EX-99.23d78544dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
Chubb Limited
Financial
Supplement
for the Quarter Ended June 30, 2026
Investor Contact
Susan Spivak: (212) 827-4445
email: investorrelations@chubb.com
This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange
Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any
forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and
recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial,
legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual
market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited
Financial Supplement Table of Contents
Page
I.
Financial Highlights
- Consolidated Financial Highlights
1
II.
Consolidated Results
- Consolidated Statement of Operations
2
- P&C - Consecutive Quarters
3
- Global P&C - Consecutive Quarters
4
- Summary Consolidated Balance Sheets
5
- Product Line
6
- Consolidated Results by Segment
7 - 8
III.
Segment Results
- North America Commercial P&C Insurance
9
- North America Personal P&C Insurance
10
- North America Agricultural Insurance
11
- Overseas General Insurance
12
- Global Reinsurance
13
- Life Insurance
14
- Corporate
15
IV.
Balance Sheet Details
- Loss Reserve Rollforward
16
- Reinsurance Recoverable Analysis
17
- Investment Portfolio
18 - 21
- Net Realized and Unrealized Gains (Losses)
22 - 23
- Debt and Capital
24
- Computation of Basic and Diluted Earnings Per Share
25
- Book Value and Book Value per Common Share
26
V.
Other Disclosures
- Non-GAAP Financial Measures
27 - 33
- Glossary
34
Note on Chubb Metrics:
In this financial supplement, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core
operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.
Chubb Limited
Consolidated Financial Highlights
(in millions
of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations
using rounded dollars may differ.
Three months ended June 30
Constant $
Constant $
Six months ended June 30
Constant $
Constant $
2026
2025
% Change
2025
% Change
2026
2025
% Change
2025
% Change
Gross premiums written
$
17,947
$
17,276
3.9%
$
17,534
2.4%
$
34,498
$
32,381
6.5%
$
33,069
4.3%
Net premiums written
$
14,705
$
14,196
3.6%
$
14,417
2.0%
$
28,710
$
26,842
7.0%
$
27,417
4.7%
P&C net premiums written
$
12,768
$
12,394
3.0%
$
12,595
1.4%
$
24,484
$
23,320
5.0%
$
23,844
2.7%
Global P&C net premiums written
$
11,992
$
11,661
2.8%
$
11,862
1.1%
$
23,397
$
22,311
4.9%
$
22,835
2.5%
Life Insurance net premiums written
$
1,937
$
1,802
7.5%
$
1,822
6.3%
$
4,226
$
3,522
20.0%
$
3,573
18.3%
Net premiums earned
$
13,889
$
13,125
5.8%
$
13,350
4.0%
$
27,346
$
25,125
8.8%
$
25,637
6.7%
P&C underwriting income
$
1,937
$
1,631
18.8%
$
1,671
16.0%
$
3,729
$
2,072
80.0%
$
2,156
73.0%
P&C CAY underwriting income ex Cats
$
2,129
$
2,012
5.8%
$
2,048
4.0%
$
4,135
$
3,839
7.7%
$
3,913
5.7%
Adjusted net investment income
$
1,880
$
1,687
11.4%
$
1,702
10.5%
$
3,718
$
3,357
10.8%
$
3,388
9.7%
Core operating income
$
2,842
$
2,480
14.6%
$
2,515
13.0%
$
5,531
$
3,969
39.4%
$
4,049
36.6%
Adjusted operating cash flow
$
3,476
$
3,231
$
7,279
$
5,232
Net investment income
$
1,760
$
1,568
12.3%
$
1,579
11.5%
$
3,469
$
3,129
10.9%
$
3,154
10.0%
Chubb net income
$
2,854
$
2,968
-3.8%
$
5,174
$
4,299
20.4%
Operating cash flow
$
3,730
$
3,551
$
7,677
$
5,117
P&C combined ratio
Loss and loss expense ratio
56.7%
59.0%
56.2%
63.1%
Policy acquisition cost and administrative expense ratio
27.1%
26.6%
27.7%
27.3%
Combined ratio
83.8%
85.6%
83.9%
90.4%
P&C Current Accident Year (CAY) combined ratio ex
Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats
55.2%
55.6%
54.5%
55.1%
CAY policy acquisition cost and administrative expense ratio ex Cats
27.0%
26.7%
27.7%
27.2%
CAY combined ratio ex Cats
82.2%
82.3%
82.2%
82.3%
ROE
15.3%
17.6%
13.9%
12.9%
Core operating return on tangible equity (ROTE)
21.2%
21.0%
20.9%
16.9%
Core operating return on equity (ROE)
14.5%
13.9%
14.3%
11.2%
Effective tax rate
20.6%
19.4%
21.1%
19.4%
Core operating effective tax rate
19.2%
19.1%
19.3%
19.1%
Diluted earnings per share
Chubb net income
$
7.30
$
7.35
-0.7%
$
13.17
$
10.63
23.9%
Core operating income
$
7.26
$
6.14
18.2%
$
14.07
$
9.82
43.3%
Weighted average diluted common shares outstanding
391.3
403.8
393.0
404.3
% Change
% Change
% Change
June 30
March 31
2Q-26 vs.
December 31
2Q-26 vs.
June 30
2Q-26 vs.
2026
2026
1Q-26
2025
4Q-25
2025
2Q-25
Book value per common share
$
195.45
$
189.93
2.9%
$
188.59
3.6%
$
174.07
12.3%
Tangible book value per common share
$
131.93
$
126.65
4.2%
$
126.22
4.5%
$
112.64
17.1%
Book value per common share, excl. AOCI
$
210.81
$
205.15
2.8%
$
201.31
4.7%
$
189.27
11.4%
Tangible book value per common share, excl. AOCI
$
145.67
$
140.35
3.8%
$
136.91
6.4%
$
125.80
15.8%
Financial Highlights
Page 1
Chubb Limited
Statement of Operations - Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)
Consolidated Statements of Operations
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
17,947
$
16,551
$
15,496
$
18,069
$
17,276
$
34,498
$
32,381
$
65,946
Net premiums written
14,705
14,005
13,134
14,866
14,196
28,710
26,842
54,842
Net premiums earned
13,889
13,457
13,530
14,359
13,125
27,346
25,125
53,014
Adjusted losses and loss expenses (1)
6,699
6,139
6,289
6,958
6,574
12,838
13,469
26,716
Realized (gains) losses on crop derivatives
8
8
8
7
2
16
1
16
Losses and loss expenses
6,691
6,131
6,281
6,951
6,572
12,822
13,468
26,700
Adjusted policy benefits (2)
1,480
1,813
1,355
1,422
1,378
3,293
2,654
5,431
Realized (gains) losses from investment portfolios supporting participating policies
(72
)
16
27
41
(40
)
(56
)
(1
)
67
(Gains) losses from fair value changes in separate account assets
(63
)
12
(127
)
9
12
(51
)
22
(96
)
Policy benefits
1,615
1,785
1,455
1,372
1,406
3,400
2,633
5,460
Policy acquisition costs
2,632
2,596
2,556
2,563
2,415
5,228
4,728
9,847
Administrative expenses
1,168
1,149
1,161
1,138
1,125
2,317
2,205
4,504
Adjusted net investment income (3)
1,880
1,838
1,814
1,776
1,687
3,718
3,357
6,947
Other (income) expense from private equity partnerships
(119
)
(127
)
(125
)
(127
)
(115
)
(246
)
(222
)
(474
)
Amortization expense of fair value adjustment on acquired invested assets
(1
)
(2
)
(1
)
(1
)
(4
)
(3
)
(6
)
(8
)
Net investment income
1,760
1,709
1,688
1,648
1,568
3,469
3,129
6,465
Adjusted realized gains (losses) (4)
98
(383
)
(81
)
331
122
(285
)
44
294
Realized gains (losses) from investment portfolios supporting participating policies
72
(16
)
(27
)
(41
)
40
56
1
(67
)
Realized gains (losses) on crop derivatives
(8
)
(8
)
(8
)
(7
)
(2
)
(16
)
(1
)
(16
)
Net realized gains (losses)
162
(407
)
(116
)
283
160
(245
)
44
211
Market risk benefits gains (losses)
5
14
(37
)
(142
)
(17
)
19
(109
)
(288
)
Adjusted interest expense (5)
205
203
210
203
186
408
372
785
Amortization benefit of fair value adjustment on acquired long term debt
(5
)
(5
)
(5
)
(6
)
(5
)
(10
)
(10
)
(21
)
Interest expense
200
198
205
197
181
398
362
764
Gains (losses) from fair value changes in separate account assets
63
(12
)
127
(9
)
(12
)
51
(22
)
96
Net realized gains (losses) related to unconsolidated entities
2
27
282
(84
)
540
29
515
713
Other income (expense) from private equity partnerships
119
127
125
127
115
246
222
474
Other income (expense) - operating
12
19
(18
)
9
12
31
23
14
Other income (expense)
196
161
516
43
655
357
738
1,297
Amortization expense of purchased intangibles
74
73
77
75
74
147
149
301
Integration expenses and severance
8
9
76
1
2
17
2
79
Income tax expense (benefit)
742
646
597
787
717
1,388
1,038
2,422
Net income
$
2,882
$
2,347
$
3,173
$
3,107
$
2,999
$
5,229
$
4,342
$
10,622
Less: NCI income (loss)
28
27
(37
)
306
31
55
43
312
Chubb net income
$
2,854
$
2,320
$
3,210
$
2,801
$
2,968
$
5,174
$
4,299
$
10,310
(1) Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.
(2) Adjusted policy benefits used throughout this report includes gains and losses from fair value changes in separate account assets that do not qualify for separate
account reporting under U.S. GAAP and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.
(3) Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income
from private equity partnerships where we hold more than 3% ownership.
(4) Adjusted realized gains (losses) used throughout this report excludes realized gains and
losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.
(5) Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.
