Exhibit 99.1

 

		Chubb Limited Bärengasse 32 CH-8001 Zurich Switzerland		www.chubb.com @Chubb

 

News Release

Chubb Reports First Quarter Per Share Net Income and Core

Operating Income of $5.88 and $6.82, Respectively, Up 78.8% and

85.2%; Consolidated Net Premiums Written of $14.0 Billion, Up

10.7%, with P&C and Life Insurance Up 7.2% and 33.1%; P&C

Combined Ratio of 84.0%

 

●

Net income and core operating income were $2.32 billion and $2.69 billion, respectively, up 74.3% and 80.6%.

 

●

P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial insurance up 4.6%.

 

●

North America was up 4.1%, including growth of 8.3% in personal insurance and 2.8% in commercial insurance, or 7.7% excluding large account property, both admitted and E&S.

 

●

Overseas General was up 14.4%, including growth of 20.5% in consumer insurance and 10.8% in commercial insurance; Latin America, Europe and Asia were up 17.8%, 15.8% and 12.1%, respectively. On a constant dollars basis, Overseas General was up 6.1%, with consumer insurance up 11.1% and commercial insurance up 3.1%.

 

●

P&C underwriting income was $1.79 billion, up 306.3%, with a combined ratio of 84.0%. P&C current accident year underwriting income excluding catastrophe losses was $2.01 billion, up 9.8%, with a combined ratio of 82.1%.

 

●

Total pre-tax net catastrophe losses were $500 million compared with $1.64 billion last year, which included $1.47 billion from the California wildfires.

 

●

Total pre-tax favorable prior period development was $286 million compared with $255 million in the prior year.

 

●

Life Insurance net premiums written were $2.29 billion, up 33.1%, and segment income was $316 million, up 8.5%, with International Life income up 14.5%.

 

●

Pre-tax net investment income was $1.71 billion, up 9.5%, and adjusted net investment income was $1.84 billion, up 10.1%. Both were records.

 

●

Annualized return on equity (ROE) was 12.6%. Annualized core operating return on tangible equity (ROTE) was 20.6% and annualized core operating ROE was 14.0%.

 

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Chubb Limited News Release

 

 

ZURICH – April 21, 2026 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2026 of $2.32 billion, or $5.88 per share, and core operating income of $2.69 billion, or $6.82 per share. Book value per share and tangible book value per share increased 15.8% and 21.5%, respectively, from March 31, 2025 and now stand at $189.93 and $126.65. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb’s investment portfolio, principally due to the mark-to-market impact in the public fixed-income portfolio, partially offset by $346 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 12.1% and 16.5%, from March 31, 2025.

Chubb Limited

First Quarter Summary

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

(Unaudited)

																		(Per Share)
		2026				2025				Change								2026				2025				Change
Net income			$2,320				$1,331				74.3%								$5.88				$3.29				78.8%
Adjusted net realized (gains) losses and other, net of tax			343				59				NM								0.87				0.15				NM
Integration expenses and severance, net of tax			7				-				NM								0.02				-				NM
Market risk benefits (gains) losses, net of tax			(12)				78				NM								(0.03)				0.19				NM
Amortization of deferred tax asset from Bermuda law			31				21				47.6%								0.08				0.05				60.0%
Core operating income, net of tax			$2,689				$1,489				80.6%								$6.82				$3.68				85.2%
Annualized return on equity (ROE)			12.6%				8.2%
Core operating return on tangible equity (ROTE)			20.6%				13.0%
Core operating ROE			14.0%				8.6%

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.

“Strong growth in P&C underwriting income, investment income and life income led to core operating earnings of $2.7 billion, or $6.82 per share, both up more than 80% over the prior year first quarter, which was impacted by the California wildfires. Excluding CATs, core operating income was up 10.7% and EPS was up 13.5%. Tangible book value per share grew 21.5%.

“Our underwriting performance in the quarter was excellent. P&C underwriting income was $1.8 billion, with a combined ratio of 84%. On a current accident year basis excluding CATs, underwriting income grew 9.8%, with a combined ratio of 82.1%. And on the investment side of our business, adjusted net investment income of $1.8 billion was up more than 10%.

