EX-99.23d59718dex992.htmEX-99.2 EX-99.2
Exhibit 99.2
Chubb Limited
Financial
Supplement
for the Quarter Ended June 30, 2025
Investor Contact
Karen Beyer: (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. T1Such 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 - 8
III.
Segment Results
- North America Commercial P&C Insurance
9
- North America Personal P&C Insurance
10
- North America Agricultural Insurance
11
- Overseas General Insurance
12
- Global Reinsurance
13
- Life Insurance
14
- Corporate
15
IV.
Balance Sheet Details
- Loss Reserve Rollforward
16
- Reinsurance Recoverable Analysis
17
- Investment Portfolio
18 - 21
- Net Realized and Unrealized Gains (Losses)
22 - 23
- Debt and Capital
24
- Computation of Basic and Diluted Earnings Per Share
25
- Book Value and Book Value per Common Share
26
V.
Other Disclosures
- Non-GAAP Financial Measures
27 - 33
- Glossary
34
Note on Chubb Metrics:
In this financial supplement, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core
operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.
Chubb Limited
Consolidated Financial Highlights
(in millions
of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations
using rounded dollars may differ.
Three months ended June 30
Constant $
Constant $
Six months ended June 30
Constant $
Constant $
2025
2024
% Change
2024
% Change
2025
2024
% Change
2024
% Change
Gross premiums written
$
17,276
$
16,491
4.8%
$
16,371
5.5%
$
32,381
$
30,916
4.7%
$
30,505
6.1%
T2Net premiums written
$
14,196
$
13,360
6.3%
$
13,254
7.1%
$
26,842
$
25,581
4.9%
$
25,219
6.4%
P&C net premiums written
$
12,394
$
11,780
5.2%
$
11,718
5.8%
$
23,320
$
22,368
4.3%
$
22,124
5.4%
Global P&C net premiums written
$
11,661
$
11,022
5.8%
$
10,961
6.4%
$
22,311
$
21,361
4.4%
$
21,118
5.7%
Life Insurance net premiums written
$
1,802
$
1,580
14.1%
$
1,536
17.3%
$
3,522
$
3,213
9.6%
$
3,095
13.8%
Net premiums earned
$
13,125
$
12,292
6.8%
$
12,187
7.7%
$
25,125
$
23,875
5.2%
$
23,540
6.7%
P&C underwriting income
$
1,631
$
1,418
15.0%
$
1,416
15.2%
$
2,072
$
2,818
-26.5%
$
2,795
-25.9%
P&C CAY underwriting income ex Cats
$
2,012
$
1,806
11.4%
$
1,804
11.6%
$
3,839
$
3,434
11.8%
$
3,411
12.6%
T3Adjusted net investment income
$
1,687
$
1,563
7.9%
$
1,553
8.6%
$
3,357
$
3,045
10.2%
$
3,018
11.2%
Core operating income
$
2,480
$
2,196
12.9%
$
2,181
13.7%
$
3,969
$
4,357
-8.9%
$
4,306
-7.8%
Adjusted operating cash flow
$
3,231
$
3,566
$
5,232
$
7,190
Net investment income
$
1,568
$
1,468
6.8%
$
1,458
7.5%
$
3,129
$
2,859
9.4%
$
2,832
10.5%
Chubb net income
$
2,968
$
2,230
33.1%
$
4,299
$
4,373
-1.7%
Operating cash flow
$
3,551
$
4,079
$
5,117
$
7,299
P&C combined ratio
Loss and loss expense ratio
59.0%
60.6%
63.1%
59.4%
Policy acquisition cost and administrative expense ratio
26.6%
26.2%
27.3%
27.0%
Combined ratio
85.6%
86.8%
90.4%
86.4%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats
55.6%
57.1%
55.1%
56.6%
CAY policy acquisition cost and administrative expense ratio ex Cats
26.7%
26.1%
27.2%
26.8%
CAY combined ratio ex Cats
82.3%
83.2%
82.3%
83.4%
ROE
17.6%
14.7%
12.9%
14.5%
Core operating return on tangible equity (ROTE)
21.0%
21.1%
16.9%
21.3%
Core operating return on equity (ROE)
13.9%
13.3%
11.2%
13.4%
Effective tax rate
19.4%
18.0%
19.4%
15.9%
Core operating effective tax rate
19.1%
18.8%
19.1%
18.0%
Diluted earnings per share
Chubb net income
$
7.35
$
5.46
34.6%
$
10.63
$
10.68
-0.5%
Core operating income
$
6.14
$
5.38
14.1%
$
9.82
$
10.65
-7.8%
Weighted average diluted common shares outstanding
403.8
408.6
404.3
409.3
% Change
% Change
% Change
June 30
2025
March 31
2025
2Q-25 vs.
1Q-25
December 31
2024
2Q-25 vs.
4Q-24
June 30
2024
2Q-25 vs.
2Q-24
T4Book value per common share
$
174.07
$
164.01
6.1%
$
159.77
9.0%
$
151.05
15.2%
Tangible book value per common share
$
112.64
$
104.27
8.0%
$
100.38
12.2%
$
91.05
23.7%
Book value per common share, excl. AOCI
$
189.27
$
183.06
3.4%
$
181.34
4.4%
$
171.60
10.3%
Tangible book value per common share, excl. AOCI
$
125.80
$
120.44
4.5%
$
118.57
6.1%
$
109.08
15.3%
Financial Highlights
Page 1
Chubb Limited
Statement of Operations - Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)
Consolidated Statements of Operations
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
Gross premiums written
$
17,276
$
15,105
$
14,326
$
16,761
$
16,491
$
32,381
$
30,916
$
62,003
Net premiums written
14,196
12,646
12,058
13,829
13,360
26,842
25,581
51,468
Net premiums earned
13,125
12,000
12,598
13,373
12,292
25,125
23,875
49,846
Adjusted losses and loss expenses (1)
6,574
6,895
6,481
7,384
6,434
13,469
12,162
26,027
Realized (gains) losses on crop derivatives
2
(1
)
-
1
3
1
4
5
Losses and loss expenses
6,572
6,896
6,481
7,383
6,431
13,468
12,158
26,022
Adjusted policy benefits (2)
1,378
1,276
1,107
1,109
1,123
2,654
2,293
4,509
Realized (gains) losses from investment portfolios supporting participating policies
(40
)
39
(108
)
(20
)
(85
)
(1
)
(85
)
(213
)
(Gains) losses from fair value changes in separate account assets
12
10
(1
)
30
(11
)
22
(21
)
8
Policy benefits
1,406
1,227
1,216
1,099
1,219
2,633
2,399
4,714
Policy acquisition costs
2,415
2,313
2,345
2,324
2,226
4,728
4,433
9,102
Administrative expenses
1,125
1,080
1,122
1,094
1,094
2,205
2,164
4,380
Adjusted net investment income (3)
1,687
1,670
1,691
1,640
1,563
3,357
3,045
6,376
Other (income) expense from private equity partnerships
(115
)
(107
)
(126
)
(127
)
(91
)
(222
)
(177
)
(430
)
Amortization expense of fair value adjustment on acquired invested assets
(4
)
(2
)
(2
)
(5
)
(4
)
(6
)
(9
)
(16
)
Net investment income
1,568
1,561
1,563
1,508
1,468
3,129
2,859
5,930
Adjusted realized gains (losses) (4)
122
(78
)
(192
)
179
22
44
(78
)
(91
)
Realized gains (losses) from investment portfolios supporting participating policies
40
(39
)
108
20
85
1
85
213
Realized gains (losses) on crop derivatives
(2
)
1
-
(1
)
(3
)
(1
)
(4
)
(5
)
Net realized gains (losses)
160
(116
)
(84
)
198
104
44
3
117
Market risk benefits gains (losses)
(17
)
(92
)
98
(230
)
(29
)
(109
)
(8
)
(140
)
Adjusted interest expense (5)
186
186
194
197
188
372
371
762
Amortization benefit of fair value adjustment on acquired long term debt
(5
)
(5
)
(5
)
(5
)
(6
)
(10
)
(11
)
(21
)
Interest expense
181
181
189
192
182
362
360
741
Gains (losses) from fair value changes in separate account assets
(12
)
(10
)
1
(30
)
11
(22
)
21
(8
)
Net realized gains (losses) related to unconsolidated entities
540
(25
)
216
212
7
515
108
536
Other income (expense) from private equity partnerships
115
107
126
127
91
222
177
430
Other income (expense) - operating
12
11
54
16
1
23
(5
)
65
Other income (expense)
655
83
397
325
110
738
301
1,023
Amortization expense of purchased intangibles
74
75
82
81
80
149
160
323
Integration expenses
2
-
18
7
7
2
14
39
Income tax expense (benefit)
717
321
479
504
490
1,038
832
1,815
Net income
$
2,999
$
1,343
$
2,640
$
2,490
$
2,216
$
4,342
$
4,510
$
9,640
Less: NCI income (loss)
31
12
65
166
(14
)
43
137
368
Chubb net income
$
2,968
$
1,331
$
2,575
$
2,324
$
2,230
$
4,299
$
4,373
$
9,272
(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)
Chubb Limited P&C Underwriting Results
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
P&C underwriting income
Gross premiums written
$
15,410
$
13,327
$
12,696
$
15,143
$
14,845
$
28,737
$
27,569
$
55,408
Net premiums written
12,394
10,926
10,497
12,277
11,780
23,320
22,368
45,142
Net premiums earned
11,336
10,304
11,034
11,843
10,724
21,640
20,696
43,573
Adjusted losses and loss expenses
6,554
6,869
6,455
7,352
6,412
13,423
12,108
25,915
Policy benefits
129
113
96
120
92
242
192
408
Policy acquisition costs
2,096
2,003
2,028
2,033
1,926
4,099
3,839
7,900
Administrative expenses
926
878
880
881
876
1,804
1,739
3,500
P&C underwriting income
$
1,631
$
441
$
1,575
$
1,457
$
1,418
$
2,072
$
2,818
$
5,850
P&C CAY underwriting income ex Cats
$
2,012
$
1,827
$
1,969
$
1,978
$
1,806
$
3,839
$
3,434
$
7,381
% Change versus prior year period
Net premiums written
5.2%
3.2%
3.5%
5.4%
10.3%
4.3%
11.3%
7.7%
Net premiums earned
5.7%
3.3%
5.5%
5.4%
10.1%
4.6%
11.1%
8.1%
Net premiums written constant $
5.8%
5.0%
3.5%
6.1%
10.6%
5.4%
11.3%
8.0%
Net premiums earned constant $
6.3%
5.0%
5.5%
6.3%
10.4%
5.7%