Statement of Operations
Page 2
Chubb Limited
P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
P&C
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
15,953
$
14,206
$
13,612
$
16,074
$
15,410
$
30,159
$
28,737
$
58,423
Net premiums written
12,768
11,716
11,309
12,934
12,394
24,484
23,320
47,563
Net premiums earned
11,955
11,189
11,716
12,434
11,336
23,144
21,640
45,790
Adjusted losses and loss expenses
6,677
6,111
6,257
6,927
6,554
12,788
13,423
26,607
Policy benefits
106
113
109
119
129
219
242
470
Policy acquisition costs
2,280
2,234
2,214
2,204
2,096
4,514
4,099
8,517
Administrative expenses
955
939
939
925
926
1,894
1,804
3,668
P&C underwriting income
$
1,937
$
1,792
$
2,197
$
2,259
$
1,631
$
3,729
$
2,072
$
6,528
P&C CAY underwriting income ex Cats
$
2,129
$
2,006
$
2,294
$
2,183
$
2,012
$
4,135
$
3,839
$
8,316
% Change versus prior year period
Net premiums written
3.0%
7.2%
7.7%
5.3%
5.2%
5.0%
4.3%
5.4%
Net premiums earned
5.5%
8.6%
6.2%
5.0%
5.7%
7.0%
4.6%
5.1%
Net premiums written constant $
1.4%
4.1%
6.9%
4.7%
5.8%
2.7%
5.4%
5.6%
Net premiums earned constant $
3.6%
5.9%
5.3%
4.2%
6.3%
4.7%
5.7%
5.2%
Combined ratio
Loss and loss expense ratio
56.7%
55.6%
54.3%
56.7%
59.0%
56.2%
63.1%
59.1%
Policy acquisition cost ratio
19.1%
20.0%
18.9%
17.7%
18.5%
19.5%
18.9%
18.6%
Administrative expense ratio
8.0%
8.4%
8.0%
7.4%
8.1%
8.2%
8.4%
8.0%
Combined ratio
83.8%
84.0%
81.2%
81.8%
85.6%
83.9%
90.4%
85.7%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
55.2%
53.8%
53.2%
57.5%
55.6%
54.5%
55.1%
55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats
27.0%
28.3%
27.2%
25.0%
26.7%
27.7%
27.2%
26.6%
CAY combined ratio ex Cats
82.2%
82.1%
80.4%
82.5%
82.3%
82.2%
82.3%
81.9%
Other ratios
Net premiums written/gross premiums written
80%
82%
83%
80%
80%
81%
81%
81%
Expense ratio
27.1%
28.4%
26.9%
25.1%
26.6%
27.7%
27.3%
26.6%
Expense ratio excluding A&H
25.5%
26.8%
25.3%
23.6%
25.1%
26.1%
25.7%
25.0%
Net catastrophe losses - pre-tax
$
475
$
500
$
365
$
285
$
630
$
975
$
2,271
$
2,921
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
(283)
$
(286)
$
(268)
$
(361)
$
(249)
$
(569)
$
(504)
$
(1,133)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)
4.0%
4.5%
3.0%
2.3%
5.5%
4.2%
10.5%
6.3%
Impact of PPD on combined ratio - Unfavorable (favorable)
-2.4%
-2.6%
-2.3%
-3.0%
-2.2%
-2.5%
-2.4%
-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)
1.6%
1.9%
0.7%
-0.7%
3.3%
1.7%
8.1%
3.8%
P&C Results
Page 3
Chubb Limited
Global P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
14,841
$
13,705
$
13,005
$
13,558
$
14,300
$
28,546
$
27,193
$
53,756
Net premiums written
11,992
11,405
10,850
11,476
11,661
23,397
22,311
44,637
Net premiums earned
11,314
11,000
11,055
10,939
10,738
22,314
20,877
42,871
Adjusted losses and loss expenses
6,151
6,058
5,817
5,703
6,071
12,209
12,848
24,368
Policy benefits
106
113
109
119
129
219
242
470
Policy acquisition costs
2,235
2,210
2,196
2,118
2,048
4,445
4,034
8,348
Administrative expenses
951
945
954
920
924
1,896
1,800
3,674
Global P&C underwriting income
$
1,871
$
1,674
$
1,979
$
2,079
$
1,566
$
3,545
$
1,953
$
6,011
Global P&C CAY underwriting income ex Cats
$
2,049
$
1,964
$
2,130
$
2,029
$
1,946
$
4,013
$
3,737
$
7,896
% Change versus prior year period
Net premiums written
2.8%
7.1%
6.6%
5.3%
5.8%
4.9%
4.4%
5.2%
Net premiums earned
5.4%
8.5%
5.3%
4.9%
6.3%
6.9%
4.7%
4.9%
Net premiums written constant $
1.1%
3.9%
5.7%
4.6%
6.4%
2.5%
5.7%
5.4%
Net premiums earned constant $
3.4%
5.8%
4.4%
4.1%
7.0%
4.6%
5.8%
5.0%
Combined ratio
Loss and loss expense ratio
55.3%
56.1%
53.6%
53.2%
57.7%
55.7%
62.7%
57.9%
Policy acquisition cost ratio
19.8%
20.1%
19.9%
19.4%
19.1%
19.9%
19.3%
19.5%
Administrative expense ratio
8.4%
8.6%
8.6%
8.4%
8.6%
8.5%
8.6%
8.6%
Combined ratio
83.5%
84.8%
82.1%
81.0%
85.4%
84.1%
90.6%
86.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
53.8%
53.5%
52.6%
54.0%
54.3%
53.7%
54.3%
53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats
28.1%
28.7%
28.3%
27.6%
27.6%
28.3%
27.8%
27.9%
CAY combined ratio ex Cats
81.9%
82.2%
80.9%
81.6%
81.9%
82.0%
82.1%
81.7%
Other ratios
Net premiums written/gross premiums written
81%
83%
83%
85%
82%
82%
82%
83%
Expense ratio
28.2%
28.7%
28.5%
27.8%
27.7%
28.4%
27.9%
28.1%
Expense ratio excluding A&H
26.6%
27.1%
26.9%
26.2%
26.1%
26.8%
26.4%
26.4%
Net catastrophe losses - pre-tax
$
461
$
496
$
361
$
281
$
629
$
957
$
2,255
$
2,897
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
(283)
$
(206)
$
(210)
$
(331)
$
(249)
$
(489)
$
(471)
$
(1,012)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)
4.1%
4.5%
3.2%
2.6%
5.8%
4.3%
10.7%
6.8%
Impact of PPD on combined ratio - Unfavorable (favorable)
-2.5%
-1.9%
-2.0%
-3.2%
-2.3%
-2.2%
-2.2%
-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)
1.6%
2.6%
1.2%
-0.6%
3.5%
2.1%
8.5%
4.3%
Global P&C
Page 4
Chubb Limited
Summary Consolidated Balance Sheets
(in
millions of U.S. dollars, except per share data)
(Unaudited)
June 30
2026
March 31
2026
December 31
2025
Assets
Short-term investments, at fair value
$
5,458
$
5,067
$
4,840
Fixed maturities available for sale, at fair value
125,518
123,433
122,680
Private debtheld-for-investment, at amortized cost
2,252
2,477
2,411
Equity securities, at fair value
11,014
10,916
10,801
Private equities
17,385
17,132
17,239
Other investments
11,022
11,170
10,749
Total investments
172,649
170,195
168,720
Cash and restricted cash
2,753
2,634
2,470
Total invested assets
175,402
172,829
171,190
Securities lending collateral
1,870
2,277
2,500
Insurance and reinsurance balances receivable
19,068
17,101
15,944
Reinsurance recoverable on losses and loss expenses
20,284
20,159
20,338
Deferred policy acquisition costs
10,744
10,452
10,008
Value of business acquired (VOBA)
2,828
2,926
2,975
Prepaid reinsurance premiums
4,683
4,105
3,874
Goodwill and other intangible assets ($25,859 and $25,775 represents Chubb portion as of 6/30/2026 and
12/31/2025, respectively)
26,488
26,587
26,448
Deferred tax assets
1,237
1,315
1,312
Separate account assets
7,471
6,718
6,925
Other assets
11,247
10,987
10,813
Total assets
$
281,322
$
275,456
$
272,327
Liabilities
Unpaid losses and loss expenses
$
89,669
$
88,915
$
88,018
Unearned premiums
28,511
27,180
26,279
Future policy benefits
20,159
19,273
18,420
Market risk benefits
505
642
659
Policyholder account balances
9,102
8,782
8,576
Separate account liabilities
7,471
6,718
6,925
Insurance and reinsurance balances payable
9,345
8,486
8,349
Securities lending payable
1,870
2,277
2,500
Accounts payable, accrued expenses, and other liabilities
13,433
13,617
13,432
Deferred tax liabilities
1,870
1,759
1,741
Short-term and long-term debt
18,115
17,470
17,227
Hybrid debt
427
425
422
Total liabilities
200,477
195,544
192,548
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI
81,295
79,699
78,732
Accumulated other comprehensive income (loss) (AOCI)
(5,923)
(5,911)
(4,975)
Chubb shareholders’ equity
75,372
73,788
73,757
Noncontrolling interests
5,473
6,124
6,022
Total shareholders’ equity
80,845
79,912
79,779
Total liabilities and shareholders’ equity
$
281,322
$
275,456
$
272,327
Book value per common share
$
195.45
$
189.93
$
188.59
% change over prior quarter
2.9%
0.7%
3.5%
Tangible book value per common share(1)
$
131.93
$
126.65
$
126.22
% change over prior quarter
4.2%
0.3%
5.1%
Book value per common share, excl. AOCI
$
210.81
$
205.15
$
201.31
% change over prior quarter
2.8%
1.9%
3.4%
Tangible book value per common share, excl. AOCI
$
145.67
$
140.35
$
136.91
% change over prior quarter
3.8%
2.5%
4.8%
(1) Refer to page 26 in this financial supplement for more details.
Consol Bal Sheet
Page 5
Chubb Limited
Consolidated Net Premiums Written by Product Line
(in millions of U.S. dollars)
(Unaudited)
Constant $
YTD
YTD
Constant $
2Q-26
2Q-25
% Change
% Change
2026
2025
% Change
% Change
Net premiums written
Property and other short-tail lines
$
2,486
$
2,766
-10.1%
-11.7%
$
4,953
$
5,255
-5.8%
-8.3%
Commercial casualty
2,543
2,389
6.4%
5.2%
5,114
4,641
10.2%
8.3%
Financial lines
1,331
1,278
4.2%
2.6%
2,424
2,357
2.9%
0.6%
Workers’ compensation
581
547
6.2%
6.2%
1,207
1,185
1.9%
1.9%
Commercial multiple peril (1)
537
481
11.6%
11.4%
991
897
10.5%
10.3%
Surety
247
225
10.0%
6.9%
467
425
9.9%
6.4%
Total Commercial P&C lines
7,725
7,686
0.5%
-0.9%
15,156
14,760
2.7%
0.6%
Agriculture
776
733
6.0%
6.0%
1,087
1,009
7.8%
7.8%
Personal homeowners
1,640
1,535
6.8%
6.0%
2,913
2,678
8.8%
7.7%
Personal automobile
861
779
10.5%
4.3%
1,716
1,470
16.8%
9.7%
Personal other
530
475
11.4%
9.0%
1,090
986
10.5%
7.2%
Total Personal lines (2)
3,031
2,789
8.6%
6.0%
5,719
5,134
11.4%
8.2%
Global A&H - P&C
882
806
9.3%
6.0%
1,805
1,629
10.8%
6.1%
Reinsurance lines
354
380
-6.7%
-6.7%
717
788
-9.0%
-9.3%
Total P&C
$
12,768
$
12,394
3.0%
1.4%
$
24,484
$
23,320
5.0%
2.7%
Life Insurance
1,937
1,802
7.5%
6.3%
4,226
3,522
20.0%
18.3%
Total Consolidated
$
14,705
$
14,196
3.6%
2.0%
$
28,710
$
26,842
7.0%
4.7%
(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.
