three months ended September 30, 2026, was $562 million in our active companies, including net favorable development of $575 million in short-tail lines and net unfavorable development of $13 million in long-tail lines. Net favorable development for short-tail lines is primarily property related lines. Net unfavorable development for long-tail lines primarily relates to general casualty, partially offset by favorable development in financial lines. Our corporate run-off portfolio had adverse development of $51 million, primarily driven by adverse development for environmental-related claims.

Pre-tax net favorable PPD for the nine months ended September 30, 2026 was $1.3 billion in our active companies, including net favorable development of $1.29 billion in short-tail lines and net favorable development of $14 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, auto physical damage and surety lines. Net favorable development for long-tail lines is driven by workers' compensation, partially offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $224 million, primarily driven by adverse development for environmental and molestation-related claims.

Pre-tax net favorable PPD for the three months ended September 30, 2025 was $422 million in our active companies, including net favorable development of $460 million in short-tail lines and net unfavorable development of $38 million in long-tail lines. Net favorable development for short-tail lines is driven by property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation. Our corporate run-off portfolio had adverse development of $61 million, primarily driven by adverse development for environmental-related claims.

Pre-tax net favorable PPD for the nine months ended September 30, 2025, was $1.0 billion in our active companies, including net favorable development of $1.05 billion in short-tail lines and net adverse development of $42 million in long-tail lines. Net favorable development for short-tail lines primarily includes surety, property, and marine lines. Net adverse development for long-tail lines reflects favorable development primarily in workers' compensation offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $144 million, primarily driven by adverse development for environmental and molestation-related claims.

Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and the prior period development discussion in Note 7 to the Consolidated Financial Statements for additional information.

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P&C Combined Ratio
Three Months EndedNine Months Ended
September 30September 30
2026202520262025
Combined ratio:
Loss and loss expense ratio58.7 %56.7 %57.1 %60.8 %
Policy acquisition cost ratio18.3 %17.7 %19.1 %18.5 %
Administrative expense ratio7.1 %7.4 %7.8 %8.0 %
P&C Combined ratio84.1 %81.8 %84.0 %87.3 %
Catastrophe losses(5.4)%(2.3)%(4.7)%(7.4)%
Prior period development3.9 %3.0 %3.0 %2.5 %
P&C CAY combined ratio excluding catastrophe losses82.6 %82.5 %82.3 %82.4 %

The P&C combined ratio increased for the three months ended September 30, 2026, reflecting higher catastrophe losses. The P&C combined ratio decreased for the nine months ended September 30, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and nine months ended September 30, 2026.
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Segment Operating Results – Three and Nine Months Ended September 30, 2026 and 2025

North America Commercial P&C Insurance

The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market and small commercial accounts).
Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-252026 2025 YTD-26 vs. YTD-25
Net premiums written$5,512 $5,663 (2.7)%$16,001$16,173(1.1)%
Net premiums earned5,222 5,080 2.8 %15,58415,2452.2 %
Losses and loss expenses3,422 3,083 11.0 %10,0149,3726.8 %
Policy acquisition costs750 708 5.9 %2,2322,1324.7 %
Administrative expenses333 348 (4.5)%1,0381,049(1.1)%
Underwriting income717 941 (23.9)%2,3002,692(14.6)%
Net investment income985 978 0.7 %2,9382,8453.3 %
Other (income) expense17 10 59.1 %462672.6 %
Segment income$1,685 $1,909 (11.7)%$5,192$5,511 (5.8)%
Combined ratio:
Loss and loss expense ratio65.5 %60.7 %4.8 pts64.3 %61.5 %2.8 pts
Policy acquisition cost ratio14.4 %13.9 %0.5 pts14.2 %14.0 %0.2 pts
Administrative expense ratio6.4 %6.9 %(0.5)pts6.7 %6.8 %(0.1)pts
Combined ratio86.3 %81.5 %4.8 pts85.2 %82.3 %2.9 pts
Catastrophe losses(4.5)%(1.4)%(3.1)pts(4.8)%(2.9)%(1.9)pts
Prior period development0.3 %0.7 %(0.4)pts1.5 %1.7 %(0.2)pts
CAY combined ratio excluding catastrophe losses82.1 %80.8 %1.3 pts81.9 %81.1 %0.8 pts

Production by Size - Net premiums writtenThree Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)20262025Q-26 vs. Q-2520262025YTD-26 vs. YTD-25
Major Accounts & Specialty (large corporate accounts and wholesale business)$3,210 $3,379 (5.0)%$9,239 $9,688 (4.6)%
Commercial (middle market and small commercial accounts)2,302 2,284 0.8 %6,762 6,485 4.3 %
Total$5,512 $5,663 (2.7)%$16,001 $16,173 (1.1)%

Net Catastrophe Losses and Prior Period Development Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Net catastrophe losses$237 $72 $741 $455 
Favorable prior period development$14 $26 $214 $246 
57
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Premiums
Net premiums written decreased $151 million, or 2.7 percent, for the three months ended September 30, 2026, which includes declines in P&C lines of 1.5 percent and in financial lines of 8.4 percent. Middle market and small commercial grew 0.8 percent, with P&C lines up 2.6 percent and financial lines down 5.9 percent. Major accounts retail and specialty declined 5.0 percent, with property and other short-tail lines down 23.8 percent, financial lines down 11.0 percent, and casualty up 3.0 percent.

Net premiums written decreased $172 million, or 1.1 percent, for the nine months ended September 30, 2026, which includes declines in P&C lines of 0.6 percent and in financial lines of 3.4 percent. Middle market and small commercial grew 4.3 percent, with P&C lines up 6.6 percent and financial lines down 4.8 percent. Major accounts retail and specialty declined 4.6 percent, with property and other short-tail lines down 26.0 percent, casualty up 7.0 percent, and financial lines down 1.8 percent.

The decrease in premiums is primarily due to the impact from large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance, which reduced overall growth by 4.4 and 5.7 percentage points for the three and nine months ended September 30, 2026, respectively. Within middle market and small commercial, P&C lines growth was impacted by workers' compensation payroll-related premium adjustments which reduced growth by 1.4 and 0.5 percentage points, and financial lines was impacted by underwriting related exposure changes including additional reinsurance, which reduced growth by 7.7 and 5.4 percentage points for the three and nine months ended September 30, 2026, respectively. Within major accounts retail and specialty, growth was impacted by large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance, which reduced growth by 6.2 and 8.6 percentage points for the three and nine months ended September 30, 2026, respectively.

Net premiums earned increased $142 million, or 2.8 percent, and $339 million, or 2.2 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.

