Document and Entity Information - SFr / shares	9 Months Ended
Document and Entity Information - SFr / shares	Sep. 30, 2025	Oct. 21, 2025	Dec. 31, 2024
Document Type	10-Q
Document Period End Date	Sep. 30, 2025
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	CHUBB LIMITED
Entity Central Index Key	0000896159
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3
Entity File Number	1-11778
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0091805
Entity Address, Address Line One	Baerengasse 32
Entity Address, City or Town	Zurich
Entity Address, Country	CH
Entity Address, Postal Zip Code	8001
Country Region	41
City Area Code	(0)43
Local Phone Number	456 76 00
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Shell Company	false
Entity Emerging Growth Company	false
Common Shares, par value	SFr 0.50		SFr 0.50
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Common Shares Outstanding		393,550,859
INA Senior Notes Due March 2038 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038
Trading Symbol	CB/38A
Security Exchange Name	NYSE
INA Senior Notes Due December 2029 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029
Trading Symbol	CB/29A
Security Exchange Name	NYSE
INA Senior Notes Due June 2031 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031
Trading Symbol	CB/31
Security Exchange Name	NYSE
INA Senior Notes Due March 2028 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028
Trading Symbol	CB/28
Security Exchange Name	NYSE
INA Senior Notes Due June 2027 [Member]
Title of 12(b) Security	Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027
Trading Symbol	CB/27
Security Exchange Name	NYSE
Common Class A [Member]
Title of 12(b) Security	Common Shares, par value CHF 0.50 per share
Trading Symbol	CB
Security Exchange Name	NYSE

Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions

Sep. 30, 2025

Dec. 31, 2024

Assets

Short-term investments, at fair value (amortized cost – $4,381 and $5,143) (includes variable interest entities (VIE) balances of $164 and $57)

$ 4,380

$ 5,142

Fixed maturities available-for-sale, at fair value, net of valuation allowance – $50 and $70 (amortized cost – $123,726 and $115,083)

121,788

110,363

Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4

2,535

2,628

Equity securities, at fair value (includes VIE balances of $2,095 and $1,289)

10,377

9,151

Private equities (includes VIE balances of $22 and $22)

16,734

14,769

Other investments (includes VIE balances of $5,323 and $4,538)

10,182

8,597

Total investments

165,996

150,650

Cash, including restricted cash $213 and $261 (includes VIE balances of $205 and $114)

2,454

2,549

Securities lending collateral

1,899

1,445

Accrued investment income

1,427

1,160

Insurance and reinsurance balances receivable, net of valuation allowance – $60 and $59

16,305

14,426

Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $326 and $310

^[1]

20,227

19,777

Reinsurance recoverable on policy benefits

^[1]

302

289

Deferred policy acquisition costs

9,809

8,358

Value of business acquired

3,144

3,223

Goodwill

20,237

^[2]

19,579

Other intangible assets

6,318

6,377

Deferred tax assets

1,413

1,603

Prepaid reinsurance premiums

4,174

3,378

Separate account assets

6,810

6,231

Other assets (includes VIE balances of $95 and $26)

9,695

7,503

Total assets

270,210

246,548

Liabilities

Unpaid losses and loss expenses

88,439

84,004

Unearned premiums

26,961

23,504

Future policy benefits

18,288

16,121

Market risk benefits

666

607

Policyholders' account balances

8,539

8,016

Separate account liabilities

6,810

6,231

Insurance and reinsurance balances payable

8,475

8,121

Repurchase agreements (includes VIE balances of $789 and $815)

3,360

2,731

Securities lending payable

1,899

1,445

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $67 and $183)

9,582

10,192

Deferred tax liabilities

1,733

1,584

Short-term debt

1,499

800

Long-term debt

15,727

14,379

Hybrid debt

421

419

Total liabilities

192,399

178,154

Commitments and contingencies (refer to Note 13)

Shareholders’ equity

Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 394,324,438 and 400,703,663 shares outstanding)

231

235

Common Shares in treasury (17,782,983 and 18,922,323 shares)

(3,682)

(3,524)

Additional paid-in capital

13,476

14,393

Retained earnings

66,722

61,561

Accumulated other comprehensive income (loss) (AOCI)

(4,892)

(8,644)

Total Chubb shareholders’ equity

71,855

64,021

Noncontrolling interests (includes VIE balances of $5,088 and $3,459)

5,956

4,373

Total shareholders' equity

77,811

68,394

Total liabilities and shareholders’ equity

$ 270,210

$ 246,548

[1]	Net of valuation allowance for uncollectible reinsurance.
[2]	Includes $460 million attributable to noncontrolling interests.

Consolidated Balance Sheets (Parentheticals) (Unaudited) $ in Millions	Sep. 30, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares
Statement of Financial Position [Abstract]
Short-term investments, amortized cost	$ 4,381	$ 5,143
Fixed maturities available-for-sale, valuation allowance	50	70
Fixed maturities available-for-sale, amortized cost	123,726	115,083
Private debt held-to-maturity, valuation allowance	3	4
Restricted cash	213	261
Insurance and reinsurance balances receivable, valuation allowance	60	59
Valuation allowance for uncollectible reinsurance	$ 326	$ 310
Common Shares, shares issued \| shares	412,107,421	419,625,986
Common Shares, shares outstanding \| shares	394,324,438	400,703,663
Treasury Stock, Common, Shares \| shares	17,782,983	18,922,323
Short-term investments	$ 4,380	$ 5,142
Equity securities	10,377	9,151
Private equities	16,734	14,769
Other investments	10,182	8,597
Cash, including restricted cash	2,454	2,549
Other assets	9,695	7,503
Repurchase agreements	3,360	2,731
Noncontrolling interests	5,956	4,373
Variable Interest Entity, Primary Beneficiary
Short-term investments	164	57
Equity securities	2,095	1,289
Private equities	22	22
Other investments	5,323	4,538
Cash, including restricted cash	205	114
Other assets	95	26
Repurchase agreements	789	815
Other liabilities	67	183
Noncontrolling interests	$ 5,088	$ 3,459

Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Revenues
Net premiums written	$ 14,866	$ 13,829	$ 41,708	$ 39,410
Increase in unearned premiums	(507)	(456)	(2,224)	(2,162)
Net premiums earned	14,359	13,373	39,484	37,248
Net investment income	1,648	1,508	4,777	4,367
Net realized gains (losses)	283	198	327	201
Market risk benefits gains (losses)	(142)	(230)	(251)	(238)
Total revenues	16,148	14,849	44,337	41,578
Expenses
Losses and loss expenses	6,951	7,383	20,419	19,541
Policy benefits (includes remeasurement gains of $66, $26, $61 and $4)	1,372	1,099	4,005	3,498
Policy acquisition costs	2,563	2,324	7,291	6,757
Administrative expenses	1,138	1,094	3,343	3,258
Interest expense	197	192	559	552
Other (income) expense	(43)	(325)	(781)	(626)
Amortization of purchased intangibles	75	81	224	241
Integration expenses	1	7	3	21
Total expenses	12,254	11,855	35,063	33,242
Income before income tax	3,894	2,994	9,274	8,336
Income tax expense	787	504	1,825	1,336
Net income	3,107	2,490	7,449	7,000
Net income attributable to noncontrolling interests	306	166	349	303
Net income attributable to Chubb	2,801	2,324	7,100	6,697
Other comprehensive income (loss):
Unrealized appreciation	868	3,459	2,755	2,293
Current discount rate on future policy benefits	305	(672)	53	(672)
Instrument-specific credit risk on market risk benefits	(9)	(8)	(4)	2
Cumulative foreign currency translation adjustment	128	445	1,283	(5)
Other, including postretirement benefit liability adjustment	(6)	(19)	(127)	(17)
Other comprehensive income, before income tax	1,286	3,205	3,960	1,601
Income tax expense related to OCI items	(40)	(150)	(116)	(112)
Other comprehensive income	1,246	3,055	3,844	1,489
Comprehensive income	4,353	5,545	11,293	8,489
Comprehensive income attributable to noncontrolling interests	386	187	441	253
Comprehensive income attributable to Chubb	$ 3,967	$ 5,358	$ 10,852	$ 8,236
Earnings per share
Basic earnings per share attributable to Chubb	$ 7.05	$ 5.75	$ 17.78	$ 16.55
Diluted earnings per share attributable to Chubb	$ 6.99	$ 5.70	$ 17.61	$ 16.38

Consolidated Statements Of Shareholders' Equity (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Treasury Stock, Common	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Parent	Noncontrolling Interest
Total shareholders' equity		$ 241	$ (4,400)	$ 15,665	$ 54,810	$ (6,809)		$ 4,184
Treasury Stock, Retired, Cost Method, Amount		(6)	(2,527)		(2,521)
Common Shares repurchased			(1,299)
Net shares issued under employee share-based compensation plans			335
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				(139)
Exercise of stock options				(22)
Share-based compensation expense				258
Adjustments to Additional Paid in Capital, Other				(31)
Funding of dividends declared to Retained earnings				(1,088)
Net income attributable to Chubb	$ 6,697				6,697
Funding of dividends declared from Additional paid-in capital					1,088
Dividends declared on Common Shares					(1,088)
Other Comprehensive Income (Loss), Net of Tax	1,489					1,539
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								(68)
Net income attributable to noncontrolling interests	303							303
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								(50)
Other								(6)
Withdrawal from Contract Holders Funds	(534)
Net Consolidations of consolidated investment products	(13)
Total shareholders' equity		235	(2,481)	14,926	56,662	(8,304)		3,537
Treasury Stock, Retired, Cost Method, Amount		0	0		0
Common Shares repurchased			(413)
Net shares issued under employee share-based compensation plans			(57)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				3
Exercise of stock options				(3)
Share-based compensation expense				86
Adjustments to Additional Paid in Capital, Other				0
Funding of dividends declared to Retained earnings				(369)
Net income attributable to Chubb	2,324				2,324
Funding of dividends declared from Additional paid-in capital					369
Dividends declared on Common Shares					(369)
Other Comprehensive Income (Loss), Net of Tax	3,055					3,034
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								639
Net income attributable to noncontrolling interests	166							166
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								21
Other								0
Total shareholders' equity	70,120	235	(2,837)	14,643	58,986	(5,270)	$ 65,757	4,363
Total shareholders' equity	68,394	235	(3,524)	14,393	61,561	(8,644)		4,373
Treasury Stock, Retired, Cost Method, Amount		(4)	(1,942)		(1,939)
Common Shares repurchased			(2,293)
Net shares issued under employee share-based compensation plans			193
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				(112)
Exercise of stock options				3
Share-based compensation expense				278
Adjustments to Additional Paid in Capital, Other				53
Funding of dividends declared to Retained earnings				(1,139)
Net income attributable to Chubb	7,100				7,100
Funding of dividends declared from Additional paid-in capital					1,139
Dividends declared on Common Shares					(1,139)
Other Comprehensive Income (Loss), Net of Tax	3,844					3,752
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								1,142
Net income attributable to noncontrolling interests	349							349
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								92
Other								0
Withdrawal from Contract Holders Funds	(465)
Net Consolidations of consolidated investment products	(10)
Total shareholders' equity		231	(2,462)	13,763	63,921	(6,058)		5,052
Treasury Stock, Retired, Cost Method, Amount		0	0		0
Common Shares repurchased			(1,232)
Net shares issued under employee share-based compensation plans			(12)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				8
Exercise of stock options				1
Share-based compensation expense				89
Adjustments to Additional Paid in Capital, Other				0
Funding of dividends declared to Retained earnings				(385)
Net income attributable to Chubb	2,801				2,801
Funding of dividends declared from Additional paid-in capital					385
Dividends declared on Common Shares					(385)
Other Comprehensive Income (Loss), Net of Tax	1,246					1,166
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								518
Net income attributable to noncontrolling interests	306							306
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								80
Other								0
Total shareholders' equity	$ 77,811	$ 231	$ (3,682)	$ 13,476	$ 66,722	$ (4,892)	$ 71,855	$ 5,956

