チャブの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) - February 3, 2026

Chubb Limited

(Exact name of registrant as specified in its charter)


Switzerland	1-11778	98-0091805
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

Baerengasse 32

CH-8001 Zurich, Switzerland

(Address of principal executive offices)

Registrant’s telephone number, including area code: +41 (0)43 456 76 00

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 0.875% 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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

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. ☐

Item 2.02.

Results of Operations and Financial Condition

On February 3, 2026, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2025 results and the availability of its fourth quarter and year-end 2025 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01.

Financial Statements and Exhibits

(d) Exhibits


Exhibit Number		Description

99.1		Press Release, Dated February 3, 2026, Reporting Fourth Quarter and Year-End 2025 Results

99.2		Fourth Quarter and Year-End 2025 Financial Supplement

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)

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 hereunto duly authorized.


Chubb Limited

By:		/s/ Peter Enns
		Peter Enns
		Executive Vice President and Chief Financial Officer

DATE: February 3, 2026

EX-99.1 2 d812920dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

Chubb Limited

Bärengasse 32

CH-8001 Zurich

Switzerland

www.chubb.com

@Chubb

News Release

Chubb Reports Fourth Quarter Net Income of $3.21 Billion, Up
24.7%, and Core Operating Income of $2.98 Billion, Up 21.7%;
Consolidated Net Premiums Written of $13.1 Billion, Up 8.9%, with
P&C and Life Insurance Up 7.7% and 16.9%; Record P&C Combined
Ratio of 81.2%;

Full-Year Record Net Income of $10.31 Billion, Up 11.2%, and
Record Core Operating Income of $9.95 Billion, Up 8.9%;
Consolidated Net Premiums Written of $54.8 Billion, Up 6.6%, with
P&C and Life Insurance Up 5.4% and 15.1%; Record P&C Combined
Ratio of 85.7%

QUARTER

•

Net income per share was $8.10, up 28.0%, and core operating income per share was $7.52, up 24.9%.
Both were records.

•

P&C net premiums written were $11.31 billion, up 7.7%. North America was up 6.6%, including growth of
6.7% in commercial insurance and 6.1% in personal insurance. Overseas General was up 10.8%, including
growth of 18.7% in consumer insurance and 5.6% in commercial insurance; Latin America, Asia, and
Europe were up 14.7%, 13.0%, and 7.2%, respectively.

•

P&C underwriting income was $2.20 billion, up 39.6%, with a record low combined ratio of 81.2%. P&C
current accident year underwriting income excluding catastrophe losses was a record $2.29 billion, up
16.5%, with a record low combined ratio of 80.4%.

•

Total pre-tax catastrophe losses were $365 million compared with $607 million last year. Total pre-tax
favorable prior period development was $268 million compared with $213 million last year.

•

Life Insurance net premiums written were $1.83 billion, up 16.9%, and segment income was $322 million,
up 19.3%.

•

Pre-tax net investment income was $1.69 billion, up 8.0%, and adjusted net investment income was $1.81
billion, up 7.3%. Both were records.

•

Annualized return on equity (ROE) was 17.6%. Annualized core operating return on tangible equity
(ROTE) was 23.5% and annualized core operating ROE was 15.9%.

YEAR

•

Net income per share was $25.68, up 13.1%, and core operating income per share was $24.79, up 10.8%.
Both were records.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		1

Chubb Limited News Release

•

P&C net premiums written were $47.56 billion, up 5.4%. North America was up 4.7%, including growth of
7.5% in personal insurance and 3.9% in commercial insurance. Overseas General was up 7.5%, including
growth of 11.0% in consumer insurance and 5.2% in commercial insurance; Asia, Latin America, and
Europe were up 10.7%, 6.3%, and 5.9%, respectively.

•

P&C underwriting income was a record $6.53 billion, up 11.6%, with a record low combined ratio of
85.7%. P&C current accident year underwriting income excluding catastrophe losses was a record $8.32
billion, up 12.7%, with a record low combined ratio of 81.9%.

•

Total pre-tax catastrophe losses were $2.92 billion compared with $2.39 billion last year. Total pre-tax
favorable prior period development was $1.13 billion compared with $856 million last year.

•

Life Insurance net premiums written were $7.28 billion, up 15.1%, and segment income was a record $1.24
billion, up 13.1%.

•

Pre-tax net investment income was $6.47 billion, up 9.0%, and adjusted net investment income was $6.95
billion, up 9.0%. Both were records.

•

ROE was 15.0%. Core operating ROTE was 20.5% and core operating ROE was 13.7%.

ZURICH – February 3, 2026 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended
December 31, 2025 of $3.21 billion, or $8.10 per share, and core operating income of $2.98 billion, or $7.52 per
share. Book value per share and tangible book value per share increased 3.5% and 5.1%, respectively, from
September 30, 2025 and now stand at $188.59 and $126.22. Book value was favorably impacted by after-tax
net realized and unrealized gains of $288 million in Chubb’s investment portfolio. Book value per share and
tangible book value per share excluding AOCI increased 3.4% and 4.8%, from September 30, 2025.

Chubb Limited

Fourth Quarter Summary

(in millions of U.S. dollars, except per share amounts and ratios)

(Unaudited)


							(Per Share)

	Q4 2025		Q4 2024		Change		2025		2024		Change
Net income		$3,210		$2,575		24.7%		$8.10		$6.33		28.0%
Adjusted net realized (gains) losses and other, net of tax		(351)		(41)		NM		(0.89)		(0.11)		NM
Integration expenses and severance, net of tax		58		15		NM		0.15		0.04		NM
Market risk benefits (gains) losses, net of tax		32		(98)		NM		0.08		(0.24)		NM
Amortization of deferred tax asset from Bermuda law		33		-		NM		0.08		-		NM
Core operating income, net of tax		$2,982		$2,451		21.7%		$7.52		$6.02		24.9%

Annualized return on equity (ROE)		17.6%		15.9%
Core operating return on tangible equity (ROTE)		23.5%		22.0%
Core operating ROE		15.9%		14.3%

For the year ended December 31, 2025, net income was $10.31 billion, or $25.68 per share, and core operating
income was $9.95 billion, or $24.79 per share. Book value per share and tangible book value per share
increased 18.0% and 25.7%, from December 31, 2024. Book value was favorably impacted by after-tax net
realized and unrealized gains of $3.54 billion in Chubb’s investment portfolio and $724 million of foreign


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		2

Chubb Limited News Release

currency gains. Book value per share and tangible book value per share excluding AOCI increased 11.0% and
15.5%, from December 31, 2024.

Chubb Limited

Full Year Summary

(in millions of U.S. dollars, except per share amounts and ratios)

(Unaudited)


				(Per Share)

	FY 2025	FY 2024	Change	2025	2024	Change
Net income	$10,310	$9,272	11.2%	$25.68	$22.70		13.1%
Adjusted net realized (gains) losses and other, net of tax	(786)	(247)	NM	(1.96)	(0.61)		NM
Integration expenses and severance, net of tax	61	32	90.6%	0.15	0.08		87.5%
Market risk benefits (gains) losses, net of tax	245	140	75.0%	0.61	0.34		79.4%
Amortization of deferred tax asset (2025) and non- recurring tax benefit (2024) from Bermuda law	124	(55)	NM	0.31	(0.13)		NM
Core operating income, net of tax	$9,954	$9,142	8.9%	$24.79	$22.38		10.8%

Annualized return on equity (ROE)	15.0%	15.0%
Core operating return on tangible equity (ROTE)	20.5%	21.5%
Core operating ROE	13.7%	13.8%

For the years ended December 31, 2025 and 2024, the tax expenses (benefits) related to the table above were $(54)
million and $(141) million, respectively for adjusted net realized gains and losses and other; $(17) million and $(7)
million for integration expenses and severance; $(43) million and nil for market risk benefits gains and losses,
and $2.40 billion and $2.01 billion for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had a great
quarter and a great year, with very strong contributions from all areas of the company. Our consistent and
enduring performance speaks to the broadly diversified global nature of our company.

“For the quarter, double-digit growth in underwriting and life income, together with record investment
income, led to operating income increasing 21.7% and on a per share basis up almost 25%. Total company net
premiums grew nearly 9%, with P&C up 7.7% and Life up about 17%. This was, in fact, a faster growth rate
than our full-year average of 6.6%. P&C underwriting income was up 40% to $2.2 billion with a record
combined ratio of 81.2%, supported by low CATs, strong prior period reserve development and a record low
current accident year combined ratio of 80.4%, reflecting the strength of our businesses from around the
globe. Adjusted investment income was up 7.3% to $1.8 billion, and life income was up 19.3%.

“Our full-year results in virtually every category were the best in our company’s history. Record operating
income was just shy of $10 billion, or $24.79 per share, up about 9% and 11%, respectively. All three major
sources of income for our company produced record results last year: P&C underwriting income was up


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		3

Chubb Limited News Release

11.6% with an all-time-low combined ratio of 85.7%. Adjusted investment income rose 9%, with strong returns
in both our public fixed income and private portfolios. Life insurance income was up over 13%. Notably,
these results were achieved in spite of full-year CAT losses being modestly higher than prior year,
substantially driven by the California wildfires in the first quarter.

“For the year, again, we grew total company premiums over 6.5%, with P&C up about 5.5%, including growth
of 9.2% in personal insurance and 4.0% in commercial insurance, and life up over 15%. Our core operating
ROE was 13.7% and our return on tangible equity was 20.5%. Per-share book and tangible book value, our
most important measures of wealth creation, grew 18% and 25.7%, respectively.

“While commercial insurance market conditions continue to grow incrementally more competitive, we see
many opportunities for growth given our broad diversification by geography, product, commercial and
consumer customer segments and distribution channel. In fact, at January 1, conditions were a bit more
favorable than we had anticipated, and while early, we’ve had a good start to the year. We anticipate an
excellent ’26 with strong growth in operating earnings and double-digit growth in EPS and tangible book
value, macro conditions notwithstanding.”

Operating highlights for the quarter ended December 31, 2025 were as follows:


Chubb Limited	Q4		Q4
(in millions of U.S. dollars except for percentages)	2025		2024		Change

Consolidated
Net premiums written (increase of 8.3% in constant dollars)	$	13,134	$	12,058		8.9%

P&C
Net premiums written (increase of 6.9% in constant dollars)	$	11,309	$	10,497		7.7%
Underwriting income	$	2,197	$	1,575		39.6%
Combined ratio		81.2%		85.7%
Current accident year underwriting income excluding catastrophe losses	$	2,294	$	1,969		16.5%
Current accident year combined ratio excluding catastrophe losses		80.4%		82.2%

Global P&C (excludes Agriculture)
Net premiums written (increase of 5.7% in constant dollars)	$	10,850	$	10,180		6.6%
Underwriting income	$	1,979	$	1,448		36.8%
Combined ratio		82.1%		86.2%
Current accident year underwriting income excluding catastrophe losses	$	2,130	$	1,917		11.2%
Current accident year combined ratio excluding catastrophe losses		80.9%		81.7%

Life Insurance
Net premiums written (increase of 18.3% in constant dollars)	$	1,825	$	1,561		16.9%
Segment income (increase of 22.1% in constant dollars)	$	322	$	270		19.3%

•

Consolidated net premiums earned increased 7.4%, or 6.8% in constant dollars. P&C net premiums
earned increased 6.2% or 5.3% in constant dollars.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		4

Chubb Limited News Release

•

Operating cash flow was $4.06 billion and adjusted operating cash flow was $4.17 billion.

•

Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,
were $365 million (3.0 percentage points of the combined ratio) and $292 million, compared with $607
million (5.5 percentage points of the combined ratio) and $515 million, last year.

•

Total pre-tax and after-tax favorable prior period development were $268 million and $220 million,
compared with $213 million and $196 million, last year.

•

Total capital returned to shareholders was $1.48 billion, comprising share repurchases of $1.10 billion at
an average purchase price of $282.96 per share and dividends of $381 million.

Operating highlights for the year ended December 31, 2025 were as follows:


Chubb Limited	FY		FY
(in millions of U.S. dollars except for percentages)	2025		2024		Change

Consolidated
Net premiums written (increase of 7.0% in constant dollars)	$	54,842	$	51,468		6.6%

P&C
Net premiums written (increase of 5.6% in constant dollars)	$	47,563	$	45,142		5.4%
Underwriting income	$	6,528	$	5,850		11.6%
Combined ratio		85.7%		86.6%
Current accident year underwriting income excluding catastrophe losses	$	8,316	$	7,381		12.7%
Current accident year combined ratio excluding catastrophe losses		81.9%		83.1%

Global P&C (excludes Agriculture)
Net premiums written (increase of 5.4% in constant dollars)	$	44,637	$	42,439		5.2%
Underwriting income	$	6,011	$	5,496		9.4%
Combined ratio		86.0%		86.6%
Current accident year underwriting income excluding catastrophe losses	$	7,896	$	7,071		11.7%
Current accident year combined ratio excluding catastrophe losses		81.7%		82.7%

Life Insurance
Net premiums written (increase of 17.3% in constant dollars)	$	7,279	$	6,326		15.1%
Segment income (increase of 16.7% in constant dollars)	$	1,242	$	1,098		13.1%

•

Consolidated net premiums earned increased 6.4%, or 6.7% in constant dollars. P&C net premiums
earned increased 5.1%, or 5.2% in constant dollars.

•

Operating cash flow was $12.82 billion and adjusted operating cash flow was $13.91 billion.

•

Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,
were $2.92 billion (6.3 percentage points of the combined ratio) and $2.33 billion, compared with $2.39
billion (5.5 percentage points of the combined ratio) and $1.97 billion, last year.

•

Total pre-tax and after-tax favorable prior period development were $1.13 billion and $858 million,
compared with $856 million and $712 million, last year.

•

Total capital returned to shareholders was $4.91 billion, comprising share repurchases of $3.39 billion at
an average purchase price of $282.57 per share and dividends of $1.52 billion.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		5

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.
Key segment items for the quarter ended December 31, 2025 are presented below:


Chubb Limited	Q4		Q4
(in millions of U.S. dollars except for percentages)	2025		2024		Change

Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	7,286	$	6,837		6.6%
Combined ratio		76.7%		80.7%
Current accident year combined ratio excluding catastrophe losses		76.8%		79.5%

North America Commercial P&C Insurance
Net premiums written	$	5,107	$	4,899		4.3%
Major accounts retail and excess and surplus (E&S) wholesale	$	3,003	$	2,915		3.0%
Middle market and small commercial	$	2,104	$	1,984		6.1%
Combined ratio		78.8%		80.6%
Current accident year combined ratio excluding catastrophe losses		79.9%		79.0%

North America Personal P&C Insurance
Net premiums written	$	1,720	$	1,621		6.1%
Combined ratio		74.1%		82.6%
Current accident year combined ratio excluding catastrophe losses		69.9%		77.4%

North America Agricultural Insurance
Net premiums written	$	459	$	317		45.1%
Combined ratio		67.0%		76.1%
Current accident year combined ratio excluding catastrophe losses		70.0%		90.5%

Overseas General Insurance
Net premiums written (increase of 8.1% in constant dollars)	$	3,806	$	3,436		10.8%
Commercial P&C (increase of 3.3% in constant dollars)	$	2,183	$	2,068		5.6%
Consumer P&C (increase of 15.4% in constant dollars)	$	1,623	$	1,368		18.7%
Combined ratio		83.0%		87.6%
Current accident year combined ratio excluding catastrophe losses		84.0%		84.9%

Global Reinsurance
Net premiums written (decrease of 4.2% in constant dollars)	$	217	$	224		(3.9)%
Combined ratio		71.6%		99.9%
Current accident year combined ratio excluding catastrophe losses		73.9%		75.8%

Life Insurance
Net premiums written (increase of 18.3% in constant dollars)	$	1,825	$	1,561		16.9%
Segment income (increase of 22.1% in constant dollars)	$	322	$	270		19.3%

•

North America Commercial P&C Insurance: The combined ratio decreased 1.8 percentage points,
including a 2.9 percentage point decrease from lower catastrophe losses, partially offset by a 0.9
percentage point increase in the underlying policy acquisition cost ratio, primarily reflecting mix of
business within major accounts and E&S and increased middle market business. The current accident
year loss ratio excluding catastrophe losses was flat.


