チャブの四半期報告

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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from to

Commission File No. 1-11778

CHUBB LIMITED

(Exact name of registrant as specified in its charter)


Switzerland			98-0091805
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)

+41 (0)43 456 76 00

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share	CB	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.30% Senior Notes due 2024	CB/24A	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038	CB/38A	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of July 19, 2024 was 403,934,214.

Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q



Part I.	FINANCIAL INFORMATION		Page
Item 1.	Financial Statements:
	Consolidated Balance Sheets (Unaudited) June 30 , 2024 and December 31, 2023		3
	Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three and Six Months Ended June 30 , 2024 and 2023		4
	Consolidated Statements of Shareholders' Equity (Unaudited) Three and Six Months Ended June 30 , 2024 and 2023		5
	Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30 , 2024 and 2023		6
	Notes to Consolidated Financial Statements (Unaudited)
	Note 1.	General and significant accounting policies	7
	Note 2.	Acquisitions	8
	Note 3.	Investments	10
	Note 4.	Fair value measurements	15
	Note 5.	Reinsurance	22
	Note 6.	Deferred policy acquisition costs	23

	Note 7.	Goodwill	24
	Note 8.	Unpaid losses and loss expenses	24
	Note 9.	Future policy benefits	26
	Note 10.	Policyholders' account balances, Separate accounts, and Unearned revenue liabilities	30
	Note 11.	Market risk benefits	34

	Note 12.	Commitments, contingencies, and guarantees	35
	Note 13.	Shareholders' equity	40
	Note 14.	Share-based compensation	43
	Note 15.	Postretirement benefits	44
	Note 16.	Other income and expense	45
	Note 17.	Segment information	46
	Note 18.	Earnings per share	49

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations		51
Item 3.	Quantitative and Qualitative Disclosures About Market Risk		87
Item 4.	Controls and Procedures		90
Part II.	OTHER INFORMATION
Item 1.	Legal Proceedings		91
Item 1A.	Risk Factors		91
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds		91
Item 5.	Other Information		91
Item 6.	Exhibits		92

Table of Contents

PART I FINANCIAL INFORMATION


ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries


	June 30		December 31
(in millions of U.S. dollars, except share and per share data)	2024		2023

Assets
Investments
Short-term investments, at fair value (amortized cost – $4,547 and $4,551) (includes variable interest entities (VIE) balances of $42 and $217)	$	4,546	$	4,551
Fixed maturities available-for-sale, at fair value, net of valuation allowance - $122 and $156 (amortized cost – $113,529 and $111,128)	107,840		106,571
Private debt held-for-investment, at amortized cost, net of valuation allowance - $5 and $4	2,680		2,553
Equity securities, at fair value (includes VIE balances of $1,064 and $1,078)	3,792		3,455
Private equities (includes VIE balances of $22 and $21)	14,365		14,078
Other investments (includes VIE balances of $3,955 and $3,773)	7,513		5,527
Total investments	140,736		136,735
Cash, including restricted cash $168 and $172 (includes VIE balances of $113 and $117)	2,568		2,621

Securities lending collateral	1,889		1,299
Accrued investment income	1,130		1,086
Insurance and reinsurance balances receivable, net of valuation allowance - $54 and $53	15,929		13,379
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $381 and $367	19,355		19,952
Reinsurance recoverable on policy benefits	291		280
Deferred policy acquisition costs	7,812		7,152

Value of business acquired	3,434		3,674
Goodwill	19,833		19,686
Other intangible assets	6,619		6,775
Deferred tax assets	1,690		1,741
Prepaid reinsurance premiums	3,747		3,221
Separate account assets	5,834		5,573
Other assets (includes VIE balances of $46 and $33)	7,684		7,508
Total assets	$	238,551	$	230,682
Liabilities
Unpaid losses and loss expenses	$	82,191	$	80,122
Unearned premiums	24,102		22,051
Future policy benefits	14,663		13,888
Market risk benefits	576		771
Policyholders' account balances	7,787		7,462
Separate account liabilities	5,834		5,573
Insurance and reinsurance balances payable	9,126		8,302

Securities lending payable	1,889		1,299

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $33 and $18)	8,047		8,332

Deferred tax liabilities	1,572		1,555
Repurchase agreements (includes VIE balances of $1,087 and $1,009)	3,149		2,833
Short-term debt	1,553		1,460
Long-term debt	13,178		13,035
Trust preferred securities	309		308
Total liabilities	173,976		166,991
Commitments and contingencies (refer to Note 12)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 419,625,986 and 431,451,586 shares issued; 404,073,495 and 405,269,637 shares outstanding)	235		241
Common Shares in treasury (15,552,491 and 26,181,949 shares)	(2,481)		(4,400)
Additional paid-in capital	14,926		15,665
Retained earnings	56,662		54,810
Accumulated other comprehensive income (loss) (AOCI)	(8,304)		(6,809)
Total Chubb shareholders’ equity	61,038		59,507
Noncontrolling interests (includes VIE balances of $2,597 and $2,705)	3,537		4,184
Total shareholders' equity	64,575		63,691
Total liabilities and shareholders’ equity	$	238,551	$	230,682

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

Chubb Limited and Subsidiaries


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except per share data)	2024		2023		2024		2023

Revenues
Net premiums written	$	13,360	$	11,951	$	25,581	$	22,661
Increase in unearned premiums	(1,068)		(952)		(1,706)		(1,520)
Net premiums earned	12,292		10,999		23,875		21,141
Net investment income	1,468		1,145		2,859		2,252
Net realized gains (losses)	104		(304)		3		(381)
Market risk benefits gains (losses)	(29)		(7)		(8)		(122)
Total revenues	13,835		11,833		26,729		22,890
Expenses
Losses and loss expenses	6,431		5,683		12,158		10,831
Policy benefits (includes remeasurement losses of $3, $5, $22 and $4)	1,219		830		2,399		1,627
Policy acquisition costs	2,226		2,016		4,433		3,964
Administrative expenses	1,094		969		2,164		1,899
Interest expense	182		165		360		325
Other (income) expense	(110)		(100)		(301)		(396)
Amortization of purchased intangibles	80		70		160		142
Cigna integration expenses	7		15		14		37
Total expenses	11,129		9,648		21,387		18,429
Income before income tax	2,706		2,185		5,342		4,461
Income tax expense	490		392		832		776
Net income	$	2,216	$	1,793	$	4,510	$	3,685
Net income (loss) attributable to noncontrolling interests	(14)		—		137		—
Net income attributable to Chubb	$	2,230	$	1,793	$	4,373	$	3,685
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)	$	(489)	$	(1,194)	$	(1,166)	$	592
Current discount rate on future policy benefits	53		(35)		—		(186)
Instrument-specific credit risk on market risk benefits	5		11		10		8
Cumulative foreign currency translation adjustment	(530)		215		(450)		38
Other, including postretirement benefit liability adjustment	(29)		48		2		15
Other comprehensive income (loss), before income tax	(990)		(955)		(1,604)		467
Income tax (expense) benefit related to OCI items	29		28		38		(104)
Other comprehensive income (loss)	(961)		(927)		(1,566)		363
Comprehensive income	1,255		866		2,944		4,048
Comprehensive income (loss) attributable to noncontrolling interests	(57)		—		66		—
Comprehensive income attributable to Chubb	$	1,312	$	866	$	2,878	$	4,048
Earnings per share
Basic earnings per share attributable to Chubb	$	5.51	$	4.35	$	10.79	$	8.92
Diluted earnings per share attributable to Chubb	$	5.46	$	4.32	$	10.68	$	8.84

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Common Shares
Balance – beginning of period	$	241	$	10,346	$	241	$	10,346
Par value reduction	—		(9,759)		—		(9,759)
Cancellation of treasury shares	(6)		(346)		(6)		(346)
Balance – end of period	235		241		235		241
Common Shares in treasury
Balance – beginning of period	(4,461)		(5,341)		(4,400)		(5,113)
Common Shares repurchased	(570)		(724)		(886)		(1,152)
Cancellation of treasury shares	2,527		2,869		2,527		2,869
Net shares issued under employee share-based compensation plans	23		22		278		222
Balance – end of period	(2,481)		(3,174)		(2,481)		(3,174)
Additional paid-in capital
Balance – beginning of period	15,188		6,680		15,665		7,166
Net shares redeemed (issued) under employee share-based compensation plans	17		5		(142)		(206)
Exercise of stock options	—		—		(19)		(13)
Share-based compensation expense	90		73		172		155
Par value reduction	—		9,759		—		9,759
Net decrease due to acquisitions	—		—		(31)		—
Funding of dividends declared to Retained earnings	(369)		(354)		(719)		(698)
Balance – end of period	14,926		16,163		14,926		16,163
Retained earnings
Balance – beginning of period	56,953		50,197		54,810		48,305
Net income attributable to Chubb	2,230		1,793		4,373		3,685
Cancellation of treasury shares	(2,521)		(2,523)		(2,521)		(2,523)
Funding of dividends declared from Additional paid-in capital	369		354		719		698
Dividends declared on Common Shares	(369)		(354)		(719)		(698)
Balance – end of period	56,662		49,467		56,662		49,467
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period	(7,386)		(8,895)		(6,809)		(10,185)
Other comprehensive income (loss)	(918)		(927)		(1,495)		363
Balance – end of period	(8,304)		(9,822)		(8,304)		(9,822)
Total Chubb shareholders’ equity	$	61,038	$	52,875	$	61,038	$	52,875
Noncontrolling interests
Balance – beginning of period	$	3,896	$	—	$	4,184	$	—
Net decrease due to acquisitions	(296)		—		(707)		—
Net income (loss) attributable to noncontrolling interests	(14)		—		137		—
Other comprehensive loss attributable to noncontrolling interests	(43)		—		(71)		—
Other	(6)		—		(6)		—
Balance – end of period	$	3,537	$	—	$	3,537	$	—
Total shareholders' equity	$	64,575	$	52,875	$	64,575	$	52,875

See accompanying notes to the Consolidated Financial Statements

Table of Contents

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2024		2023
Cash flows from operating activities
Net income	$	4,510	$	3,685
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	(3)		381
Market risk benefits (gains) losses	8		122
Amortization of premiums (discounts) on fixed maturities	(178)		(38)

Amortization of purchased intangibles	160		142
Equity in net income of partially-owned entities	(278)		(460)
Deferred income taxes	131		43
Unpaid losses and loss expenses	2,338		561
Unearned premiums	2,214		1,913
Future policy benefits	954		351
Insurance and reinsurance balances payable	838		588
Accounts payable, accrued expenses, and other liabilities	(410)		(388)
Income taxes	(144)		(38)
Insurance and reinsurance balances receivable	(2,666)		(2,044)
Reinsurance recoverable	511		455
Deferred policy acquisition costs	(796)		(546)
Net sales (purchases) of investments by consolidated investment products	109		—
Other	1		39
Net cash flows from operating activities	7,299		4,766
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(15,131)		(12,800)

Purchases of fixed maturities held-to-maturity	—		(208)
Purchases of equity securities	(1,778)		(240)
Sales of fixed maturities available-for-sale	6,292		7,229


Sales of equity securities	1,413		81
Maturities and redemptions of fixed maturities available-for-sale	4,705		3,203
Maturities and redemptions of fixed maturities held-to-maturity	—		708
Net change in short-term investments	(190)		898
Net derivative instruments settlements	(31)		(63)
Private equity contributions	(500)		(1,046)
Private equity distributions	538		568
Acquisition of subsidiaries	(538)		(252)




Other	(846)		(340)
Net cash flows used for investing activities	(6,066)		(2,262)
Cash flows from financing activities
Dividends paid on Common Shares	(698)		(688)
Common Shares repurchased	(1,056)		(1,267)
Proceeds from issuance of long-term debt	996		—
Proceeds from issuance of repurchase agreements	2,662		3,774
Repayment of long-term debt	(700)		(475)
Repayment of repurchase agreements	(2,418)		(3,674)
Proceeds from share-based compensation plans	242		102
Policyholder contract deposits	562		170
Policyholder contract withdrawals	(374)		(101)
Third-party capital invested into consolidated investment products	840		—
Third-party capital distributed by consolidated investment products	(1,047)		—

Other	(193)		(153)
Net cash flows used for financing activities	(1,184)		(2,312)
Effect of foreign currency rate changes on cash and restricted cash	(102)		56
Net increase (decrease) in cash and restricted cash	(53)		248
Cash and restricted cash – beginning of period	2,621		2,127
Cash and restricted cash – end of period	$	2,568	$	2,375
Supplemental cash flow information
Taxes paid	$	845	$	753
Interest paid	$	316	$	306

See accompanying notes to the Consolidated Financial Statements

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Chubb Limited and Subsidiaries

1. General and significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 17 for additional information.

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

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At June 30, 2024, and December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 85.5 percent and 76.5 percent, respectively. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests. Refer to Note 2 for additional information on the acquisition of Huatai Group.

Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment. Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2023 Form 10-K.

b) Debt

On March 7, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion of 5.0 percent senior notes due March 2034. These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb INA's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund.

Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity.

c) New Accounting Pronouncements

Accounting guidance not yet adopted

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued guidance that requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. We are currently evaluating the impact of this disclosure-only requirement.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. We are currently evaluating the impact of this disclosure-only requirement.

2. Acquisitions

Healthy Paws

On May 31, 2024, we acquired the business of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc for approximately $300 million in cash. We recognized goodwill of $256 million and intangible assets of $39 million from this acquisition. Chubb has been the exclusive underwriter of Healthy Paws since 2013. The transaction positions Chubb to expand in a niche market with substantial growth potential. This business is assigned to the North America Commercial Insurance segment.

Huatai Group

Huatai Insurance Group Co., Ltd. (Huatai Group) is a Chinese financial services holding company and the parent company of, among others, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), Huatai Life Insurance Co., Ltd. (Huatai Life), Huatai Asset Management Co., Ltd., and Huatai Baoxing Fund Management Co., Ltd., of which Huatai Group owns 100 percent, 80 percent, 91 percent, and 85 percent, respectively (collectively, Huatai).

On July 1, 2023, Chubb increased ownership interest from approximately 64.2 percent to approximately 69.6 percent. At that time, Chubb discontinued the equity method of accounting and applied consolidation accounting. Refer to Note 2 to the Consolidated Financial Statements in our 2023 Form 10-K for additional information.

In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $555 million, $319 million of which was previously paid prior to 2024, and $236 million was paid in 2024. Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of June 30, 2024. Chubb has outstanding agreements for approximately 0.6 percent of incremental ownership interests, pending completion of certain closing conditions. We have paid deposits of $12 million related to these outstanding agreements, with approximately $24 million remaining to be paid upon closing, based on current exchange rates.

The acquisition of a controlling majority interest in Huatai Group on July 1, 2023, generated $3,458 million of Goodwill, attributable to expected growth and profitability, and $1,655 million of Other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition generated $309 million of Value of business acquired (VOBA). Chubb financed the transaction through available cash on hand. Direct costs related to the acquisition are immaterial, and were expensed as incurred. These include one-time costs that are directly attributable to third-party consulting fees and other professional and legal fees related to the acquisition.

The following table summarizes the fair value of the assets acquired and liabilities assumed on July 1, 2023.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


Huatai Group assets and liabilities consolidated	July 1
(in millions of U.S. dollars)	2023
Assets
Investments and Cash	$	13,346
Accrued investment income	60
Insurance and reinsurance balances receivable	277
Reinsurance recoverable on losses and loss expenses	581
Reinsurance recoverable on future policy benefits	27
Value of business acquired	309
Goodwill and intangible assets	5,113
Other assets	748
Total assets	$	20,461
Liabilities
Unpaid losses and loss expenses	$	831
Unearned premiums	800
Future policy benefits	2,351
Policyholders' account balances	4,014
Insurance and reinsurance balances payable	644
Accounts payable, accrued expenses, and other liabilities	682
Deferred tax liabilities	232
Repurchase agreements	1,269
Total liabilities	$	10,823

Net acquired assets, including goodwill, attributable to Chubb	4,428
Net acquired assets, attributable to noncontrolling interests	5,210
Net acquired assets, including goodwill	$	9,638

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.


	Three Months Ended		Six Months Ended
Pro forma:	June 30		June 30
(in millions of U.S. dollars)	2023		2023
Net premiums earned	$	11,378	$	21,931
Total revenues	$	12,305	$	23,834
Net income	$	1,790	$	3,690
Net income attributable to Chubb	$	1,785	$	3,675

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities


June 30, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	2,906	$	—	$	3	$	(168)	$	2,741
Non-U.S.	35,933		(45)		482		(1,452)		34,918
Corporate and asset-backed securities	45,952		(76)		255		(2,511)		43,620
Mortgage-backed securities	26,632		(1)		75		(2,092)		24,614
Municipal	2,106		—		8		(167)		1,947
	$	113,529	$	(122)	$	823	$	(6,390)	$	107,840


December 31, 2023	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	3,721	$	—	$	13	$	(144)	$	3,590
Non-U.S.	35,918		(49)		592		(1,297)		35,164
Corporate and asset-backed securities	44,695		(104)		390		(2,151)		42,830
Mortgage-backed securities	23,720		(3)		143		(1,802)		22,058
Municipal	3,074		—		10		(155)		2,929
	$	111,128	$	(156)	$	1,148	$	(5,549)	$	106,571

The following table presents fixed maturities by contractual maturity:


	June 30, 2024				December 31, 2023
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,730	$	4,730	$	4,729	$	4,729
Due after 1 year through 5 years	34,107		34,107		33,573		33,573
Due after 5 years through 10 years	26,766		26,766		28,480		28,480
Due after 10 years	17,623		17,623		17,731		17,731
	83,226		83,226		84,513		84,513
Mortgage-backed securities	24,614		24,614		22,058		22,058
	$	107,840	$	107,840	$	106,571	$	106,571

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

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at June 30, 2024, and December 31, 2023, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2023 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	0 – 12 Months				Over 12 Months				Total
June 30, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	509	$	(4)	$	2,050	$	(164)	$	2,559	$	(168)
Non-U.S.	5,388		(94)		15,668		(1,095)		21,056		(1,189)
Corporate and asset-backed securities	5,903		(68)		19,214		(1,476)		25,117		(1,544)
Mortgage-backed securities	5,439		(57)		14,205		(1,999)		19,644		(2,056)
Municipal	154		(3)		1,469		(161)		1,623		(164)
Total AFS fixed maturities	$	17,393	$	(226)	$	52,606	$	(4,895)	$	69,999	$	(5,121)


	0 – 12 Months				Over 12 Months				Total
December 31, 2023	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

U.S. Treasury / Agency	$	463	$	(9)	$	2,504	$	(135)	$	2,967	$	(144)
Non-U.S.	2,464		(43)		15,971		(957)		18,435		(1,000)
Corporate and asset-backed securities	2,866		(51)		20,334		(1,194)		23,200		(1,245)
Mortgage-backed securities	1,659		(58)		13,831		(1,706)		15,490		(1,764)
Municipal	1,117		(15)		1,310		(137)		2,427		(152)
Total AFS fixed maturities	$	8,569	$	(176)	$	53,950	$	(4,129)	$	62,519	$	(4,305)

At June 30, 2024, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $610 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize these losses, we considered realized gains, carryback ability and available tax planning strategies.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	115	$	168	$	156	$	169


Provision for expected credit loss	41		79		72		138

Write-offs charged against the expected credit loss	—		(2)		(5)		(4)

Recovery of expected credit loss	(34)		(52)		(101)		(110)
Valuation allowance for expected credit losses - end of period	$	122	$	193	$	122	$	193
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period	$	—	$	33	$	—	$	34





Recovery of expected credit loss	—		(33)		—		(34)
Valuation allowance for expected credit losses - end of period	$	—	$	—	$	—	$	—
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	5	$	—	$	4	$	—
Provision for expected credit loss	1		—		2		—
Recovery of expected credit loss	(1)		—		(1)		—
Valuation allowance for expected credit losses - end of period	$	5	$	—	$	5	$	—

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

c) Net realized gains (losses)

The following table presents the components of net realized gains (losses):


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Fixed maturities:
Gross realized gains	$	36	$	17	$	52	$	19
Gross realized losses	(106)		(113)		(247)		(272)
Other investments - Fixed maturities	132		—		300		—
Net (provision for) recovery of expected credit losses	(8)		8		32		10
Impairment (1)	(28)		(19)		(62)		(44)
Total fixed maturities	26		(107)		75		(287)
Equity securities	21		28		24		39
Private equities (less than 3 percent ownership)	49		20		80		35
Foreign exchange	27		(186)		(104)		(55)
Investment and embedded derivative instruments	(17)		(55)		(60)		(101)
Other derivative instruments	(3)		2		(5)		1
Other	1		(6)		(7)		(13)
Net realized gains (losses) (pre-tax)	$	104	$	(304)	$	3	$	(381)

(1)Relates to certain securities we intended to sell and securities written to market entering default.

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


									Three Months Ended
									June 30
	2024								2023
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	21	$	132	$	49	$	202	$	28	$	20	$	48
Less: Net gains (losses) recognized from sales of securities	14		—		—		14		2		—		2
Unrealized gains (losses) recognized for securities still held at reporting date	$	7	$	132	$	49	$	188	$	26	$	20	$	46


									Six Months Ended
									June 30
	2024								2023
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	24	$	300	$	80	$	404	$	39	$	35	$	74
Less: Net gains (losses) recognized from sales of securities	11		—		—		11		(3)		—		(3)
Unrealized gains (losses) recognized for securities still held at reporting date	$	13	$	300	$	80	$	393	$	42	$	35	$	77

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Chubb Limited and Subsidiaries

d) Private equities

Private equities include investment funds and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:


	Expected Liquidation Period of Underlying Assets	June 30, 2024				December 31, 2023
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,282	$	336	$	1,241	$	364
Real assets	2 to 13 Years	2,031		475		2,137		445
Distressed	2 to 8 Years	1,272		876		1,206		936
Private credit	3 to 8 Years	323		295		331		298
Traditional	2 to 14 Years	9,150		4,845		8,873		4,167
Vintage	1 to 3 Years	61		—		72		—
Investment funds	Not Applicable	246		—		218		—
		$	14,365	$	6,827	$	14,078	$	6,210

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


Investment Category:						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies, such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at June 30, 2024, and December 31, 2023, are investments, primarily fixed maturities, totaling $18,370 million and $18,242 million, respectively, and cash of $168 million and $172 million, respectively.