11.3%
8.4%
P&C combined ratio
Loss and loss expense ratio
59.0%
67.8%
59.4%
63.1%
60.6%
63.1%
59.4%
60.4%
Policy acquisition cost ratio
18.5%
19.4%
18.4%
17.2%
18.0%
18.9%
18.6%
18.1%
Administrative expense ratio
8.1%
8.5%
7.9%
7.4%
8.2%
8.4%
8.4%
8.1%
Combined ratio
85.6%
95.7%
85.7%
87.7%
86.8%
90.4%
86.4%
86.6%
CAY P&C combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
55.6%
54.4%
55.7%
58.9%
57.1%
55.1%
56.6%
57.0%
CAY policy acquisition cost and administrative expense ratio ex Cats
26.7%
27.9%
26.5%
24.5%
26.1%
27.2%
26.8%
26.1%
CAY combined ratio ex Cats
82.3%
82.3%
82.2%
83.4%
83.2%
82.3%
83.4%
83.1%
Other ratios
Net premiums written/gross premiums written
80%
82%
83%
81%
79%
81%
81%
81%
Expense ratio
26.6%
27.9%
26.3%
24.6%
26.2%
27.3%
27.0%
26.2%
Expense ratio excluding A&H
25.1%
26.4%
24.7%
23.1%
24.5%
25.7%
25.3%
24.6%
Catastrophe reinstatement premiums (expensed) collected -pre-tax
$
(5
)
$
(37
)
$
10
$
4
$
-
$
(42
)
$
-
$
14
T5Catastrophe losses - pre-tax
$
625
$
1,604
$
617
$
769
$
580
$
2,229
$
1,015
$
2,401
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(249
)
$
(255
)
$
(213
)
$
(244
)
$
(192
)
$
(504
)
$
(399
)
$
(856
)
Impact of catastrophe losses on P&C combinedratio - Unfavorable
5.5%
15.9%
5.5%
6.4%
5.4%
10.5%
4.9%
5.5%
Impact of PPD on P&C combined ratio - Favorable
-2.2%
-2.5%
-2.0%
-2.1%
-1.8%
-2.4%
-1.9%
-2.0%
Impact of Cats and PPD on P&C combined ratio -Unfavorable
3.3%
13.4%
3.5%
4.3%
3.6%
8.1%
3.0%
3.5%
P&C Results
Page 3
Chubb Limited
Global P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
Global P&C underwriting income
Gross premiums written
$
14,300
$
12,893
$
12,192
$
12,992
$
13,734
$
27,193
$
26,030
$
51,214
Net premiums written
11,661
10,650
10,180
10,898
11,022
22,311
21,361
42,439
Net premiums earned
10,738
10,139
10,502
10,424
10,098
20,877
19,942
40,868
Adjusted losses and loss expenses
6,071
6,777
6,070
6,159
5,869
12,848
11,516
23,745
Policy benefits
129
113
96
120
92
242
192
408
Policy acquisition costs
2,048
1,986
1,991
1,945
1,881
4,034
3,773
7,709
Administrative expenses
924
876
897
879
873
1,800
1,734
3,510
Global P&C underwriting income
$
1,566
$
387
$
1,448
$
1,321
$
1,383
$
1,953
$
2,727
$
5,496
Global P&C CAY underwriting income ex Cats
$
1,946
$
1,791
$
1,917
$
1,819
$
1,738
$
3,737
$
3,335
$
7,071
% Change versus prior year period
Net premiums written
5.8%
3.0%
6.7%
7.6%
11.2%
4.4%
12.2%
9.6%
Net premiums earned
6.3%
3.0%
9.1%
7.5%
10.9%
4.7%
11.9%
10.0%
Net premiums written constant $
6.4%
4.8%
6.7%
8.5%
11.5%
5.7%
12.2%
9.9%
Net premiums earned constant $
7.0%
4.7%
9.1%
8.5%
11.2%
5.8%
12.0%
10.3%
Combined ratio
Loss and loss expense ratio
57.7%
68.0%
58.7%
60.2%
59.0%
62.7%
58.7%
59.1%
Policy acquisition cost ratio
19.1%
19.6%
19.0%
18.7%
18.6%
19.3%
18.9%
18.9%
Administrative expense ratio
8.6%
8.6%
8.5%
8.4%
8.7%
8.6%
8.7%
8.6%
Combined ratio
85.4%
96.2%
86.2%
87.3%
86.3%
90.6%
86.3%
86.6%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
54.3%
54.2%
54.1%
55.7%
55.5%
54.3%
55.7%
55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats
27.6%
28.2%
27.6%
26.9%
27.3%
27.8%
27.6%
27.4%
CAY combined ratio ex Cats
81.9%
82.4%
81.7%
82.6%
82.8%
82.1%
83.3%
82.7%
Other ratios
Net premiums written/gross premiums written
82%
83%
84%
84%
80%
82%
82%
83%
Expense ratio
27.7%
28.2%
27.5%
27.1%
27.3%
27.9%
27.6%
27.5%
Expense ratio excluding A&H
26.1%
26.7%
25.9%
25.6%
25.7%
26.4%
26.0%
25.8%
Catastrophe reinstatement premiums (expensed) collected - pre-tax
$
(5
)
$
(37
)
$
10
$
4
$
-
$
(42
)
$
-
$
14
Catastrophe losses - pre-tax
$
624
$
1,589
$
622
$
740
$
547
$
2,213
$
979
$
2,341
Unfavorable (favorable) prior period development(PPD) - pre-tax
$
(249
)
$
(222
)
$
(143
)
$
(238
)
$
(192
)
$
(471
)
$
(371
)
$
(752
)
Impact of catastrophe losses on combinedratio - Unfavorable
5.8%
16.0%
5.8%
7.0%
5.4%
10.7%
4.9%
5.7%
Impact of PPD on combined ratio - Favorable
-2.3%
-2.2%
-1.3%
-2.3%
-1.9%
-2.2%
-1.9%
-1.8%
Impact of Cats and PPD on combined ratio -Unfavorable
3.5%
13.8%
4.5%
4.7%
3.5%
8.5%
3.0%
3.9%
Global P&C
Page 4
Chubb Limited
Summary Consolidated Balance Sheets
(in
millions of U.S. dollars, except per share data)
(Unaudited)
June 30
2025
March 31
2025
December 31
2024
Assets
Short-term investments, at fair value
$
4,508
$
4,432
$
5,142
Fixed maturities available for sale, at fair value
116,119
111,123
110,363
Private debt held-for-investment, at amortized cost
2,429
2,460
2,628
Equity securities, at fair value
9,913
9,556
9,151
Private equities
16,313
15,506
14,769
Other investments
9,032
9,224
8,597
Total investments
158,314
152,301
150,650
Cash and restricted cash
2,371
2,250
2,549
Securities lending collateral
1,941
1,909
1,445
Insurance and reinsurance balances receivable
16,778
15,358
14,426
Reinsurance recoverable on losses and loss expenses
19,595
20,015
19,777
Deferred policy acquisition costs
9,437
8,775
8,358
Value of business acquired (VOBA)
3,245
3,134
3,223
Prepaid reinsurance premiums
4,294
3,681
3,378
Goodwill and other intangible assets ($25,908 and $25,219 represents Chubb portion as of 6/30/2025 and
12/31/2024, respectively)
26,575
26,079
25,956
Deferred tax assets
1,621
1,798
1,603
Separate account assets
6,481
6,285
6,231
Other assets
10,911
10,167
8,952
Total assets
$
261,563
$
251,752
$
246,548
Liabilities
Unpaid losses and loss expenses
$
86,376
$
85,471
$
84,004
Unearned premiums
26,519
24,487
23,504
Future policy benefits
18,018
16,690
16,121
Market risk benefits
609
708
607
Policyholder account balances
8,344
8,129
8,016
Separate account liabilities
6,481
6,285
6,231
Insurance and reinsurance balances payable
9,232
8,446
8,121
Securities lending payable
1,941
1,909
1,445
Accounts payable, accrued expenses, and other liabilities
12,509
12,337
12,923
Deferred tax liabilities
1,691
1,608
1,584
Short-term and long-term debt
14,976
14,508
15,179
Hybrid debt
420
419
419
Total liabilities
187,116
180,997
178,154
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI
75,453
73,361
72,665
Accumulated other comprehensive income (loss) (AOCI)
(6,058
)
(7,635
)
(8,644
)
Chubb shareholders’ equity
69,395
65,726
64,021
Noncontrolling interests
5,052
5,029
4,373
Total shareholders’ equity
74,447
70,755
68,394
Total liabilities and shareholders’ equity
$
261,563
$
251,752
$
246,548
Book value per common share
$
174.07
$
164.01
$
159.77
% change over prior quarter
6.1%
2.7%
-2.1%
Tangible book value per common share(1)
$
112.64
$
104.27
$
100.38
% change over prior quarter
8.0%
3.9%
-2.2%
Book value per common share, excl. AOCI
$
189.27
$
183.06
$
181.34
% change over prior quarter
3.4%
0.9%
2.9%
Tangible book value per common share, excl. AOCI
$
125.80
$
120.44
$
118.57
% change over prior quarter
4.5%
1.6%
4.3%
(1) Refer to page 26 in this financial supplement for more details.
Consol Bal Sheet
Page 5
Chubb Limited
Consolidated Net Premiums Written by Product Line
(in millions of U.S. dollars)
(Unaudited)
Constant $
YTD
YTD
Constant $
2Q-25
2Q-24
% Change
% Change
2025
2024
% Change
% Change
Net premiums written
Property and other short-tail lines
$
2,766
$
2,715
1.9%
2.2%
$
5,255
$
5,075
3.5%
4.6%
Commercial casualty
2,389
2,155
10.9%
11.0%
4,641
4,365
6.3%
6.9%
Financial lines
1,278
1,237
3.3%
3.5%
2,357
2,345
0.5%
1.3%
Workers’ compensation
547
559
-2.1%
-2.1%
1,185
1,188
-0.3%
-0.3%
Commercial multiple peril (1)
481
428
12.1%
12.1%
897
796
12.6%
12.6%
Surety
225
200
12.4%
17.2%
425
384
10.7%
15.6%
Total Commercial P&C lines
7,686
7,294
5.4%
5.7%
14,760
14,153
4.3%
5.1%
Agriculture
733
758
-3.3%
-3.3%
1,009
1,007
0.2%
0.2%
Personal homeowners
1,466
1,355
8.1%
8.5%
2,555
2,420
5.5%
6.1%
Personal automobile
756
614
23.3%
30.8%
1,412
1,256
12.5%
20.3%
Personal other
567
520
9.1%
8.9%
1,167
1,085
7.6%
8.7%
Total Personal lines
2,789
2,489
12.1%
13.8%
5,134
4,761
7.8%
10.3%
Global A&H - P&C
806
828
-2.6%
-2.2%
1,629
1,677
-2.8%
-1.1%
Reinsurance lines
380
411
-7.6%
-7.8%
788
770
2.4%
2.3%
Total P&C
$
12,394
$
11,780
5.2%
5.8%
$
23,320
$
22,368
4.3%
5.4%
Life Insurance
1,802
1,580
14.1%
17.3%
3,522
3,213
9.6%
13.8%
Total Consolidated
$
14,196
$
13,360
6.3%
7.1%
$
26,842
$
25,581
4.9%
6.4%
(1) Commercial multiple peril represents retail package business (property and general liability).