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Chubb Limited News Release

•

North America Personal P&C Insurance: The combined ratio decreased 8.5 percentage points, including
a 5.7 percentage point decrease in the current accident year loss ratio excluding catastrophe losses, a 1.8
percentage point decrease in the underlying expense ratio, and a 1.0 percentage point decrease from
lower catastrophe losses.

•

North America Agricultural Insurance: Net premiums written were up 45.1%, or 1.4% adjusted for the
favorable year-over-year impact of premium adjustments related to the federal government profit-share
agreement. The combined ratio decreased 9.1 percentage points, which primarily included a 20.6
percentage point decrease in the current accident year loss ratio excluding catastrophe losses, primarily
reflecting the estimated underwriting gain for the current crop year, partially offset by the adverse
impact of a 10.0 percentage point increase from lower favorable prior period development.

•

Overseas General Insurance: The combined ratio decreased 4.6 percentage points, including a 2.7
percentage point decrease from higher favorable prior period development, a 1.0 percentage point
decrease from lower catastrophe losses, and a 0.8 percentage point decrease in the current accident
year loss ratio excluding catastrophe losses.

•

Life Insurance: Net premiums written were $1.83 billion, up 16.9%, or 18.3% in constant dollars, with
growth of 17.8% in International Life and 17.0% in Chubb Benefits.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		7

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.
Key segment items for the year ended December 31, 2025 are presented below:


Chubb Limited	FY		FY
(in millions of U.S. dollars except for percentages)	2025		2024		Change

Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)
Net premiums written	$	31,230	$	29,824		4.7%
Combined ratio		83.8%		84.1%
Current accident year combined ratio excluding catastrophe losses		79.2%		80.9%

North America Commercial P&C Insurance
Net premiums written	$	21,280	$	20,589		3.4%
Major accounts retail and excess and surplus (E&S) wholesale	$	12,691	$	12,514		1.4%
Middle market and small commercial	$	8,589	$	8,075		6.4%
Combined ratio		81.4%		83.9%
Current accident year combined ratio excluding catastrophe losses		80.8%		80.6%

North America Personal P&C Insurance
Net premiums written	$	7,024	$	6,532		7.5%
Combined ratio		91.5%		83.6%
Current accident year combined ratio excluding catastrophe losses		72.3%		78.5%

North America Agricultural Insurance
Net premiums written	$	2,926	$	2,703		8.2%
Combined ratio		82.3%		86.9%
Current accident year combined ratio excluding catastrophe losses		85.0%		88.8%

Overseas General Insurance
Net premiums written (increase of 8.0% in constant dollars)	$	15,024	$	13,972		7.5%
Commercial P&C (increase of 5.3% in constant dollars)	$	8,806	$	8,372		5.2%
Consumer P&C (increase of 12.0% in constant dollars)	$	6,218	$	5,600		11.0%
Combined ratio		85.0%		86.4%
Current accident year combined ratio excluding catastrophe losses		84.8%		85.2%

Global Reinsurance
Net premiums written (decrease of 3.0% in constant dollars)	$	1,309	$	1,346		(2.8)%
Combined ratio		79.3%		85.9%
Current accident year combined ratio excluding catastrophe losses		74.3%		76.4%

Life Insurance
Net premiums written (increase of 17.3% in constant dollars)	$	7,279	$	6,326		15.1%
Segment income (increase of 16.7% in constant dollars)	$	1,242	$	1,098		13.1%

•

North America Commercial P&C Insurance: The combined ratio decreased 2.5 percentage points,
including a 2.7 percentage point decrease due to lower catastrophe losses.


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Chubb Limited News Release

•

North America Personal P&C Insurance: The combined ratio increased 7.9 percentage points, including a
15.2 percentage point increase due to higher catastrophe losses, primarily from California wildfires in the
first quarter, partially offset by a 5.1 percentage point decrease in the current accident year loss ratio
excluding catastrophe losses, a 1.1 percentage point decrease in the underlying expense ratio, and a 1.1
percentage point decrease due to higher favorable prior period development.

•

North America Agricultural Insurance: The combined ratio decreased 4.6 percentage points, including a
3.9 percentage point decrease in the current accident year loss ratio excluding catastrophe losses,
primarily reflecting an improved year-over-year underwriting gain in the current year, and a 1.4
percentage point decrease due to lower catastrophe losses, partially offset by a 0.6 percentage point
increase due to less favorable year-over-year prior period development.

•

Overseas General Insurance: The combined ratio decreased 1.4 percentage points, including a 1.1
percentage point decrease due to higher favorable prior period development and a 0.7 percentage point
decrease in the current accident year loss ratio excluding catastrophe losses, partially offset by a 0.3
percentage point increase in the underlying expense ratio reflecting business mix.

•

Life Insurance: Net premiums written were $7.28 billion, up 15.1%, or 17.3% in constant dollars, with
growth of 17.4% in International Life and 17.9% in Chubb Benefits.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		9

Chubb Limited News Release

All comparisons are with the same period last year unless otherwise specifically stated.

Please refer to the Chubb Limited Financial Supplement, dated December 31, 2025, which is posted on
Chubb’s investor relations website, investors.chubb.com, in the Financials section for more detailed
information on individual segment performance, together with additional disclosure on reinsurance
recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, February 4, 2026, at 8:30
a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by
dialing 888-596-4244 (within the United States) or 646-968-2727 (international), passcode 1641662. Please
refer to the Chubb website under Events and Presentations for details. A replay will be available after the call
at the same location. To listen to the replay, please click here to register and receive dial-in numbers.

In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as
required, except for core operating income, net income, book value, tangible book value, ROE, per share
data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-
controlling interest.

Prior period core operating income and related metrics have been redefined to reflect the definition of core
operating income adopted in Q1 2025, which excludes the non-recurring tax benefit related to the enactment
of Bermuda’s income tax law in 2023. Refer to “Regulation G – Non-GAAP Financial Measures” below for
more information.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides
commercial and personal property and casualty insurance, personal accident and supplemental health
insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its
extensive product and service offerings, broad distribution capabilities, exceptional financial strength and
local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE:
CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide.
Additional information can be found at: www.chubb.com.

Investor Contact

Susan Spivak: (212) 827-4445; investorrelations@chubb.com

Media Contact

mediarelations@chubb.com


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		10

Chubb Limited News Release

Regulation G – Non-GAAP Financial Measures

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

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of
foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in
exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these
exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined
by assuming constant foreign exchange rates between periods by translating prior period results using the same local
currency exchange rates as the comparable current period.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on
acquired invested assets from certain acquisitions of $1 million and $2 million in Q4 2025 and Q4 2024, and including
investment income of $125 million and $126 million in Q4 2025 and Q4 2024, from partially owned investment companies
(private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity
method. The amortization of the fair value adjustment on acquired invested assets was $8 million and $16 million for full-
year 2025 and 2024, and the investment income from private equity partnerships was $474 million and $430 million for
full-year 2025 and 2024. The mark-to-market movement on these private equity partnerships are included in adjusted
net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying
performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses) and other, net of tax, includes net realized gains (losses) and net realized gains (losses)
recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on
crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating
policies related to the policyholders’ share of gains and losses. The crop derivatives were purchased to provide economic
benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing
impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting
operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss
expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating
policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects
the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the
amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See
Core operating income for further description of these items.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and

loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned.
We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of

certain factors, including net investment income, other income (expense), interest expense, amortization expense of
purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and
debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C current accident year underwriting income excluding catastrophe losses is P&C underwriting income adjusted to
exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe
losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical
reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the
understanding of our results of operations by highlighting the underlying profitability of our insurance business.
References in this release to “current accident year” metrics exclude catastrophe losses and prior period development,
unless stated otherwise.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		11

Chubb Limited News Release

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb
net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this
paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our
results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net
realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily
influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the
amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions
due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and
professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses
associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing
activities of the individual segments and are therefore included in Corporate and excluded from our definition of
segment income. We believe these integration expenses and severance are not indicative of our underlying profitability,
and excluding these integration expenses and severance facilitates the comparison of our financial results to our
historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic
Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent years’ amortization of the related deferred
tax asset, which we believe provides investors with a better view of our operating performance, enhances the
understanding of the trends in the underlying business, improves comparability between periods and provides
increased transparency compared to the prior presentation of the non-recurring tax benefit. References to core
operating income measures mean net of tax, whether or not noted.

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP
financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the
average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current
discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of
tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill
and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity
by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of
these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it
measures the performance of our operations without the impact of goodwill and other intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense
ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses
and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting
performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the
operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture
insurance business is a different business in that it is a public sector and private sector partnership in which insurance
rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We
believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s
global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance
and Life Insurance segments because the results of these businesses do not always correlate with the results of our global
P&C operations.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		12

Chubb Limited News Release

Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss)
(AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from
period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying
growth in book and tangible book value.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing
activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required
under consolidation accounting. Because these entities are investment companies, we are required to retain the
investment company presentation in our consolidated results, which means, we include the net investing activities of
these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of
consolidated investment companies from our operating cash flow as they may distort a reader’s analysis of our
underlying operating cash flow related to the core insurance company operations. These net investing activities are more
appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly,
we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Life Insurance and International life insurance net premiums written and deposits collected includes deposits collected
on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated
statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life
insurance business because life deposits are an important component of production and key to our efforts to grow our
business.

See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures
should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income,
book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing,
growth opportunities, economic and market conditions, and our expectations and intentions and other
statements that are not historical facts, reflect our current views with respect to future events and financial
performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially,
including without limitation, the following: competition, pricing and policy term trends, the levels of new and
renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss
experience, uncertainties in the reserving or settlement process, integration activities and performance of
acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial,
legislative, regulatory and other governmental developments, litigation tactics and developments, investigation
developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit
developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war,
economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities
including acquisitions and our ability to achieve them, as well as management’s response to these factors, and
other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they
are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		13

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)



	December 31 2025		December 31 2024
Assets
Investments	$	168,720	$	150,650
Cash and restricted cash		2,470		2,549
Insurance and reinsurance balances receivable		15,944		14,426
Reinsurance recoverable on losses and loss expenses		20,338		19,777
Goodwill and other intangible assets ($25,775 and $25,219 represents Chubb portion as of 12/31/2025 and 12/31/2024, respectively)		26,448		25,956
Other assets		38,407		33,190

Total assets	$	272,327	$	246,548


Liabilities
Unpaid losses and loss expenses	$	88,018	$	84,004
Unearned premiums		26,279		23,504
Other liabilities		78,251		70,646

Total liabilities		192,548		178,154

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		78,732		72,665
Accumulated other comprehensive income (loss) (AOCI)		(4,975)		(8,644)

Chubb shareholders’ equity		73,757		64,021
Noncontrolling interests		6,022		4,373

Total shareholders’ equity		79,779		68,394

Total liabilities and shareholders’ equity	$	272,327	$	246,548


Book value per common share	$	188.59	$	159.77
Tangible book value per common share	$	126.22	$	100.38
Book value per common share, excl. AOCI	$	201.31	$	181.34
Tangible book value per common share, excl. AOCI	$	136.91	$	118.57


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		14

Chubb Limited News Release

Chubb Limited

Summary Consolidated Financial Data

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)



	Three Months Ended December 31				Year Ended December 31
	2025		2024		2025		2024
Gross premiums written	$	15,496	$	14,326	$	65,946	$	62,003
Net premiums written		13,134		12,058		54,842		51,468
Net premiums earned		13,530		12,598		53,014		49,846
Losses and loss expenses		6,281		6,481		26,700		26,022
Policy benefits		1,455		1,216		5,460		4,714
Policy acquisition costs		2,556		2,345		9,847		9,102
Administrative expenses		1,161		1,122		4,504		4,380
Net investment income		1,688		1,563		6,465		5,930
Net realized gains (losses)		(116)		(84)		211		117
Market risk benefits gains (losses)		(37)		98		(288)		(140)
Interest expense		205		189		764		741
Other income (expense):
Gains (losses) from separate account assets		127		1		96		(8)
Other		389		396		1,201		1,031
Amortization of purchased intangibles		77		82		301		323
Integration expenses and severance		76		18		79		39
Income tax expense		597		479		2,422		1,815

Net income	$	3,173	$	2,640	$	10,622	$	9,640
Less: NCI income (loss)		(37)		65		312		368

Chubb net income	$	3,210	$	2,575	$	10,310	$	9,272


Diluted earnings per share:
Chubb net income	$	8.10	$	6.33	$	25.68	$	22.70
Core operating income	$	7.52	$	6.02	$	24.79	$	22.38
Weighted average shares outstanding		396.5		406.9		401.5		408.5

P&C combined ratio
Loss and loss expense ratio		54.3%		59.4%		59.1%		60.4%
Policy acquisition cost ratio		18.9%		18.4%		18.6%		18.1%
Administrative expense ratio		8.0%		7.9%		8.0%		8.1%

P&C combined ratio		81.2%		85.7%		85.7%		86.6%

P&C underwriting income	$	2,197	$	1,575	$	6,528	$	5,850


Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		15

EX-99.2 3 d812920dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter and Year Ended December 31, 2025

Investor Contact

Susan Spivak: (212) 827-4445

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.

Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Chubb Limited

Financial Supplement Table of Contents


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights		1

II.	Consolidated Results
	- Consolidated Statement of Operations		2
	- P&C Results - Consecutive Quarters		3
	- Global P&C Results - Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Product Line		6
	- Consolidated Results by Segment		7 - 8

III.	Segment Results
	- North America Commercial P&C Insurance		9
	- North America Personal P&C Insurance		10
	- North America Agricultural Insurance		11
	- Overseas General Insurance		12
	- Global Reinsurance		13
	- Life Insurance		14
	- Corporate		15

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		16
	- Reinsurance Recoverable Analysis		17
	- Investment Portfolio		18 - 21
	- Net Realized and Unrealized Gains (Losses)		22 - 23
	- Debt and Capital		24
	- Computation of Basic and Diluted Earnings Per Share		25
	- Book Value and Book Value per Common Share		26

V.	Other Disclosures
	- Non-GAAP Financial Measures		27 - 33
	- Glossary		34

Note on Chubb Metrics:

In this financial supplement, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.