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities
Net income	$ 7,449	$ 7,000
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	(327)	(201)
Market risk benefits (gains) losses	251	238
Amortization of premiums (discounts) on fixed maturities	(303)	(271)
Amortization of purchased intangibles	224	241
Equity in net income (loss) of partially-owned entities	(779)	(621)
Deferred income taxes	208	150
Unpaid losses and loss expenses	3,098	4,242
Unearned premiums	2,803	2,563
Future policy benefits	1,646	1,399
Insurance and reinsurance balances payable	251	433
Accounts payable, accrued expenses, and other liabilities	(599)	(175)
Income taxes	(112)	(129)
Insurance and reinsurance balances receivable	(1,553)	(2,468)
Reinsurance recoverable	(72)	312
Deferred policy acquisition costs	(1,260)	(1,142)
Net sales (purchases) of investments by consolidated investment products	(985)	(124)
Other	(1,184)	170
Net cash flows from operating activities	8,756	11,617
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(24,708)	(26,192)
Purchases of equity securities	(2,164)	(2,608)
Sales of fixed maturities available-for-sale	8,187	8,829
Sales of equity securities	2,211	1,956
Maturities and redemptions of fixed maturities available-for-sale	8,775	7,735
Net change in short-term investments	939	158
Net derivative instruments settlements	(113)	(122)
Private equity contributions	(2,163)	(733)
Private equity distributions	1,020	1,044
Acquisition of subsidiaries (net of cash acquired of $32 and nil)	(289)	(538)
Net Consolidations of consolidated investment products	10	13
Other	(633)	(991)
Net cash flows used for investing activities	(8,928)	(11,449)
Cash flows from financing activities
Proceeds from issuance of long-term debt	2,424	2,297
Dividends paid on Common Shares	(1,121)	(1,069)
Common Shares repurchased	(2,523)	(1,351)
Repayment of long-term debt	(800)	(700)
Proceeds from share-based compensation plans	210	302
Policyholder contract deposits	684	818
Policyholder contract withdrawals	(465)	(534)
Third-party capital invested into consolidated investment products	2,148	1,409
Third-party capital distributed by consolidated investment products	(1,100)	(1,118)
Proceeds from issuance of repurchase agreements	(4,359)	(3,950)
Repayment of repurchase agreements	(3,778)	(3,838)
Other	(227)	(228)
Net cash flows used for financing activities	(189)	(62)
Effect of foreign currency rate changes on cash and restricted cash	266	(49)
Net increase (decrease) in cash and restricted cash	(95)	57
Cash and restricted cash - beginning of period	2,549	2,621
Cash and restricted cash - end of period	2,454	2,678
Supplemental cash flow information
Taxes paid	1,720	1,307
Interest paid	$ 454	$ 415

Statement of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Statement of Cash Flows [Abstract]
Cash Acquired from Acquisition	$ 32	$ 0

Consolidated Statements of Operations and Comprehensive Income (Parentheticals) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024	Sep. 30, 2025	Sep. 30, 2024
Statement of Comprehensive Income [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ 66	$ 26	$ 61	$ 4

General and significant accounting policies	9 Months Ended
General and significant accounting policies	Sep. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	General and significant accounting policies a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 18 for additional information. The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2024 Form 10-K. b) New Accounting Pronouncements Accounting guidance not yet adopted Improvements to Income Tax Disclosures In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for our 2025 annual reporting. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement. Disaggregation of Income Statement Expenses In November 2024, the FASB issued guidance that requires disclosure of specified information about certain costs and expenses in the notes to the financial statements. The guidance is effective for our 2027 annual reporting, and interim reporting periods beginning in 2028. Prospective application is required, with retrospective application permitted. We are evaluating the impact of this disclosure-only requirement.

Acquisitions	9 Months Ended
Acquisitions	Sep. 30, 2025
Business Combination [Abstract]
Acquisitions	Acquisitions Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam On March 3, 2025, we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam. The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products. On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand for $321 million, and recognized goodwill of $183 million and intangible assets of $57 million. This acquisition expands our presence and advances our long-term growth opportunity in the region. The results of operations for LMG Insurance in Thailand are reported in our Overseas General Insurance segment, and they are not material to Chubb's financial results. We expect to complete the acquisition of Liberty Insurance in Vietnam by early 2026, subject to required regulatory approvals and customary closing conditions. Huatai Group In the second quarter of 2025, we closed on incremental ownership interests of approximately 1.6 percent. Our aggregate ownership interest in Huatai Group was approximately 87.2 percent as of September 30, 2025.

Investments

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

a) Fixed maturities


September 30, 2025	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,046	$	—	$	24	$	(224)	$	3,846
Non-U.S.	40,176		(15)		986		(816)		40,331
Corporate and asset-backed securities	48,360		(35)		706		(1,580)		47,451
Mortgage-backed securities	31,144		—		326		(1,310)		30,160

	$	123,726	$	(50)	$	2,042	$	(3,930)	$	121,788


December 31, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,383	$	—	$	10	$	(323)	$	4,070
Non-U.S.	36,311		(23)		753		(1,203)		35,838
Corporate and asset-backed securities	45,231		(47)		287		(2,264)		43,207
Mortgage-backed securities	29,158		—		69		(1,979)		27,248

	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363

The following table presents fixed maturities by contractual maturity:


	September 30, 2025				December 31, 2024
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	5,207	$	5,207	$	4,507	$	4,507
Due after 1 year through 5 years	36,276		36,276		33,446		33,446
Due after 5 years through 10 years	30,504		30,504		26,901		26,901
Due after 10 years	19,641		19,641		18,261		18,261
	91,628		91,628		83,115		83,115
Mortgage-backed securities	30,160		30,160		27,248		27,248
	$	121,788	$	121,788	$	110,363	$	110,363

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

b) Gross unrealized loss

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

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


	0 – 12 Months				Over 12 Months				Total
September 30, 2025	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities	$	274	$	(2)	$	2,195	$	(222)	$	2,469	$	(224)
Non-U.S.	4,617		(100)		9,797		(595)		14,414		(695)
Corporate and asset-backed securities	3,551		(57)		11,096		(928)		14,647		(985)
Mortgage-backed securities	925		(7)		11,695		(1,303)		12,620		(1,310)

Total AFS fixed maturities	$	9,367	$	(166)	$	34,783	$	(3,048)	$	44,150	$	(3,214)


	0 – 12 Months				Over 12 Months				Total
December 31, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)

U.S. and local government securities	$	767	$	(16)	$	2,489	$	(303)	$	3,256	$	(319)
Non-U.S.	6,630		(138)		12,023		(874)		18,653		(1,012)
Corporate and asset-backed securities	10,069		(194)		13,290		(1,259)		23,359		(1,453)
Mortgage-backed securities	10,490		(170)		11,987		(1,794)		22,477		(1,964)

Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)

At September 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $189 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.