 

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

Chubb Limited News Release

 

 

“Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace. Given inadequate price levels, we moved during the quarter to reduce exposures in our Major Accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business that was up for renewal while purchasing additional reinsurance. Given our diversification and balance of opportunities, we produced good growth, with consolidated net premiums up 10.7% to $14 billion, including 21% growth in our global consumer businesses, both P&C and Life. Total P&C net premiums grew 7.2% and Life increased 33.1%. In North America, P&C increased 4.1%, while Overseas General grew 14.4%, or 6.1% in constant dollars. Our published growth in Latin America, Europe and Asia was 17.8%, 15.8% and 12.1%, respectively. Excluding large account property, admitted and E&S, North America grew 7.8%.

“War in the Middle East raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present. Chubb’s diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value.”

Operating highlights for the quarter ended March 31, 2026 were as follows:

 

 

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Chubb Limited News Release

 

 

●

Consolidated net premiums earned increased 12.1%, or 9.5% in constant dollars. P&C net premiums earned increased 8.6%, or 5.9% in constant dollars.

 

●

Operating cash flow was $3.95 billion and adjusted operating cash flow was $3.80 billion.

 

●

Total capital returned to shareholders was $1.52 billion, comprising share repurchases of $1.14 billion at an average purchase price of $325.06 per share and dividends of $380 million.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2026 are presented below: 

 

Chubb Limited		Q1				Q1
(in millions of U.S. dollars except for percentages)		2026				2025				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		$	6,887			$	6,615				4.1%
Combined ratio			82.8%				99.8%
Current accident year combined ratio excluding catastrophe losses			79.1%				79.7%
North America Commercial P&C Insurance
Net premiums written		$	4,895			$	4,787				2.3%
Major accounts retail and excess and surplus (E&S) wholesale		$	2,772			$	2,731				1.5%
Middle market and small commercial		$	2,123			$	2,056				3.3%
Combined ratio			84.0%				82.1%
Current accident year combined ratio excluding catastrophe losses			81.8%				81.3%
North America Personal P&C Insurance
Net premiums written		$	1,681			$	1,552				8.3%
Combined ratio			84.0%				159.5%
Current accident year combined ratio excluding catastrophe losses			71.3%				75.0%
North America Agricultural Insurance
Net premiums written		$	311			$	276				12.7%
Combined ratio			37.5%				67.5%
Current accident year combined ratio excluding catastrophe losses			77.6%				78.9%
Overseas General Insurance
Net premiums written (increase of 6.1% in constant dollars)		$	4,466			$	3,903				14.4%
Commercial P&C (increase of 3.1% in constant dollars)		$	2,695			$	2,432				10.8%
Consumer P&C (increase of 11.1% in constant dollars)		$	1,771			$	1,471				20.5%
Combined ratio			83.6%				83.4%
Current accident year combined ratio excluding catastrophe losses			85.4%				85.5%
Global Reinsurance
Net premiums written (decrease of 11.7% in constant dollars)		$	363			$	408				(11.2)%
Combined ratio			76.0%				95.6%
Current accident year combined ratio excluding catastrophe losses			73.7%				74.3%
Life Insurance
Net premiums written (increase of 30.8% in constant dollars)		$	2,289			$	1,720				33.1%
Segment income (increase of 7.1% in constant dollars)		$	316			$	291				8.5%

 

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

Chubb Limited News Release

 

 

●

North America Commercial P&C Insurance: Net premiums written increased 2.3%, or 7.3% excluding large account property, both admitted and E&S. Middle market and small commercial were up 3.3%, with P&C lines up 5.4% and financial lines down 5.7%, impacted by the increased use of reinsurance. Major accounts retail and specialty were up 1.5%, or 10.9% excluding large account property, which was down 55.0% due to market conditions. The current accident year combined ratio excluding catastrophe losses increased 0.5 percentage points, driven by an increase in the underlying loss ratio, primarily due to the reduction in property business.

 

●

North America Personal P&C Insurance: Net premiums written increased 8.3%. The current accident year combined ratio excluding catastrophe losses decreased 3.7 percentage points, including a 2.7 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.

 

●

North America Agricultural Insurance: The combined ratio decreased 30.0 percentage points, including a 22.2 percentage point decrease from higher favorable prior period development and a 6.5 percentage point decrease from lower catastrophe losses.