Chubb Limited

Consolidated Financial Highlights

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.


	Three months ended December 31						Constant $		Constant $		Year ended December 31						Constant $		Constant $
	2025		2024		% Change		2024		% Change		2025		2024		% Change		2024		% Change


Gross premiums written	$	15,496	$	14,326		8.2%	$	14,400		7.6%	$	65,946	$	62,003		6.4%	$	61,770		6.8%

Net premiums written	$	13,134	$	12,058		8.9%	$	12,123		8.3%	$	54,842	$	51,468		6.6%	$	51,258		7.0%

P&C net premiums written	$	11,309	$	10,497		7.7%	$	10,580		6.9%	$	47,563	$	45,142		5.4%	$	45,054		5.6%

Global P&C net premiums written	$	10,850	$	10,180		6.6%	$	10,263		5.7%	$	44,637	$	42,439		5.2%	$	42,351		5.4%

Life Insurance net premiums written	$	1,825	$	1,561		16.9%	$	1,543		18.3%	$	7,279	$	6,326		15.1%	$	6,204		17.3%

Net premiums earned	$	13,530	$	12,598		7.4%	$	12,668		6.8%	$	53,014	$	49,846		6.4%	$	49,682		6.7%

P&C underwriting income	$	2,197	$	1,575		39.6%	$	1,583		38.8%	$	6,528	$	5,850		11.6%	$	5,857		11.5%

P&C CAY underwriting income ex Cats	$	2,294	$	1,969		16.5%	$	1,981		15.8%	$	8,316	$	7,381		12.7%	$	7,386		12.6%

Adjusted net investment income	$	1,814	$	1,691		7.3%	$	1,691		7.3%	$	6,947	$	6,376		9.0%	$	6,352		9.4%

Core operating income	$	2,982	$	2,451		21.7%	$	2,454		21.5%	$	9,954	$	9,142		8.9%	$	9,111		9.2%

Adjusted operating cash flow	$	4,165	$	4,163							$	13,906	$	15,904

Net investment income	$	1,688	$	1,563		8.0%	$	1,563		8.0%	$	6,465	$	5,930		9.0%	$	5,906		9.5%

Chubb net income	$	3,210	$	2,575		24.7%					$	10,310	$	9,272		11.2%

Operating cash flow	$	4,060	$	4,565							$	12,816	$	16,182

P&C combined ratio
Loss and loss expense ratio		54.3%		59.4%								59.1%		60.4%
Policy acquisition cost and administrative expense ratio		26.9%		26.3%								26.6%		26.2%



Combined ratio		81.2%		85.7%								85.7%		86.6%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)

CAY loss and loss expense ratio ex Cats		53.2%		55.7%								55.3%		57.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.2%		26.5%								26.6%		26.1%


CAY combined ratio ex Cats		80.4%		82.2%								81.9%		83.1%

ROE		17.6%		15.9%								15.0%		15.0%
Core operating return on tangible equity (ROTE)		23.5%		22.0%								20.5%		21.5%
Core operating return on equity (ROE)		15.9%		14.3%								13.7%		13.8%

Effective tax rate		15.5%		15.6%								18.9%		16.3%
Core operating effective tax rate		18.7%		18.2%								19.4%		18.0%

Diluted earnings per share

Chubb net income	$	8.10	$	6.33		28.0%					$	25.68	$	22.70		13.1%

Core operating income	$	7.52	$	6.02		24.9%					$	24.79	$	22.38		10.8%

Weighted average diluted common shares outstanding		396.5		406.9								401.5		408.5



					% Change				% Change
	December 31 2025		September 30 2025		4Q-25 vs. 3Q-25		December 31 2024		4Q-25 vs. 4Q-24

Book value per common share	$	188.59	$	182.22		3.5%	$	159.77		18.0%
Tangible book value per common share	$	126.22	$	120.13		5.1%	$	100.38		25.7%

Book value per common share, excl. AOCI	$	201.31	$	194.63		3.4%	$	181.34		11.0%
Tangible book value per common share, excl. AOCI	$	136.91	$	130.60		4.8%	$	118.57		15.5%


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			Full Year 2025			Full Year 2024

Gross premiums written	$	15,496		$	18,069		$	17,276		$	15,105		$	14,326		$	65,946		$	62,003

Net premiums written		13,134			14,866			14,196			12,646			12,058			54,842			51,468

Net premiums earned		13,530			14,359			13,125			12,000			12,598			53,014			49,846

Adjusted losses and loss expenses (1)		6,289			6,958			6,574			6,895			6,481			26,716			26,027

Realized (gains) losses on crop derivatives		8			7			2			(1	)		-			16			5



Losses and loss expenses		6,281			6,951			6,572			6,896			6,481			26,700			26,022

Adjusted policy benefits (2)		1,355			1,422			1,378			1,276			1,107			5,431			4,509

Realized (gains) losses from investment portfolios supporting participating policies		27			41			(40	)		39			(108	)		67			(213	)

(Gains) losses from fair value changes in separate account assets		(127	)		9			12			10			(1	)		(96	)		8



Policy benefits		1,455			1,372			1,406			1,227			1,216			5,460			4,714

Policy acquisition costs		2,556			2,563			2,415			2,313			2,345			9,847			9,102

Administrative expenses		1,161			1,138			1,125			1,080			1,122			4,504			4,380

Adjusted net investment income (3)		1,814			1,776			1,687			1,670			1,691			6,947			6,376

Other (income) expense from private equity partnerships		(125	)		(127	)		(115	)		(107	)		(126	)		(474	)		(430	)

Amortization expense of fair value adjustment on acquired invested assets		(1	)		(1	)		(4	)		(2	)		(2	)		(8	)		(16	)



Net investment income		1,688			1,648			1,568			1,561			1,563			6,465			5,930

Adjusted realized gains (losses) (4)		(81	)		331			122			(78	)		(192	)		294			(91	)

Realized gains (losses) from investment portfolios supporting participating policies		(27	)		(41	)		40			(39	)		108			(67	)		213

Realized gains (losses) on crop derivatives		(8	)		(7	)		(2	)		1			-			(16	)		(5	)



Net realized gains (losses)		(116	)		283			160			(116	)		(84	)		211			117

Market risk benefits gains (losses)		(37	)		(142	)		(17	)		(92	)		98			(288	)		(140	)

Adjusted interest expense (5)		210			203			186			186			194			785			762

Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(6	)		(5	)		(5	)		(5	)		(21	)		(21	)



Interest expense		205			197			181			181			189			764			741

Gains (losses) from fair value changes in separate account assets		127			(9	)		(12	)		(10	)		1			96			(8	)

Net realized gains (losses) related to unconsolidated entities		282			(84	)		540			(25	)		216			713			536

Other income (expense) from private equity partnerships		125			127			115			107			126			474			430

Other income (expense) - operating		(18	)		9			12			11			54			14			65



Other income (expense)		516			43			655			83			397			1,297			1,023

Amortization expense of purchased intangibles		77			75			74			75			82			301			323

Integration expenses and severance		76			1			2			-			18			79			39

Income tax expense		597			787			717			321			479			2,422			1,815



Net income	$	3,173		$	3,107		$	2,999		$	1,343		$	2,640		$	10,622		$	9,640

Less: NCI income (loss)		(37	)		306			31			12			65			312			368



Chubb net income	$	3,210		$	2,801		$	2,968		$	1,331		$	2,575		$	10,310		$	9,272

(1) Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.

(2) Adjusted policy benefits used throughout this report includes gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

(3) Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than 3% ownership.

(4) Adjusted realized gains (losses) used throughout this report excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

(5) Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.


Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)


Chubb Limited P&C Underwriting Results	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			Full Year 2025			Full Year 2024

P&C underwriting income
Gross premiums written	$	13,612		$	16,074		$	15,410		$	13,327		$	12,696		$	58,423		$	55,408
Net premiums written		11,309			12,934			12,394			10,926			10,497			47,563			45,142
Net premiums earned		11,716			12,434			11,336			10,304			11,034			45,790			43,573
Adjusted losses and loss expenses		6,257			6,927			6,554			6,869			6,455			26,607			25,915
Policy benefits		109			119			129			113			96			470			408
Policy acquisition costs		2,214			2,204			2,096			2,003			2,028			8,517			7,900
Administrative expenses		939			925			926			878			880			3,668			3,500

P&C underwriting income	$	2,197		$	2,259		$	1,631		$	441		$	1,575		$	6,528		$	5,850

P&C CAY underwriting income ex Cats	$	2,294		$	2,183		$	2,012		$	1,827		$	1,969		$	8,316		$	7,381

% Change versus prior year period
Net premiums written		7.7%			5.3%			5.2%			3.2%			3.5%			5.4%			7.7%
Net premiums earned		6.2%			5.0%			5.7%			3.3%			5.5%			5.1%			8.1%

Net premiums written constant $		6.9%			4.7%			5.8%			5.0%			3.5%			5.6%			8.0%
Net premiums earned constant $		5.3%			4.2%			6.3%			5.0%			5.5%			5.2%			8.4%

P&C combined ratio
Loss and loss expense ratio		54.3%			56.7%			59.0%			67.8%			59.4%			59.1%			60.4%
Policy acquisition cost ratio		18.9%			17.7%			18.5%			19.4%			18.4%			18.6%			18.1%
Administrative expense ratio		8.0%			7.4%			8.1%			8.5%			7.9%			8.0%			8.1%

Combined ratio		81.2%			81.8%			85.6%			95.7%			85.7%			85.7%			86.6%


CAY P&C combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		53.2%			57.5%			55.6%			54.4%			55.7%			55.3%			57.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.2%			25.0%			26.7%			27.9%			26.5%			26.6%			26.1%

CAY combined ratio ex Cats		80.4%			82.5%			82.3%			82.3%			82.2%			81.9%			83.1%


Other ratios
Net premiums written/gross premiums written		83%			80%			80%			82%			83%			81%			81%

Expense ratio		26.9%			25.1%			26.6%			27.9%			26.3%			26.6%			26.2%
Expense ratio excluding A&H		25.3%			23.6%			25.1%			26.4%			24.7%			25.0%			24.6%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(16	)	$	-		$	(5	)	$	(37	)	$	10		$	(58	)	$	14
Catastrophe losses - pre-tax	$	349		$	285		$	625		$	1,604		$	617		$	2,863		$	2,401
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(268	)	$	(361	)	$	(249	)	$	(255	)	$	(213	)	$	(1,133	)	$	(856	)

Impact of catastrophe losses on P&C combined ratio - Unfavorable		3.0%			2.3%			5.5%			15.9%			5.5%			6.3%			5.5%
Impact of PPD on P&C combined ratio - Favorable		-2.3%			-3.0%			-2.2%			-2.5%			-2.0%			-2.5%			-2.0%
Impact of Cats and PPD on P&C combined ratio - Unfavorable		0.7%			-0.7%			3.3%			13.4%			3.5%			3.8%			3.5%


P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)


Global P&C	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			Full Year 2025			Full Year 2024

Global P&C underwriting income
Gross premiums written	$	13,005		$	13,558		$	14,300		$	12,893		$	12,192		$	53,756		$	51,214
Net premiums written		10,850			11,476			11,661			10,650			10,180			44,637			42,439
Net premiums earned		11,055			10,939			10,738			10,139			10,502			42,871			40,868
Adjusted losses and loss expenses		5,817			5,703			6,071			6,777			6,070			24,368			23,745
Policy benefits		109			119			129			113			96			470			408
Policy acquisition costs		2,196			2,118			2,048			1,986			1,991			8,348			7,709
Administrative expenses		954			920			924			876			897			3,674			3,510

Global P&C underwriting income	$	1,979		$	2,079		$	1,566		$	387		$	1,448		$	6,011		$	5,496

Global P&C CAY underwriting income ex Cats	$	2,130		$	2,029		$	1,946		$	1,791		$	1,917		$	7,896		$	7,071

% Change versus prior year period
Net premiums written		6.6%			5.3%			5.8%			3.0%			6.7%			5.2%			9.6%
Net premiums earned		5.3%			4.9%			6.3%			3.0%			9.1%			4.9%			10.0%

Net premiums written constant $		5.7%			4.6%			6.4%			4.8%			6.7%			5.4%			9.9%
Net premiums earned constant $		4.4%			4.1%			7.0%			4.7%			9.1%			5.0%			10.3%

Combined ratio
Loss and loss expense ratio		53.6%			53.2%			57.7%			68.0%			58.7%			57.9%			59.1%
Policy acquisition cost ratio		19.9%			19.4%			19.1%			19.6%			19.0%			19.5%			18.9%
Administrative expense ratio		8.6%			8.4%			8.6%			8.6%			8.5%			8.6%			8.6%

Combined ratio		82.1%			81.0%			85.4%			96.2%			86.2%			86.0%			86.6%


CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats		52.6%			54.0%			54.3%			54.2%			54.1%			53.8%			55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.3%			27.6%			27.6%			28.2%			27.6%			27.9%			27.4%

CAY combined ratio ex Cats		80.9%			81.6%			81.9%			82.4%			81.7%			81.7%			82.7%


Other ratios
Net premiums written/gross premiums written		83%			85%			82%			83%			84%			83%			83%

Expense ratio		28.5%			27.8%			27.7%			28.2%			27.5%			28.1%			27.5%
Expense ratio excluding A&H		26.9%			26.2%			26.1%			26.7%			25.9%			26.4%			25.8%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(16	)	$	-		$	(5	)	$	(37	)	$	10		$	(58	)	$	14
Catastrophe losses - pre-tax	$	345		$	281		$	624		$	1,589		$	622		$	2,839		$	2,341
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(210	)	$	(331	)	$	(249	)	$	(222	)	$	(143	)	$	(1,012	)	$	(752	)

Impact of catastrophe losses on combined ratio - Unfavorable		3.2%			2.6%			5.8%			16.0%			5.8%			6.8%			5.7%
Impact of PPD on combined ratio - Favorable		-2.0%			-3.2%			-2.3%			-2.2%			-1.3%			-2.5%			-1.8%
Impact of Cats and PPD on combined ratio - Unfavorable		1.2%			-0.6%			3.5%			13.8%			4.5%			4.3%			3.9%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)


	December 31 2025		September 30 2025		June 30 2025		March 31 2025		December 31 2024
Assets
Short-term investments, at fair value	$	4,840	$	4,380	$	4,508	$	4,432	$	5,142
Fixed maturities available for sale, at fair value		122,680		121,788		116,119		111,123		110,363
Private debt held-for-investment, at amortized cost		2,411		2,535		2,429		2,460		2,628
Equity securities, at fair value		10,801		10,377		9,913		9,556		9,151
Private equities		17,239		16,734		16,313		15,506		14,769
Other investments		10,749		10,182		9,032		9,224		8,597