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Chubb Limited and Subsidiaries

The following table presents the components of restricted assets:


	June 30		December 31
(in millions of U.S. dollars)	2024		2023
Trust funds	$	8,404	$	8,482
Deposits with U.S. regulatory authorities	2,482		2,544
Deposits with non-U.S. regulatory authorities	4,160		3,584
Assets pledged under repurchase agreements	3,289		2,924
Other pledged assets	203		880
Total	$	18,538	$	18,414

f) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered variable interest entities. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2023 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

Unconsolidated VIEs

We do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at June 30, 2024, and December 31, 2023, was $215 million and $153 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities on the Consolidated balance sheets.

4. Fair value measurements

a) Fair value hierarchy

Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;

•Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as

interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and

•Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants

would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate.

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Chubb Limited and Subsidiaries

Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities

We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications or pricing models, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market-based inputs (i.e., stale pricing) and may require the use of models to be priced. The lack of market-based inputs may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3.

Equity securities

Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3.

Short-term investments

Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity, and as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3.

Private equities

Fair values for Private equities including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective NAV and are excluded from the fair value hierarchy table below.

Other investments

Certain of our long-duration contracts are supported by assets that do not qualify for separate account treatment under U.S. GAAP. These assets primarily comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments principally include fixed maturities carried at fair value with changes in fair value recorded through Net realized gains (losses) on the Consolidated statements of operations. These fixed maturities principally relate to the Huatai investment portfolio, including those portfolios supporting certain participating policies, and are classified within Level 2. Also included are life insurance policies collateralizing investments held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans. These policies are carried at cash surrender value and are classified in the valuation hierarchy within Level 2.

Securities lending collateral

The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.

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Chubb Limited and Subsidiaries

Investment derivatives

Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. These derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Derivatives designated as hedging instruments

Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. Investment derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments

We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected market risk benefits (MRB) claims, and therefore, an increase in MRB reserves. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Chubb also maintains positions in convertible securities that contain embedded derivatives. Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES) and are classified as either Level 1 of Level 2 depending on the underlying investment.

Separate account assets

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets principally comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets.

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Chubb Limited and Subsidiaries

Financial instruments measured at fair value on a recurring basis, by valuation hierarchy


June 30, 2024	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency	$	2,128	$	613	$	—	$	2,741
Non-U.S.	—		34,286		632		34,918
Corporate and asset-backed securities	—		40,911		2,709		43,620
Mortgage-backed securities	—		24,594		20		24,614
Municipal	—		1,947		—		1,947
	2,128		102,351		3,361		107,840
Equity securities	3,692		—		100		3,792
Short-term investments	2,822		1,712		12		4,546
Other investments (1)	581		5,903		—		6,484
Securities lending collateral	—		1,889		—		1,889
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		127		—		127
Other derivative instruments	1		—		—		1
Separate account assets	5,749		85		—		5,834
Total assets measured at fair value (1)(2)	$	15,014	$	112,067	$	3,473	$	130,554
Liabilities:
Investment derivatives	$	169	$	—	$	—	$	169
Derivatives designated as hedging instruments	—		96		—		96
Other derivative instruments	2		5		—		7
Market risk benefits (3)	—		—		576		576
Total liabilities measured at fair value	$	171	$	101	$	576	$	848

(1)Excluded from the table above are other investments of $1,029 million, principally policy loans, measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $14,365 million, measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries


December 31, 2023	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency	$	2,911	$	679	$	—	$	3,590
Non-U.S.	—		34,472		692		35,164
Corporate and asset-backed securities	—		40,208		2,622		42,830
Mortgage-backed securities	—		22,051		7		22,058
Municipal	—		2,929		—		2,929
	2,911		100,339		3,321		106,571
Equity securities	3,368		—		87		3,455
Short-term investments	1,915		2,633		3		4,551
Other investments (1)	589		4,236		—		4,825
Securities lending collateral	—		1,299		—		1,299
Investment derivatives	54		—		—		54
Derivatives designated as hedging instruments	—		136		—		136

Separate account assets	5,482		91		—		5,573
Total assets measured at fair value (1)(2)	$	14,319	$	108,734	$	3,411	$	126,464
Liabilities:
Investment derivatives	$	136	$	—	$	—	$	136
Derivatives designated as hedging instruments	—		128		—		128
Other derivative instruments	37		5		—		42
Market risk benefits (3)	—		—		771		771
Total liabilities measured at fair value	$	173	$	133	$	771	$	1,077

(1)Excluded from the table above are other investments of $702 million, principally policy loans, measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $14,078 million, measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries

Level 3 financial instruments

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3).



Three Months Ended June 30, 2024 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities	Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	718	$	2,658	$	7		$	101	$	5
Transfers into Level 3	—		4		—			—		—
Transfers out of Level 3	(2)		—		—			—		—
Change in Net Unrealized Gains (Losses) in OCI	(6)		4		—			—		(1)
Net Realized Gains (Losses)	(4)		(5)		—			2		—
Purchases	83		326		15			1		12
Sales	(31)		(87)		—			(4)		—
Settlements	(126)		(191)		(2)			—		(4)

Balance, end of period	$	632	$	2,709	$	20		$	100	$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(2)	$	—		$	1	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	(10)	$	(1)	$	—		$	—	$	(1)



Three Months Ended June 30, 2023 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	561		$	2,544		$	10	$	88	$	7
Transfers into Level 3		21			3			—		—		—
Transfers out of Level 3		—			(2)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		15			4			—		—		—

Net Realized Gains (Losses)		(1)			(5)			—		(2)		—

Purchases		62			118			—		4		(2)
Sales		(4)			(10)			—		(4)		(2)
Settlements		(5)			(128)			—		—		—

Balance, end of period		$	649		$	2,524		$	10	$	86	$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(6)		$	—	$	(3)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	15		$	3		$	—	$	—	$	1

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Chubb Limited and Subsidiaries



Six Months Ended June 30, 2024 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	692	$	2,622	$	7		$	87		$	3
Transfers into Level 3	1		5		—			—			—
Transfers out of Level 3	(6)		(3)		—			—			—
Change in Net Unrealized Gains (Losses) in OCI	8		10		—			—			(1)
Net Realized Gains (Losses)	(4)		(5)		—			(1)			—
Purchases	155		469		15			19			16
Sales	(51)		(107)		—			(5)			—
Settlements	(163)		(282)		(2)			—			(6)

Balance, end of period	$	632	$	2,709	$	20		$	100		$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(2)	$	—		$	(1)		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	3	$	5	$	—		$	—		$	(1)



Six Months Ended June 30, 2023 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	564		$	2,449		$	11	$	90	$	3
Transfers into Level 3		21			3			—		—		—
Transfers out of Level 3		—			(13)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		11			2			—		—		(1)
Net Realized Gains (Losses)		(1)			(3)			—		(6)		—

Purchases		105			323			—		11		3
Sales		(35)			(30)			—		(9)		(2)
Settlements		(16)			(207)			(1)		—		—

Balance, end of period		$	649		$	2,524		$	10	$	86	$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(2)		$	—	$	(6)	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	9		$	(2)		$	—	$	—	$	—

Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 11 Market risk benefits. Refer to Note 11 for additional information.

b) Financial instruments disclosed, but not measured, at fair value

Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2023 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

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Chubb Limited and Subsidiaries

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:


June 30, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,696	$	2,696	$	2,680
Total assets	$	—	$	—	$	2,696	$	2,696	$	2,680
Liabilities:
Repurchase agreements	$	—	$	3,149	$	—	$	3,149	$	3,149
Short-term debt	—		1,528		—		1,528		1,553
Long-term debt	—		11,698		—		11,698		13,178
Trust preferred securities	—		367		—		367		309
Total liabilities	$	—	$	16,742	$	—	$	16,742	$	18,189


December 31, 2023	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,560	$	2,560	$	2,553
Total assets	$	—	$	—	$	2,560	$	2,560	$	2,553
Liabilities:
Repurchase agreements	$	—	$	2,833	$	—	$	2,833	$	2,833
Short-term debt	—		1,431		—		1,431		1,460
Long-term debt	—		11,924		—		11,924		13,035
Trust preferred securities	—		365		—		365		308
Total liabilities	$	—	$	16,553	$	—	$	16,553	$	17,636

5. Reinsurance

Reinsurance recoverable on ceded reinsurance


	June 30, 2024				December 31, 2023
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	17,409	$	299	$	17,884	$	285
Reinsurance recoverable on paid losses and loss expenses	1,946		82		2,068		82
Reinsurance recoverable on losses and loss expenses	$	19,355	$	381	$	19,952	$	367
Reinsurance recoverable on policy benefits	$	291	$	—	$	280	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

The decrease in Reinsurance recoverable on losses and loss expenses was primarily due to a seasonal decrease in crop recoverables and a commutation in connection with a large structured transaction during the first quarter.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2024		2023
Valuation allowance for uncollectible reinsurance - beginning of period	$	367	$	351
Provision for uncollectible reinsurance	18		15
Write-offs charged against the valuation allowance	(3)		(6)
Foreign exchange revaluation	(1)		1

Valuation allowance for uncollectible reinsurance - end of period	$	381	$	361

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2023 Form 10-K.

6. Deferred policy acquisition costs

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


	Six Months Ended June 30, 2024

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	402	$	674	$	534	$	1,301	$	274	$	3,185

Capitalizations	98		70		170		311		36		685
Amortization expense	(58)		(39)		(17)		(86)		(14)		(214)

Other (including foreign exchange)	(6)		(25)		(14)		(30)		(7)		(82)
Balance - end of period	$	436	$	680	$	673	$	1,496	$	289	$	3,574
Overseas General Insurance segment excluded from table											592
Total deferred policy acquisition costs on long-duration contracts											$	4,166
Deferred policy acquisition costs on short-duration contracts											3,646
Total deferred policy acquisition costs											$	7,812


	Six Months Ended June 30, 2023

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	324	$	639	$	392	$	891	$	268	$	2,514

Capitalizations	84		54		62		249		9		458
Amortization expense	(50)		(37)		(11)		(62)		(13)		(173)

Other (including foreign exchange)	12		9		10		(2)		—		29
Balance - end of period	$	370	$	665	$	453	$	1,076	$	264	$	2,828
Overseas General Insurance segment excluded from table											651
Total deferred policy acquisition costs on long-duration contracts											$	3,479
Deferred policy acquisition costs on short-duration contracts											3,187
Total deferred policy acquisition costs											$	6,666

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

7. Goodwill

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


(in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Chubb Consolidated
Balance at December 31, 2023	$	6,946	$	2,231	$	134	$	5,262	$	371	$	4,742	$	19,686
Acquisition of Healthy Paws	256		—		—		—		—		—		256
Measurement-period adjustments	—		—		—		—		—		65		65
Foreign exchange revaluation and other	(10)		(4)		—		(90)		—		(70)		(174)
Balance at June 30, 2024 (1)	$	7,192	$	2,227	$	134	$	5,172	$	371	$	4,737	$	19,833

(1)Includes $500 million attributable to noncontrolling interests.

8. Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2024		2023

Gross unpaid losses and loss expenses – beginning of period	$	80,122	$	75,747
Reinsurance recoverable on unpaid losses – beginning of period (1)	(17,884)		(17,086)
Net unpaid losses and loss expenses – beginning of period	62,238		58,661
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	12,604		11,227
Prior years (2)	(446)		(396)
Total	12,158		10,831
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,492		2,264
Prior years	6,918		7,527
Total	9,410		9,791

Foreign currency revaluation and other	(204)		171
Net unpaid losses and loss expenses – end of period	64,782		59,872
Reinsurance recoverable on unpaid losses (1)	17,409		16,608
Gross unpaid losses and loss expenses – end of period	$	82,191	$	76,480

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $47 million and nil for the six months ended June 30, 2024 and 2023, respectively.

Net unpaid losses and loss expenses increased $2,544 million for the six months ended June 30, 2024, principally reflecting underlying exposure growth and the impact of a reinsurance commutation in connection with a large structured transaction during the first quarter, partially offset by the impact of favorable prior period development.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Prior Period Development

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:


	Three Months Ended June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2024
North America Commercial P&C Insurance	$	(142)	$	(2)	$	(144)	$	(46)	$	(146)	$	(192)
North America Personal P&C Insurance	—		(64)		(64)		—		(116)		(116)
North America Agricultural Insurance	—		—		—		—		(28)		(28)
Overseas General Insurance	36		(97)		(61)		35		(185)		(150)
Global Reinsurance	5		(21)		(16)		5		(20)		(15)
Corporate	93		—		93		102		—		102
Total	$	(8)	$	(184)	$	(192)	$	96	$	(495)	$	(399)
2023
North America Commercial P&C Insurance	$	(139)	$	(7)	$	(146)	$	(130)	$	(88)	$	(218)
North America Personal P&C Insurance	—		(33)		(33)		—		(16)		(16)
North America Agricultural Insurance	—		(3)		(3)		—		(3)		(3)
Overseas General Insurance	—		(61)		(61)		—		(204)		(204)
Global Reinsurance	7		(24)		(17)		7		(32)		(25)
Corporate	60		—		60		70		—		70
Total	$	(72)	$	(128)	$	(200)	$	(53)	$	(343)	$	(396)

Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance. Net favorable development for the three and six months ended June 30, 2024, included $288 million and $338 million, respectively, from workers' compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents. The favorable development was partially offset by net adverse development of $117 million and $167 million, respectively, in commercial auto liability mainly due to higher-than-expected loss development and severity trend. Development for the six months ended June 30, 2024, included $144 million of favorable development in surety, property and marine lines, partially offset by net adverse development of $97 million in commercial excess and umbrella lines.

Net favorable development for the three and six months ended June 30, 2023 included $264 million and $308 million, respectively, from workers' compensation lines due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents. The favorable development was partially offset by net adverse development of $119 million and $125 million, respectively, in commercial auto liability due to adverse reported loss experience.

Overseas General Insurance. Net favorable development for the three months ended June 30, 2024 included favorable claim development, mainly in marine and property lines. Net favorable development for the six months ended June 30, 2024 included favorable development of $85 million in property and $73 million in marine.

Net favorable development for the three months ended June 30, 2023 included favorable claim development in short-tail property and casualty and A&H. Net favorable development for the six months ended June 30, 2023 included $110 million of favorable catastrophe development and non-catastrophe property loss emergence.

Corporate. Net adverse development for the three and six months ended June 30, 2024 and 2023 was driven primarily by molestation-related claims development.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

9. Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:


Present Value of Expected Net Premiums	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		111		—		187
Effect of actual variances from expected experience	(12)		21		(129)		(1)		(121)
Adjusted beginning of period balance	1,986		4,036		10,674		63		16,759

Issuances	111		620		1,196		39		1,966
Interest accrual	26		55		239		2		322
Net premiums collected (1)	(122)		(603)		(729)		(20)		(1,474)

Other (including foreign exchange)	(25)		(77)		(273)		10		(365)
Ending balance at original discount rate	1,976		4,031		11,107		94		17,208
Effect of changes in discount rate assumptions	(397)		17		(162)		—		(542)
Balance – end of period	$	1,579	$	4,048	$	10,945	$	94	$	16,666

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		85		102		—		195
Effect of actual variances from expected experience	(9)		31		(129)		—		(107)
Adjusted beginning of period balance	2,748		10,107		15,044		492		28,391

Issuances	111		620		1,196		39		1,966
Interest accrual	35		151		300		8		494
Benefits payments	(115)		(179)		(789)		(10)		(1,093)

Other (including foreign exchange)	(3)		(169)		(356)		9		(519)
Ending balance at original discount rate	2,776		10,530		15,395		538		29,239
Effect of changes in discount rate assumptions	(512)		129		(337)		17		(703)
Balance – end of period	$	2,264	$	10,659	$	15,058	$	555	$	28,536

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


Liability for Future Policy Benefits, Life Insurance Segment	June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	685	$	6,611	$	4,113	$	461	$	11,870
Deferred profit liability	268		986		174		24		1,452
Net liability for future policy benefits, before reinsurance recoverable	953		7,597		4,287		485		13,322
Less: Reinsurance recoverable on future policy benefits	103		44		110		—		257
Net liability for future policy benefits, after reinsurance recoverable	$	850	$	7,553	$	4,177	$	485	$	13,065
Weighted average duration (years)	10.2		25.0		10.0		16.3		19.1


Present Value of Expected Net Premiums	Six Months Ended June 30, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,806	$	2,308	$	10,711	$	42	$	14,867
Beginning balance at original discount rate	1,867		2,361		11,258		43		15,529
Effect of changes in cash flow assumptions	16		(1)		(772)		1		(756)
Effect of actual variances from expected experience	(6)		41		(79)		(1)		(45)
Adjusted beginning of period balance	1,877		2,401		10,407		43		14,728

Issuances	63		123		540		3		729
Interest accrual	37		34		226		1		298
Net premiums collected (1)	(87)		(170)		(654)		(11)		(922)


Other (including foreign exchange)	78		11		(150)		1		(60)
Ending balance at original discount rate	1,968		2,399		10,369		37		14,773
Effect of changes in discount rate assumptions	(54)		(21)		(346)		—		(421)
Balance – end of period	$	1,914	$	2,378	$	10,023	$	37	$	14,352

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,321	$	5,696	$	15,038	$	269	$	23,324
Beginning balance at original discount rate	2,447		5,874		15,855		280		24,456
Effect of changes in cash flow assumptions	19		(1)		(782)		3		(761)
Effect of actual variances from expected experience	(6)		46		(75)		(1)		(36)
Adjusted beginning of period balance	2,460		5,919		14,998		282		23,659

Issuances	63		123		540		3		729
Interest accrual	43		105		289		3		440
Benefit payments	(85)		(130)		(707)		(5)		(927)

Other (including foreign exchange)	184		423		(507)		(22)		78
Ending balance at original discount rate	2,665		6,440		14,613		261		23,979
Effect of changes in discount rate assumptions	(127)		(76)		(575)		(4)		(782)
Balance – end of period	$	2,538	$	6,364	$	14,038	$	257	$	23,197


Liability for Future Policy Benefits, Life Insurance Segment	June 30, 2023
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	624	$	3,986	$	4,015	$	220	$	8,845
Deferred profit liability	243		640		148		13		1,044
Net liability for future policy benefits, before reinsurance recoverable	867		4,626		4,163		233		9,889
Less: Reinsurance recoverable on future policy benefits	110		42		119		1		272
Net liability for future policy benefits, after reinsurance recoverable	$	757	$	4,584	$	4,044	$	232	$	9,617
Weighted average duration (years)	9.4		25.3		10.5		14.0		17.6

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.


	June 30
(in millions of U.S. dollars)	2024		2023
Net liability for future policy benefits, Life Insurance segment	$	11,870	$	8,845
Other (1)	1,341		1,175
Deferred profit liability	1,452		1,044
Liability for future policy benefits, per consolidated balance sheet	$	14,663	$	11,064

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:


	June 30		June 30
(in millions of U.S. dollars)	2024		2023

Term Life
Undiscounted expected future benefit payments	$	4,334	$	4,085
Undiscounted expected future gross premiums	7,223		6,543
Discounted expected future benefit payments	2,264		2,538
Discounted expected future gross premiums	4,776		3,779
Whole Life
Undiscounted expected future benefit payments	25,052		16,759
Undiscounted expected future gross premiums	9,555		6,972
Discounted expected future benefit payments	10,659		6,364
Discounted expected future gross premiums	7,744		5,455
A&H
Undiscounted expected future benefit payments	26,037		23,661
Undiscounted expected future gross premiums	38,166		34,381
Discounted expected future benefit payments	15,058		14,038
Discounted expected future gross premiums	22,556		21,019
Other
Undiscounted expected future benefit payments	956		346
Undiscounted expected future gross premiums	174		94
Discounted expected future benefit payments	555		257
Discounted expected future gross premiums	$	155	$	84

The following table presents the amount of revenue and interest recognized in the Consolidated statement of operations for the Life Insurance segment:


	Gross Premiums or Assessments				Interest Accretion
	Six Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Life Insurance
Term Life	$	337	$	322	$	9	$	6

Whole Life	1,008		475		96		71
A&H	1,525		1,422		61		63
Other	32		21		6		2
Total	$	2,902	$	2,240	$	172	$	142

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

The following table presents the weighted-average interest rates for the Life Insurance segment:


	Interest Accretion Rate				Current Discount Rate

	June 30				June 30
	2024		2023		2024		2023
Life Insurance
Term Life	2.9	%	2.9	%	5.7	%	5.9	%

Whole Life	3.2	%	4.0	%	4.6	%	5.3	%
A&H	3.7	%	3.8	%	6.3	%	6.4	%
Other	2.7	%	3.8	%	4.2	%	5.1	%

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

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:


	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,876	$	2,411	$	2,502	$	6,789


Premiums received	139		208		217		564
Policy charges (1)	(65)		—		(5)		(70)
Surrenders and withdrawals	(65)		(20)		(153)		(238)
Benefit payments (4)	(56)		(81)		(1)		(138)

Interest credited	25		30		27		82
Other (including foreign exchange)	(76)		(27)		(274)		(377)
Balance – end of period	$	1,778	$	2,521	$	2,313	$	6,612
Unearned revenue liability							675
Other							500
Policyholders' account liability, per consolidated balance sheet							$	7,787

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


	Six Months Ended June 30, 2023
(in millions of U.S. dollars)	Universal Life		Other (2)		Total
Balance – beginning of period	$	1,199	$	1,374	$	2,573


Premiums received	106		64		170
Policy charges (1)	(63)		(5)		(68)
Surrenders and withdrawals	(36)		(41)		(77)
Benefit payments (3)	(4)		(22)		(26)

Interest credited	16		13		29
Other (including foreign exchange)	1		5		6
Balance – end of period	$	1,219	$	1,388	$	2,607
Unearned revenue liability					608
Policyholders' account liability, per consolidated balance sheet					$	3,215

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(3)Includes benefit payments upon maturity as well as death benefits.