Product Line
Page 6
Chubb Limited
Consolidated Results
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Three months ended June 30, 2026
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q2 2026
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
5,594
$
2,054
$
776
$
3,990
$
354
$
-
$
12,768
$
1,937
$
14,705
% of total net premiums written
39%
14%
5%
27%
2%
0%
87%
13%
100%
Net premiums earned
5,214
1,817
641
3,984
299
-
11,955
1,934
13,889
Adjusted losses and loss expenses
3,372
791
526
1,709
121
158
6,677
22
6,699
Adjusted policy benefits
-
-
-
106
-
-
106
1,374
1,480
Policy acquisition costs
730
347
45
1,060
98
-
2,280
352
2,632
Administrative expenses
351
86
4
399
8
107
955
213
1,168
Underwriting income (loss)
761
593
66
710
72
(265)
1,937
(27)
1,910
Adjusted net investment income
982
140
21
313
110
(9)
1,557
323
1,880
Other income (expense) - operating
(15)
(3)
(2)
(6)
-
(7)
(33)
45
12
Amortization expense of purchased intangibles
(1)
(2)
(6)
(22)
-
(34)
(65)
(9)
(74)
Segment income (loss)
$
1,727
$
728
$
79
$
995
$
182
$
(315)
$
3,396
$
332
$
3,728
Combined ratio
85.4%
67.3%
89.7%
82.2%
76.1%
83.8%
CAY combined ratio ex Cats
81.8%
69.9%
87.6%
85.2%
76.9%
82.2%
Three months ended June 30, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q2 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
5,723
$
1,938
$
733
$
3,620
$
380
$
-
$
12,394
$
1,802
$
14,196
% of total net premiums written
39%
14%
5%
26%
3%
0%
87%
13%
100%
Net premiums earned
5,177
1,681
598
3,542
338
-
11,336
1,789
13,125
Adjusted losses and loss expenses
3,258
822
483
1,789
132
70
6,554
20
6,574
Adjusted policy benefits
-
-
-
129
-
-
129
1,249
1,378
Policy acquisition costs
705
332
48
913
98
-
2,096
319
2,415
Administrative expenses
357
82
2
369
10
106
926
199
1,125
Underwriting income (loss)
857
445
65
342
98
(176)
1,631
2
1,633
Adjusted net investment income
938
118
19
278
85
(25)
1,413
274
1,687
Other income (expense) - operating
(8)
-
-
(5)
-
(12)
(25)
37
12
Amortization expense of purchased intangibles
(2)
(2)
(6)
(19)
-
(37)
(66)
(8)
(74)
Segment income (loss)
$
1,785
$
561
$
78
$
596
$
183
$
(250)
$
2,953
$
305
$
3,258
Combined ratio
83.5%
73.5%
89.1%
90.3%
71.0%
85.6%
CAY combined ratio ex Cats
81.1%
72.2%
88.8%
85.4%
73.5%
82.3%
Consol Results - QTD
Page 7
Chubb Limited
Consolidated Results
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Six months ended June 30, 2026
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
YTD 2026
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
10,489
$
3,735
$
1,087
$
8,456
$
717
$
-
$
24,484
$
4,226
$
28,710
% of total net premiums written
37%
13%
4%
29%
2%
0%
85%
15%
100%
Net premiums earned
10,362
3,563
830
7,764
625
-
23,144
4,202
27,346
Adjusted losses and loss expenses
6,592
1,825
579
3,361
258
173
12,788
50
12,838
Adjusted policy benefits
-
-
-
219
-
-
219
3,074
3,293
Policy acquisition costs
1,482
694
69
2,069
200
-
4,514
714
5,228
Administrative expenses
705
171
(2)
786
17
217
1,894
423
2,317
Underwriting income (loss)
1,583
873
184
1,329
150
(390)
3,729
(59)
3,670
Adjusted net investment income
1,953
277
47
613
218
(18)
3,090
628
3,718
Other income (expense) - operating
(29)
(6)
(2)
(12)
-
(16)
(65)
96
31
Amortization expense of purchased intangibles
(2)
(4)
(12)
(44)
-
(68)
(130)
(17)
(147)
Segment income (loss)
$
3,505
$
1,140
$
217
$
1,886
$
368
$
(492)
$
6,624
$
648
$
7,272
Combined ratio
84.7%
75.5%
77.8%
82.9%
76.1%
83.9%
CAY combined ratio ex Cats
81.8%
70.6%
85.4%
85.3%
75.2%
82.2%
Six months ended June 30, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
YTD 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
10,510
$
3,490
$
1,009
$
7,523
$
788
$
-
$
23,320
$
3,522
$
26,842
% of total net premiums written
39%
13%
4%
28%
3%
0%
87%
13%
100%
Net premiums earned
10,165
3,255
763
6,751
706
-
21,640
3,485
25,125
Adjusted losses and loss expenses
6,289
2,915
575
3,186
374
84
13,423
46
13,469
Adjusted policy benefits
-
-
-
242
-
-
242
2,412
2,654
Policy acquisition costs
1,424
662
65
1,750
198
-
4,099
629
4,728
Administrative expenses
701
169
4
699
20
211
1,804
401
2,205
Underwriting income (loss)
1,751
(491)
119
874
114
(295)
2,072
(3)
2,069
Adjusted net investment income
1,867
238
43
559
155
(50)
2,812
545
3,357
Other income (expense) - operating
(16)
(1)
(1)
(11)
-
(20)
(49)
72
23
Amortization expense of purchased intangibles
(3)
(4)
(12)
(38)
-
(74)
(131)
(18)
(149)
Segment income (loss)
$
3,599
$
(258)
$
149
$
1,384
$
269
$
(439)
$
4,704
$
596
$
5,300
Combined ratio
82.8%
115.1%
84.4%
87.0%
83.8%
90.4%
CAY combined ratio ex Cats
81.2%
73.6%
86.7%
85.5%
73.9%
82.3%
Consol Results - YTD
Page 8
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Commercial P&C Insurance
YTD
YTD
Full Year
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
2026
2025
2025
Gross premiums written
$
7,194
$
5,890
$
6,177
$
6,652
$
7,038
$
13,084
$
12,734
$
25,563
Net premiums written
5,594
4,895
5,107
5,663
5,723
10,489
10,510
21,280
Net premiums earned
5,214
5,148
5,136
5,080
5,177
10,362
10,165
20,381
Losses and loss expenses
3,372
3,220
2,941
3,083
3,258
6,592
6,289
12,313
Policy acquisition costs
730
752
759
708
705
1,482
1,424
2,891
Administrative expenses
351
354
345
348
357
705
701
1,394
Underwriting income
761
822
1,091
941
857
1,583
1,751
3,783
Adjusted net investment income
982
971
995
978
938
1,953
1,867
3,840
Other income (expense) - operating
(15
)
(14
)
(33
)
(10
)
(8
)
(29
)
(16
)
(59
)
Amortization expense of purchased intangibles
(1
)
(1
)
(1
)
(1
)
(2
)
(2
)
(3
)
(5
)
Segment income
$
1,727
$
1,778
$
2,052
$
1,908
$
1,785
$
3,505
$
3,599
$
7,559
CAY underwriting income ex Cats
$
952
$
935
$
1,045
$
987
$
980
$
1,887
$
1,914
$
3,946
Combined ratio
Loss and loss expense ratio
64.7%
62.5%
57.2%
60.7%
62.9%
63.6%
61.9%
60.4%
Policy acquisition cost ratio
14.0%
14.6%
14.8%
13.9%
13.7%
14.3%
14.0%
14.2%
Administrative expense ratio
6.7%
6.9%
6.8%
6.9%
6.9%
6.8%
6.9%
6.8%
Combined ratio
85.4%
84.0%
78.8%
81.5%
83.5%
84.7%
82.8%
81.4%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
61.1%
60.4%
58.6%
60.4%
60.6%
60.7%
60.3%
59.9%
CAY policy acquisition cost and administrative expense ratio ex Cats
20.7%
21.4%
21.3%
20.4%
20.5%
21.1%
20.9%
20.9%
CAY combined ratio ex Cats
81.8%
81.8%
79.9%
80.8%
81.1%
81.8%
81.2%
80.8%
Net catastrophe losses - pre-tax
$
302
$
202
$
129
$
72
$
229
$
504
$
383
$
584
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
(111
)
$
(89
)
$
(175
)
$
(26
)
$
(106
)
$
(200
)
$
(220
)
$
(421
)
% Change versus prior year period
Net premiums written
-2.3%
2.3%
4.3%
2.9%
4.1%
-0.2%
3.1%
3.4%
Net premiums earned
0.7%
3.2%
0.4%
-0.6%
5.7%
1.9%
3.9%
1.9%
Other ratios
Net premiums written/gross premiums written
78%
83%
83%
85%
81%
80%
83%
83%
Production by Size - Net premiums written(1)
Major Accounts & Specialty
$
3,257
$
2,772
$
3,003
$
3,379
$
3,578
$
6,029
$
6,309
$
12,691
Commercial
2,337
2,123
2,104
2,284
2,145
4,460
4,201
8,589
Total
$
5,594
$
4,895
$
5,107
$
5,663
$
5,723
$
10,489
$
10,510
$
21,280
(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small
commercial accounts.
NA Commercial
Page 9
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Personal P&C Insurance
YTD
YTD
Full Year
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
2026
2025
2025
Gross premiums written
$
2,315
$
1,934
$
1,984
$
2,078
$
2,208
$
4,249
$
4,048
$
8,110
Net premiums written
2,054
1,681
1,720
1,814
1,938
3,735
3,490
7,024
Net premiums earned
1,817
1,746
1,767
1,741
1,681
3,563
3,255
6,763
Losses and loss expenses
791
1,034
889
713
822
1,825
2,915
4,517
Policy acquisition costs
347
347
336
339
332
694
662
1,337
Administrative expenses
86
85
85
82
82
171
169
336
Underwriting income (loss)
593
280
457
607
445
873
(491
)
573
Net investment income
140
137
125
123
118
277
238
486
Other income (expense) - operating
(3
)
(3
)
(1
)
(1
)
-
(6
)
(1
)
(3
)
Amortization expense of purchased intangibles
(2
)
(2
)
(2
)
(2
)
(2
)
(4
)
(4
)
(8
)
Segment income (loss)
$
728
$
412
$
579
$
727
$
561
$
1,140
$
(258
)
$
1,048
CAY underwriting income ex Cats
$
546
$
501
$
533
$
486
$
466
$
1,047
$
872
$
1,891
Combined ratio
Loss and loss expense ratio
43.5%
59.3%
50.4%
41.0%
48.9%
51.2%
89.5%
66.8%
Policy acquisition cost ratio
19.1%
19.9%
18.9%
19.4%
19.7%
19.5%
20.4%
19.7%
Administrative expense ratio
4.7%
4.8%
4.8%
4.7%
4.9%
4.8%
5.2%
5.0%
Combined ratio
67.3%
84.0%
74.1%
65.1%
73.5%
75.5%
115.1%
91.5%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
46.1%
46.6%
46.2%
48.0%
47.6%
46.3%
48.4%
47.7%
CAY policy acquisition cost and administrative expense ratio ex Cats
23.8%
24.7%
23.7%
24.1%
24.6%
24.3%
25.2%
24.6%
CAY combined ratio ex Cats
69.9%
71.3%
69.9%
72.1%
72.2%
70.6%
73.6%
72.3%
Net catastrophe losses - pre-tax
$
126
$
222
$
76
$
161
$
142
$
348
$
1,484
$
1,721
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
(173
)
$
(1
)
$
-
$
(282
)
$
(121
)
$
(174
)
$
(121
)
$
(403
)
% Change versus prior year period
Net premiums written
6.0%
8.3%
6.1%
8.1%
9.1%
7.0%
8.0%
7.5%
Net premiums earned
8.1%
10.9%
8.5%
10.5%
11.1%
9.5%
9.1%
9.3%
Other ratios
Net premiums written/gross premiums written
89%
87%
87%
87%
88%
88%
86%
87%
NA Personal
Page 10
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Agricultural Insurance
YTD
YTD
Full Year
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
2026
2025
2025
Gross premiums written
$
1,112
$
501
$
607
$
2,516
$
1,110
$
1,613
$
1,544
$
4,667
Net premiums written
776
311
459
1,458
733
1,087
1,009
2,926
Net premiums earned
641
189
661
1,495
598
830
763
2,919
Adjusted losses and loss expenses
526
53
440
1,224
483
579
575
2,239
Policy acquisition costs
45
24
18
86
48
69
65
169
Administrative expenses
4
(6
)
(15
)
5
2
(2
)
4
(6
)
Underwriting income
66
118
218
180
65
184
119
517
Net investment income
21
26
23
20
19
47
43
86
Other income (expense) - operating
(2
)
-
(1
)
-
-
(2
)
(1
)
(2
)
Amortization expense of purchased intangibles
(6
)
(6
)
(6
)
(6
)
(6
)
(12
)
(12
)
(24
)
Segment income
$
79
$
138
$
234
$
194
$
78
$
217
$
149
$
577
CAY underwriting income ex Cats
$
80
$
42
$
164
$
154
$
66
$
122
$
102
$
420
Combined ratio
Loss and loss expense ratio
82.0%
27.9%
66.5%
81.9%
80.8%
69.7%
75.4%
76.7%
Policy acquisition cost ratio
7.2%
12.6%
2.8%
5.8%
7.9%
8.4%
8.5%
5.8%
Administrative expense ratio
0.5%
-3.0%
-2.3%
0.3%
0.4%
-0.3%
0.5%
-0.2%
Combined ratio
89.7%
37.5%
67.0%
88.0%
89.1%
77.8%
84.4%
82.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
80.0%
68.0%
66.2%
83.6%
80.5%
77.3%
77.3%
78.5%
CAY policy acquisition cost and administrative expense ratio ex Cats
7.6%
9.6%
3.8%
6.1%
8.3%
8.1%
9.4%
6.5%
CAY combined ratio ex Cats
87.6%
77.6%
70.0%
89.7%
88.8%
85.4%
86.7%
85.0%
Net catastrophe losses - pre-tax
$
14
$
4
$
4
$
4
$
1
$
18
$
16
$
24
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
-
$
(80
)
$
(58
)
$
(30
)
$
-
$
(80
)
$
(33
)
$
(121
)
% Change versus prior year period
Net premiums written
6.0%
12.7%
45.1%
5.6%
-3.3%
7.8%
0.2%
8.2%
Net premiums earned
7.2%
14.6%
24.0%
5.4%
-4.3%
8.8%
1.2%
7.9%
Other ratios
Net premiums written/gross premiums written
70%
62%
76%
58%
66%
67%
65%
63%
NA Agriculture
Page 11
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Overseas General Insurance
