EX-99.23d145408dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
Chubb Limited
Financial
Supplement
for the Quarter Ended March 31, 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 Results - Consecutive Quarters
3
- Global P&C Results - Consecutive Quarters
4
- Summary Consolidated Balance Sheets
5
- Product Line
6
- Consolidated Results by Segment
7
III.
Segment Results
- North America Commercial P&C Insurance
8
- North America Personal P&C Insurance
9
- North America Agricultural Insurance
10
- Overseas General Insurance
11
- Global Reinsurance
12
- Life Insurance
13
- Corporate
14
IV.
Balance Sheet Details
- Loss Reserve Rollforward
15
- Reinsurance Recoverable Analysis
16
- Investment Portfolio
17 - 20
- Net Realized and Unrealized Gains (Losses)
21
- Debt and Capital
22
- Computation of Basic and Diluted Earnings Per Share
23
- Book Value and Book Value per Common Share
24
V.
Other Disclosures
- Non-GAAP Financial Measures
25 - 29
- Glossary
30
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 March 31
Constant $
Constant $
2026
2025
% Change
2025
% Change
Gross premiums written
$
16,551
$
15,105
9.6%
$
15,535
6.5%
Net premiums written
$
14,005
$
12,646
10.7%
$
13,000
7.7%
P&C net premiums written
$
11,716
$
10,926
7.2%
$
11,249
4.1%
Global P&C net premiums written
$
11,405
$
10,650
7.1%
$
10,973
3.9%
Life Insurance net premiums written
$
2,289
$
1,720
33.1%
$
1,751
30.8%
Net premiums earned
$
13,457
$
12,000
12.1%
$
12,287
9.5%
P&C underwriting income
$
1,792
$
441
306.3%
$
485
269.1%
P&C CAY underwriting income ex Cats
$
2,006
$
1,827
9.8%
$
1,865
7.5%
Adjusted net investment income
$
1,838
$
1,670
10.1%
$
1,686
9.0%
Core operating income
$
2,689
$
1,489
80.6%
$
1,534
75.3%
Adjusted operating cash flow
$
3,803
$
2,001
Net investment income
$
1,709
$
1,561
9.5%
$
1,575
8.5%
Chubb net income
$
2,320
$
1,331
74.3%
Operating cash flow
$
3,947
$
1,566
P&C combined ratio
Loss and loss expense ratio
55.6%
67.8%
Policy acquisition cost and administrative expense ratio
28.4%
27.9%
Combined ratio
84.0%
95.7%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats
53.8%
54.4%
CAY policy acquisition cost and administrative expense ratio ex Cats
28.3%
27.9%
CAY combined ratio ex Cats
82.1%
82.3%
ROE
12.6%
8.2%
Core operating return on tangible equity (ROTE)
20.6%
13.0%
Core operating return on equity (ROE)
14.0%
8.6%
Effective tax rate
21.7%
19.3%
Core operating effective tax rate
19.3%
19.1%
Diluted earnings per share
Chubb net income
$
5.88
$
3.29
78.8%
Core operating income
$
6.82
$
3.68
85.2%
Weighted average diluted common shares outstanding
394.6
404.7
% Change
% Change
March 31
2026
December 31
2025
1Q-26 vs.
4Q-25
March 31
2025
1Q-26 vs.
1Q-25
Book value per common share
$
189.93
$
188.59
0.7%
$
164.01
15.8%
Tangible book value per common share
$
126.65
$
126.22
0.3%
$
104.27
21.5%
Book value per common share, excl. AOCI
$
205.15
$
201.31
1.9%
$
183.06
12.1%
Tangible book value per common share, excl. AOCI
$
140.35
$
136.91
2.5%
$
120.44
16.5%
Financial Highlights
Page 1
Chubb Limited
Statement of Operations - Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)
Consolidated Statements of Operations
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Gross premiums written
$
16,551
$
15,496
$
18,069
$
17,276
$
15,105
$
65,946
Net premiums written
14,005
13,134
14,866
14,196
12,646
54,842
Net premiums earned
13,457
13,530
14,359
13,125
12,000
53,014
Adjusted losses and loss expenses (1)
6,139
6,289
6,958
6,574
6,895
26,716
Realized (gains) losses on crop derivatives
8
8
7
2
(1
)
16
Losses and loss expenses
6,131
6,281
6,951
6,572
6,896
26,700
Adjusted policy benefits (2)
1,813
1,355
1,422
1,378
1,276
5,431
Realized (gains) losses from investment portfolios supporting participating policies
16
27
41
(40
)
39
67
(Gains) losses from fair value changes in separate account assets
12
(127
)
9
12
10
(96
)
Policy benefits
1,785
1,455
1,372
1,406
1,227
5,460
Policy acquisition costs
2,596
2,556
2,563
2,415
2,313
9,847
Administrative expenses
1,149
1,161
1,138
1,125
1,080
4,504
Adjusted net investment income (3)
1,838
1,814
1,776
1,687
1,670
6,947
Other (income) expense from private equity partnerships
(127
)
(125
)
(127
)
(115
)
(107
)
(474
)
Amortization expense of fair value adjustment on acquired invested assets
(2
)
(1
)
(1
)
(4
)
(2
)
(8
)
Net investment income
1,709
1,688
1,648
1,568
1,561
6,465
Adjusted realized gains (losses) (4)
(383
)
(81
)
331
122
(78
)
294
Realized gains (losses) from investment portfolios supporting participating policies
(16
)
(27
)
(41
)
40
(39
)
(67
)
Realized gains (losses) on crop derivatives
(8
)
(8
)
(7
)
(2
)
1
(16
)
Net realized gains (losses)
(407
)
(116
)
283
160
(116
)
211
Market risk benefits gains (losses)
14
(37
)
(142
)
(17
)
(92
)
(288
)
Adjusted interest expense (5)
203
210
203
186
186
785
Amortization benefit of fair value adjustment on acquired long term debt
(5
)
(5
)
(6
)
(5
)
(5
)
(21
)
Interest expense
198
205
197
181
181
764
Gains (losses) from fair value changes in separate account assets
(12
)
127
(9
)
(12
)
(10
)
96
Net realized gains (losses) related to unconsolidated entities
27
282
(84
)
540
(25
)
713
Other income (expense) from private equity partnerships
127
125
127
115
107
474
Other income (expense) - operating
19
(18
)
9
12
11
14
Other income (expense)
161
516
43
655
83
1,297
Amortization expense of purchased intangibles
73
77
75
74
75
301
Integration expenses and severance
9
76
1
2
-
79
Income tax expense (benefit)
646
597
787
717
321
2,422
Net income
$
2,347
$
3,173
$
3,107
$
2,999
$
1,343
$
10,622
Less: NCI income (loss)
27
(37
)
306
31
12
312
Chubb net income
$
2,320
$
3,210
$
2,801
$
2,968
$
1,331
$
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
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Gross premiums written
$
14,206
$
13,612
$
16,074
$
15,410
$
13,327
$
58,423
Net premiums written
11,716
11,309
12,934
12,394
10,926
47,563
Net premiums earned
11,189
11,716
12,434
11,336
10,304
45,790
Adjusted losses and loss expenses
6,111
6,257
6,927
6,554
6,869
26,607
Policy benefits
113
109
119
129
113
470
Policy acquisition costs
2,234
2,214
2,204
2,096
2,003
8,517
Administrative expenses
939
939
925
926
878
3,668
P&C underwriting income
$
1,792
$
2,197
$
2,259
$
1,631
$
441
$
6,528
P&C CAY underwriting income ex Cats
$
2,006
$
2,294
$
2,183
$
2,012
$
1,827
$
8,316
% Change versus prior year period
Net premiums written
7.2%
7.7%
5.3%
5.2%
3.2%
5.4%
Net premiums earned
8.6%
6.2%
5.0%
5.7%
3.3%
5.1%
Net premiums written constant $
4.1%