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


	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	71	$	122	$	70	$	156


Provision for expected credit loss	25		23		76		95

Write-offs charged against the expected credit loss	(1)		(1)		(2)		(6)

Recovery of expected credit loss	(45)		(69)		(94)		(170)
Valuation allowance for expected credit losses - end of period	$	50	$	75	$	50	$	75
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	5	$	4	$	4
Provision for expected credit loss	1		—		1		2
Recovery of expected credit loss	(1)		—		(2)		(1)
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5

c) Net realized gains (losses)

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


	Three Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities:
Gross realized gains	$	121	$	21	$	228	$	73
Gross realized losses	(157)		(91)		(376)		(338)
Other investments - Fixed maturities (2025 includes $(116) million and $(116) million related to investments measured under the fair value option)	82		152		103		452
Net recovery of expected credit losses	22		48		21		80
Impairment (1)	(22)		(19)		(34)		(81)
Total fixed maturities	46		111		(58)		186
Equity securities (2025 includes $66 million and $131 million related to investments measured under the fair value option)	396		123		596		147
Private equities (less than 3 percent ownership)	48		(41)		31		39
Foreign exchange	(115)		(58)		(269)		(162)
Investment and embedded derivative instruments	(85)		66		46		6
Other derivative instruments	(9)		(2)		(14)		(7)
Other	2		(1)		(5)		(8)
Net realized gains (losses) (pre-tax)	$	283	$	198	$	327	$	201

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

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


											Three Months Ended
													September 30
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	396	$	82	$	48	$	526	$	123	$	152	$	(41)	$	234
Less: Net gains (losses) recognized from sales of securities	59		—		—		59		(6)		2		—		(4)
Unrealized gains (losses) recognized for securities still held at reporting date	$	337	$	82	$	48	$	467	$	129	$	150	$	(41)	$	238


											Nine Months Ended
													September 30
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	596	$	103	$	31	$	730	$	147	$	452	$	39	$	638
Less: Net gains (losses) recognized from sales of securities	79		4		—		83		5		2		—		7
Unrealized gains (losses) recognized for securities still held at reporting date	$	517	$	99	$	31	$	647	$	142	$	450	$	39	$	631

d) Private equities

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


	Expected Liquidation Period of Underlying Assets	September 30, 2025				December 31, 2024
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,427	$	223	$	1,265	$	281
Real assets	2 to 13 Years	1,908		662		1,974		547
Distressed	2 to 8 Years	1,150		1,048		1,257		679
Private credit	3 to 8 Years	310		312		295		285
Traditional	2 to 14 Years	11,578		4,192		9,674		4,650
Vintage	1 to 3 Years	52		—		64		—
Investment funds	Not Applicable	309		—		240		—
		$	16,734	$	6,437	$	14,769	$	6,442

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


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

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

e) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at September 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $19,094 million and $17,945 million, respectively, and cash of $213 million and $261 million, respectively.

The following table presents the components of restricted assets:


	September 30		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,675	$	8,170
Assets pledged under repurchase agreements	3,580		2,890
Deposits with U.S. regulatory authorities	2,563		2,487

Deposits with non-U.S. regulatory authorities and other	4,489		4,659

Total	$	19,307	$	18,206

f) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2024 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

Unconsolidated VIEs

We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at September 30, 2025, and December 31, 2024, was $5.1 billion and $5.0 billion, respectively, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at September 30, 2025, and December 31, 2024, was $159 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities and Private equities on the Consolidated balance sheets.

Fair value measurements

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Fair value measurements

a) Fair value hierarchy

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

The three levels of the hierarchy are as follows:

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

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

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

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

would use in pricing an asset or liability.

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

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. Refer to Note 4 a) of our 2024 Form 10-K for further information on the valuation and leveling of assets and liabilities measured at fair value.

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


September 30, 2025	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,665	$	2,181	$	—	$	3,846
Non-U.S.	—		39,729		602		40,331
Corporate and asset-backed securities	—		44,212		3,239		47,451
Mortgage-backed securities	—		30,160		—		30,160

	1,665		116,282		3,841		121,788
Equity securities (1)	5,153		—		114		5,267
Short-term investments	2,376		1,962		42		4,380
Other investments (2)	638		8,106		—		8,744
Securities lending collateral	—		1,899		—		1,899
Investment derivatives	22		—		—		22
Derivatives designated as hedging instruments	—		261		—		261
Other derivative instruments	5		—		—		5
Separate account assets	6,733		77		—		6,810
Total assets measured at fair value (1)(2)(3)	$	16,592	$	128,587	$	3,997	$	149,176
Liabilities:
Investment derivatives	$	173	$	—	$	—	$	173
Derivatives designated as hedging instruments	—		183		—		183
Other derivative instruments	11		5		—		16
Market risk benefits (4)	—		—		666		666
Total liabilities measured at fair value	$	184	$	188	$	666	$	1,038

(1)Excluded from the table above is a fund of $5,110 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,438 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,734 million, measured using NAV as a practical expedient.