Combined Ratio
The combined ratio increased for the three and nine months ended September 30, 2026, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.
58

North America Personal P&C Insurance

The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.
Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-252026 2025 YTD-26 vs. YTD-25
Net premiums written$1,909 $1,814 5.3 %$5,644 $5,304 6.4 %
Net premiums earned1,846 1,741 6.0 %5,409 4,996 8.3 %
Losses and loss expenses668 713 (6.4)%2,493 3,628 (31.3)%
Policy acquisition costs359 339 5.8 %1,053 1,001 5.2 %
Administrative expenses87 82 5.9 %258 251 2.5 %
Underwriting income 732 607 20.7 %1,605 116 NM
Net investment income143 123 16.1 %420 361 16.4 %
Other (income) expense3 1 198.8 %9 2 NM
Segment income$872 $729 19.7 %$2,016 $475 NM
Combined ratio:
Loss and loss expense ratio36.2 %41.0 %(4.8)pts46.1 %72.6 %(26.5)pts
Policy acquisition cost ratio19.4 %19.4 %— pts19.4 %20.1 %(0.7)pts
Administrative expense ratio4.7 %4.7 %— pts4.8 %5.0 %(0.2)pts
Combined ratio60.3 %65.1 %(4.8)pts70.3 %97.7 %(27.4)pts
Catastrophe losses(10.9)%(9.2)%(1.7)pts(10.2)%(32.6)%22.4 pts
Prior period development20.5 %16.2 %4.3 pts10.3 %8.0 %2.3 pts
CAY combined ratio excluding catastrophe losses69.9 %72.1 %(2.2)pts70.4 %73.1 %(2.7)pts
NM - Not meaningful

Net Catastrophe Losses and Prior Period Development
Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Net catastrophe losses$203 $161 $551 $1,645 
Favorable prior period development$379 $282 $553 $403 

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Premiums
Net premiums written increased $95 million, or 5.3 percent, and $340 million, or 6.4 percent, for the three and nine months ended September 30, 2026, respectively, driven by strong new business and retention, including positive rate and broad exposure in most lines, including homeowners.

Net premiums earned increased $105 million, or 6.0 percent, and $413 million, or 8.3 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the growth in net premiums written described above.

59
Combined Ratio
The combined ratio decreased for the three and nine months ended September 30, 2026, reflecting higher favorable prior period development. For the three months ended September 30, 2026, the decrease was partially offset by higher catastrophe losses. For the nine months ended September 30, 2026, the decrease also reflected lower catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio relating to prior year California wildfire losses, which are fully earned and carry no expenses.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2026, due to improvement in homeowners and personal excess from lower underlying losses. For the nine months ended September 30, 2026, the ratio also benefitted from a lower acquisition ratio resulting from a change in business mix, and a lower administrative ratio due to the impact of higher net premiums earned and expense management.

North America Agricultural Insurance

The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.
Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-252026 2025 YTD-26 vs. YTD-25
Net premiums written$1,532 $1,458 5.1 %$2,619 $2,467 6.2 %
Net premiums earned1,559 1,495 4.3 %2,389 2,258 5.8 %
Losses and loss expenses1,306 1,224 6.7 %1,885 1,799 4.8 %
Policy acquisition costs84 86 (2.9)%153 151 1.7 %
Administrative expenses2 5 (42.6)%— 9 (97.9)%
Underwriting income167 180 (7.4)%351 299 17.3 %
Net investment income21 20 4.3 %68 63 7.6 %
Other (income) expense1 — NM3 1 132.3 %
Segment income$187 $200 (6.3)%$416 $361 15.2 %
Combined ratio:
Loss and loss expense ratio83.8 %81.9 %1.9 pts78.9 %79.7 %(0.8)pts
Policy acquisition cost ratio5.3 %5.8 %(0.5)pts6.4 %6.7 %(0.3)pts
Administrative expense ratio0.2 %0.3 %(0.1)pts— 0.4 %(0.4)pts
Combined ratio89.3 %88.0 %1.3 pts85.3 %86.8 %(1.5)pts
Catastrophe losses(0.4)%(0.3)%(0.1)pts(1.0)%(0.9)%(0.1)pts
Prior period development0.1 %2.0 %(1.9)pts3.4 %2.8 %0.6 pts
CAY combined ratio excluding catastrophe losses89.0 %89.7 %(0.7)pts87.7 %88.7 %(1.0)pts
NM - Not meaningful

Net Catastrophe Losses and Prior Period Development Three Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Net catastrophe losses $5 $4 $23 $20 
Favorable prior period development$2 $30 $82 $63 

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

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Premiums
Net premiums written increased $74 million, or 5.1 percent, and $152 million, or 6.2 percent, for the three and nine months ended September 30, 2026, respectively, primarily driven by growth in MPCI. The nine months ended September 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.

Net premiums earned increased $64 million, or 4.3 percent, and $131 million, or 5.8 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the growth in net premiums written described above.

Combined Ratio
The combined ratio increased for the three months ended September 30, 2026, reflecting lower favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2026, reflecting higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2026, reflecting favorable year-over-year crop hedge activity and lower acquisition cost ratio resulting from a change in business mix. The CAY combined ratio excluding catastrophe losses for the nine months ended September 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business.

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Overseas General Insurance

Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488, which is managed by Chubb Underwriting Agencies Limited. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand.

Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-252026 2025 YTD-26 vs. YTD-25
Net premiums written$3,943 $3,695 6.7 %$12,399 $11,218 10.5 %
Net premiums written - constant dollars5.2 %5.4 %
Net premiums earned4,053 3,803 6.6 %11,817 10,554 12.0 %
Losses and loss expenses1,910 1,707 11.9 %5,271 4,893 7.7 %
Policy benefits124 119 4.4 %343 361 (5.1)%
Policy acquisition costs1,085 975 11.3 %3,154 2,725 15.7 %
Administrative expenses383 368 3.9 %1,169 1,067 9.6 %
Underwriting income551 634 (13.0)%1,880 1,508 24.7 %
Net investment income318 288 9.9 %931 847 9.8 %
Other (income) expense14 8 78.9 %26 19 36.2 %
Amortization of purchased intangibles15 13 9.8 %43 39 10.6 %
Segment income$840 $901 (6.8)%$2,742 $2,297 19.4 %
Segment income - constant dollars(6.8)%14.8 %
Combined ratio:
Loss and loss expense ratio50.2 %48.0 %2.2 pts47.5 %49.8 %(2.3)pts
Policy acquisition cost ratio26.8 %25.6 %1.2 pts26.7 %25.8 %0.9 pts
Administrative expense ratio9.4 %9.7 %(0.3)pts9.9 %10.1 %(0.2)pts
Combined ratio86.4 %83.3 %3.1 pts84.1 %85.7 %(1.6)pts
Catastrophe losses(6.1)%(1.1)%(5.0)pts(2.9)%(3.3)%0.4 pts
Prior period development4.0 %2.2 %1.8 pts3.8 %2.7 %1.1 pts
CAY combined ratio excluding catastrophe losses84.3 %84.4 %(0.1)pts85.0 %85.1 %(0.1)pts

Net Catastrophe Losses and Prior Period DevelopmentThree Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Net catastrophe losses$249 $42 $338 $349 
Favorable prior period development$162 $84 $439 $282 

Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

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Net Premiums Written by Region
Three Months Ended September 30
(in millions of U.S. dollars, except for percentages)2026 2026
 % of Total		2025 2025
% of Total		C$
2025		Q-26 vs. Q-25C$
Q-26 vs. Q-25
Region
Europe, Middle East, and Africa$1,508 38 %$1,412 38 %$1,402 6.8 %7.5 %
Asia1,569 40 %1,462 40 %1,478 7.5 %6.3 %
Latin America866 22 %775 21 %822 11.7 %5.5 %
Other (1)
— — 46 1 %46 NMNM
Net premiums written$3,943 100 %$3,695 100 %$3,748 6.7 %5.2 %
Nine Months Ended September 30
(in millions of U.S. dollars, except for percentages)2026 2026
 % of Total		2025 2025
% of Total		C$
2025		YTD-26 vs. YTD-25C$
YTD-26 vs. YTD-25
Region
Europe, Middle East, and Africa$5,353 43 %$4,875 44 %$5,107 9.8 %4.8 %
Asia4,386 35 %3,976 35 %4,102 10.4 %7.0 %
Latin America2,592 21 %2,254 20 %2,442 15.0 %6.2 %
Other (1)
68 1 %113 1 %115 (41.0)%(42.3)%
Net premiums written$12,399 100 %$11,218 100 %$11,766 10.5 %5.4 %
(1)    Includes the international supplemental A&H business of Combined Insurance and other international operations.
NM – not meaningful

Premiums
Overall, net premiums written increased $248 million and $1,181 million, or $195 million and $633 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively, reflecting growth in commercial lines of 6.3 percent and 8.7 percent, or 4.9 percent and 3.9 percent on a constant-dollar basis, respectively, and growth in consumer lines of 7.2 percent and 13.1 percent, or 5.5 percent and 7.5 percent on a constant-dollar basis, respectively.

Our European division increased for the three and nine months ended September 30, 2026, supported primarily from growth in our retail business in commercial property, marine, and cyber driven by new business.

Asia increased for the three and nine months ended September 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H.

Latin America increased for the three and nine months ended September 30, 2026, reflecting growth in commercial lines, particularly property and marine, and in consumer lines.

Net premiums earned increased $250 million and $1,263 million, or $213 million and $794 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively, reflecting the increase in net premiums written described above.

Combined Ratio
The combined ratio increased for the three months ended September 30, 2026, primarily due to higher catastrophe losses, partially offset by higher favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2026, primarily due to higher favorable prior period development and lower catastrophe losses. The CAY combined ratio excluding catastrophe losses improved slightly for the three and nine months ended September 30, 2026, reflecting continued administrative expense management.
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Global Reinsurance

The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-252026 2025 YTD-26 vs. YTD-25
Net premiums written$287 $304 (5.6)%$1,004 $1,092 (8.1)%
Net premiums written - constant dollars(5.6)%(8.2)%
Net premiums earned287 315 (8.9)%912 1,021 (10.7)%
Losses and loss expenses130 139 (6.1)%388 513 (24.3)%
Policy acquisition costs93 96 (3.0)%293 294 (0.3)%
Administrative expenses9 9 — 26 29 (11.0)%
Underwriting income55 71 (22.1)%205 185 10.6 %
Net investment income114 100 13.7 %332 255 30.1 %
Segment income$169 $171 (1.2)%$537 $440 21.9 %
Combined ratio:
Loss and loss expense ratio45.2 %43.8 %1.4 pts42.5 %50.1 %(7.6)pts
Policy acquisition cost ratio32.4 %30.5 %1.9 pts32.1 %28.8 %3.3 pts
Administrative expense ratio3.1 %3.1 %— pts2.9 %3.0 %(0.1)pts
Combined ratio80.7 %77.4 %3.3 pts77.5 %81.9 %(4.4)pts
Catastrophe losses(3.8)%(1.8)%(2.0)pts(3.0)%(8.9)%5.9 pts
Prior period development1.8 %— 1.8 pts1.8 %1.5 %0.3 pts
CAY combined ratio excluding catastrophe losses78.7 %75.6 %3.1 pts76.3 %74.5 %1.8 pts


Net Catastrophe Losses and Prior Period DevelopmentThree Months EndedNine Months Ended
September 30September 30
(in millions of U.S. dollars)2026202520262025
Net catastrophe losses$11 $6 $27 $87 
Favorable prior period development$5 $— $16 $15 
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.

Premiums
Net premiums written decreased $17 million and $88 million for the three and nine months ended September 30, 2026, most notably in property lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms. The nine months ended September 30, 2026, also included the year-over-year unfavorable impact of higher catastrophe reinstatement premiums received in the prior year.

Net premiums earned decreased $28 million and $109 million for the three and nine months ended September 30, 2026, reflecting the changes in net premiums written described above. The nine months ended September 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written.


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Combined Ratio
The combined ratio increased for the three months ended September 30, 2026, primarily due to softer property reinsurance market conditions compared to the prior year. The combined ratio decreased for the nine months ended September 30, 2026, primarily due to lower catastrophe losses. The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2026, primarily due to softer property reinsurance market conditions compared to the prior year.
Life Insurance

The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.
Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)20262025Q-26 vs. Q-2520262025YTD-26 vs. YTD-25
Net premiums written$1,960 $1,932 1.4 %$6,186 $5,454 13.4 %
Net premiums written - constant dollars3.7 %13.2 %
Net premiums earned1,957 1,925 1.7 %6,159 5,410 13.9 %
Losses and loss expenses34 31 10.4 %84 77 8.2 %
Policy benefits1,355 1,303 4.0 %4,429 3,715 19.2 %
Policy acquisition costs368 359 2.8 %1,082 988 9.6 %
Administrative expenses202 213 (5.8)%625 614 1.7 %
Net investment income321 284 13.0 %949 829 14.5 %
Other (income) expense(52)(31)69.4 %(148)(103)44.3 %
Amortization of purchased intangibles2 2 — 8 7 12.8 %
Segment income$369 $332 11.4 %$1,028 $941 9.3 %
Segment income - constant dollars14.7 %10.0 %

Premiums
Net premiums written increased $28 million and $732 million, or $70 million and $723 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively.

For our international life operations, net premiums written were relatively flat and increased 13.4 percent, or 2.0 percent and 13.2 percent on a constant dollar basis for the three and nine months ended September 30, 2026, respectively. The increase for the three and nine months ended September 30, 2026, reflected growth in traditional regular premium products of 7.9 percent and 12.0 percent, respectively, primarily in North Asia, partially offset by the impact of a one-time large transaction in New Zealand in the prior year third quarter for $126 million, which reduced growth by 8.5 percentage points and 3.2 percentage points, respectively. Single premium business increased by 20.9 percent for the nine months ended September 30, 2026, primarily in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 11.7 percent and 13.8 percent for the three and nine months ended September 30, 2026, respectively, due to 19.3 percent and 25.5 percent growth in worksite business.