6.9%
4.7%
5.8%
5.0%
5.6%
Net premiums earned constant $
5.9%
5.3%
4.2%
6.3%
5.0%
5.2%
Combined ratio
Loss and loss expense ratio
55.6%
54.3%
56.7%
59.0%
67.8%
59.1%
Policy acquisition cost ratio
20.0%
18.9%
17.7%
18.5%
19.4%
18.6%
Administrative expense ratio
8.4%
8.0%
7.4%
8.1%
8.5%
8.0%
Combined ratio
84.0%
81.2%
81.8%
85.6%
95.7%
85.7%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
53.8%
53.2%
57.5%
55.6%
54.4%
55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats
28.3%
27.2%
25.0%
26.7%
27.9%
26.6%
CAY combined ratio ex Cats
82.1%
80.4%
82.5%
82.3%
82.3%
81.9%
Other ratios
Net premiums written/gross premiums written
82%
83%
80%
80%
82%
81%
Expense ratio
28.4%
26.9%
25.1%
26.6%
27.9%
26.6%
Expense ratio excluding A&H
26.8%
25.3%
23.6%
25.1%
26.4%
25.0%
Net catastrophe losses - pre-tax
$
500
$
365
$
285
$
630
$
1,641
$
2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(286
)
$
(268
)
$
(361
)
$
(249
)
$
(255
)
$
(1,133
)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)
4.5%
3.0%
2.3%
5.5%
15.9%
6.3%
Impact of PPD on combined ratio - Unfavorable (favorable)
-2.6%
-2.3%
-3.0%
-2.2%
-2.5%
-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)
1.9%
0.7%
-0.7%
3.3%
13.4%
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
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Gross premiums written
$
13,705
$
13,005
$
13,558
$
14,300
$
12,893
$
53,756
Net premiums written
11,405
10,850
11,476
11,661
10,650
44,637
Net premiums earned
11,000
11,055
10,939
10,738
10,139
42,871
Adjusted losses and loss expenses
6,058
5,817
5,703
6,071
6,777
24,368
Policy benefits
113
109
119
129
113
470
Policy acquisition costs
2,210
2,196
2,118
2,048
1,986
8,348
Administrative expenses
945
954
920
924
876
3,674
Global P&C underwriting income
$
1,674
$
1,979
$
2,079
$
1,566
$
387
$
6,011
Global P&C CAY underwriting income ex Cats
$
1,964
$
2,130
$
2,029
$
1,946
$
1,791
$
7,896
% Change versus prior year period
Net premiums written
7.1%
6.6%
5.3%
5.8%
3.0%
5.2%
Net premiums earned
8.5%
5.3%
4.9%
6.3%
3.0%
4.9%
Net premiums written constant $
3.9%
5.7%
4.6%
6.4%
4.8%
5.4%
Net premiums earned constant $
5.8%
4.4%
4.1%
7.0%
4.7%
5.0%
Combined ratio
Loss and loss expense ratio
56.1%
53.6%
53.2%
57.7%
68.0%
57.9%
Policy acquisition cost ratio
20.1%
19.9%
19.4%
19.1%
19.6%
19.5%
Administrative expense ratio
8.6%
8.6%
8.4%
8.6%
8.6%
8.6%
Combined ratio
84.8%
82.1%
81.0%
85.4%
96.2%
86.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
53.5%
52.6%
54.0%
54.3%
54.2%
53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats
28.7%
28.3%
27.6%
27.6%
28.2%
27.9%
CAY combined ratio ex Cats
82.2%
80.9%
81.6%
81.9%
82.4%
81.7%
Other ratios
Net premiums written/gross premiums written
83%
83%
85%
82%
83%
83%
Expense ratio
28.7%
28.5%
27.8%
27.7%
28.2%
28.1%
Expense ratio excluding A&H
27.1%
26.9%
26.2%
26.1%
26.7%
26.4%
Net catastrophe losses - pre-tax
$
496
$
361
$
281
$
629
$
1,626
$
2,897
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(206)
$
(210)
$
(331)
$
(249)
$
(222)
$
(1,012)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)
4.5%
3.2%
2.6%
5.8%
16.0%
6.8%
Impact of PPD on combined ratio - Unfavorable (favorable)
-1.9%
-2.0%
-3.2%
-2.3%
-2.2%
-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)
2.6%
1.2%
-0.6%
3.5%
13.8%
4.3%
Global P&C
Page 4
Chubb Limited
Summary Consolidated Balance Sheets
(in
millions of U.S. dollars, except per share data)
(Unaudited)
March 31
2026
December 31
2025
Assets
Short-term investments, at fair value
$
5,067
$
4,840
Fixed maturities available for sale, at fair value
123,433
122,680
Private debt held-for-investment, at amortized cost
2,477
2,411
Equity securities, at fair value
10,916
10,801
Private equities
17,132
17,239
Other investments
11,170
10,749
Total investments
170,195
168,720
Cash and restricted cash
2,634
2,470
Securities lending collateral
2,277
2,500
Insurance and reinsurance balances receivable
17,101
15,944
Reinsurance recoverable on losses and loss expenses
20,159
20,338
Deferred policy acquisition costs
10,452
10,008
Value of business acquired (VOBA)
2,926
2,975
Prepaid reinsurance premiums
4,105
3,874
Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and
12/31/2025, respectively)
26,587
26,448
Deferred tax assets
1,315
1,312
Separate account assets
6,718
6,925
Other assets
10,987
10,813
Total assets
$
275,456
$
272,327
Liabilities
Unpaid losses and loss expenses
$
88,915
$
88,018
Unearned premiums
27,180
26,279
Future policy benefits
19,273
18,420
Market risk benefits
642
659
Policyholder account balances
8,782
8,576
Separate account liabilities
6,718
6,925
Insurance and reinsurance balances payable
8,486
8,349
Securities lending payable
2,277
2,500
Accounts payable, accrued expenses, and other liabilities
13,617
13,432
Deferred tax liabilities
1,759
1,741
Short-term and long-term debt
17,470
17,227
Hybrid debt
425
422
Total liabilities
195,544
192,548
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI
79,699
78,732
Accumulated other comprehensive income (loss) (AOCI)
(5,911
)
(4,975
)
Chubb shareholders’ equity
73,788
73,757
Noncontrolling interests
6,124
6,022
Total shareholders’ equity
79,912
79,779
Total liabilities and shareholders’ equity
$
275,456
$
272,327
Book value per common share
$
189.93
$
188.59
% change over prior quarter
0.7%
3.5%
Tangible book value per common share(1)
$
126.65
$
126.22
% change over prior quarter
0.3%
5.1%
Book value per common share, excl. AOCI
$
205.15
$
201.31
% change over prior quarter
1.9%
3.4%
Tangible book value per common share, excl. AOCI
$
140.35
$
136.91
% change over prior quarter
2.5%
4.8%
(1) Refer to page 24 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 $
1Q-26
1Q-25
% Change
% Change
Net premiums written
Property and other short-tail lines
$
2,467
$
2,489
-0.9%
-4.6%
Commercial casualty
2,571
2,252
14.2%
11.4%
Financial lines
1,093
1,079
1.3%
-1.7%
Workers’ compensation
626
638
-1.9%
-1.9%
Commercial multiple peril (1)
454
416
9.2%
9.0%
Surety
220
200
9.8%
5.9%
Total Commercial P&C lines
7,431
7,074
5.0%
2.3%
Agriculture
311
276
12.7%
12.7%
Personal homeowners
1,273
1,143
11.4%
10.1%
Personal automobile
855
691
23.8%
15.6%
Personal other
560
511
9.6%
5.6%
Total Personal lines (2)
2,688
2,345
14.7%
10.8%
Global A&H - P&C
923
823
12.2%
6.2%
Reinsurance lines
363
408
-11.2%
-11.7%
Total P&C
$
11,716
$
10,926
7.2%
4.1%
Life Insurance
2,289
1,720
33.1%
30.8%
Total Consolidated
$
14,005
$
12,646
10.7%
7.7%
(1) Commercial multiple peril represents retail package business (property and general liability).