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
4,903
$
5,478
$
4,608
$
4,496
$
4,588
$
10,381
$
9,492
$
18,596
Net premiums written
3,990
4,466
3,806
3,695
3,620
8,456
7,523
15,024
Net premiums earned
3,984
3,780
3,820
3,803
3,542
7,764
6,751
14,374
Losses and loss expenses
1,709
1,652
1,696
1,707
1,789
3,361
3,186
6,589
Policy benefits
106
113
109
119
129
219
242
470
Policy acquisition costs
1,060
1,009
999
975
913
2,069
1,750
3,724
Administrative expenses
399
387
368
368
369
786
699
1,435
Underwriting income
710
619
648
634
342
1,329
874
2,156
Adjusted net investment income
313
300
292
288
278
613
559
1,139
Other income (expense) - operating
(6
)
(6
)
(31
)
(8
)
(5
)
(12
)
(11
)
(50
)
Amortization expense of purchased intangibles
(22
)
(22
)
(20
)
(20
)
(19
)
(44
)
(38
)
(78
)
Segment income
$
995
$
891
$
889
$
894
$
596
$
1,886
$
1,384
$
3,167
CAY underwriting income ex Cats
$
589
$
552
$
615
$
592
$
517
$
1,141
$
983
$
2,190
Combined ratio
Loss and loss expense ratio
45.6%
46.7%
47.3%
48.0%
54.2%
46.1%
50.8%
49.1%
Policy acquisition cost ratio
26.6%
26.7%
26.1%
25.6%
25.7%
26.7%
25.9%
25.9%
Administrative expense ratio
10.0%
10.2%
9.6%
9.7%
10.4%
10.1%
10.3%
10.0%
Combined ratio
82.2%
83.6%
83.0%
83.3%
90.3%
82.9%
87.0%
85.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
48.7%
48.6%
48.4%
49.1%
49.3%
48.6%
49.2%
49.0%
CAY policy acquisition cost and administrative expense ratio ex Cats
36.5%
36.8%
35.6%
35.3%
36.1%
36.7%
36.3%
35.8%
CAY combined ratio ex Cats
85.2%
85.4%
84.0%
84.4%
85.4%
85.3%
85.5%
84.8%
Net catastrophe losses - pre-tax
$
25
$
64
$
156
$
42
$
252
$
89
$
307
$
505
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
(146
)
$
(131
)
$
(189
)
$
(84
)
$
(77
)
$
(277
)
$
(198
)
$
(471
)
% Change versus prior year period
Net premiums written
10.2%
14.4%
10.8%
9.7%
8.5%
12.4%
4.9%
7.5%
Net premiums written - Commercial
8.8%
10.8%
5.6%
5.8%
6.0%
9.9%
4.7%
5.2%
Net premiums written - Consumer
12.1%
20.5%
18.7%
15.5%
12.2%
16.2%
5.2%
11.0%
Net premiums earned
12.5%
17.8%
11.3%
11.2%
5.8%
15.0%
3.1%
7.3%
Net premiums written constant $
4.8%
6.1%
8.1%
7.4%
10.2%
5.5%
8.2%
8.0%
Net premiums written - Commercial
3.9%
3.1%
3.3%
3.9%
6.8%
3.5%
7.1%
5.3%
Net premiums written - Consumer
5.8%
11.1%
15.4%
12.6%
15.3%
8.4%
10.1%
12.0%
Net premiums earned constant $
6.7%
9.6%
8.4%
8.4%
7.4%
8.1%
6.3%
7.4%
Other ratios: Net premiums written/gross premiums written
81%
82%
83%
82%
79%
81%
79%
81%
Production by Region - Net premiums written
2Q-26
2Q-25
% Change
Constant $
% Change
YTD
2026
YTD
2025
% Change
Constant $
% Change
Europe, Middle East and Africa
$
1,628
$
1,548
5.1%
1.1%
$
3,845
$
3,463
11.0%
3.8%
Latin America
859
743
15.6%
5.7%
1,726
1,479
16.7%
6.5%
Asia
1,473
1,316
12.0%
7.2%
2,817
2,514
12.0%
7.3%
Other (1)
30
13
142.4%
125.0%
68
67
2.8%
-0.6%
Total
$
3,990
$
3,620
10.2%
4.8%
$
8,456
$
7,523
12.4%
5.5%
(1) Includes the international supplemental A&H run-off business of Combined Insurance and
other international operations.
Overseas General Insurance
Page 12
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Global Reinsurance
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
429
$
403
$
236
$
332
$
466
$
832
$
919
$
1,487
Net premiums written
354
363
217
304
380
717
788
1,309
Net premiums earned
299
326
332
315
338
625
706
1,353
Losses and loss expenses
121
137
127
139
132
258
374
640
Policy acquisition costs
98
102
102
96
98
200
198
396
Administrative expenses
8
9
8
9
10
17
20
37
Underwriting income
72
78
95
71
98
150
114
280
Adjusted net investment income
110
108
99
100
85
218
155
354
Segment income
$
182
$
186
$
194
$
171
$
183
$
368
$
269
$
634
CAY underwriting income ex Cats
$
69
$
86
$
87
$
77
$
89
$
155
$
180
$
344
Combined ratio
Loss and loss expense ratio
40.6%
41.9%
38.5%
43.8%
39.0%
41.3%
53.0%
47.3%
Policy acquisition cost ratio
32.7%
31.3%
30.9%
30.5%
29.1%
32.0%
28.0%
29.3%
Administrative expense ratio
2.8%
2.8%
2.2%
3.1%
2.9%
2.8%
2.8%
2.7%
Combined ratio
76.1%
76.0%
71.6%
77.4%
71.0%
76.1%
83.8%
79.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
42.1%
40.1%
41.4%
42.0%
41.5%
41.1%
42.4%
42.1%
CAY policy acquisition cost and administrative expense ratio ex Cats
34.8%
33.6%
32.5%
33.6%
32.0%
34.1%
31.5%
32.2%
CAY combined ratio ex Cats
76.9%
73.7%
73.9%
75.6%
73.5%
75.2%
73.9%
74.3%
Net catastrophe losses - pre-tax
$
8
$
8
$
-
$
6
$
6
$
16
$
81
$
87
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
(11
)
$
-
$
(8
)
$
-
$
(15
)
$
(11
)
$
(15
)
$
(23
)
% Change versus prior year period
Net premiums written
-6.7%
-11.2%
-3.9%
-13.5%
-7.6%
-9.0%
2.4%
-2.8%
Net premiums earned
-11.5%
-11.4%
3.2%
-0.5%
-0.3%
-11.5%
11.4%
6.4%
Net premiums written constant $
-6.7%
-11.7%
-4.2%
-13.8%
-7.8%
-9.3%
2.3%
-3.0%
Net premiums earned constant $
-11.5%
-12.1%
2.9%
-0.9%
-0.6%
-11.8%
11.4%
6.2%
Other ratios
Net premiums written/gross premiums written
83%
90%
91%
92%
82%
86%
86%
88%
Global Reinsurance
Page 13
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Life Insurance
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
1,994
$
2,345
$
1,884
$
1,995
$
1,866
$
4,339
$
3,644
$
7,523
Net premiums written
1,937
2,289
1,825
1,932
1,802
4,226
3,522
7,279
Net premiums earned
1,934
2,268
1,814
1,925
1,789
4,202
3,485
7,224
Losses and loss expenses
22
28
32
31
20
50
46
109
Adjusted policy benefits
1,374
1,700
1,246
1,303
1,249
3,074
2,412
4,961
Policy acquisition costs
352
362
342
359
319
714
629
1,330
Administrative expenses
213
210
222
213
199
423
401
836
Adjusted net investment income
323
305
298
284
274
628
545
1,127
Other income (expense) - operating (1)
45
51
62
31
37
96
72
165
Amortization expense of purchased intangibles
(9
)
(8
)
(10
)
(10
)
(8
)
(17
)
(18
)
(38
)
Segment income
$
332
$
316
$
322
$
324
$
305
$
648
$
596
$
1,242
% Change versus prior year period
Net premiums written
7.5%
33.1%
16.9%
24.6%
14.1%
20.0%
9.6%
15.1%
Net premiums earned
8.1%
33.7%
15.9%
25.8%
14.2%
20.6%
9.6%
15.1%
Net premiums written constant $
6.3%
30.8%
18.3%
23.5%
17.3%
18.3%
13.8%
17.3%
Net premiums earned constant $
6.8%
31.5%
17.3%
24.7%
17.5%
18.9%
13.8%
17.4%
International life insurance net premiums written and deposits
breakdown (excludes Chubb Benefits and Life reinsurance businesses):
2Q-26
2Q-25
% Change
Constant $
% Change
YTD
2026
YTD
2025
% Change
Constant $
% Change
International life insurance net premiums written
$
1,592
$
1,499
6.2%
4.9%
$
3,536
$
2,920
21.1%
19.2%
International life insurance deposits (2)
715
518
38.3%
35.9%
1,464
1,273
15.1%
12.0%
Total international life insurance net premiums written and deposits
$
2,307
$
2,017
14.4%
12.9%
$
5,000
$
4,193
19.3%
17.0%
International life insurance segment income
$
270
$
239
13.0%
13.3%
$
533
$
469
13.7%
13.1%
(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the
management of third-party assets by Huatai’s asset management businesses.
(2) Includes deposits collected on universal life and investment contracts.
Consistent with U.S. GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.
Life Insurance
Page 14
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Corporate
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
YTD
2026
YTD
2025
Full Year
2025
Adjusted loss and loss expenses
$
158
$
15
$
164
$
61
$
70
$
173
$
84
$
309
Administrative expenses
107
110
148
113
106
217
211
472
Underwriting loss
(265
)
(125
)
(312
)
(174
)
(176
)
(390
)
(295
)
(781
)
Adjusted net investment income
(9
)
(9
)
(18
)
(17
)
(25
)
(18
)
(50
)
(85
)
Other income (expense) - operating
(7
)
(9
)
(14
)
(3
)
(12
)
(16
)
(20
)
(37
)
Adjusted interest expense
(205
)
(203
)
(210
)
(203
)
(186
)
(408
)
(372
)
(785
)
Amortization expense of purchased intangibles
(34
)
(34
)
(38
)
(36
)
(37
)
(68
)
(74
)
(148
)
Integration expenses and severance
(8
)
(9
)
(76
)
(1
)
(2
)
(17
)
(2
)
(79
)
Amortization of fair value adjustment of acquired invested assets and long-term debt
4
3
4
5
1
7
4
13
Adjusted net realized gains (losses)
100
(356
)
201
247
662
(256
)
559
1,007
Market risk benefits gains (losses)
5
14
(37
)
(142
)
(17
)
19
(109
)
(288
)
Income tax expense
(742
)
(646
)
(597
)
(787
)
(717
)
(1,388
)
(1,038
)
(2,422
)
Less: NCI income (loss)
28
27
(37
)
306
31
55
43
312
Net loss
$
(1,189
)
$
(1,401
)
$
(1,060
)
$
(1,417
)
$
(540
)
$
(2,590
)
$
(1,440
)
$
(3,917
)
Unfavorable (favorable) prior period development (PPD) -pre-tax
$
158
$
15
$
162
$
61
$
70
$
173
$
83
$
306
Corporate
Page 15
Chubb Limited
Loss Reserve Rollforward
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Unpaid Losses
Net Paid to
Gross
Ceded
Net
Incurred Ratio
Balance at December 31, 2024
$
84,004
$
17,734
$
66,270
Losses and loss expenses incurred
8,654
1,758
6,896
Losses and loss expenses paid
(7,466
)
(1,462
)
(6,004
)
87%
Other (incl. foreign exch. revaluation)
279
51
228
Balance at March 31, 2025
$
85,471
$
18,081
$
67,390
Losses and loss expenses incurred
7,661
1,089
6,572
Losses and loss expenses paid
(7,620
)
(1,682
)
(5,938
)
90%
Other (incl. foreign exch. revaluation)
864
203
661
Balance at June 30, 2025
$
86,376
$
17,691
$
68,685
Losses and loss expenses incurred
8,827
1,876
6,951
Losses and loss expenses paid
(6,934
)
(1,190
)
(5,744
)
83%
Other (incl. foreign exch. revaluation)
170
44
126
Balance at September 30, 2025
$
88,439
$
18,421
$
70,018
Losses and loss expenses incurred
8,168
1,887
6,281
Losses and loss expenses paid
(8,555
)
(1,948
)
(6,607
)
105%
Other (incl. foreign exch. revaluation)
(34
)
(14
)
(20
)
Balance at December 31, 2025
$
88,018
$
18,346
$
69,672
Losses and loss expenses incurred
7,481
1,350
6,131
Losses and loss expenses paid
(6,822
)
(1,491
)
(5,331
)
87%
Other (incl. foreign exch. revaluation)
238
48
190
Balance at March 31, 2026
$
88,915
$
18,253
$
70,662
Losses and loss expenses incurred
8,114
1,423
6,691
Losses and loss expenses paid
(7,221
)
(1,199
)
(6,022
)
90%
Other (incl. foreign exch. revaluation)
(139
)
(24
)
(115
)
Balance at June 30, 2026
$
89,669
$
18,453
$
71,216
Add net recoverable on paid losses
-
1,831
(1,831
)
Balance including net recoverable on paid losses
$
89,669
$
20,284
$
69,385
Loss Reserve Rollforward
Page 16
Chubb Limited
Reinsurance Recoverable Analysis
(in millions
of U.S. dollars)
(Unaudited)
Net Reinsurance
Recoverable by Division
June 30
March 31
December 31
2026
2026
2025
Reinsurance recoverable on paid losses and loss expenses
Active operations
$
1,421
$
1,484
$
1,570
Brandywine and Other Run-off
461
486
494
Total
$
1,882
$
1,970
$
2,064
Reinsurance recoverable on unpaid losses and loss expenses
Active operations
$
17,644
$
17,445
$
17,503
Brandywine and Other Run-off
1,082
1,064
1,091
Total
$
18,726
$
18,509
$
18,594
Gross reinsurance recoverable
Active operations
$
19,065
$
18,929
$
19,073
Brandywine and Other Run-off
1,543
1,550
1,585
Total
$
20,608
$
20,479
$
20,658
Provision for uncollectible reinsurance (1)
Active operations
$
(229
)
$
(225
)
$
(229
)
Brandywine and Other Run-off
(95
)
(95
)
(91
)
Total
$
(324
)
$
(320
)
$
(320
)
Net reinsurance recoverable
Active operations
$
18,836
$
18,704
$
18,844
Brandywine and Other Run-off
1,448
1,455
1,494
Total
$
20,284
$
20,159
$
20,338
(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of
approximately $3.7 billion.