Total investments		168,720		165,996		158,314		152,301		150,650

Cash and restricted cash		2,470		2,454		2,371		2,250		2,549
Securities lending collateral		2,500		1,899		1,941		1,909		1,445
Insurance and reinsurance balances receivable		15,944		16,305		16,778		15,358		14,426
Reinsurance recoverable on losses and loss expenses		20,338		20,227		19,595		20,015		19,777
Deferred policy acquisition costs		10,008		9,809		9,437		8,775		8,358
Value of business acquired (VOBA)		2,975		3,144		3,245		3,134		3,223
Prepaid reinsurance premiums		3,874		4,174		4,294		3,681		3,378
Goodwill and other intangible assets ($25,775 and $25,219 represents Chubb portion as of 12/31/2025 and 12/31/2024, respectively)		26,448		26,555		26,575		26,079		25,956
Deferred tax assets		1,312		1,413		1,621		1,798		1,603
Separate account assets		6,925		6,810		6,481		6,285		6,231
Other assets		10,813		11,424		10,911		10,167		8,952

Total assets	$	272,327	$	270,210	$	261,563	$	251,752	$	246,548


Liabilities
Unpaid losses and loss expenses	$	88,018	$	88,439	$	86,376	$	85,471	$	84,004
Unearned premiums		26,279		26,961		26,519		24,487		23,504
Future policy benefits		18,420		18,288		18,018		16,690		16,121
Market risk benefits		659		666		609		708		607
Policyholder account balances		8,576		8,539		8,344		8,129		8,016
Separate account liabilities		6,925		6,810		6,481		6,285		6,231
Insurance and reinsurance balances payable		8,349		8,475		9,232		8,446		8,121
Securities lending payable		2,500		1,899		1,941		1,909		1,445
Accounts payable, accrued expenses, and other liabilities		13,432		12,942		12,509		12,337		12,923
Deferred tax liabilities		1,741		1,733		1,691		1,608		1,584
Short-term and long-term debt		17,227		17,226		14,976		14,508		15,179
Hybrid debt		422		421		420		419		419

Total liabilities		192,548		192,399		187,116		180,997		178,154

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		78,732		76,747		75,453		73,361		72,665
Accumulated other comprehensive income (loss) (AOCI)		(4,975)		(4,892)		(6,058)		(7,635)		(8,644)

Chubb shareholders’ equity		73,757		71,855		69,395		65,726		64,021
Noncontrolling interests		6,022		5,956		5,052		5,029		4,373

Total shareholders’ equity		79,779		77,811		74,447		70,755		68,394

Total liabilities and shareholders’ equity	$	272,327	$	270,210	$	261,563	$	251,752	$	246,548


Book value per common share	$	188.59	$	182.22	$	174.07	$	164.01	$	159.77
% change over prior quarter		3.5%		4.7%		6.1%		2.7%		-2.1%
Tangible book value per common share (1)	$	126.22	$	120.13	$	112.64	$	104.27	$	100.38
% change over prior quarter		5.1%		6.6%		8.0%		3.9%		-2.2%

Book value per common share, excl. AOCI	$	201.31	$	194.63	$	189.27	$	183.06	$	181.34
% change over prior quarter		3.4%		2.8%		3.4%		0.9%		2.9%
Tangible book value per common share, excl. AOCI	$	136.91	$	130.60	$	125.80	$	120.44	$	118.57
% change over prior quarter		4.8%		3.8%		4.5%		1.6%		4.3%

(1) Refer to page 26 in this financial supplement for more details.


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)


	4Q-25		4Q-24		% Change		Constant $ % Change		Full Year 2025		Full Year 2024		% Change		Constant $ % Change
Net premiums written

Property and other short-tail lines	$	2,183	$	2,154		1.3%		0.3%	$	9,866	$	9,543		3.4%		3.6%
Commercial casualty		2,423		2,253		7.6%		7.0%		9,691		9,166		5.7%		5.7%
Financial lines		1,392		1,313		6.0%		5.4%		5,098		4,907		3.9%		3.9%
Workers’ compensation		530		511		3.6%		3.6%		2,252		2,238		0.6%		0.6%
Commercial multiple peril (1)		428		402		6.6%		6.6%		1,787		1,631		9.6%		9.6%
Surety		211		213		-0.9%		-2.2%		839		785		6.8%		8.8%

Total Commercial P&C lines		7,167		6,846		4.7%		4.0%		29,533		28,270		4.5%		4.6%

Agriculture		459		317		45.1%		45.1%		2,926		2,703		8.2%		8.2%

Personal homeowners		1,347		1,264		6.6%		6.6%		5,305		4,971		6.7%		7.0%
Personal automobile		786		611		28.8%		25.5%		2,978		2,491		19.6%		22.9%
Personal other		526		482		9.1%		7.0%		2,231		2,076		7.5%		6.9%

Total Personal lines		2,659		2,357		12.9%		11.6%		10,514		9,538		10.2%		11.0%

Global A&H - P&C		807		753		7.1%		5.5%		3,281		3,285		-0.1%		-0.3%

Reinsurance lines		217		224		-3.9%		-4.2%		1,309		1,346		-2.8%		-3.0%


Total P&C	$	11,309	$	10,497		7.7%		6.9%	$	47,563	$	45,142		5.4%		5.6%


Life Insurance		1,825		1,561		16.9%		18.3%		7,279		6,326		15.1%		17.3%


Total Consolidated	$	13,134	$	12,058		8.9%		8.3%	$	54,842	$	51,468		6.6%		7.0%

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


Product Line		Page 6

Chubb Limited

Consolidated Results

(in millions of U.S. dollars, except ratios)

(Unaudited)


	Three months ended December 31, 2025
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Q4 2025	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	5,107	$	1,720	$	459	$	3,806	$	217	$	-	$	11,309	$	1,825	$	13,134
% of total net premiums written		39%		13%		3%		29%		2%		-		86%		14%		100%
Net premiums earned		5,136		1,767		661		3,820		332		-		11,716		1,814		13,530
Adjusted losses and loss expenses		2,941		889		440		1,696		127		164		6,257		32		6,289
Adjusted policy benefits		-		-		-		109		-		-		109		1,246		1,355
Policy acquisition costs		759		336		18		999		102		-		2,214		342		2,556
Administrative expenses		345		85		(15)		368		8		148		939		222		1,161

Underwriting income (loss)		1,091		457		218		648		95		(312)		2,197		(28)		2,169
Adjusted net investment income		995		125		23		292		99		(18)		1,516		298		1,814
Other income (expense) - operating		(33)		(1)		(1)		(31)		-		(14)		(80)		62		(18)
Amortization expense of purchased intangibles		(1)		(2)		(6)		(20)		-		(38)		(67)		(10)		(77)

Segment income (loss)	$	2,052	$	579	$	234	$	889	$	194	$	(382)	$	3,566	$	322	$	3,888


Combined ratio		78.8%		74.1%		67.0%		83.0%		71.6%				81.2%
CAY combined ratio ex Cats		79.9%		69.9%		70.0%		84.0%		73.9%				80.4%

	Three months ended December 31, 2024
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Q4 2024	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	4,899	$	1,621	$	317	$	3,436	$	224	$	-	$	10,497	$	1,561	$	12,058
% of total net premiums written		41%		13%		3%		28%		2%		-		87%		13%		100%
Net premiums earned		5,118		1,628		532		3,434		322		-		11,034		1,564		12,598
Adjusted losses and loss expenses		3,097		930		385		1,686		219		138		6,455		26		6,481
Adjusted policy benefits		-		-		-		96		-		-		96		1,011		1,107
Policy acquisition costs		681		325		37		893		92		-		2,028		317		2,345
Administrative expenses		344		89		(17)		332		10		122		880		242		1,122

Underwriting income (loss)		996		284		127		427		1		(260)		1,575		(32)		1,543
Adjusted net investment income		936		111		22		300		74		(17)		1,426		265		1,691
Other income (expense) - operating		(4)		(1)		-		-		-		11		6		48		54
Amortization expense of purchased intangibles		(1)		(2)		(7)		(20)		-		(41)		(71)		(11)		(82)

Segment income (loss)	$	1,927	$	392	$	142	$	707	$	75	$	(307)	$	2,936	$	270	$	3,206


Combined ratio		80.6%		82.6%		76.1%		87.6%		99.9%				85.7%
CAY combined ratio ex Cats		79.0%		77.4%		90.5%		84.9%		75.8%				82.2%


Consol Results - QTD		Page 7

Chubb Limited

Consolidated Results

(in millions of U.S. dollars, except ratios)

(Unaudited)


	Year ended December 31, 2025
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Full Year 2025	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	21,280	$	7,024	$	2,926	$	15,024	$	1,309	$	-	$	47,563	$	7,279	$	54,842
% of total net premiums written		40%		13%		5%		27%		2%		-		87%		13%		100%
Net premiums earned		20,381		6,763		2,919		14,374		1,353		-		45,790		7,224		53,014
Adjusted losses and loss expenses		12,313		4,517		2,239		6,589		640		309		26,607		109		26,716
Adjusted policy benefits		-		-		-		470		-		-		470		4,961		5,431
Policy acquisition costs		2,891		1,337		169		3,724		396		-		8,517		1,330		9,847
Administrative expenses		1,394		336		(6)		1,435		37		472		3,668		836		4,504

Underwriting income (loss)		3,783		573		517		2,156		280		(781)		6,528		(12)		6,516
Adjusted net investment income		3,840		486		86		1,139		354		(85)		5,820		1,127		6,947
Other income (expense) - operating		(59)		(3)		(2)		(50)		-		(37)		(151)		165		14
Amortization expense of purchased intangibles		(5)		(8)		(24)		(78)		-		(148)		(263)		(38)		(301)

Segment income (loss)	$	7,559	$	1,048	$	577	$	3,167	$	634	$	(1,051)	$	11,934	$	1,242	$	13,176


Combined ratio		81.4%		91.5%		82.3%		85.0%		79.3%				85.7%
CAY combined ratio ex Cats		80.8%		72.3%		85.0%		84.8%		74.3%				81.9%


	Year ended December 31, 2024
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Full Year 2024	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	20,589	$	6,532	$	2,703	$	13,972	$	1,346	$	-	$	45,142	$	6,326	$	51,468
% of total net premiums written		40%		13%		5%		27%		3%		-		88%		12%		100%
Net premiums earned		20,008		6,188		2,705		13,400		1,272		-		43,573		6,273		49,846
Adjusted losses and loss expenses		12,737		3,584		2,170		6,414		711		299		25,915		112		26,027
Adjusted policy benefits		-		-		-		408		-		-		408		4,101		4,509
Policy acquisition costs		2,718		1,239		191		3,410		342		-		7,900		1,202		9,102
Administrative expenses		1,337		351		(10)		1,351		39		432		3,500		880		4,380

Underwriting income (loss)		3,216		1,014		354		1,817		180		(731)		5,850		(22)		5,828
Adjusted net investment income		3,556		433		84		1,136		253		(89)		5,373		1,003		6,376
Other income (expense) - operating		(32)		(1)		(1)		(14)		-		(46)		(94)		159		65
Amortization expense of purchased intangibles		(3)		(9)		(25)		(81)		-		(163)		(281)		(42)		(323)

Segment income (loss)	$	6,737	$	1,437	$	412	$	2,858	$	433	$	(1,029)	$	10,848	$	1,098	$	11,946


Combined ratio		83.9%		83.6%		86.9%		86.4%		85.9%				86.6%
CAY combined ratio ex Cats		80.6%		78.5%		88.8%		85.2%		76.4%				83.1%


Consol Results - FY		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

North America Commercial P&C Insurance


																Full Year			Full Year
	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			2025			2024
Gross premiums written	$	6,177		$	6,652		$	7,038		$	5,696		$	5,873		$	25,563		$	24,730
Net premiums written		5,107			5,663			5,723			4,787			4,899			21,280			20,589
Net premiums earned		5,136			5,080			5,177			4,988			5,118			20,381			20,008
Losses and loss expenses		2,941			3,083			3,258			3,031			3,097			12,313			12,737
Policy acquisition costs		759			708			705			719			681			2,891			2,718
Administrative expenses		345			348			357			344			344			1,394			1,337

Underwriting income		1,091			941			857			894			996			3,783			3,216
Adjusted net investment income		995			978			938			929			936			3,840			3,556
Other income (expense) - operating		(33	)		(10	)		(8	)		(8	)		(4	)		(59	)		(32	)
Amortization expense of purchased intangibles		(1	)		(1	)		(2	)		(1	)		(1	)		(5	)		(3	)

Segment income	$	2,052		$	1,908		$	1,785		$	1,814		$	1,927		$	7,559		$	6,737

CAY underwriting income ex Cats	$	1,045		$	987		$	980		$	934		$	1,074		$	3,946		$	3,891

Combined ratio
Loss and loss expense ratio		57.2%			60.7%			62.9%			60.8%			60.5%			60.4%			63.7%
Policy acquisition cost ratio		14.8%			13.9%			13.7%			14.4%			13.3%			14.2%			13.6%
Administrative expense ratio		6.8%			6.9%			6.9%			6.9%			6.8%			6.8%			6.6%

Combined ratio		78.8%			81.5%			83.5%			82.1%			80.6%			81.4%			83.9%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		58.6%			60.4%			60.6%			59.9%			58.6%			59.9%			60.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		21.3%			20.4%			20.5%			21.4%			20.4%			20.9%			20.2%

CAY combined ratio ex Cats		79.9%			80.8%			81.1%			81.3%			79.0%			80.8%			80.6%


Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(2	)	$	-		$	-		$	-		$	-		$	(2	)	$	-
Catastrophe losses - pre-tax	$	127		$	72		$	229		$	154		$	275		$	582		$	1,103
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(175	)	$	(26	)	$	(106	)	$	(114	)	$	(197	)	$	(421	)	$	(428	)

% Change versus prior year period
Net premiums written		4.3%			2.9%			4.1%			2.1%			5.1%			3.4%			7.0%
Net premiums earned		0.4%			-0.6%			5.7%			2.2%			8.8%			1.9%			8.6%

Other ratios
Net premiums written/gross premiums written		83%			85%			81%			84%			83%			83%			83%

Production by Size - Net premiums written (1)
Major Accounts & Specialty	$	3,003		$	3,379		$	3,578		$	2,731		$	2,915		$	12,691		$	12,514
Commercial		2,104			2,284			2,145			2,056			1,984			8,589			8,075

Total	$	5,107		$	5,663		$	5,723		$	4,787		$	4,899		$	21,280		$	20,589

(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.