(2) For purposes of this schedule only, certain Q1 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 March 31, 2026
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q1 2026
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
4,895
$
1,681
$
311
$
4,466
$
363
$
-
$
11,716
$
2,289
$
14,005
% of total net premiums written
35%
12%
2%
32%
3%
0%
84%
16%
100%
Net premiums earned
5,148
1,746
189
3,780
326
-
11,189
2,268
13,457
Adjusted losses and loss expenses
3,220
1,034
53
1,652
137
15
6,111
28
6,139
Adjusted policy benefits
-
-
-
113
-
-
113
1,700
1,813
Policy acquisition costs
752
347
24
1,009
102
-
2,234
362
2,596
Administrative expenses
354
85
(6)
387
9
110
939
210
1,149
Underwriting income (loss)
822
280
118
619
78
(125)
1,792
(32)
1,760
Adjusted net investment income
971
137
26
300
108
(9)
1,533
305
1,838
Other income (expense) - operating
(14)
(3)
-
(6)
-
(9)
(32)
51
19
Amortization expense of purchased intangibles
(1)
(2)
(6)
(22)
-
(34)
(65)
(8)
(73)
Segment income (loss)
$
1,778
$
412
$
138
$
891
$
186
$
(177)
$
3,228
$
316
$
3,544
Combined ratio
84.0%
84.0%
37.5%
83.6%
76.0%
84.0%
CAY combined ratio ex Cats
81.8%
71.3%
77.6%
85.4%
73.7%
82.1%
Three months ended March 31, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q1 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
4,787
$
1,552
$
276
$
3,903
$
408
$
-
$
10,926
$
1,720
$
12,646
% of total net premiums written
38%
12%
2%
31%
3%
0%
86%
14%
100%
Net premiums earned
4,988
1,574
165
3,209
368
-
10,304
1,696
12,000
Adjusted losses and loss expenses
3,031
2,093
92
1,397
242
14
6,869
26
6,895
Adjusted policy benefits
-
-
-
113
-
-
113
1,163
1,276
Policy acquisition costs
719
330
17
837
100
-
2,003
310
2,313
Administrative expenses
344
87
2
330
10
105
878
202
1,080
Underwriting income (loss)
894
(936)
54
532
16
(119)
441
(5)
436
Adjusted net investment income
929
120
24
281
70
(25)
1,399
271
1,670
Other income (expense) - operating
(8)
(1)
(1)
(6)
-
(8)
(24)
35
11
Amortization expense of purchased intangibles
(1)
(2)
(6)
(19)
-
(37)
(65)
(10)
(75)
Segment income (loss)
$
1,814
$
(819)
$
71
$
788
$
86
$
(189)
$
1,751
$
291
$
2,042
Combined ratio
82.1%
159.5%
67.5%
83.4%
95.6%
95.7%
CAY combined ratio ex Cats
81.3%
75.0%
78.9%
85.5%
74.3%
82.3%
Consol Results - QTD
Page 7
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Commercial P&C Insurance
Full Year
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
2025
Gross premiums written
$
5,890
$
6,177
$
6,652
$
7,038
$
5,696
$
25,563
Net premiums written
4,895
5,107
5,663
5,723
4,787
21,280
Net premiums earned
5,148
5,136
5,080
5,177
4,988
20,381
Losses and loss expenses
3,220
2,941
3,083
3,258
3,031
12,313
Policy acquisition costs
752
759
708
705
719
2,891
Administrative expenses
354
345
348
357
344
1,394
Underwriting income
822
1,091
941
857
894
3,783
Adjusted net investment income
971
995
978
938
929
3,840
Other income (expense) - operating
(14
)
(33
)
(10
)
(8
)
(8
)
(59
)
Amortization expense of purchased intangibles
(1
)
(1
)
(1
)
(2
)
(1
)
(5
)
Segment income
$
1,778
$
2,052
$
1,908
$
1,785
$
1,814
$
7,559
CAY underwriting income ex Cats
$
935
$
1,045
$
987
$
980
$
934
$
3,946
Combined ratio
Loss and loss expense ratio
62.5%
57.2%
60.7%
62.9%
60.8%
60.4%
Policy acquisition cost ratio
14.6%
14.8%
13.9%
13.7%
14.4%
14.2%
Administrative expense ratio
6.9%
6.8%
6.9%
6.9%
6.9%
6.8%
Combined ratio
84.0%
78.8%
81.5%
83.5%
82.1%
81.4%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
60.4%
58.6%
60.4%
60.6%
59.9%
59.9%
CAY policy acquisition cost and administrative expense ratio ex Cats
21.4%
21.3%
20.4%
20.5%
21.4%
20.9%
CAY combined ratio ex Cats
81.8%
79.9%
80.8%
81.1%
81.3%
80.8%
Net catastrophe losses - pre-tax
$
202
$
129
$
72
$
229
$
154
$
584
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(89
)
$
(175
)
$
(26
)
$
(106
)
$
(114
)
$
(421
)
% Change versus prior year period
Net premiums written
2.3%
4.3%
2.9%
4.1%
2.1%
3.4%
Net premiums earned
3.2%
0.4%
-0.6%
5.7%
2.2%
1.9%
Other ratios
Net premiums written/gross premiums written
83%
83%
85%
81%
84%
83%
Production by Size - Net premiums written(1)
Major Accounts & Specialty
$
2,772
$
3,003
$
3,379
$
3,578
$
2,731
$
12,691
Commercial
2,123
2,104
2,284
2,145
2,056
8,589
Total
$
4,895
$
5,107
$
5,663
$
5,723
$
4,787
$
21,280
(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small
commercial accounts.
NA Commercial
Page 8
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Personal P&C Insurance
Full Year
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
2025
Gross premiums written
$
1,934
$
1,984
$
2,078
$
2,208
$
1,840
$
8,110
Net premiums written
1,681
1,720
1,814
1,938
1,552
7,024
Net premiums earned
1,746
1,767
1,741
1,681
1,574
6,763
Losses and loss expenses
1,034
889
713
822
2,093
4,517
Policy acquisition costs
347
336
339
332
330
1,337
Administrative expenses
85
85
82
82
87
336
Underwriting income (loss)
280
457
607
445
(936
)
573
Net investment income
137
125
123
118
120
486
Other income (expense) - operating
(3
)
(1
)
(1
)
-
(1
)
(3
)
Amortization expense of purchased intangibles
(2
)
(2
)
(2
)
(2
)
(2
)
(8
)
Segment income (loss)
$
412
$
579
$
727
$
561
$
(819
)
$
1,048
CAY underwriting income ex Cats
$
501
$
533
$
486
$
466
$
406
$
1,891
Combined ratio
Loss and loss expense ratio
59.3%
50.4%
41.0%
48.9%
133.0%
66.8%
Policy acquisition cost ratio
19.9%
18.9%
19.4%
19.7%
21.0%
19.7%
Administrative expense ratio
4.8%
4.8%
4.7%
4.9%
5.5%
5.0%
Combined ratio
84.0%
74.1%
65.1%
73.5%
159.5%
91.5%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
46.6%
46.2%
48.0%
47.6%
49.3%
47.7%
CAY policy acquisition cost and administrative expense ratio ex Cats
24.7%
23.7%
24.1%
24.6%
25.7%
24.6%
CAY combined ratio ex Cats
71.3%
69.9%
72.1%
72.2%
75.0%
72.3%
Net catastrophe losses - pre-tax
$
222
$
76
$
161
$
142
$
1,342
$
1,721
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(1
)
$
-
$
(282
)
$
(121
)
$
-
$
(403
)
% Change versus prior year period
Net premiums written
8.3%
6.1%
8.1%
9.1%
6.6%
7.5%
Net premiums earned
10.9%
8.5%
10.5%
11.1%
7.0%
9.3%
Other ratios
Net premiums written/gross premiums written
87%
87%
87%
88%
84%
87%
NA Personal
Page 9
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Agricultural Insurance
Full Year
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
2025
Gross premiums written
$
501
$
607
$
2,516
$
1,110