Product Line
Page 6
Chubb Limited
Consolidated Results
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Three months ended June 30, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q2 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
5,723
$
1,938
$
733
$
3,620
$
380
$
-
$
12,394
$
1,802
$
14,196
% of total net premiums written
39%
14%
5%
26%
3%
-
87%
13%
100%
Net premiums earned
5,177
1,681
598
3,542
338
-
11,336
1,789
13,125
Adjusted losses and loss expenses
3,258
822
483
1,789
132
70
6,554
20
6,574
Adjusted policy benefits
-
-
-
129
-
-
129
1,249
1,378
Policy acquisition costs
705
332
48
913
98
-
2,096
319
2,415
Administrative expenses
357
82
2
369
10
106
926
199
1,125
Underwriting income (loss)
857
445
65
342
98
(176)
1,631
2
1,633
Adjusted net investment income
938
118
19
278
85
(25)
1,413
274
1,687
Other income (expense) - operating
(8)
-
-
(5)
-
(12)
(25)
37
12
Amortization expense of purchased intangibles
(2)
(2)
(6)
(19)
-
(37)
(66)
(8)
(74)
Segment income (loss)
$
1,785
$
561
$
78
$
596
$
183
$
(250)
$
2,953
$
305
$
3,258
Combined ratio
83.5%
73.5%
89.1%
90.3%
71.0%
85.6%
CAY combined ratio ex Cats
81.1%
72.2%
88.8%
85.4%
73.5%
82.3%
Three months ended June 30, 2024
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q2 2024
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
5,501
$
1,776
$
758
$
3,334
$
411
$
-
$
11,780
$
1,580
$
13,360
% of total net premiums written
41%
13%
6%
25%
3%
-
88%
12%
100%
Net premiums earned
4,900
1,512
626
3,347
339
-
10,724
1,568
12,292
Adjusted losses and loss expenses
3,074
876
543
1,671
155
93
6,412
22
6,434
Adjusted policy benefits
-
-
-
92
-
-
92
1,031
1,123
Policy acquisition costs
660
299
45
842
80
-
1,926
300
2,226
Administrative expenses
327
88
3
348
11
99
876
218
1,094
Underwriting income (loss)
839
249
35
394
93
(192)
1,418
(3)
1,415
Adjusted net investment income
863
108
21
283
58
(28)
1,305
258
1,563
Other income (expense) - operating
(15)
2
-
(4)
-
(14)
(31)
32
1
Amortization expense of purchased intangibles
-
(2)
(7)
(20)
-
(40)
(69)
(11)
(80)
Segment income (loss)
$
1,687
$
357
$
49
$
653
$
151
$
(274)
$
2,623
$
276
$
2,899
Combined ratio
82.9%
83.5%
94.4%
88.2%
72.7%
86.8%
CAY combined ratio ex Cats
80.7%
78.6%
89.1%
85.3%
77.4%
83.2%
Consol Results - QTD
Page 7
Chubb Limited
Consolidated Results
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Six months ended June 30, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
YTD 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
10,510
$
3,490
$
1,009
$
7,523
$
788
$
-
$
23,320
$
3,522
$
26,842
% of total net premiums written
39%
13%
4%
28%
3%
-
87%
13%
100%
Net premiums earned
10,165
3,255
763
6,751
706
-
21,640
3,485
25,125
Adjusted losses and loss expenses
6,289
2,915
575
3,186
374
84
13,423
46
13,469
Adjusted policy benefits
-
-
-
242
-
-
242
2,412
2,654
Policy acquisition costs
1,424
662
65
1,750
198
-
4,099
629
4,728
Administrative expenses
701
169
4
699
20
211
1,804
401
2,205
Underwriting income (loss)
1,751
(491)
119
874
114
(295)
2,072
(3)
2,069
Adjusted net investment income
1,867
238
43
559
155
(50)
2,812
545
3,357
Other income (expense) - operating
(16)
(1)
(1)
(11)
-
(20)
(49)
72
23
Amortization expense of purchased intangibles
(3)
(4)
(12)
(38)
-
(74)
(131)
(18)
(149)
Segment income (loss)
$
3,599
$
(258)
$
149
$
1,384
$
269
$
(439)
$
4,704
$
596
$
5,300
Combined ratio
82.8%
115.1%
84.4%
87.0%
83.8%
90.4%
CAY combined ratio ex Cats
81.2%
73.6%
86.7%
85.5%
73.9%
82.3%
Six months ended June 30, 2024
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
YTD 2024
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
10,190
$
3,232
$
1,007
$
7,169
$
770
$
-
$
22,368
$
3,213
$
25,581
% of total net premiums written
39%
13%
4%
28%
3%
-
87%
13%
100%
Net premiums earned
9,780
2,983
754
6,545
634
-
20,696
3,179
23,875
Adjusted losses and loss expenses
6,249
1,775
592
3,097
292
103
12,108
54
12,162
Adjusted policy benefits
-
-
-
192
-
-
192
2,101
2,293
Policy acquisition costs
1,348
599
66
1,665
161
3,839
594
4,433
Administrative expenses
655
174
5
679
20
206
1,739
425
2,164
Underwriting income (loss)
1,528
435
91
912
161
(309)
2,818
5
2,823
Adjusted net investment income
1,689
210
42
550
115
(49)
2,557
488
3,045
Other income (expense) - operating
(22)
1
-
(9)
(47)
(77)
72
(5)
Amortization expense of purchased intangibles
-
(4)
(13)
(40)
-
(82)
(139)
(21)
(160)
Segment income (loss)
$
3,195
$
642
$
120
$
1,413
$
276
$
(487)
$
5,159
$
544
$
5,703
Combined ratio
84.4%
85.4%
87.9%
86.1%
74.6%
86.4%
CAY combined ratio ex Cats
81.4%
79.0%
87.5%
85.6%
77.0%
83.4%
Consol Results - YTD
Page 8
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Commercial P&C Insurance
YTD
YTD
Full Year
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
2025
2024
2024
Gross premiums written
$
7,038
$
5,696
$
5,873
$
6,511
$
6,915
$
12,734
$
12,346
$
24,730
Net premiums written
5,723
4,787
4,899
5,500
5,501
10,510
10,190
20,589
Net premiums earned
5,177
4,988
5,118
5,110
4,900
10,165
9,780
20,008
Losses and loss expenses
3,258
3,031
3,097
3,391
3,074
6,289
6,249
12,737
Policy acquisition costs
705
719
681
689
660
1,424
1,348
2,718
Administrative expenses
357
344
344
338
327
701
655
1,337
Underwriting income
857
894
996
692
839
1,751
1,528
3,216
Adjusted net investment income
938
929
936
931
863
1,867
1,689
3,556
Other income (expense) - operating
(8
)
(8
)
(4
)
(6
)
(15
)
(16
)
(22
)
(32
)
Amortization expense of purchased intangibles
(2
)
(1
)
(1
)
(2
)
-
(3
)
-
(3
)
Segment income
$
1,785
$
1,814
$
1,927
$
1,615
$
1,687
$
3,599
$
3,195
$
6,737
CAY underwriting income ex Cats
$
980
$
934
$
1,074
$
993
$
947
$
1,914
$
1,824
$
3,891
Combined ratio
Loss and loss expense ratio
62.9%
60.8%
60.5%
66.4%
62.7%
61.9%
63.9%
63.7%
Policy acquisition cost ratio
13.7%
14.4%
13.3%
13.5%
13.5%
14.0%
13.8%
13.6%
Administrative expense ratio
6.9%
6.9%
6.8%
6.6%
6.7%
6.9%
6.7%
6.6%
Combined ratio
83.5%
82.1%
80.6%
86.5%
82.9%
82.8%
84.4%
83.9%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
60.6%
59.9%
58.6%
61.0%
60.6%
60.3%
61.0%
60.4%
CAY policy acquisition cost and administrative expense ratio ex Cats
20.5%
21.4%
20.4%
19.8%
20.1%
20.9%
20.4%
20.2%
CAY combined ratio ex Cats
81.1%
81.3%
79.0%
80.8%
80.7%
81.2%
81.4%
80.6%
Catastrophe losses - pre-tax
$
229
$
154
$
275
$
340
$
252
$
383
$
488
$
1,103
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(106
)
$
(114
)
$
(197
)
$
(39
)
$
(144
)
$
(220
)
$
(192
)
$
(428
)
% Change versus prior year period
Net premiums written
4.1%
2.1%
5.1%
7.2%
6.7%
3.1%
7.9%
7.0%
Net premiums earned
5.7%
2.2%
8.8%
7.9%
6.4%
3.9%
9.0%
8.6%
Other ratios
Net premiums written/gross premiums written
81%
84%
83%
84%
80%
83%
83%
83%
Production by Size - Net premiums written(1)
Major Accounts & Specialty
$
3,578
$
2,731
$
2,915
$
3,296
$
3,524
$
6,309
$
6,303
$
12,514
Commercial
2,145
2,056
1,984
2,204
1,977
4,201
3,887
8,075
Total
$
5,723
$
4,787
$
4,899
$
5,500
$
5,501
$
10,510
$
10,190
$
20,589
(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small
commercial accounts.
NA Commercial
Page 9
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Personal P&C Insurance
YTD
YTD
Full Year
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
2025
2024
2024
Gross premiums written
$
2,208
$
1,840
$
1,874
$
1,949
$
2,029
$
4,048
$
3,708
$
7,531
Net premiums written
1,938
1,552
1,621
1,679
1,776
3,490
3,232
6,532
Net premiums earned
1,681
1,574
1,628
1,577
1,512
3,255
2,983
6,188
Losses and loss expenses
822
2,093
930
879
876
2,915
1,775
3,584
Policy acquisition costs
332
330
325
315
299
662
599
1,239
Administrative expenses
82
87
89
88
88
169
174
351
Underwriting income (loss)
445
(936
)
284
295
249
(491
)
435
1,014
Net investment income
118
120
111
112
108
238
210
433
Other income (expense) - operating
-
(1
)
(1
)
(1
)
2
(1
)
1
(1
)
Amortization expense of purchased intangibles
(2
)
(2
)
(2
)
(3
)
(2
)
(4
)
(4
)
(9
)
Segment income (loss)
$
561
$
(819
)
$
392
$
403
$
357
$
(258
)
$
642
$
1,437
CAY underwriting income ex Cats
$
466
$
406
$
368
$
336
$
323
$
872
$
627
$
1,331
Combined ratio
Loss and loss expense ratio
48.9%
133.0%
57.1%
55.8%
57.9%
89.5%
59.5%
57.9%
Policy acquisition cost ratio
19.7%
21.0%
20.0%
20.0%
19.8%
20.4%
20.1%
20.0%
Administrative expense ratio
4.9%
5.5%
5.5%
5.5%
5.8%
5.2%
5.8%
5.7%
Combined ratio
73.5%
159.5%
82.6%
81.3%
83.5%
115.1%
85.4%
83.6%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
47.6%
49.3%
51.9%
53.1%
53.0%
48.4%
53.1%
52.8%
CAY policy acquisition cost and administrative expense ratio ex Cats
24.6%
25.7%
25.5%
25.6%
25.6%
25.2%
25.9%
25.7%
CAY combined ratio ex Cats
72.2%
75.0%
77.4%
78.7%
78.6%
73.6%
79.0%
78.5%
Catastrophe reinstatement premiums (expensed) collected - pre-tax
$
-
$
(50
)
$
-
$
-
$
-
$
(50
)
$
-
$
-
Catastrophe losses - pre-tax
$
142
$
1,292
$
84
$
230
$
138
$
1,434
$
308
$
622
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(121
)
$
-
$
-
$
(189
)
$
(64
)
$
(121
)
$
(116
)
$
(305
)
% Change versus prior year period
Net premiums written
9.1%
6.6%
10.0%
10.0%
12.3%
8.0%
12.3%
11.1%
Net premiums earned
11.1%
7.0%
12.1%
12.0%
11.5%
9.1%
11.5%
11.8%
Other ratios
Net premiums written/gross premiums written
88%
84%
87%
86%
87%
86%
87%
87%
NA Personal
Page 10
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Agricultural Insurance
YTD
YTD
Full Year
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
2025
2024
2024
Gross premiums written
$
