Chubb Limited · 10-Q · Item 2 MD&A

ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2026.

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

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

Other Information

We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.

MD&A Index

Page

Forward-Looking Statements

Overview

Consolidated Operating Results

Segment Operating Results

Net Realized and Unrealized Gains (Losses)

Effective Income Tax Rate

Non-GAAP Reconciliation

Net Investment Income

Interest Expense

Investments

Critical Accounting Estimates

Catastrophe Management

Global Property Catastrophe Reinsurance Program

Capital Resources

Liquidity

Information Provided In Connection With Outstanding Debt of Subsidiaries

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Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to:

•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete;

•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;

•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;

•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions, the outbreak and effects of war, the occurrence of any terrorist attacks, and possible business disruption or economic contraction that may result from such events;

•the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;

•severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic;

•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;

•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries;

•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery;

•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;

•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;

•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization;

•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;

•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;

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•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and

•management’s response to these factors and actual events (including, but not limited to, those described above).

The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise.

Overview

Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At June 30, 2026, we had total assets of $281 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $75 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2025 Form 10-K.

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Consolidated Operating Results – Three and Six Months Ended June 30, 2026 and 2025

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Net premiums written

$

$

%

$

$

%

Net premiums written - constant dollars (1)

%

%

Net premiums earned

%

%

Net investment income

%

%

Net realized gains (losses)

%

NM

Market risk benefits gains (losses)

5

NM

NM

Total revenues

%

%

Losses and loss expenses

%

%

Policy benefits

%

%

Policy acquisition costs

%

%

Administrative expenses

%

%

Interest expense

%

%

Other (income) expense

%

%

Amortization of purchased intangibles

—

%

Integration expenses and severance

8

2

NM

2

NM

Total expenses

%

%

Income before income tax

%

%

Income tax expense

%

%

Net income

$

$

%

$

$

%

Net income attributable to noncontrolling interests

%

%

Net income attributable to Chubb

$

$

%

$

$

%

(1) On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

NM - Not meaningful

Financial Highlights for the Three Months Ended June 30, 2026

•Net income attributable to Chubb was $2.9 billion compared with $3.0 billion in the prior year period, reflecting growth in both P&C underwriting income and Life segment income, and higher net investment income, offset by lower mark-to-market gains on private equity investments.

•T1Total pre-tax catastrophe losses were $475 million, compared with $630 million in the prior year.

•Consolidated net premiums written were $14.71 billion, up 3.6 percent.

•P&C net premiums written increased 3.0 percent, with consumer insurance up 8.7 percent and commercial insurance up 0.8 percent. T2Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. T3Commercial lines growth was unfavorably impacted by underwriting actions in large account and E&S property, which reduced growth by 4.5 percentage points.

•Life Insurance segment net premiums written increased 7.5 percent, due to growth in international life of 6.2 percent reflecting growth in traditional regular premium products of 12.4 percent, offset by lower savings-oriented single premium business. International life insurance deposits collected increased $197 million, up 38.3 percent.

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Additionally, our Chubb Benefits business grew 14.0 percent, primarily driven by worksite business.

•Pre-tax net investment income was $1.76 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets.

•Operating cash flow was $3.7 billion.

Net Premiums Written

Three Months Ended

%

Change

Six Months Ended

%

Change

(in millions of U.S. dollars, except for percentages)

C$

C$

Property and other short-tail lines

$

$

%

%

$

$

%

%

Commercial casualty

%

%

%

%

Financial lines

%

%

%

%

Workers' compensation

%

%

%

%

Commercial multiple peril (1)

%

%

%

%

Surety

%

%

%

%

Total Commercial P&C lines

%

%

%

%

Agriculture

%

%

%

%

Personal homeowners

%

%

%

%

Personal automobile

%

%

%

%

Personal other

%

%

%

%

Total Personal lines (2)

%

%

%

%

Global A&H - P&C

%

%

%

%

Reinsurance lines

%

%

%

%

Total Property and Casualty lines

%

%

%

%

Life Insurance

%

%

%

%

Total consolidated

$

$

%

%

$

$

%

%

(1)Commercial multiple peril represents retail package business (property and general liability).