$
434
$
4,667
Net premiums written
311
459
1,458
733
276
2,926
Net premiums earned
189
661
1,495
598
165
2,919
Adjusted losses and loss expenses
53
440
1,224
483
92
2,239
Policy acquisition costs
24
18
86
48
17
169
Administrative expenses
(6
)
(15
)
5
2
2
(6
)
Underwriting income
118
218
180
65
54
517
Net investment income
26
23
20
19
24
86
Other income (expense) - operating
-
(1
)
-
-
(1
)
(2
)
Amortization expense of purchased intangibles
(6
)
(6
)
(6
)
(6
)
(6
)
(24
)
Segment income
$
138
$
234
$
194
$
78
$
71
$
577
CAY underwriting income ex Cats
$
42
$
164
$
154
$
66
$
36
$
420
Combined ratio
Loss and loss expense ratio
27.9%
66.5%
81.9%
80.8%
55.9%
76.7%
Policy acquisition cost ratio
12.6%
2.8%
5.8%
7.9%
10.4%
5.8%
Administrative expense ratio
-3.0%
-2.3%
0.3%
0.4%
1.2%
-0.2%
Combined ratio
37.5%
67.0%
88.0%
89.1%
67.5%
82.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
68.0%
66.2%
83.6%
80.5%
65.8%
78.5%
CAY policy acquisition cost and administrative expense ratio ex Cats
9.6%
3.8%
6.1%
8.3%
13.1%
6.5%
CAY combined ratio ex Cats
77.6%
70.0%
89.7%
88.8%
78.9%
85.0%
Net catastrophe losses - pre-tax
$
4
$
4
$
4
$
1
$
15
$
24
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(80
)
$
(58
)
$
(30
)
$
-
$
(33
)
$
(121
)
% Change versus prior year period
Net premiums written
12.7%
45.1%
5.6%
-3.3%
11.0%
8.2%
Net premiums earned
14.6%
24.0%
5.4%
-4.3%
28.6%
7.9%
Other ratios
Net premiums written/gross premiums written
62%
76%
58%
66%
64%
63%
NA Agriculture
Page 10
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Overseas General Insurance
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Gross premiums written
$
5,478
$
4,608
$
4,496
$
4,588
$
4,904
$
18,596
Net premiums written
4,466
3,806
3,695
3,620
3,903
15,024
Net premiums earned
3,780
3,820
3,803
3,542
3,209
14,374
Losses and loss expenses
1,652
1,696
1,707
1,789
1,397
6,589
Policy benefits
113
109
119
129
113
470
Policy acquisition costs
1,009
999
975
913
837
3,724
Administrative expenses
387
368
368
369
330
1,435
Underwriting income
619
648
634
342
532
2,156
Adjusted net investment income
300
292
288
278
281
1,139
Other income (expense) - operating
(6
)
(31
)
(8
)
(5
)
(6
)
(50
)
Amortization expense of purchased intangibles
(22
)
(20
)
(20
)
(19
)
(19
)
(78
)
Segment income
$
891
$
889
$
894
$
596
$
788
$
3,167
CAY underwriting income ex Cats
$
552
$
615
$
592
$
517
$
466
$
2,190
Combined ratio
Loss and loss expense ratio
46.7%
47.3%
48.0%
54.2%
47.0%
49.1%
Policy acquisition cost ratio
26.7%
26.1%
25.6%
25.7%
26.1%
25.9%
Administrative expense ratio
10.2%
9.6%
9.7%
10.4%
10.3%
10.0%
Combined ratio
83.6%
83.0%
83.3%
90.3%
83.4%
85.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
48.6%
48.4%
49.1%
49.3%
49.1%
49.0%
CAY policy acquisition cost and administrative expense ratio ex Cats
36.8%
35.6%
35.3%
36.1%
36.4%
35.8%
CAY combined ratio ex Cats
85.4%
84.0%
84.4%
85.4%
85.5%
84.8%
Net catastrophe losses - pre-tax
$
64
$
156
$
42
$
252
$
55
$
505
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(131
)
$
(189
)
$
(84
)
$
(77
)
$
(121
)
$
(471
)
% Change versus prior year period
Net premiums written
14.4%
10.8%
9.7%
8.5%
1.8%
7.5%
Net premiums written - Commercial
10.8%
5.6%
5.8%
6.0%
3.6%
5.2%
Net premiums written - Consumer
20.5%
18.7%
15.5%
12.2%
-1.1%
11.0%
Net premiums earned
17.8%
11.3%
11.2%
5.8%
0.3%
7.3%
Net premiums written constant $
6.1%
8.1%
7.4%
10.2%
6.5%
8.0%
Net premiums written - Commercial
3.1%
3.3%
3.9%
6.8%
7.3%
5.3%
Net premiums written - Consumer
11.1%
15.4%
12.6%
15.3%
5.0%
12.0%
Net premiums earned constant $
9.6%
8.4%
8.4%
7.4%
5.0%
7.4%
Other ratios: Net premiums written/gross premiums written
82%
83%
82%
79%
80%
81%
Production by Region - Net premiums written
1Q-26
1Q-25
% Change
Constant $
% Change
Europe, Middle East and Africa
$
2,217
$
1,915
15.8%
5.8%
Latin America
867
736
17.8%
7.2%
Asia
1,344
1,198
12.1%
7.4%
Other (1)
38
54
-28.9%
-30.6%
Total
$
4,466
$
3,903
14.4%
6.1%
(1) Includes the international supplemental A&H run-off business of Combined Insurance and other international operations.
Overseas General Insurance
Page 11
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Global Reinsurance
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Gross premiums written
$
403
$
236
$
332
$
466
$
453
$
1,487
Net premiums written
363
217
304
380
408
1,309
Net premiums earned
326
332
315
338
368
1,353
Losses and loss expenses
137
127
139
132
242
640
Policy acquisition costs
102
102
96
98
100
396
Administrative expenses
9
8
9
10
10
37
Underwriting income
78
95
71
98
16
280
Adjusted net investment income
108
99
100
85
70
354
Segment income
$
186
$
194
$
171
$
183
$
86
$
634
CAY underwriting income ex Cats
$
86
$
87
$
77
$
89
$
91
$
344
Combined ratio
Loss and loss expense ratio
41.9%
38.5%
43.8%
39.0%
65.8%
47.3%
Policy acquisition cost ratio
31.3%
30.9%
30.5%
29.1%
27.1%
29.3%
Administrative expense ratio
2.8%
2.2%
3.1%
2.9%
2.7%
2.7%
Combined ratio
76.0%
71.6%
77.4%
71.0%
95.6%
79.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
40.1%
41.4%
42.0%
41.5%
43.2%
42.1%
CAY policy acquisition cost and administrative expense ratio ex Cats
33.6%
32.5%
33.6%
32.0%
31.1%
32.2%
CAY combined ratio ex Cats
73.7%
73.9%
75.6%
73.5%
74.3%
74.3%
Net catastrophe losses - pre-tax
$
8
$
-
$
6
$
6
$
75
$
87
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
-
$
(8
)
$
-
$
(15
)
$
-
$
(23
)
% Change versus prior year period
Net premiums written
-11.2%
-3.9%
-13.5%
-7.6%
13.7%
-2.8%
Net premiums earned
-11.4%
3.2%
-0.5%
-0.3%
24.8%
6.4%
Net premiums written constant $
-11.7%
-4.2%
-13.8%
-7.8%
14.0%
-3.0%
Net premiums earned constant $
-12.1%
2.9%
-0.9%
-0.6%
25.3%
6.2%
Other ratios
Net premiums written/gross premiums written
90%
91%
92%
82%
90%
88%
Global Reinsurance
Page 12
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Life
Insurance
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Gross premiums written
$
2,345
$
1,884
$
1,995
$
1,866
$
1,778
$
7,523
Net premiums written
2,289
1,825
1,932
1,802
1,720
7,279
Net premiums earned
2,268
1,814
1,925
1,789
1,696
7,224
Losses and loss expenses
28
32
31
20
26
109
Adjusted policy benefits
1,700
1,246
1,303
1,249
1,163
4,961
Policy acquisition costs
362
342
359
319
310
1,330
Administrative expenses
210
222
213
199
202
836
Adjusted net investment income
305
298
284
274
271
1,127