Reinsurance Recoverable
Page 17
Chubb Limited
Investment Portfolio
(in millions of U.S.
dollars)
(Unaudited)
June 30
March 31
December 31
2026
2026
2025
Market Value
Fixed maturities available for sale
$
125,518
$
123,433
$
122,680
Other investments-fixed maturities
7,763
8,433
8,091
Short-term investments
5,458
5,067
4,840
Total fixed maturities
$
138,739
$
136,933
$
135,611
Asset Allocation by Market Value
U.S. and local government securities
$
3,594
3
%
$
3,697
3
%
$
3,714
3
%
Corporate and asset-backed securities
47,927
35
%
47,832
35
%
47,886
35
%
Mortgage-backed securities
32,625
23
%
31,322
23
%
30,724
23
%
Non-U.S.
49,135
35
%
49,015
35
%
48,447
35
%
Short-term investments
5,458
4
%
5,067
4
%
4,840
4
%
Total fixed maturities
$
138,739
100
%
$
136,933
100
%
$
135,611
100
%
Credit Quality by Market Value
AAA
$
13,542
10
%
$
13,258
10
%
$
13,313
10
%
AA
42,512
31
%
41,208
30
%
40,720
30
%
A
36,488
26
%
36,350
27
%
35,184
26
%
BBB
25,882
19
%
24,376
18
%
23,584
17
%
BB
11,782
8
%
12,576
9
%
12,948
10
%
B
8,258
6
%
8,766
6
%
9,469
7
%
Other
275
0
%
399
0
%
393
0
%
Total fixed maturities
$
138,739
100
%
$
136,933
100
%
$
135,611
100
%
Cost/Amortized Cost, net
Fixed maturities available for sale
$
128,980
$
127,251
$
124,674
Other investments-fixed maturities
7,763
8,433
8,091
Short-term investments
5,459
5,067
4,840
Subtotal fixed maturities (1)
142,202
140,751
137,605
Equity securities
11,014
10,916
10,801
Private debtheld-for-investment (1)
2,252
2,477
2,411
Private equities and other
20,644
19,869
19,897
Total investment portfolio
$
176,112
$
174,013
$
170,714
Avg. duration of fixed maturities (2)
4.8 years
4.7 years
4.7 years
Avg. market yield of fixed income investments(3)
5.5%
5.5%
5.2%
Avg. credit quality
A/A
A/A
A/A
Avg. book yield of fixed income investments (3)
5.1%
5.1%
5.1%
(1) Net of valuation allowance for expected credit losses.
(2) Excludes Huatai.
(3) Includes fixed maturities and other debt investments
and excludes Huatai.
Investments
Page 18
Chubb Limited
Investment Portfolio - 2
(in millions of U.S.
dollars)
(Unaudited)
Mortgage-backed Fixed
Income Portfolio
Mortgage-backed securities
S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
Market Value at June 30, 2026
Agency residential mortgage-backed securities (RMBS)
$
55
$
29,179
$
-
$
-
$
-
$
29,234
Non-agency RMBS
2,092
211
192
45
2
2,542
Commercial mortgage-backed securities
673
109
60
5
2
849
Total mortgage-backed securities at market value
$
2,820
$
29,499
$
252
$
50
$
4
$
32,625
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at June 30, 2026
S&P Credit Rating
Investment Grade
AAA
AA
A
BBB
Total
Asset-backed
$
3,806
$
771
$
335
$
241
$
5,153
Banks
-
9
2,671
2,097
4,777
Basic Materials
-
-
108
255
363
Communications
-
410
609
1,439
2,458
Consumer, Cyclical
9
169
677
1,111
1,966
Consumer, Non-Cyclical
70
623
3,129
2,047
5,869
Diversified Financial Services
-
128
568
255
951
Energy
-
114
604
1,612
2,330
Industrial
-
7
708
1,500
2,215
Utilities
286
14
1,813
1,665
3,778
All Others
102
381
1,513
1,891
3,887
Total
$
4,273
$
2,626
$
12,735
$
14,113
$
33,747
Market Value at June 30, 2026
S&P Credit Rating
Below Investment Grade
BB
B
CCC
Total
Asset-backed
$
13
$
112
$
1
$
126
Banks
-
-
-
-
Basic Materials
415
295
9
719
Communications
565
563
29
1,157
Consumer, Cyclical
1,493
918
40
2,451
Consumer, Non-Cyclical
1,463
1,241
37
2,741
Diversified Financial Services
546
295
5
846
Energy
780
544
-
1,324
Industrial
1,216
801
59
2,076
Utilities
335
122
-
457
All Others
971
1,263
49
2,283
Total
$
7,797
$
6,154
$
229
$
14,180
Investments 2
Page 19
Chubb Limited
Investment Portfolio - 3
(in millions of U.S.
dollars)
(Unaudited)
Non-U.S. Fixed Income Portfolio
June 30, 2026
Non-U.S. Government Securities
Market Value by S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
People’s Republic of China
$
-
$
167
$
2,403
$
-
$
-
$
2,570
Republic of Korea
-
1,515
-
-
-
1,515
Kingdom of Thailand
-
-
1,022
-
-
1,022
Canada
860
-
-
-
-
860
United Mexican States
-
-
-
803
-
803
Taiwan
-
737
-
-
-
737
Federative Republic of Brazil
-
-
-
-
643
643
Commonwealth of Australia
618
-
-
-
-
618
Province of Hunan China
-
-
569
-
-
569
Province of Ontario
-
529
-
-
-
529
Other Non-U.S. Government Securities
636
2,106
3,047
1,225
1,516
8,530
Total
$
2,114
$
5,054
$
7,041
$
2,028
$
2,159
$
18,396
Non-U.S. Corporate Securities
Market Value by S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
China
$
-
$
-
$
7,551
$
630
$
11
$
8,192
United Kingdom
6
30
1,247
1,067
426
2,776
Canada
246
60
1,084
921
441
2,752
France
7
3
979
768
259
2,016
United States (1)
-
152
380
598
501
1,631
South Korea
-
435
349
533
1
1,318
Australia
55
287
473
464
28
1,307
Japan
-
1
777
400
100
1,278
Chile
-
-
217
503
2
722
Germany
55
93
189
289
66
692
Other Non-U.S. Corporate Securities
556
769
1,879
3,190
1,661
8,055
Total
$
925
$
1,830
$
15,125
$
9,363
$
3,496
$
30,739
(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate
securities could be issued by foreign subsidiaries of U.S. corporations.
Investments 3
Page 20
Chubb Limited
Investment Portfolio - 4
(in millions of U.S.
dollars)
(Unaudited)
Fixed
Maturity Investment Portfolio
Top 10 Global Corporate Exposures
June 30, 2026
Market Value
Rating
1
Bank of America Corp
$
829
A-
2
Morgan Stanley
752
A-
3
JP Morgan Chase & Co
689
A
4
Goldman Sachs Group Inc
571
BBB+
5
Citigroup Inc
556
BBB+
6
Wells Fargo & Co
541
BBB+
7
Verizon Communications Inc
422
BBB+
8
AT&T Inc
397
BBB
9
T-Mobile USA Inc
389
BBB+
10
Comcast Corp
359
A-
Investments 4
Page 21
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Three months ended June 30, 2026
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments (1)
$
(114
)
$
17
$
(97
)
$
350
$
(21
)
$
329
$
236
$
(4
)
$
232
Public equity:
Realized gains (losses) on sales
43
1
44
-
-
-
43
1
44
Mark-to-market
63
(27
)
36
-
-
-
63
(27
)
36
Private equity:Mark-to-market
99
(23
)
76
-
-
-
99
(23
)
76
Total investment portfolio
91
(32
)
59
350
(21
)
329
441
(53
)
388
Foreign exchange
(18
)
1
(17
)
(247
)
10
(237
)
(265
)
11
(254
)
Partially-owned entities (2)
(4
)
-
(4
)
-
-
-
(4
)
-
(4
)
Current discount rate on future policy benefits
-
-
-
(129
)
(8
)
(137
)
(129
)
(8
)
(137
)
Instrument-specific credit risk - market risk benefits
-
-
-
1
-
1
1
-
1
Other
6
(1
)
5
39
(8
)
31
45
(9
)
36
Net gains (losses)
$
75
$
(32
)
$
43
$
14
$
(27
)
$
(13
)
$
89
$
(59
)
$
30
(1) The quarter includes pre-tax realized losses on investment derivatives of $55 million, a
net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $25 million.
(2) Partially-owned entities are
investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Three months ended June 30, 2025
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments (3)
$
97
$
(21
)
$
76
$
982
$
(50
)
$
932
$
1,079
$
(71
)
$
1,008
Public equity:
Realized gains (losses) on sales
27
(9
)
18
-
-
-
27
(9
)
18
Mark-to-market
92
(10
)
82
-
-
-
92
(10
)
82
Private equity:Mark-to-market
513
(78
)
435
-
-
-
513
(78
)
435
Total investment portfolio
729
(118
)
611
982
(50
)
932
1,711
(168
)
1,543
Foreign exchange
(89
)
23
(66
)
763
3
766
674
26
700
Partially-owned entities (4)
(1
)
-
(1
)
-
-
-
(1
)
-
(1
)
Current discount rate on future policy benefits
-
-
-
(110
)
9
(101
)
(110
)
9
(101
)
Instrument-specific credit risk - market risk benefits
-
-
-
1
-
1
1
-
1
Other
(6
)
1
(5
)
(26
)
5
(21
)
(32
)
6
(26
)
Net gains (losses)
$
633
$
(94
)
$
539
$
1,610
$
(33
)
$
1,577
$
2,243
$
(127
)
$
2,116
(3) The quarter includes pre-tax realized losses on investment derivatives of $153 million,
a net increase of the valuation allowance of expected credit losses of $8 million, and impairments of $5 million.