1,110
$
434
$
504
$
2,151
$
1,111
$
1,544
$
1,539
$
4,194
Net premiums written
733
276
317
1,379
758
1,009
1,007
2,703
Net premiums earned
598
165
532
1,419
626
763
754
2,705
Adjusted losses and loss expenses
483
92
385
1,193
543
575
592
2,170
Policy acquisition costs
48
17
37
88
45
65
66
191
Administrative expenses
2
2
(17
)
2
3
4
5
(10
)
Underwriting income
65
54
127
136
35
119
91
354
Net investment income
19
24
22
20
21
43
42
84
Other income (expense) - operating
-
(1
)
-
(1
)
-
(1
)
-
(1
)
Amortization expense of purchased intangibles
(6
)
(6
)
(7
)
(5
)
(7
)
(12
)
(13
)
(25
)
Segment income
$
78
$
71
$
142
$
150
$
49
$
149
$
120
$
412
CAY underwriting income ex Cats
$
66
$
36
$
52
$
159
$
68
$
102
$
99
$
310
Combined ratio
Loss and loss expense ratio
80.8%
55.9%
72.2%
84.1%
86.8%
75.4%
78.6%
80.2%
Policy acquisition cost ratio
7.9%
10.4%
7.1%
6.1%
7.1%
8.5%
8.7%
7.1%
Administrative expense ratio
0.4%
1.2%
-3.2%
0.2%
0.5%
0.5%
0.6%
-0.4%
Combined ratio
89.1%
67.5%
76.1%
90.4%
94.4%
84.4%
87.9%
86.9%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
80.5%
65.8%
86.8%
82.5%
81.5%
77.3%
79.0%
82.4%
CAY policy acquisition cost and administrative expense ratio ex Cats
8.3%
13.1%
3.7%
6.4%
7.6%
9.4%
8.5%
6.4%
CAY combined ratio ex Cats
88.8%
78.9%
90.5%
88.9%
89.1%
86.7%
87.5%
88.8%
Unfavorable (favorable) Catastrophe losses - pre-tax
$
1
$
15
$
(5
)
$
29
$
33
$
16
$
36
$
60
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
-
$
(33
)
$
(70
)
$
(6
)
$
-
$
(33
)
$
(28
)
$
(104
)
% Change versus prior year period
Net premiums written
-3.3%
11.0%
-47.8%
-9.3%
-1.2%
0.2%
-5.0%
-15.2%
Net premiums earned
-4.3%
28.6%
-36.2%
-7.9%
-1.5%
1.2%
-5.1%
-14.6%
Other ratios
Net premiums written/gross premiums written
66%
64%
63%
64%
68%
65%
65%
64%
NA Agriculture
Page 11
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Overseas General Insurance
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
Gross premiums written
$
4,588
$
4,904
$
4,199
$
4,150
$
4,262
$
9,492
$
9,037
$
17,386
Net premiums written
3,620
3,903
3,436
3,367
3,334
7,523
7,169
13,972
Net premiums earned
3,542
3,209
3,434
3,421
3,347
6,751
6,545
13,400
Losses and loss expenses
1,789
1,397
1,686
1,631
1,671
3,186
3,097
6,414
Policy benefits
129
113
96
120
92
242
192
408
Policy acquisition costs
913
837
893
852
842
1,750
1,665
3,410
Administrative expenses
369
330
332
340
348
699
679
1,351
Underwriting income
342
532
427
478
394
874
912
1,817
Adjusted net investment income
278
281
300
286
283
559
550
1,136
Other income (expense) - operating
(5
)
(6
)
-
(5
)
(4
)
(11
)
(9
)
(14
)
Amortization expense of purchased intangibles
(19
)
(19
)
(20
)
(21
)
(20
)
(38
)
(40
)
(81
)
Segment income
$
596
$
788
$
707
$
738
$
653
$
1,384
$
1,413
$
2,858
CAY underwriting income ex Cats
$
517
$
466
$
520
$
521
$
490
$
983
$
945
$
1,986
Combined ratio
Loss and loss expense ratio
54.2%
47.0%
51.9%
51.2%
52.7%
50.8%
50.3%
50.9%
Policy acquisition cost ratio
25.7%
26.1%
26.0%
24.9%
25.1%
25.9%
25.4%
25.4%
Administrative expense ratio
10.4%
10.3%
9.7%
9.9%
10.4%
10.3%
10.4%
10.1%
Combined ratio
90.3%
83.4%
87.6%
86.0%
88.2%
87.0%
86.1%
86.4%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
49.3%
49.1%
49.2%
49.9%
49.8%
49.2%
49.7%
49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats
36.1%
36.4%
35.7%
34.9%
35.5%
36.3%
35.9%
35.5%
CAY combined ratio ex Cats
85.4%
85.5%
84.9%
84.8%
85.3%
85.5%
85.6%
85.2%
Catastrophe reinstatement premiums (expensed) collected - pre-tax
$
(5
)
$
-
$
-
$
-
$
-
$
(5
)
$
-
$
-
Catastrophe losses - pre-tax
$
247
$
55
$
173
$
103
$
157
$
302
$
183
$
459
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(77
)
$
(121
)
$
(80
)
$
(60
)
$
(61
)
$
(198
)
$
(150
)
$
(290
)
% Change versus prior year period
Net premiums written
8.5%
1.8%
6.8%
4.9%
15.6%
4.9%
16.6%
11.1%
Net premiums written - Commercial
6.0%
3.6%
8.2%
5.1%
13.3%
4.7%
12.7%
9.7%
Net premiums written - Consumer
12.2%
-1.1%
4.7%
4.5%
19.1%
5.2%
23.1%
13.3%
Net premiums earned
5.8%
0.3%
6.4%
3.3%
15.1%
3.1%
14.9%
9.6%
Net premiums written constant $
10.2%
6.5%
6.8%
7.5%
16.6%
8.2%
16.6%
11.8%
Net premiums written - Commercial
6.8%
7.3%
7.4%
6.7%
13.9%
7.1%
12.5%
9.8%
Net premiums written - Consumer
15.3%
5.0%
6.0%
8.5%
20.7%
10.1%
23.5%
15.0%
Net premiums earned constant $
7.4%
5.0%
6.4%
5.9%
16.2%
6.3%
15.3%
10.4%
Other ratios: Net premiums written/gross
premiums written
79%
80%
82%
81%
78%
79%
79%
80%
Production by Region - Net premiums written
2Q-25
2Q-24
% Change
Constant $
% Change
YTD
2025
YTD
2024
% Change
Constant $
% Change
Europe, Middle East and Africa
$
1,548
$
1,409
9.9%
8.2%
$
3,463
$
3,278
5.6%
6.7%
Latin America
743
697
6.6%
17.3%
1,479
1,474
0.3%
11.4%
Asia
1,316
1,177
11.8%
12.7%
2,514
2,338
7.5%
9.5%
Other (1)
13
51
-76.0%
-76.1%
67
79
-16.1%
-15.5%
Total
$
3,620
$
3,334
8.5%
10.2%
$
7,523
$
7,169
4.9%
8.2%
(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.
Overseas General Insurance
Page 12
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Global Reinsurance
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
Gross premiums written
$
466
$
453
$
246
$
382
$
528
$
919
$
939
$
1,567
Net premiums written
380
408
224
352
411
788
770
1,346
Net premiums earned
338
368
322
316
339
706
634
1,272
Losses and loss expenses
132
242
219
200
155
374
292
711
Policy acquisition costs
98
100
92
89
80
198
161
342
Administrative expenses
10
10
10
9
11
20
20
39
Underwriting income
98
16
1
18
93
114
161
180
Adjusted net investment income
85
70
74
64
58
155
115
253
Other income (expense) - operating
-
-
-
-
-
-
-
-
Segment income
$
183
$
86
$
75
$
82
$
151
$
269
$
276
$
433
CAY underwriting income ex Cats
$
89
$
91
$
76
$
76
$
77
$
180
$
146
$
298
Combined ratio
Loss and loss expense ratio
39.0%
65.8%
68.1%
63.3%
45.7%
53.0%
46.0%
55.9%
Policy acquisition cost ratio
29.1%
27.1%
28.7%
28.0%
23.8%
28.0%
25.5%
26.9%
Administrative expense ratio
2.9%
2.7%
3.1%
3.1%
3.2%
2.8%
3.1%
3.1%
Combined ratio
71.0%
95.6%
99.9%
94.4%
72.7%
83.8%
74.6%
85.9%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
41.5%
43.2%
43.7%
44.4%
50.4%
42.4%
48.3%
46.2%
CAY policy acquisition cost and administrative expense ratio ex Cats
32.0%
31.1%
32.1%
31.4%
27.0%
31.5%
28.7%
30.2%
CAY combined ratio ex Cats
73.5%
74.3%
75.8%
75.8%
77.4%
73.9%
77.0%
76.4%
Catastrophe reinstatement premiums (expensed) collected - pre-tax
$
-
$
13
$
10
$
4
$
-
$
13
$
-
$
14
Catastrophe losses - pre-tax
$
6
$
88
$
90
$
67
$
-
$
94
$
-
$
157
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(15
)
$
-
$
(5
)
$
(5
)
$
(16
)
$
(15
)
$
(15
)
$
(25
)
% Change versus prior year period
Net premiums written as reported (1)
-7.6%
13.7%
19.9%
34.8%
40.3%
2.4%
35.1%
32.2%
Net premiums earned as reported
-0.3%
24.8%
32.6%
32.3%
43.4%
11.4%
31.9%
32.2%
Net premiums written constant $
-7.8%
14.0%
19.6%
34.8%
40.5%
2.3%
35.2%
32.2%
Net premiums earned constant $
-0.6%
25.3%
32.5%
32.9%
43.6%
11.4%
32.0%
32.4%
Other ratios
Net premiums written/gross premiums written
82%
90%
91%
92%
78%
86%
82%
86%
(1) Q2 2025 net premiums written growth was adversely impacted by a $37 million large one-off structured transaction in the prior year.
Excluding the large structured transaction in the prior year, net premiums written growth was 1.5%.
Global Reinsurance
Page 13
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Life Insurance
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
Gross premiums written
$
1,866
$
1,778
$
1,630
$
1,618
$
1,646
$
3,644
$
3,347
$
6,595
Net premiums written
1,802
1,720
1,561
1,552
1,580
3,522
3,213
6,326
Net premiums earned
1,789
1,696
1,564
1,530
1,568
3,485
3,179
6,273
Losses and loss expenses
20
26
26
32
22
46
54
112
Adjusted policy benefits
1,249
1,163
1,011
989
1,031
2,412
2,101
4,101
Policy acquisition costs
319
310
317
291
300
629
594
1,202
Administrative expenses
199
202
242
213
218
401
425
880
Adjusted net investment income
274
271
265
250
258
545
488
1,003
Other income (expense) - operating (1)
37
35
48
39
32
72
72
159
Amortization expense of purchased intangibles
(8
)
(10
)
(11
)
(10
)
(11
)
(18
)
(21
)
(42
)
Segment income
$
305
$
291
$
270
$
284
$
276
$
596
$
544
$
1,098
% Change versus prior year period
Net premiums written
14.1%
5.3%
7.6%
6.8%
24.5%
9.6%
25.4%
15.7%
Net premiums earned
14.2%
5.3%
9.0%
6.1%
24.7%
9.6%
26.1%
16.2%
Net premiums written constant $
17.3%
10.3%
8.5%
10.6%
27.6%
13.8%
28.7%
18.5%
Net premiums earned constant $
17.5%
10.2%
9.9%
9.9%
27.7%
13.8%
29.4%
19.0%
International life insurance net premiums written and deposits
breakdown (excludes Combined North America and Life reinsurance businesses):
2Q-25
2Q-24
% Change
Constant $
% Change
YTD
2025
YTD
2024
% Change
Constant $
% Change
International life insurance net premiums written
$
1,499
$
1,315
14.0%
17.8%
$
2,920
$
2,689
8.6%
13.4%
International life insurance deposits (2)
518
547
-5.4%
-4.5%
1,273
1,147
10.9%
13.3%
Total international life insurance net premiums written and deposits
$
2,017
$
1,862
8.3%
11.1%
$
4,193
$
3,836
9.3%
13.4%
International life insurance segment income
$
239
$
232
3.2%
8.5%
$
469
$
457
2.6%
9.0%
(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by
Huatai’s asset management businesses.
(2) Includes deposits collected on universal life and investment contracts. Consistent with U.S. GAAP, premiums collected
on universal life and investment contracts are considered deposits and excluded from revenues.