Other income (expense) - operating (1)
51
62
31
37
35
165
Amortization expense of purchased intangibles
(8
)
(10
)
(10
)
(8
)
(10
)
(38
)
Segment income
$
316
$
322
$
324
$
305
$
291
$
1,242
% Change versus prior year period
Net premiums written
33.1%
16.9%
24.6%
14.1%
5.3%
15.1%
Net premiums earned
33.7%
15.9%
25.8%
14.2%
5.3%
15.1%
Net premiums written constant $
30.8%
18.3%
23.5%
17.3%
10.3%
17.3%
Net premiums earned constant $
31.5%
17.3%
24.7%
17.5%
10.2%
17.4%
International life insurance net premiums written and deposits breakdown (excludes Chubb Benefits and Life reinsurance businesses):
1Q-26
1Q-25
% Change
Constant $
% Change
International life insurance net premiums written
$
1,944
$
1,421
36.8%
34.1%
International life insurance deposits (2)
749
755
-0.8%
-4.1%
Total international life insurance net premiums written and deposits
$
2,693
$
2,176
23.7%
20.7%
International life insurance segment income
$
263
$
230
14.5%
12.8%
(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 13
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Corporate
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
Full Year
2025
Adjusted loss and loss expenses
$
15
$
164
$
61
$
70
$
14
$
309
Administrative expenses
110
148
113
106
105
472
Underwriting loss
(125
)
(312
)
(174
)
(176
)
(119
)
(781
)
Adjusted net investment income
(9
)
(18
)
(17
)
(25
)
(25
)
(85
)
Other income (expense) - operating
(9
)
(14
)
(3
)
(12
)
(8
)
(37
)
Adjusted interest expense
(203
)
(210
)
(203
)
(186
)
(186
)
(785
)
Amortization expense of purchased intangibles
(34
)
(38
)
(36
)
(37
)
(37
)
(148
)
Integration expenses and severance
(9
)
(76
)
(1
)
(2
)
-
(79
)
Amortization of fair value adjustment of acquired invested assets and long-term debt
3
4
5
1
3
13
Adjusted net realized gains (losses)
(356
)
201
247
662
(103
)
1,007
Market risk benefits gains (losses)
14
(37
)
(142
)
(17
)
(92
)
(288
)
Income tax expense
(646
)
(597
)
(787
)
(717
)
(321
)
(2,422
)
Less: NCI income (loss)
27
(37
)
306
31
12
312
Net loss
$
(1,401
)
$
(1,060
)
$
(1,417
)
$
(540
)
$
(900
)
$
(3,917
)
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
15
$
162
$
61
$
70
$
13
$
306
Corporate
Page 14
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
Add net recoverable on paid losses
-
1,906
(1,906
)
Balance including net recoverable on paid losses
$
88,915
$
20,159
$
68,756
Loss Reserve Rollforward
Page 15
Chubb Limited
Reinsurance Recoverable Analysis
(in millions
of U.S. dollars)
(Unaudited)
Net Reinsurance
Recoverable by Division
March 31
December 31
2026
2025
Reinsurance recoverable on paid losses and loss expenses
Active operations
$
1,484
$
1,570
Brandywine and Other Run-off
486
494
Total
$
1,970
$
2,064
Reinsurance recoverable on unpaid losses and loss expenses
Active operations
$
17,445
$
17,503
Brandywine and Other Run-off
1,064
1,091
Total
$
18,509
$
18,594
Gross reinsurance recoverable
Active operations
$
18,929
$
19,073
Brandywine and Other Run-off
1,550
1,585
Total
$
20,479
$
20,658
Provision for uncollectible reinsurance (1)
Active operations
$
(225
)
$
(229
)
Brandywine and Other Run-off
(95
)
(91
)
Total
$
(320
)
$
(320
)
Net reinsurance recoverable
Active operations
$
18,704
$
18,844
Brandywine and Other Run-off
1,455
1,494
Total
$
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 $3.8 billion.
Reinsurance Recoverable
Page 16
Chubb Limited
Investment Portfolio
(in millions of U.S.
dollars)
(Unaudited)
March 31
December 31
2026
2025
Market Value
Fixed maturities available for sale
$
123,433
$
122,680
Other investments-fixed maturities
8,433
8,091
Short-term investments
5,067
4,840
Total fixed maturities
$
136,933
$
135,611
Asset Allocation by Market Value
U.S. and local government securities
$
3,697
3%
$
3,714
3%
Corporate and asset-backed securities
47,832
35%
47,886
35%
Mortgage-backed securities
31,322
23%
30,724
23%
Non-U.S.
49,015
35%
48,447
35%
Short-term investments
5,067
4%
4,840
4%
Total fixed maturities
$
136,933
100%
$
135,611
100%
Credit Quality by Market Value
AAA
$
13,258
10%
$
13,313
10%
AA
41,208
30%
40,720
30%
A
36,350
27%
35,184
26%
BBB
24,376
18%
23,584
17%
BB
12,576
9%
12,948
10%
B
8,766
6%
9,469
7%
Other
399
0%
393
0%
Total fixed maturities
$
136,933
100%
$
135,611
100%
Cost/Amortized Cost, net
Fixed maturities available for sale
$
127,251
$
124,674
Other investments-fixed maturities
8,433
8,091
Short-term investments
5,067
4,840
Subtotal fixed maturities (1)
140,751
137,605
Equity securities
10,916
10,801
Private debt held-for-investment (1)
2,477
2,411
Private equities and other
19,869
19,897
Total investment portfolio
$
174,013
$
170,714
Avg. duration of fixed maturities (2)
4.7 years
4.7 years
Avg. market yield of fixed income investments(3)
5.5%
5.2%
Avg. credit quality
A/A
A/A
Avg. book yield of fixed income investments (3)
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 17
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 March 31, 2026
Agency residential mortgage-backed securities (RMBS)
$
55
$
27,818
$
-
$
-
$
-
$
27,873
Non-agency RMBS
2,111
208
183
46
2
2,550
Commercial mortgage-backed securities
727
108
57
5
2
899
Total mortgage-backed securities at market value
$
2,893
$
28,134
$
240
$
51
$
4
$
31,322
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at March 31, 2026
S&P Credit Rating
Investment Grade
AAA
AA
A
BBB
Total
Asset-backed
$
3,822
$
726
$
325
$
248
$
5,121
Banks
-
10
2,627
2,073
4,710
Basic Materials
-
-
88
246
334
Communications
-
353
602
1,421
2,376
Consumer, Cyclical
8
178
635
1,007
1,828
Consumer, Non-Cyclical
67
529
3,041
1,863
5,500
Diversified Financial Services
-
133
514
268
915
Energy
-
114
547
1,665
2,326
Industrial
-
16
732
1,396
2,144
Utilities
282
13
1,549
1,494
3,338
All Others
102
388
1,488
1,800
3,778
Total
$
4,281
$
2,460
$
12,148
$
13,481
$
32,370
Market Value at March 31, 2026
S&P Credit Rating
Below Investment Grade
BB
B
CCC
Total
Asset-backed
$
9
$
145
$
1
$
155
Banks
-
-
-
-
Basic Materials
505
295
13
813
Communications
698
775
39
1,512
Consumer, Cyclical
1,598
897
58
2,553
Consumer, Non-Cyclical
1,733
1,317
33
3,083
Diversified Financial Services
551
345
5
901
Energy
809
484
-
1,293
Industrial
1,282
855
37
2,174
Utilities
360
123
-
483
All Others
1,028
1,405
62
2,495
Total
$
8,573
$
6,641
$
248
$
15,462
Investments 2
Page 18
Chubb Limited
Investment Portfolio - 3
(in millions of U.S.