65
Deposits
The following table presents deposits collected on universal life and investment contracts:
Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)20262025C$
2025		Q-26 vs. Q-25C$
Q-26 vs. Q-25		20262025C$ 2025Y-26 vs. Y-25C$
 Y-26 vs.
Y-25
Deposits collected on universal life and investment contracts$837 $496 $486 68.7 %72.2 %$2,301 $1,769 $1,794 30.1 %28.3 %

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected increased $341 million and $532 million for the three and nine months ended September 30, 2026, respectively, due to higher savings-oriented single premium sales in Hong Kong and investment linked products in Taiwan. Life deposits for the nine months ended September 30, 2026 also increased due to higher savings-oriented single premium sales in Huatai Life.

Life Insurance segment income
Life Insurance segment income increased $37 million and $87 million, or 11.4 percent and 9.3 percent, for the three and nine months ended September 30, 2026, respectively, reflecting growth in net investment income, higher fee and other income from growth in assets under management, and higher favorable loss reserve development related to our Chubb Benefits supplemental A&H business, partially offset by an unfavorable foreign exchange impact.

Corporate

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity.
Three Months EndedNine Months Ended
September 30% ChangeSeptember 30% Change
(in millions of U.S. dollars, except for percentages)2026 2025 Q-26 vs. Q-252026 2025YTD-26 vs. YTD-25
Losses and loss expenses$51 $61 (16.5)%$224 $145 53.9 %
Administrative expenses110 113 (2.0)%327 324 1.1 %
Underwriting loss(161)(174)(7.1)%(551)(469)17.5 %
Net investment income (loss)(14)(18)(33.4)%(35)(74)(53.5)%
Other income (expense)274 (87)NM287 408 (29.8)%
Amortization of purchased intangibles57 60 (3.4)%170 178 (4.6)%
Net realized gains (losses)(482)331 NM(767)375 NM
Market risk benefits gains (losses)(65)(142)(54.4)%(46)(251)(81.7)%
Interest expense204 197 3.7 %602 559 7.8 %
Integration expenses and severance11 1 NM28 3 NM
Income tax expense666 787 (15.4)%2,054 1,825 12.5 %
Net loss$(1,386)$(1,135)22.3 %$(3,966)$(2,576)54.0 %
Net income (loss) attributable to noncontrolling interests(108)306 NM(53)349 NM
Net loss attributable to Chubb$(1,278)$(1,441)(11.2)%$(3,913)$(2,925)33.8 %
NM - Not meaningful

Losses and loss expenses primarily includes unfavorable prior period development for legacy environmental claims for the three months ended September 30, 2026 and molestation claims for the nine months ended September 30, 2026.
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Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit). Refer to Notes 10 and 16 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

Net Realized and Unrealized Gains (Losses)
We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value.

The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2025 Form 10-K. For more information on the effect of market movements and their impact on Net income and Accumulated other comprehensive income, refer to Net Realized and Unrealized Gains (Losses) in Item 7 in our 2025 Form 10-K.

The following table presents our net realized and unrealized gains (losses):

Three Months Ended September 30
20262025
(in millions of U.S. dollars)Net
Realized
Gains
(Losses)		Net
Unrealized
Gains
(Losses)		Net
Impact		Net
Realized
Gains
(Losses)		Net
Unrealized
Gains
(Losses)		Net
Impact
Fixed maturities $(145)$(4,836)$(4,981)$46 $868 $914 
Investment and embedded derivative instruments233 — 233 (85)— (85)
Public equity
Sales29 — 29 59 — 59 
Mark-to-market(358)— (358)337 — 337 
Private equity (less than 3 percent ownership)
Mark-to-market(105)— (105)48 — 48 
Total investment portfolio(346)(4,836)(5,182)405 868 1,273 
Other derivative instruments5 — 5 (9)— (9)
Foreign exchange(112)655 543 (115)128 13 
Current discount rate on future policy benefits— 300 300 — 305 305 
Instrument-specific credit risk on market risk benefits— — — — (9)(9)
Other(2)7 5 2 (6)(4)
Net gains (losses), pre-tax$(455)$(3,874)$(4,329)$283 $1,286 $1,569 
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Nine Months Ended September 30
20262025
(in millions of U.S. dollars)Net
Realized
Gains
(Losses)		Net
Unrealized
Gains
(Losses)		Net
Impact		Net
Realized
Gains
(Losses)		Net
Unrealized
Gains
(Losses)		Net
Impact
Fixed maturities $(248)$(6,305)$(6,553)$(58)$2,755 $2,697 
Investment and embedded derivative instruments63 — 63 46 — 46 
Public equity
Sales169 — 169 79 — 79 
Mark-to-market(521)— (521)517 — 517 
Private equity (less than 3 percent ownership)
Mark-to-market4 — 4 31 — 31 
Total investment portfolio(533)(6,305)(6,838)615 2,755 3,370 
Other derivative instruments(12)— (12)(14)— (14)
Foreign exchange(137)1,025 888 (269)1,283 1,014 
Current discount rate on future policy benefits— 541 541 — 53 53 
Instrument-specific credit risk on market risk benefits— 13 13 — (4)(4)
Other(18)40 22 (5)(127)(132)
Net gains (losses), pre-tax$(700)$(4,686)$(5,386)$327 $3,960 $4,287 

Pre-tax net unrealized losses of $4,836 million and losses of $6,305 million in our investment portfolio for the three and nine months ended September 30, 2026, respectively, were primarily driven by changes in interest rates.

Pre-tax net realized losses of $455 million for the three months ended September 30, 2026, were primarily driven by mark-to-market losses on equities, net realized losses on fixed maturities, and foreign exchange losses, partially offset by gains on derivatives. Pre-tax net realized losses of $700 million for the nine months ended September 30, 2026, were primarily driven by mark-to-market losses on public equities, net realized losses on fixed maturities, and foreign exchange losses, partially offset by gains on sales of equities.

Effective Income Tax Rate
Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR.

For the three and nine months ended September 30, 2026, our ETR was 19.6 percent and 20.5 percent, respectively, compared to an ETR of 20.2 percent and 19.7 percent, respectively, in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items.

Non-GAAP Reconciliation
In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with GAAP.

We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
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P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.

P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the 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.

CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (PPD) from the P&C combined ratio. We exclude CATs as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude CATs, PPD, and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on CATs and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a better evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Net premiums earned adjustments within PPD are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to adjustable commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

Total adjusted capitalization is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains (losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our underlying total capital position.



