(2)For purposes of this schedule only, certain 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results.

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

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Catastrophe Losses and Prior Period Development

Three Months Ended

Six Months Ended

(in millions of U.S. dollars)

Net catastrophe losses

$

$

$

$

Favorable prior period development

$

$

$

$

Catastrophe losses through June 30, 2026 and 2025, were primarily from the following events:

•2026: Flooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and other international weather-related events.

◦Total North America P&C Insurance catastrophe losses were $442 million and $870 million for the three and six months ended June 30, 2026, respectively.

◦Total Overseas General catastrophe losses were $25 million and $89 million for the three and six months ended June 30, 2026, respectively.

•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses.

◦Total North America P&C Insurance catastrophe losses were $372 million and $1.88 billion for the three and six months ended June 30, 2025, respectively.

◦Total Overseas General catastrophe losses were $252 million and $307 million for the three and six months ended June 30, 2025, respectively.

Pre-tax net favorable PPD for the three months ended June 30, 2026, was $441 million in our active companies, including net favorable development of $393 million in short-tail lines and net favorable development of $48 million in long-tail lines. Net favorable development for short-tail lines is driven by auto physical damage and property lines. Net favorable development for long-tail lines primarily relates to workers' compensation, partially offset by adverse development in commercial general liability. Our corporate run-off portfolio had adverse development of $158 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2026 was $742 million in our active companies, including net favorable development of $715 million in short-tail lines and net favorable development of $27 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, auto physical damage and surety lines. Net favorable development for long-tail lines is driven by workers' compensation, partially offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $173 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the three months ended June 30, 2025 was $319 million in our active companies, including net favorable development of $279 million and $40 million in short-tail lines and long-tail lines, respectively. Net favorable development for short-tail lines primarily includes property, auto physical damage, and marine lines. Net favorable development for long-tail lines primarily relates to the Risk Management business with favorable development primarily in workers' compensation, partially offset by adverse development in general liability in the Risk Management business and adverse development from other commercial auto liability portfolios. Our corporate run-off portfolio had adverse development of $70 million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the six months ended June 30, 2025, was $587 million in our active companies, including net favorable development of $591 million in short-tail lines and net adverse development of $4 million in long-tail lines. Net favorable development for short-tail lines primarily includes surety, property, and marine lines. Net adverse development for long-tail lines reflects favorable development in workers' compensation and financial lines offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $83 million, primarily driven by adverse development for molestation-related claims.

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

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P&C Combined Ratio

Three Months Ended

Six Months Ended

Combined ratio:

Loss and loss expense ratio

%

%

%

%

Policy acquisition cost ratio

%

%

%

%

Administrative expense ratio

%

%

%

%

P&C Combined ratio

%

%

%

%

Catastrophe losses

%

%

%

%

Prior period development

%

%

%

%

P&C CAY combined ratio excluding catastrophe losses

%

%

%

%

The P&C combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2026.

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Segment Operating Results – Three and Six Months Ended June 30, 2026 and 2025

North America Commercial P&C Insurance

The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market and small commercial accounts).

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Net premiums written

$

$

%

$

$

%

Net premiums earned

%

%

Losses and loss expenses

%

%

Policy acquisition costs

%

%

Administrative expenses

%

%

Underwriting income

%

%

Net investment income

%

%

Other (income) expense

8

%

%

Amortization of purchased intangibles

1

2

NM

2

3

NM

Segment income

$

$

%

$

$

%

Combined ratio:

Loss and loss expense ratio

%

%

pts

%

%

pts

Policy acquisition cost ratio

%

%

pts

%

%

pts

Administrative expense ratio

%

%

pts

%

%

pts

Combined ratio

%

%

pts

%

%

pts

Catastrophe losses

%

%

pts

%

%

pts

Prior period development

%

%

pts

%

%

pts

CAY combined ratio excluding catastrophe losses

%

%

pts

%

%

pts

NM - Not meaningful

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Production by Size - Net premiums written