 

●

Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 0.1 percentage point, reflecting a 0.5 percentage point decrease in the loss ratio, partially offset by a 0.4 percentage point increase in the expense ratio, both due to a shift in the mix of business.

 

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Life Insurance: Net premiums written were $2.29 billion, up 33.1%, with International Life of $1.94 billion, up 36.8%, or 15.7% excluding savings-oriented single premium business, and Chubb Benefits up 15.8%. Life Segment income was $316 million, up 8.5%, reflecting growth in International Life of 14.5%, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

 

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

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 March 31, 2026, 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 first quarter earnings conference call on Wednesday, April 22, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (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, 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.

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

 

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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 $2 million and $2 million in Q1 2026 and Q1 2025, and including investment income of $127 million and $107 million in Q1 2026 and Q1 2025, 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) 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” or “underlying” metrics exclude catastrophe losses and prior period development, unless stated otherwise.

 

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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 amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.

Core operating 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.

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.

 

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of Chubb.		8

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 25-29 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.		9

Chubb Limited News Release

 

 

Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)

 

		March 31 2026				December 31 2025
Assets
Investments		$	170,195			$	168,720
Cash and restricted cash			2,634				2,470
Insurance and reinsurance balances receivable			17,101				15,944
Reinsurance recoverable on losses and loss expenses			20,159				20,338
Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and 12/31/2025, respectively)			26,587				26,448
Other assets			38,780				38,407
Total assets		$	275,456			$	272,327
Liabilities
Unpaid losses and loss expenses		$	88,915			$	88,018
Unearned premiums			27,180				26,279
Other liabilities			79,449				78,251
Total liabilities			195,544				192,548
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI			79,699				78,732
Accumulated other comprehensive income (loss) (AOCI)			(5,911)				(4,975)
Chubb shareholders’ equity			73,788				73,757
Noncontrolling interests			6,124				6,022
Total shareholders’ equity			79,912				79,779
Total liabilities and shareholders’ equity		$	275,456			$	272,327
Book value per common share		$	189.93			$	188.59
Tangible book value per common share		$	126.65			$	126.22
Book value per common share, excl. AOCI		$	205.15			$	201.31
Tangible book value per common share, excl. AOCI		$	140.35			$	136.91

 

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

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 March 31
		2026				2025
Gross premiums written		$	16,551			$	15,105
Net premiums written			14,005				12,646
Net premiums earned			13,457				12,000
Losses and loss expenses			6,131				6,896
Policy benefits			1,785				1,227
Policy acquisition costs			2,596				2,313
Administrative expenses			1,149				1,080
Net investment income			1,709				1,561
Net realized gains (losses)			(407)				(116)
Market risk benefits gains (losses)			14				(92)
Interest expense			198				181
Other income (expense):
Gains (losses) from separate account assets			(12)				(10)
Other			173				93
Amortization of purchased intangibles			73				75
Integration expenses and severance			9				--
Income tax expense			646				321
Net income		$	2,347			$	1,343
Less: NCI income			27				12
Chubb net income		$	2,320			$	1,331
Diluted earnings per share:
Chubb net income		$	5.88			$	3.29
Core operating income		$	6.82			$	3.68
Weighted average shares outstanding			394.6				404.7
P&C combined ratio
Loss and loss expense ratio			55.6%				67.8%
Policy acquisition cost ratio			20.0%				19.4%
Administrative expense ratio			8.4%				8.5%
P&C combined ratio			84.0%				95.7%
P&C underwriting income		$	1,792			$	441

 

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

Exhibit 99.2

 

Chubb Limited

Financial Supplement

for the Quarter Ended March 31, 2026

Investor Contact

Susan Spivak: (212) 827-4445

email: investorrelations@chubb.com

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

Cautionary Statement Regarding Forward-Looking Statements

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

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

Chubb Limited

Financial Supplement Table of Contents

 