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


December 31, 2024	Level 1		Level 2		Level 3		Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities	$	1,765	$	2,305	$	—	$	4,070
Non-U.S.	—		35,234		604		35,838
Corporate and asset-backed securities	—		40,316		2,891		43,207
Mortgage-backed securities	—		27,245		3		27,248

	1,765		105,100		3,498		110,363
Equity securities (1)	4,053		—		120		4,173
Short-term investments	3,156		1,972		14		5,142
Other investments (2)	573		6,783		—		7,356
Securities lending collateral	—		1,445		—		1,445
Investment derivatives	41		—		—		41
Derivatives designated as hedging instruments	—		146		—		146
Other derivative instruments	35		—		—		35
Separate account assets	6,165		66		—		6,231
Total assets measured at fair value (1)(2)(3)	$	15,788	$	115,512	$	3,632	$	134,932
Liabilities:
Investment derivatives	$	303	$	—	$	—	$	303
Derivatives designated as hedging instruments	—		116		—		116
Other derivative instruments	—		2		—		2
Market risk benefits (4)	—		—		607		607
Total liabilities measured at fair value	$	303	$	118	$	607	$	1,028

(1)Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.

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

Level 3 financial instruments

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3). Excluded from the tables below is the reconciliation of Market risk benefits, refer to Note 11 for additional information.


Three Months Ended September 30, 2025 (in millions of U.S. dollars)		Available-for-Sale Debt Securities								Equity securities		Short-term investments
	Non-U.S.			Corporate and asset- backed securities			Mortgage-backed securities

Balance, beginning of period		$	598		$	3,186		$	—	$	125	$	42
Transfers into Level 3		—			90			—		—		—
Transfers out of Level 3		(1)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		3			5			—		—		—
Net Realized Gains (Losses)		1			(8)			—		(2)		—

Purchases		66			212			—		6		2
Sales		(22)			(124)			—		(15)		(1)
Settlements		(43)			(119)			—		—		(1)

Balance, end of period		$	602		$	3,239		$	—	$	114	$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	1		$	—	$	4	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	1		$	(1)		$	—	$	—	$	—


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

Balance, beginning of period		$	632		$	2,709		$	20	$	100	$	12

Transfers out of Level 3		(1)			—			(14)		—		—
Change in Net Unrealized Gains (Losses) in OCI		10			16			—		—		(1)
Net Realized Gains (Losses)		(1)			(10)			—		7		—

Purchases		59			316			40		17		6
Sales		(18)			(69)			—		(6)		(1)
Settlements		(42)			(184)			—		—		(1)

Balance, end of period		$	639		$	2,778		$	46	$	118	$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	—		$	(8)		$	—	$	6	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	11		$	12		$	—	$	—	$	(1)



Nine Months Ended September 30, 2025 (in millions of U.S. dollars)	Available-for-Sale Debt Securities						Equity securities			Short-term investments
	Non-U.S.		Corporate and asset- backed securities		Mortgage-backed securities

Balance, beginning of period	$	604	$	2,891	$	3		$	120		$	14
Transfers into Level 3	11		174		—			—			—
Transfers out of Level 3	(1)		(16)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	41		(2)		—			—			—
Net Realized Gains (Losses)	(2)		(14)		(2)			(5)			—
Purchases	210		726		1			32			32
Sales	(109)		(224)		(2)			(32)			(1)
Settlements	(152)		(296)		—			—			(3)

Balance, end of period	$	602	$	3,239	$	—		$	114		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(3)	$	—		$	13		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	31	$	(18)	$	—		$	—		$	—



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

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			5			—		—		—
Transfers out of Level 3		(7)			(3)			(14)		—		—
Change in Net Unrealized Gains (Losses) in OCI		18			26			—		—		(2)
Net Realized Gains (Losses)		(5)			(15)			—		6		—

Purchases		214			785			55		36		22
Sales		(69)			(176)			—		(11)		(1)
Settlements		(205)			(466)			(2)		—		(7)

Balance, end of period		$	639		$	2,778		$	46	$	118	$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date		$	(1)		$	(10)		$	—	$	5	$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date		$	14		$	17		$	—	$	—	$	(2)

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

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

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to Note 4 b) of our 2024 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, repurchase agreements, short-term and long-term debt, and hybrid debt.

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


September 30, 2025	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,566	$	2,566	$	2,535
Total assets	$	—	$	—	$	2,566	$	2,566	$	2,535
Liabilities:
Repurchase agreements	$	—	$	3,360	$	—	$	3,360	$	3,360
Short-term debt	—		1,492		—		1,492		1,499
Long-term debt	—		14,095		570		14,665		15,727
Hybrid debt	—		482		—		482		421
Total liabilities	$	—	$	19,429	$	570	$	19,999	$	21,007


December 31, 2024	Fair Value								Net Carrying Value
(in millions of U.S. dollars)	Level 1		Level 2		Level 3		Total
Assets:
Private debt held-for-investment	$	—	$	—	$	2,680	$	2,680	$	2,628
Total assets	$	—	$	—	$	2,680	$	2,680	$	2,628
Liabilities:
Repurchase agreements	$	—	$	2,731	$	—	$	2,731	$	2,731
Short-term debt	—		797		—		797		800
Long-term debt	—		12,979		—		12,979		14,379
Hybrid debt	—		479		—		479		419
Total liabilities	$	—	$	16,986	$	—	$	16,986	$	18,329

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Reinsurance

9 Months Ended

Sep. 30, 2025

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance


	September 30, 2025				December 31, 2024
(in millions of U.S. dollars)	Net Reinsurance Recoverable (1)		Valuation allowance		Net Reinsurance Recoverable (1)		Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses	$	18,421	$	265	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,806		61		2,043		68
Reinsurance recoverable on losses and loss expenses	$	20,227	$	326	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	302	$	—	$	289	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	20		24
Write-offs charged against the valuation allowance	(7)		(4)
Foreign exchange revaluation	3		1

Valuation allowance for uncollectible reinsurance - end of period	$	326	$	388

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2024 Form 10-K.