dollars)
(Unaudited)
Non-U.S. Fixed Income
Portfolio
March 31, 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
$
-
$
170
$
2,087
$
-
$
-
$
2,257
Republic of Korea
-
1,626
-
-
-
1,626
Kingdom of Thailand
-
-
1,076
-
-
1,076
Canada
849
-
-
-
-
849
United Mexican States
-
-
-
750
-
750
Taiwan
-
730
-
-
-
730
Federative Republic of Brazil
-
-
-
-
629
629
Commonwealth of Australia
614
-
-
-
-
614
Province of Ontario
-
555
-
-
-
555
Province of Hunan China
-
-
551
-
-
551
Other Non-U.S. Government Securities
661
2,129
2,983
1,162
1,420
8,355
Total
$
2,124
$
5,210
$
6,697
$
1,912
$
2,049
$
17,992
Non-U.S. Corporate Securities
Market Value by S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
China
$
-
$
-
$
8,328
$
649
$
11
$
8,988
United Kingdom
7
38
1,239
1,011
481
2,776
Canada
271
50
1,031
880
532
2,764
France
7
3
927
665
251
1,853
United States (1)
8
138
384
511
554
1,595
Australia
54
306
470
479
52
1,361
South Korea
-
414
392
512
1
1,319
Japan
-
-
878
190
97
1,165
Chile
-
-
213
468
-
681
Germany
66
90
107
331
66
660
Other Non-U.S. Corporate Securities
595
691
1,941
2,944
1,690
7,861
Total
$
1,008
$
1,730
$
15,910
$
8,640
$
3,735
$
31,023
(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 19
Chubb Limited
Investment Portfolio - 4
(in millions of U.S.
dollars)
(Unaudited)
Fixed Maturity Investment
Portfolio
Top 10 Global Corporate Exposures
March 31, 2026
Market Value
Rating
1
Bank of America Corp
$
811
A-
2
Morgan Stanley
769
A-
3
JP Morgan Chase & Co
694
A
4
Goldman Sachs Group Inc
577
BBB+
5
Wells Fargo & Co
562
BBB+
6
Citigroup Inc
509
BBB+
7
Verizon Communications Inc
438
BBB+
8
AT&T Inc
368
BBB
9
UBS Group AG
366
A-
10
Comcast Corp
365
A-
Investments 4
Page 20
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Three months ended March 31, 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)
$
(233
)
$
45
$
(188
)
$
(1,824
)
$
210
$
(1,614
)
$
(2,057
)
$
255
$
(1,802
)
Public equity:
Realized gains (losses) on sales
91
(18
)
73
-
-
-
91
(18
)
73
Mark-to-market
(239
)
52
(187
)
-
-
-
(239
)
52
(187
)
Private equity: Mark-to-market
33
(52
)
(19
)
-
-
-
33
(52
)
(19
)
Total investment portfolio
(348
)
27
(321
)
(1,824
)
210
(1,614
)
(2,172
)
237
(1,935
)
Foreign exchange
(7
)
-
(7
)
359
(6
)
353
352
(6
)
346
Partially-owned entities (2)
-
-
-
-
-
-
-
-
-
Current discount rate on future policy benefits
-
-
-
378
(61
)
317
378
(61
)
317
Instrument-specific credit risk - market risk benefits
-
-
-
12
(2
)
10
12
(2
)
10
Other
(22
)
5
(17
)
(6
)
-
(6
)
(28
)
5
(23
)
Net gains (losses)
$
(377
)
$
32
$
(345
)
$
(1,081
)
$
141
$
(940
)
$
(1,458
)
$
173
$
(1,285
)
(1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of
expected credit losses of $2 million, and impairments of $32 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 March 31, 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)
$
(83
)
$
19
$
(64
)
$
909
$
(61
)
$
848
$
826
$
(42
)
$
784
Public equity:
Realized gains (losses) on sales
(10
)
3
(7
)
-
-
-
(10
)
3
(7
)
Mark-to-market
68
(10
)
58
-
-
-
68
(10
)
58
Private equity: Mark-to-market
(11
)
1
(10
)
-
-
-
(11
)
1
(10
)
Total investment portfolio
(36
)
13
(23
)
909
(61
)
848
873
(48
)
825
Foreign exchange
(65
)
27
(38
)
352
(12
)
340
287
15
302
Partially-owned entities (4)
2
-
2
-
-
-
2
-
2
Current discount rate on future policy benefits
-
-
-
(118
)
12
(106
)
(118
)
12
(106
)
Instrument-specific credit risk - market risk benefits
-
-
-
4
(1
)
3
4
(1
)
3
Other
(5
)
1
(4
)
(95
)
19
(76
)
(100
)
20
(80
)
Net gains (losses)
$
(104
)
$
41
$
(63
)
$
1,052
$
(43
)
$
1,009
$
948
$
(2
)
$
946
(3) The quarter includes pre-tax realized losses on investment derivatives of $23 million, a net decrease of the valuation allowance of
expected credit losses of $8 million, and impairments of $7 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 21
Chubb Limited
Debt and Capital
(in millions of U.S. dollars,
except ratios)
(Unaudited)
March 31
December 31
December 31
2026
2025
2024
Financial debt:
Total short-term debt
$
1,500
$
1,499
$
800
Total long-term debt (1)
15,970
15,728
14,379
Total financial debt
$
17,470
$
17,227
$
15,179
Hybrid debt:
Total trust preferred securities
$
309
$
309
$
309
Total subordinated debt (2)
116
113
110
Total hybrid debt
$
425
$
422
$
419
Total
$
17,895
$
17,649
$
15,598
Capitalization:
Chubb shareholders’ equity
$
73,788
$
73,757
$
64,021
Hybrid debt
425
422
419
Financial debt
17,470
17,227
15,179
Total capitalization
$
91,683
$
91,406
$
79,619
Less: Chubb unrealized gains (losses) on investments, net of deferred tax
(3,611)
(1,997)
(4,552)
Total adjusted capitalization
$
95,294
$
93,403
$
84,171
Leverage ratios (based on total adjusted capital):
Hybrid debt
0.5%
0.4%
0.5%
Financial debt
18.3%
18.4%
18.0%
Total hybrid & financial debt
18.8%
18.8%
18.5%
Note: As of March 31, 2026, there was $1.0 billion usage of credit facilities on total capacity of $4.1 billion.
(1) In March 2026, the company issued CHF 200 million of 1.02% senior notes due 2032.
(2) 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 22
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 March 31
2026
2025
Numerator
Core operating income
$
2,689
$
1,489
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax
3
3
Tax (expense) benefit on amortization adjustment
(1
)
1
Integration expenses and severance, pre-tax
(9
)
-
Tax (expense) benefit on integration expenses and severance
2
-
Adjusted net realized gains (losses), pre-tax
(377
)
(104
)
Tax (expense) benefit on adjusted net realized gains (losses)
32
41
Market risk benefits gains (losses), pre-tax
14
(92
)
Tax (expense) benefit on market risk benefits gains (losses)
(2
)
14
Amortization of deferred tax asset from Bermuda law
(31
)
(21
)
Chubb net income
$
2,320
$
1,331
Rollforward of Common Shares Outstanding
Shares - beginning of period
391,101,227
400,703,663
Repurchase of shares
(3,517,810
)
(1,345,782
)
Shares issued (canceled), excluding option exercises
144,374
664,912
Issued for option exercises
767,789
725,692
Shares - end of period
388,495,580
400,748,485
Denominator
Weighted average shares outstanding (1)
390,485,934
400,681,956
Effect of other dilutive securities
4,113,570
3,992,395
Adj. wtd. avg. shares outstanding and assumed conversions
394,599,504
404,674,351
Basic earnings per share
Core operating income
$
6.89
$
3.72
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax
0.01
0.01
Integration expenses and severance, net of tax
(0.02
)
-
Adjusted net realized gains (losses), net of tax
(0.89
)
(0.16
)
Market risk benefits gains (losses), net of tax
0.03
(0.20
)
Amortization of deferred tax asset from Bermuda law
(0.08
)
(0.05
)
Chubb net income
$
5.94
$
3.32
Diluted earnings per share
Core operating income
$
6.82
$
3.68
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax
0.01
0.01
Integration expenses and severance, net of tax
(0.02
)
-
Adjusted net realized gains (losses), net of tax
(0.88
)
(0.16
)
Market risk benefits gains (losses), net of tax
0.03
(0.19
)
Amortization of deferred tax asset from Bermuda law
(0.08
)
(0.05
)
Chubb net income
$
5.88
$
3.29
(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 23
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
March 31
December 31
March 31
2026
2025
2025
Chubb shareholders’ equity
$
73,788
$
73,757
$
65,726
Less: Chubb goodwill and other intangible assets, net of tax
24,584
24,391
23,940
Numerator for tangible book value per share
$
49,204
$
49,366
$
41,786
Book value - % change over prior quarter
0.0%
2.6%
2.7%
Tangible book value - % change over prior quarter
-0.3%
4.2%
3.9%
Book value - % change over prior year
12.3%
15.2%
8.6%
Tangible book value - % change over prior year
17.8%
22.7%
14.9%
Denominator: shares outstanding
388,495,580
391,101,227
400,748,485
Book value per common share
$
189.93
$
188.59
$
164.01
Tangible book value per common share
$
126.65
$
126.22
$
104.27
Reconciliation of Book Value
Chubb shareholders’ equity, beginning of quarter
$
73,757
$
71,855
$
64,021
Core operating income
2,689
2,982
1,489
Amortization of fair value adjustment of acquired invested assets and long-term debt
2
2
4
Integration expenses and severance
(7
)
(58
)
-
Adjusted net realized gains (losses) (1)
(345
)
349
(63
)
Market risk benefits gains (losses)
12
(32
)
(78
)
Amortization of deferred tax asset from Bermuda law
(31
)
(33
)
(21
)
Net unrealized gains (losses) on investments
(1,614
)
(68
)
848
Repurchase of shares
(1,143
)
(1,094
)
(385
)
Dividend declared on common shares
(380
)
(381
)
(366
)
Cumulative translation gains (losses)
353
(274
)
340
Postretirement benefit liability
(3
)
153
(4
)
Current discount rate on future policy benefits
317
149
(106
)
Instrument-specific credit risk - market risk benefits
10
(4
)
3
Other (2)
171
211
44
Chubb shareholders’ equity, end of quarter
$
73,788
$
73,757
$
65,726
(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 24
Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting
our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However,
they should not be viewed as a substitute for measures determined in accordance with 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 28 - 29.