				Page
I.		Financial Highlights
		- Consolidated Financial Highlights			1
II.		Consolidated Results
		- Consolidated Statement of Operations			2
		- P&C Results - Consecutive Quarters			3
		- Global P&C Results - Consecutive Quarters			4
		- Summary Consolidated Balance Sheets			5
		- Product Line			6
		- Consolidated Results by Segment			7
III.		Segment Results
		- North America Commercial P&C Insurance			8
		- North America Personal P&C Insurance			9
		- North America Agricultural Insurance			10
		- Overseas General Insurance			11
		- Global Reinsurance			12
		- Life Insurance			13
		- Corporate			14
IV.		Balance Sheet Details
		- Loss Reserve Rollforward			15
		- Reinsurance Recoverable Analysis			16
		- Investment Portfolio			17 - 20
		- Net Realized and Unrealized Gains (Losses)			21
		- Debt and Capital			22
		- Computation of Basic and Diluted Earnings Per Share			23
		- Book Value and Book Value per Common Share			24
V.		Other Disclosures
		- Non-GAAP Financial Measures			25 - 29
		- Glossary			30

Note on Chubb Metrics:

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

Chubb Limited

Consolidated Financial Highlights

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

(Unaudited)

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

 

		Three months ended March 31												Constant $				Constant $
		2026				2025				% Change				2025				% Change
Gross premiums written		$	16,551			$	15,105				9.6%			$	15,535				6.5%
Net premiums written		$	14,005			$	12,646				10.7%			$	13,000				7.7%
P&C net premiums written		$	11,716			$	10,926				7.2%			$	11,249				4.1%
Global P&C net premiums written		$	11,405			$	10,650				7.1%			$	10,973				3.9%
Life Insurance net premiums written		$	2,289			$	1,720				33.1%			$	1,751				30.8%
Net premiums earned		$	13,457			$	12,000				12.1%			$	12,287				9.5%
P&C underwriting income		$	1,792			$	441				306.3%			$	485				269.1%
P&C CAY underwriting income ex Cats		$	2,006			$	1,827				9.8%			$	1,865				7.5%
Adjusted net investment income		$	1,838			$	1,670				10.1%			$	1,686				9.0%
Core operating income		$	2,689			$	1,489				80.6%			$	1,534				75.3%
Adjusted operating cash flow		$	3,803			$	2,001
Net investment income		$	1,709			$	1,561				9.5%			$	1,575				8.5%
Chubb net income		$	2,320			$	1,331				74.3%
Operating cash flow		$	3,947			$	1,566
P&C combined ratio
Loss and loss expense ratio			55.6%				67.8%
Policy acquisition cost and administrative expense ratio			28.4%				27.9%
Combined ratio			84.0%				95.7%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats			53.8%				54.4%
CAY policy acquisition cost and administrative expense ratio ex Cats			28.3%				27.9%
CAY combined ratio ex Cats			82.1%				82.3%
ROE			12.6%				8.2%
Core operating return on tangible equity (ROTE)			20.6%				13.0%
Core operating return on equity (ROE)			14.0%				8.6%
Effective tax rate			21.7%				19.3%
Core operating effective tax rate			19.3%				19.1%
Diluted earnings per share
Chubb net income		$	5.88			$	3.29				78.8%
Core operating income		$	6.82			$	3.68				85.2%
Weighted average diluted common shares outstanding			394.6				404.7
										% Change								% Change
		March 31   2026				December 31 2025				1Q-26 vs. 4Q-25				March 31 2025				1Q-26 vs. 1Q-25
Book value per common share		$	189.93			$	188.59				0.7%			$	164.01				15.8%
Tangible book value per common share		$	126.65			$	126.22				0.3%			$	104.27				21.5%
Book value per common share, excl. AOCI		$	205.15			$	201.31				1.9%			$	183.06				12.1%
Tangible book value per common share, excl. AOCI		$	140.35			$	136.91				2.5%			$	120.44				16.5%

 

Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

 