Deferred acquisition costs

9 Months Ended

Sep. 30, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

Deferred Policy Acquisition Costs

Deferred policy acquisition costs

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


	Nine Months Ended September 30, 2025

(in millions of U.S. dollars)	Term Life		Universal Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	469	$	722	$	870	$	1,681	$	324	$	4,066

Capitalizations	175		90		347		521		78		1,211
Amortization expense	(111)		(62)		(39)		(172)		(23)		(407)

Other (including foreign exchange)	8		5		21		33		12		79
Balance – end of period	$	541	$	755	$	1,199	$	2,063	$	391	$	4,949
Overseas General Insurance segment excluded from table											663
Total deferred policy acquisition costs on long-duration contracts											$	5,612
Deferred policy acquisition costs on short-duration contracts											4,197
Total deferred policy acquisition costs											$	9,809


	Nine Months Ended September 30, 2024

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

Capitalizations	149		109		276		467		53		1,054
Amortization expense	(89)		(60)		(27)		(132)		(20)		(328)

Other (including foreign exchange)	(1)		(2)		2		(8)		(3)		(12)
Balance – end of period	$	461	$	721	$	785	$	1,628	$	304	$	3,899
Overseas General Insurance segment excluded from table											615
Total deferred policy acquisition costs on long-duration contracts											$	4,514
Deferred policy acquisition costs on short-duration contracts											3,735
Total deferred policy acquisition costs											$	8,249

Goodwill

9 Months Ended

Sep. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets Disclosure [Text Block]

Goodwill

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


(in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Chubb Consolidated
Balance at December 31, 2024	$	7,168	$	2,218	$	134	$	5,047	$	371	$	4,641	$	19,579
Acquisition of Liberty Mutual's P&C insurance business in Thailand	—		—		—		183		—		—		183

Foreign exchange revaluation	20		7		—		306		—		142		475
Balance at September 30, 2025 (1)	$	7,188	$	2,225	$	134	$	5,536	$	371	$	4,783	$	20,237

(1)Includes $460 million attributable to noncontrolling interests.

Unpaid losses and loss expenses, and Future policy benefits

9 Months Ended

Sep. 30, 2025

Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]

Liability for Future Policy Benefits and Unpaid Claims Disclosure [Text Block]

Unpaid losses and loss expenses

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


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024

Gross unpaid losses and loss expenses – beginning of period	$	84,004	$	80,122
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)	(17,734)		(17,884)
Net unpaid losses and loss expenses – beginning of period	66,270		62,238
Net losses and loss expenses incurred in respect of losses occurring in:
Current year	21,342		20,302
Prior years (2)	(923)		(761)
Total	20,419		19,541
Net losses and loss expenses paid in respect of losses occurring in:
Current year	5,551		5,005
Prior years	12,135		10,074
Total	17,686		15,079
Foreign currency revaluation and other	1,015		(5)
Net unpaid losses and loss expenses – end of period	70,018		66,695
Reinsurance recoverable on unpaid losses and loss expenses (1)	18,421		17,631
Gross unpaid losses and loss expenses – end of period	$	88,439	$	84,326

(1) Net of valuation allowance for uncollectible reinsurance.

(2) Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $58 million and $118 million for the nine months ended September 30, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $3,748 million for the nine months ended September 30, 2025, principally reflecting underlying exposure growth, the unfavorable impact of foreign currency movement, and net catastrophe losses, partially offset by the impact of favorable prior period development. The increase in net unpaid losses also reflected seasonality in our crop insurance business.

Prior Period Development

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


	Three Months Ended September 30						Nine Months Ended September 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2025
North America Commercial P&C Insurance	$	104	$	(130)	$	(26)	$	77	$	(323)	$	(246)
North America Personal P&C Insurance	—		(282)		(282)		—		(403)		(403)
North America Agricultural Insurance	—		(30)		(30)		—		(63)		(63)
Overseas General Insurance	(66)		(18)		(84)		(30)		(252)		(282)
Global Reinsurance	—		—		—		(5)		(10)		(15)
Corporate	61		—		61		144		—		144
Total	$	99	$	(460)	$	(361)	$	186	$	(1,051)	$	(865)
2024
North America Commercial P&C Insurance	$	125	$	(164)	$	(39)	$	79	$	(310)	$	(231)
North America Personal P&C Insurance	—		(189)		(189)		—		(305)		(305)
North America Agricultural Insurance	—		(6)		(6)		—		(34)		(34)
Overseas General Insurance	(61)		1		(60)		(26)		(184)		(210)
Global Reinsurance	(5)		—		(5)		—		(20)		(20)
Corporate	55		—		55		157		—		157
Total	$	114	$	(358)	$	(244)	$	210	$	(853)	$	(643)

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

North America Commercial P&C Insurance. Net favorable development for the three months ended September 30, 2025, included $130 million from short-tail lines, primarily from property lines, due to lower-than-expected loss development on catastrophe and non-catastrophe losses. This favorable development was partially offset by net adverse development of $104 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation. Net favorable development for the nine months ended September 30, 2025, included $323 million of favorable development from short-tail lines, primarily from property and surety, due to lower-than-expected loss development. Net adverse development for long-tail lines of $77 million was the result of adverse development in general casualty lines partially offset by favorable development in workers' compensation.

Net favorable development for the three and nine months ended September 30, 2024, included $164 million and $310 million, respectively, from short-tail lines, primarily property and marine, driven by lower-than-expected loss development in the most recent accident years. The nine months ended September 30, 2024, also included favorable development from surety lines, due to lower-than-expected loss development. Long-tail lines experienced adverse development of $125 million and $79 million for the three and nine months ended September 30, 2024, respectively, which was the net of adverse development in casualty lines, predominantly commercial excess and umbrella and commercial auto liability, due to higher-than-expected loss development, partially offset by favorable development in workers' compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents.

North America Personal P&C Insurance. Net favorable development for the three and nine months ended September 30, 2025 and 2024, was predominantly in homeowners, mainly due to lower-than-expected loss experience in the most recent accident years.

Overseas General Insurance. Net favorable development for the three months ended September 30, 2025, included $66 million from long-tail lines. Net favorable development for the nine months ended September 30, 2025, included $252 million from short-tail lines primarily due to favorable loss emergence across multiple accident years.

Net favorable development for the three months ended September 30, 2024, included $61 million from long-tail lines, primarily due to favorable loss emergence in accident years 2019 and 2020. Net favorable development for the nine months ended September 30, 2024, included $184 million from short-tail lines.

Corporate. Net adverse development for the three months ended September 30, 2025 and 2024, included adverse development resulting from our annual review of environmental liabilities. Net adverse development for the nine months ended September 30, 2025 and 2024, also included adverse development for molestation-related claims development.