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 the after-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.
Core operating income excluding catastrophe losses excludes the impact of catastrophe losses due to the significant size and number of these events which could
obscure the underlying operating results. We believe this measure provides more comparability between the current and prior period where catastrophes have had a significant impact, allowing a better evaluation of our operating performance and
enhancing an understanding of the trends in our property and casualty business. Core operating income and Core operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP.
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 25
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:
Full Year
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
2025
Tax expense, as reported
$
644
$
592
$
784
$
713
$
318
$
2,407
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt
1
3
1
3
(1
)
6
Less: tax expense (benefit) on integration expenses and severance
(2
)
(17
)
-
-
-
(17
)
Less: tax expense (benefit) on adjusted net realized gains (losses)
(32
)
(107
)
(6
)
94
(41
)
(60
)
Less: tax expense (benefit) on market risk benefits gains (losses)
2
(5
)
(22
)
(2
)
(14
)
(43
)
Less: amortization of deferred tax asset from Bermuda law
31
33
36
34
21
124
Tax expense, adjusted
$
644
$
685
$
775
$
584
$
353
$
2,397
Income before tax, as reported
$
2,964
$
3,802
$
3,585
$
3,681
$
1,649
$
12,717
Less: amortization of fair value of acquired invested assets and debt
3
5
4
3
3
15
Less: integration expenses and severance
(9
)
(75
)
(1
)
(2
)
-
(78
)
Less: adjusted realized gains (losses)
(394
)
(39
)
29
93
(84
)
(1
)
Less: realized gains (losses) related to unconsolidated entities
17
281
(83
)
540
(20
)
718
Less: market risk benefits gains (losses)
14
(37
)
(142
)
(17
)
(92
)
(288
)
Core operating income before tax
$
3,333
$
3,667
$
3,778
$
3,064
$
1,842
$
12,351
Effective tax rate
21.7%
15.5%
21.9%
19.4%
19.3%
18.9%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt
0.0%
-0.1%
0.0%
-0.1%
0.1%
0.0%
Adjustment for tax impact of integration expenses and severance
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
Adjustment for tax impact of adjusted net realized gains (losses)
-1.5%
4.2%
-0.2%
0.9%
1.0%
1.6%
Adjustment for tax impact of market risk benefits gains (losses)
0.0%
-0.1%
-0.2%
0.0%
-0.2%
-0.1%
Adjustment for amortization of deferred tax asset from Bermuda law
-0.9%
-0.9%
-1.0%
-1.1%
-1.1%
-1.0%
Core operating effective tax rate
19.3%
18.7%
20.5%
19.1%
19.1%
19.4%
Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:
Full Year
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
2025
Chubb net income
$
2,320
$
3,210
$
2,801
$
2,968
$
1,331
$
10,310
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax
3
5
4
3
3
15
Tax (expense) benefit on amortization adjustment
(1
)
(3
)
(1
)
(3
)
1
(6
)
Integration expenses and severance, pre-tax
(9
)
(75
)
(1
)
(2
)
-
(78
)
Tax (expense) benefit on integration expenses and severance
2
17
-
-
-
17
Adjusted realized gains (losses), pre-tax
(394
)
(39
)
29
93
(84
)
(1
)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)
17
281
(83
)
540
(20
)
718
Tax (expense) benefit on adjusted net realized gains (losses)
32
107
6
(94
)
41
60
Market risk benefits gains (losses), pre-tax
14
(37
)
(142
)
(17
)
(92
)
(288
)
Tax (expense) benefit on market risk benefits gains (losses)
(2
)
5
22
2
14
43
Amortization of deferred tax asset from Bermuda law
(31
)
(33
)
(36
)
(34
)
(21
)
(124
)
Core operating income
$
2,689
$
2,982
$
3,003
$
2,480
$
1,489
$
9,954
Catastrophe losses - after-tax
$
397
$
292
$
226
$
510
$
1,300
$
2,328
Unfavorable (favorable) prior period development (PPD) - after-tax
$
(231
)
$
(220
)
$
(238
)
$
(196
)
$
(204
)
$
(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:
Full Year
1Q-26
4Q-25
3Q-25
2Q-25
1Q-25
2025
Net income
$
2,347
$
3,173
$
3,107
$
2,999
$
1,343
$
10,622
Less: Income tax expense
(646
)
(597
)
(787
)
(717
)
(321
)
(2,422
)
Amortization expense of purchased intangibles
(73
)
(77
)
(75
)
(74
)
(75
)
(301
)
Other income (expense)
161
516
43
655
83
1,297
Interest expense
(198
)
(205
)
(197
)
(181
)
(181
)
(764
)
Net investment income
1,709
1,688
1,648
1,568
1,561
6,465
Net realized gains (losses)
(407
)
(116
)
283
160
(116
)
211
Market risk benefits gains (losses)
14
(37
)
(142
)
(17
)
(92
)
(288
)
Integration expenses and severance
(9
)
(76
)
(1
)
(2
)
-
(79
)
Life Insurance underlying income (loss) (2)
(4
)
(128
)
69
(26
)
44
(41
)
Add: Realized gains (losses) on crop derivatives
(8
)
(8
)
(7
)
(2
)
1
(16
)
P&C underwriting income
$
1,792
$
2,197
$
2,259
$
1,631
$
441
$
6,528
Add: Catastrophe losses (including reinstatement premiums) - pre-tax
500
365
285
630
1,641
2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax
(286
)
(268
)
(361
)
(249
)
(255
)
(1,133
)
P&C CAY underwriting income ex Cats
$
2,006
$
2,294
$
2,183
$
2,012
$
1,827
$
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 26
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.