(4) Partially-owned entities are
investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Net Gains (Losses)
Page 22
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Six months ended June 30, 2026
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments (1)
$
(347
)
$
62
$
(285
)
$
(1,474
)
$
189
$
(1,285
)
$
(1,821
)
$
251
$
(1,570
)
Public equity:
Realized gains (losses) on sales
134
(17
)
117
-
-
-
134
(17
)
117
Mark-to-market
(176
)
25
(151
)
-
-
-
(176
)
25
(151
)
Private equity:Mark-to-market
132
(75
)
57
-
-
-
132
(75
)
57
Total investment portfolio
(257
)
(5
)
(262
)
(1,474
)
189
(1,285
)
(1,731
)
184
(1,547
)
Foreign exchange
(25
)
1
(24
)
112
4
116
87
5
92
Partially-owned entities (2)
(4
)
-
(4
)
-
-
-
(4
)
-
(4
)
Current discount rate on future policy benefits
-
-
-
249
(69
)
180
249
(69
)
180
Instrument-specific credit risk - market risk benefits
-
-
-
13
(2
)
11
13
(2
)
11
Other
(16
)
4
(12
)
33
(8
)
25
17
(4
)
13
Net gains (losses)
$
(302
)
$
-
$
(302
)
$
(1,067
)
$
114
$
(953
)
$
(1,369
)
$
114
$
(1,255
)
(1) Year to date includes pre-tax realized losses on investment derivatives of $170 million, a
net decrease of the valuation allowance of expected credit losses of $4 million, and impairments of $57 million.
(2) Partially-owned entities are
investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Six months ended June 30, 2025
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments (3)
$
14
$
(2
)
$
12
$
1,891
$
(111
)
$
1,780
$
1,905
$
(113
)
$
1,792
Public equity:
Realized gains (losses) on sales
17
(6
)
11
-
-
-
17
(6
)
11
Mark-to-market
160
(20
)
140
-
-
-
160
(20
)
140
Private equity:Mark-to-market
502
(77
)
425
-
-
-
502
(77
)
425
Total investment portfolio
693
(105
)
588
1,891
(111
)
1,780
2,584
(216
)
2,368
Foreign exchange
(154
)
50
(104
)
1,115
(9
)
1,106
961
41
1,002
Partially-owned entities (4)
1
-
1
-
-
-
1
-
1
Current discount rate on future policy benefits
-
-
-
(228
)
21
(207
)
(228
)
21
(207
)
Instrument-specific credit risk - market risk benefits
-
-
-
5
(1
)
4
5
(1
)
4
Other
(11
)
2
(9
)
(121
)
24
(97
)
(132
)
26
(106
)
Net gains (losses)
$
529
$
(53
)
$
476
$
2,662
$
(76
)
$
2,586
$
3,191
$
(129
)
$
3,062
(3) Year to date includes pre-tax realized losses on investment derivatives of $130 million,
a net increase of the valuation allowance of expected credit losses of $1 million, and impairments of $12 million.
(4) Partially-owned entities are
investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Net Gains (Losses) 2
Page 23
Chubb Limited
Debt and Capital
(in millions of U.S. dollars,
except ratios)
(Unaudited)
June 30
March 31
December 31
December 31
2026
2026
2025
2024
Financial debt:
Total short-term debt (1)
$
663
$
1,500
$
1,499
$
800
Total long-term debt (1) (2)
17,452
15,970
15,728
14,379
Total financial debt
$
18,115
$
17,470
$
17,227
$
15,179
Hybrid debt:
Total trust preferred securities
$
309
$
309
$
309
$
309
Total subordinated debt (3)
118
116
113
110
Total hybrid debt
$
427
$
425
$
422
$
419
Total
$
18,542
$
17,895
$
17,649
$
15,598
Capitalization:
Chubb shareholders’ equity
$
75,372
$
73,788
$
73,757
$
64,021
Hybrid debt
427
425
422
419
Financial debt
18,115
17,470
17,227
15,179
Total capitalization
$
93,914
$
91,683
$
91,406
$
79,619
Less: Chubb unrealized gains (losses) on investments, net of deferred tax
(3,282
)
(3,611
)
(1,997
)
(4,552
)
Total adjusted capitalization
$
97,196
$
95,294
$
93,403
$
84,171
Leverage ratios (based on total adjusted capital):
Hybrid debt
0.5%
0.5%
0.4%
0.5%
Financial debt
18.6%
18.3%
18.4%
18.0%
Total hybrid & financial debt
19.1%
18.8%
18.8%
18.5%
(1) During Q2 2026, the $1.5 billion 3.35% senior notes matured and were fully paid. In addition, the €575 million 0.875% senior notes due to mature in June 2027 were reclassified to short-term debt.
(2) In May,
the company issued CNH 4.0 billion of senior unsecured notes (approximately $587 million) consisting of CNH 2.5 billion in notes due 2031 and CNH 1.5 billion in notes due 2036. The interest rates were 2.40% and 2.85%, respectively.
The company also issued $1.0 billion in senior unsecured notes due 2036. The interest rate was 5.30%.
In June, the company issued CAD 800 million of senior
unsecured notes (approximately $572 million) consisting of CAD 400 million in notes due 2031 and CAD 400 million in notes due 2033. The interest rates were 3.78% and 4.03%, respectively.
The use of proceeds for these offerings was general corporate purposes, which may include the repayment and refinancing of debt.
(3) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share (excluding non-controlling interest).
Debt and Capital
Page 24
Chubb Limited
Computation of Basic and Diluted Earnings Per Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)
Three months ended June 30
Six months ended June 30
2026
2025
2026
2025
Numerator
Core operating income
$
2,842
$
2,480
$
5,531
$
3,969
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax
6
3
9
6
Tax (expense) benefit on amortization adjustment
(2
)
(3
)
(3
)
(2
)
Integration expenses and severance, pre-tax
(8
)
(2
)
(17
)
(2
)
Tax (expense) benefit on integration expenses and severance
2
-
4
-
Adjusted net realized gains (losses), pre-tax
75
633
(302
)
529
Tax (expense) benefit on adjusted net realized gains (losses)
(32
)
(94
)
-
(53
)
Market risk benefits gains (losses), pre-tax
5
(17
)
19
(109
)
Tax (expense) benefit on market risk benefits gains (losses)
(1
)
2
(3
)
16
Amortization of deferred tax asset from Bermuda law
(33
)
(34
)
(64
)
(55
)
Chubb net income
$
2,854
$
2,968
$
5,174
$
4,299
Rollforward of Common Shares Outstanding
Shares - beginning of period
388,495,580
400,748,485
391,101,227
400,703,663
Repurchase of shares
(2,989,571
)
(2,339,727
)
(6,507,381
)
(3,685,509
)
Shares issued (canceled), excluding option exercises
(114,634
)
(49,568
)
29,740
615,344
Issued for option exercises
242,674
301,598
1,010,463
1,027,290
Shares - end of period
385,634,049
398,660,788
385,634,049
398,660,788
Denominator
Weighted average shares outstanding (1)
387,413,573
399,886,323
388,941,257
400,281,946
Effect of other dilutive securities
3,837,043
3,960,707
4,069,038
4,012,933
Adj. wtd. avg. shares outstanding and assumed conversions
391,250,616
403,847,030
393,010,295
404,294,879
Basic earnings per share
Core operating income
$
7.34
$
6.20
$
14.22
$
9.92
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax
0.01
-
0.02
0.01
Integration expenses and severance, net of tax
(0.02
)
-
(0.03
)
-
Adjusted net realized gains (losses), net of tax
0.11
1.34
(0.79
)
1.18
Market risk benefits gains (losses), net of tax
0.01
(0.04
)
0.04
(0.23
)
Amortization of deferred tax asset from Bermuda law
(0.08
)
(0.08
)
(0.16
)
(0.14
)
Chubb net income
$
7.37
$
7.42
$
13.30
$
10.74
Diluted earnings per share
Core operating income
$
7.26
$
6.14
$
14.07
$
9.82
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax
0.01
-
0.02
0.01
Integration expenses and severance, net of tax
(0.02
)
-
(0.03
)
-
Adjusted net realized gains (losses), net of tax
0.12
1.33
(0.77
)
1.17
Market risk benefits gains (losses), net of tax
0.01
(0.04
)
0.04
(0.23
)
Amortization of deferred tax asset from Bermuda law
(0.08
)
(0.08
)
(0.16
)
(0.14
)
Chubb net income
$
7.30
$
7.35
$
13.17
$
10.63
(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time
of vesting, but are eligible to receive dividends (participating securities).
Earnings per share
Page 25
Chubb Limited
Book Value and Book Value per Common Share
(in
millions of U.S. dollars, except share and per share data)
(Unaudited)
Reconciliation of Book Value per Common Share
June 30
March 31
December 31
June 30
2026
2026
2025
2025
Chubb shareholders’ equity
$
75,372
$
73,788
$
73,757
$
69,395
Less: Chubb goodwill and other intangible assets, net of tax
24,495
24,584
24,391
24,490
Numerator for tangible book value per share
$
50,877
$
49,204
$
49,366
$
44,905
Book value - % change over prior quarter
2.1%
0.0%
2.6%
5.6%
Tangible book value - % change over prior quarter
3.4%
-0.3%
4.2%
7.5%
Book value - % change over prior year
8.6%
12.3%
15.2%
13.7%
Tangible book value - % change over prior year
13.3%
17.8%
22.7%
22.1%
Denominator: shares outstanding
385,634,049
388,495,580
391,101,227
398,660,788
Book value per common share
$
195.45
$
189.93
$
188.59
$
174.07
Tangible book value per common share
$
131.93
$
126.65
$
126.22
$
112.64
Reconciliation of Book Value
Chubb shareholders’ equity, beginning of quarter
$
73,788
$
73,757
$
71,855
$
65,726
Core operating income
2,842
2,689
2,982
2,480
Amortization of fair value adjustment of acquired invested assets and long-term debt
4
2
2
-
Integration expenses and severance
(6
)
(7
)
(58
)
(2
)
Adjusted net realized gains (losses) (1)
43
(345
)
349
539
Market risk benefits gains (losses)
4
12
(32
)
(15
)
Amortization of deferred tax asset from Bermuda law
(33
)
(31
)
(33
)
(34
)
Net unrealized gains (losses) on investments
329
(1,614
)
(68
)
932
Repurchase of shares
(979
)
(1,143
)
(1,094
)
(676
)
Dividend declared on common shares
(395
)
(380
)
(381
)
(388
)
Cumulative translation gains (losses)
(237
)
353
(274
)
766
Postretirement benefit liability
(2
)
(3
)
153
(3
)
Current discount rate on future policy benefits
(137
)
317
149
(101
)
Instrument-specific credit risk - market risk benefits
1
10
(4
)
1
Other (2)
150
171
211
170
Chubb shareholders’ equity, end of quarter
$
75,372
$
73,788
$
73,757
$
69,395
(1) Includes net realized gains (losses) related to unconsolidated entities.
(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting
taxes.
Reconciliation Book Value
Page 26
Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting our results, we included and discussed certainnon-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 generally accepted accounting principles (GAAP).
Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). 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.
P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy
benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment
income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains
(losses), and market risk benefits gains (losses).
P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss)
adjusted to exclude P&C Cats and prior period development (PPD). We believe it is useful to 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. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Adjusted 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 adjusted losses and loss expenses.
Adjusted policy benefits include gains and losses from
fair value changes in separate account liabilities, as well as the offsetting movement in separate account assets that do not qualify for separate account reporting under U.S. GAAP, for purposes of reporting Life Insurance underwriting income. We
view gains and losses from fair value changes in both non-qualified separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are
reclassified from Other (income) expense to adjusted policy benefits. In addition, adjusted policy benefits includes the impact of realized gains and losses on underlying investments supporting the liabilities of certain participating policies for
the portion that are shared with policyholders. These realized gains and losses on underlying investments have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this presentation better reflects the economics
of the liabilities and the underlying investments supporting those liabilities.
Adjusted net investment income is net investment income excluding the
amortization of the fair value adjustment on acquired invested assets from certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3%
that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as
described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related
to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share
of gains and losses.
Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt,
related to the Chubb Corp acquisition due to the size and complexity of this acquisition.
Other income (expense) - operating excludes from consolidated
Other income (expense) the portion of net realized gains and losses related to unconsolidated entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not
qualify for separate account reporting under U.S. GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as
they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income
(expense) in our income statement on a U.S. GAAP basis.