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The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:
North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		CorporateTotal P&C
Three Months Ended
September 30, 2026
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefitsA$3,422 $668 $1,306 $2,034 $130 $51 $7,611 
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments(237)(203)(5)(249)(11)— (705)
Reinstatement premiums collected (expensed) on catastrophe losses— — — — 1 — 1 
Catastrophe losses, gross of related adjustments(237)(203)(5)(249)(12)— (706)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)14 379 2 162 5 (51)511 
Net premiums earned adjustments on PPD - unfavorable (favorable)14 2 — — (1)— 15 
Expense adjustments - unfavorable (favorable)(2)— — — (2)— (4)
PPD reinstatement premiums - unfavorable (favorable)— — — 16 — — 16 
PPD, gross of related adjustments - favorable (unfavorable)26 381 2 178 2 (51)538 
CAY loss and loss expense ex CATs B$3,211 $846 $1,303 $1,963 $120 $— $7,443 
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expensesC$1,083 $446 $86 $1,468 $102 $110 $3,295 
Expense adjustments - favorable (unfavorable)2 — — — 2 — 4 
Policy acquisition costs and administrative expenses, adjustedD$1,085 $446 $86 $1,468 $104 $110 $3,299 
Denominator
Net premiums earnedE$5,222 $1,846 $1,559 $4,053 $287 $12,967 
Reinstatement premiums (collected) expensed on catastrophe losses— — — — (1)(1)
Net premiums earned adjustments on PPD - unfavorable (favorable)14 2 — — (1)15 
PPD reinstatement premiums - unfavorable (favorable)— — — 16 — 16 
Net premiums earned excluding adjustmentsF$5,236 $1,848 $1,559 $4,069 $285 $12,997 
P&C Combined ratio
Loss and loss expense ratioA/E65.5 %36.2 %83.8 %50.2 %45.2 %58.7 %
Policy acquisition cost and administrative expense ratioC/E20.8 %24.1 %5.5 %36.2 %35.5 %25.4 %
P&C Combined ratio86.3 %60.3 %89.3 %86.4 %80.7 %84.1 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjustedB/F61.4 %45.8 %83.5 %48.2 %42.1 %57.3 %
Policy acquisition cost and administrative expense ratio, adjustedD/F20.7 %24.1 %5.5 %36.1 %36.6 %25.3 %
CAY P&C Combined ratio ex CATs82.1 %69.9 %89.0 %84.3 %78.7 %82.6 %
Combined ratio
Combined ratio84.1 %
Add: impact of gains and losses on crop derivatives— 
P&C Combined ratio84.1 %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.
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North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceCorporateTotal P&C
Three Months Ended
September 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefitsA$3,083 $713 $1,224 $1,826 $139 $61 $7,046 
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments(72)(161)(4)(42)(6)— (285)
Reinstatement premiums collected (expensed) on catastrophe losses— — — — — — — 
Catastrophe losses, gross of related adjustments(72)(161)(4)(42)(6)— (285)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)26 282 30 84 — (61)361 
Net premiums earned adjustments on PPD - unfavorable (favorable)68 — — — — — 68 
Expense adjustments - unfavorable (favorable)3 — — — — — 3 
PPD, gross of related adjustments - favorable (unfavorable)97 282 30 84 — (61)432 
CAY loss and loss expense ex CATsB$3,108 $834 $1,250 $1,868 $133 $— $7,193 
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expensesC$1,056 $421 $91 $1,343 $105 $113 $3,129 
Expense adjustments - favorable (unfavorable)(3)— — — — — (3)
Policy acquisition costs and administrative expenses, adjustedD$1,053 $421 $91 $1,343 $105 $113 $3,126 
Denominator
Net premiums earnedE$5,080 $1,741 $1,495 $3,803 $315 $12,434 
Net premiums earned adjustments on PPD - unfavorable (favorable)68 — — — — 68 
Net premiums earned excluding adjustmentsF$5,148 $1,741 $1,495 $3,803 $315 $12,502 
P&C Combined ratio
Loss and loss expense ratioA/E60.7 %41.0 %81.9 %48.0 %43.8 %56.7 %
Policy acquisition cost and administrative expense ratioC/E20.8 %24.1 %6.1 %35.3 %33.6 %25.1 %
P&C Combined ratio81.5 %65.1 %88.0 %83.3 %77.4 %81.8 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjustedB/F60.4 %48.0 %83.6 %49.1 %42.0 %57.5 %
Policy acquisition cost and administrative expense ratio, adjustedD/F20.4 %24.1 %6.1 %35.3 %33.6 %25.0 %
CAY P&C Combined ratio ex CATs80.8 %72.1 %89.7 %84.4 %75.6 %82.5 %
Combined ratio
Combined ratio81.7 %
Add: impact of gains and losses on crop derivatives0.1 %
P&C Combined ratio81.8 %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		CorporateTotal P&C
Nine Months Ended
September 30, 2026
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefitsA$10,014 $2,493 $1,885 $5,614 $388 $224 $20,618 
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments(741)(551)(23)(338)(27)— (1,680)
Reinstatement premiums collected (expensed) on catastrophe losses— — — — 1 — 1 
Catastrophe losses, gross of related adjustments(741)(551)(23)(338)(28)— (1,681)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)214 553 82 439 16 (224)1,080 
Net premiums earned adjustments on PPD - unfavorable (favorable)19 2 — — (1)— 20 
Expense adjustments - unfavorable (favorable)2 — — — 2 — 4 
PPD reinstatement premiums - unfavorable (favorable)— — — 33 — — 33 
PPD, gross of related adjustments - favorable (unfavorable)235 555 82 472 17 (224)1,137 
CAY loss and loss expense ex CATs B$9,508 $2,497 $1,944 $5,748 $377 $— $20,074 
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expensesC$3,270 $1,311 $153 $4,323 $319 $327 $9,703 
Expense adjustments - favorable (unfavorable)(2)— — — (2)— (4)
Policy acquisition costs and administrative expenses, adjustedD$3,268 $1,311 $153 $4,323 $317 $327 $9,699 
Denominator
Net premiums earnedE$15,584 $5,409 $2,389 $11,817 $912 $36,111 
Reinstatement premiums (collected) expensed on catastrophe losses— — — — (1)(1)
Net premiums earned adjustments on PPD - unfavorable (favorable)19 2 — — (1)20 
PPD reinstatement premiums - unfavorable (favorable)— — — 33 — 33 
Net premiums earned excluding adjustmentsF$15,603 $5,411 $2,389 $11,850 $910 $36,163 
P&C Combined ratio
Loss and loss expense ratioA/E64.3 %46.1 %78.9 %47.5 %42.5 %57.1 %
Policy acquisition cost and administrative expense ratioC/E20.9 %24.2 %6.4 %36.6 %35.0 %26.9 %
P&C Combined ratio85.2 %70.3 %85.3 %84.1 %77.5 %84.0 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjustedB/F60.9 %46.2 %81.3 %48.5 %41.4 %55.5 %
Policy acquisition cost and administrative expense ratio, adjustedD/F21.0 %24.2 %6.4 %36.5 %34.9 %26.8 %
CAY P&C Combined ratio ex CATs81.9 %70.4 %87.7 %85.0 %76.3 %82.3 %
Combined ratio
Combined ratio83.9 %
Add: impact of gains and losses on crop derivatives0.1 %
P&C Combined ratio84.0 %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceCorporateTotal P&C
Nine Months Ended
September 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefitsA$9,372 $3,628 $1,799 $5,254 $513 $145 $20,711 
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments(455)(1,645)(20)(349)(87)— (2,556)
Reinstatement premiums collected (expensed) on catastrophe losses— (50)— (5)13 — (42)
Catastrophe losses, gross of related adjustments(455)(1,595)(20)(344)(100)— (2,514)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)246 403 63 282 15 (144)865 
Net premiums earned adjustments on PPD - unfavorable (favorable)73 — — — — — 73 
Expense adjustments - unfavorable (favorable)3 — (3)— — — — 
PPD reinstatement premiums - unfavorable (favorable)— — — — (2)— (2)
PPD, gross of related adjustments - favorable (unfavorable)322 403 60 282 13 (144)936 
CAY loss and loss expense ex CATsB$9,239 $2,436 $1,839 $5,192 $426 $1 $19,133 
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expensesC$3,181 $1,252 $160 $3,792 $323 $324 $9,032 
Expense adjustments - favorable (unfavorable)(3)— 3 — — — — 
Policy acquisition costs and administrative expenses, adjustedD$3,178 $1,252 $163 $3,792 $323 $324 $9,032 
Denominator
Net premiums earnedE$15,245 $4,996 $2,258 $10,554 $1,021 $34,074 
Reinstatement premiums (collected) expensed on catastrophe losses— 50 — 5 (13)42 
Net premiums earned adjustments on PPD - unfavorable (favorable)73 — — — — 73 
PPD reinstatement premiums - unfavorable (favorable)— — — — (2)(2)
Net premiums earned excluding adjustmentsF$15,318 $5,046 $2,258 $10,559 $1,006 $34,187 
P&C Combined ratio
Loss and loss expense ratioA/E61.5 %72.6 %79.7 %49.8 %50.1 %60.8 %
Policy acquisition cost and administrative expense ratioC/E20.8 %25.1 %7.1 %35.9 %31.8 %26.5 %
P&C Combined ratio82.3 %97.7 %86.8 %85.7 %81.9 %87.3 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjustedB/F60.3 %48.3 %81.5 %49.2 %42.3 %56.0 %
Policy acquisition cost and administrative expense ratio, adjustedD/F20.8 %24.8 %7.2 %35.9 %32.2 %26.4 %
CAY P&C Combined ratio ex CATs81.1 %73.1 %88.7 %85.1 %74.5 %82.4 %
Combined ratio
Combined ratio87.3 %
Add: impact of gains and losses on crop derivatives— 
P&C Combined ratio87.3 %
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.
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Net Investment Income
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)2026202520262025
Fixed maturities (1)
$1,632$1,508$4,775$4,333
Short-term investments4440127114
Other interest income1152330
Equity securities9083276269
Private equities3839129109
Other investments31289580
Gross investment income (1)
1,8461,7035,4254,935
Investment expenses(55)(55)(165)(158)
Net investment income (1)
$1,791$1,648$5,260$4,777
 (1) Includes amortization expense related to fair value adjustment of acquired invested assets
$—$(1)$(3)$(7)