Life Insurance
Page 14
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Corporate
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
YTD
2025
YTD
2024
Full Year
2024
Adjusted loss and loss expenses
$
70
$
14
$
138
$
58
$
93
$
84
$
103
$
299
Administrative expenses
106
105
122
104
99
211
206
432
Underwriting loss
(176
)
(119
)
(260
)
(162
)
(192
)
(295
)
(309
)
(731
)
Adjusted net investment income
(25
)
(25
)
(17
)
(23
)
(28
)
(50
)
(49
)
(89
)
Other income (expense) - operating
(12
)
(8
)
11
(10
)
(14
)
(20
)
(47
)
(46
)
Adjusted interest expense
(186
)
(186
)
(194
)
(197
)
(188
)
(372
)
(371
)
(762
)
Amortization expense of purchased intangibles
(37
)
(37
)
(41
)
(40
)
(40
)
(74
)
(82
)
(163
)
Integration expenses
(2
)
-
(18
)
(7
)
(7
)
(2
)
(14
)
(39
)
Amortization of fair value adjustment of acquired invested assets and long-term debt
1
3
3
-
2
4
2
5
Adjusted net realized gains (losses)
662
(103
)
24
391
29
559
30
445
Market risk benefits gains (losses)
(17
)
(92
)
98
(230
)
(29
)
(109
)
(8
)
(140
)
Income tax expense
(717
)
(321
)
(479
)
(504
)
(490
)
(1,038
)
(832
)
(1,815
)
Less: NCI income (loss)
31
12
65
166
(14
)
43
137
368
Net loss
$
(540
)
$
(900
)
$
(938
)
$
(948
)
$
(943
)
$
(1,440
)
$
(1,817
)
$
(3,703
)
Unfavorable (favorable) prior period development(PPD) - pre-tax
$
70
$
13
$
139
$
55
$
93
$
83
$
102
$
296
Corporate
Page 15
Chubb Limited
Loss Reserve Rollforward
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Unpaid Losses
Net Paid to
Gross
Ceded
Net
Incurred Ratio
Balance at December 31, 2023
$
80,122
$
17,884
$
62,238
Losses and loss expenses incurred
6,603
876
5,727
Losses and loss expenses paid
(6,423
)
(1,601
)
(4,822)
84%
Other (incl. foreign exch. revaluation)
39
4
35
Balance at March 31, 2024
$
80,341
$
17,163
$
63,178
Losses and loss expenses incurred
7,819
1,388
6,431
Losses and loss expenses paid
(5,657
)
(1,069
)
(4,588)
71%
Other (incl. foreign exch. revaluation)
(312
)
(73
)
(239)
Balance at June 30, 2024
$
82,191
$
17,409
$
64,782
Losses and loss expenses incurred
9,737
2,354
7,383
Losses and loss expenses paid
(7,838
)
(2,169
)
(5,669)
77%
Other (incl. foreign exch. revaluation)
236
37
199
Balance at September 30, 2024
$
84,326
$
17,631
$
66,695
Losses and loss expenses incurred
8,375
1,894
6,481
Losses and loss expenses paid
(8,052
)
(1,628
)
(6,424)
99%
Other (incl. foreign exch. revaluation)
(645
)
(163
)
(482)
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
Add net recoverable on paid losses
-
1,904
(1,904)
Balance including net recoverable on paid losses
$
86,376
$
19,595
$
66,781
Loss Reserve Rollforward
Page 16
Chubb Limited
Reinsurance Recoverable Analysis
(in millions
of U.S. dollars)
(Unaudited)
Net Reinsurance
Recoverable by Division
June 30
March 31
December 31
2025
2025
2024
Reinsurance recoverable on paid losses and loss expenses
Active operations
$
1,493
$
1,533
$
1,629
Brandywine and Other Run-off
473
467
482
Total
$
1,966
$
2,000
$
2,111
Reinsurance recoverable on unpaid losses and loss expenses
Active operations
$
16,839
$
17,180
$
16,810
Brandywine and Other Run-off
1,113
1,155
1,166
Total
$
17,952
$
18,335
$
17,976
Gross reinsurance recoverable
Active operations
$
18,332
$
18,713
$
18,439
Brandywine and Other Run-off
1,586
1,622
1,648
Total
$
19,918
$
20,335
$
20,087
Provision for uncollectible reinsurance (1)
Active operations
$
(233
)
$
(228
)
$
(228
)
Brandywine and Other Run-off
(90
)
(92
)
(82
)
Total
$
(323
)
$
(320
)
$
(310
)
Net reinsurance recoverable
Active operations
$
18,099
$
18,485
$
18,211
Brandywine and Other Run-off
1,496
1,530
1,566
Total
$
19,595
$
20,015
$
19,777
(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of
approximately $4.1 billion.
Reinsurance Recoverable
Page 17
Chubb Limited
Investment Portfolio
(in millions of U.S.
dollars)
(Unaudited)
June 30
March 31
December 31
2025
2025
2024
Market Value
Fixed maturities available for sale
$
116,119
$
111,123
$
110,363
Other investments-fixed maturities
6,441
6,799
6,265
Short-term investments
4,508
4,432
5,142
Total fixed maturities
$
127,068
$
122,354
$
121,770
Asset Allocation by Market Value
U.S. and local government securities
$
4,033
3%
$
4,025
3%
$
4,070
3%
Corporate and asset-backed securities
45,126
36%
43,280
36%
43,207
36%
Mortgage-backed securities
28,497
22%
27,516
22%
27,248
22%
Non-U.S.
44,904
35%
43,101
35%
42,103
35%
Short-term investments
4,508
4%
4,432
4%
5,142
4%
Total fixed maturities
$
127,068
100%
$
122,354
100%
$
121,770
100%
Credit Quality by Market Value
AAA
$
13,450
11%
$
12,902
11%
$
13,933
11%
AA
38,363
30%
37,662
30%
37,640
30%
A
31,633
25%
30,137
25%
28,882
24%
BBB
22,452
18%
21,798
18%
21,610
18%
BB
11,644
9%
10,705
9%
10,789
9%
B
9,114
7%
8,669
7%
8,279
7%
Other
412
0%
481
0%
637
1%
Total fixed maturities
$
127,068
100%
$
122,354
100%
$
121,770
100%
Cost/Amortized Cost, net
Fixed maturities available for sale
$
118,876
$
114,867
$
115,013
Other investments-fixed maturities
6,441
6,799
6,265
Short-term investments
4,508
4,434
5,143
Subtotal fixed maturities (1)
129,825
126,100
126,421
Equity securities
9,913
9,556
9,151
Private debt held-for-investment (1)
2,429
2,460
2,628
Private equities and other
18,904
17,931
17,101
Total investment portfolio
$
161,071
$
156,047
$
155,301
Avg. duration of fixed maturities (2)
4.8 years
4.8 years
4.8 years
Avg. market yield of fixed income investments(3)
5.3%
5.5%
5.6%
Avg. credit quality
A/A
A/A
A/A
Avg. book yield of fixed income investments (3)
5.1%
5.0%
5.0%
(1) Net of valuation allowance for expected credit losses.
(2) Excludes Huatai.
(3) Includes fixed maturities and other debt investments and
excludes Huatai.
Investments
Page 18
Chubb Limited
Investment Portfolio - 2
(in millions of U.S.
dollars)
(Unaudited)
Mortgage-backed Fixed
Income Portfolio
Mortgage-backed securities
S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
Market Value at June 30, 2025
Agency residential mortgage-backed securities (RMBS)
$
4
$
24,702
$
-
$
-
$
-
$
24,706
Non-agency RMBS
2,103
188
184
76
2
2,553
Commercial mortgage-backed securities
998
123
101
14
2
1,238
Total mortgage-backed securities at market value
$
3,105
$
25,013
$
285
$
90
$
4
$
28,497
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at June 30, 2025
S&P Credit Rating
Investment Grade
AAA
AA
A
BBB
Total
Asset-backed
$
3,963
$
648
$
318
$
241
$
5,170
Banks
-
1
2,643
2,091
4,735
Basic Materials
-
-
87
257
344
Communications
-
250
492
1,321
2,063
Consumer, Cyclical
8
157
626
918
1,709
Consumer, Non-Cyclical
37
465
2,591
1,689
4,782
Diversified Financial Services
1
128
505
190
824
Energy
-
99
394
1,329
1,822
Industrial
-
9
746
1,290
2,045
Utilities
239
9
1,253
1,167
2,668
All Others
116
369
1,219
1,962
3,666
Total
$
4,364
$
2,135
$
10,874
$
12,455
$
29,828
Market Value at June 30, 2025
S&P Credit Rating
Below Investment Grade
BB
B
CCC
Total
Asset-backed
$
18
$
103
$
1
$
122
Banks
-
-
-
-
Basic Materials
537
238
-
775
Communications
683
844
53
1,580
Consumer, Cyclical
1,428
991
41
2,460
Consumer, Non-Cyclical
1,706
1,322
49
3,077
Diversified Financial Services
444
261
-
705
Energy
740
577
1
1,318
Industrial
1,176
849
13
2,038
Utilities
346
190
-
536
All Others
888
1,725
74
2,687
Total
$
7,966
$
7,100
$
232
$
15,298
Investments 2
Page 19
Chubb Limited
Investment Portfolio - 3
(in millions of U.S.
dollars)
(Unaudited)
Non-U.S. Fixed Income
Portfolio
June 30, 2025
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
$
-
$
206
$
1,905
$
-
$
-
$
2,111
Republic of Korea
-
2,010
-
-
-
2,010
Kingdom of Thailand
-
-
1,005
-
-
1,005
Canada
936
-
-
-
-
936
United Mexican States
-
-
-
765
-
765
Taiwan
-
760
-
-
-
760
Federative Republic of Brazil
-
-
-
-
603
603
Province of Ontario
-
564
-
-
-
564
Commonwealth of Australia
552
-
-
-
-
552
Province of Hunan China
-
-
481
-
-
481
Other Non-U.S. Government Securities
658
2,181
2,863
939
1,424
8,065
Total
$
2,146
$
5,721
$
6,254
$
1,704
$
2,027
$
17,852
Non-U.S. Corporate Securities
Market Value by S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
China
$
-
$
-
$
6,399
$
377
$
15
$
6,791
United Kingdom
14
29
922
1,181
416
2,562
Canada
186
58
989
821
491
2,545
United States (1)
8
104
380
501
675
1,668
France
6
28
860
549
200
1,643
South Korea
-
509
456
621
8
1,594
Australia
59
298
412
396
31
1,196
Japan
-
-
577
190
18
785
Germany
77
99
112
322
67
677
Chile
-
-
168
373
-
541
Other Non-U.S. Corporate Securities
460
559
1,836
2,653
1,542
7,050
Total
$
810
$
1,684
$
13,111
$
7,984
$
3,463
$
27,052
(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign
subsidiaries of U.S. corporations.
Investments 3
Page 20
Chubb Limited
Investment Portfolio - 4
(in millions of U.S.
dollars)
(Unaudited)
Fixed Maturity Investment
Portfolio
Top 10 Global Corporate Exposures
June 30, 2025
Market Value
Rating
1
Bank of America Corp
$
809
A-
2
Morgan Stanley
763
A-
3
JP Morgan Chase & Co
713
A
4
Goldman Sachs Group Inc
562
BBB+
5
Wells Fargo & Co
555
BBB+
6
Citigroup Inc
512
BBB+
7
AT&T Inc
411
BBB
8
Verizon Communications Inc
406
BBB+
9
UBS Group AG
404
A-
10
HSBC Holdings PLC
360
A-
Investments 4
Page 21
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Three months ended June 30, 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 (1)
$
97
$
(21
)
$
76
$
982
$
(50
)
$
932
$
1,079
$
(71
)
$
1,008
Public equity:
Realized gains (losses) on sales
27
(9
)
18
-
-
-
27
(9
)
18
Mark-to-market
92
(10
)
82
-
-
-
92
(10
)
82
Private equity: Mark-to-market
513
(78
)
435
-
-
-
513
(78
)
435
Total investment portfolio
729
(118
)
611
982
(50
)
932
1,711
(168
)
1,543
Foreign exchange
(89
)
23
(66
)
763
3
766
674
26
700
Partially-owned entities (2)
(1
)
-
(1
)
-
-
-
(1
)
-
(1
)
Current discount rate on future policy benefits
-
-
-
(110
)
9
(101
)
(110
)
9
(101
)
Instrument-specific credit risk - market risk benefits
-
-
-
1
-
1
1
-
1
Other
(6
)
1
(5
)
(26
)
5
(21
)
(32
)
6
(26
)
Net gains (losses)
$
633
$
(94
)
$
539
$
1,610
$
(33
)
$
1,577
$
2,243
$
(127
)
$
2,116
(1) The quarter includes pre-tax realized gains on investment derivatives of $153 million, a net increase of the valuation allowance of
expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.