NA Commercial		Page 9

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

North America Personal P&C Insurance


																Full Year			Full Year
	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			2025			2024
Gross premiums written	$	1,984		$	2,078		$	2,208		$	1,840		$	1,874		$	8,110		$	7,531
Net premiums written		1,720			1,814			1,938			1,552			1,621			7,024			6,532
Net premiums earned		1,767			1,741			1,681			1,574			1,628			6,763			6,188
Losses and loss expenses		889			713			822			2,093			930			4,517			3,584
Policy acquisition costs		336			339			332			330			325			1,337			1,239
Administrative expenses		85			82			82			87			89			336			351

Underwriting income (loss)		457			607			445			(936	)		284			573			1,014
Net investment income		125			123			118			120			111			486			433
Other income (expense) - operating		(1	)		(1	)		-			(1	)		(1	)		(3	)		(1	)
Amortization expense of purchased intangibles		(2	)		(2	)		(2	)		(2	)		(2	)		(8	)		(9	)

Segment income (loss)	$	579		$	727		$	561		$	(819	)	$	392		$	1,048		$	1,437

CAY underwriting income ex Cats	$	533		$	486		$	466		$	406		$	368		$	1,891		$	1,331

Combined ratio
Loss and loss expense ratio		50.4%			41.0%			48.9%			133.0%			57.1%			66.8%			57.9%
Policy acquisition cost ratio		18.9%			19.4%			19.7%			21.0%			20.0%			19.7%			20.0%
Administrative expense ratio		4.8%			4.7%			4.9%			5.5%			5.5%			5.0%			5.7%

Combined ratio		74.1%			65.1%			73.5%			159.5%			82.6%			91.5%			83.6%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		46.2%			48.0%			47.6%			49.3%			51.9%			47.7%			52.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		23.7%			24.1%			24.6%			25.7%			25.5%			24.6%			25.7%

CAY combined ratio ex Cats		69.9%			72.1%			72.2%			75.0%			77.4%			72.3%			78.5%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(3	)	$	-		$	-		$	(50	)	$	-		$	(53	)	$	-
Catastrophe losses - pre-tax	$	73		$	161		$	142		$	1,292		$	84		$	1,668		$	622
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-		$	(282	)	$	(121	)	$	-		$	-		$	(403	)	$	(305	)

% Change versus prior year period
Net premiums written		6.1%			8.1%			9.1%			6.6%			10.0%			7.5%			11.1%
Net premiums earned		8.5%			10.5%			11.1%			7.0%			12.1%			9.3%			11.8%

Other ratios
Net premiums written/gross premiums written		87%			87%			88%			84%			87%			87%			87%


NA Personal		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

North America Agricultural Insurance



	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			Full Year 2025			Full Year 2024
Gross premiums written	$	607		$	2,516		$	1,110		$	434		$	504		$	4,667		$	4,194
Net premiums written		459			1,458			733			276			317			2,926			2,703
Net premiums earned		661			1,495			598			165			532			2,919			2,705
Adjusted losses and loss expenses		440			1,224			483			92			385			2,239			2,170
Policy acquisition costs		18			86			48			17			37			169			191
Administrative expenses		(15	)		5			2			2			(17	)		(6	)		(10	)

Underwriting income		218			180			65			54			127			517			354
Net investment income		23			20			19			24			22			86			84
Other income (expense) - operating		(1	)		-			-			(1	)		-			(2	)		(1	)
Amortization expense of purchased intangibles		(6	)		(6	)		(6	)		(6	)		(7	)		(24	)		(25	)

Segment income	$	234		$	194		$	78		$	71		$	142		$	577		$	412

CAY underwriting income ex Cats	$	164		$	154		$	66		$	36		$	52		$	420		$	310

Combined ratio
Loss and loss expense ratio		66.5%			81.9%			80.8%			55.9%			72.2%			76.7%			80.2%
Policy acquisition cost ratio		2.8%			5.8%			7.9%			10.4%			7.1%			5.8%			7.1%
Administrative expense ratio		-2.3%			0.3%			0.4%			1.2%			-3.2%			-0.2%			-0.4%

Combined ratio		67.0%			88.0%			89.1%			67.5%			76.1%			82.3%			86.9%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		66.2%			83.6%			80.5%			65.8%			86.8%			78.5%			82.4%
CAY policy acquisition cost and administrative expense ratio ex Cats		3.8%			6.1%			8.3%			13.1%			3.7%			6.5%			6.4%

CAY combined ratio ex Cats		70.0%			89.7%			88.8%			78.9%			90.5%			85.0%			88.8%

Unfavorable (favorable) Catastrophe losses - pre-tax	$	4		$	4		$	1		$	15		$	(5	)	$	24		$	60
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(58	)	$	(30	)	$	-		$	(33	)	$	(70	)	$	(121	)	$	(104	)

% Change versus prior year period
Net premiums written		45.1%			5.6%			-3.3%			11.0%			-47.8%			8.2%			-15.2%
Net premiums earned		24.0%			5.4%			-4.3%			28.6%			-36.2%			7.9%			-14.6%

Other ratios
Net premiums written/gross premiums written		76%			58%			66%			64%			63%			63%			64%


NA Agriculture		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Overseas General Insurance



	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			Full Year 2025			Full Year 2024
Gross premiums written	$	4,608		$	4,496		$	4,588		$	4,904		$	4,199		$	18,596		$	17,386
Net premiums written		3,806			3,695			3,620			3,903			3,436			15,024			13,972
Net premiums earned		3,820			3,803			3,542			3,209			3,434			14,374			13,400
Losses and loss expenses		1,696			1,707			1,789			1,397			1,686			6,589			6,414
Policy benefits		109			119			129			113			96			470			408
Policy acquisition costs		999			975			913			837			893			3,724			3,410
Administrative expenses		368			368			369			330			332			1,435			1,351

Underwriting income		648			634			342			532			427			2,156			1,817
Adjusted net investment income		292			288			278			281			300			1,139			1,136
Other income (expense) - operating		(31	)		(8	)		(5	)		(6	)		-			(50	)		(14	)
Amortization expense of purchased intangibles		(20	)		(20	)		(19	)		(19	)		(20	)		(78	)		(81	)

Segment income	$	889		$	894		$	596		$	788		$	707		$	3,167		$	2,858

CAY underwriting income ex Cats	$	615		$	592		$	517		$	466		$	520		$	2,190		$	1,986

Combined ratio
Loss and loss expense ratio		47.3%			48.0%			54.2%			47.0%			51.9%			49.1%			50.9%
Policy acquisition cost ratio		26.1%			25.6%			25.7%			26.1%			26.0%			25.9%			25.4%
Administrative expense ratio		9.6%			9.7%			10.4%			10.3%			9.7%			10.0%			10.1%

Combined ratio		83.0%			83.3%			90.3%			83.4%			87.6%			85.0%			86.4%

CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		48.4%			49.1%			49.3%			49.1%			49.2%			49.0%			49.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		35.6%			35.3%			36.1%			36.4%			35.7%			35.8%			35.5%

CAY combined ratio ex Cats		84.0%			84.4%			85.4%			85.5%			84.9%			84.8%			85.2%


Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	(12	)	$	-		$	(5	)	$	-		$	-		$	(17	)	$	-
Catastrophe losses - pre-tax	$	144		$	42		$	247		$	55		$	173		$	488		$	459
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(189	)	$	(84	)	$	(77	)	$	(121	)	$	(80	)	$	(471	)	$	(290	)

% Change versus prior year period
Net premiums written		10.8%			9.7%			8.5%			1.8%			6.8%			7.5%			11.1%
Net premiums written - Commercial		5.6%			5.8%			6.0%			3.6%			8.2%			5.2%			9.7%
Net premiums written - Consumer		18.7%			15.5%			12.2%			-1.1%			4.7%			11.0%			13.3%
Net premiums earned		11.3%			11.2%			5.8%			0.3%			6.4%			7.3%			9.6%

Net premiums written constant $		8.1%			7.4%			10.2%			6.5%			6.8%			8.0%			11.8%
Net premiums written - Commercial		3.3%			3.9%			6.8%			7.3%			7.4%			5.3%			9.8%
Net premiums written - Consumer		15.4%			12.6%			15.3%			5.0%			6.0%			12.0%			15.0%
Net premiums earned constant $		8.4%			8.4%			7.4%			5.0%			6.4%			7.4%			10.4%

Other ratios: Net premiums written/gross premiums written		83%			82%			79%			80%			82%			81%			80%



Production by Region - Net premiums written	4Q-25		4Q-24		% Change		Constant $ % Change		Full Year 2025		Full Year 2024		% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,616	$	1,507		7.2%		3.1%	$	6,491	$	6,132		5.9	%		4.3%
Latin America		805		701		14.7%		9.9%		3,059		2,876		6.3	%		11.3%
Asia		1,361		1,205		13.0%		13.5%		5,337		4,822		10.7	%		11.3%
Other (1)		24		23		8.3%		6.4%		137		142		-3.4	%		-3.7%

Total	$	3,806	$	3,436		10.8%		8.1%	$	15,024	$	13,972		7.5	%		8.0%

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


Overseas General Insurance		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Global Reinsurance


	4Q-25			3Q-25		2Q-25			1Q-25		4Q-24			Full Year 2025			Full Year 2024
Gross premiums written	$	236		$	332	$	466		$	453	$	246		$	1,487		$	1,567
Net premiums written		217			304		380			408		224			1,309			1,346
Net premiums earned		332			315		338			368		322			1,353			1,272
Losses and loss expenses		127			139		132			242		219			640			711
Policy acquisition costs		102			96		98			100		92			396			342
Administrative expenses		8			9		10			10		10			37			39

Underwriting income		95			71		98			16		1			280			180
Adjusted net investment income		99			100		85			70		74			354			253
Other income (expense) - operating		-			-		-			-		-			-			-

Segment income	$	194		$	171	$	183		$	86	$	75		$	634		$	433

CAY underwriting income ex Cats	$	87		$	77	$	89		$	91	$	76		$	344		$	298

Combined ratio
Loss and loss expense ratio		38.5%			43.8%		39.0%			65.8%		68.1%			47.3%			55.9%
Policy acquisition cost ratio		30.9%			30.5%		29.1%			27.1%		28.7%			29.3%			26.9%
Administrative expense ratio		2.2%			3.1%		2.9%			2.7%		3.1%			2.7%			3.1%

Combined ratio		71.6%			77.4%		71.0%			95.6%		99.9%			79.3%			85.9%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		41.4%			42.0%		41.5%			43.2%		43.7%			42.1%			46.2%
CAY policy acquisition cost and administrative expense ratio ex Cats		32.5%			33.6%		32.0%			31.1%		32.1%			32.2%			30.2%

CAY combined ratio ex Cats		73.9%			75.6%		73.5%			74.3%		75.8%			74.3%			76.4%

Catastrophe reinstatement premiums (expensed) collected - pre-tax	$	1		$	-	$	-		$	13	$	10		$	14		$	14
Catastrophe losses - pre-tax	$	1		$	6	$	6		$	88	$	90		$	101		$	157
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(8	)	$	-	$	(15	)	$	-	$	(5	)	$	(23	)	$	(25	)

% Change versus prior year period
Net premiums written as reported		-3.9%			-13.5%		-7.6%			13.7%		19.9%			-2.8%			32.2%
Net premiums earned as reported		3.2%			-0.5%		-0.3%			24.8%		32.6%			6.4%			32.2%

Net premiums written constant $		-4.2%			-13.8%		-7.8%			14.0%		19.6%			-3.0%			32.2%
Net premiums earned constant $		2.9%			-0.9%		-0.6%			25.3%		32.5%			6.2%			32.4%

Other ratios
Net premiums written/gross premiums written		91%			92%		82%			90%		91%			88%			86%


Global Reinsurance		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance


	4Q-25		3Q-25		2Q-25		1Q-25		4Q-24		Full Year 2025		Full Year 2024
Gross premiums written	$	1,884	$	1,995	$	1,866	$	1,778	$	1,630	$	7,523	$	6,595
Net premiums written		1,825		1,932		1,802		1,720		1,561		7,279		6,326
Net premiums earned		1,814		1,925		1,789		1,696		1,564		7,224		6,273
Losses and loss expenses		32		31		20		26		26		109		112
Adjusted policy benefits		1,246		1,303		1,249		1,163		1,011		4,961		4,101
Policy acquisition costs		342		359		319		310		317		1,330		1,202
Administrative expenses		222		213		199		202		242		836		880
Adjusted net investment income		298		284		274		271		265		1,127		1,003
Other income (expense) - operating (1)		62		31		37		35		48		165		159
Amortization expense of purchased intangibles		(10)		(10)		(8)		(10)		(11)		(38)		(42)
Segment income	$	322	$	324	$	305	$	291	$	270	$	1,242	$	1,098


% Change versus prior year period
Net premiums written		16.9%		24.6%		14.1%		5.3%		7.6%		15.1%		15.7%
Net premiums earned		15.9%		25.8%		14.2%		5.3%		9.0%		15.1%		16.2%

Net premiums written constant $		18.3%		23.5%		17.3%		10.3%		8.5%		17.3%		18.5%
Net premiums earned constant $		17.3%		24.7%		17.5%		10.2%		9.9%		17.4%		19.0%

International life insurance net premiums written and deposits breakdown (excludes Chubb Benefits and Life reinsurance businesses):



	4Q-25		4Q-24		% Change		Constant $ % Change		Full Year 2025		Full Year 2024		% Change		Constant $ % Change
International life insurance net premiums written	$	1,495	$	1,287		16.2%		17.8%	$	6,028	$	5,251		14.8%		17.4%
International life insurance deposits (2)		458		838		-45.3%		-46.7%		2,227		2,571		-13.4%		-14.3%

Total international life insurance net premiums written and deposits	$	1,953	$	2,125		-8.0%		-8.3%	$	8,255	$	7,822		5.5%		6.7%



International life insurance segment income	$	265	$	223		19.4%		22.7%	$	987	$	903		9.4%		13.5%

(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by Huatai’s asset management businesses.

(2) Includes deposits collected on universal life and investment contracts. Consistent with U.S. GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.


Life Insurance		Page 14

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate


	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			Full Year 2025			Full Year 2024

Adjusted loss and loss expenses	$	164		$	61		$	70		$	14		$	138		$	309		$	299
Administrative expenses		148			113			106			105			122			472			432

Underwriting loss		(312	)		(174	)		(176	)		(119	)		(260	)		(781	)		(731	)

Adjusted net investment income		(18	)		(17	)		(25	)		(25	)		(17	)		(85	)		(89	)

Other income (expense) - operating		(14	)		(3	)		(12	)		(8	)		11			(37	)		(46	)

Adjusted interest expense		(210	)		(203	)		(186	)		(186	)		(194	)		(785	)		(762	)
Amortization expense of purchased intangibles		(38	)		(36	)		(37	)		(37	)		(41	)		(148	)		(163	)
Integration expenses and severance		(76	)		(1	)		(2	)		-			(18	)		(79	)		(39	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		4			5			1			3			3			13			5

Adjusted net realized gains (losses)		201			247			662			(103	)		24			1,007			445
Market risk benefits gains (losses)		(37	)		(142	)		(17	)		(92	)		98			(288	)		(140	)
Income tax expense		(597	)		(787	)		(717	)		(321	)		(479	)		(2,422	)		(1,815	)
Less: NCI income (loss)		(37	)		306			31			12			65			312			368

Net loss	$	(1,060	)	$	(1,417	)	$	(540	)	$	(900	)	$	(938	)	$	(3,917	)	$	(3,703	)


Unfavorable (favorable) prior period development (PPD) - pre-tax	$	162		$	61		$	70		$	13		$	139		$	306		$	296


Corporate		Page 15

Chubb Limited

Loss Reserve Rollforward

(in millions of U.S. dollars, except ratios)

(Unaudited)


	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio

Balance at December 31, 2023	$	80,122		$	17,884		$	62,238
Losses and loss expenses incurred		6,603			876			5,727
Losses and loss expenses paid		(6,423	)		(1,601	)		(4,822	)	84%
Other (incl. foreign exch. revaluation)		39			4			35

Balance at March 31, 2024	$	80,341		$	17,163		$	63,178
Losses and loss expenses incurred		7,819			1,388			6,431
Losses and loss expenses paid		(5,657	)		(1,069	)		(4,588	)	71%
Other (incl. foreign exch. revaluation)		(312	)		(73	)		(239	)