Future policy benefits

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


Present Value of Expected Net Premiums	Nine Months Ended September 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,523	$	4,405	$	11,626	$	125	$	17,679
Beginning balance at original discount rate	1,819		4,303		11,499		124		17,745
Effect of changes in cash flow assumptions	(56)		(65)		(389)		7		(503)
Effect of actual variances from expected experience	5		13		(213)		(1)		(196)
Adjusted beginning of period balance	1,768		4,251		10,897		130		17,046

Issuances	166		1,280		1,542		368		3,356
Interest accrual	43		107		413		8		571
Net premiums collected (1)	(188)		(1,192)		(1,145)		(115)		(2,640)

Other (including foreign exchange)	47		170		330		7		554
Ending balance at original discount rate	1,836		4,616		12,037		398		18,887
Effect of changes in discount rate assumptions	(253)		154		164		4		69
Balance – end of period	$	1,583	$	4,770	$	12,201	$	402	$	18,956

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


Present Value of Expected Future Policy Benefits	Nine Months Ended September 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,238	$	12,057	$	15,693	$	647	$	30,635
Beginning balance at original discount rate	2,647		11,242		15,652		601		30,142
Effect of changes in cash flow assumptions	(54)		(93)		(434)		13		(568)
Effect of actual variances from expected experience	9		11		(212)		—		(192)
Adjusted beginning of period balance	2,602		11,160		15,006		614		29,382

Issuances	166		1,280		1,542		368		3,356
Interest accrual	58		291		511		20		880
Benefit payments	(170)		(243)		(1,331)		(14)		(1,758)

Other (including foreign exchange)	74		394		430		25		923
Ending balance at original discount rate	2,730		12,882		16,158		1,013		32,783
Effect of changes in discount rate assumptions	(385)		820		101		36		572
Balance – end of period	$	2,345	$	13,702	$	16,259	$	1,049	$	33,355


Liability for Future Policy Benefits, Life Insurance Segment	September 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	762	$	8,932	$	4,058	$	647	$	14,399
Deferred profit liability	309		1,744		231		69		2,353
Net liability for future policy benefits, before reinsurance recoverable	1,071		10,676		4,289		716		16,752
Less: Reinsurance recoverable on future policy benefits	101		48		123		1		273
Net liability for future policy benefits, after reinsurance recoverable	$	970	$	10,628	$	4,166	$	715	$	16,479
Weighted average duration (years)	10.7		27.0		10.0		25.7		21.7


Present Value of Expected Net Premiums	Nine Months Ended September 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	(140)		160		394		(4)		410
Effect of actual variances from expected experience	6		9		(126)		(1)		(112)
Adjusted beginning of period balance	1,858		4,114		10,960		59		16,991
Issuances	161		942		1,717		53		2,873
Interest accrual	45		91		424		3		563
Net premiums collected (1)	(183)		(852)		(1,105)		(27)		(2,167)


Other (including foreign exchange)	(10)		14		(158)		14		(140)
Ending balance at original discount rate	1,871		4,309		11,838		102		18,120
Effect of changes in discount rate assumptions	(287)		94		136		1		(56)
Balance – end of period	$	1,584	$	4,403	$	11,974	$	103	$	18,064

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


Present Value of Expected Future Policy Benefits	Nine Months Ended September 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	(137)		181		348		(5)		387
Effect of actual variances from expected experience	13		21		(127)		—		(93)
Adjusted beginning of period balance	2,625		10,193		15,292		487		28,597
Issuances	161		942		1,717		53		2,873
Interest accrual	59		240		519		11		829
Benefit payments	(173)		(260)		(1,186)		(14)		(1,633)

Other (including foreign exchange)	27		55		(188)		41		(65)
Ending balance at original discount rate	2,699		11,170		16,154		578		30,601
Effect of changes in discount rate assumptions	(390)		739		65		41		455
Balance – end of period	$	2,309	$	11,909	$	16,219	$	619	$	31,056


Liability for Future Policy Benefits, Life Insurance Segment	September 30, 2024
(in millions of U.S. dollars, except for years)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	725	$	7,506	$	4,245	$	516	$	12,992
Deferred profit liability	276		1,120		194		32		1,622
Net liability for future policy benefits, before reinsurance recoverable	1,001		8,626		4,439		548		14,614
Less: Reinsurance recoverable on future policy benefits	109		45		112		—		266
Net liability for future policy benefits, after reinsurance recoverable	$	892	$	8,581	$	4,327	$	548	$	14,348
Weighted average duration (years)	10.2		27.8		9.8		17.6		21.1

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


	September 30
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	14,399	$	12,992
Other (1)	1,536		1,389
Deferred profit liability	2,353		1,622
Liability for future policy benefits, per consolidated balance sheet	$	18,288	$	16,003

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

In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.

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


	September 30		September 30
(in millions of U.S. dollars)	2025		2024

Term Life
Undiscounted expected future benefit payments	$	4,498	$	4,188
Undiscounted expected future gross premiums	6,844		6,669
Discounted expected future benefit payments	2,345		2,309
Discounted expected future gross premiums	4,609		4,504
Whole Life
Undiscounted expected future benefit payments	32,059		28,111
Undiscounted expected future gross premiums	11,115		10,363
Discounted expected future benefit payments	13,702		11,909
Discounted expected future gross premiums	9,180		8,404
A&H
Undiscounted expected future benefit payments	27,189		27,423
Undiscounted expected future gross premiums	40,031		40,183
Discounted expected future benefit payments	16,259		16,219
Discounted expected future gross premiums	24,049		23,655
Other
Undiscounted expected future benefit payments	1,900		1,046
Undiscounted expected future gross premiums	606		200
Discounted expected future benefit payments	1,049		619
Discounted expected future gross premiums	$	567	$	177

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


	Gross Premiums or Assessments				Interest Accretion
	Nine Months Ended				Nine Months Ended
	September 30				September 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	542	$	509	$	15	$	14

Whole Life	2,024		1,504		184		149
A&H	2,314		2,250		98		95
Other	157		42		12		8
Total	$	5,037	$	4,305	$	309	$	266