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 8.6 percent and 10.1 percent for the three and nine months ended September 30, 2026, respectively, primarily due to higher average invested assets and higher interest rates.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:
Three Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)2026202520262025
Total mark-to-market gain (loss) on private equity, pre-tax$177 $(35)$319 $461 

Interest Expense
Interest expense for the nine months ended September 30, 2026 was $602 million. Based on projected variable expenses and our existing debt obligations, including recent issuances, we expect pre-tax interest expense to be approximately $206 million for the remainder of 2026, or $808 million for the full year. For more information on our debt obligations, refer to Note 11 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2025 Form 10-K.



Investments
Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at September 30, 2026. For further information on the management of our investment portfolio, please refer to Investments within Item 7 in our 2025 Form 10-K.

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The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

September 30, 2026December 31, 2025
(in millions of U.S. dollars)Fair
Value		Cost/
Amortized
Cost, Net		Fair
Value		Cost/
Amortized
Cost, Net
Short-term investments$5,293 $5,295 $4,840 $4,840 
Other investments - Fixed maturities7,495 7,495 8,091 8,091 
Fixed maturities available-for-sale125,804 134,093 122,680 124,674 
Fixed income securities138,592 146,883 135,611 137,605 
Equity securities 10,760 10,760 10,801 10,801 
Private debt held-for-investment2,292 2,261 2,445 2,411 
Private equities and other20,894 20,894 19,897 19,897 
Total investments$172,538 $180,798 $168,754 $170,714 

The fair value of our total investments increased $3.8 billion during the nine months ended September 30, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases. The valuation of our fixed income portfolio is impacted by changes in interest rates.

The following tables present the fair value of our fixed income securities at September 30, 2026, and December 31, 2025. The first table lists investments according to type and second according to S&P credit rating:
September 30, 2026December 31, 2025
(in millions of U.S. dollars, except for percentages)Fair
Value		% of TotalFair
Value		% of Total
U.S. and local government securities$3,387 2 %$3,714 3 %
Corporate and asset-backed securities47,142 34 %47,886 35 %
Mortgage-backed securities32,809 24 %30,724 23 %
Non-U.S.49,961 36 %48,447 35 %
Short-term investments5,293 4 %4,840 4 %
Total (1)
$138,592 100 %$135,611 100 %
AAA$13,218 10 %$13,313 10 %
AA42,527 31 %40,720 30 %
A37,099 26 %35,184 26 %
BBB25,712 19 %23,584 17 %
BB11,553 8 %12,948 10 %
B8,115 6 %9,469 7 %
Other368 — 393 — 
Total (1)
$138,592 100 %$135,611 100 %
(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.5 billion and $8.1 billion at September 30, 2026, and December 31, 2025, respectively.









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Corporate and asset-backed securities
The following table presents our 10 largest global exposures to corporate bonds by fair value at September 30, 2026: 

(in millions of U.S. dollars)Fair Value
Bank of America Corp$824 
Morgan Stanley711 
JPMorgan Chase & Co684 
Goldman Sachs Group Inc548 
Wells Fargo & Co530 
Citigroup Inc496 
AT&T Inc394 
Verizon Communications Inc388 
T-Mobile USA Inc387 
Sempra379 

Mortgage-backed securities
The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:
S&P Credit RatingFair
 Value		Amortized Cost, Net
September 30, 2026
(in millions of U.S. dollars)		AAAAAABBBBB and
below		TotalTotal
Agency residential mortgage-backed securities (RMBS)
$52 $29,111 $— $— $— $29,163 $31,846 
Non-agency RMBS2,294 204 175 36 7 2,716 2,810 
Commercial mortgage-backed securities782 102 41 3 2 930 979 
Total mortgage-backed securities$3,128 $29,417 $216 $39 $9 $32,809 $35,635 

Non-U.S.
Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines.

Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 40 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA— two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material.
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The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at September 30, 2026:
(in millions of U.S. dollars)Fair ValueAmortized Cost, Net
People's Republic of China$3,000 $2,974 
Republic of Korea1,684 1,988 
Kingdom of Thailand1,005 1,002 
Canada861 905 
United Mexican States809 831 
Taiwan683 717 
Commonwealth of Australia
674 789 
Federative Republic of Brazil664 674 
Province of Hunan China589 566 
United Kingdom581 621 
Other Non-U.S. Government Securities8,723 9,053 
Total$19,273 $20,120 
The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at September 30, 2026:
(in millions of U.S. dollars)Fair ValueAmortized Cost, Net
China$7,869 $7,851 
United Kingdom2,858 3,014 
Canada2,755 2,841 
France
2,061 2,137 
United States (1)
1,628 1,716 
South Korea1,480 1,540 
Australia1,372 1,437 
Japan1,273 1,335 
Chile702 742 
Germany695 734 
Other Non-U.S. Corporate Securities7,995 8,331 
Total$30,688 $31,678 
(1)     The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Below-investment grade corporate fixed income portfolio
Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At September 30, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 12 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,700 issuers, with the greatest single exposure being $186 million.

We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Sixteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit
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as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.

Critical Accounting Estimates
Refer to Item 7 in our 2025 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2025.

Unpaid losses and loss expenses
As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

The following table presents a roll-forward of our unpaid losses and loss expenses:
(in millions of U.S. dollars)Gross
Losses
Reinsurance
Recoverable (1)
Net
Losses
Balance at December 31, 2025$88,018 $18,346 $69,672 
Losses and loss expenses incurred25,094 4,746 20,348 
Losses and loss expenses paid(21,683)(4,278)(17,405)
Other (including foreign exchange translation)400 105 295 
Balance at September 30, 2026$91,829 $18,919 $72,910 
(1)Net of valuation allowance for uncollectible reinsurance.

The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses).

Refer to Note 7 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.

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Catastrophe Management
We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at September 30, 2026, and does not represent our expected catastrophe losses for any one year.
Modeled Net Probable Maximum Loss (PML) Pre-tax
Worldwide (1)
U.S. Hurricane (2)
California Earthquake (3)
Annual AggregateAnnual AggregateSingle Occurrence
(in millions of U.S. dollars, except for percentages)Chubb% of Total Chubb
Shareholders’
Equity		Chubb% of Total Chubb
Shareholders’
Equity		Chubb% of Total Chubb
Shareholders’
Equity
1-in-10$2,826 3.9 %$1,501 2.0 %$147 0.2 %
1-in-100$5,458 7.5 %$3,601 4.9 %$1,758 2.4 %
1-in-250$8,795 12.0 %$6,120 8.4 %$2,094 2.9 %
(1)    Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.
(2)    U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding.
(3)    California earthquake modeled losses include the fire-following sub-peril.

The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at July 1, 2026, and reflect the April 1, 2026, reinsurance program, as well as inuring reinsurance protection coverage. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible.

According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,601 million (or 4.9 percent of total Chubb shareholders’ equity at September 30, 2026).

The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:
•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;
•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;
•The potential effects of climate change add to modeling complexity; and
•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2026. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.

Refer to Item 7 in our 2025 Form 10-K for more information on man-made and other catastrophes.

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Global Property Catastrophe Reinsurance Program
Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).

We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.

Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2026, through March 31, 2027. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Terrorism is covered in all three layers (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) in the United States on an aggregate basis above our retentions without a reinstatement.
Loss LocationLayer of LossCommentsNotes
United States
(excluding Alaska and Hawaii)
$0 million –
$1.75 billion
Losses retained by Chubb(a)
United States
(excluding Alaska and Hawaii)
$1.75 billion –
$2.85 billion
All natural perils and terrorism (b)
United States
(excluding Alaska and Hawaii)
$2.85 billion –
$4.0 billion
All natural perils and terrorism (c)
United States
(excluding Alaska and Hawaii)		$4.0 billion –
$5.7 billion		All natural perils and terrorism
International
(including Alaska and Hawaii)
$0 million –
$225 million
Losses retained by Chubb
(a)
International
(including Alaska and Hawaii)
$225 million –
$1.325 billion
All natural perils and terrorism (b)
Alaska, Hawaii, and Canada
$1.325 billion –
$2.475 billion
All natural perils and terrorism(c)
(a)    Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.
(b)    These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.
(c)    These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.




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Capital Resources
Capital resources consist of funds deployed or available to be deployed to support our business operations.
September 30December 31
(in millions of U.S. dollars, except for ratios)20262025
Short-term debt$668 $1,499 
Long-term debt 17,990 15,728 
Total financial debt18,658 17,227 
Trust preferred securities309 309 
Subordinated debt (1)
119 113 
      Total hybrid debt428 422 
Total Chubb shareholders' equity73,227 73,757 
Total capitalization92,313 91,406 
Less: Chubb unrealized gains (losses) on investments, net of deferred tax(7,757)(1,997)
Total adjusted capitalization$100,070 $93,403 
Ratio of financial debt to total adjusted capitalization (2)
18.6 %18.4 %
Ratio of financial debt and hybrid debt to total adjusted capitalization (2)
19.1 %18.8 %
(1) Capital Supplementary Bonds issued by Huatai Life.
(2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest).

Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments. In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.

Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2026:

•March 2026: Issued CHF200 million (approximately $254 million at the time of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.
•May 2026: Repaid $1.5 billion of 3.35 percent senior unsecured notes upon maturity.
•May 2026: Issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036.
•May 2026: Issued CNH4.0 billion senior unsecured notes (approximately $587 million at the time of issuance) in 5-year and 10-year tranches, at 2.40 percent and 2.85 percent, respectively.
•June 2026: Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively.
•August 2026: Issued CHF400 million senior unsecured notes (approximately $494 million at the time of issuance) in 3-year and 7-year tranches, at 0.86 percent and 1.22 percent, respectively.

Refer to Note 11 to the Consolidated Financial Statements for additional details.

For the nine months ended September 30, 2026, we repurchased $3.3 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At September 30, 2026, there were 17,590,778 Common Shares in treasury with a weighted-average cost of $251.22 per share. In May 2026, the Board authorized the repurchase of up to $7.5 billion of Chubb's Common Shares, effective July 1, 2026 with no expiration date. For the period October 1, 2026, through October 27, 2026, we repurchased 876,400 Common Shares for a total of $305 million in a series of open market transactions under the share repurchase authorization. At October 27, 2026, $6.0 billion in share repurchase authorization remained.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs.
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Dividends
We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 13 to the Consolidated Financial Statements for a discussion of our dividend methodology.

At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, or CHF 3.20 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 21, 2026, expected to be paid in four quarterly installments of $1.02 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2027 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2026 represented a $0.20 per share increase ($0.05 per quarter) over the prior year dividend.

The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: 
Shareholders of record as of:Dividends paid as of:
December 12, 2025January 2, 2026$0.97 (CHF 0.78)
March 13, 2026April 6, 2026$0.97 (CHF 0.75)
June 12, 2026July 2, 2026$1.02 (CHF 0.80)
September 11, 2026October 2, 2026$1.02 (CHF 0.83)

Liquidity
We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to the long-term capital markets, credit facilities, and commercial paper.