	June 30
	2024									2023
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Other
Weighted-average crediting rate	2.8		%	2.5		%	2.9		%	2.7		%	2.0		%
Net amount at risk (1)	$	11,987		$	—		$	454		$	11,634		$	201
Cash Surrender Value	$	1,611		$	1,618		$	2,013		$	1,013		$	1,316

(1)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life


	June 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	436	$	—	$	42	$	68	$	546
2.01% – 4.00%	77		424		717		—		1,218
Greater than 4.00%	14		—		—		—		14
Total	$	527	$	424	$	759	$	68	$	1,778

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries


	June 30, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	439	$	—	$	32	$	8	$	479
2.01% – 4.00%	81		328		310		—		719
Greater than 4.00%	21		—		—		—		21
Total	$	541	$	328	$	342	$	8	$	1,219

Annuities


	June 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	732	$	—	$	1,638	$	1	$	2,371
2.01% – 4.00%	150		—		—		—		150
Greater than 4.00%	—		—		—		—		—
Total	$	882	$	—	$	1,638	$	1	$	2,521

Other policyholders' account balances


	June 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	574	$	—	$	227	$	513	$	1,314
2.01% – 4.00%	381		618		—		—		999
Greater than 4.00%	—		—		—		—		—
Total	$	955	$	618	$	227	$	513	$	2,313


	June 30, 2023
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	552	$	—	$	240	$	186	$	978
2.01% – 4.00%	363		42		—		—		405
Greater than 4.00%	5		—		—		—		5
Total	$	920	$	42	$	240	$	186	$	1,388

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:


	June 30		June 30
(in millions of U.S. dollars)	2024		2023
Cash and cash equivalents	$	100	$	98

Mutual funds	5,649		5,382

Fixed maturities	85		94

Total	$	5,834	$	5,574

The following table presents a roll-forward of separate account liabilities:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	5,573	$	5,190

Premiums and deposits	576		517
Policy charges	(80)		(70)
Surrenders and withdrawals	(426)		(246)
Benefit payments	(208)		(193)
Investment performance	502		361

Other (including foreign exchange)	(103)		15
Balance – end of period	$	5,834	$	5,574
Cash surrender value (1)	$	5,625	$	5,369

(1)Cash surrender value represents the amount of the contract holder's account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	673	$	567
Deferred revenue	69		63
Amortization	(36)		(29)

Other (including foreign exchange)	(31)		7
Balance – end of period	$	675	$	608

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Chubb Limited and Subsidiaries

11. Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:


	Six Months Ended June 30
(in millions of U.S. dollars)	2024		2023
Balance – beginning of period	$	771	$	800
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	749		776



Interest rate changes	(87)		37
Effect of changes in equity markets	(83)		(144)
Effect of changes in volatilities	(13)		31
Actual policyholder behavior different from expected behavior	31		14


Effect of timing and all other	(33)		(8)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	564	$	706
Effect of changes in the instrument-specific credit risk	12		16
Balance – end of period	$	576	$	722
Weighted-average age of policyholders (years)	74		73
Net amount at risk (1)	$	1,630	$	2,048

(1) The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB gains (losses) of $(191) million and $(192) million for the six months ended June 30, 2024 and 2023, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

June 30, 2024

June 30, 2023

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 30.0%

4.3

0.5% – 30.4%

4.0

Annuitization rate

0% – 100%

4.3

0% – 100%

4.2

(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.

The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.

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Chubb Limited and Subsidiaries

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2023 Form 10-K.

12. Commitments, contingencies, and guarantees

a) Derivative instruments

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

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

The following table presents the balance sheet location, fair value of derivative instruments in an asset or (liability) position, and notional value/payment provision of our derivative instruments:


				June 30, 2024								December 31, 2023
	Consolidated Balance Sheet Location	Fair Value				Notional Value/ Payment Provision			Fair Value					Notional Value/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	35	$	(167)	$	3,946		$	27		$	(94)	$	3,662
Options/Futures contracts on notes and bonds	OA / (AP)	6		(2)		1,190			27			(42)		2,062
Convertible securities (1)	FM AFS / ES	61		—		67			56			—		64
		$	102	$	(169)	$	5,203		$	110		$	(136)	$	5,788
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(2)	$	1,042		$	—		$	(37)	$	1,157
Other	OA / (AP)	1		(5)		350			—			(5)		217
		$	1	$	(7)	$	1,392		$	—		$	(42)	$	1,374
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	88	$	—	$	1,614		$	126		$	—	$	1,631
Cross-currency swaps - net investment hedges	OA / (AP)	39		(96)		1,599			10			(128)		1,619
		$	127	$	(96)	$	3,213		$	136		$	(128)	$	3,250

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

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Chubb Limited and Subsidiaries

At June 30, 2024, and December 31, 2023, net derivative liabilities of $103 million and $115 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

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

(i) Cross-currency swaps - fair value hedges

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.5 billion, or approximately $1.6 billion at June 30, 2024, of our euro denominated debt, by converting cash flows back into the U.S. dollar.

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2024		2023		2024		2023
Gain (loss) recognized in OCI	$	(46)	$	57	$	(54)	$	40
Net realized gain (loss) reclassified from OCI	(12)		11		(49)		31
Interest expense reclassified from OCI	(4)		(4)		(8)		(8)
OCI gain (loss) after reclassifications	$	(30)	$	50	$	3	$	17

(ii) Cross-currency swaps - net investment hedges

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

The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion is reclassified to Interest expense as follows:


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2024		2023		2024		2023
Gain (loss) recognized in OCI	$	37	$	35	$	73	$	12
Interest income reclassified from OCI	3		4		6		7
OCI gain (loss) after reclassifications	$	34	$	31	$	67	$	5

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Chubb Limited and Subsidiaries

c) Derivative instruments not designated as hedges

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	(28)	$	(27)	$	(80)	$	(78)

All other futures contracts, options, and equities	12		(29)		18		(24)
Convertible securities (1)	(1)		1		2		1

Total investment and embedded derivative instruments	$	(17)	$	(55)	$	(60)	$	(101)
Other derivative instruments:
Futures contracts on equities (2)	$	(21)	$	(75)	$	(116)	$	(132)
Other	(3)		2		(5)		1
Total other derivative instruments	$	(24)	$	(73)	$	(121)	$	(131)
	$	(41)	$	(128)	$	(181)	$	(232)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

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

Options

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

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

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade.

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Chubb Limited and Subsidiaries

For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

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

(iii) Convertible security investments

A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available-for-sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA

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

(v) Futures contracts on equities

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

d) Securities lending and secured borrowings

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

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:


	Remaining contractual maturity

	June 30, 2024		December 31, 2023
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	644	$	555
U.S. Treasury / Agency	272		33
Non-U.S.	865		621
Corporate and asset-backed securities	82		57

Municipal	—		6
Equity securities	26		27

	$	1,889	$	1,299
Gross amount of recognized liability for securities lending payable	$	1,889	$	1,299

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Chubb Limited and Subsidiaries

At June 30, 2024, and December 31, 2023, our repurchase agreement obligations of $3,149 million and $2,833 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:


	Remaining contractual maturity
	June 30, 2024								December 31, 2023
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	—	$	—	$	—	$	—	$	33	$	1	$	34
Non-U.S.	1,767		—		—		1,767		1,355		—		—		1,355
U.S. Treasury / Agency	—		101		—		101		—		105		—		105


Mortgage-backed securities	471		908		42		1,421		—		913		517		1,430
	$	2,238	$	1,009	$	42	$	3,289	$	1,355	$	1,051	$	518	$	2,924
Gross amount of recognized liabilities for repurchase agreements							$	3,149							$	2,833
Difference (1)							$	140							$	91

(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

e) Fixed maturities

At June 30, 2024, and December 31, 2023, commitments to purchase fixed income securities over the next several years were $1.2 billion and $1.0 billion, respectively.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $14.1 billion at June 30, 2024. In connection with these investments, we have commitments that may require funding of up to $6.8 billion over the next several years. At December 31, 2023, these investments had a carrying value of $13.9 billion with commitments that could have required funding of up to $6.2 billion.

g) Income taxes

At June 30, 2024, $72 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

h) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves.

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Chubb Limited and Subsidiaries

In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

At June 30, 2024, and December 31, 2023, the right-of-use asset was $743 million and $784 million, respectively, recorded within Other assets, and the lease liability was $801 million and $832 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

13. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At June 30, 2024, our Common Shares had a par value of CHF 0.50 per share.

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

At our May 2023 and 2022 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.44 per share and $3.32 per share, respectively, which were paid in four quarterly installments of $0.86 per share and $0.83 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

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


	Three Months Ended						Six Months Ended
	June 30						June 30
	2024			2023			2024			2023
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.82	$	0.91	0.77	$	0.86	1.57	$	1.77	1.54	$	1.69

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2023 annual general meeting, held on May 17, 2023, our shareholders approved the cancellation of 14,925,028 shares purchased under our share repurchase programs during 2022. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 22, 2023. At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased under our share repurchase programs during 2023. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024. During the six months ended June 30, 2024, 3,474,357 shares were repurchased, 11,825,600 shares were canceled, and 2,278,215 net shares were issued under employee share-based compensation plans. At June 30, 2024, 15,552,491 Common Shares remain in treasury.

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Chubb Limited and Subsidiaries

Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023; and

•$5.0 billion of Chubb Common Shares effective July 1, 2023 with no expiration date.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				Six Months Ended				July 1, 2024 through July 25, 2024
	June 30				June 30
(in millions of U.S. dollars, except share data)	2024		2023		2024		2023
Number of shares repurchased	2,254,236		3,674,300		3,474,357		5,684,700		175,465
Cost of shares repurchased	$	570	$	724	$	886	$	1,152	$	45
Repurchase authorization remaining at end of period	$	2,808	$	—	$	2,808	$	—	$	2,764

The following table presents changes in accumulated other comprehensive income (loss):


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(4,825)	$	(5,659)	$	(4,177)	$	(7,279)
Change in period, before reclassification from AOCI (before tax)	(484)		(1,301)		(1,280)		305
Amounts reclassified from AOCI (before tax)	(5)		107		114		287
Change in period, before tax	(489)		(1,194)		(1,166)		592
Income tax (expense) benefit	7		44		49		(122)
Total other comprehensive income (loss)	(482)		(1,150)		(1,117)		470
Noncontrolling interests, net of tax	(6)		—		7		—
Balance – end of period, net of tax	(5,301)		(6,809)		(5,301)		(6,809)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	11		(205)		51		(75)
Change in period, before tax	53		(35)		—		(186)
Income tax (expense) benefit	(2)		(7)		(22)		14
Total other comprehensive income (loss)	51		(42)		(22)		(172)
Noncontrolling interests, net of tax	(4)		—		(37)		—
Balance – end of period, net of tax	66		(247)		66		(247)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(17)		(27)		(22)		(24)
Change in period, before tax	5		11		10		8
Income tax expense	(1)		—		(1)		—
Total other comprehensive income	4		11		9		8
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(13)		(16)		(13)		(16)

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Chubb Limited and Subsidiaries


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Accumulated other comprehensive income (loss) (AOCI) - continued
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(2,864)		(3,136)		(2,945)		(2,966)
Change in period, before reclassification from AOCI (before tax)	(527)		219		(444)		45
Amounts reclassified from AOCI (before tax)	(3)		(4)		(6)		(7)
Change in period, before tax	(530)		215		(450)		38
Income tax benefit	19		1		12		8
Total other comprehensive income (loss)	(511)		216		(438)		46
Noncontrolling interests, net of tax	(33)		—		(41)		—
Balance – end of period, net of tax	(3,342)		(2,920)		(3,342)		(2,920)












Fair value hedging instruments
Balance – beginning of period, net of tax	13		(92)		(13)		(66)
Change in period, before reclassification from AOCI (before tax)	(46)		57		(54)		40
Amounts reclassified from AOCI (before tax)	16		(7)		57		(23)
Change in period, before tax	(30)		50		3		17
Income tax (expense) benefit	6		(11)		(1)		(4)
Total other comprehensive income (loss)	(24)		39		2		13
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(11)		(53)		(11)		(53)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	296		224		297		225
Change in period, before tax	1		(2)		(1)		(2)
Income tax benefit	—		1		1		—
Total other comprehensive income (loss)	1		(1)		—		(2)
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	297		223		297		223
Accumulated other comprehensive loss	$	(8,304)	$	(9,822)	$	(8,304)	$	(9,822)

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Chubb Limited and Subsidiaries

The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:


	Three Months Ended				Six Months Ended				Consolidated Statement of Operations Location
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Fixed maturities available-for-sale	$	5	$	(107)	$	(114)	$	(287)	Net realized gains (losses)
Income tax benefit	12		16		24		34		Income tax expense
	$	17	$	(91)	$	(90)	$	(253)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	3	$	4	$	6	$	7	Interest expense
Income tax expense	—		—		(1)		(1)		Income tax expense
	$	3	$	4	$	5	$	6	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	(12)	$	11	$	(49)	$	31	Net realized gains (losses)
Cross-currency swaps	(4)		(4)		(8)		(8)		Interest expense
Income tax (expense) benefit	3		(2)		12		(5)		Income tax expense
	$	(13)	$	5	$	(45)	$	18	Net income
Total amounts reclassified from AOCI	$	7	$	(82)	$	(130)	$	(229)

14. Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 26, 2024, Chubb granted 1,359,237 stock options with a weighted-average grant date fair value of $64.15 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

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

Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On February 26, 2024, Chubb granted 685,665 service-based restricted stock, 290,085 service-based restricted stock units, 101,514 performance shares, and 284,013 performance stock units to employees and officers with a grant date fair value of $254.84 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

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Chubb Limited and Subsidiaries

15. Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2024				2023				2024		2023
Three Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	3	$	—	$	2	$	—	$	—
Non-service cost (benefit):
Interest cost	34		9		34		9		—		1
Expected return on plan assets	(61)		(12)		(56)		(13)		(1)		(1)
Amortization of net actuarial (gain) loss	(1)		—		—		—		—		—
Amortization of prior service cost	—		—		—		—		—		—

Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(28)		(3)		(22)		(4)		(1)		—
Net periodic benefit cost (benefit)	$	(28)	$	—	$	(22)	$	(2)	$	(1)	$	—


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2024				2023				2024			2023
Six Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost:	$	—	$	5	$	—	$	4		$	—		$	—
Non-service cost (benefit):
Interest cost	67		18		68		18			1			1
Expected return on plan assets	(122)		(25)		(112)		(25)			(2)			(2)
Amortization of net actuarial (gain) loss	(1)		1		—		—			(1)			—
Amortization of prior service cost	—		—		—		—			—			—
Settlements	—		—		—		—			—			—
Total non-service cost (benefit)	(56)		(6)		(44)		(7)			(2)			(1)
Net periodic benefit cost (benefit)	$	(56)	$	(1)	$	(44)	$	(3)		$	(2)		$	(1)

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Chubb Limited and Subsidiaries

The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows:


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended June 30	2024		2023		2024		2023
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	3		2		—		—
Total service cost	3		2		—		—
Non-service cost (benefit):
Losses and loss expenses	(3)		(3)		—		—
Administrative expenses	(28)		(23)		(1)		—
Total non-service cost (benefit)	(31)		(26)		(1)		—
Net periodic benefit cost (benefit)	$	(28)	$	(24)	$	(1)	$	—


	Pension Benefit Plans				Other Postretirement Benefit Plans
Six Months Ended June 30	2024		2023		2024		2023
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	5		4		—		—
Total service cost	5		4		—		—
Non-service cost (benefit):
Losses and loss expenses	(6)		(5)		—		—
Administrative expenses	(56)		(46)		(2)		(1)
Total non-service cost (benefit)	(62)		(51)		(2)		(1)
Net periodic benefit cost (benefit)	$	(57)	$	(47)	$	(2)	$	(1)

16. Other income and expense


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Equity in net income (loss) of partially-owned entities	$	94	$	120	$	278	$	460
Gains (losses) from fair value changes in separate account assets (1)	11		(12)		21		(37)
Asset management and performance fee revenue	57		—		110		—
Asset management and performance fee expense	(35)		—		(68)		—
Federal excise and capital taxes	(5)		(6)		(9)		(11)
Other	(12)		(2)		(31)		(16)
Total	$	110	$	100	$	301	$	396

(1) Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP.

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

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Chubb Limited and Subsidiaries

This line item includes mark-to-market gains (losses) on private equities of $4 million and $107 million for the three and six months ended June 30, 2024, respectively, and $(3) million and $239 million, respectively, for the prior year periods.

In addition, this line item includes net income attributable to our investment in Huatai under the equity method of accounting comprising income of $22 million and $36 million for the three and six months ended June 30, 2023, respectively. Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results.

Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.

Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.

Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

17. Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Effective July 1, 2023, the results of Huatai's life and asset management businesses, included within the Life Insurance segment, and the results of Huatai's P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatai's results prior to July 1, 2023 were included net within Other (income) expense based on our ownership interest as required under equity method accounting.

Management uses Underwriting income (loss) as the basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Segment income (loss) includes Underwriting income (loss), Net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes Amortization of purchased intangibles acquired by the segment. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Cigna integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Cigna integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include:

•Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

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Chubb Limited and Subsidiaries

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:


For the Three Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	5,501	$	1,776	$	758	$	3,334	$	411	$	1,580	$	—	$	—	$	13,360
Net premiums earned	4,900		1,512		626		3,347		339		1,568		—		—		12,292
Losses and loss expenses	3,074		876		543		1,671		155		22		93		(3)		6,431
Policy benefits	—		—		—		92		—		1,031		—		96		1,219
Policy acquisition costs	660		299		45		842		80		300		—		—		2,226
Administrative expenses	327		88		3		348		11		218		99				1,094
Underwriting income (loss)	839		249		35		394		93		(3)		(192)		(93)		1,322
Net investment income	863		108		21		283		58		258		(32)		(91)		1,468
Other (income) expense	15		(2)		—		4		—		(32)		7		(102)		(110)
Amortization expense of purchased intangibles	—		2		7		20		—		11		40		—		80
Segment income (loss)	$	1,687	$	357	$	49	$	653	$	151	$	276	$	(271)	$	(82)	$	2,820
Net realized gains (losses)													22		82		104
Market risk benefits gains (losses)													(29)		—		(29)
Interest expense													182		—		182
Cigna integration expenses													7		—		7
Income tax expense													490		—		490
Net income (loss)													$	(957)	$	—	$	2,216
Net loss attributable to noncontrolling interests													(14)		—		(14)
Net income (loss) attributable to Chubb													$	(943)	$	—	$	2,230

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Chubb Limited and Subsidiaries


For the Three Months Ended June 30, 2023 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	5,155	$	1,581	$	767	$	2,885	$	293	$	1,270	$	—	$	—	$	11,951
Net premiums earned	4,606		1,357		635		2,908		237		1,256		—		—		10,999
Losses and loss expenses	2,871		846		507		1,267		91		35		61		5		5,683
Policy benefits	—		—		—		137		—		705		—		(12)		830
Policy acquisition costs	614		277		37		746		65		277		—		—		2,016
Administrative expenses	316		84		3		292		9		170		95		—		969
Underwriting income (loss)	805		150		88		466		72		69		(156)		7		1,501
Net investment income	726		86		14		200		48		161		3		(93)		1,145
Other (income) expense	5		(1)		(1)		(10)		—		(26)		14		(81)		(100)
Amortization expense of purchased intangibles	—		3		7		15		—		2		43		—		70
Segment income	$	1,526	$	234	$	96	$	661	$	120	$	254	$	(210)	$	(5)	$	2,676
Net realized gains (losses)													(309)		5		(304)
Market risk benefits gains (losses)													(7)		—		(7)
Interest expense													165		—		165
Cigna integration expenses													15		—		15
Income tax expense													392		—		392
Net income (loss)													$	(1,098)	$	—	$	1,793


For the Six Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	10,190	$	3,232	$	1,007	$	7,169	$	770	$	3,213	$	—	$	—	$	25,581
Net premiums earned	9,780		2,983		754		6,545		634		3,179		—		—		23,875
Losses and loss expenses	6,249		1,775		592		3,097		292		54		103		(4)		12,158
Policy benefits	—		—		—		192		—		2,101		—		106		2,399
Policy acquisition costs	1,348		599		66		1,665		161		594		—		—		4,433
Administrative expenses	655		174		5		679		20		425		206		—		2,164
Underwriting income (loss)	1,528		435		91		912		161		5		(309)		(102)		2,721
Net investment income	1,689		210		42		550		115		488		(58)		(177)		2,859
Other (income) expense	22		(1)		—		9		—		(72)		(61)		(198)		(301)
Amortization expense of purchased intangibles	—		4		13		40		—		21		82		—		160
Segment income (loss)	$	3,195	$	642	$	120	$	1,413	$	276	$	544	$	(388)	$	(81)	$	5,721
Net realized gains (losses)													(78)		81		3
Market risk benefits gains (losses)													(8)		—		(8)
Interest expense													360		—		360
Cigna integration expenses													14		—		14
Income tax expense													832		—		832
Net income (loss)													$	(1,680)	$	—	$	4,510
Net income attributable to noncontrolling interests													137		—		137
Net income (loss) attributable to Chubb													$	(1,817)	$	—	$	4,373

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Chubb Limited and Subsidiaries


For the Six Months Ended June 30, 2023 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Corporate		Segment Measure Reclass		Chubb Consolidated



Net premiums written	$	9,443	$	2,877	$	1,060	$	6,148	$	570	$	2,563	$	—	$	—	$	22,661
Net premiums earned	8,975		2,677		794		5,694		481		2,520		—		—		21,141
Losses and loss expenses	5,600		1,734		647		2,504		203		67		72		4		10,831
Policy benefits	—		—		—		247		—		1,417		—		(37)		1,627
Policy acquisition costs	1,227		549		52		1,459		127		550		—		—		3,964
Administrative expenses	611		163		6		572		18		337		192		—		1,899
Underwriting income (loss)	1,537		231		89		912		133		149		(264)		33		2,820
Net investment income	1,424		168		31		388		97		314		14		(184)		2,252
Other (income) expense	12		—		—		(19)		(1)		(41)		(200)		(147)		(396)
Amortization expense of purchased intangibles	—		5		13		33		—		6		85		—		142
Segment income (loss)	$	2,949	$	394	$	107	$	1,286	$	231	$	498	$	(135)	$	(4)	$	5,326
Net realized gains (losses)													(385)		4		(381)
Market risk benefits gains (losses)													(122)		—		(122)
Interest expense													325		—		325
Cigna integration expenses													37		—		37
Income tax expense													776		—		776
Net income (loss)													$	(1,780)	$	—	$	3,685

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

18. Earnings per share


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share and per share data)	2024		2023		2024		2023
Numerator:
Net income	$	2,216	$	1,793	$	4,510	$	3,685
Net income (loss) attributable to noncontrolling interests	(14)		—		137		—
Net income attributable to Chubb	$	2,230	$	1,793	$	4,373	$	3,685
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding	404,615,765		412,487,400		405,139,228		413,383,304
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans	3,990,902		3,084,476		4,138,555		3,387,233
Weighted-average shares outstanding and assumed conversions	408,606,667		415,571,876		409,277,783		416,770,537
Basic earnings per share attributable to Chubb	$	5.51	$	4.35	$	10.79	$	8.92
Diluted earnings per share attributable to Chubb	$	5.46	$	4.32	$	10.68	$	8.84
Potential anti-dilutive share conversions	1,348,531		3,143,311		939,842		2,190,304

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Chubb Limited and Subsidiaries

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2023 Form 10-K for additional information on stock options.