(2) Partially-owned entities are investments where we
hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Three months ended June 30, 2024
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)
$
(77
)
$
22
$
(55
)
$
(483
)
$
7
$
(476
)
$
(560
)
$
29
$
(531
)
Public equity:
Realized gains (losses) on sales
13
(1
)
12
-
-
-
13
(1
)
12
Mark-to-market
23
3
26
-
-
-
23
3
26
Private equity: Mark-to-market
55
1
56
-
-
-
55
1
56
Total investment portfolio
14
25
39
(483
)
7
(476
)
(469
)
32
(437
)
Foreign exchange
27
(6
)
21
(497
)
19
(478
)
(470
)
13
(457
)
Partially-owned entities (4)
4
-
4
-
-
-
4
-
4
Current discount rate on future policy benefits
-
-
-
57
(2
)
55
57
(2
)
55
Instrument-specific credit risk - market risk benefits
-
-
-
5
(1
)
4
5
(1
)
4
Other
3
-
3
(29
)
6
(23
)
(26
)
6
(20
)
Net gains (losses)
$
48
$
19
$
67
$
(947
)
$
29
$
(918
)
$
(899
)
$
48
$
(851
)
(3) The quarter includes pre-tax realized losses on investment derivatives of $17 million, a net increase of the valuation allowance of
expected credit losses of $8 million on fixed maturities, and impairments of $28 million for fixed maturities.
(4) Partially-owned entities are investments where we
hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Net Gains (Losses)
Page 22
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Six months ended June 30, 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 (1)
$
14
$
(2
)
$
12
$
1,891
$
(111
)
$
1,780
$
1,905
$
(113
)
$
1,792
Public equity:
Realized gains (losses) on sales
17
(6
)
11
-
-
-
17
(6
)
11
Mark-to-market
160
(20
)
140
-
-
-
160
(20
)
140
Private equity: Mark-to-market
502
(77
)
425
-
-
-
502
(77
)
425
Total investment portfolio
693
(105
)
588
1,891
(111
)
1,780
2,584
(216
)
2,368
Foreign exchange
(154
)
50
(104
)
1,115
(9
)
1,106
961
41
1,002
Partially-owned entities (2)
1
-
1
-
-
-
1
-
1
Current discount rate on future policy benefits
-
-
-
(228
)
21
(207
)
(228
)
21
(207
)
Instrument-specific credit risk - market risk benefits
-
-
-
5
(1
)
4
5
(1
)
4
Other
(11
)
2
(9
)
(121
)
24
(97
)
(132
)
26
(106
)
Net gains (losses)
$
529
$
(53
)
$
476
$
2,662
$
(76
)
$
2,586
$
3,191
$
(129
)
$
3,062
(1) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of
expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.
(2) Partially-owned entities are investments where we
hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Six months ended June 30, 2024
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)
$
(239
)
$
39
$
(200
)
$
(1,173
)
$
49
$
(1,124
)
$
(1,412
)
$
88
$
(1,324
)
Public equity:
Realized gains (losses) on sales
12
(1
)
11
-
-
-
12
(1
)
11
Mark-to-market
59
6
65
-
-
-
59
6
65
Private equity: Mark-to-market
182
7
189
-
-
-
182
7
189
Total investment portfolio
14
51
65
(1,173
)
49
(1,124
)
(1,159
)
100
(1,059
)
Foreign exchange
(104
)
25
(79
)
(409
)
12
(397
)
(513
)
37
(476
)
Partially-owned entities (4)
1
-
1
-
-
-
1
-
1
Current discount rate on future policy benefits
-
-
-
37
(22
)
15
37
(22
)
15
Instrument-specific credit risk - market risk benefits
-
-
-
10
(1
)
9
10
(1
)
9
Other
(7
)
(2
)
(9
)
2
-
2
(5
)
(2
)
(7
)
Net gains (losses)
$
(96
)
$
74
$
(22
)
$
(1,533
)
$
38
$
(1,495
)
$
(1,629
)
$
112
$
(1,517
)
(3) Year to date includes pre-tax realized losses on investment derivatives of $60 million, a net decrease of the valuation allowance of
expected credit losses of $33 million on fixed maturities, and impairments of $62 million for fixed maturities.
(4) Partially-owned entities are investments where we
hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Net Gains (Losses) 2
Page 23
Chubb Limited
Debt and Capital
(in millions of U.S. dollars,
except ratios)
(Unaudited)
June 30
March 31
December 31
December 31
2025
2025
2024
2023
Financial debt:
Total short-term debt (1)
$
1,499
$
-
$
800
$
1,460
Total long-term debt (1) (2)
13,477
14,508
14,379
13,035
Total financial debt
$
14,976
$
14,508
$
15,179
$
14,495
Hybrid debt:
Total trust preferred securities
$
309
$
309
$
309
$
308
Total subordinated debt (3)
111
110
110
-
Total hybrid debt
$
420
$
419
$
419
$
308
Total
$
15,396
$
14,927
$
15,598
$
14,803
Capitalization:
Chubb shareholders’ equity
$
69,395
$
65,726
$
64,021
$
59,507
Hybrid debt
420
419
419
308
Financial debt
14,976
14,508
15,179
14,495
Total capitalization
$
84,791
$
80,653
$
79,619
$
74,310
Leverage ratios (based on total capital) (2):
Hybrid debt
0.5%
0.5%
0.5%
0.4%
Financial debt
17.7%
18.0%
19.1%
19.5%
Total hybrid & financial debt
18.2%
18.5%
19.6%
19.9%
Note: As of June 30, 2025, there was $0.9 billion usage of credit facilities on total capacity of $4.1 billion.
(1) During Q2 2025, the $1.5 billion 3.35% senior notes due to mature in May 2026 were reclassified to short-term debt.
(2) In April 2025, the company entered into a 1.8 billion Chinese Yuan Renminbi term loan (approximately $249 million). The loan’s interest rate is 2.85% and matures
in 2028.
(3) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share (excluding
non-controlling interest).
Debt and Capital
Page 24
Chubb Limited
Computation of Basic and Diluted Earnings Per Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)
Three months ended June 30
Six months ended June 30
2025
2024
2025
2024
Numerator
Core operating income
$
2,480
$
2,196
$
3,969
$
4,357
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax
3
2
6
3
Tax (expense) benefit on amortization adjustment
(3
)
4
(2
)
(1
)
Integration expenses, pre-tax
(2
)
(7
)
(2
)
(14
)
Tax (expense) benefit on integration expenses
-
(3
)
-
3
Adjusted net realized gains (losses), pre-tax
633
48
529
(96
)
Tax (expense) benefit on adjusted net realized gains (losses)
(94
)
19
(53
)
74
Market risk benefits gains (losses), pre-tax
(17
)
(29
)
(109
)
(8
)
Tax (expense) benefit on market risk benefits gains (losses)
2
-
16
-
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda
law
(34
)
-
(55
)
55
Chubb net income
$
2,968
$
2,230
$
4,299
$
4,373
Rollforward of Common Shares Outstanding
Shares - beginning of period
400,748,485
406,033,066
400,703,663
405,269,637
Repurchase of shares
(2,339,727
)
(2,254,236
)
(3,685,509
)
(3,474,357
)
Shares issued (canceled), excluding option exercises
(49,568
)
(38,489
)
615,344
690,475
Issued for option exercises
301,598
333,154
1,027,290
1,587,740
Shares - end of period
398,660,788
404,073,495
398,660,788
404,073,495
Denominator
Weighted average shares outstanding (1)
399,886,323
404,615,765
400,281,946
405,139,228
Effect of other dilutive securities
3,960,707
3,990,902
4,012,933
4,138,555
Adj. wtd. avg. shares outstanding and assumed conversions
403,847,030
408,606,667
404,294,879
409,277,783
Basic earnings per share
Core operating income
$
6.20
$
5.43
$
9.92
$
10.76
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax
-
0.01
0.01
-
Integration expenses, net of tax
-
(0.02
)
-
(0.03
)
Adjusted net realized gains (losses), net of tax
1.34
0.16
1.18
(0.05
)
Market risk benefits gains (losses), net of tax
(0.04
)
(0.07
)
(0.23
)
(0.02
)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda
law
(0.08
)
-
(0.14
)
0.13
Chubb net income
$
7.42
$
5.51
$
10.74
$
10.79
Diluted earnings per share
Core operating income
$
6.14
$
5.38
$
9.82
$
10.65
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax
-
0.01
0.01
-
Integration expenses, net of tax
-
(0.02
)
-
(0.03
)
Adjusted net realized gains (losses), net of tax
1.33
0.16
1.17
(0.05
)
Market risk benefits gains (losses), net of tax
(0.04
)
(0.07
)
(0.23
)
(0.02
)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda
law
(0.08
)
-
(0.14
)
0.13
Chubb net income
$
7.35
$
5.46
$
10.63
$
10.68
(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time
of vesting, but are eligible to receive dividends (participating securities).
Earnings per share
Page 25
Chubb Limited
Book Value and Book Value per Common Share
(in
millions of U.S. dollars, except share and per share data)
(Unaudited)
Reconciliation of Book Value per Common Share
June 30
March 31
December 31
June 30
2025
2025
2024
2024
Chubb shareholders’ equity
$
69,395
$
65,726
$
64,021
$
61,038
Less: Chubb goodwill and other intangible assets, net of tax
24,490
23,940
23,800
24,246
Numerator for tangible book value per share
$
44,905
$
41,786
$
40,221
$
36,792
Book value - % change over prior quarter
5.6%
2.7%
-2.6%
0.8%
Tangible book value - % change over prior quarter
7.5%
3.9%
-2.8%
1.2%
Denominator: shares outstanding
398,660,788
400,748,485
400,703,663
404,073,495
Book value per common share
$
174.07
$
164.01
$
159.77
$
151.05
Tangible book value per common share
$
112.64
$
104.27
$
100.38
$
91.05
Reconciliation of Book Value
Chubb shareholders’ equity, beginning of quarter
$
65,726
$
64,021
$
65,757
$
60,535
Core operating income
2,480
1,489
2,451
2,196
Amortization of fair value adjustment of acquired invested assets and long-term debt
-
4
-
6
Integration expenses
(2
)
-
(15
)
(10
)
Adjusted net realized gains (losses) (1)
539
(63
)
41
67
Market risk benefits gains (losses)
(15
)
(78
)
98
(29
)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda
law
(34
)
(21
)
-
-
Net unrealized gains (losses) on investments
932
848
(2,510
)
(476
)
T6Repurchase of shares
(676
)
(385
)
(725
)
(570
)
Dividend declared on common shares
(388
)
(366
)
(367
)
(369
)
Cumulative translation gains (losses)
766
340
(1,073
)
(478
)
Postretirement benefit liability
(3
)
(4
)
142
1
Current discount rate on future policy benefits
(101
)
(106
)
(12
)
55
Instrument-specific credit risk - market risk benefits
1
3
4
4
Other (2)
170
44
230
106
Chubb shareholders’ equity, end of quarter
$
69,395
$
65,726
$
64,021
$
61,038
(1) Includes net realized gains (losses) related to unconsolidated entities.
(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting
taxes.
Reconciliation Book Value
Page 26
Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting
our results, we included and discussed 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, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss) adjusted to exclude P&C Cats and prior period
development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We
believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a
manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore
realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.
Adjusted policy benefits include gains and losses from
fair value changes in separate account liabilities, as well as the offsetting movement in separate account assets that do not qualify for separate account reporting under U.S. GAAP, for purposes of reporting Life Insurance underwriting income. We
view gains and losses from fair value changes in both non-qualified separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified from Other (income) expense to
adjusted policy benefits. In addition, adjusted policy benefits includes the impact of realized gains and losses on underlying investments supporting the liabilities of certain participating policies for the portion that are shared with
policyholders. These realized gains and losses on underlying investments have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this presentation better reflects the economics of the liabilities and the
underlying investments supporting those liabilities.
Adjusted net investment income is net investment income excluding the amortization of the fair value
adjustment on acquired invested assets from certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under
the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our
invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax, includes net realized gains
(losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the
liabilities of certain participating policies related to the policyholders’ share of gains and losses.