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Major Accounts & Specialty (large corporate accounts and wholesale business)

$

$

%

$

$

%

Commercial (middle market and small commercial accounts)

%

%

Total

$

$

%

$

$

%

Net Catastrophe Losses and Prior Period Development

Three Months Ended

Six Months Ended

(in millions of U.S. dollars)

Net catastrophe losses

$

$

$

$

Favorable prior period development

$

$

$

$

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

Premiums

Net premiums written decreased $129 million, or 2.3 percent, for the three months ended June 30, 2026, which includes a decline in P&C lines of 3.1 percent, and growth in financial lines of 2.1 percent. Middle market and small commercial grew 8.9 percent, with P&C lines up 12.0 percent and financial lines down 2.8 percent. Major accounts retail and specialty declined 9.0 percent, with property and other short-tail lines down 30.1 percent, casualty up 1.1 percent, and financial lines up 6.8 percent.

Net premiums written decreased $21 million, or 0.2 percent, for the six months ended June 30, 2026, which includes declines in P&C lines of 0.2 percent and in financial lines of 0.3 percent. Middle market and small commercial grew 6.2 percent, with P&C lines up 8.7 percent and financial lines down 4.2 percent. Major accounts retail and specialty declined 4.4 percent, with property and other short-tail lines down 26.9 percent, casualty up 9.7 percent, and financial lines up 4.0 percent.

The decrease in premiums is primarily due to a decline in our large account and E&S property, which reduced overall growth by approximately 6.4 and 5.8 percentage points, for the three and six months ended June 30, 2026, respectively, primarily due to underwriting actions.

Net premiums earned increased $37 million, or 0.7 percent, and $197 million, or 1.9 percent, for the three and six months ended June 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.

Combined Ratio

The combined ratio increased for the three and six months ended June 30, 2026, reflecting higher catastrophe losses.

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

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North America Personal P&C Insurance

The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Net premiums written

$

$

%

$

$

%

Net premiums earned

%

%

Losses and loss expenses

%

%

Policy acquisition costs

%

%

Administrative expenses

%

%

Underwriting income (loss)

%

NM

Net investment income

%

%

Other (income) expense

3

—

NM

6

1

NM

Amortization of purchased intangibles

2

2

—

4

4

—

Segment income (loss)

$

$

%

$

$

NM

Combined ratio:

Loss and loss expense ratio

%

%

pts

%

%

pts

Policy acquisition cost ratio

%

%

pts

%

%

pts

Administrative expense ratio

%

%

pts

%

%

pts

Combined ratio

%

%

pts

%

%

pts

Catastrophe losses

%

%

pts

%

%

pts

Prior period development

%

%

pts

%

%

pts

CAY combined ratio excluding catastrophe losses

%

%

pts

%

%

pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended

Six Months Ended

(in millions of U.S. dollars)

Net catastrophe losses

$

$

$

$

Favorable prior period development

$

$

$

$

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

Premiums

Net premiums written increased $116 million, or 6.0 percent, and $245 million, or 7.0 percent, for the three and six months ended June 30, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.

Net premiums earned increased $136 million, or 8.1 percent, and $308 million, or 9.5 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

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Combined Ratio

The combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses and higher favorable prior period development. The decrease in the combined ratio for the six months ended June 30, 2026, reflects the impact of the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

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

North America Agricultural Insurance

The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Net premiums written

$

$

%

$

$

%

Net premiums earned

%

%

Losses and loss expenses

%

%

Policy acquisition costs

%

%

Administrative expenses

4

2

%

(2)

4

NM

Underwriting income

%

%

Net investment income

%

%

Other (income) expense

2

—

NM

2

1

%

Amortization of purchased intangibles

6

6

—

—

Segment income

$

$

%

$

$

%

Combined ratio:

Loss and loss expense ratio

%

%

pts

%

%

pts

Policy acquisition cost ratio

%

%

pts

%

%

pts

Administrative expense ratio

%

%

pts

%

%

pts

Combined ratio

%

%

pts

%

%

pts

Catastrophe losses

%

%

pts

%

%

—

pts

Prior period development

—

—

—

pts

%

%

pts

CAY combined ratio excluding catastrophe losses

%

%

pts

%

%

pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development

Three Months Ended

Six Months Ended

(in millions of U.S. dollars)

Net catastrophe losses

$

$

1

$

$

Favorable prior period development

$

—

$

—

$

$

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

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Premiums

Net premiums written increased $43 million, or 6.0 percent, and $78 million, or 7.8 percent, for the three and six months ended June 30, 2026, primarily driven by growth in MPCI and crop-hail. The six months ended June 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.