Our group syndicated credit facility has capacity of $3.0 billion and expires in December 2030. Our total credit facility capacity is $4.3 billion, $3.0 billion of which can be used for revolving credit. At September 30, 2026, our letter of credit borrowings outstanding under these facilities were $980 million. Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at September 30, 2026. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.

We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the availability under our $3.0 billion group syndicated credit facility. At September 30, 2026, there were no commercial paper borrowings outstanding.

We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At September 30, 2026, there were $3.2 billion in repurchase agreements outstanding with various maturities over the next two months.

The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the nine months ended September 30, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

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We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. The following table summarizes dividends paid to Chubb Limited and Chubb INA and redemptions of Chubb Limited's ownership interest in Chubb INA.

From Bermuda SubsidiariesFrom Chubb INA and SubsidiariesFrom Other International SubsidiariesFrom Swiss Subsidiaries
Nine Months Ended September 30Nine Months Ended September 30Nine Months Ended September 30Nine Months Ended September 30
(in millions of U.S. dollars)20262025202620252026202520262025
Dividends received by Chubb Limited$— $1,260 $— $— $149 $207 $174 $— 
Dividends received by Chubb INAN/AN/A1,605 1,850 N/AN/AN/AN/A
Chubb Ltd redemptions from Chubb INA (1)
N/AN/A2,875 2,250 N/AN/AN/AN/A
(1) In accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company. Chubb INA is expected to fully redeem, by the end of 2027, Chubb
Limited's ownership interest in Chubb INA.


Cash Flows
Nine Months Ended
September 30
(in millions of U.S. dollars)20262025
Net cash provided by operating activities$13,748 $8,756 
Net cash used for investing activities(9,895)(8,928)
Net cash used for financing activities(3,390)(189)

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements.
Net cash provided by operating activities increased $5.0 billion primarily due to higher net premiums collected, lower net losses paid, and higher net investment income collected. The increase also reflects $919 million net proceeds from sales of consolidated investment products (CIP) in the current year, compared to $985 million in net purchases of CIP in the prior year.

Cash used in investing increased $1.0 billion, primarily due to higher net purchases of fixed maturities and short-term investments of $1.9 billion and higher net use of cash for derivative settlements of $307 million. This activity was partially offset by lower net private equity contributions of $1.3 billion.

Cash used in financing increased $3.2 billion. This increase reflects higher common shares repurchases of $753 million, higher net repayment of repurchase agreements of $835 million, and higher net repayment of debt of $215 million. Additionally, the current year net capital distributed by consolidated investment products was $589 million compared to a prior year net third party capital invested in consolidated investment products of $1.0 billion. This activity was partially offset by higher net policyholder deposits of $264 million.

Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss.

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Information provided in connection with outstanding debt of subsidiaries
Chubb INA Holdings LLC (Chubb INA or Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer. Chubb Limited and Chubb INA act as holding companies within the Chubb Group and primarily hold investments in operating insurance subsidiaries. On a standalone basis, excluding investments in subsidiaries that are not issuers or guarantors, the combined assets, liabilities, and results of operations of Chubb Limited and Chubb INA are not material to investors’ assessment of the guaranteed notes. The creditworthiness of the guaranteed securities depends on the underlying operating insurance subsidiaries.

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
For disclosures regarding Market Risk, refer to Item 7A, Quantitative and Qualitative Disclosures about Market Risk, in our 2025 Form 10-K. There have been no material changes to Chubb's market risk exposures from those previously disclosed.

ITEM 4. Controls and Procedures
Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of September 30, 2026. Based upon that evaluation, Chubb’s Chief Executive Officer and Chief Financial Officer concluded that Chubb’s disclosure controls and procedures are effective in allowing information required to be disclosed in reports filed under the Securities Exchange Act of 1934 to be recorded, processed, summarized, and reported within time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to Chubb’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
There have been no changes in Chubb's internal controls over financial reporting during the three months ended September 30, 2026, that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

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Table of Contents
PART II OTHER INFORMATION
ITEM 1. Legal Proceedings
The information required with respect to this item is included in Note 12 f) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.
ITEM 1A. Risk Factors
There have been no material changes to the risk factors described under "Risk Factors" under Item 1A of Part I of our 2025 Form 10-K.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer’s Repurchases of Equity Securities
The following table provides information with respect to purchases by Chubb of its Common Shares during the three months ended September 30, 2026:
Period
Total Number of
Shares Purchased (1)
Average Price
Paid per Share
Total Number of Shares Purchased as Part of Publicly Announced Plan (2)
Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan (3)
July 1 through July 31317,233 $354.64 316,000 $7.39 billion
August 1 through August 311,218,390 $347.21 1,217,780 $6.97 billion
September 1 through September 301,887,406 $340.73 1,886,000 $6.33 billion
Total3,423,029 $344.33 3,419,780 
(1)This column represents open market share repurchases and the surrender to Chubb of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees and to cover the cost of the exercise of options by employees through stock swaps.
(2)The aggregate value of shares purchased in the three months ended September 30, 2026, as part of the publicly announced plan was $1.2 billion. Refer to Note 13 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.
(3)In May 2026, the Board of Directors authorized the repurchase of up to $7.5 billion of Chubb Common Shares effective July 1, 2026, with no expiration date. For the period October 1, 2026, through October 27, 2026, we repurchased 876,400 Common Shares for a total of $305 million in a series of open market transactions under the share repurchase authorization. At October 27, 2026, $6.02 billion in share repurchase authorization remained.

ITEM 5. Other Information
Insider Trading Arrangements
During the three months ended September 30, 2026, no director or officer of Chubb (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of SEC Regulation S-K.
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Table of Contents





ITEM 6. Exhibits
Incorporated by Reference
Exhibit
Number		Exhibit DescriptionFormOriginal
Number		Date FiledFiled
Herewith
3.1
8-K3.1May 22, 2026
3.2
10-K3.2February 27, 2025
4.1
8-K4.1May 22, 2026
4.2
10-K4.2February 27, 2025
22.1
10-Q22.1July 28, 2026
31.1
X
31.2
X
32.1
X
32.2
X
101.1
The following financial information from Chubb Limited’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, formatted in Inline XBRL:
(i) Consolidated Balance Sheets at September 30, 2026, and December 31, 2025; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2026 and 2025; (iii) Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2026 and 2025; (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2026 and 2025; and (v) Notes to Consolidated Financial Statements
X
104.1The Cover Page Interactive Data File formatted in Inline XBRL (The cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101.1)

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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
CHUBB LIMITED
(Registrant)
October 28, 2026/s/ Evan G. Greenberg
Evan G. Greenberg
Chairman and Chief Executive Officer
October 28, 2026/s/ Peter C. Enns
Peter C. Enns
Executive Vice President and Chief Financial Officer

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