P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and
P&C combined ratio include adjusted losses and loss expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A
reconciliation of combined ratio to P&C combined ratio is provided on pages 30 - 33.
CAY P&C combined ratio excluding catastrophe losses excludes
Cats and 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 both losses and loss expenses and net premiums earned when calculating the ratios. We believe this measure provides a useful 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 useful comparison.
Expense ratio excluding accident and health (A&H) excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H
business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb’s Life
Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not
market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s global P&C operations which are the most
economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income theafter-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the
understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is
heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions
due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated
with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe
these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results.
Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the
understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.
Chubb core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax expense
(benefit) on amortization of fair value of acquired invested assets and debt, tax expense (benefit) on integration expenses and severance, tax expense (benefit) on market risk benefits gains (losses), the amortization of the deferred tax asset
related to the tax benefit from the Bermuda Economic Transition Adjustment, all attributable to Chubb, divided by Chubb income before tax excluding adjusted net realized gains (losses) before tax, market risk benefit gains (losses) before tax,
amortization of fair value of acquired invested assets and debt before tax, and integration expenses and severance before tax, all attributable to Chubb, before tax. We believe the use of this measure is meaningful to show the tax on the underlying
performance of our insurance business, by excluding the taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt,
integration expenses and severance, the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment. Due to fluctuations in our income before taxes during the year, on a quarterly basis these
exclusions may not annualize to the full year forecasted expense or (benefit), if applicable. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.
Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares
outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible
book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in
interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
International life insurance net premiums written
and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we
include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.
Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management
companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results,
which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may
distort a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our
consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
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 company’s underlying total capital position.
Reconciliation Non-GAAP
Page 27
Chubb Limited
Non-GAAP Financial Measures - 2
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -Non-GAAP Financial Measures (continued)
Chubb core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:
YTD
YTD
Full Year
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
2026
2025
2025
Tax expense, as reported
$
741
$
644
$
592
$
784
$
713
$
1,385
$
1,031
$
2,407
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt
2
1
3
1
3
3
2
6
Less: tax expense (benefit) on integration expenses and severance
(2
)
(2
)
(17
)
-
-
(4
)
-
(17
)
Less: tax expense (benefit) on adjusted net realized gains (losses)
32
(32
)
(107
)
(6
)
94
-
53
(60
)
Less: tax expense (benefit) on market risk benefits gains (losses)
1
2
(5
)
(22
)
(2
)
3
(16
)
(43
)
Less: amortization of deferred tax asset from Bermuda law
33
31
33
36
34
64
55
124
Tax expense, adjusted
$
675
$
644
$
685
$
775
$
584
$
1,319
$
937
$
2,397
Income before tax, as reported
$
3,595
$
2,964
$
3,802
$
3,585
$
3,681
$
6,559
$
5,330
$
12,717
Less: amortization of fair value of acquired invested assets and debt
6
3
5
4
3
9
6
15
Less: integration expenses and severance
(8
)
(9
)
(75
)
(1
)
(2
)
(17
)
(2
)
(78
)
Less: adjusted realized gains (losses)
73
(394
)
(39
)
29
93
(321
)
9
(1
)
Less: realized gains (losses) related to unconsolidated entities
2
17
281
(83
)
540
19
520
718
Less: market risk benefits gains (losses)
5
14
(37
)
(142
)
(17
)
19
(109
)
(288
)
Core operating income before tax
$
3,517
$
3,333
$
3,667
$
3,778
$
3,064
$
6,850
$
4,906
$
12,351
Effective tax rate
20.6%
21.7%
15.5%
21.9%
19.4%
21.1%
19.4%
18.9%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt
0.0%
0.0%
-0.1%
0.0%
-0.1%
0.0%
0.0%
0.0%
Adjustment for tax impact of integration expenses and severance
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
0.0%
Adjustment for tax impact of adjusted net realized gains (losses)
-0.5%
-1.5%
4.2%
-0.2%
0.9%
-0.9%
0.9%
1.6%
Adjustment for tax impact of market risk benefits gains (losses)
0.0%
0.0%
-0.1%
-0.2%
0.0%
0.0%
-0.1%
-0.1%
Adjustment for amortization of deferred tax asset from Bermuda law
-0.9%
-0.9%
-0.9%
-1.0%
-1.1%
-0.9%
-1.1%
-1.0%
Core operating effective tax rate
19.2%
19.3%
18.7%
20.5%
19.1%
19.3%
19.1%
19.4%
Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:
YTD
YTD
Full Year
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
2026
2025
2025
Chubb net income
$
2,854
$
2,320
$
3,210
$
2,801
$
2,968
$
5,174
$
4,299
$
10,310
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax
6
3
5
4
3
9
6
15
Tax (expense) benefit on amortization adjustment
(2
)
(1
)
(3
)
(1
)
(3
)
(3
)
(2
)
(6
)
Integration expenses and severance, pre-tax
(8
)
(9
)
(75
)
(1
)
(2
)
(17
)
(2
)
(78
)
Tax (expense) benefit on integration expenses and severance
2
2
17
-
-
4
-
17
Adjusted realized gains (losses), pre-tax
73
(394
)
(39
)
29
93
(321
)
9
(1
)
Net realized gains (losses) related to unconsolidated entities,pre-tax (1)
2
17
281
(83
)
540
19
520
718
Tax (expense) benefit on adjusted net realized gains (losses)
(32
)
32
107
6
(94
)
-
(53
)
60
Market risk benefits gains (losses), pre-tax
5
14
(37
)
(142
)
(17
)
19
(109
)
(288
)
Tax (expense) benefit on market risk benefits gains (losses)
(1
)
(2
)
5
22
2
(3
)
16
43
Amortization of deferred tax asset from Bermuda law
(33
)
(31
)
(33
)
(36
)
(34
)
(64
)
(55
)
(124
)
Core operating income
$
2,842
$
2,689
$
2,982
$
3,003
$
2,480
$
5,531
$
3,969
$
9,954
Catastrophe losses - after-tax
$
375
$
397
$
292
$
226
$
510
$
772
$
1,810
$
2,328
Unfavorable (favorable) prior period development (PPD) -after-tax
$
(216
)
$
(231
)
$
(220
)
$
(238
)
$
(196
)
$
(447
)
$
(400
)
$
(858
)
P&C underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:
YTD
YTD
Full Year
2Q-26
1Q-26
4Q-25
3Q-25
2Q-25
2026
2025
2025
Net income
$
2,882
$
2,347
$
3,173
$
3,107
$
2,999
$
5,229
$
4,342
$
10,622
Less: Income tax expense
(742
)
(646
)
(597
)
(787
)
(717
)
(1,388
)
(1,038
)
(2,422
)
Amortization expense of purchased intangibles
(74
)
(73
)
(77
)
(75
)
(74
)
(147
)
(149
)
(301
)
Other income (expense)
196
161
516
43
655
357
738
1,297
Interest expense
(200
)
(198
)
(205
)
(197
)
(181
)
(398
)
(362
)
(764
)
Net investment income
1,760
1,709
1,688
1,648
1,568
3,469
3,129
6,465
Net realized gains (losses)
162
(407
)
(116
)
283
160
(245
)
44
211
Market risk benefits gains (losses)
5
14
(37
)
(142
)
(17
)
19
(109
)
(288
)
Integration expenses and severance
(8
)
(9
)
(76
)
(1
)
(2
)
(17
)
(2
)
(79
)
Life Insurance underlying income (loss) (2)
(162
)
(4
)
(128
)
69
(26
)
(166
)
18
(41
)
Add: Realized gains (losses) on crop derivatives
(8
)
(8
)
(8
)
(7
)
(2
)
(16
)
(1
)
(16
)
P&C underwriting income
$
1,937
$
1,792
$
2,197
$
2,259
$
1,631
$
3,729
$
2,072
$
6,528
Add: Catastrophe losses (including reinstatement premiums) -pre-tax
475
500
365
285
630
975
2,271
2,921
Unfavorable (favorable) prior period development (PPD) -pre-tax
(283
)
(286
)
(268
)
(361
)
(249
)
(569
)
(504
)
(1,133
)
P&C CAY underwriting income ex Cats
$
2,129
$
2,006
$
2,294
$
2,183
$
2,012
$
4,135
$
3,839
$
8,316
(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of
the investee’s shares. The net realized gain or loss is included in other income (expense) under U.S. GAAP.
(2) Life Insurance underlying income (loss) is
calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.
Reconciliation Non-GAAP 2
Page 28
Chubb Limited
Non-GAAP Financial Measures - 3
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Regulation G -Non-GAAP Financial Measures (continued)
Core operating ROE and Core operating ROTE
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial
measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on
future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible
assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as
these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
YTD
YTD
Full Year
2Q-26
2Q-25
2026
2025
2025
Chubb net income
$
2,854
$
2,968
$
5,174
$
4,299
$
10,310
Core operating income
$
2,842
$
2,480
$
5,531
$
3,969
$
9,954
Equity - beginning of period, as reported
$
73,788
$
65,726
$
73,757
$
64,021
$
64,021
Less: unrealized gains (losses) on investments, net of deferred tax
(3,611
)
(3,704
)
(1,997
)
(4,552
)
(4,552
)
Less: changes in current discount rate on FPB, net of deferred tax
(27
)
(645
)
(344
)
(539
)
(539
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(13
)
(13
)
(23
)
(16
)
(16
)
Equity - beginning of period, as adjusted
$
77,439
$
70,088
$
76,121
$
69,128
$
69,128
Less: Chubb goodwill and other intangible assets, net of tax
24,584
23,940
24,391
23,800
23,800
Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets
$
52,855
$
46,148
$
51,730
$
45,328
$
45,328
Equity - end of period, as reported
$
75,372
$
69,395
$
75,372
$
69,395
$
73,757
Less: unrealized gains (losses) on investments, net of deferred tax
(3,282
)
(2,772
)
(3,282
)
(2,772
)
(1,997
)
Less: changes in current discount rate on FPB, net of deferred tax
(164
)
(746
)
(164
)
(746
)
(344
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(12
)
(12
)
(12
)
(12
)
(23
)
Equity - end of period, as adjusted
$
78,830
$
72,925
$
78,830
$
72,925
$
76,121
Less: Chubb goodwill and other intangible assets, net of tax
24,495
24,490
24,495
24,490
24,391
Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets
$
54,335
$
48,435
$
54,335
$
48,435
$
51,730
Weighted average equity, as reported
$
74,580
$
67,561
$
74,564
$
66,708
$
68,889
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets
$
53,595
$
47,292
$
53,033
$
46,882
$
48,529
Weighted average equity, as adjusted
$
78,135
$
71,507
$
77,476
$
71,027
$
72,625
ROE
15.3%
17.6%
13.9%
12.9%
15.0%
Core operating ROTE
21.2%
21.0%
20.9%
16.9%
20.5%
Core operating ROE
14.5%
13.9%
14.3%
11.2%
13.7%
Private equities realized gains (losses), after-tax (1)
$
76
$
435
$
57
$
425
$
817
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)
0.4 pts
2.4 pts
0.1 pts
1.2 pts
1.1 pts
Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
June 30
March 31
December 31
June 30
QTD
YTD
Year-over-Year
2026
2026
2025
2025
% Change
% Change
% Change
Book value
$
75,372
$
73,788
$
73,757
$
69,395
Less: AOCI
(5,923
)
(5,911
)
(4,975
)
(6,058
)
Book value excluding AOCI
81,295
79,699
78,732
75,453
Tangible book value
50,877
49,204
49,366
44,905
Less: Tangible AOCI
(5,300
)
(5,320
)
(4,181
)
(5,248
)
Tangible book value excluding tangible AOCI
$
56,177
$
54,524
$
53,547
$
50,153
Denominator: shares outstanding
385,634,049
388,495,580
391,101,227
398,660,788
Book value per share
$
195.45
$
189.93
$
188.59
$
174.07
2.9%
3.6%
12.3%
Tangible book value per share
$
131.93
$
126.65
$
126.22
$
112.64
4.2%
4.5%
17.1%
Book value per share excluding AOCI
$
210.81
$
205.15
$
201.31
$
189.27
2.8%
4.7%
11.4%
Tangible book value per share excluding tangible AOCI
$
145.67
$
140.35
$
136.91
$
125.80
3.8%
6.4%
15.8%
(1) We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead
of investment income.