Balance at June 30, 2024	$	82,191		$	17,409		$	64,782
Losses and loss expenses incurred		9,737			2,354			7,383
Losses and loss expenses paid		(7,838	)		(2,169	)		(5,669	)	77%
Other (incl. foreign exch. revaluation)		236			37			199

Balance at September 30, 2024	$	84,326		$	17,631		$	66,695
Losses and loss expenses incurred		8,375			1,894			6,481
Losses and loss expenses paid		(8,052	)		(1,628	)		(6,424	)	99%
Other (incl. foreign exch. revaluation)		(645	)		(163	)		(482	)

Balance at December 31, 2024	$	84,004		$	17,734		$	66,270
Losses and loss expenses incurred		8,654			1,758			6,896
Losses and loss expenses paid		(7,466	)		(1,462	)		(6,004	)	87%
Other (incl. foreign exch. revaluation)		279			51			228

Balance at March 31, 2025	$	85,471		$	18,081		$	67,390
Losses and loss expenses incurred		7,661			1,089			6,572
Losses and loss expenses paid		(7,620	)		(1,682	)		(5,938	)	90%
Other (incl. foreign exch. revaluation)		864			203			661

Balance at June 30, 2025	$	86,376		$	17,691		$	68,685
Losses and loss expenses incurred		8,827			1,876			6,951
Losses and loss expenses paid		(6,934	)		(1,190	)		(5,744	)	83%
Other (incl. foreign exch. revaluation)		170			44			126

Balance at September 30, 2025	$	88,439		$	18,421		$	70,018
Losses and loss expenses incurred		8,168			1,887			6,281
Losses and loss expenses paid		(8,555	)		(1,948	)		(6,607	)	105%
Other (incl. foreign exch. revaluation)		(34	)		(14	)		(20	)

Balance at December 31, 2025	$	88,018		$	18,346		$	69,672
Add net recoverable on paid losses		-			1,992			(1,992	)

Balance including net recoverable on paid losses	$	88,018		$	20,338		$	67,680


Loss Reserve Rollforward		Page 16

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	December 31 2025			September 30 2025			June 30 2025			March 31 2025			December 31 2024
Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,570		$	1,411		$	1,493		$	1,533		$	1,629

Brandywine and Other Run-off		494			456			473			467			482


Total	$	2,064		$	1,867		$	1,966		$	2,000		$	2,111


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	17,504		$	17,566		$	16,839		$	17,180		$	16,810

Brandywine and Other Run-off		1,091			1,120			1,113			1,155			1,166


Total	$	18,595		$	18,686		$	17,952		$	18,335		$	17,976


Gross reinsurance recoverable

Active operations	$	19,074		$	18,977		$	18,332		$	18,713		$	18,439

Brandywine and Other Run-off		1,585			1,576			1,586			1,622			1,648


Total	$	20,659		$	20,553		$	19,918		$	20,335		$	20,087


Provision for uncollectible reinsurance (1)

Active operations	$	(230	)	$	(233	)	$	(233	)	$	(228	)	$	(228	)

Brandywine and Other Run-off		(91	)		(93	)		(90	)		(92	)		(82	)


Total	$	(321	)	$	(326	)	$	(323	)	$	(320	)	$	(310	)


Net reinsurance recoverable

Active operations	$	18,844		$	18,744		$	18,099		$	18,485		$	18,211

Brandywine and Other Run-off		1,494			1,483			1,496			1,530			1,566


Total	$	20,338		$	20,227		$	19,595		$	20,015		$	19,777

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.8 billion.


Reinsurance Recoverable		Page 17

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	December 31			September 30			June 30			March 31			December 31
	2025			2025			2025			2025			2024

Market Value

Fixed maturities available for sale	$	122,680		$	121,788		$	116,119		$	111,123		$	110,363

Other investments-fixed maturities		8,091			7,522			6,441			6,799			6,265

Short-term investments		4,840			4,380			4,508			4,432			5,142


Total fixed maturities	$	135,611		$	133,690		$	127,068		$	122,354		$	121,770


Asset Allocation by Market Value

U.S. and local government securities	$	3,714	3%	$	3,846	3%	$	4,033	3%	$	4,025	3%	$	4,070	3%

Corporate and asset-backed securities		47,886	35%		47,451	35%		45,126	36%		43,280	36%		43,207	36%

Mortgage-backed securities		30,724	23%		30,160	23%		28,497	22%		27,516	22%		27,248	22%

Non-U.S.		48,447	35%		47,853	36%		44,904	35%		43,101	35%		42,103	35%

Short-term investments		4,840	4%		4,380	3%		4,508	4%		4,432	4%		5,142	4%


Total fixed maturities	$	135,611	100%	$	133,690	100%	$	127,068	100%	$	122,354	100%	$	121,770	100%


Credit Quality by Market Value

AAA	$	13,313	10%	$	13,471	11%	$	13,450	11%	$	12,902	11%	$	13,933	11%

AA		40,720	30%		40,254	30%		38,363	30%		37,662	30%		37,640	30%

A		35,184	26%		33,847	25%		31,633	25%		30,137	25%		28,882	24%

BBB		23,584	17%		23,207	17%		22,452	18%		21,798	18%		21,610	18%

BB		12,948	10%		12,748	10%		11,644	9%		10,705	9%		10,789	9%

B		9,469	7%		9,762	7%		9,114	7%		8,669	7%		8,279	7%

Other		393	0%		401	0%		412	0%		481	0%		637	1%


Total fixed maturities	$	135,611	100%	$	133,690	100%	$	127,068	100%	$	122,354	100%	$	121,770	100%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	124,674		$	123,676		$	118,876		$	114,867		$	115,013

Other investments-fixed maturities		8,091			7,522			6,441			6,799			6,265

Short-term investments		4,840			4,381			4,508			4,434			5,143


Subtotal fixed maturities (1)		137,605			135,579			129,825			126,100			126,421

Equity securities		10,801			10,377			9,913			9,556			9,151

Private debt held-for-investment (1)		2,411			2,535			2,429			2,460			2,628

Private equities and other		19,897			19,394			18,904			17,931			17,101


Total investment portfolio	$	170,714		$	167,885		$	161,071		$	156,047		$	155,301


Avg. duration of fixed maturities (2)		4.7 years			4.8 years			4.8 years			4.8 years			4.8 years

Avg. market yield of fixed income investments (3)		5.2%			5.2%			5.3%			5.5%			5.6%

Avg. credit quality		A/A			A/A			A/A			A/A			A/A

Avg. book yield of fixed income investments (3)		5.1%			5.1%			5.1%			5.0%			5.0%

(1) Net of valuation allowance for expected credit losses.

(2) Excludes Huatai.

(3) Includes fixed maturities and other debt investments and excludes Huatai.


Investments		Page 18

Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities


	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total

Market Value at December 31, 2025

Agency residential mortgage-backed securities (RMBS)	$	16	$	27,250	$	-	$	-	$	-	$	27,266

Non-agency RMBS		2,079		198		165		69		2		2,513

Commercial mortgage-backed securities		774		112		51		6		2		945

Total mortgage-backed securities at market value	$	2,869	$	27,560	$	216	$	75	$	4	$	30,724


U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at December 31, 2025			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	3,848	$	707	$	327	$	242	$	5,124

Banks				-		2		2,582		2,073		4,657

Basic Materials				-		-		88		222		310

Communications				-		305		594		1,365		2,264

Consumer, Cyclical				9		179		624		909		1,721

Consumer, Non-Cyclical				56		513		2,883		1,833		5,285

Diversified Financial Services				1		113		521		205		840

Energy				-		117		495		1,461		2,073

Industrial				-		9		764		1,278		2,051

Utilities				284		11		1,431		1,363		3,089

All Others				104		415		1,445		1,904		3,868


Total			$	4,302	$	2,371	$	11,754	$	12,855	$	31,282


Market Value at December 31, 2025					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total

Asset-backed					$	10	$	140	$	1	$	151
Banks						-		-		-		-
Basic Materials						508		322		12		842
Communications						841		887		44		1,772
Consumer, Cyclical						1,586		1,026		62		2,674
Consumer, Non-Cyclical						1,837		1,362		41		3,240
Diversified Financial Services						575		397		-		972
Energy						907		465		1		1,373
Industrial						1,271		848		32		2,151
Utilities						429		195		-		624
All Others						993		1,743		69		2,805

Total					$	8,957	$	7,385	$	262	$	16,604


Investments 2		Page 19

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

December 31, 2025


Non-U.S. Government Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total


People’s Republic of China	$	-	$	212	$	1,740	$	-	$	-	$	1,952

Republic of Korea		-		1,772		-		-		-		1,772

Kingdom of Thailand		-		-		1,145		-		-		1,145

Canada		840		-		-		-		-		840

United Mexican States		-		-		-		811		-		811

Taiwan		-		776		-		-		-		776

Federative Republic of Brazil		-		-		-		-		651		651

Commonwealth of Australia		573		-		-		-		-		573

Province of Ontario		-		559		-		-		-		559

Province of Hunan China		-		-		556		-		-		556

Other Non-U.S. Government Securities		653		2,107		3,193		1,198		1,426		8,577


Total	$	2,066	$	5,426	$	6,634	$	2,009	$	2,077	$	18,212


Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total


China	$	-	$	-	$	8,002	$	494	$	11	$	8,507

United Kingdom		18		38		1,194		1,037		504		2,791

Canada		264		50		1,031		859		510		2,714

France		7		24		877		594		252		1,754

United States (1)		8		137		377		508		601		1,631

South Korea		-		437		398		564		1		1,400

Australia		52		299		475		439		52		1,317

Japan		-		-		800		190		91		1,081

Germany		104		104		119		317		66		710

Chile		-		-		197		425		-		622

Other Non-U.S. Corporate Securities		611		625		1,834		2,955		1,683		7,708


Total	$	1,064	$	1,714	$	15,304	$	8,382	$	3,771	$	30,235

(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.


Investments 3		Page 20

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	December 31, 2025	Market Value		Rating

1	Bank of America Corp	$	786	A-

2	Morgan Stanley		745	A-

3	JP Morgan Chase & Co		698	A

4	Goldman Sachs Group Inc		569	BBB+

5	Wells Fargo & Co		564	BBB+

6	Citigroup Inc		501	BBB+

7	Verizon Communications Inc		429	BBB+

8	AT&T Inc		372	BBB

9	UBS Group AG		370	A-

10	Comcast Corp		363	A-


Investments 4		Page 21

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended December 31, 2025

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments (1)	$	(135	)	$	42		$	(93	)	$	(98	)	$	30		$	(68	)	$	(233	)	$	72		$	(161	)
Public equity:
Realized gains (losses) on sales		101			(23	)		78			-			-			-			101			(23	)		78
Mark-to-market		(59	)		12			(47	)		-			-			-			(59	)		12			(47	)
Private equity: Mark-to-market		348			70			418			-			-			-			348			70			418

Total investment portfolio		255			101			356			(98	)		30			(68	)		157			131			288
Foreign exchange		46			(11	)		35			(280	)		6			(274	)		(234	)		(5	)		(239	)
Partially-owned entities (2)		1			-			1			-			-			-			1			-			1
Current discount rate on future policy benefits		-			-			-			180			(31	)		149			180			(31	)		149
Instrument-specific credit risk - market risk benefits		-			-			-			(4	)		-			(4	)		(4	)		-			(4	)
Other		(60	)		17			(43	)		176			(38	)		138			116			(21	)		95

Net gains (losses)	$	242		$	107		$	349		$	(26	)	$	(33	)	$	(59	)	$	216		$	74		$	290


(1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million.
(2) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

	Three months ended December 31, 2024

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments (3)	$	(325	)	$	99		$	(226	)	$	(2,549	)	$	39		$	(2,510	)	$	(2,874	)	$	138		$	(2,736	)
Public equity:
Realized gains (losses) on sales		18			(3	)		15			-			-			-			18			(3	)		15
Mark-to-market		2			(14	)		(12	)		-			-			-			2			(14	)		(12	)
Private equity: Mark-to-market		304			(15	)		289			-			-			-			304			(15	)		289

Total investment portfolio		(1	)		67			66			(2,549	)		39			(2,510	)		(2,550	)		106			(2,444	)
Foreign exchange		(62	)		4			(58	)		(1,093	)		20			(1,073	)		(1,155	)		24			(1,131	)
Partially-owned entities (4)		(3	)		-			(3	)		-			-			-			(3	)		-			(3	)
Current discount rate on future policy benefits		-			-			-			(6	)		(6	)		(12	)		(6	)		(6	)		(12	)
Instrument-specific credit risk - market risk benefits		-			-			-			5			(1	)		4			5			(1	)		4
Other		36			-			36			274			(57	)		217			310			(57	)		253

Net gains (losses)	$	(30	)	$	71		$	41		$	(3,369	)	$	(5	)	$	(3,374	)	$	(3,399	)	$	66		$	(3,333	)

(3) The quarter includes pre-tax realized losses on investment derivatives of $195 million, a net decrease of the valuation allowance of expected credit losses of $6 million, and impairments of $13 million.

(4) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.


Net Gains (Losses)		Page 22

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Year ended December 31, 2025

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments (1)	$	(275	)	$	105		$	(170	)	$	2,677		$	(133	)	$	2,544		$	2,402		$	(28	)	$	2,374
Public equity:
Realized gains (losses) on sales		171			(43	)		128			-			-			-			171			(43	)		128
Mark-to-market		298			(77	)		221			-			-			-			298			(77	)		221
Private equity: Mark-to-market		814			3			817			-			-			-			814			3			817

Total investment portfolio		1,008			(12	)		996			2,677			(133	)		2,544			3,685			(145	)		3,540
Foreign exchange		(223	)		53			(170	)		914			(20	)		894			691			33			724
Partially-owned entities (2)		3			-			3			-			-			-			3			-			3
Current discount rate on future policy benefits		-			-			-			210			16			226			210			16			226
Instrument-specific credit risk - market risk benefits		-			-			-			(8	)		1			(7	)		(8	)		1			(7	)
Other		(71	)		19			(52	)		49			(13	)		36			(22	)		6			(16	)

Net gains (losses)	$	717		$	60		$	777		$	3,842		$	(149	)	$	3,693		$	4,559		$	(89	)	$	4,470

(1) Full year includes pre-tax realized losses on investment derivatives of $37 million, a net decrease of the valuation allowance of expected credit losses of $20 million, and impairments of $48 million.

(2) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.



	Year ended December 31, 2024

	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments (3)	$	(538	)	$	140		$	(398	)	$	(265	)	$	(110	)	$	(375	)	$	(803	)	$	30		$	(773	)
Public equity:
Realized gains (losses) on sales		26			(3	)		23			-			-			-			26			(3	)		23
Mark-to-market		172			(30	)		142			-			-			-			172			(30	)		142
Private equity: Mark-to-market		637			(2	)		635			-			-			-			637			(2	)		635

Total investment portfolio		297			105			402			(265	)		(110	)		(375	)		32			(5	)		27
Foreign exchange		(223	)		40			(183	)		(1,119	)		39			(1,080	)		(1,342	)		79			(1,263	)
Partially-owned entities (4)		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Current discount rate on future policy benefits		-			-			-			(598	)		8			(590	)		(598	)		8			(590	)
Instrument-specific credit risk - market risk benefits		-			-			-			7			(1	)		6			7			(1	)		6
Other		26			1			27			257			(53	)		204			283			(52	)		231

Net gains (losses)	$	99		$	146		$	245		$	(1,718	)	$	(117	)	$	(1,835	)	$	(1,619	)	$	29		$	(1,590	)

(3) Full year includes pre-tax realized losses on investment derivatives of $189 million, a net decrease of the valuation allowance of expected credit losses of $86 million, and impairments of $94 million.