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

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2024.

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

Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our consolidated financial statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K).

Other Information

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


MD&A Index			Page
Forward-Looking Statements			52
Overview			53

Consolidated Operating Results			54

Segment Operating Results			59
Net Realized and Unrealized Gains (Losses)			69
Effective Income Tax Rate			70
Non-GAAP Reconciliation			70
Amortization of Purchased Intangibles and Other Amortization			76
Net Investment Income			77

Investments			77
Critical Accounting Estimates			81

Unpaid Losses and Loss Expenses			81

Asbestos and Environmental (A&E)			81
Fair Value Measurements			81
Catastrophe Management			82
Global Property Catastrophe Reinsurance Program			83

Capital Resources			84
Liquidity			85
Information Provided In Connection With Outstanding Debt of Subsidiaries			86

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Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the U.S. Securities and Exchange Commission (SEC), include but are not limited to:

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

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

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

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

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

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

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

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

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

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

•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization, and risks and uncertainties relating to our outstanding purchase of additional interests in Huatai Insurance Group Co., Ltd. (Huatai Group);

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

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

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

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

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events or otherwise.


Overview

Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At June 30, 2024, we had total assets of $239 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $61 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2023 Form 10-K.

On July 1, 2023, we completed the acquisition of a controlling majority interest of Huatai Group. For the three and six months ended June 30, 2024, the results of operations of Huatai Group are reported at 100 percent in our consolidated results starting from the acquisition date, with amounts attributable to shareholders other than Chubb reflected under Noncontrolling interests. Huatai Group's life and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment. Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate.

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Consolidated Operating Results – Three and Six Months Ended June 30, 2024 and 2023


	Three Months Ended						Six Months Ended
	June 30				% Change		June 30				% Change
(in millions of U.S. dollars, except for percentages)	2024		2023		Q-24 vs. Q-23		2024		2023		YTD-24 vs. YTD-23
Net premiums written	$	13,360	$	11,951	11.8	%	$	25,581	$	22,661	12.9	%
Net premiums written - constant dollars (1)					12.3	%					13.2	%
Net premiums earned	12,292		10,999		11.7	%	23,875		21,141		12.9	%
Net investment income	1,468		1,145		28.2	%	2,859		2,252		27.0	%
Net realized gains (losses)	104		(304)		NM		3		(381)		NM
Market risk benefits gains (losses)	(29)		(7)		NM		(8)		(122)		(93.7)	%
Total revenues	13,835		11,833		16.9	%	26,729		22,890		16.8	%
Losses and loss expenses	6,431		5,683		13.2	%	12,158		10,831		12.3	%
Policy benefits	1,219		830		46.9	%	2,399		1,627		47.4	%
Policy acquisition costs	2,226		2,016		10.4	%	4,433		3,964		11.8	%
Administrative expenses	1,094		969		12.9	%	2,164		1,899		14.0	%
Interest expense	182		165		10.4	%	360		325		10.8	%
Other (income) expense	(110)		(100)		10.4	%	(301)		(396)		(24.3)	%
Amortization of purchased intangibles	80		70		15.0	%	160		142		12.9	%
Cigna integration expenses	7		15		(55.8)	%	14		37		(62.3)	%
Total expenses	11,129		9,648		15.4	%	21,387		18,429		16.1	%
Income before income tax	2,706		2,185		23.8	%	5,342		4,461		19.8	%
Income tax expense	490		392		25.2	%	832		776		7.3	%
Net income	$	2,216	$	1,793	23.6	%	$	4,510	$	3,685	22.4	%
Net income (loss) attributable to noncontrolling interests	(14)		—		NM		137		—		NM
Net income attributable to Chubb	$	2,230	$	1,793	24.3	%	$	4,373	$	3,685	18.7	%

NM - not meaningful

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

Financial Highlights for the Three Months Ended June 30, 2024

•Net income attributable to Chubb was $2.2 billion compared with $1.8 billion in the prior year period. Net income in the current quarter was driven by strong underwriting results and record net investment income.

•Consolidated net premiums written were $13.4 billion, up 11.8 percent, or 12.3 percent in constant dollars. P&C net premiums written increased 10.3 percent, or 10.6 percent in constant dollars, with commercial insurance up 8.8 percent and consumer insurance up 15.9 percent. Life Insurance segment net premiums written increased 24.5 percent, or 27.6 percent in constant dollars, reflecting the impact of the consolidation of Huatai Group on July 1, 2023, and growth in existing business.

•Pre-tax net investment income was a record $1.5 billion compared with $1.1 billion in the prior year period, primarily due to strong operating cash flow at higher reinvestment rates on fixed maturities, and the consolidation of Huatai Group.

•Consolidated net premiums earned were $12.3 billion, up 11.7 percent, or 12.3 percent in constant dollars.

•Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $580 million (5.4 percentage points of the P&C combined ratio) and $482 million, respectively, compared with $400 million (4.1 percentage points of the P&C combined ratio) and $319 million, respectively, in the prior year period.

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•Total pre-tax and after-tax favorable prior period development were $192 million and $167 million, respectively, compared with $200 million and $155 million, respectively, in the prior year period.

•The P&C combined ratio was 86.8 percent compared with 85.4 percent in the prior year period. The current year ratio increased primarily due to higher catastrophe losses and lower favorable prior period development. The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 83.2 percent compared with 83.3 percent in the prior year period.

•Operating cash flow was $4.1 billion compared with $2.5 billion in the prior year period.

•Chubb shareholders' equity increased $503 million in the quarter, primarily from net income attributable to Chubb of $2.2 billion, partially offset by total capital returned to shareholders of $939 million, net unrealized losses of $478 million related to cumulative foreign exchange translation, and net unrealized losses on our investment portfolio of $476 million, reflecting the mark-to-market impact in the fixed-income portfolio. Total capital returned to shareholders comprises share repurchases of $570 million at an average purchase price of $253.02 per share, and dividends of $369 million.


Net Premiums Written	Three Months Ended June 30						% Change		Six Months Ended June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024		2023		Q-24 vs. Q-23		C$ Q-24 vs. Q-23		2024		2023		YTD-24 vs. YTD-23		C$ YTD-24 vs. YTD-23
Property and other short-tail lines	$	2,715	$	2,346	15.7	%	16.2	%	$	5,075	$	4,371	16.1	%	16.3	%
Commercial casualty	2,155		2,024		6.5	%	6.6	%	4,365		3,927		11.2	%	11.1	%
Financial lines	1,237		1,244		(0.6)	%	(0.5)	%	2,345		2,400		(2.3)	%	(2.4)	%
Workers' compensation	559		537		4.1	%	4.1	%	1,188		1,155		2.9	%	2.9	%
Commercial multiple peril (1)	428		391		9.7	%	9.7	%	796		731		8.9	%	8.9	%
Surety	200		174		14.6	%	13.8	%	384		334		14.9	%	13.4	%
Total Commercial P&C lines	7,294		6,716		8.6	%	8.8	%	14,153		12,918		9.6	%	9.5	%

Agriculture	758		767		(1.2)	%	(1.2)	%	1,007		1,060		(5.0)	%	(5.0)	%

Personal homeowners	1,355		1,174		15.4	%	15.9	%	2,420		2,076		16.6	%	17.0	%
Personal automobile	614		460		33.4	%	29.9	%	1,256		887		41.6	%	36.9	%
Personal other	520		485		7.3	%	8.6	%	1,085		992		9.4	%	10.2	%
Total Personal lines	2,489		2,119		17.5	%	17.4	%	4,761		3,955		20.4	%	19.9	%

Global A&H - P&C	828		786		5.2	%	7.8	%	1,677		1,595		5.1	%	6.8	%

Reinsurance lines	411		293		40.3	%	40.5	%	770		570		35.1	%	35.2	%
Total Property and Casualty lines	11,780		10,681		10.3	%	10.6	%	22,368		20,098		11.3	%	11.3	%



Life Insurance	1,580		1,270		24.5	%	27.6	%	3,213		2,563		25.4	%	28.7	%
Total consolidated	$	13,360	$	11,951	11.8	%	12.3	%	$	25,581	$	22,661	12.9	%	13.2	%

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

The increase in consolidated net premiums written for the three and six months ended June 30, 2024, reflects growth across most product lines driven by strong premium retention, including rate and exposure increases, and strong new business. The consolidation of Huatai Group's life and P&C businesses contributed $445 million, or 3.6 percentage points, and $1,004 million, or 4.2 percentage points, for the three and six months ended June 30, 2024, respectively.

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•Property and other short-tail lines grew globally due to strong new business and retention, including both rate and exposure increases.

•Commercial casualty grew globally due to strong retention, including both rate and exposure increases, and strong new business.

•Financial lines declined due to a competitive market environment and lower retention.

•Workers' compensation grew slightly due to new business and retention, including exposure increases.

•Commercial multiple peril grew due to strong new business and retention, including higher rates in North America.

•Surety grew due to strong new business.

•Agriculture declined primarily due to lower commodity prices in the current year. The decrease in net premiums written for the six months ended June 30, 2024, also reflects a return of premium under the U.S. government risk-sharing formula related to the 2023 crop year.

•Personal lines grew globally due to new business and renewal retention, as well as increases in both rate and exposure, and the consolidation of Huatai.

•Global A&H – P&C grew in Europe and Asia, with Asia partially benefiting from the consolidation of Huatai.

•Reinsurance lines reflected continued growth, mainly in property lines and a large one-off structured transaction in the three months ended June 30, 2024.

•Life Insurance grew due to the consolidation of Huatai Group, and organic growth in Asia, Latin America, and in Combined Insurance North America. The consolidation of Huatai Group contributed $219 million, or 17.3 percentage points, and $485 million, or 18.9 percentage points, to growth for the three and six months ended June 30, 2024, respectively.

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

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Net Premiums Earned

Net premiums earned for short-duration contracts, typically P&C contracts, generally reflect the portion of net premiums written that was recorded as revenues for the period as the exposure periods expire. Net premiums earned for long-duration contracts, typically traditional life contracts, generally are recognized as earned when due from policyholders. For the three months ended June 30, 2024, net premiums earned increased $1.3 billion, up 11.7 percent, or 12.3 percent in constant dollars. P&C net premiums earned increased 10.1 percent, or 10.4 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 8.8 percent and 15.1 percent, respectively. For the six months ended June 30, 2024, net premiums earned increased $2.7 billion, up 12.9 percent, or 13.4 percent in constant dollars. P&C net premiums earned increased 11.1 percent, or 11.3 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 10.1 percent and 14.6 percent, respectively.

Catastrophe Losses and Prior Period Development

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 losses are net of reinsurance and include reinstatement premiums, which 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.

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. PPD includes adjustments relating 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. Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development.


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Net catastrophe losses	$	580	$	400	$	1,015	$	858
Favorable prior period development	$	192	$	200	$	399	$	396

Catastrophe losses through June 30, 2024 and 2023, were primarily from the following events:

•2024: Severe weather-related events in the U.S. and internationally, including Rio Grande storms.

•2023: Severe weather-related events in the U.S. and internationally, including New Zealand storms.

Pre-tax net favorable PPD for the three months ended June 30, 2024, was $285 million in our active companies with 35 percent in long-tail lines, primarily in workers' compensation lines, partially offset by unfavorable development in commercial auto liability, and 65 percent in short-tail lines, primarily in marine and property lines. Our corporate run-off portfolio had adverse development of $93 million, which included molestation-related claims development of approximately $60 million.

Pre-tax net favorable PPD for the six months ended June 30, 2024, was $501 million in our active companies, principally in short-tail property and marine lines. Our corporate run-off portfolio had adverse development of $102 million, primarily for molestation-related claims development.

Pre-tax net favorable PPD for the three months ended June 30, 2023, was $200 million, including adverse development of $49 million for molestation-related claims development.

Pre-tax net favorable PPD for the six months ended June 30, 2023, was $396 million, including adverse development of $49 million for molestation claims. Excluding the adverse development, we had net favorable development of $445 million with 23 percent in long-tail lines, principally from accident years 2011 through 2019, and 77 percent in short-tail lines, primarily in A&H and surety lines.

Refer to the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.

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P&C Combined Ratio

In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss.


	Three Months Ended				Six Months Ended
	June 30				June 30
	2024		2023		2024		2023
Combined ratio:



Loss and loss expense ratio	60.6	%	59.3	%	59.4	%	59.1	%
Policy acquisition cost ratio	18.0	%	17.9	%	18.6	%	18.3	%
Administrative expense ratio	8.2	%	8.2	%	8.4	%	8.4	%
P&C Combined ratio	86.8	%	85.4	%	86.4	%	85.8	%
Catastrophe losses	(5.4)	%	(4.1)	%	(4.9)	%	(4.6)	%
Prior period development	1.8	%	2.0	%	1.9	%	2.2	%
P&C CAY combined ratio excluding catastrophe losses	83.2	%	83.3	%	83.4	%	83.4	%

The P&C combined ratio increased for the three and six months ended June 30, 2024, reflecting higher catastrophe losses and a lower impact from favorable prior period development.

The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2024, primarily reflecting the favorable impact of higher net premiums earned and a higher percentage of net premiums earned from property lines and homeowners. These factors were substantially offset by higher loss trends in certain casualty lines, price changes not keeping pace with loss trends in financial lines, and increased spending to support growth.

Policy benefits

Policy benefits represent losses on contracts classified as long-duration and generally include accident and supplemental health products, term and whole life products, endowment products, and annuities. Policy benefits include (gains) losses from fair value changes in separate account liabilities that do not qualify for separate account treatment under U.S. GAAP. The offsetting movements of these liabilities are recorded in Other (income) expense in the Consolidated statements of operations. In addition, Policy benefits include the impact on the liabilities from (gains) losses on investment portfolios supporting certain participating policies. The offsetting movements of these liabilities are recorded in Realized gains (losses) in the Consolidated statements of operations. Policy benefits for the three and six months ended June 30, 2024, include the results of Huatai Group. Refer to the Life Insurance segment operating results section for further discussion.

Policy benefits were $1,219 million and $830 million for the three months ended June 30, 2024 and 2023, respectively, and $2,399 million and $1,627 million for the six months ended June 30, 2024 and 2023, respectively. The increase in Policy benefits is primarily due to the consolidation of Huatai Group.

Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Interest expense, Amortization of purchased intangibles, and Income tax expense.

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Segment Operating Results – Three and Six Months Ended June 30, 2024 and 2023

We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2023 Form 10-K.

North America Commercial P&C Insurance

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


	Three Months Ended									Six Months Ended
	June 30						% Change			June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024			2023			Q-24 vs. Q-23			2024			2023			YTD-24 vs. YTD-23
Net premiums written	$	5,501		$	5,155		6.7		%	$	10,190		$	9,443		7.9		%
Net premiums earned	4,900			4,606			6.4		%	9,780			8,975			9.0		%
Losses and loss expenses	3,074			2,871			7.1		%	6,249			5,600			11.6		%
Policy acquisition costs	660			614			7.5		%	1,348			1,227			9.9		%
Administrative expenses	327			316			3.6		%	655			611			7.3		%
Underwriting income	839			805			4.1		%	1,528			1,537			(0.6)		%
Net investment income	863			726			19.0		%	1,689			1,424			18.7		%
Other (income) expense	15			5			169.1		%	22			12			77.4		%
Segment income	$	1,687		$	1,526		10.6		%	$	3,195		$	2,949		8.4		%
Combined ratio:



Loss and loss expense ratio	62.7		%	62.3		%	0.4	pts		63.9		%	62.4		%	1.5	pts
Policy acquisition cost ratio	13.5		%	13.3		%	0.2	pts		13.8		%	13.7		%	0.1	pts
Administrative expense ratio	6.7		%	6.9		%	(0.2)	pts		6.7		%	6.8		%	(0.1)	pts
Combined ratio	82.9		%	82.5		%	0.4	pts		84.4		%	82.9		%	1.5	pts
Catastrophe losses	(5.2)		%	(5.0)		%	(0.2)	pts		(5.0)		%	(4.4)		%	(0.6)	pts
Prior period development	3.0		%	3.2		%	(0.2)	pts		2.0		%	2.4		%	(0.4)	pts
CAY combined ratio excluding catastrophe losses	80.7		%	80.7		%	—			81.4		%	80.9		%	0.5	pts


Net Catastrophe Losses and Prior Period Development	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Net catastrophe losses	$	252	$	231	$	488	$	393
Favorable prior period development	$	144	$	146	$	192	$	218

Catastrophe losses through both June 30, 2024 and 2023, were primarily from U.S. flooding, hail, tornadoes, wind events, and winter storm losses.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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Premiums

Net premiums written increased $346 million, or 6.7 percent, and $747 million, or 7.9 percent, for the three and six months ended June 30, 2024, respectively, reflecting strong new business and retention, including rate and exposure increases. The increase in premiums was across most lines of business, most notably in property and casualty lines, partially offset by declines in financial lines, reflecting a competitive market environment and lower retention, and planned corrective underwriting actions in Major Accounts primary and excess casualty that adversely impacted growth.

Net premiums earned increased $294 million, or 6.4 percent, and $805 million, or 9.0 percent, for the three and six months ended June 30, 2024, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio increased for the three and six months ended June 30, 2024, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the six months ended June 30, 2024, reflecting higher loss trends in certain casualty lines, which were mostly offset by a higher percentage of net premiums earned from property lines.

North America Personal P&C Insurance

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


	Three Months Ended									Six Months Ended
	June 30						% Change			June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024			2023			Q-24 vs. Q-23			2024			2023			YTD-24 vs. YTD-23
Net premiums written	$	1,776		$	1,581		12.3		%	$	3,232		$	2,877		12.3		%
Net premiums earned	1,512			1,357			11.5		%	2,983			2,677			11.5		%
Losses and loss expenses	876			846			3.5		%	1,775			1,734			2.4		%
Policy acquisition costs	299			277			8.0		%	599			549			9.1		%
Administrative expenses	88			84			5.5		%	174			163			7.3		%
Underwriting income	249			150			66.4		%	435			231			88.5		%
Net investment income	108			86			25.4		%	210			168			25.0		%
Other (income) expense	(2)			(1)			NM			(1)			—			NM
Amortization of purchased intangibles	2			3			(5.3)		%	4			5			(5.3)		%
Segment income	$	357		$	234		52.7		%	$	642		$	394		63.1		%
Combined ratio:



Loss and loss expense ratio	57.9		%	62.4		%	(4.5)	pts		59.5		%	64.8		%	(5.3)	pts
Policy acquisition cost ratio	19.8		%	20.4		%	(0.6)	pts		20.1		%	20.5		%	(0.4)	pts
Administrative expense ratio	5.8		%	6.1		%	(0.3)	pts		5.8		%	6.1		%	(0.3)	pts
Combined ratio	83.5		%	88.9		%	(5.4)	pts		85.4		%	91.4		%	(6.0)	pts
Catastrophe losses	(9.1)		%	(10.9)		%	1.8	pts		(10.3)		%	(11.4)		%	1.1	pts
Prior period development	4.2		%	2.5		%	1.7	pts		3.9		%	0.5		%	3.4	pts
CAY combined ratio excluding catastrophe losses	78.6		%	80.5		%	(1.9)	pts		79.0		%	80.5		%	(1.5)	pts

NM - Not meaningful

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Net Catastrophe Losses and Prior Period Development	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Net catastrophe losses	$	138	$	147	$	308	$	306
Favorable prior period development	$	64	$	33	$	116	$	16

Catastrophe losses through both June 30, 2024 and 2023, were primarily from U.S. flooding, hail, tornadoes, wind events, and winter storm losses.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $195 million, or 12.3 percent, and $355 million, or 12.3 percent, for the three and six months ended June 30, 2024, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines.

Net premiums earned increased $155 million, or 11.5 percent, and $306 million, or 11.5 percent, for the three and six months ended June 30, 2024, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio improved for the three and six months ended June 30, 2024, reflecting higher favorable prior period development and a lower impact from catastrophe losses.

The CAY combined ratio excluding catastrophe losses improved for the three and six months ended June 30, 2024, primarily reflecting an improvement in homeowners from earned rate and exposure growth, and a higher percentage of net premiums earned from homeowners, partly offset by an increase in excess liability and auto loss trends. Additionally, the improvement includes lower acquisition expenses due to commission reductions in our auto and excess lines, and a higher percentage of net premiums earned from excess and surplus homeowners lines, which carry a lower acquisition cost.

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North America Agricultural Insurance

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


	Three Months Ended									Six Months Ended
	June 30						% Change			June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024			2023			Q-24 vs. Q-23			2024			2023			YTD-24 vs. YTD-23
Net premiums written	$	758		$	767		(1.2)		%	$	1,007		$	1,060		(5.0)		%
Net premiums earned	626			635			(1.5)		%	754			794			(5.1)		%
Losses and loss expenses	543			507			7.2		%	592			647			(8.5)		%
Policy acquisition costs	45			37			18.3		%	66			52			25.8		%
Administrative expenses	3			3			—			5			6			(20.1)		%
Underwriting income	35			88			(59.7)		%	91			89			2.2		%
Net investment income	21			14			51.1		%	42			31			37.9		%
Other (income) expense	—			(1)			NM			—			—			—
Amortization of purchased intangibles	7			7			—			13			13			—
Segment income	$	49		$	96		(47.8)		%	$	120		$	107		12.7		%
Combined ratio:



Loss and loss expense ratio	86.8		%	79.7		%	7.1	pts		78.6		%	81.5		%	(2.9)	pts
Policy acquisition cost ratio	7.1		%	5.9		%	1.2	pts		8.7		%	6.6		%	2.1	pts
Administrative expense ratio	0.5		%	0.6		%	(0.1)	pts		0.6		%	0.7		%	(0.1)	pts
Combined ratio	94.4		%	86.2		%	8.2	pts		87.9		%	88.8		%	(0.9)	pts
Catastrophe losses	(5.3)		%	0.9		%	(6.2)	pts		(4.6)		%	(2.4)		%	(2.2)	pts
Prior period development	—		%	0.3		%	(0.3)	pts		4.2		%	0.3		%	3.9	pts
CAY combined ratio excluding catastrophe losses	89.1		%	87.4		%	1.7	pts		87.5		%	86.7		%	0.8	pts

NM - Not meaningful


Net Catastrophe Losses and Prior Period Development	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Net unfavorable (favorable) catastrophe losses	$	33	$	(5)	$	36	$	19
Favorable prior period development	$	—	$	3	$	28	$	3

Catastrophe losses through both June 30, 2024 and 2023, were primarily from U.S. flooding, hail, tornadoes, and wind events.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written decreased $9 million, or 1.2 percent, and $53 million, or 5.0 percent, for the three and six months ended June 30, 2024, primarily due lower commodity prices in the current year. The decrease in net premiums written for the six months ended June 30, 2024, also reflects a return of premium of $41 million under the U.S. government risk-sharing formula related to the 2023 crop year. Under the profit-sharing agreement, we ceded more premium due to lower losses experienced in certain states. The decrease was partially offset by strong new business and rate increases in our Agriculture P&C business.