Consolidated Statements of Operations		1Q-26				4Q-25				3Q-25				2Q-25				1Q-25				Full Year 2025
Gross premiums written		$	16,551			$	15,496			$	18,069			$	17,276			$	15,105			$	65,946
Net premiums written			14,005				13,134				14,866				14,196				12,646				54,842
Net premiums earned			13,457				13,530				14,359				13,125				12,000				53,014
Adjusted losses and loss expenses (1)			6,139				6,289				6,958				6,574				6,895				26,716
Realized (gains) losses on crop derivatives			8				8				7				2				(1	)			16
Losses and loss expenses			6,131				6,281				6,951				6,572				6,896				26,700
Adjusted policy benefits (2)			1,813				1,355				1,422				1,378				1,276				5,431
Realized (gains) losses from investment portfolios supporting participating policies			16				27				41				(40	)			39				67
(Gains) losses from fair value changes in separate account assets			12				(127	)			9				12				10				(96	)
Policy benefits			1,785				1,455				1,372				1,406				1,227				5,460
Policy acquisition costs			2,596				2,556				2,563				2,415				2,313				9,847
Administrative expenses			1,149				1,161				1,138				1,125				1,080				4,504
Adjusted net investment income (3)			1,838				1,814				1,776				1,687				1,670				6,947
Other (income) expense from private equity partnerships			(127	)			(125	)			(127	)			(115	)			(107	)			(474	)
Amortization expense of fair value adjustment on acquired invested assets			(2	)			(1	)			(1	)			(4	)			(2	)			(8	)
Net investment income			1,709				1,688				1,648				1,568				1,561				6,465
Adjusted realized gains (losses) (4)			(383	)			(81	)			331				122				(78	)			294
Realized gains (losses) from investment portfolios supporting participating policies			(16	)			(27	)			(41	)			40				(39	)			(67	)
Realized gains (losses) on crop derivatives			(8	)			(8	)			(7	)			(2	)			1				(16	)
Net realized gains (losses)			(407	)			(116	)			283				160				(116	)			211
Market risk benefits gains (losses)			14				(37	)			(142	)			(17	)			(92	)			(288	)
Adjusted interest expense (5)			203				210				203				186				186				785
Amortization benefit of fair value adjustment on acquired long term debt			(5	)			(5	)			(6	)			(5	)			(5	)			(21	)
Interest expense			198				205				197				181				181				764
Gains (losses) from fair value changes in separate account assets			(12	)			127				(9	)			(12	)			(10	)			96
Net realized gains (losses) related to unconsolidated entities			27				282				(84	)			540				(25	)			713
Other income (expense) from private equity partnerships			127				125				127				115				107				474
Other income (expense) - operating			19				(18	)			9				12				11				14
Other income (expense)			161				516				43				655				83				1,297
Amortization expense of purchased intangibles			73				77				75				74				75				301
Integration expenses and severance			9				76				1				2				-				79
Income tax expense (benefit)			646				597				787				717				321				2,422
Net income		$	2,347			$	3,173			$	3,107			$	2,999			$	1,343			$	10,622
Less: NCI income (loss)			27				(37	)			306				31				12				312
Chubb net income		$	2,320			$	3,210			$	2,801			$	2,968			$	1,331			$	10,310

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

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

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

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

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

 

Statement of Operations		Page 2

Chubb Limited

P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

 

P&C		1Q-26				4Q-25				3Q-25				2Q-25				1Q-25				Full Year 2025
Gross premiums written		$	14,206			$	13,612			$	16,074			$	15,410			$	13,327			$	58,423
Net premiums written			11,716				11,309				12,934				12,394				10,926				47,563
Net premiums earned			11,189				11,716				12,434				11,336				10,304				45,790
Adjusted losses and loss expenses			6,111				6,257				6,927				6,554				6,869				26,607
Policy benefits			113				109				119				129				113				470
Policy acquisition costs			2,234				2,214				2,204				2,096				2,003				8,517
Administrative expenses			939				939				925				926				878				3,668
P&C underwriting income		$	1,792			$	2,197			$	2,259			$	1,631			$	441			$	6,528
P&C CAY underwriting income ex Cats		$	2,006			$	2,294			$	2,183			$	2,012			$	1,827			$	8,316
% Change versus prior year period
Net premiums written			7.2%				7.7%				5.3%				5.2%				3.2%				5.4%
Net premiums earned			8.6%				6.2%				5.0%				5.7%				3.3%				5.1%
Net premiums written constant $			4.1%				6.9%				4.7%				5.8%				5.0%				5.6%
Net premiums earned constant $			5.9%				5.3%				4.2%				6.3%				5.0%				5.2%
Combined ratio
Loss and loss expense ratio			55.6%				54.3%				56.7%				59.0%				67.8%				59.1%
Policy acquisition cost ratio			20.0%				18.9%				17.7%				18.5%				19.4%				18.6%
Administrative expense ratio			8.4%				8.0%				7.4%				8.1%				8.5%				8.0%
Combined ratio			84.0%				81.2%				81.8%				85.6%				95.7%				85.7%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats			53.8%				53.2%				57.5%				55.6%				54.4%				55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats			28.3%				27.2%				25.0%				26.7%				27.9%				26.6%
CAY combined ratio ex Cats			82.1%				80.4%				82.5%				82.3%				82.3%				81.9%
Other ratios
Net premiums written/gross premiums written			82%				83%				80%				80%				82%				81%
Expense ratio			28.4%				26.9%				25.1%				26.6%				27.9%				26.6%
Expense ratio excluding A&H			26.8%				25.3%				23.6%				25.1%				26.4%				25.0%
Net catastrophe losses - pre-tax		$	500			$	365			$	285			$	630			$	1,641			$	2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax		$	(286	)		$	(268	)		$	(361	)		$	(249	)		$	(255	)		$	(1,133	)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)			4.5%				3.0%				2.3%				5.5%				15.9%				6.3%
Impact of PPD on combined ratio - Unfavorable (favorable)			-2.6%				-2.3%				-3.0%				-2.2%				-2.5%				-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)			1.9%				0.7%				-0.7%				3.3%				13.4%				3.8%