Full Year
1Q-26
1Q-25
2025
Chubb net income
$
2,320
$
1,331
$
10,310
Core operating income
$
2,689
$
1,489
$
9,954
Equity - beginning of period, as reported
$
73,757
$
64,021
$
64,021
Less: unrealized gains (losses) on investments, net of deferred tax
(1,997
)
(4,552
)
(4,552
)
Less: changes in current discount rate on FPB, net of deferred tax
(344
)
(539
)
(539
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(23
)
(16
)
(16
)
Equity - beginning of period, as adjusted
$
76,121
$
69,128
$
69,128
Less: Chubb goodwill and other intangible assets, net of tax
24,391
23,800
23,800
Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets
$
51,730
$
45,328
$
45,328
Equity - end of period, as reported
$
73,788
$
65,726
$
73,757
Less: unrealized gains (losses) on investments, net of deferred tax
(3,611
)
(3,704
)
(1,997
)
Less: changes in current discount rate on FPB, net of deferred tax
(27
)
(645
)
(344
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(13
)
(13
)
(23
)
Equity - end of period, as adjusted
$
77,439
$
70,088
$
76,121
Less: Chubb goodwill and other intangible assets, net of tax
24,584
23,940
24,391
Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets
$
52,855
$
46,148
$
51,730
Weighted average equity, as reported
$
73,772
$
64,874
$
68,889
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets
$
52,293
$
45,738
$
48,529
Weighted average equity, as adjusted
$
76,780
$
69,608
$
72,625
ROE
12.6%
8.2%
15.0%
Core operating ROTE
20.6%
13.0%
20.5%
Core operating ROE
14.0%
8.6%
13.7%
Private equities realized gains (losses), after-tax(1)
$
(19
)
$
(10
)
$
817
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)
-0.1 pts
-0.1 pts
1.1 pts
Reconciliation of Core operating income to Core operating income excluding Catastrophe
losses
1Q-26
1Q-25
% Change
Core operating income
$
2,689
$
1,489
Less: catastrophe losses, after-tax
(397
)
(1,300
)
Core operating income ex Cats
$
3,086
$
2,789
10.7%
Diluted earnings per share
Weighted average diluted common shares outstanding
394.6
404.7
Core operating income ex Cats
$
7.82
$
6.89
13.5%
Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
March 31
December 31
March 31
QTD
Year-over-Year
2026
2025
2025
% Change
% Change
Book value
$
73,788
$
73,757
$
65,726
Less: AOCI
(5,911
)
(4,975
)
(7,635
)
Book value excluding AOCI
79,699
78,732
73,361
Tangible book value
49,204
49,366
41,786
Less: Tangible AOCI
(5,320
)
(4,181
)
(6,478
)
Tangible book value excluding tangible AOCI
$
54,524
$
53,547
$
48,264
Denominator: shares outstanding
388,495,580
391,101,227
400,748,485
Book value per share
$
189.93
$
188.59
$
164.01
0.7%
15.8%
Tangible book value per share
$
126.65
$
126.22
$
104.27
0.3%
21.5%
Book value per share excluding AOCI
$
205.15
$
201.31
$
183.06
1.9%
12.1%
Tangible book value per share excluding tangible AOCI
$
140.35
$
136.91
$
120.44
2.5%
16.5%
(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 27
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).
Q1 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
$
3,220
$
1,034
$
45
$
1,765
$
137
$
15
$
6,216
Realized (gains) losses on crop derivatives
-
-
8
-
-
-
8
Adjusted losses and loss expenses/policy benefits
A
$
3,220
$
1,034
$
53
$
1,765
$
137
$
15
$
6,224
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(202)
(222)
(4)
(64)
(8)
-
(500)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
-
-
-
Catastrophe losses, gross of related adjustments
(202)
(222)
(4)
(64)
(8)
-
(500)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
89
1
80
131
-
(15)
286
Net premiums earned adjustments on PPD - unfavorable (favorable)
-
-
-
-
-
-
-
Expense adjustments - unfavorable (favorable)
2
-
-
-
2
-
4
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
7
-
-
7
PPD, gross of related adjustments - favorable (unfavorable)
91
1
80
138
2
(15)
297
CAY loss and loss expense ex Cats
B
$
3,109
$
813
$
129
$
1,839
$
131
$
-
$
6,021
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,106
$
432
$
18
$
1,396
$
111
$
110
$
3,173
Expense adjustments - favorable (unfavorable)
(2)
-
-
-
(2)
-
(4)
CAY policy acquisition costs and administrative expenses
D
$
1,104
$
432
$
18
$
1,396
$
109
$
110
$
3,169
Denominator
Net premiums earned
E
$
5,148
$
1,746
$
189
$
3,780
$
326
$
11,189
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
-
-
Net premiums earned adjustments on PPD - unfavorable (favorable)
-
-
-
-
-
-
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
7
-
7
Net premiums earned excluding adjustments
F
$
5,148
$
1,746
$
189
$
3,787
$
326
$
11,196
P&C combined ratio
Loss and loss expense ratio
A/E
62.5%
59.3%
27.9%
46.7%
41.9%
55.6%
Policy acquisition cost and administrative expense ratio
C/E
21.5%
24.7%
9.6%
36.9%
34.1%
28.4%
P&C combined ratio
84.0%
84.0%
37.5%
83.6%
76.0%
84.0%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.4%
46.6%
68.0%
48.6%
40.1%
53.8%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
21.4%
24.7%
9.6%
36.8%
33.6%
28.3%
CAY P&C combined ratio ex Cats
81.8%
71.3%
77.6%
85.4%
73.7%
82.1%
Combined ratio
Combined ratio
83.9%
Add: impact of gains and losses on crop derivatives
0.1%
P&C combined ratio
84.0%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 4
Page 28
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)
Q1 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
$
3,031
$
2,093
$
93
$
1,510
$
242
$
14
$
6,983
Realized (gains) losses on crop derivatives
-
-
(1)
-
-
-
(1)
Adjusted losses and loss expenses/policy benefits
A
$
3,031
$
2,093
$
92
$
1,510
$
242
$
14
$
6,982
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(154)
(1,342)
(15)
(55)
(75)
-
(1,641)
Reinstatement premiums collected (expensed) on catastrophe losses
-
(50)
-
-
13
-
(37)
Catastrophe losses, gross of related adjustments
(154)
(1,292)
(15)
(55)
(88)
-
(1,604)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
114
-
33
121
-
(13)
255
Net premiums earned adjustments on PPD - unfavorable (favorable)
(1)
-
-
-
-
-
(1)
Expense adjustments - unfavorable (favorable)
(2)
-
(3)
-
(1)
-
(6)
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
-
-
-
PPD, gross of related adjustments - favorable (unfavorable)
111
-
30
121
(1)
(13)
248
CAY loss and loss expense ex Cats
B
$
2,988
$
801
$
107
$
1,576
$
153
$
1
$
5,626
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,063
$
417
$
19
$
1,167
$
110
$
105
$
2,881
Expense adjustments - favorable (unfavorable)
2
-
3
-
1
-
6
CAY policy acquisition costs and administrative expenses
D
$
1,065
$
417
$
22
$
1,167
$
111
$
105
$
2,887
Denominator
Net premiums earned
E
$
4,988
$
1,574
$
165
$
3,209
$
368
$
10,304
Reinstatement premiums (collected) expensed on catastrophe losses
-
50
-
-
(13)
37
Net premiums earned adjustments on PPD - unfavorable (favorable)
(1)
-
-
-
-
(1)
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
-
-
Net premiums earned excluding adjustments
F
$
4,987
$
1,624
$
165
$
3,209
$
355
$
10,340
P&C combined ratio
Loss and loss expense ratio
A/E
60.8%
133.0%
55.9%
47.0%
65.8%
67.8%
Policy acquisition cost and administrative expense ratio
C/E
21.3%
26.5%
11.6%
36.4%
29.8%
27.9%
P&C combined ratio
82.1%
159.5%
67.5%
83.4%
95.6%
95.7%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
59.9%
49.3%
65.8%
49.1%
43.2%
54.4%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
21.4%
25.7%
13.1%
36.4%
31.1%
27.9%
CAY P&C combined ratio ex Cats
81.3%
75.0%
78.9%
85.5%
74.3%
82.3%
Combined ratio
Combined ratio
95.7%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
95.7%
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 29
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 30
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 | — | 1 |
| 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 | — | 1 |
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 · Underwriting improvement
“P&C combined ratio improved to 84.0% from 95.7%”
Theme · Premium growth
“Net premiums written increased 10.7% to $14.0 billion”
Theme · Book value growth
“Book value per common share increased 15.8% to $189.93”
Theme · Investment performance
“Adjusted net investment income increased 10.1% to $1.8 billion”
Theme · Catastrophe impact
“Net catastrophe losses were $500 million pre-tax”
Source: SEC EDGAR · public domain · Highlights by Palanor