Table of Contents

Net premiums earned decreased $9 million, or 1.5 percent, and $40 million, or 5.1 percent, for the three and six months ended June 30, 2024, reflecting the factors described above.

Combined Ratio

The combined ratio increased for the three months ended June 30, 2024, reflecting higher catastrophe losses and lower favorable prior period development. The combined ratio improved for the six months ended June 30, 2024, reflecting higher favorable prior period development, partially offset by higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses increased for the three months ended June 30, 2024, primarily due to the unfavorable year-over-year impact of our crop commodity price hedge activity, which produced a loss this quarter versus a gain last year. The CAY combined ratio excluding catastrophe losses increased for the six months ended June 30, 2024, due to the crop commodity price hedge activity mentioned above. The policy acquisition cost ratio increased for the three months ended June 30, 2024, reflecting higher net premiums earned from our Agriculture P&C business that has a higher policy acquisition cost ratio.

Overseas General Insurance

Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. Effective July 1, 2023, the Overseas General Insurance segment includes 100 percent of the results of Huatai Group's P&C business as required under consolidation accounting. We previously included our share of Huatai results based on our equity method investment within Other (income) expense.


	Three Months Ended									Six Months Ended
	June 30						% Change			June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024			2023			Q-24 vs. Q-23			2024			2023			YTD-24 vs. YTD-23
Net premiums written	$	3,334		$	2,885		15.6		%	$	7,169		$	6,148		16.6		%
Net premiums written - constant dollars							16.6		%							16.6		%
Net premiums earned	3,347			2,908			15.1		%	6,545			5,694			14.9		%
Loss and loss expenses	1,671			1,267			31.9		%	3,097			2,504			23.7		%
Policy benefits	92			137			(32.8)		%	192			247			(22.3)		%
Policy acquisition costs	842			746			12.7		%	1,665			1,459			14.1		%
Administrative expenses	348			292			19.3		%	679			572			18.9		%
Underwriting income	394			466			(15.4)		%	912			912			—
Net investment income	283			200			41.4		%	550			388			42.0		%
Other (income) expense	4			(10)			NM			9			(19)			NM
Amortization of purchased intangibles	20			15			27.1		%	40			33			21.9		%
Segment income	$	653		$	661		(1.2)		%	$	1,413		$	1,286		9.9		%


Combined ratio:



Loss and loss expense ratio	52.7		%	48.3		%	4.4	pts		50.3		%	48.3		%	2.0	pts
Policy acquisition cost ratio	25.1		%	25.7		%	(0.6)	pts		25.4		%	25.6		%	(0.2)	pts
Administrative expense ratio	10.4		%	10.0		%	0.4	pts		10.4		%	10.1		%	0.3	pts
Combined ratio	88.2		%	84.0		%	4.2	pts		86.1		%	84.0		%	2.1	pts
Catastrophe losses	(4.7)		%	(0.9)		%	(3.8)	pts		(2.8)		%	(2.5)		%	(0.3)	pts
Prior period development	1.8		%	2.1		%	(0.3)	pts		2.3		%	3.6		%	(1.3)	pts
CAY combined ratio excluding catastrophe losses	85.3		%	85.2		%	0.1	pts		85.6		%	85.1		%	0.5	pts

NM - not meaningful

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Net Catastrophe Losses and Prior Period Development


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Catastrophe losses	$	157	$	26	$	183	$	139
Favorable prior period development	$	61	$	61	$	150	$	204

Catastrophe losses through June 30, 2024 and 2023, were primarily from the following events:

•2024: Rio Grande storms, and International weather-related events.

•2023: Storms in New Zealand, flooding in Italy, and international weather-related events.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.


Net Premiums Written by Region	Three Months Ended June 30
(in millions of U.S. dollars, except for percentages)	2024		2024 % of Total		2023		2023 % of Total		C$ 2023		Q-24 vs. Q-23		C$ Q-24 vs. Q-23
Region
Europe, Middle East, and Africa	$	1,409	42	%	$	1,307	45	%	$	1,311	7.8	%	7.5	%
Asia (1)	1,177		35	%	931		33	%	893		26.5	%	31.7	%
Latin America	697		21	%	613		21	%	623		13.7	%	11.9	%


Other (2)	51		2	%	34		1	%	34		51.3	%	51.7	%
Net premiums written	$	3,334	100	%	$	2,885	100	%	$	2,861	15.6	%	16.6	%


	Six Months Ended June 30
(in millions of U.S. dollars, except for percentages)	2024		2024 % of Total		2023		2023 % of Total		C$ 2023		Y-24 vs. Y-23		C$ Y-24 vs. Y-23
Region
Europe, Middle East, and Africa	$	3,278	46	%	$	3,028	49	%	$	3,060	8.3	%	7.1	%
Asia (1)	2,338		33	%	1,792		29	%	1,722		30.4	%	35.7	%
Latin America	1,474		20	%	1,274		21	%	1,311		15.7	%	12.5	%

Other (2)	79		1	%	54		1	%	54		48.1	%	48.4	%
Net premiums written	$	7,169	100	%	$	6,148	100	%	$	6,147	16.6	%	16.6	%

(1) 2024 includes the consolidated results of Huatai P&C effective July 1, 2023.

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

Premiums

Overall, net premiums written increased $449 million and $1,021 million, or $473 million and $1,022 million on a constant dollar basis, for the three and six months ended June 30, 2024, respectively, reflecting growth in commercial lines of 13.3 percent and 12.7 percent, or 13.9 percent and 12.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 19.1 percent and 23.1 percent, or 20.7 percent and 23.5 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 30, 2024, supported by both our wholesale and retail divisions. The growth in commercial lines was driven by higher new business, and positive rate increases, primarily in commercial property and casualty lines. Consumer lines increased primarily due to new business growth in A&H and personal lines.

Asia increased for the three and six months ended June 30, 2024, reflecting the consolidation of Huatai Group's P&C business effective July 1, 2023, as well as higher new business, higher retention and positive rate increases in commercial lines. Consumer lines had strong growth in Asia with growth in new business for both A&H and personal lines.

Latin America increased for the three and six months ended June 30, 2024, reflecting growth in commercial lines driven by growth in new business and positive rate increases across property and casualty lines. Our personal lines business including automobile in Mexico, also continues to have strong growth.

Table of Contents

Net premiums earned increased $439 million and $851 million, or $465 million and $867 million on a constant-dollar basis, for the three and six months ended June 30, 2024, respectively, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio increased for the three months ended June 30, 2024, primarily reflecting higher catastrophe losses. The combined ratio increased for the six months ended June 30, 2024, primarily reflecting lower favorable prior period development and higher catastrophe losses. The CAY combined ratio excluding catastrophe losses increased for the six months ended June 30, 2024, principally related to the consolidation of Huatai.

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Global Reinsurance

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


	Three Months Ended									Six Months Ended
	June 30						% Change			June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024			2023			Q-24 vs. Q-23			2024			2023			YTD-24 vs. YTD-23
Net premiums written	$	411		$	293		40.3		%	$	770		$	570		35.1		%
Net premiums written - constant dollars							40.5		%							35.2		%
Net premiums earned	339			237			43.4		%	634			481			31.9		%
Losses and loss expenses	155			91			69.3		%	292			203			43.5		%
Policy acquisition costs	80			65			26.5		%	161			127			28.2		%
Administrative expenses	11			9			17.8		%	20			18			6.8		%
Underwriting income	93			72			28.8		%	161			133			21.2		%
Net investment income	58			48			21.1		%	115			97			18.1		%
Other (income) expense	—			—			—			—			(1)			100.0		%

Segment income	$	151		$	120		25.7		%	$	276		$	231		19.3		%


Combined ratio:



Loss and loss expense ratio	45.7		%	38.7		%	7.0	pts		46.0		%	42.3		%	3.7	pts
Policy acquisition cost ratio	23.8		%	27.0		%	(3.2)	pts		25.5		%	26.3		%	(0.8)	pts
Administrative expense ratio	3.2		%	3.9		%	(0.7)	pts		3.1		%	3.8		%	(0.7)	pts
Combined ratio	72.7		%	69.6		%	3.1	pts		74.6		%	72.4		%	2.2	pts
Catastrophe losses	—		%	(0.4)		%	0.4	pts		—		%	(0.2)		%	0.2	pts
Prior period development	4.7		%	7.6		%	(2.9)	pts		2.4		%	5.4		%	(3.0)	pts
CAY combined ratio excluding catastrophe losses	77.4		%	76.8		%	0.6	pts		77.0		%	77.6		%	(0.6)	pts

Net Catastrophe Losses and Prior Period Development


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Catastrophe losses	$	—	$	1	$	—	$	1
Favorable prior period development	$	16	$	17	$	15	$	25

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $118 million and $200 million for the three and six months ended June 30, 2024, respectively, primarily reflecting continued growth driven by strong new business. The increase in premium was most notably in property and casualty lines, which included a large one-off structured transaction in the current quarter. This transaction benefited growth by 12.5 and 6.5 percentage points for the three and six months ended June 30, 2024, respectively.

Net premiums earned increased $102 million and $153 million for the three and six months ended June 30, 2024, respectively, reflecting the increase in net premiums written described above, including the large structured transaction, which was fully earned when written.

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Combined Ratio

The combined ratio increased for the three and six months ended June 30, 2024, primarily reflecting the impact of lower favorable prior period development, as a percentage of net premiums earned. The CAY combined ratio excluding catastrophe losses increased for the three months ended June 30, 2024, primarily due to the impact of the large structured transaction, partially offset by growth in property lines, resulting in a lower expected loss ratio. The CAY combined ratio excluding catastrophe losses improved for the six months ended June 30, 2024, primarily due to favorable market conditions in catastrophe exposed property lines and favorable impact of higher net premiums earned on the administrative expense ratio, partially offset by the impact of the large structured transaction described above.

Life Insurance

The Life Insurance segment comprises our international life operations. Effective July 1, 2023, the Life Insurance segment includes 100 percent of the results of Huatai Group's life and asset management business as required under consolidation accounting. We previously included our share of Huatai results based on our equity method investment within Other (income) expense. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance.


	Three Months Ended						Six Months Ended
	June 30				% Change		June 30				% Change
(in millions of U.S. dollars, except for percentages)	2024		2023		Q-24 vs. Q-23		2024		2023		YTD-24 vs. YTD-23
Net premiums written	$	1,580	$	1,270	24.5	%	$	3,213	$	2,563	25.4	%
Net premiums written - constant dollars					27.6	%					28.7	%
Net premiums earned	1,568		1,256		24.7	%	3,179		2,520		26.1	%
Losses and loss expenses	22		35		(37.1)	%	54		67		(19.4)	%
Policy benefits	1,031		705		46.2	%	2,101		1,417		48.3	%
Policy acquisition costs	300		277		8.3	%	594		550		8.0	%
Administrative expenses	218		170		27.5	%	425		337		25.7	%
Net investment income	258		161		59.5	%	488		314		55.3	%

Other (income) expense	(32)		(26)		29.2	%	(72)		(41)		77.0	%
Amortization of purchased intangibles	11		2		NM		21		6		NM
Segment income	$	276	$	254	8.7	%	$	544	$	498	9.3	%

NM - not meaningful

Premiums

Net premiums written increased $310 million and $650 million, or $342 million and $716 million on a constant-dollar basis, for the three and six months ended June 30, 2024, respectively.

For our international life operations, net premiums written increased 27.8 percent and 29.6 percent for the three and six months ended June 30, 2024, substantially due to the consolidation of Huatai Group's life business which contributed $219 million and $485 million or 21.3 and 23.4 percentage points, respectively. The remaining increase in net premiums written is primarily driven by growth in North and Southeast Asia as well as by higher new business in Latin America.

Net premiums written in our North American Combined Insurance business increased 11.8 percent and 8.6 percent, for the three and six months ended June 30, 2024, respectively, due to growth in its worksite business of 28.7 percent and 24.6 percent partially offset by the non-renewal of a large program.

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Deposits

The following table presents deposits collected on universal life and investment contracts:


	Three Months Ended										Six Months Ended
	June 30						% Change				June 30						% Change
(in millions of U.S. dollars, except for percentages)	2024		2023		C$ 2023		Q-24 vs. Q-23		C$ Q-24 vs. Q-23		2024		2023		C$ 2023		Y-24 vs. Y-23		C$ Y-24 vs. Y-23
Deposits collected on universal life and investment contracts	$	547	$	400	$	384	36.8	%	42.5	%	$	1,147	$	709	$	685	61.8	%	67.5	%

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. New life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our business. Life deposits collected increased $147 million and $438 million for the three and six months ended June 30, 2024, respectively, primarily from the consolidation of Huatai Life business.

Life Insurance segment income

Life Insurance segment income increased $22 million and $46 million for the three and six months ended June 30, 2024, reflecting the growth in premiums described above, as well as higher net investment income from fund investments and fixed income yield.

Corporate

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures, including molestation. Effective July 1, 2023, 100 percent of Huatai Group’s non-insurance operations results, comprising real estate and holding company activity, are included in Corporate.


	Three Months Ended						Six Months Ended
	June 30				% Change		June 30				% Change
(in millions of U.S. dollars, except for percentages)	2024		2023		Q-24 vs. Q-23		2024		2023		YTD-24 vs. YTD-23
Losses and loss expenses	$	93	$	61	52.0	%	$	103	$	72	43.8	%

Administrative expenses	99		95		5.0	%	206		192		7.2	%
Underwriting loss	192		156		23.8	%	309		264		17.4	%
Net investment income (loss)	(32)		3		NM		(58)		14		NM
Other (income) expense	7		14		(44.4)	%	(61)		(200)		(69.6)	%
Amortization of purchased intangibles	40		43		(4.4)	%	82		85		(4.3)	%
Net realized gains (losses)	22		(309)		NM		(78)		(385)		(79.8)	%
Market risk benefits gains (losses)	(29)		(7)		NM		(8)		(122)		(93.7)	%
Interest expense	182		165		10.4	%	360		325		10.8	%
Cigna integration expenses	7		15		(55.8)	%	14		37		(62.3)	%
Income tax expense	490		392		25.2	%	832		776		7.3	%
Net loss	$	(957)	$	(1,098)	(12.5)	%	$	(1,680)	$	(1,780)	(5.5)	%
Net income (loss) attributable to noncontrolling interests	(14)		—		NM		137		—		NM
Net loss attributable to Chubb	$	(943)	$	(1,098)	(13.9)	%	$	(1,817)	$	(1,780)	2.2	%

NM - not meaningful

Administrative expenses increased $4 million and $14 million for the three and six months ended June 30, 2024, respectively, primarily due to increased spending to support growth.

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Cigna integration expenses principally comprised legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), Amortization of purchased intangibles, and Income tax expense (benefit). Refer to Notes 11 and 16 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.


Net Realized and Unrealized Gains (Losses)

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

The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2023 Form 10-K. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.

The following tables present our net realized and unrealized gains (losses):


	Three Months Ended June 30
					2024						2023

(in millions of U.S. dollars)	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact
Fixed maturities	$	26	$	(489)	$	(463)	$	(107)	$	(1,194)	$	(1,301)
Investment and embedded derivative instruments	(17)		—		(17)		(55)		—		(55)
Public equity
Sales	14		—		14		2		—		2
Mark-to-market	7		—		7		26		—		26
Private equity (less than 3 percent ownership)

Mark-to-market	49		—		49		20		—		20
Total investment portfolio	79		(489)		(410)		(114)		(1,194)		(1,308)
Other derivative instruments	(3)		—		(3)		2		—		2
Foreign exchange	27		(530)		(503)		(186)		215		29
Current discount rate on future policy benefits	—		53		53		—		(35)		(35)
Instrument-specific credit risk on market risk benefits	—		5		5		—		11		11
Other	1		(29)		(28)		(6)		48		42
Net gains (losses), pre-tax	$	104	$	(990)	$	(886)	$	(304)	$	(955)	$	(1,259)

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	Six Months Ended June 30
					2024						2023
(in millions of U.S. dollars)	Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact		Net Realized Gains (Losses)		Net Unrealized Gains (Losses)		Net Impact
Fixed maturities	$	75	$	(1,166)	$	(1,091)	$	(287)	$	592	$	305
Investment and embedded derivative instruments	(60)		—		(60)		(101)		—		(101)
Public equity
Sales	11		—		11		(3)		—		(3)
Mark-to-market	13		—		13		42		—		42
Private equity (less than 3 percent ownership)

Mark-to-market	80		—		80		35		—		35
Total investment portfolio	119		(1,166)		(1,047)		(314)		592		278
Other derivative instruments	(5)		—		(5)		1		—		1
Foreign exchange	(104)		(450)		(554)		(55)		38		(17)
Current discount rate on future policy benefits	—		—		—		—		(186)		(186)
Instrument-specific credit risk on market risk benefits	—		10		10		—		8		8
Other	(7)		2		(5)		(13)		15		2
Net gains (losses), pre-tax	$	3	$	(1,604)	$	(1,601)	$	(381)	$	467	$	86

Pre-tax net unrealized losses of $489 million and $1,166 million in our investment portfolio for the three and six months ended June 30, 2024, respectively, were primarily driven by higher interest rates.


Effective Income Tax Rate

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

For the three and six months ended June 30, 2024, our ETR was 18.1 percent and 15.6 percent, respectively, compared to an ETR of 17.9 percent and 17.4 percent, respectively, in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items. The six months ended June 30, 2024 included an incremental deferred tax benefit of $55 million in the first quarter related to the Bermuda tax law enacted in December 2023.


Non-GAAP Reconciliation

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

We provide financial measures, including net premiums written, net premiums earned, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.

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P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.

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

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

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

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

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The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:


		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate		Total P&C
Three Months Ended
June 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator
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
Policy acquisition costs and administrative expenses, adjusted	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

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																			—
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.

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		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
Three Months Ended
June 30, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits	A	$	2,871		$	846		$	507		$	1,404		$	91		$	61	$	5,780



Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(231)			(147)			5			(26)			(1)			—		(400)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—			—			—			—			—		—
Catastrophe losses, gross of related adjustments		(231)			(147)			5			(26)			(1)			—		(400)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		146			33			3			61			17			(60)		200
Net premiums earned adjustments on PPD - unfavorable (favorable)		12			—			(2)			—			—			—		10
Expense adjustments - unfavorable (favorable)		4			—			—			—			—			—		4
PPD reinstatement premiums - unfavorable (favorable)		—			—			—			—			6			—		6
PPD, gross of related adjustments - favorable (unfavorable)		162			33			1			61			23			(60)		220
CAY loss and loss expense ex CATs	B	$	2,802		$	732		$	513		$	1,439		$	113		$	1	$	5,600
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	930		$	361		$	40		$	1,038		$	74		$	95	$	2,538
Expense adjustments - favorable (unfavorable)		(4)			—			—			—			—			—		(4)
Policy acquisition costs and administrative expenses, adjusted	D	$	926		$	361		$	40		$	1,038		$	74		$	95	$	2,534
Denominator
Net premiums earned	E	$	4,606		$	1,357		$	635		$	2,908		$	237				$	9,743
Net premiums earned adjustments on PPD - unfavorable (favorable)		12			—			(2)			—			—					10
PPD reinstatement premiums - unfavorable (favorable)		—			—			—			—			6					6
Net premiums earned excluding adjustments	F	$	4,618		$	1,357		$	633		$	2,908		$	243				$	9,759
P&C Combined ratio
Loss and loss expense ratio	A/E	62.3		%	62.4		%	79.7		%	48.3		%	38.7		%			59.3		%
Policy acquisition cost and administrative expense ratio	C/E	20.2		%	26.5		%	6.5		%	35.7		%	30.9		%			26.1		%
P&C Combined ratio		82.5		%	88.9		%	86.2		%	84.0		%	69.6		%			85.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	60.7		%	54.0		%	80.9		%	49.5		%	46.7		%			57.4		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	20.0		%	26.5		%	6.5		%	35.7		%	30.1		%			25.9		%
CAY P&C Combined ratio ex CATs		80.7		%	80.5		%	87.4		%	85.2		%	76.8		%			83.3		%
Combined ratio
Combined ratio																			85.4		%
Add: impact of gains and losses on crop derivatives																			—
P&C Combined ratio																			85.4		%
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.

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		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
Six Months Ended
June 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator
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)
Policy acquisition costs and administrative expenses, adjusted	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

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																			—
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.

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		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
Six Months Ended
June 30, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits	A	$	5,600		$	1,734			$	647		$	2,751		$	203		$	72	$	11,007



Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments		(393)			(306)				(19)			(139)			(1)			—		(858)
Reinstatement premiums collected (expensed) on catastrophe losses		—			—				—			—			—			—		—
Catastrophe losses, gross of related adjustments		(393)			(306)				(19)			(139)			(1)			—		(858)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)		218			16				3			204			25			(70)		396
Net premiums earned adjustments on PPD - unfavorable (favorable)		12			—				(2)			—			—			—		10
Expense adjustments - unfavorable (favorable)		7			—				—			—			—			—		7
PPD reinstatement premiums - unfavorable (favorable)		—			(1)				—			—			6			—		5
PPD, gross of related adjustments - favorable (unfavorable)		237			15				1			204			31			(70)		418
CAY loss and loss expense ex CATs	B	$	5,444		$	1,443			$	629		$	2,816		$	233		$	2	$	10,567
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,838		$	712			$	58		$	2,031		$	145		$	192	$	4,976
Expense adjustments - favorable (unfavorable)		(7)			—				—			—			—			—		(7)
Policy acquisition costs and administrative expenses, adjusted	D	$	1,831		$	712			$	58		$	2,031		$	145		$	192	$	4,969
Denominator
Net premiums earned	E	$	8,975		$	2,677			$	794		$	5,694		$	481				$	18,621

Net premiums earned adjustments on PPD - unfavorable (favorable)		12			—				(2)			—			—					10
PPD reinstatement premiums - unfavorable (favorable)		—			(1)				—			—			6					5
Net premiums earned excluding adjustments	F	$	8,987		$	2,676		—	$	792		$	5,694		$	487				$	18,636
P&C Combined ratio
Loss and loss expense ratio	A/E	62.4		%	64.8		%		81.5		%	48.3		%	42.3		%			59.1		%
Policy acquisition cost and administrative expense ratio	C/E	20.5		%	26.6		%		7.3		%	35.7		%	30.1		%			26.7		%
P&C Combined ratio		82.9		%	91.4		%		88.8		%	84.0		%	72.4		%			85.8		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted	B/F	60.6		%	53.9		%		79.4		%	49.5		%	47.8		%			56.7		%
Policy acquisition cost and administrative expense ratio, adjusted	D/F	20.3		%	26.6		%		7.3		%	35.6		%	29.8		%			26.7		%
CAY P&C Combined ratio ex CATs		80.9		%	80.5		%		86.7		%	85.1		%	77.6		%			83.4		%
Combined ratio
Combined ratio																				85.8		%
Add: impact of gains and losses on crop derivatives																				—
P&C Combined ratio																				85.8		%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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Amortization of Purchased Intangibles and Other Amortization

Amortization of purchased intangibles

Amortization expense related to purchased intangibles was $80 million and $160 million for the three and six months ended June 30, 2024, respectively, compared with $70 million and $142 million for the prior year periods, respectively.