Adjusted interest expense is interest expense
excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.
Other income (expense) - operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated
entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP. Net realized gains (losses) related to
unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other
income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a U.S. GAAP basis.
P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss
expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio
is provided on pages 30-33.
CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats
as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, PPD and
expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are
excluded from PPD 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 better 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, which include legal and professional fees and all other costs directly related to acquisition integration activities. 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 are not indicative of our underlying profitability, and excluding these integration expenses
facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent
years’ amortization of the related deferred tax asset, 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 compared to the prior presentation of the non-recurring tax benefit. References to core operating income measures mean net of tax, whether or not noted.
Chubb core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax expense
(benefit) on amortization of fair value of acquired invested assets and debt, tax expense (benefit) on integration expenses, tax expense (benefit) on market risk benefits gains (losses), the non-recurring tax benefit from the Bermuda Economic
Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset, 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 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, the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset. 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.
Reconciliation Non-GAAP
Page 27
Chubb Limited
Non-GAAP Financial Measures - 2
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Chubb
Core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:
YTD
YTD
Full Year
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
2025
2024
2024
Tax expense, as reported
$
713
$
318
$
475
$
500
$
489
$
1,031
$
829
$
1,804
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt
3
(1
)
2
2
(4
)
2
1
5
Less: tax expense (benefit) on integration expenses
-
-
(3
)
(1
)
3
-
(3
)
(7
)
Less: tax expense (benefit) on adjusted net realized gains (losses)
94
(41
)
(71
)
(1
)
(19
)
53
(74
)
(146
)
Less: tax expense (benefit) on market risk benefits gains (losses)
(2
)
(14
)
-
-
-
(16
)
-
-
Less: amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda
law
34
21
-
-
-
55
(55
)
(55
)
Tax expense, adjusted
$
584
$
353
$
547
$
500
$
509
$
937
$
960
$
2,007
Income before tax, as reported
$
3,681
$
1,649
$
3,050
$
2,824
$
2,719
$
5,330
$
5,202
$
11,076
Less: amortization of fair value of acquired invested assets and debt
3
3
2
2
2
6
3
7
Less: integration expenses
(2
)
-
(18
)
(7
)
(7
)
(2
)
(14
)
(39
)
Less: adjusted realized gains (losses)
93
(84
)
(246
)
32
39
9
(199
)
(413
)
Less: realized gains (losses) related to unconsolidated entities
540
(20
)
216
193
9
520
103
512
Less: market risk benefits gains (losses)
(17
)
(92
)
98
(230
)
(29
)
(109
)
(8
)
(140
)
Core operating income before tax
$
3,064
$
1,842
$
2,998
$
2,834
$
2,705
$
4,906
$
5,317
$
11,149
Effective tax rate
19.4%
19.3%
15.6%
17.7%
18.0%
19.4%
15.9%
16.3%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt
-0.1%
0.1%
-0.1%
-0.1%
0.2%
0.0%
0.0%
0.0%
Adjustment for tax impact of integration expenses
0.0%
0.0%
0.0%
0.0%
-0.2%
0.0%
0.0%
0.0%
Adjustment for tax impact of adjusted net realized gains (losses)
0.9%
1.0%
2.1%
1.7%
1.0%
0.9%
1.1%
1.4%
Adjustment for tax impact of market risk benefits gains (losses)
0.0%
-0.2%
0.6%
-1.6%
-0.2%
-0.1%
0.0%
-0.2%
Adjustment for amortization of deferred tax asset (2025) and non-recurring tax benefit
(2024) from Bermuda law
-1.1%
-1.1%
0.0%
0.0%
0.0%
-1.1%
1.0%
0.5%
Core operating effective tax rate
19.1%
19.1%
18.2%
17.7%
18.8%
19.1%
18.0%
18.0%
Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:
YTD
YTD
Full Year
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
2025
2024
2024
Net income, as reported
$
2,968
$
1,331
$
2,575
$
2,324
$
2,230
$
4,299
$
4,373
$
9,272
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax
3
3
2
2
2
6
3
7
Tax (expense) benefit on amortization adjustment
(3
)
1
(2
)
(2
)
4
(2
)
(1
)
(5
)
Integration expenses, pre-tax
(2
)
-
(18
)
(7
)
(7
)
(2
)
(14
)
(39
)
Tax (expense) benefit on integration expenses
-
-
3
1
(3
)
-
3
7
Adjusted realized gains (losses), pre-tax
93
(84
)
(246
)
32
39
9
(199
)
(413
)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)
540
(20
)
216
193
9
520
103
512
Tax (expense) benefit on adjusted net realized gains (losses)
(94
)
41
71
1
19
(53
)
74
146
Market risk benefits gains (losses), pre-tax
(17
)
(92
)
98
(230
)
(29
)
(109
)
(8
)
(140
)
Tax (expense) benefit on market risk benefits gains (losses)
2
14
-
-
-
16
-
-
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda
law
(34
)
(21
)
-
-
-
(55
)
55
55
Core operating income
$
2,480
$
1,489
$
2,451
$
2,334
$
2,196
$
3,969
$
4,357
$
9,142
Catastrophe losses - after-tax
$
510
$
1,300
$
515
$
629
$
482
$
1,810
$
829
$
1,973
Unfavorable (favorable) prior period development (PPD) - after-tax
$
(196
)
$
(204
)
$
(196
)
$
(181
)
$
(167
)
$
(400
)
$
(335
)
$
(712
)
P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex
Cats:
YTD
YTD
Full Year
2Q-25
1Q-25
4Q-24
3Q-24
2Q-24
2025
2024
2024
Net income, as reported
$
2,999
$
1,343
$
2,640
$
2,490
$
2,216
$
4,342
$
4,510
$
9,640
Less: Income tax expense
(717
)
(321
)
(479
)
(504
)
(490
)
(1,038
)
(832
)
(1,815
)
Amortization expense of purchased intangibles
(74
)
(75
)
(82
)
(81
)
(80
)
(149
)
(160
)
(323
)
Other income (expense)
655
83
397
325
110
738
301
1,023
Interest expense
(181
)
(181
)
(189
)
(192
)
(182
)
(362
)
(360
)
(741
)
Net investment income
1,568
1,561
1,563
1,508
1,468
3,129
2,859
5,930
Net realized gains (losses)
160
(116
)
(84
)
198
104
44
3
117
Market risk benefits gains (losses)
(17
)
(92
)
98
(230
)
(29
)
(109
)
(8
)
(140
)
Integration expenses
(2
)
-
(18
)
(7
)
(7
)
(2
)
(14
)
(39
)
Life Insurance underlying income (loss) (2)
(26
)
44
(141
)
15
(99
)
18
(101
)
(227
)
Add: Realized gains (losses) on crop derivatives
(2
)
1
-
(1
)
(3
)
(1
)
(4
)
(5
)
P&C underwriting income
$
1,631
$
441
$
1,575
$
1,457
$
1,418
$
2,072
$
2,818
$
5,850
Add: Catastrophe losses (including reinstatement premiums) - pre-tax
630
1,641
607
765
580
2,271
1,015
2,387
Unfavorable (favorable) prior period development (PPD) - pre-tax
(249
)
(255
)
(213
)
(244
)
(192
)
(504
)
(399
)
(856
)
P&C CAY underwriting income ex Cats
$
2,012
$
1,827
$
1,969
$
1,978
$
1,806
$
3,839
$
3,434
$
7,381
(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of
the investee’s shares. The net realized gain or loss is included in other income (expense) under U.S. GAAP.
(2) Life Insurance underlying income (loss) is
calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.
Reconciliation Non-GAAP 2
Page 28
Chubb Limited
Non-GAAP Financial Measures - 3
(in millions
of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Core
operating ROE and Core operating ROTE
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP
financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount
rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other
intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these
items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
YTD
YTD
Full Year
2Q-25
2Q-24
2025
2024
2024
Chubb net income
$
2,968
$
2,230
$
4,299
$
4,373
$
9,272
Core operating income
$
2,480
$
2,196
$
3,969
$
4,357
$
9,142
Equity - beginning of period, as reported
$
65,726
$
60,535
$
64,021
$
59,507
$
59,507
Less: unrealized gains (losses) on investments, net of deferred tax
(3,704
)
(4,825
)
(4,552
)
(4,177
)
(4,177
)
Less: changes in current discount rate on FPB, net of deferred tax
(645
)
11
(539
)
51
51
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(13
)
(17
)
(16
)
(22
)
(22
)
Equity - beginning of period, as adjusted
$
70,088
$
65,366
$
69,128
$
63,655
$
63,655
Less: Chubb goodwill and other intangible assets, net of tax
23,940
24,175
23,800
23,853
23,853
Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets
$
46,148
$
41,191
$
45,328
$
39,802
$
39,802
Equity - end of period, as reported
$
69,395
$
61,038
$
69,395
$
61,038
$
64,021
Less: unrealized gains (losses) on investments, net of deferred tax
(2,772
)
(5,301
)
(2,772
)
(5,301
)
(4,552
)
Less: changes in current discount rate on FPB, net of deferred tax
(746
)
66
(746
)
66
(539
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(12
)
(13
)
(12
)
(13
)
(16
)
Equity - end of period, as adjusted
$
72,925
$
66,286
$
72,925
$
66,286
$
69,128
Less: Chubb goodwill and other intangible assets, net of tax
24,490
24,246
24,490
24,246
23,800
Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets
$
48,435
$
42,040
$
48,435
$
42,040
$
45,328
Weighted average equity, as reported
$
67,561
$
60,787
$
66,708
$
60,273
$
61,764
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets
$
47,292
$
41,616
$
46,882
$
40,921
$
42,565
Weighted average equity, as adjusted
$
71,507
$
65,826
$
71,027
$
64,971
$
66,392
ROE
17.6%
14.7%
12.9%
14.5%
15.0%
Core operating ROTE
21.0%
21.1%
16.9%
21.3%
21.5%
Core operating ROE
13.9%
13.3%
11.2%
13.4%
13.8%
Private equities realized gains (losses), after-tax(1)
$
435
$
56
$
425
$
189
$
635
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)
2.4 pts
0.3 pts
1.2 pts
0.6 pts
1.0 pt
Reconciliation of Book Value and Tangible Book Value per Share to adjusted
measures
June 30
March 31
December 31
June 30
QTD
YTD
Year-over-Year
2025
2025
2024
2024
% Change
% Change
% Change
Book value
$
69,395
$
65,726
$
64,021
$
61,038
Less: AOCI
(6,058
)
(7,635
)
(8,644
)
(8,304
)
Book value excluding AOCI
75,453
73,361
72,665
69,342
Tangible book value
44,905
41,786
40,221
36,792
Less: Tangible AOCI
(5,248
)
(6,478
)
(7,292
)
(7,286
)
Tangible book value excluding tangible AOCI
$
50,153
$
48,264
$
47,513
$
44,078
Denominator: shares outstanding
398,660,788
400,748,485
400,703,663
404,073,495
Book value per share
$
174.07
$
164.01
$
159.77
$
151.05
6.1%
9.0%
15.2%
Tangible book value per share
$
112.64
$
104.27
$
100.38
$
91.05
8.0%
12.2%
23.7%
Book value per share excluding AOCI
$
189.27
$
183.06
$
181.34
$
171.60
3.4%
4.4%
10.3%
Tangible book value per share excluding tangible AOCI
$
125.80
$
120.44
$
118.57
$
109.08
4.5%
6.1%
15.3%
(1) We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead
of investment income.
Reconciliation Non-GAAP 3
Page 29
Chubb Limited
Non-GAAP Financial Measures - 4
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
P&C
combined ratio
The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide
economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting
operations.
The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe
losses (Cats) and prior period development (PPD).