 

P&C Results		Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

 

Global P&C		1Q-26				4Q-25				3Q-25				2Q-25				1Q-25				Full Year    2025
Gross premiums written		$	13,705			$	13,005			$	13,558			$	14,300			$	12,893			$	53,756
Net premiums written			11,405				10,850				11,476				11,661				10,650				44,637
Net premiums earned			11,000				11,055				10,939				10,738				10,139				42,871
Adjusted losses and loss expenses			6,058				5,817				5,703				6,071				6,777				24,368
Policy benefits			113				109				119				129				113				470
Policy acquisition costs			2,210				2,196				2,118				2,048				1,986				8,348
Administrative expenses			945				954				920				924				876				3,674
Global P&C underwriting income		$	1,674			$	1,979			$	2,079			$	1,566			$	387			$	6,011
Global P&C CAY underwriting income ex Cats		$	1,964			$	2,130			$	2,029			$	1,946			$	1,791			$	7,896
% Change versus prior year period
Net premiums written			7.1%				6.6%				5.3%				5.8%				3.0%				5.2%
Net premiums earned			8.5%				5.3%				4.9%				6.3%				3.0%				4.9%
Net premiums written constant $			3.9%				5.7%				4.6%				6.4%				4.8%				5.4%
Net premiums earned constant $			5.8%				4.4%				4.1%				7.0%				4.7%				5.0%
Combined ratio
Loss and loss expense ratio			56.1%				53.6%				53.2%				57.7%				68.0%				57.9%
Policy acquisition cost ratio			20.1%				19.9%				19.4%				19.1%				19.6%				19.5%
Administrative expense ratio			8.6%				8.6%				8.4%				8.6%				8.6%				8.6%
Combined ratio			84.8%				82.1%				81.0%				85.4%				96.2%				86.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats			53.5%				52.6%				54.0%				54.3%				54.2%				53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats			28.7%				28.3%				27.6%				27.6%				28.2%				27.9%
CAY combined ratio ex Cats			82.2%				80.9%				81.6%				81.9%				82.4%				81.7%
Other ratios
Net premiums written/gross premiums written			83%				83%				85%				82%				83%				83%
Expense ratio			28.7%				28.5%				27.8%				27.7%				28.2%				28.1%
Expense ratio excluding A&H			27.1%				26.9%				26.2%				26.1%				26.7%				26.4%
Net catastrophe losses - pre-tax		$	496			$	361			$	281			$	629			$	1,626			$	2,897
Unfavorable (favorable) prior period development (PPD) - pre-tax		$	(206)			$	(210)			$	(331)			$	(249)			$	(222)			$	(1,012)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)			4.5%				3.2%				2.6%				5.8%				16.0%				6.8%
Impact of PPD on combined ratio - Unfavorable (favorable)			-1.9%				-2.0%				-3.2%				-2.3%				-2.2%				-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)			2.6%				1.2%				-0.6%				3.5%				13.8%				4.3%

 

Global P&C		Page 4