Net premiums earned increased $43 million, or 7.2 percent, and $67 million, or 8.8 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio increased for the three months ended June 30, 2026, reflecting higher catastrophe losses. The combined ratio decreased for the six months ended June 30, 2026, reflecting higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting lower underlying losses in the agriculture P&C business and a lower acquisition cost ratio. The CAY combined ratio excluding catastrophe losses for the six months ended June 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business.

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Overseas General Insurance

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

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Net premiums written

$

$

%

$

$

%

Net premiums written - constant dollars

%

%

Net premiums earned

%

%

Losses and loss expenses

%

%

Policy benefits

%

%

Policy acquisition costs

%

%

Administrative expenses

%

%

Underwriting income

%

%

Net investment income

%

%

Other (income) expense

6

5

%

%

Amortization of purchased intangibles

%

%

Segment income

$

$

%

$

$

%

Segment income - constant dollars

%

%

Combined ratio:

Loss and loss expense ratio

%

%

pts

%

%

pts

Policy acquisition cost ratio

%

%

pts

%

%

pts

Administrative expense ratio

%

%

pts

%

%

pts

Combined ratio

%

%

pts

%

%

pts

Catastrophe losses

%

%

pts

%

%

pts

Prior period development

%

%

pts

%

%

pts

CAY combined ratio excluding catastrophe losses

%

%

pts

%

%

pts

Net Catastrophe Losses and Prior Period Development

Three Months Ended

Six Months Ended

(in millions of U.S. dollars)

Net catastrophe losses

$

$

$

$

Favorable prior period development

$

$

$

$

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

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Net Premiums Written by Region

Three Months Ended June 30

(in millions of U.S. dollars, except for percentages)

% of Total

% of Total

C$

C$

Region

Europe, Middle East, and Africa

$

%

$

%

$

%

%

Asia

%

%

%

%

Latin America

%

%

%

%

Other (1)

1

%

—

%

%

%

Net premiums written

$

%

$

%

$

%

%

Six Months Ended June 30

(in millions of U.S. dollars, except for percentages)

% of Total

% of Total

C$

C$

Region

Europe, Middle East, and Africa

$

%

$

%

$

%

%

Asia

%

%

%

%

Latin America

%

%

%

%

Other (1)

1

%

1

%

%

%

Net premiums written

$

%

$

%

$

%

%

(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.

Premiums

Overall, net premiums written increased $370 million and $933 million, or $181 million and $438 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting growth in commercial lines of 8.8 percent and 9.9 percent, or 3.9 percent and 3.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.1 percent and 16.2 percent, or 5.8 percent and 8.4 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 30, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three and six months ended June 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H. T4Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand.

Latin America increased for the three and six months ended June 30, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $442 million and $1,013 million, or $250 million and $581 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three and six months ended June 30, 2026, primarily due to lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting mix shift and continued expense management.

Table of Contents

Global Reinsurance

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

Three Months Ended

Six Months Ended

% Change

% Change

(in millions of U.S. dollars, except for percentages)

Net premiums written

$

$

%

$

$

%

Net premiums written - constant dollars

%

%

Net premiums earned

%

%

Losses and loss expenses

%

%

Policy acquisition costs

—

%

Administrative expenses

8

%

%

Underwriting income

%

%

Net investment income

%

%

Segment income

$

$

%

$

$

%

Combined ratio:

Loss and loss expense ratio

%

%

pts

%

%

pts

Policy acquisition cost ratio

%

%

pts

%

%

pts

Administrative expense ratio

%

%

pts