Q2 2025
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
3,258
$
822
$
481
$
1,918
$
132
$
70
$
6,681
Realized (gains) losses on crop derivatives
-
-
2
-
-
-
2
Adjusted losses and loss expenses/policy benefits
A
$
3,258
$
822
$
483
$
1,918
$
132
$
70
$
6,683
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(229
)
(142
)
(1
)
(252
)
(6
)
-
(630
)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
(5
)
-
-
(5
)
Catastrophe losses, gross of related adjustments
(229
)
(142
)
(1
)
(247
)
(6
)
-
(625
)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
106
121
-
77
15
(70
)
249
Net premiums earned adjustments on PPD - unfavorable (favorable)
6
-
-
-
-
-
6
Expense adjustments - unfavorable (favorable)
2
-
-
-
1
-
3
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2
)
-
(2
)
PPD, gross of related adjustments - favorable (unfavorable)
114
121
-
77
14
(70
)
256
CAY loss and loss expense ex Cats
B
$
3,143
$
801
$
482
$
1,748
$
140
$
-
$
6,314
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,062
$
414
$
50
$
1,282
$
108
$
106
$
3,022
Expense adjustments - favorable (unfavorable)
(2
)
-
-
-
(1
)
-
(3
)
CAY policy acquisition costs and administrative expenses
D
$
1,060
$
414
$
50
$
1,282
$
107
$
106
$
3,019
Denominator
Net premiums earned
E
$
5,177
$
1,681
$
598
$
3,542
$
338
$
11,336
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
5
-
5
Net premiums earned adjustments on PPD - unfavorable (favorable)
6
-
-
-
-
6
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2
)
(2
)
Net premiums earned excluding adjustments
F
$
5,183
$
1,681
$
598
$
3,547
$
336
$
11,345
P&C combined ratio
Loss and loss expense ratio
A/E
62.9%
48.9%
80.8%
54.2%
39.0%
59.0%
Policy acquisition cost and administrative expense ratio
C/E
20.6%
24.6%
8.3%
36.1%
32.0%
26.6%
P&C combined ratio
83.5%
73.5%
89.1%
90.3%
71.0%
85.6%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.6%
47.6%
80.5%
49.3%
41.5%
55.6%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.5%
24.6%
8.3%
36.1%
32.0%
26.7%
CAY P&C combined ratio ex Cats
81.1%
72.2%
88.8%
85.4%
73.5%
82.3%
Combined ratio
Combined ratio
85.6%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
85.6%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 4
Page 30
Chubb Limited
Non-GAAP Financial Measures - 5
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
P&C
combined ratio (continued)
YTD 2025
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
6,289
$
2,915
$
574
$
3,428
$
374
$
84
$
13,664
Realized (gains) losses on crop derivatives
-
-
1
-
-
-
1
Adjusted losses and loss expenses/policy benefits
A
$
6,289
$
2,915
$
575
$
3,428
$
374
$
84
$
13,665
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(383)
(1,484)
(16)
(307)
(81)
-
(2,271)
Reinstatement premiums collected (expensed) on catastrophe losses
-
(50)
-
(5)
13
-
(42)
Catastrophe losses, gross of related adjustments
(383)
(1,434)
(16)
(302)
(94)
-
(2,229)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
220
121
33
198
15
(83)
504
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
-
5
Expense adjustments - unfavorable (favorable)
-
-
(3)
-
-
-
(3)
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
-
(2)
PPD, gross of related adjustments - favorable (unfavorable)
225
121
30
198
13
(83)
504
CAY loss and loss expense ex Cats
B
$
6,131
$
1,602
$
589
$
3,324
$
293
$
1
$
11,940
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
2,125
$
831
$
69
$
2,449
$
218
$
211
$
5,903
Expense adjustments - favorable (unfavorable)
-
-
3
-
-
-
3
CAY policy acquisition costs and administrative expenses
D
$
2,125
$
831
$
72
$
2,449
$
218
$
211
$
5,906
Denominator
Net premiums earned
E
$
10,165
$
3,255
$
763
$
6,751
$
706
$
21,640
Reinstatement premiums (collected) expensed on catastrophe losses
-
50
-
5
(13)
42
Net premiums earned adjustments on PPD - unfavorable (favorable)
5
-
-
-
-
5
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
(2)
Net premiums earned excluding adjustments
F
$
10,170
$
3,305
$
763
$
6,756
$
691
$
21,685
P&C combined ratio
Loss and loss expense ratio
A/E
61.9%
89.5%
75.4%
50.8%
53.0%
63.1%
Policy acquisition cost and administrative expense ratio
C/E
20.9%
25.6%
9.0%
36.2%
30.8%
27.3%
P&C combined ratio
82.8%
115.1%
84.4%
87.0%
83.8%
90.4%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.3%
48.4%
77.3%
49.2%
42.4%
55.1%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.9%
25.2%
9.4%
36.3%
31.5%
27.2%
CAY P&C combined ratio ex Cats
81.2%
73.6%
86.7%
85.5%
73.9%
82.3%
Combined ratio
Combined ratio
90.4%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
90.4%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios
above.
Reconciliation Non-GAAP 5
Page 31
Chubb Limited
Non-GAAP Financial Measures - 6
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
P&C
combined ratio (continued)
Q2 2024
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
$
3,074
$
876
$
540
$
1,763
$
155
$
93
$
6,501
Realized (gains) losses on crop derivatives
-
-
3
-
-
-
3
Adjusted losses and loss expenses/policy benefits
A
$
3,074
$
876
$
543
$
1,763
$
155
$
93
$
6,504
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(252)
(138)
(33)
(157)
-
-
(580)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
-
-
-
Catastrophe losses, gross of related adjustments
(252)
(138)
(33)
(157)
-
-
(580)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
144
64
-
61
16
(93)
192
Net premiums earned adjustments on PPD - unfavorable (favorable)
8
-
-
-
-
-
8
Expense adjustments - unfavorable (favorable)
(1)
-
-
-
-
-
(1)
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
1
-
1
PPD, gross of related adjustments - favorable (unfavorable)
151
64
-
61
17
(93)
200
CAY loss and loss expense ex Cats
B
$
2,973
$
802
$
510
$
1,667
$
172
$
-
$
6,124
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
987
$
387
$
48
$
1,190
$
91
$
99
$
2,802
Expense adjustments - favorable (unfavorable)
1
-
-
-
-
-
1
CAY policy acquisition costs and administrative expenses
D
$
988
$
387
$
48
$
1,190
$
91
$
99
$
2,803
Denominator
Net premiums earned
E
$
4,900
$
1,512
$
626
$
3,347
$
339
$
10,724
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
-
-
Net premiums earned adjustments on PPD - unfavorable (favorable)
8
-
-
-
-
8
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
1
1
Net premiums earned excluding adjustments
F
$
4,908
$
1,512
$
626
$
3,347
$
340
$
10,733
P&C combined ratio
Loss and loss expense ratio
A/E
62.7%
57.9%
86.8%
52.7%
45.7%
60.6%
Policy acquisition cost and administrative expense ratio
C/E
20.2%
25.6%
7.6%
35.5%
27.0%
26.2%
P&C combined ratio
82.9%
83.5%
94.4%
88.2%
72.7%
86.8%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.6%
53.0%
81.5%
49.8%
50.4%
57.1%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.1%
25.6%
7.6%
35.5%
27.0%
26.1%
CAY P&C combined ratio ex Cats
80.7%
78.6%
89.1%
85.3%
77.4%
83.2%
Combined ratio
Combined ratio
86.8%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
86.8%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 6
Page 32
Chubb Limited
Non-GAAP Financial Measures - 7
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
P&C
combined ratio (continued)
YTD 2024
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
6,249
$
1,775
$
588
$
3,289
$
292
$
103
$
12,296
Realized (gains) losses on crop derivatives
-
-
4
-
-
-
4
Adjusted losses and loss expenses/policy benefits
A
$
6,249
$
1,775
$
592
$
3,289
$
292
$
103
$
12,300
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(488)
(308)
(36)
(183)
-
-
(1,015)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
-
-
-
Catastrophe losses, gross of related adjustments
(488)
(308)
(36)
(183)
-
-
(1,015)
PPD and related adjustments
PPD, net of related adjustments-favorable (unfavorable)
192
116
28
150
15
(102)
399
Net premiums earned adjustments on PPD - unfavorable (favorable)
8
-
39
-
-
-
47
Expense adjustments - unfavorable (favorable)
7
-
3
-
-
-
10
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
1
-
1
PPD, gross of related adjustments - favorable (unfavorable)
207
116
70
150
16
(102)
457
CAY loss and loss expense ex Cats
B
$
5,968
$
1,583
$
626
$
3,256
$
308
$
1
$
11,742
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
2,003
$
773
$
71
$
2,344
$
181
$
206
$
5,578
Expense adjustments - favorable (unfavorable)
(7)
-
(3)
-
-
-
(10)
CAY policy acquisition costs and administrative expenses
D
$
1,996
$
773
$
68
$
2,344
$
181
$
206
$
5,568
Denominator
Net premiums earned
E
$
9,780
$
2,983
$
754
$
6,545
$
634
$
20,696
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
-
-
Net premiums earned adjustments on PPD - unfavorable (favorable)
8
-
39
-
-
47
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
1
1
Net premiums earned excluding adjustments
F
$
9,788
$
2,983
$
793
$
6,545
$
635
$
20,744
P&C combined ratio
Loss and loss expense ratio
A/E
63.9%
59.5%
78.6%
50.3%
46.0%
59.4%
Policy acquisition cost and administrative expense ratio
C/E
20.5%
25.9%
9.3%
35.8%
28.6%
27.0%
P&C combined ratio
84.4%
85.4%
87.9%
86.1%
74.6%
86.4%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
61.0%
53.1%
79.0%
49.7%
48.3%
56.6%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.4%
25.9%
8.5%
35.9%
28.7%
26.8%
CAY P&C combined ratio ex Cats
81.4%
79.0%
87.5%
85.6%
77.0%
83.4%
Combined ratio
Combined ratio
86.4%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
86.4%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 7
Page 33
Chubb Limited
Glossary
Chubb Limited Consolidated comprises all
segments including Corporate.
Total P&C comprises all segments (including Corporate) except the Life Insurance segment.
Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.
P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life
Insurance segment and including the realized gains and losses on the crop derivatives.
Book value per common share: Chubb shareholders’ equity divided
by the shares outstanding.
Tangible book value per common share: Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax,
divided by the shares outstanding.
Average market yield of fixed income investments: Weighted average yield based on the current market value of our fixed
maturities and other debt investments.
Average book yield of fixed income investments: Weighted average yield based on the amortized cost of our fixed
maturities and other debt investments.
Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and Chubb shareholders’
equity.
Integration expenses: Integration expenses comprise legal and professional fees and all other costs directly related to the integration activities
primarily of the Cigna acquisition. Integration expenses are incurred by Chubb and are included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment
income.
Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events
in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition.
Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period
development.
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in
previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.
Reinstatement premiums are
additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how
much of the reinsurance limit had been exhausted.
Net premiums earned adjustments within prior period development are adjustments to the initial premium
earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period
the adjustments are recorded.
Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based
on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of
purchased intangibles.
Non-premium revenues and expenses included in Other income and expense, principally pertain to the management of third-party assets by
Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.
NM: Not meaningful.
Glossary
Page 34
Mentions · how they’re counted
| Category | Underlined | Word counter | Model’s count |
|---|---|---|---|
| AI AI, artificial intelligence, generative AI, machine learning, large language model, LLM | 0 | 0 | 0 |
| Layoffs layoffs, RIF, headcount reduction, workforce optimization, restructuring | 0 | — | 0 |
| Recession recession, downturn, contraction, slowdown | 0 | 0 | 0 |
| Tariffs tariff, trade war, trade barriers, trade restrictions, trade policy | 0 | 0 | 0 |
| Buybacks share repurchase, buyback program | 0 | — | 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 · P&C Underwriting Profitability
“P&C combined ratio: 85.6%”
Source: SEC EDGAR · public domain · Highlights by Palanor