At June 30, 2024, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,524 million.

The following table presents, as of June 30, 2024, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign currency exchange rates, for the third through fourth quarters of 2024 and for the next five years:



For the Years Ending December 31 (in millions of U.S. dollars)	Reduction to deferred tax liability associated with intangible assets
Third quarter of 2024	$	21
Fourth quarter of 2024	21
2025	75
2026	70
2027	65
2028	62
2029	53
Total	$	367

Amortization of the fair value adjustment on assumed long-term debt

The following table presents, as of June 30, 2024, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the third through fourth quarters of 2024 and for the next five years:


For the Years Ending December 31 (in millions of U.S. dollars)	Amortization benefit of the fair value adjustment on assumed long-term debt (1)
Third quarter of 2024	$	5
Fourth quarter of 2024	6
2025	21
2026	21
2027	21
2028	21
2029	21
Total	$	116

(1)Recorded as a reduction to Interest expense in the Consolidated statements of operations.

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Net Investment Income


	Three Months Ended June 30				Six Months Ended June 30
(in millions of U.S. dollars)	2024		2023		2024		2023
Fixed maturities (1)	$	1,367	$	1,095	$	2,678	$	2,157
Short-term investments	41		49		90		87
Other interest income	23		12		38		29
Equity securities	35		6		59		15
Private equities	31		12		47		21
Other investments	22		20		45		37
Gross investment income (1)	1,519		1,194		2,957		2,346
Investment expenses	(51)		(49)		(98)		(94)
Net investment income (1)	$	1,468	$	1,145	$	2,859	$	2,252
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(4)	$	(3)	$	(9)	$	(5)

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 28.2 percent and 27.0 percent for the three and six months ended June 30, 2024, respectively, primarily due to higher reinvestment rates on fixed maturities and the consolidation of Huatai Group.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:


	Three Months Ended June 30				Six Months Ended June 30
(in millions of U.S. dollars)	2024		2023		2024		2023



Total mark-to-market gain on private equity, pre-tax	$	53	$	17	$	187	$	274


Investments

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at June 30, 2024. Excluding Huatai, the portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and closely monitor investment manager compliance with portfolio guidelines.

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

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	June 30, 2024				December 31, 2023
(in millions of U.S. dollars)	Fair Value		Cost/ Amortized Cost, Net		Fair Value		Cost/ Amortized Cost, Net
Short-term investments	$	4,546	$	4,547	$	4,551	$	4,551
Other investments - Fixed maturities	5,404		5,404		3,773		3,773
Fixed maturities available-for-sale	107,840		113,407		106,571		110,972

Fixed income securities	117,790		123,358		114,895		119,296
Equity securities	3,792		3,792		3,455		3,455
Private debt held-for-investment	2,696		2,680		2,560		2,553
Private equities and other	16,474		16,474		15,832		15,832

Total investments	$	140,752	$	146,304	$	136,742	$	141,136

The fair value of our total investments increased $4.0 billion during the six months ended June 30, 2024, due to the investing of operating cash flow, partially offset by unrealized losses. The valuation of our fixed income portfolio is impacted by changes in interest rates.

The following tables present the fair value of our fixed income securities at June 30, 2024, and December 31, 2023. The first table lists investments according to type and second according to S&P credit rating:


	June 30, 2024				December 31, 2023
(in millions of U.S. dollars, except for percentages)	Fair Value		% of Total		Fair Value		% of Total
U.S. Treasury / Agency	$	2,741	2	%	$	3,590	3	%
Corporate and asset-backed securities	43,620		37	%	42,830		37	%
Mortgage-backed securities	24,614		21	%	22,058		19	%
Municipal	1,947		2	%	2,929		3	%
Non-U.S.	40,322		34	%	38,937		34	%
Short-term investments	4,546		4	%	4,551		4	%
Total (1)	$	117,790	100	%	$	114,895	100	%
AAA	$	14,087	12	%	$	12,669	11	%
AA	34,980		30	%	34,312		30	%
A	28,056		24	%	27,674		24	%
BBB	21,457		18	%	20,810		18	%
BB	10,384		9	%	10,270		9	%
B	8,293		7	%	8,580		7	%
Other	533		—	%	580		1	%
Total (1)	$	117,790	100	%	$	114,895	100	%

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $5.4 billion and $3.8 billion at June 30, 2024, and December 31, 2023, respectively.

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Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at June 30, 2024:


(in millions of U.S. dollars)	Fair Value
Bank of America Corp	$	804
Morgan Stanley	705
JPMorgan Chase & Co	652
Wells Fargo & Co	614
Goldman Sachs Group Inc	561
Citigroup Inc	558
UBS Group AG	412
Verizon Communications Inc	397
AT&T Inc	394
HSBC Holdings Plc	364

Mortgage-backed securities

The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:


	S&P Credit Rating										Fair Value		Amortized Cost, Net
June 30, 2024 (in millions of U.S. dollars)	AAA		AA		A		BBB		BB and below		Total		Total
Agency residential mortgage-backed securities (RMBS)	$	9	$	21,151	$	—	$	—	$	—	$	21,160	$	22,986
Non-agency RMBS	1,247		118		70		58		6		1,499		1,563
Commercial mortgage-backed securities	1,682		154		107		12		—		1,955		2,082
Total mortgage-backed securities	$	2,938	$	21,423	$	177	$	70	$	6	$	24,614	$	26,631

Municipal

As part of our overall investment strategy, we may invest in states, municipalities, and other political subdivisions fixed maturity securities (Municipal). We apply the same investment selection process described previously to our Municipal investments. The portfolio is highly diversified primarily in state general obligation bonds and essential service revenue bonds including education and utilities (water, power, and sewers).

Non-U.S.

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

Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A and 39 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material.

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The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at June 30, 2024:


(in millions of U.S. dollars)	Fair Value		Amortized Cost, Net
Republic of Korea	$	1,812	$	1,774
People's Republic of China	1,627		1,567
Canada	911		954
Taiwan	888		909
Federative Republic of Brazil	595		607
United Mexican States	585		612
Kingdom of Thailand	570		564
Commonwealth of Australia	536		614
Province of Ontario	512		538
United Kingdom	436		467
Other Non-U.S. Government Securities	6,525		6,693
Total	$	14,997	$	15,299

The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at June 30, 2024:


(in millions of U.S. dollars)	Fair Value		Amortized Cost, Net
China	$	6,454	$	6,443
United Kingdom	2,549		2,673
Canada	2,232		2,287
United States (1)	1,753		1,808
France	1,576		1,626
South Korea	1,530		1,507
Australia	1,104		1,165
Japan	816		851
Germany	614		648
Switzerland	523		553
Other Non-U.S. Corporate Securities	6,174		6,432
Total	$	25,325	$	25,993

(1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Below-investment grade corporate fixed income portfolio

Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At June 30, 2024, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $167 million.

We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit as a percentage of high-yield allocation.

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We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.


Critical Accounting Estimates

Unpaid losses and loss expenses

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

The following table presents a roll-forward of our unpaid losses and loss expenses:


(in millions of U.S. dollars)	Gross Losses		Reinsurance Recoverable (1)		Net Losses
Balance at December 31, 2023	$	80,122	$	17,884	$	62,238
Losses and loss expenses incurred	14,422		2,264		12,158
Losses and loss expenses paid	(12,080)		(2,670)		(9,410)
Other (including foreign exchange translation)	(273)		(69)		(204)
Balance at June 30, 2024	$	82,191	$	17,409	$	64,782

(1)Net of valuation allowance for uncollectible reinsurance.

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

Refer to Note 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.

Asbestos and Environmental (A&E)

There was no significant A&E reserve activity during the three and six months ended June 30, 2024. A&E reserves are included in Corporate. Refer to our 2023 Form 10-K for further information on our A&E exposures.

Fair value measurements

Accounting guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1 inputs) and the lowest priority to unobservable data (Level 3 inputs). Level 2 includes inputs, other than quoted prices within Level 1, that are observable for assets or liabilities either directly or indirectly. Refer to Note 4 to the Consolidated Financial Statements for information on our fair value measurements.

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Catastrophe Management

We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at June 30, 2024, and does not represent our expected catastrophe losses for any one year.


	Modeled Net Probable Maximum Loss (PML) Pre-tax
	Worldwide (1)				U.S. Hurricane (2)				California Earthquake (3)
	Annual Aggregate				Annual Aggregate				Single Occurrence
(in millions of U.S. dollars, except for percentages)	Chubb		% of Total Chubb Shareholders’ Equity		Chubb		% of Total Chubb Shareholders’ Equity		Chubb		% of Total Chubb Shareholders’ Equity
1-in-10	$	2,796	4.6	%	$	1,573	2.6	%	$	165	0.3	%
1-in-100	$	5,282	8.7	%	$	3,636	6.0	%	$	1,874	3.1	%
1-in-250	$	8,180	13.4	%	$	5,718	9.4	%	$	2,157	3.5	%

(1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.

(2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding.

(3) California earthquake modeled losses include the fire-following sub-peril.

The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at April 1, 2024, and reflect the April 1, 2024, reinsurance program, as well as inuring reinsurance protection coverage. As of April 1, 2024, we increased retention in North America by $500 million and increased limits by $1.7 billion. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible.

According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,636 million (or 6.0 percent of total Chubb shareholders’ equity at June 30, 2024). Effective March 31, 2024, our worldwide and U.S. Hurricane PMLs reflect the latest North Atlantic hurricane vulnerability model.

The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:

•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;

•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;

•The potential effects of climate change add to modeling complexity; and

•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2024. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.

Refer to Item 7 in our 2023 Form 10-K for more information on man-made and other catastrophes.

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Global Property Catastrophe Reinsurance Program

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

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

Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2024, through March 31, 2025. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2024, through March 31, 2025, with the same limits and retention and percentage placed except that the majority of terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Effective September 1, 2023, Chubb purchased an additional layer of per occurrence coverage for named windstorms and earthquakes within Northeast states. Coverage is provided for losses for North American and international operations within the territory through August 31, 2024.

Loss Location

Layer of Loss

Comments

Notes

United States
(excluding Alaska and Hawaii)

$0 million –

$1.75 billion

Losses retained by Chubb

(a)

United States
(excluding Alaska and Hawaii)

$1.75 billion –

$2.85 billion

All natural perils and terrorism

(b)

United States
(excluding Alaska and Hawaii)

$2.85 billion –

$4.0 billion

All natural perils and terrorism

(c)

United States
(excluding Alaska and Hawaii)

$4.0 billion –

$5.7 billion

Named windstorm and earthquake

United States
(Northeast States Only)

$3.5 billion –
$4.0 billion

Named windstorm and earthquake

(d)

International
(including Alaska and Hawaii)

$0 million –

$225 million

Losses retained by Chubb

(a)

International
(including Alaska and Hawaii)

$225 million –

$1.325 billion

All natural perils and terrorism

(b)

Alaska, Hawaii, and Canada

$1.325 billion –

$2.475 billion

All natural perils and terrorism

(c)

(a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.

(b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

(c) These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

(d) Northeast states are defined as Virginia to Maine. This coverage is fully placed with Reinsurers and inures to the benefit of the United States (excluding Alaska and Hawaii) layer.

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Capital Resources

Capital resources consist of funds deployed or available to be deployed to support our business operations.


	June 30			December 31
(in millions of U.S. dollars, except for ratios)	2024			2023
Short-term debt	$	1,553		$	1,460
Long-term debt	13,178			13,035
Total financial debt	14,731			14,495
Trust preferred securities	309			308
Total Chubb shareholders’ equity	61,038			59,507
Total capitalization	$	76,078		$	74,310
Ratio of financial debt to total capitalization	19.4		%	19.5		%
Ratio of financial debt plus trust preferred securities to total capitalization	19.8		%	19.9		%

Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.

On March 7, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion of 5.0 percent senior notes due March 2034. Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity.

For the six months ended June 30, 2024, we repurchased $886 million of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At June 30, 2024, there were 15,552,491 Common Shares in treasury with a weighted-average cost of $159.49 per share, and $2.8 billion in share repurchase authorization remained. For the period July 1, 2024, through July 25, 2024, we repurchased 175,465 Common Shares for a total of $45 million in a series of open market transactions under the share repurchase authorization. At July 25, 2024, $2.8 billion in share repurchase authorization remained.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs.

Dividends

We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 13 to the Consolidated Financial Statements for a discussion of our dividend methodology.

At our May 2024 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.64 per share, or CHF 3.29 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 16, 2024, expected to be paid in four quarterly installments of $0.91 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2025 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2024 represented a $0.20 per share increase ($0.05 per quarter) over the prior year dividend.

The following table represents dividends paid per Common Share to shareholders of record on each of the following dates:

Shareholders of record as of:

Dividends paid as of:

December 15, 2023

January 5, 2024

$0.86 (CHF 0.76)

March 15, 2024

April 5, 2024

$0.86 (CHF 0.75)

June 14, 2024

July 5, 2024

$0.91 (CHF 0.82)

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Liquidity

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to capital markets and to credit facilities with letter of credit capacity of $4.0 billion, $3.0 billion of which can be used for revolving credit. At June 30, 2024, our usage under these facilities was $903 million in letters of credit. Our access to credit under these facilities is dependent on the ability of the banks that are a party to the facilities to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at June 30, 2024. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.

The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the six months ended June 30, 2024, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. Chubb Limited received dividends of $700 million and $925 million from its Bermuda subsidiaries during the six months ended June 30, 2024 and 2023, respectively. Chubb Limited also received dividends of $91 million from its other international subsidiary during the six months ended June 30, 2024.

The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the six months ended June 30, 2024 and 2023. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received $1.7 billion and $458 million from its subsidiaries during the six months ended June 30, 2024 and 2023, respectively.

Cash Flows

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the six months ended June 30, 2024 and 2023.

Operating cash flows were $7.3 billion in the six months ended June 30, 2024, compared to $4.8 billion in the prior year period, primarily due to higher net premiums collected, net investment income, and the impact of the Huatai consolidation.

Cash used for investing was $6.1 billion in the six months ended June 30, 2024, compared to $2.3 billion in the prior year period, an increase of $3.8 billion, which primarily included higher net purchases of fixed maturities and equity securities of $3.6 billion.

Cash used for financing was $1.2 billion in the six months ended June 30, 2024, compared to $2.3 billion in the prior year period, a decrease in cash used for financing of $1.1 billion. This was primarily due to net proceeds from the issuance of long-term debt, net of repayments of $296 million compared with repayments of $475 million in the prior year and fewer common shares repurchased of $211 million.

We use repurchase agreements as a low-cost funding alternative. At June 30, 2024, there were $3.1 billion in repurchase agreements outstanding with various maturities over the next twelve months.

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

Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.

The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after elimination of investment in any non-guarantor subsidiary:


	Chubb Limited (Parent Guarantor)				Chubb INA Holdings LLC (Subsidiary Issuer)
	June 30		December 31		June 30		December 31
(in millions of U.S. dollars)	2024		2023		2024		2023
Assets
Investments	$	—	$	—	$	107	$	103
Cash	51		77		4		3

Due from parent guarantor/subsidiary issuer	54		441		—		—
Due from subsidiaries that are not issuers or guarantors	515		539		524		571
Other assets	5		12		2,992		2,785
Total assets	$	625	$	1,069	$	3,627	$	3,462
Liabilities
Due to parent guarantor/subsidiary issuer	$	—	$	—	$	54	$	441
Due to subsidiaries that are not issuers or guarantors	257		263		667		593
Affiliated notional cash pooling programs	154		594		618		455
Short-term debt	—		—		1,553		1,460
Long-term debt	—		—		13,178		13,035
Trust preferred securities	—		—		309		308
Other liabilities	453		657		1,463		1,496
Total liabilities	864		1,514		17,842		17,788
Total equity	(239)		(445)		(14,215)		(14,326)
Total liabilities and equity	$	625	$	1,069	$	3,627	$	3,462

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The following table presents the condensed statements of operations and comprehensive income of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:


Six Months Ended June 30, 2024	Chubb Limited (Parent Guarantor)		Chubb INA Holdings LLC (Subsidiary Issuer)
(in millions of U.S. dollars)
Net investment income (loss)	$	(15)	$	(27)

Net realized gains (losses)	(8)		(1)
Administrative expenses	60		(9)
Interest (income) expense	(7)		237
Other (income) expense	(22)		28

Income tax expense (benefit)	6		(67)
Net loss	$	(60)	$	(217)
Comprehensive loss	$	(60)	$	(269)


ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Refer to Item 7A included in our 2023 Form 10-K.

Foreign currency management

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities and required capital for each individual jurisdiction in local currency, which would include the use of derivatives. We occasionally engage in hedging activity for planned cross border transactions. For an estimated impact of foreign currency movement on our net assets denominated in non-U.S. currencies, refer to Item 7A in our 2023 Form 10-K. This information will be updated and disclosed in interim filings if our net assets in non-U.S. currencies change materially from the December 31, 2023, balances disclosed in the 2023 Form 10-K.

Reinsurance of market risk benefits

Chubb views its MRB reinsurance business as having a similar risk profile to that of catastrophe reinsurance, with the probability of long-term economic loss relatively small at the time of pricing. Adverse changes in market factors and policyholder behavior will have an impact on both MRB gains (losses) and net income. When evaluating these risks, we expect to be compensated for taking both the risk of a cumulative long-term economic net loss, as well as the short-term accounting variations caused by these market movements. Therefore, we evaluate this business in terms of its long-term economic risk and reward.

The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock etc.) at June 30, 2024, for both the fair value of the MRB liability (FVL) and the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the MRB reinsurance portfolio. The following assumptions should be considered when using the below tables:

•Equity shocks impact all global equity markets equally

•Our liabilities are sensitive to global equity markets in the following proportions: 80 percent—90 percent U.S. equity, and 10 percent—20 percent international equity.

•Our current hedge portfolio is sensitive only to U.S. equity markets.

•We would suggest using the S&P 500 index as a proxy for U.S. equity, and the MSCI EAFE index as a proxy for international equity.

•Interest rate shocks assume a parallel shift in the U.S. yield curve

•Our liabilities are also sensitive to global interest rates at various points on the yield curve, mainly the U.S. Treasury curve in the following proportions: up to 15 percent short-term rates (maturing in less than 5 years), 15 percent—30 percent medium-term rates (maturing between 5 years and 10 years, inclusive), and 65 percent—80 percent long-term rates (maturing beyond 10 years).

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•A change in AA-rated credit spreads impacts the rate used to discount cash flows in the fair value model. AA-rated credit spreads are a proxy for both our own credit spreads and the credit spreads of the ceding insurers.

•The hedge sensitivity is from June 30, 2024, market levels and only applicable to the equity and interest rate sensitivities table below.

•The sensitivities do not scale linearly and may be proportionally greater for larger movements in the market factors. Actual sensitivity of our net income may differ from those disclosed in the tables below due to fluctuations in short-term market movements.


Sensitivities to equity and interest rate movements
(in millions of U.S. dollars)		Worldwide Equity Shock
Interest Rate Shock		+10%		Flat		-10%		-20%		-30%		-40%
+100 bps	(Increase)/decrease in FVL	$	235	$	157	$	58	$	(65)	$	(221)	$	(430)
	Increase/(decrease) in hedge value	(104)		—		104		209		313		418
	Increase/(decrease) in net income	$	131	$	157	$	162	$	144	$	92	$	(12)
Flat	(Increase)/decrease in FVL	$	97	$	—	$	(116)	$	(260)	$	(445)	$	(682)
	Increase/(decrease) in hedge value	(104)		—		104		209		313		418
	Increase/(decrease) in net income	$	(7)	$	—	$	(12)	$	(51)	$	(132)	$	(264)
-100 bps	(Increase)/decrease in FVL	$	(77)	$	(191)	$	(327)	$	(494)	$	(709)	$	(973)
	Increase/(decrease) in hedge value	(104)		—		104		209		313		418
	Increase/(decrease) in net income	$	(181)	$	(191)	$	(223)	$	(285)	$	(396)	$	(555)

Sensitivities to Other Economic Variables		AA-rated Credit Spreads				Interest Rate Volatility				Equity Volatility
(in millions of U.S. dollars)		+100 bps		-100 bps		+2%		-2%		+2%		-2%
(Increase)/decrease in FVL		$	38	$	(43)	$	(1)	$	1	$	(14)	$	13

Increase/(decrease) in net income		$	38	$	(43)	$	(1)	$	1	$	(14)	$	13

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Market Risk Benefits Net Amount at Risk

All our MRB reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible which limit the net amount at risk under these programs. The tables below present the net amount at risk at June 30, 2024, following an immediate change in equity market levels, assuming all global equity markets are impacted equally.

a) Reinsurance covering the GMDB risk only


	Equity Shock
(in millions of U.S. dollars)	+20		%	Flat		-20		%	-40		%	-60		%	-80		%
GMDB net amount at risk	$	219		$	216	$	375		$	637		$	643		$	522
Claims at 100% immediate mortality	131			138		147			138			126			112

The treaty limits function as a ceiling as equity markets fall. As the shocks in the table above become incrementally more negative, the impacts begin to drop due to the specific nature of these claim limits, many of which are annual claim limits calculated as a percentage of the reinsured account value. There is also an impact due to a portion of the reinsurance under which claims are positively correlated to equity markets (claims decrease as equity markets fall).

b) Reinsurance covering the GLB risk only


	Equity Shock
(in millions of U.S. dollars)	+20		%	Flat		-20		%	-40		%	-60		%	-80		%
GLB net amount at risk	$	759		$	996	$	1,365		$	1,897		$	2,205		$	2,475

The treaty limits cause the net amount at risk to increase at a declining rate as equity markets fall.

c) Reinsurance covering both the GMDB and GLB risks on the same underlying policyholders


	Equity Shock
(in millions of U.S. dollars)	+20		%	Flat		-20		%	-40		%	-60		%	-80		%
GMDB net amount at risk	$	35		$	41	$	51		$	61		$	69		$	76
GLB net amount at risk	305			377		474			592			708			750
Claims at 100% immediate mortality	27			26		26			26			26			26

The treaty limits cause the GMDB and GLB net amount at risk to increase at a declining rate as equity markets fall.