Reconciliation Non-GAAP 3
Page 29
Chubb Limited
Non-GAAP Financial Measures - 4
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -Non-GAAP Financial Measures (continued)
P&C combined ratio
The P&C combined ratio includes the impact of 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 will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.
The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and
prior period development (PPD).
Q2 2026
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
3,372
$
791
$
518
$
1,815
$
121
$
158
$
6,775
Realized (gains) losses on crop derivatives
-
-
8
-
-
-
8
Adjusted losses and loss expenses/policy benefits
A
$
3,372
$
791
$
526
$
1,815
$
121
$
158
$
6,783
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(302)
(126)
(14)
(25)
(8)
-
(475)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
-
-
-
Catastrophe losses, gross of related adjustments
(302)
(126)
(14)
(25)
(8)
-
(475)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
111
173
-
146
11
(158)
283
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
-
5
Expense adjustments - unfavorable (favorable)
2
-
-
-
2
-
4
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
10
-
-
10
PPD, gross of related adjustments - favorable (unfavorable)
118
173
-
156
13
(158)
302
CAY loss and loss expense ex Cats
B
$
3,188
$
838
$
512
$
1,946
$
126
$
-
$
6,610
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,081
$
433
$
49
$
1,459
$
106
$
107
$
3,235
Expense adjustments - favorable (unfavorable)
(2)
-
-
-
(2)
-
(4)
CAY policy acquisition costs and administrative expenses
D
$
1,079
$
433
$
49
$
1,459
$
104
$
107
$
3,231
Denominator
Net premiums earned
E
$
5,214
$
1,817
$
641
$
3,984
$
299
$
11,955
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
-
-
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
5
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
10
-
10
Net premiums earned excluding adjustments
F
$
5,219
$
1,817
$
641
$
3,994
$
299
$
11,970
P&C combined ratio
Loss and loss expense ratio
A/E
64.7%
43.5%
82.0%
45.6%
40.6%
56.7%
Policy acquisition cost and administrative expense ratio
C/E
20.7%
23.8%
7.7%
36.6%
35.5%
27.1%
P&C combined ratio
85.4%
67.3%
89.7%
82.2%
76.1%
83.8%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
61.1%
46.1%
80.0%
48.7%
42.1%
55.2%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.7%
23.8%
7.6%
36.5%
34.8%
27.0%
CAY P&C combined ratio ex Cats
81.8%
69.9%
87.6%
85.2%
76.9%
82.2%
Combined ratio
Combined ratio
83.7%
Add: impact of gains and losses on crop derivatives
0.1%
P&C combined ratio
83.8%
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.
Reconciliation Non-GAAP 4
Page 30
Chubb Limited
Non-GAAP Financial Measures - 5
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)
YTD 2026
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
6,592
$
1,825
$
563
$
3,580
$
258
$
173
$
12,991
Realized (gains) losses on crop derivatives
-
-
16
-
-
-
16
Adjusted losses and loss expenses/policy benefits
A
$
6,592
$
1,825
$
579
$
3,580
$
258
$
173
$
13,007
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(504)
(348)
(18)
(89)
(16)
-
(975)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
-
-
-
Catastrophe losses, gross of related adjustments
(504)
(348)
(18)
(89)
(16)
-
(975)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
200
174
80
277
11
(173)
569
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
-
5
Expense adjustments - unfavorable (favorable)
4
-
-
-
4
-
8
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
17
-
-
17
PPD, gross of related adjustments - favorable (unfavorable)
209
174
80
294
15
(173)
599
CAY loss and loss expense ex Cats
B
$
6,297
$
1,651
$
641
$
3,785
$
257
$
-
$
12,631
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
2,187
$
865
$
67
$
2,855
$
217
$
217
$
6,408
Expense adjustments - favorable (unfavorable)
(4)
-
-
-
(4)
-
(8)
CAY policy acquisition costs and administrative expenses
D
$
2,183
$
865
$
67
$
2,855
$
213
$
217
$
6,400
Denominator
Net premiums earned
E
$
10,362
$
3,563
$
830
$
7,764
$
625
$
23,144
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
-
-
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
5
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
17
-
17
Net premiums earned excluding adjustments
F
$
10,367
$
3,563
$
830
$
7,781
$
625
$
23,166
P&C combined ratio
Loss and loss expense ratio
A/E
63.6%
51.2%
69.7%
46.1%
41.3%
56.2%
Policy acquisition cost and administrative expense ratio
C/E
21.1%
24.3%
8.1%
36.8%
34.8%
27.7%
P&C combined ratio
84.7%
75.5%
77.8%
82.9%
76.1%
83.9%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.7%
46.3%
77.3%
48.6%
41.1%
54.5%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
21.1%
24.3%
8.1%
36.7%
34.1%
27.7%
CAY P&C combined ratio ex Cats
81.8%
70.6%
85.4%
85.3%
75.2%
82.2%
Combined ratio
Combined ratio
83.8%
Add: impact of gains and losses on crop derivatives
0.1%
P&C combined ratio
83.9%
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.
Reconciliation Non-GAAP 5
Page 31
Chubb Limited
Non-GAAP Financial Measures - 6
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)
Q2 2025
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
3,258
$
822
$
481
$
1,918
$
132
$
70
$
6,681
Realized (gains) losses on crop derivatives
-
-
2
-
-
-
2
Adjusted losses and loss expenses/policy benefits
A
$
3,258
$
822
$
483
$
1,918
$
132
$
70
$
6,683
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(229)
(142)
(1)
(252)
(6)
-
(630)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
(5)
-
-
(5)
Catastrophe losses, gross of related adjustments
(229)
(142)
(1)
(247)
(6)
-
(625)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
106
121
-
77
15
(70)
249
Net premiums earned adjustments on PPD - unfavorable (favorable)
6
-
-
-
-
-
6
Expense adjustments - unfavorable (favorable)
2
-
-
-
1
-
3
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
-
(2)
PPD, gross of related adjustments - favorable (unfavorable)
114
121
-
77
14
(70)
256
CAY loss and loss expense ex Cats
B
$
3,143
$
801
$
482
$
1,748
$
140
$
-
$
6,314
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,062
$
414
$
50
$
1,282
$
108
$
106
$
3,022
Expense adjustments - favorable (unfavorable)
(2)
-
-
-
(1)
-
(3)
CAY policy acquisition costs and administrative expenses
D
$
1,060
$
414
$
50
$
1,282
$
107
$
106
$
3,019
Denominator
Net premiums earned
E
$
5,177
$
1,681
$
598
$
3,542
$
338
$
11,336
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
5
-
5
Net premiums earned adjustments on PPD - unfavorable (favorable)
6
-
-
-
-
6
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
(2)
Net premiums earned excluding adjustments
F
$
5,183
$
1,681
$
598
$
3,547
$
336
$
11,345
P&C combined ratio
Loss and loss expense ratio
A/E
62.9%
48.9%
80.8%
54.2%
39.0%
59.0%
Policy acquisition cost and administrative expense ratio
C/E
20.6%
24.6%
8.3%
36.1%
32.0%
26.6%
P&C combined ratio
83.5%
73.5%
89.1%
90.3%
71.0%
85.6%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.6%
47.6%
80.5%
49.3%
41.5%
55.6%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.5%
24.6%
8.3%
36.1%
32.0%
26.7%
CAY P&C combined ratio ex Cats
81.1%
72.2%
88.8%
85.4%
73.5%
82.3%
Combined ratio
Combined ratio
85.6%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
85.6%
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.
Reconciliation Non-GAAP 6
Page 32
Chubb Limited
Non-GAAP Financial Measures - 7
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -Non-GAAP Financial Measures (continued)
P&C combined ratio (continued)
YTD 2025
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
6,289
$
2,915
$
574
$
3,428
$
374
$
84
$
13,664
Realized (gains) losses on crop derivatives
-
-
1
-
-
-
1
Adjusted losses and loss expenses/policy benefits
A
$
6,289
$
2,915
$
575
$
3,428
$
374
$
84
$
13,665
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(383)
(1,484)
(16)
(307)
(81)
-
(2,271)
Reinstatement premiums collected (expensed) on catastrophe losses
-
(50)
-
(5)
13
-
(42)
Catastrophe losses, gross of related adjustments
(383)
(1,434)
(16)
(302)
(94)
-
(2,229)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
220
121
33
198
15
(83)
504
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
-
5
Expense adjustments - unfavorable (favorable)
-
-
(3)
-
-
-
(3)
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
-
(2)
PPD, gross of related adjustments - favorable (unfavorable)
225
121
30
198
13
(83)
504
CAY loss and loss expense ex Cats
B
$
6,131
$
1,602
$
589
$
3,324
$
293
$
1
$
11,940
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
2,125
$
831
$
69
$
2,449
$
218
$
211
$
5,903
Expense adjustments - favorable (unfavorable)
-
-
3
-
-
-
3
CAY policy acquisition costs and administrative expenses
D
$
2,125
$
831
$
72
$
2,449
$
218
$
211
$
5,906
Denominator
Net premiums earned
E
$
10,165
$
3,255
$
763
$
6,751
$
706
$
21,640
Reinstatement premiums (collected) expensed on catastrophe losses
-
50
-
5
(13)
42
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
5
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
(2)
Net premiums earned excluding adjustments
F
$
10,170
$
3,305
$
763
$
6,756
$
691
$
21,685
P&C combined ratio
Loss and loss expense ratio
A/E
61.9%
89.5%
75.4%
50.8%
53.0%
63.1%
Policy acquisition cost and administrative expense ratio
C/E
20.9%
25.6%
9.0%
36.2%
30.8%
27.3%
P&C combined ratio
82.8%
115.1%
84.4%
87.0%
83.8%
90.4%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.3%
48.4%
77.3%
49.2%
42.4%
55.1%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.9%
25.2%
9.4%
36.3%
31.5%
27.2%
CAY P&C combined ratio ex Cats
81.2%
73.6%
86.7%
85.5%
73.9%
82.3%
Combined ratio
Combined ratio
90.4%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
90.4%
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.
Reconciliation Non-GAAP 7
Page 33
Chubb Limited
Glossary
Chubb Limited Consolidated comprises all
segments including Corporate.
Total P&C comprises all segments (including Corporate) except the Life Insurance segment.
Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.
P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life
Insurance segment and including the realized gains and losses on the crop derivatives.
Book value per common share: Chubb shareholders’ equity divided
by the shares outstanding.
Tangible book value per common share: Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of
tax, divided by the shares outstanding.
Average market yield of fixed income investments: Weighted average yield based on the current market value of our
fixed maturities and other debt investments.
Average book yield of fixed income investments: Weighted average yield based on the amortized cost of our fixed
maturities and other debt investments.
Total capitalization: The sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’
equity.
Integration expenses and severance: Integration expenses comprise legal and professional fees and all other costs directly related to the integration
activities primarily of the Cigna acquisition, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. Integration expenses and severance are incurred by Chubb and are included in Corporate.
These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S.
and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition.
Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered 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.
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 prior period development 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 either profit 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.
Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of
purchased intangibles.
Non-premium revenues and expenses included in Other income and expense, principally pertain to
the management of third-party assets by Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services
are performed.
NM: Not meaningful.
Glossary
Page 34
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 0 |
Underlines use the same word lists the scores use. AI, recession and tariffs follow Palanor’s word counter, so those counts match it exactly on the same text. Layoffs and buybacks use the terms the model was given. The model’s count is an estimate by meaning, not by string, so it can differ from the underlines.
Not placed in the text
These quotes are stored with a score, but no passage here matches them closely enough to highlight. Rather than point at the wrong passage, they are listed as stored.
Theme · P&C underwriting performance
“P&C underwriting income was $1,937 compared to $1,631 in the prior year quarter.”
Theme · Investment portfolio
“Total investments were $172,649 at June 30, 2026 compared to $170,195 at March 31, 2026.”
Theme · Life insurance growth
“Life Insurance net premiums written were $1,937, an increase of 7.5% from prior year quarter.”
Theme · Book value per share
“Book value per common share was $195.45 at June 30, 2026 compared to $174.07 at June 30, 2025.”
Theme · Debt management
“Total financial debt was $18,115 at June 30, 2026 compared to $17,470 at March 31, 2026.”
Source: SEC EDGAR · public domain · Highlights by Palanor