(4) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.


Net Gains (Losses) 2		Page 23

Chubb Limited

Debt and Capital

(in millions of U.S. dollars, except ratios)

(Unaudited)


	December 31			September 30			June 30			March 31			December 31			December 31
	2025			2025			2025			2025			2024			2023


Financial debt:

Total short-term debt	$	1,499		$	1,499		$	1,499		$	-		$	800		$	1,460

Total long-term debt		15,728			15,727			13,477			14,508			14,379			13,035


Total financial debt	$	17,227		$	17,226		$	14,976		$	14,508		$	15,179		$	14,495

Hybrid debt:

Total trust preferred securities	$	309		$	309		$	309		$	309		$	309		$	308

Total subordinated debt (1)		113			112			111			110			110			-


Total hybrid debt	$	422		$	421		$	420		$	419		$	419		$	308


Total	$	17,649		$	17,647		$	15,396		$	14,927		$	15,598		$	14,803


Capitalization:

Chubb shareholders’ equity	$	73,757		$	71,855		$	69,395		$	65,726		$	64,021		$	59,507

Hybrid debt		422			421			420			419			419			308

Financial debt		17,227			17,226			14,976			14,508			15,179			14,495


Total capitalization	$	91,406		$	89,502		$	84,791		$	80,653		$	79,619		$	74,310


Less: Chubb unrealized gains (losses) on investments, net of deferred tax		(1,997	)		(1,940	)		(2,772	)		(3,704	)		(4,552	)		(4,177	)


Total adjusted capitalization	$	93,403		$	91,442		$	87,563		$	84,357		$	84,171		$	78,487


Leverage ratios (based on total adjusted capital)* (1):

Hybrid debt		0.4%			0.4%			0.5%			0.5%			0.5%			0.4%

Financial debt		18.4%			18.8%			17.1%			17.2%			18.0%			18.5%


Total hybrid & financial debt		18.8%			19.2%			17.6%			17.7%			18.5%			18.9%

* Leverage ratios calculations have been redefined to exclude Chubb unrealized gains (losses) on investments, net of deferred tax, from total capitalization. Prior periods have been updated to reflect current definition for better comparability.

Note: As of December 31, 2025, there was $0.9 billion usage of credit facilities on total capacity of $4.1 billion.

(1) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share (excluding non-controlling interest).


Debt and Capital		Page 24

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

(in millions of U.S. dollars, except share and per share data)

(Unaudited)


	Three months ended December 31				Year ended December 31
	2025		2024		2025		2024

Numerator
Core operating income	$	2,982	$	2,451	$	9,954	$	9,142
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		5		2		15		7
Tax (expense) benefit on amortization adjustment		(3)		(2)		(6)		(5)
Integration expenses and severance, pre-tax		(75)		(18)		(78)		(39)
Tax (expense) benefit on integration expenses and severance		17		3		17		7
Adjusted net realized gains (losses), pre-tax		242		(30)		717		99
Tax (expense) benefit on adjusted net realized gains (losses)		107		71		60		146
Market risk benefits gains (losses), pre-tax		(37)		98		(288)		(140)
Tax (expense) benefit on market risk benefits gains (losses)		5		-		43		-
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(33)		-		(124)		55

Chubb net income	$	3,210	$	2,575	$	10,310	$	9,272


Rollforward of Common Shares Outstanding
Shares - beginning of period		394,324,438		403,033,421		400,703,663		405,269,637
Repurchase of shares		(3,864,750)		(2,602,601)		(11,986,574)		(7,518,565)
Shares issued (canceled), excluding option exercises		101,548		113,254		683,260		778,923
Issued for option exercises		539,991		159,589		1,700,878		2,173,668

Shares - end of period		391,101,227		400,703,663		391,101,227		400,703,663


Denominator
Weighted average shares outstanding (1)		392,634,142		402,669,754		397,611,884		404,189,749
Effect of other dilutive securities		3,894,888		4,195,890		3,901,454		4,296,686

Adj. wtd. avg. shares outstanding and assumed conversions		396,529,030		406,865,644		401,513,338		408,486,435


Basic earnings per share
Core operating income	$	7.59	$	6.09	$	25.03	$	22.62
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		0.01		-		0.02		0.01
Integration expenses and severance, net of tax		(0.15)		(0.04)		(0.15)		(0.08)
Adjusted net realized gains (losses), net of tax		0.89		0.10		1.96		0.61
Market risk benefits gains (losses), net of tax		(0.08)		0.24		(0.62)		(0.35)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(0.08)		-		(0.31)		0.13

Chubb net income	$	8.18	$	6.39	$	25.93	$	22.94


Diluted earnings per share
Core operating income	$	7.52	$	6.02	$	24.79	$	22.38
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		0.01		-		0.02		0.01
Integration expenses and severance, net of tax		(0.15)		(0.04)		(0.15)		(0.08)
Adjusted net realized gains (losses), net of tax		0.88		0.11		1.94		0.60
Market risk benefits gains (losses), net of tax		(0.08)		0.24		(0.61)		(0.34)
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(0.08)		-		(0.31)		0.13

Chubb net income	$	8.10	$	6.33	$	25.68	$	22.70

(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).


Earnings Per Share		Page 25

Chubb Limited

Book Value and Book Value per Common Share

(in millions of U.S. dollars, except share and per share data)

(Unaudited)

Reconciliation of Book Value per Common Share


	December 31 2025		September 30 2025		June 30 2025		March 31 2025		December 31 2024

Chubb shareholders’ equity	$	73,757	$	71,855	$	69,395	$	65,726	$	64,021
Less: Chubb goodwill and other intangible assets, net of tax		24,391		24,485		24,490		23,940		23,800

Numerator for tangible book value per share	$	49,366	$	47,370	$	44,905	$	41,786	$	40,221


Book value - % change over prior quarter		2.6%		3.5%		5.6%		2.7%		-2.6%
Tangible book value - % change over prior quarter		4.2%		5.5%		7.5%		3.9%		-2.8%

Denominator: shares outstanding		391,101,227		394,324,438		398,660,788		400,748,485		400,703,663


Book value per common share	$	188.59	$	182.22	$	174.07	$	164.01	$	159.77
Tangible book value per common share	$	126.22	$	120.13	$	112.64	$	104.27	$	100.38

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter	$	71,855	$	69,395	$	65,726	$	64,021	$	65,757

Core operating income		2,982		3,003		2,480		1,489		2,451

Amortization of fair value adjustment of acquired invested assets and long-term debt		2		3		-		4		-

Integration expenses and severance		(58)		(1)		(2)		-		(15)

Adjusted net realized gains (losses) (1)		349		(48)		539		(63)		41

Market risk benefits gains (losses)		(32)		(120)		(15)		(78)		98

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(33)		(36)		(34)		(21)		-

Net unrealized gains (losses) on investments		(68)		832		932		848		(2,510)

Repurchase of shares		(1,094)		(1,232)		(676)		(385)		(725)

Dividend declared on common shares		(381)		(385)		(388)		(366)		(367)

Cumulative translation gains (losses)		(274)		62		766		340		(1,073)

Postretirement benefit liability		153		(2)		(3)		(4)		142

Current discount rate on future policy benefits		149		284		(101)		(106)		(12)

Instrument-specific credit risk - market risk benefits		(4)		(7)		1		3		4

Other (2)		211		107		170		44		230


Chubb shareholders’ equity, end of quarter	$	73,757	$	71,855	$	69,395	$	65,726	$	64,021

(1) Includes net realized gains (losses) related to unconsolidated entities.

(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.


Reconciliation Book Value		Page 26

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

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

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss) adjusted to exclude P&C Cats and prior period development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

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

Adjusted policy benefits include gains and losses from fair value changes in separate account liabilities, as well as the offsetting movement in separate account assets that do not qualify for separate account reporting under U.S. GAAP, for purposes of reporting Life Insurance underwriting income. We view gains and losses from fair value changes in both non-qualified separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified from Other (income) expense to adjusted policy benefits. In addition, adjusted policy benefits includes the impact of realized gains and losses on underlying investments supporting the liabilities of certain participating policies for the portion that are shared with policyholders. These realized gains and losses on underlying investments have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this presentation better reflects the economics of the liabilities and the underlying investments supporting those liabilities.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.

Other income (expense) - operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a U.S. GAAP basis.

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 30-33.

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

Expense ratio excluding accident and health (A&H) excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent years’ amortization of the related deferred tax asset, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency compared to the prior presentation of the non-recurring tax benefit. References to core operating income measures mean net of tax, whether or not noted.

Chubb core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax expense (benefit) on amortization of fair value of acquired invested assets and debt, tax expense (benefit) on integration expenses and severance, tax expense (benefit) on market risk benefits gains (losses), the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset, all attributable to Chubb, divided by Chubb income before tax excluding adjusted net realized gains (losses) before tax, market risk benefit gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and integration expenses and severance before tax, all attributable to Chubb, before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt, integration expenses and severance, the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset. Due to fluctuations in our income before taxes during the year, on a quarterly basis these exclusions may not annualize to the full year forecasted expense or (benefit), if applicable. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.

Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

Total adjusted capitalization is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains (losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our company’s underlying total capital position.


Reconciliation Non-GAAP		Page 27

Chubb Limited

Non-GAAP Financial Measures - 2

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb Core operating effective tax rate


The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																Full Year			Full Year
	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			2025			2024
Tax expense, as reported	$	592		$	784		$	713		$	318		$	475		$	2,407		$	1,804
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		3			1			3			(1	)		2			6			5
Less: tax expense (benefit) on integration expenses and severance		(17	)		-			-			-			(3	)		(17	)		(7	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		(107	)		(6	)		94			(41	)		(71	)		(60	)		(146	)
Less: tax expense (benefit) on market risk benefits gains (losses)		(5	)		(22	)		(2	)		(14	)		-			(43	)		-
Less: amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		33			36			34			21			-			124			(55	)

Tax expense, adjusted	$	685		$	775		$	584		$	353		$	547		$	2,397		$	2,007

Income before tax, as reported	$	3,802		$	3,585		$	3,681		$	1,649		$	3,050		$	12,717		$	11,076
Less: amortization of fair value of acquired invested assets and debt		5			4			3			3			2			15			7
Less: integration expenses and severance		(75	)		(1	)		(2	)		-			(18	)		(78	)		(39	)
Less: adjusted realized gains (losses)		(39	)		29			93			(84	)		(246	)		(1	)		(413	)
Less: realized gains (losses) related to unconsolidated entities		281			(83	)		540			(20	)		216			718			512
Less: market risk benefits gains (losses)		(37	)		(142	)		(17	)		(92	)		98			(288	)		(140	)

Core operating income before tax	$	3,667		$	3,778		$	3,064		$	1,842		$	2,998		$	12,351		$	11,149

Effective tax rate		15.5%			21.9%			19.4%			19.3%			15.6%			18.9%			16.3%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		-0.1%			0.0%			-0.1%			0.1%			-0.1%			0.0%			0.0%
Adjustment for tax impact of integration expenses and severance		0.1%			0.0%			0.0%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		4.2%			-0.2%			0.9%			1.0%			2.1%			1.6%			1.4%
Adjustment for tax impact of market risk benefits gains (losses)		-0.1%			-0.2%			0.0%			-0.2%			0.6%			-0.1%			-0.2%
Adjustment for amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		-0.9%			-1.0%			-1.1%			-1.1%			0.0%			-1.0%			0.5%

Core operating effective tax rate		18.7%			20.5%			19.1%			19.1%			18.2%			19.4%			18.0%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																Full Year			Full Year
	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			2025			2024
Net income, as reported	$	3,210		$	2,801		$	2,968		$	1,331		$	2,575		$	10,310		$	9,272
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		5			4			3			3			2			15			7
Tax (expense) benefit on amortization adjustment		(3	)		(1	)		(3	)		1			(2	)		(6	)		(5	)
Integration expenses and severance, pre-tax		(75	)		(1	)		(2	)		-			(18	)		(78	)		(39	)
Tax (expense) benefit on integration expenses and severance		17			-			-			-			3			17			7
Adjusted realized gains (losses), pre-tax		(39	)		29			93			(84	)		(246	)		(1	)		(413	)
Net realized gains (losses) related to unconsolidated entities, pre-tax (1)		281			(83	)		540			(20	)		216			718			512
Tax (expense) benefit on adjusted net realized gains (losses)		107			6			(94	)		41			71			60			146
Market risk benefits gains (losses), pre-tax		(37	)		(142	)		(17	)		(92	)		98			(288	)		(140	)
Tax (expense) benefit on market risk benefits gains (losses)		5			22			2			14			-			43			-
Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law		(33	)		(36	)		(34	)		(21	)		-			(124	)		55

Core operating income	$	2,982		$	3,003		$	2,480		$	1,489		$	2,451		$	9,954		$	9,142

Catastrophe losses - after-tax	$	292		$	226		$	510		$	1,300		$	515		$	2,328		$	1,973
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(220	)	$	(238	)	$	(196	)	$	(204	)	$	(196	)	$	(858	)	$	(712	)

P&C Underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:																Full Year			Full Year
	4Q-25			3Q-25			2Q-25			1Q-25			4Q-24			2025			2024
Net income, as reported	$	3,173		$	3,107		$	2,999		$	1,343		$	2,640		$	10,622		$	9,640
Less: Income tax expense		(597	)		(787	)		(717	)		(321	)		(479	)		(2,422	)		(1,815	)
Amortization expense of purchased intangibles		(77	)		(75	)		(74	)		(75	)		(82	)		(301	)		(323	)
Other income (expense)		516			43			655			83			397			1,297			1,023
Interest expense		(205	)		(197	)		(181	)		(181	)		(189	)		(764	)		(741	)
Net investment income		1,688			1,648			1,568			1,561			1,563			6,465			5,930
Net realized gains (losses)		(116	)		283			160			(116	)		(84	)		211			117
Market risk benefits gains (losses)		(37	)		(142	)		(17	)		(92	)		98			(288	)		(140	)
Integration expenses and severance		(76	)		(1	)		(2	)		-			(18	)		(79	)		(39	)
Life Insurance underlying income (loss) (2)		(128	)		69			(26	)		44			(141	)		(41	)		(227	)
Add: Realized gains (losses) on crop derivatives		(8	)		(7	)		(2	)		1			-			(16	)		(5	)

P&C underwriting income	$	2,197		$	2,259		$	1,631		$	441		$	1,575		$	6,528		$	5,850
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		365			285			630			1,641			607			2,921			2,387
Unfavorable (favorable) prior period development (PPD) - pre-tax		(268	)		(361	)		(249	)		(255	)		(213	)		(1,133	)		(856	)

P&C CAY underwriting income ex Cats	$	2,294		$	2,183		$	2,012		$	1,827		$	1,969		$	8,316		$	7,381

(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net realized gain or loss is included in other income (expense) under U.S. GAAP.