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ITEM 4. Controls and Procedures

Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of June 30, 2024. Based upon that evaluation, Chubb’s Chief Executive Officer and Chief Financial Officer concluded that Chubb’s disclosure controls and procedures are effective in allowing information required to be disclosed in reports filed under the Securities Exchange Act of 1934 to be recorded, processed, summarized, and reported within time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to Chubb’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Effective July 1, 2023, Chubb discontinued the equity method of accounting to its investment in Huatai Group and applied consolidation accounting. For the three and six months ended June 30, 2024, Huatai Group represented approximately 5 percent of consolidated revenues. At June 30, 2024, Huatai group represented approximately 7 percent of total assets. We currently exclude, and are in the process of working to incorporate, Huatai Group in our evaluation of internal controls over financial reporting, and related disclosure controls and procedures.

Other than working to incorporate Huatai Group as noted above, there have been no changes in Chubb's internal controls over financial reporting during the three months ended June 30, 2024, that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

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PART II OTHER INFORMATION


ITEM 1. Legal Proceedings

The information required with respect to this item is included in Note 12 h) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.


ITEM 1A. Risk Factors

There have been no material changes to the risk factors described under "Risk Factors" under Item 1A of Part I of our 2023 Form 10-K.


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

Issuer’s Repurchases of Equity Securities

The following table provides information with respect to purchases by Chubb of its Common Shares during the three months ended June 30, 2024:


Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan (2)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan (3)
April 1 through April 30	1,018,341	$	248.51	1,013,338	$	3.12	billion
May 1 through May 31	1,199,721	$	254.72	1,059,598	$	2.86	billion
June 1 through June 30	184,203	$	275.98	181,300	$	2.81	billion
Total	2,402,265	$	253.72	2,254,236

(1)This column represents open market share repurchases and the surrender to Chubb of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees and to cover the cost of the exercise of options by employees through stock swaps.

(2)The aggregate value of shares purchased in the three months ended June 30, 2024 as part of the publicly announced plan was $570 million. Refer to Note 13 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.

(3)For the period July 1, 2024, through July 25, 2024, we repurchased 175,465 Common Shares for a total of $45 million in a series of open market transactions. As of July 25, 2024, $2.76 billion in share repurchase authorization remained.


ITEM 5. Other Information

On May 31, 2024, John J. Lupica, Executive Chairman of North America Insurance, adopted a "Rule 10b5-1 trading arrangement" as defined in Item 408 of SEC Regulation S-K. The arrangement is scheduled to expire on May 31, 2025, subject to earlier termination in accordance with its terms. The aggregate number of Chubb common shares authorized to be sold pursuant to the trading arrangement is 15,000.

During the three months ended June 30, 2024, no other director or officer of Chubb (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of SEC Regulation S-K.

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ITEM 6. Exhibits

Incorporated by Reference

Exhibit
Number

Exhibit Description

Form

Original
Number

Date Filed

Filed
Herewith

3.1

Articles of Association of the Company, as amended and restated

8-K

3.1

May 16, 2024

3.2

Organizational Regulations of the Company, as amended

10-K

3.2

February 24, 2023

4.1

Articles of Association of the Company, as amended and restated

8-K

4.1

May 16, 2024

4.2

Organizational Regulations of the Company, as amended

10-K

4.2

February 24, 2023

10.1*

Chubb Deferred Stock Unit Plan, as amended and restated

10.2*

Chubb Limited Employee Stock Purchase Plan, as amended and restated

8-K

10.1

May 16, 2024

22.1

Guaranteed Securities

31.1

Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

31.2

Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

32.1

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

32.2

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

101.1

The following financial information from Chubb Limited’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, formatted in Inline XBRL:

(i) Consolidated Balance Sheets at June 30, 2024, and December 31, 2023; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023; (iii) Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023; (iv) Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023; and (v) Notes to Consolidated Financial Statements

104.1

The Cover Page Interactive Data File formatted in Inline XBRL (The cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101.1)

* Management contract, compensatory plan or arrangement

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


			CHUBB LIMITED
			(Registrant)

July 26, 2024			/s/ Evan G. Greenberg
			Evan G. Greenberg
			Chairman and Chief Executive Officer

July 26, 2024			/s/ Peter C. Enns
			Peter C. Enns
			Executive Vice President and Chief Financial Officer

EX-10.1 2 cb-6302024xex101.htm EX-10.1 Document

CHUBB DEFERRED STOCK UNIT PLAN

Amended and restated effective January 1, 2024

ARTICLE I

PREAMBLE

The Chubb Deferred Stock Unit Plan, as amended and restated (the “Sub-Plan”) is hereby adopted pursuant to Section 4.7 of the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated as of May 20, 2021 (such plan, and as it may be amended from time to time after the date hereof, the “LTIP”). The purpose of the Sub-Plan is to provide eligible employees with the opportunity to defer receipt of shares of Common Stock pursuant to the terms of certain Performance Stock Units and Restricted Stock Units allocated to a U.S. payroll and treated as a compensation expense of a U.S.-based subsidiary (“PSUs” and “RSUs,” respectively, and collectively referred to hereinafter as “Units”) and awarded to Participants under the LTIP. In addition to the terms and conditions set forth below, the Sub-Plan is subject to the provisions of the LTIP (including without limitation, Section 4.2 of the LTIP regarding the number and type of shares of Common Stock that may be delivered to LTIP participants and their beneficiaries), which are incorporated herein by reference. In no event shall this Sub-Plan be construed to provide a Participant with any rights with respect to vesting of a Unit beyond the rights set forth in the applicable award agreement and the LTIP.

ARTICLE II

DEFINITIONS

Except as defined in this Article II, terms used in this Sub-Plan have the definitions of the terms as set forth in Section 8 of the LTIP:

1.Beneficiary means the person, persons or entity designated on an electronic or written form by the Participant to receive the value of his or her Sub-Plan Account in the event of the Participant’s death. If the Participant fails to designate a Beneficiary, or the Beneficiary (and any contingent Beneficiary) does not survive the Participant, the value of the Participant’s Sub-Plan Account will be paid to the estate of the Participant.

2.Change in Control shall have the meaning set forth in the LTIP; provided that “Change in Control” must also qualify as a “change in control event” as described in IRS regulations or other guidance under Code section 409A(a)(2)(A)(v).

3.Chubb means Chubb Limited or any entity controlled by or under common control with Chubb Limited within the meaning of Section 414(b) or (c) of the Code.

4.Code means the Internal Revenue Code of 1986, as amended from time to time, and any successor thereto. References to any section of the Internal Revenue Code shall include any final regulations or other published guidance interpreting that section.

5.Committee means the Compensation Committee of Chubb Limited’s Board of Directors, except to the extent that the Compensation Committee has delegated authority to administer this Sub-Plan to Chubb’s US Retirement Committee in accordance with Section 6.3 of the LTIP, in which case “Committee” shall mean Chubb’s US Retirement Committee.

6.Common Stock means the common shares of Chubb Limited.

7.Company means Chubb INA Holdings Inc. or any successor corporation or entity and any participating U.S.-based subsidiary.

8.Default Deferral Period means, with respect to PSUs, the minimum Deferral Period of three (3) years following the date on which the Unit Account is established, and with respect to RSUs, the minimum Deferral Period of seven (7) years following the date on which the Unit Account is established.

9.Deferral Period means the period designated (or deemed to be designated) by the Participant in accordance with the Sub-Plan that ends on the Participant’s Separation from Service date, Retirement Date, on a Specific Deferral Date, or on the date of a Change in Control, subject to any minimum Deferral Period set forth in Section 4.4.

10.Deferred Dividend Equivalents means dividend equivalents accrued under Units prior to vesting, which have been deferred pursuant to the terms of this Sub-Plan.

11.Deferred PSU Dividend Equivalent Subaccount means the portion of a Participant’s Unit Account attributable to Deferred Dividend Equivalents accrued under PSUs deferred by the Participant to such Unit Account.

12.Deferred PSU Subaccount means the portion of a Participant’s Unit Account attributable to Deferred Stock Units attributable to PSUs deferred by the Participant to such Unit Account.

13.Deferred RSU Dividend Equivalent Subaccount means the portion of a Participant’s Unit Account attributable to Deferred Dividend Equivalents accrued under RSUs deferred by the Participant to such Unit Account.

14.Deferred RSU Subaccount means the portion of a Participant’s Unit Account attributable to Deferred Stock Units attributable to RSUs deferred by the Participant to such Unit Account.

15.Deferred Stock Units means Units that have been deferred pursuant to the terms of this Sub-Plan.

16.Disability means permanent and total disability as determined under Chubb’s long-term disability plan applicable to the Participant, or if there is no such plan applicable to the Participant, “Disability” means a determination of total disability by the Social Security Administration; provided that, in either case, the Participant’s condition also qualifies as a “disability” for purposes of Section 409A(a)(2)(C) of the Code.

17.Election Form means the enrollment form provided to Participants electronically or in paper form for the purpose of deferring Units under the Sub-Plan. Each Election Form must specify the percentage of the PSUs, RSUs and/or dividend equivalents to be deferred with respect to the applicable Unit award, the form of distribution elected, and the distribution start date. There will be a separate Election Form for each calendar year’s Unit awards.

18.Eligible Employee means an executive of Chubb, as determined by the Committee, who (i) is awarded PSUs or both PSUs and RSUs, (ii) provides services to a U.S.-based subsidiary in exchange for such Units, and (iii) files a U.S. income tax return.

19.Investment Options means the notional investment options, as determined from time to time by the Committee, used to credit earnings, gains and losses on Unit Account balances.

20.Participant means an Eligible Employee or former Eligible Employee who has elected to defer a portion of his or her PSUs, RSUs or dividend equivalents pursuant to the terms of this Sub-Plan and has a balance in his or her Sub-Plan Account.

21.Performance-Based Compensation means Units payable to an Eligible Employee where the amount of, or entitlement to, the Units is contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least twelve consecutive months. Organizational or individual performance criteria are considered pre-established if established in writing by not later than ninety (90) days after the commencement of the period of service to which the criteria relate, provided that the outcome is substantially uncertain at the time the criteria are established. The determination of whether Units payable to an Eligible Employee qualify as Performance-Based Compensation will be made in accordance with Treasury Regulation section 1.409A-1(e) and subsequent guidance.

22.Performance Cycle means the performance measurement period during which the pre-established performance targets are measured for each PSU award, as described in the applicable PSU award agreement.

23.Sub-Plan means the Chubb Deferred Stock Unit Plan, as amended from time to time.

24.Sub-Plan Account means the aggregate value of all Unit Accounts.

25.Retirement means the Participant’s Separation from Service that occurs on or after the Participant has both completed at least ten years of service with Chubb or a Subsidiary and attained at least age 62; provided, however, that a Separation from Service will not be treated as a Retirement unless the Participant (i) has terminated employment in good standing with Chubb or a Subsidiary, and (ii) executes an agreement and release as required by Chubb which will include, without limitation, a general release, and non-competition and non-solicitation provisions.

26.Retirement Date means the date of the Participant’s Retirement.

27.Separation from Service means a Participant’s termination of employment with Chubb or any Subsidiary, other than by reason of death or Disability, that qualifies as a “separation from service” for purposes of Section 409A of the Code.

28.Separation from Service Minimum Payment Date means, with respect to PSUs, the January 1 following the last day of the Performance Cycle applicable to such PSUs, and with respect to RSUs, the January 1 following the fourth (4th) anniversary of the date on which the RSU award is granted.

29.Specific Deferral Date means, with respect to PSUs, a specified date, not less than three (3) years following the date on which the Unit Account is established, and with respect to RSUs, a specified date, not less than seven (7) years following the date on which the Unit Account is established.

30.Specified Employee means a Participant treated as a “specified employee” of Chubb under Code Section 409A(a)(2)(B)(i). Specified Employees shall be determined by the Committee in accordance with Code Section 409A using a December 31 identification date. A listing of Specified Employees as of an identification date shall be effective for the 12-month period beginning on the January 15 following the identification date. The term includes both U.S. and non-U.S. employees.

31.Subaccount means a Deferred PSU Subaccount, Deferred RSU Subaccount, Deferred PSU Dividend Equivalent Subaccount, or a Deferred RSU Dividend Equivalent Subaccount.

32.Unit Account means the bookkeeping account for each Participant for which PSUs, RSUs or dividend equivalents have been deferred under the Sub-Plan. A Unit Account shall be established as follows:

a.A Unit Account attributable to a PSU award shall be established as soon as administratively practicable following the determination of vesting for such PSU award, or if earlier, the date of a Change in Control or a Participant’s death or Disability resulting in an early vesting and distribution under the PSU award and shall include applicable earnings/losses from amounts credited to the Investment Options as elected by the Participant. Each Unit Account attributable to a PSU award shall consist of a Deferred PSU Subaccount and a Deferred PSU Dividend Equivalent Subaccount.

b.A Unit Account attributable to an RSU award shall be established as soon as administratively practicable following the date such RSU award is granted and shall include applicable earnings/losses from amounts credited to the Investment Options as elected by the Participant. Each Unit Account attributable to an RSU award shall consist of a Deferred RSU Subaccount and a Deferred RSU Dividend Equivalent Subaccount.

PSUs, RSUs and dividend equivalents deferred under the Sub-Plan shall be credited to a Unit Account as soon as practicable following the date such PSUs, RSUs or dividend equivalents would have been payable to the Participant under the applicable Unit award but for the applicable deferral election.

33.Valuation Date means the date on which Deferred Stock Units and Deferred Dividend Equivalents included in a Participant’s Unit Account are valued prior to distribution. If the distribution is made because of the Participant’s Separation from Service or Retirement, the Valuation Date for a lump sum or initial installment distribution will be the later of: (1) the January 1 following the date of Separation from Service or the Retirement Date; or (2) the Separation from Service Minimum Payment Date; and for subsequent installments, each subsequent January 1 thereafter. If the distribution is made because the Deferral Period has ended on a Specific Deferral Date, the Valuation Date for the lump sum or initial installment distribution will be the January 1 following the Specific Deferral Date, and for subsequent installments, each subsequent January 1 thereafter. For the avoidance of doubt, the Valuation Date for a Specified Employee is described more fully in Section 5.4. If the distribution is made because of the Participant’s death, the Valuation Date will be the first day of the month after the date of death. If the distribution is made because of the Participant’s Disability, the Valuation Date(s) will be determined as if the Participant’s Retirement or Separation from Service occurred on the date of Disability. If the distribution is made because of a Change in Control, the Valuation Date for a lump sum distribution will be the January 1 following date of the Change in Control, and the Valuation Date for installments will be the January 1 following the date of the Change in Control and each subsequent January 1 thereafter. If the New York Stock Exchange is closed on any of the foregoing days, the Valuation Date will be the next business day.

ARTICLE III

ELIGIBILITY AND PARTICIPATION

Section 3.1—Eligibility

Each employee who is an Eligible Employee at the time of the deferral election will be eligible to participate in the Sub-Plan in accordance with the terms of the Sub-Plan. Any determination of the Committee regarding whether an employee is an Eligible Employee shall be final and binding for all Sub-Plan purposes.

Section 3.2—Participation

Each Eligible Employee may elect to participate in the Sub-Plan with respect to any calendar year for which the Eligible Employee receives an award of Units, and for which the opportunity to defer such Units and dividend equivalents is offered, by timely filing an Election Form, properly completed in accordance with Section 4.1. Participation in the Sub-Plan is entirely voluntary. The Committee shall have discretion to determine whether an award of Units or dividend equivalents is eligible for deferral under the Sub-Plan.

ARTICLE IV

PARTICIPANT ELECTIONS AND DESIGNATIONS

Section 4.1—Election

An Eligible Employee who has been awarded Units may, on or before the election deadline established by the Committee, make an electronic or written election on the Election Form provided by the Committee to defer Units (to the extent such Units vest). Such Eligible Employee may, at such time and on such Election Form, also elect to defer dividend equivalents accrued under such Units (to the extent such dividend equivalents vest, if subject to a vesting schedule).

Units and underlying dividend equivalents shall vest in accordance with the underlying applicable terms of the PSU award agreement or RSU award agreement. Eligible Employees who submit a deferral election are deferring the settlement, not the vesting, of such Units and underlying dividend equivalents to the date elected or allowed under this Sub-Plan.

Section 4.2—Election Amount

An Eligible Employee must designate in the Election Form the percentages of eligible vested PSUs (rounded down to the nearest whole share of Common Stock), RSUs (rounded down to the nearest whole share of Common Stock) and dividend equivalents that will be deferred under the Sub-Plan. The minimum percentage of vested PSUs, RSUs and dividend equivalents that an Eligible Employee may defer under the Sub-Plan with respect to any Unit award, if any, is 25% and the maximum is 100%. An Eligible Employee may elect to defer different percentages of PSUs, RSUs, and dividend equivalents.

Section 4.3—Election Date

An electronic or written Election Form must be completed and submitted to the Committee or its designee no later than the applicable election deadline established by the Committee. Except as otherwise provided in this Section 4.3, an election to defer Units awarded for services to be performed during a calendar year must be made no later than the December 31 of the year preceding that calendar year.

If the PSUs or RSUs qualify as Performance-Based Compensation when they are awarded, the election deadline shall be no later than the date that is six (6) months before the end of the applicable performance period, provided that the compensation provided under the Units has not become reasonably ascertainable by the election deadline, and provided further that the Participant has performed services continuously from the beginning of the performance period (or, if later, the date when the performance criteria were established if the award is made after the beginning of the performance period) until the election deadline. The Committee, in its sole discretion, may specify an election deadline that is earlier than the latest permissible deadline described in this Section, or may specify before the election deadline that particular Units are not eligible for deferral.

An Eligible Employee may elect to make an initial deferral election on or within 30 days following the grant date of Units that remain subject to a requirement that the Eligible Employee provide services for at least twelve (12) months following the date such deferral election becomes irrevocable by filing an election, in such time, manner and form that is in accordance with Treasury Regulation section 1.409A-2(a)(5) and acceptable to the Committee.

An Eligible Employee may elect to make an initial deferral election with respect to Units that qualify as short-term deferrals (within the meaning of the Code) by filing an election at least one (1) year in advance of the original vesting date in the manner and form that is in accordance with Treasury Regulation section 1.409A-2(a)(4) and acceptable to the Committee.

Except as provided below in Section 4.6 (Change in Election) and Section 7.2 (Unforeseeable Emergency), the choices reflected in the Participant’s Election Form shall become irrevocable on the election deadline (subject, however, to the provisions of the Sub-Plan that provide for non-elective payments in the event of death, small account balances, and other special circumstances). If an Eligible Employee fails to submit a properly completed Election Form by the election deadline for a Unit award, the Eligible Employee shall be ineligible to defer PSUs, RSUs, or dividend equivalents with respect to such Unit award.

Section 4.4—Deferral Period

Each Eligible Employee shall specify in the Election Form the Deferral Periods for PSUs, RSUs and dividend equivalents to be deferred. Failure to specify a Deferral Period shall result in a deferral for the Default Deferral Period. A Participant may elect a Deferral Period that ends on the earlier of, or either of: (1) a Specific Deferral Date, or (2) the Participant’s Separation from Service or Retirement Date (or if later, the Separation from Service Minimum Payment Date, and subject to any required delay in payment under Section 5.4). A Participant may also elect to have a Deferral Period end upon a Change in Control that occurs prior to any Specific Deferral Date or Separation from Service or Retirement Date elected in his or her Election Form.

Section 4.5—Distribution Election

At the time the Eligible Employee first elects to defer his or her vested Units or dividend equivalents under Section 4.1, the Eligible Employee must further make an election on the Election Form to have the applicable Subaccount distributed in a lump sum or in two to fifteen annual installments. If no distribution election is made, the Subaccount will be distributed in a lump sum. If a Participant elects to receive the Subaccount in installments, the amount of each installment shall be determined by dividing the total Subaccount balance on each Valuation Date by the number of installments remaining, rounded down to the nearest whole share of Common Stock or dollar, as applicable.

Section 4.6—Change in Election

A Participant may make an election to extend the Deferral Period and/or change the form of distribution for a Subaccount in accordance with Section 409A. With respect to each Subaccount, the extended Deferral Period shall not be less than five (5) years following the date on which distribution would otherwise have occurred. A deferral extension election or change to the form of distribution must meet all of the following requirements:

i. The new election must be made at least twelve (12) months prior to the date on which payments would commence under the current election (and the new election shall be ineffective if the payment commencement date under the current election occurs within twelve months after the date of the new election);

ii. The new election will not take effect until at least twelve (12) months after the date when the new election is submitted in a manner acceptable to the Committee; and

iii. The new payment commencement date must be at least five (5) years later than the date on which payments would commence under the current election.

Section 4.7—Designation of Beneficiary

Each Participant shall designate a Beneficiary for his or her Sub-Plan Account on an electronic or written form provided by the Committee or its designee. A Participant may change such designation on an electronic or written form acceptable to the Committee and received by the Committee at any time before the Participant’s death. If no Beneficiary designation is filed with the Committee, or if the Beneficiary (and any contingent Beneficiary) does not survive the Participant, all amounts deferred hereunder will be paid to the estate of the Participant. If a Participant designates the Participant’s spouse as the Participant’s Beneficiary, that designation shall not be revoked or otherwise altered or affected by any: (a) change in the marital status of the Participant; (b) agreement between the Participant and such spouse; or (c) judicial decree (such as a divorce decree) affecting any rights that the Participant and such spouse might have as a result of their marriage, separation, or divorce; it being the intent of the Sub-Plan that any change in the designation of a Beneficiary hereunder may be made by the Participant only in accordance with the procedures set forth in this Section 4.7.

In the event of the death of a Participant, distributions shall be made in accordance with Section 5.5.

ARTICLE V

VALUATION, INVESTMENT ELECTIONS & DISTRIBUTION OF ACCOUNTS

Section 5.1—Valuation of Subaccounts

All Subaccounts are valued prior to distribution on the applicable Valuation Date as defined in this Sub-Plan.

With respect to a Subaccount (or portion thereof) that has been notionally invested in Common Stock, one share of Common Stock will be distributed for each share of Common Stock in which the Subaccount is notionally invested. If the distribution includes a fractional share of Common Stock, the number of shares of Common Stock distributed will be rounded down to the next whole share of Common Stock, and the value of the fractional share of Common Stock will be paid in cash. The Subaccount (or portion thereof) deemed invested in Common Stock shall be valued based on the closing price of Common Stock as reported on the composite tape of the New York Stock Exchange on the Valuation Date, or if the Common Stock is not traded on that day, on the next trading day.

With respect to a Subaccount that has been notionally credited into Investment Options other than Common Stock, the value of the Subaccount (or portion thereof) shall be based on the value of applicable Investment Options on the Valuation Date. The distribution shall be paid in cash.

Section 5.2—Timing of Sub-Plan Distributions

Except as provided in Section 4.6 (concerning the five-year delay following a Change in Election) and Section 5.4 (concerning distributions to Specified Employees), the value of a Participant’s Subaccount (or installment portion thereof) will be distributed according to the distribution election on file to the Participant as soon as administratively practicable following the Valuation Date associated with the end of the applicable Deferral Period.

Section 5.3—Investment Elections

A Participant’s newly created Subaccounts shall be initially deemed invested in shares of Common Stock. The Committee shall specify procedures to allow Participants to make elections as to the deemed investment of amounts newly credited to their Subaccounts. Participants may make such elections beginning on the date that is six months following the crediting of such amount to the Unit Account and once per month thereafter, subject to procedures established by the Committee, which may, among other things, implement changes to the timing of Investment Elections as it deems necessary or appropriate in its sole discretion. If a Participant elects to notionally invest a Subaccount or portion thereof in Investment Options other than Common Stock or if amounts are credited in Investment Options other than Common Stock, the Subaccount (or portion thereof) so invested must remain notionally invested in Investment Options other than Common Stock for the remainder of the Deferral Period.

The Committee shall periodically credit gains, losses and earnings to a Participant’s Subaccount, until the full balance of the Subaccount has been distributed; for the avoidance of doubt, if a Participant has elected to receive installment payments, any Subaccount balance shall continue to be credited with earnings or losses until the entire Subaccount has been distributed. In the event a regular dividend is declared on Common Stock, each of a Participant’s Subaccounts shall be credited with an additional amount equal to the product of the dividend rate and the number of notional shares of Common Stock in which the Subaccount is deemed credited on the day the dividend is paid, and such amount shall be initially deemed invested in shares of Common Stock. Amounts shall be credited to a Participant’s Subaccount under this Section based on the results that would have been achieved had amounts credited to the Subaccount been invested as soon as administratively practicable after crediting into the Investment Options selected by the Participant. Nothing in this Section or otherwise in the Sub-Plan, however, will require the Company to actually invest any amounts in such Investment Options or otherwise.

Section 5.4—Separation from Service of Specified Employees

Notwithstanding the foregoing, if the Participant is a Specified Employee on the Participant’s Retirement Date or the date of the Participant’s Separation from Service, any distribution of the Participant’s Subaccount that is scheduled for payment on account of the Participant’s Retirement or other Separation from Service will not be made or commence earlier than the date which is six months following the date of Retirement or Separation from Service. Any distributions that would otherwise have been made during this period of delay shall be accumulated and paid as soon as administratively practicable following the first day of the seventh month following the Participant’s Retirement or Separation from Service (or, if earlier, the first day of the month after the Participant’s death). The Subaccount shall be valued as if the Valuation Date were the distribution date.

Section 5.5—Death

In the event of the death of a Participant, the full, vested value of the Participant’s Sub-Plan Account will be distributed to the designated Beneficiary in a lump sum as soon as administratively practicable following the first day of the month after the Participant’s death.

Section 5.6—Disability

In the event of the Disability of a Participant, the Participant’s Subaccounts that are designated to be deferred to a Specific Deferral Date will be maintained and distributed in accordance with the Participant’s Election Form. The Participant’s Subaccounts that are designated to be deferred to the Participant’s Retirement Date or date of Separation from Service, or designated to be deferred to the earlier of a Specific Deferral Date or the Participant’s Retirement Date or date of Separation from Service, will be distributed at the same time and in the same form as if the Participant’s Retirement or Separation from Service occurred on the date of the Participant’s Disability (including application of the Separation from Service Minimum Payment Date, to the extent applicable).

Section 5.7—Distribution upon a Change in Control

In the event of a Change in Control, the Participant’s Sub-Plan Account will be distributed in accordance with the Participant’s Election Forms.

Section 5.8—Unforeseeable Emergency Distribution

(a) Unforeseeable Emergency. The Committee may, upon a Participant’s written application, agree to an accelerated distribution of some or all of the value of Participant’s Sub-Plan Account upon the showing of an unforeseeable emergency. An “unforeseeable emergency” is a severe financial hardship to the Participant resulting from (1) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary, or the Participant’s dependent (as defined in Code Section 152, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)); (2) loss of the Participant’s property due to casualty; or (3) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Whether a Participant is faced with an unforeseeable emergency permitting a distribution is to be determined based on the relevant facts and circumstances of each case. Acceleration will not be granted if the emergency is or may be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets (to the extent the liquidation of such assets would not cause severe financial hardship), or by cessation of deferrals under the Sub-Plan.

(b) Amount of Distribution Permitted upon an Unforeseeable Emergency. Distributions on account of an unforeseeable emergency, as defined in Section 5.8(a), shall be limited to the amount reasonably necessary to satisfy the emergency need. Such amount may include amounts necessary to pay any Federal, state, local, or foreign income taxes or penalties reasonably anticipated to result from the distribution.

(c) The Committee will determine from which Unit Accounts hardship distributions will be made. Any Participant who is an officer or director of Chubb within the meaning of Section 16 of the Securities Exchange Act of 1934 is not eligible for distributions on account of unforeseeable emergency.

Section 5.9—Minimum Balance Payout Provision

If a Participant’s Sub-Plan Account balance under this Sub-Plan (and under all other nonqualified deferred compensation plans of the Company that are required to be aggregated with this Sub-Plan under Section 409A of the Code), determined at the time of the Participant’s Separation from Service, is less than the amount set as the limit on elective deferrals under Section 402(g)(1)(B) of the Code in effect for the year in which the Participant’s Separation from Service occurs, the Committee retains discretion to distribute the Participant’s entire Sub-Plan Account (and the Participant’s entire interest in any other nonqualified deferred compensation plan that is required to be aggregated with this Sub-Plan) in a lump sum as soon as administratively practicable following the Participant’s Separation from Service, even if the Participant has elected to receive a different form of distribution.

ARTICLE VI—AMENDMENT AND TERMINATION OF SUB-PLAN

Section 6.1—Amendment

The Committee may, at any time, amend the Sub-Plan in whole or in part, provided that no amendment may decrease the value of any Sub-Plan Accounts as of the date of such amendment. The Sub-Plan may also be amended pursuant to a written instrument executed by both Chubb's most senior human resources officer and most senior legal officer to the extent such amendment is required under applicable law or is required to avoid having amounts deferred under the Sub-Plan included in the income of Participants or beneficiaries for federal income tax purposes prior to distribution. Except for the authority delegated above, all amendments to this Sub-Plan require the approval of the Committee.

Notwithstanding the foregoing, pursuant to Section 7 of the LTIP, approval of Chubb’s shareholders will be required for any amendment to the Sub-Plan that the Committee determines would constitute a “material revision” of the terms of the LTIP.

Section 6.2—Sub-Plan Suspension and Termination

This Sub-Plan may be suspended or terminated by the Committee at any time without prior notification. Upon termination of the Sub-Plan, distribution of balances in Sub-Plan Accounts shall be made to Participants and Beneficiaries in the manner and at the time described above, unless the Committee determines in its sole discretion that all such amounts shall be distributed upon termination in accordance with the requirements under Code section 409A. Upon termination of the Sub-Plan, no new deferral elections shall be permitted; however, earnings, gains and losses shall continue to be credited to Sub-Plan Account balances in accordance with Section 5.3 until the Sub-Plan Account balances are fully distributed.

Section 6.3—No Consent Required

The consent of any Participant, Beneficiary, or other person shall not be required with respect to any amendment, suspension, or termination of the Sub-Plan.

ARTICLE VII—MISCELLANEOUS PROVISIONS

Section 7.1—Required Taxes

No later than the date Deferred Stock Units or Deferred Dividend Equivalents are no longer subject to a substantial risk of forfeiture (as defined in the Code) or first become includible in gross income, Participant must pay to the Company, or make arrangements satisfactory to the Company regarding the payment of, any federal, state, local or foreign taxes of any kind required to be withheld with respect to such amount. The Company, in its sole discretion, may determine that withholding obligations shall be settled with Common Stock (including Common Stock that is distributed under the terms of the Sub-Plan) or with Deferred Stock Units or Deferred Dividend Equivalents that are deducted from the Participant’s Sub-Plan Account under the Sub-Plan; provided, however, that not more than the legally required minimum withholding may be settled with Deferred Stock Units or Common Stock. The obligations of the Company under the Sub-Plan shall be conditional on such payment or arrangement, and the Company shall, to the extent permitted by law, have the right to make any appropriate arrangements to deduct any such taxes from all deferrals and distribution under the Sub-Plan that the Company reasonably determines to be required by law to be withheld from such deferrals and distributions.

Section 7.2—Adjustment of Deferred Stock Units

In the event of any change in the outstanding shares of Common Stock, by reason of a stock dividend or split, recapitalization, merger, consolidation, combination, exchange of shares, or other similar corporate change, the number of Deferred Stock Units may be adjusted appropriately by the Committee, whose determination shall be conclusive.

Section 7.3—Section 409A

The Sub-Plan shall be construed and administered in compliance with the conditions of Section 409A and regulations and other guidance issued pursuant to Section 409A. Chubb does not warrant that the Sub-Plan will comply with Section 409A of the Code with respect to any Participant or with respect to any payment. In no event shall Chubb; any director, officer, or employee of Chubb (other than the Participant); or any member of the Committee be liable for any additional tax, interest, or penalty incurred by a Participant or Beneficiary as a result of the Sub-Plan’s failure to satisfy the requirements of Section 409A of the Code, or as a result of the Sub-Plan’s failure to satisfy any other requirements of applicable tax laws.

Section 7.4—Clawback Policies

Notwithstanding anything in the Sub-Plan or LTIP to the contrary, amounts payable under the Sub-Plan and the Participant’s rights with respect to such amounts payable shall be subject to the terms, conditions and procedures of any applicable compensation recovery or clawback policy or policies adopted by the Chubb Limited Board of Directors before or after the date of effectiveness of this Sub-Plan, and as such policy or policies may be amended from time to time.

Section 7.5—Stock Ownership and Other Policies

The Committee, in its sole discretion, may establish rules regarding the ability of a Participant to notionally invest Deferred Stock Units in Investment Options other than Common Stock to comply with applicable securities laws (including without limitation, the Securities Act of 1933 and the Securities Exchange Act of 1934), and the rules and regulations promulgated thereunder.

Actions taken by a Participant to change his or her Investment Option from being notionally invested in Common Stock to another Investment Option other than Common Stock shall be subject to the terms, conditions and procedures of Chubb’s insider trading policy as it may be amended from time to time, including, as applicable and without limitation, blackout period, trading freeze and preclearance requirements. A Participant’s Units which have been deferred pursuant to the terms of this Sub-Plan and notionally invested in Common Stock shall be taken into account for purposes of compliance with Chubb’s stock ownership guidelines.

ARTICLE VIII—GENERAL PROVISIONS

Section 8.1—Unsecured General Creditor

Notwithstanding anything herein to the contrary, the obligations under this Sub-Plan are solely obligations of the Company with the compensation expense related to the Units. To the extent any person acquires a right to receive payments under the Sub-Plan, such rights are no greater than the right of an unsecured general creditor of the Company. Nothing contained in this Sub-Plan and no action taken pursuant to its provisions shall create or be construed to create a trust of any kind or a fiduciary relationship between the Company and the Participant or Beneficiaries. No Participant shall have any right, title or interest whatever in the assets of the Company. Nothing contained in the Sub-Plan shall constitute a guarantee by the Company or any other person or entity that the assets of the Company will be sufficient to pay any benefits due under the Sub-Plan.

Section 8.2—Nonassignability

No Participant or Beneficiary or any other person shall have right to sell, assign, transfer, pledge, or otherwise encumber any interest in the Sub-Plan. All Sub-Plan Accounts and the rights to all distributions are unassignable and non-transferable. Sub-Plan Accounts or distributions hereunder, prior to actual distribution, will not be subject to attachment or seizure for the payment of any debts, judgments or other obligations. Sub-Plan Accounts or other Sub-Plan benefits will not be transferred by operation of law in the event of a Participant’s or any Beneficiary’s bankruptcy or insolvency.

Section 8.3—No Contract of Employment

Participation in the Sub-Plan shall not be construed to constitute a direct or indirect contract of employment between Chubb and the Participant. Participants and Beneficiaries will have no rights against Chubb resulting from participation in the Sub-Plan other than as specifically provided herein. Nothing in the Sub-Plan shall be deemed to give a Participant the right to be retained in the service of Chubb for any length of time or to interfere with the right of Chubb to terminate a Participant’s employment prior to the end of any Deferral Period.

Section 8.4—Governing Law

The provisions of the Sub-Plan will be construed and interpreted according to the laws of the State of New York, to the extent not preempted by federal law.

Section 8.5—Validity

If any provision of the Sub-Plan is held to be illegal or invalid for any reason, the remaining provisions of the Sub-Plan will be construed and enforced as if such illegal and invalid provision had never been inserted herein.

Section 8.6—Notice

Any written notices provided for in the Sub-Plan shall be in writing and shall be deemed sufficiently given if either hand delivered or if sent by fax or overnight courier, or by postage paid first class mail. Notices sent by mail shall be deemed received three business days after mailing but in no event later than the date of actual receipt. Notices shall be directed, if to the Participant, at the Participant’s address indicated by Chubb’s records, or if to Chubb, at the Company’s principal executive office.

Section 8.7—Successors

The provisions of the Sub-Plan shall bind and inure to the benefit of the Company and its successors and assigns. The term successors as used herein shall include any corporate or other business entity, which by merger, consolidation, purchase or otherwise acquires all or substantially all of the business and assets of the Company, and successors of any such Company or other business entity.

Section 8.8—Incapacity

If the Committee determines, upon evidence satisfactory to the Committee, that any Participant or Beneficiary to whom a benefit is payable under the Sub-Plan is unable to care for their affairs because of illness or accident, any payment due (unless prior claim therefore shall have been made by a duly authorized guardian or other legal representative) may be paid, upon appropriate indemnification of the Committee and the Company, to the spouse of the Participant or other person deemed by the Committee to have incurred expenses for the benefit of and on behalf of such Participant or Beneficiary. Any such payment from a Participant’s Sub-Plan Accounts shall be a complete discharge of any liability under the Sub-Plan with respect to the amount so paid.

ARTICLE IX—ADMINISTRATION AND CLAIMS

Section 9.1—Sub-Plan Administration

The Committee shall be responsible for the operation and administration of the Sub-Plan and for carrying out the provisions hereof. The Committee shall have the full authority and discretion to make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Sub-Plan and decide or resolve any and all questions, including interpretations of this Sub-Plan, as may arise in connection with this Sub-Plan.

Any such action taken by the Committee shall be final and conclusive on any party. To the extent the Committee has been granted discretionary authority under the Sub-Plan, the Committee’s prior exercise of such authority shall not obligate it to exercise its authority in a like fashion thereafter. The Committee shall be entitled to rely conclusively upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by Chubb with respect to the Sub-Plan. The Committee may, from time to time, employ agents and delegate to such agents, including employees of Chubb, such administrative or other duties as it sees fit.

Any person claiming a benefit, requesting an interpretation or ruling under the Sub-Plan, or requesting information under the Sub-Plan shall present the request in writing to the Committee, 436 Walnut Street, Philadelphia, PA 19106, Attn: US Retirement Committee. The Committee shall respond in writing as soon as practicable.

Section 9.2—Claim Procedures

A Participant or Beneficiary who believes that he or she has been denied a benefit to which he or she is entitled under the Sub-Plan (referred to in this Section 9.2 as a “Claimant”) may file a written request with the Committee setting forth the claim. The Committee shall consider and resolve the claim as set forth below.

(a) Upon receipt of a claim, the Committee shall advise the Claimant that a response will be forthcoming within 90 days. The Committee may, however, extend the response period for up to an additional 90 days for reasonable cause, and shall notify the Claimant of the reason for the extension and the expected response date. The Committee shall respond to the claim within the specified period.

(b) If the claim is denied in whole or part, the Committee shall provide the Claimant with a written decision, using language calculated to be understood by the Claimant, setting forth (1) the specific reason or reasons for such denial; (2) the specific reference to relevant provisions of this Sub-Plan on which such denial is based; (3) a description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; (4) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; (5) the time limits for requesting a review of the claim; and (6) the Claimant’s right to bring an action for benefits under Section 502(a) of ERISA.

(c) Within 60 days after the Claimant’s receipt of the written decision denying the claim in whole or in part, the Claimant may request in writing that the Committee review the determination. The Claimant or his or her duly authorized representative may, but need not, review the relevant documents and submit issues and comment in writing for consideration by the Committee.

If the Claimant does not request a review of the initial determination within such 60-day period, the Claimant shall be barred from challenging the determination.

(d) Within 60 days after the Committee receives a request for review, it will review the initial determination. If special circumstances require that the 60-day time period be extended, the Committee will so notify the Claimant and will render the decision as soon as possible, but no later than 120 days after receipt of the request for review.

(e) All decisions on review shall be final and binding with respect to all concerned parties. The decision on review shall set forth, in a manner calculated to be understood by the Claimant, (1) the specific reasons for the decision, including references to the relevant Sub-Plan provisions upon which the decision is based; (2) the Claimant’s right to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other information, relevant to his or her benefits; and (3) the Claimant’s right to bring an action for benefits under Section 502(a) of ERISA.

Section 9.3—Exhaustion of Claims Procedures

No legal action for benefits under the Sub-Plan shall be brought unless and until the Claimant has exhausted his remedies under this Section. In any such legal action, the Claimant may only present evidence and theories which the claimant presented during the claims procedure. Any claims which the Claimant does not in good faith pursue through the review stage of the procedure shall be treated as having been irrevocably waived.

Any review of a Claimant’s denied claim shall be limited to a determination of whether the

denial was an abuse of discretion based on the evidence and theories the claimant presented

during the claims procedure.

Section 9.4—Arbitration and Limitations Period

Any disputes related to the Sub-Plan shall be resolved by arbitration in accordance with the Company’s arbitration policies. Any arbitration initiated by a Claimant under the Sub-Plan must be brought by the Claimant no later than one year following a final decision on the claim for benefits by the Committee.

Section 9.5—Disability Claims

Claims for disability benefits shall be determined in accordance with the terms of the long-term disability plan which covers the Participant, provided the provisions of that plan comply with the minimum standards set forth in DOL Regulation section 2560.503-1. Otherwise, claims for disability benefits shall be determined in accordance with DOL Regulation section 2560.503-1 which is hereby incorporated by reference.

Section 9.5—Indemnification

To the extent not covered by insurance, the Company shall indemnify the Committee, each employee, officer, director, and agent of the Company, and all persons formerly serving in such capacities, against any and all liabilities or expenses, including all legal fees relating thereto, arising in connection with the exercise of their duties and responsibilities with respect to the Sub-Plan, provided however that the Company shall not indemnify any person for liabilities or expenses due to that person’s own gross negligence or willful misconduct.

EX-22.1 3 cb-6302024xex221.htm EX-22.1 Document


Exhibit 22.1						Guaranteed Securities

The following table presents securities issued by Chubb INA Holdings Inc. (Chubb INA) (Subsidiary Issuer) and guaranteed by Chubb INA's parent, Chubb Limited (Subsidiary Guarantor):


Description of securities
0.3% euro-denominated senior notes due December 2024
3.15% senior notes due March 2025
3.35% senior notes due May 2026
0.875% euro-denominated senior notes due June 2027
1.55% euro-denominated senior notes due March 2028
8.875% debentures due August 2029
0.875% euro-denominated senior notes due December 2029
1.375% senior notes due September 2030
1.4% euro-denominated senior notes due June 2031
6.8% debentures due November 2031
6.7% senior notes due May 2036
6.0% senior notes due May 2037
2.5% euro-denominated senior notes due March 2038
6.5% senior notes due May 2038
4.15% senior notes due March 2043
4.35% senior notes due November 2045
2.85% senior notes due December 2051
3.05% senior notes due December 2061

EX-31.1 4 cb-6302024xex311.htm EX-31.1 Document

Exhibit 31.1

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Evan G. Greenberg, certify that:

1)I have reviewed this quarterly report on Form 10-Q of Chubb Limited;

2)Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3)Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4)The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5)The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s Board of Directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 26, 2024


/s/ Evan G. Greenberg
Evan G. Greenberg
Chairman and Chief Executive Officer

EX-31.2 5 cb-6302024xex312.htm EX-31.2 Document

Exhibit 31.2

CERTIFICATION PURSUANT TO

SECTION 302 OF

THE SARBANES-OXLEY ACT OF 2002

I, Peter C. Enns, certify that:

1)I have reviewed this quarterly report on Form 10-Q of Chubb Limited;

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: July 26, 2024


/s/ Peter C. Enns
Peter C. Enns
Executive Vice President and Chief Financial Officer

EX-32.1 6 cb-6302024xex321.htm EX-32.1 Document

Exhibit 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

The undersigned officer of Chubb Limited (the Corporation) hereby certifies that the Corporation’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024, fully complies with the applicable reporting requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(a)) and that the information contained in the Form 10-Q fairly presents, in all material respects, the financial condition and results of operations of the Corporation.


Date: July 26, 2024			/s/ Evan G. Greenberg
			Evan G. Greenberg
			Chairman and Chief Executive Officer

EX-32.2 7 cb-6302024xex322.htm EX-32.2 Document

Exhibit 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002


Date: July 26, 2024			/s/ Peter C. Enns
			Peter C. Enns
			Executive Vice President and Chief Financial Officer