(2) Life Insurance underlying income (loss) is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.


Reconciliation Non-GAAP 2		Page 28

Chubb Limited

Non-GAAP Financial Measures - 3

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.


					Full Year		Full Year
	4Q-25		4Q-24		2025		2024
Chubb net income	$	3,210	$	2,575	$	10,310	$	9,272
Core operating income	$	2,982	$	2,451	$	9,954	$	9,142
Equity - beginning of period, as reported	$	71,855	$	65,757	$	64,021	$	59,507
Less: unrealized gains (losses) on investments, net of deferred tax		(1,940)		(2,042)		(4,552)		(4,177)
Less: changes in current discount rate on FPB, net of deferred tax		(462)		(527)		(539)		51
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(19)		(20)		(16)		(22)

Equity - beginning of period, as adjusted	$	74,276	$	68,346	$	69,128	$	63,655

Less: Chubb goodwill and other intangible assets, net of tax		24,485		24,376		23,800		23,853

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	49,791	$	43,970	$	45,328	$	39,802

Equity - end of period, as reported	$	73,757	$	64,021	$	73,757	$	64,021
Less: unrealized gains (losses) on investments, net of deferred tax		(1,997)		(4,552)		(1,997)		(4,552)
Less: changes in current discount rate on FPB, net of deferred tax		(344)		(539)		(344)		(539)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(23)		(16)		(23)		(16)

Equity - end of period, as adjusted	$	76,121	$	69,128	$	76,121	$	69,128

Less: Chubb goodwill and other intangible assets, net of tax		24,391		23,800		24,391		23,800

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	51,730	$	45,328	$	51,730	$	45,328

Weighted average equity, as reported	$	72,806	$	64,889	$	68,889	$	61,764
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	50,761	$	44,649	$	48,529	$	42,565
Weighted average equity, as adjusted	$	75,199	$	68,737	$	72,625	$	66,392
ROE		17.6%		15.9%		15.0%		15.0%
Core operating ROTE		23.5%		22.0%		20.5%		21.5%
Core operating ROE		15.9%		14.3%		13.7%		13.8%
Private equities realized gains (losses), after-tax (1)	$	418	$	289	$	817	$	635
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)		2.2 pts		1.7 pts		1.1 pts		1.0 pt

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	December 31 2025		September 30 2025		December 31 2024		QTD % Change		Full Year % Change
Book value	$	73,757	$	71,855	$	64,021
Less: AOCI		(4,975)		(4,892)		(8,644)

Book value excluding AOCI		78,732		76,747		72,665
Tangible book value		49,366		47,370		40,221
Less: Tangible AOCI		(4,181)		(4,129)		(7,292)

Tangible book value excluding tangible AOCI	$	53,547	$	51,499	$	47,513


Denominator: shares outstanding		391,101,227		394,324,438		400,703,663

Book value per share	$	188.59	$	182.22	$	159.77		3.5%		18.0%
Tangible book value per share	$	126.22	$	120.13	$	100.38		5.1%		25.7%

Book value per share excluding AOCI	$	201.31	$	194.63	$	181.34		3.4%		11.0%
Tangible book value per share excluding tangible AOCI	$	136.91	$	130.60	$	118.57		4.8%		15.5%

(1) We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead of investment income.


Reconciliation Non-GAAP 3		Page 29

Chubb Limited

Non-GAAP Financial Measures - 4

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.

The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and prior period development (PPD).


Q4 2025		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	2,941	$	889	$	432	$	1,805	$	127	$	164	$	6,358
Realized (gains) losses on crop derivatives			-		-		8		-		-		-		8

Adjusted losses and loss expenses/policy benefits	A	$	2,941	$	889	$	440	$	1,805	$	127	$	164	$	6,366

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(129)		(76)		(4)		(156)		-		-		(365)
Reinstatement premiums collected (expensed) on catastrophe losses			(2)		(3)		-		(12)		1		-		(16)

Catastrophe losses, gross of related adjustments			(127)		(73)		(4)		(144)		(1)		-		(349)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			175		-		58		189		8		(162)		268
Net premiums earned adjustments on PPD - unfavorable (favorable)			13		-		(114)		-		-		-		(101)
Expense adjustments - unfavorable (favorable)			-		-		(17)		-		1		-		(16)
PPD reinstatement premiums - unfavorable (favorable)			37		-		-		6		2		-		45

PPD, gross of related adjustments - favorable (unfavorable)			225		-		(73)		195		11		(162)		196

CAY loss and loss expense ex Cats	B	$	3,039	$	816	$	363	$	1,856	$	137	$	2	$	6,213

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,104	$	421	$	3	$	1,367	$	110	$	148	$	3,153
Expense adjustments - favorable (unfavorable)			-		-		17		-		(1)		-		16

CAY policy acquisition costs and administrative expenses	D	$	1,104	$	421	$	20	$	1,367	$	109	$	148	$	3,169


Denominator
Net premiums earned	E	$	5,136	$	1,767	$	661	$	3,820	$	332			$	11,716
Reinstatement premiums (collected) expensed on catastrophe losses			2		3		-		12		(1)				16
Net premiums earned adjustments on PPD - unfavorable (favorable)			13		-		(114)		-		-				(101)
PPD reinstatement premiums - unfavorable (favorable)			37		-		-		6		2				45

Net premiums earned excluding adjustments	F	$	5,188	$	1,770	$	547	$	3,838	$	333			$	11,676


P&C combined ratio
Loss and loss expense ratio	A/E		57.2%		50.4%		66.5%		47.3%		38.5%				54.3%
Policy acquisition cost and administrative expense ratio	C/E		21.6%		23.7%		0.5%		35.7%		33.1%				26.9%

P&C combined ratio			78.8%		74.1%		67.0%		83.0%		71.6%				81.2%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		58.6%		46.2%		66.2%		48.4%		41.4%				53.2%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		21.3%		23.7%		3.8%		35.6%		32.5%				27.2%

CAY P&C combined ratio ex Cats			79.9%		69.9%		70.0%		84.0%		73.9%				80.4%


Combined ratio
Combined ratio															81.1%
Add: impact of gains and losses on crop derivatives															0.1%

P&C combined ratio															81.2%

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.


Reconciliation Non-GAAP 4		Page 30

Chubb Limited

Non- GAAP Financial Measures - 5

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non- GAAP Financial Measures (continued)

P&C combined ratio (continued)


Full Year 2025		North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Corporate		Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	12,313	$	4,517	$	2,223	$	7,059	$	640	$	309	$	27,061
Realized (gains) losses on crop derivatives			-		-		16		-		-		-		16

Adjusted losses and loss expenses/policy benefits	A	$	12,313	$	4,517	$	2,239	$	7,059	$	640	$	309	$	27,077

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(584)		(1,721)		(24)		(505)		(87)		-		(2,921)
Reinstatement premiums collected (expensed) on catastrophe losses			(2)		(53)		-		(17)		14		-		(58)

Catastrophe losses, gross of related adjustments			(582)		(1,668)		(24)		(488)		(101)		-		(2,863)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			421		403		121		471		23		(306)		1,133
Net premiums earned adjustments on PPD - unfavorable (favorable)			86		-		(114)		-		-		-		(28)
Expense adjustments - unfavorable (favorable)			3		-		(20)		-		1		-		(16)
PPD reinstatement premiums - unfavorable (favorable)			37		-		-		6		-		-		43

PPD, gross of related adjustments - favorable (unfavorable)			547		403		(13)		477		24		(306)		1,132

CAY loss and loss expense ex Cats	B	$	12,278	$	3,252	$	2,202	$	7,048	$	563	$	3	$	25,346

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	4,285	$	1,673	$	163	$	5,159	$	433	$	472	$	12,185
Expense adjustments - favorable (unfavorable)			(3)		-		20		-		(1)		-		16

CAY policy acquisition costs and administrative expenses	D	$	4,282	$	1,673	$	183	$	5,159	$	432	$	472	$	12,201


Denominator
Net premiums earned	E	$	20,381	$	6,763	$	2,919	$	14,374	$	1,353			$	45,790
Reinstatement premiums (collected) expensed on catastrophe losses			2		53		-		17		(14)				58
Net premiums earned adjustments on PPD - unfavorable (favorable)			86		-		(114)		-		-				(28)
PPD reinstatement premiums - unfavorable (favorable)			37		-		-		6		-				43

Net premiums earned excluding adjustments	F	$	20,506	$	6,816	$	2,805	$	14,397	$	1,339			$	45,863


P&C combined ratio
Loss and loss expense ratio	A/E		60.4%		66.8%		76.7%		49.1%		47.3%				59.1%
Policy acquisition cost and administrative expense ratio	C/E		21.0%		24.7%		5.6%		35.9%		32.0%				26.6%

P&C combined ratio			81.4%		91.5%		82.3%		85.0%		79.3%				85.7%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		59.9%		47.7%		78.5%		49.0%		42.1%				55.3%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.9%		24.6%		6.5%		35.8%		32.2%				26.6%

CAY P&C combined ratio ex Cats			80.8%		72.3%		85.0%		84.8%		74.3%				81.9%


Combined ratio
Combined ratio															85.7%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															85.7%


Reconciliation Non-GAAP 5		Page 31

Chubb Limited

Non-GAAP Financial Measures - 6

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Q4 2024		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance		Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,097		$	930		$	385	$	1,782		$	219		$	138		$	6,551
Realized (gains) losses on crop derivatives			-			-			-		-			-			-			-

Adjusted losses and loss expenses/policy benefits	A	$	3,097		$	930		$	385	$	1,782		$	219		$	138		$	6,551

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(275	)		(84	)		5		(173	)		(80	)		-			(607	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-		-			10			-			10

Catastrophe losses, gross of related adjustments			(275	)		(84	)		5		(173	)		(90	)		-			(617	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			197			-			70		80			5			(139	)		213
Net premiums earned adjustments on PPD - unfavorable (favorable)			(7	)		-			24		-			-			-			17
Expense adjustments - unfavorable (favorable)			(14	)		-			-		-			2			-			(12	)
PPD reinstatement premiums - unfavorable (favorable)			-			-			-		-			1			-			1

PPD, gross of related adjustments - favorable (unfavorable)			176			-			94		80			8			(139	)		219

CAY loss and loss expense ex Cats	B	$	2,998		$	846		$	484	$	1,689		$	137		$	(1	)	$	6,153

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,025		$	414		$	20	$	1,225		$	102		$	122		$	2,908
Expense adjustments - favorable (unfavorable)			14			-			-		-			(2	)		-			12

CAY policy acquisition costs and administrative expenses	D	$	1,039		$	414		$	20	$	1,225		$	100		$	122		$	2,920


Denominator
Net premiums earned	E	$	5,118		$	1,628		$	532	$	3,434		$	322					$	11,034
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-		-			(10	)					(10	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			(7	)		-			24		-			-						17
PPD reinstatement premiums - unfavorable (favorable)			-			-			-		-			1						1

Net premiums earned excluding adjustments	F	$	5,111		$	1,628		$	556	$	3,434		$	313					$	11,042


P&C combined ratio
Loss and loss expense ratio	A/E		60.5%			57.1%			72.2%		51.9%			68.1%						59.4%
Policy acquisition cost and administrative expense ratio	C/E		20.1%			25.5%			3.9%		35.7%			31.8%						26.3%

P&C combined ratio			80.6%			82.6%			76.1%		87.6%			99.9%						85.7%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		58.6%			51.9%			86.8%		49.2%			43.7%						55.7%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.4%			25.5%			3.7%		35.7%			32.1%						26.5%

CAY P&C combined ratio ex Cats			79.0%			77.4%			90.5%		84.9%			75.8%						82.2%


Combined ratio
Combined ratio																				85.7%
Add: impact of gains and losses on crop derivatives																				0.0%

P&C combined ratio																				85.7%


Reconciliation Non-GAAP 6		Page 32

Chubb Limited

Non-GAAP Financial Measures - 7

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Full Year 2024		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	12,737		$	3,584		$	2,165		$	6,822		$	711		$	299		$	26,318
Realized (gains) losses on crop derivatives			-			-			5			-			-			-			5

Adjusted losses and loss expenses/policy benefits	A	$	12,737		$	3,584		$	2,170		$	6,822		$	711		$	299		$	26,323

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(1,103	)		(622	)		(60	)		(459	)		(143	)		-			(2,387	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			14			-			14

Catastrophe losses, gross of related adjustments			(1,103	)		(622	)		(60	)		(459	)		(157	)		-			(2,401	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			428			305			104			290			25			(296	)		856
Net premiums earned adjustments on PPD - unfavorable (favorable)			70			-			63			-			-			-			133
Expense adjustments - unfavorable (favorable)			(5	)		-			3			-			2			-			-
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			2			-			2

PPD, gross of related adjustments - favorable (unfavorable)			493			305			170			290			29			(296	)		991

CAY loss and loss expense ex Cats	B	$	12,127		$	3,267		$	2,280		$	6,653		$	583		$	3		$	24,913

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	4,055		$	1,590		$	181		$	4,761		$	381		$	432		$	11,400
Expense adjustments - favorable (unfavorable)			5			-			(3	)		-			(2	)		-			-

CAY policy acquisition costs and administrative expenses	D	$	4,060		$	1,590		$	178		$	4,761		$	379		$	432		$	11,400


Denominator
Net premiums earned	E	$	20,008		$	6,188		$	2,705		$	13,400		$	1,272					$	43,573
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(14	)					(14	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			70			-			63			-			-						133
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			-			2						2

Net premiums earned excluding adjustments	F	$	20,078		$	6,188		$	2,768		$	13,400		$	1,260					$	43,694


P&C combined ratio
Loss and loss expense ratio	A/E		63.7%			57.9%			80.2%			50.9%			55.9%						60.4%
Policy acquisition cost and administrative expense ratio	C/E		20.2%			25.7%			6.7%			35.5%			30.0%						26.2%

P&C combined ratio			83.9%			83.6%			86.9%			86.4%			85.9%						86.6%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.4%			52.8%			82.4%			49.7%			46.2%						57.0%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.2%			25.7%			6.4%			35.5%			30.2%						26.1%

CAY P&C combined ratio ex Cats			80.6%			78.5%			88.8%			85.2%			76.4%						83.1%


Combined ratio
Combined ratio																					86.6%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					86.6%


Reconciliation Non-GAAP 7		Page 33

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Total P&C comprises all segments (including Corporate) except the Life Insurance segment.

Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.

P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life Insurance segment and including the realized gains and losses on the crop derivatives.

Book value per common share: Chubb shareholders’ equity divided by the shares outstanding.

Tangible book value per common share: Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding.

Average market yield of fixed income investments: Weighted average yield based on the current market value of our fixed maturities and other debt investments.

Average book yield of fixed income investments: Weighted average yield based on the amortized cost of our fixed maturities and other debt investments.

Total capitalization: The sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity.

Integration expenses and severance: Integration expenses comprise legal and professional fees and all other costs directly related to the integration activities primarily of the Cigna acquisition, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. Integration expenses and severance are incurred by Chubb and are included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.

Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.

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

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

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

Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.

Non-premium revenues and expenses included in Other income and expense, principally pertain to the management of third-party assets by Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.

NM: Not meaningful.


Glossary		Page 34