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


	Interest Accretion Rate				Current Discount Rate

	September 30				September 30
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	3.0	%	5.7	%	5.2	%

Whole Life	3.4	%	3.2	%	4.1	%	4.1	%
A&H	4.2	%	3.8	%	5.8	%	5.8	%
Other	3.3	%	2.7	%	3.5	%	3.8	%

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

9 Months Ended

Sep. 30, 2025

Policyholder Account Balance [Abstract]

Policyholders' Account Balances, Separate Accounts, and Unearned Revenue Liability

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

Policyholders' account balances

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


	Nine Months Ended September 30, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748


Premiums received	158		232		316		706
Policy charges (1)	(81)		—		(7)		(88)
Surrenders and withdrawals	(91)		(24)		(143)		(258)
Benefit payments (4)	(24)		(116)		(66)		(206)

Interest credited	35		36		59		130
Other (including foreign exchange)	77		49		43		169
Balance – end of period	$	1,883	$	2,762	$	2,556	$	7,201
Unearned revenue liability							760
Other (5)							578
Policyholders' account liability, per consolidated balance sheet							$	8,539

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

(2)Relates to Huatai Life.

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

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

(5)Primarily comprises unpaid dividends on certain participating policies.


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

Premiums received	204		294		320		818
Policy charges (1)	(98)		—		(7)		(105)
Surrenders and withdrawals	(95)		(30)		(202)		(327)
Benefit payments (4)	(59)		(116)		(40)		(215)

Interest credited	38		29		41		108
Other (including foreign exchange)	3		20		(223)		(200)
Balance – end of period	$	1,869	$	2,608	$	2,391	$	6,868
Unearned revenue liability							712
Other (5)							556
Policyholders' account liability, per consolidated balance sheet							$	8,136

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

(2)Relates to Huatai Life.

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

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

(5)Primarily comprises unpaid dividends on certain participating policies.



	September 30
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.6		%	1.8		%	3.3		%	2.7		%	1.6		%	2.7		%
Net amount at risk (2)	$	11,474		$	30		$	366		$	12,648		$	—		$	440
Cash Surrender Value	$	1,747		$	1,827		$	2,264		$	1,699		$	1,691		$	2,091

(1)Calculated using actual interest credited for the nine months ended September 30, 2025 and 2024, respectively.

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

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

Universal Life


	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	480	$	—	$	51	$	177	$	708
2.01% – 4.00%	489		317		354		—		1,160
Greater than 4.00%	15		—		—		—		15
Total	$	984	$	317	$	405	$	177	$	1,883


	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	464	$	—	$	47	$	92	$	603
2.01% – 4.00%	249		371		633		—		1,253
Greater than 4.00%	13		—		—		—		13
Total	$	726	$	371	$	680	$	92	$	1,869

Annuities


	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	118	$	—	$	1,675	$	76	$	1,869
2.01% – 4.00%	893		—		—		—		893
Greater than 4.00%	—		—		—		—		—
Total	$	1,011	$	—	$	1,675	$	76	$	2,762


	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	72	$	—	$	1,645	$	47	$	1,764
2.01% – 4.00%	844		—		—		—		844
Greater than 4.00%	—		—		—		—		—
Total	$	916	$	—	$	1,645	$	47	$	2,608

Other policyholders' account balances


	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	394	$	6	$	153	$	434	$	987
2.01% – 4.00%	1,517		52		—		—		1,569
Greater than 4.00%	—		—		—		—		—
Total	$	1,911	$	58	$	153	$	434	$	2,556


	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	349	$	2	$	214	$	459	$	1,024
2.01% – 4.00%	1,317		50		—		—		1,367
Greater than 4.00%	—		—		—		—		—
Total	$	1,666	$	52	$	214	$	459	$	2,391

Separate accounts

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

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


	September 30		September 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	103	$	75

Mutual funds	6,631		5,844

Fixed maturities	76		77

Total	$	6,810	$	5,996

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


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573

Premiums and deposits	1,081		945
Policy charges	(122)		(118)
Surrenders and withdrawals	(745)		(666)
Benefit payments	(345)		(320)
Investment performance	320		625

Other (including foreign exchange)	390		(43)
Balance – end of period	$	6,810	$	5,996
Cash surrender value (1)	$	6,327	$	5,790

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

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	101		106
Amortization	(58)		(54)

Other (including foreign exchange)	6		(13)
Balance – end of period	$	760	$	712

Market risk benefits

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


	Nine Months Ended September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	607	$	771
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	592		749



Interest rate changes	45		10
Effect of market movements (1)	(115)		(147)
Effect of changes in volatilities	19		9
Actual policyholder behavior different from expected behavior	34		55
Effect of changes in future expected policyholder behavior	101		87

Effect of timing and all other	(29)		(34)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	647	$	729
Effect of changes in the instrument-specific credit risk	19		19
Balance – end of period	$	666	$	748
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,385	$	1,595

(1) Market movements are predominantly driven by changes in equities.

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

Excluded from the table above are MRB losses of $197 million and $258 million for the nine months ended September 30, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

In the third quarter of 2025 and 2024, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. These refinements resulted in a net increase of approximately $101 million and $87 million to the MRB fair value, respectively, recognized as a Market risk benefits loss.

•We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.

•We updated the annuitization assumptions to include an additional year of experience, refreshing treaty-based and age-based behavior assumptions.

•We updated the mortality and lapse assumptions to include an additional year of experience.

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

Valuation Technique

Significant Unobservable Inputs

September 30, 2025

September 30, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.2

%

0.5% – 27.3%

3.4

%

Annuitization rate

0% – 100%

4.9

%

0% – 100%

4.6

%

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

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

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

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

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2024 Form 10-K.

Market risk benefits

9 Months Ended

Sep. 30, 2025

Market Risk Benefit [Abstract]

Market Risk Benefits

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

Policyholders' account balances

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


	Nine Months Ended September 30, 2025
(in millions of U.S. dollars)	Universal Life		Annuities (2)		Other (3)		Total
Balance – beginning of period	$	1,809	$	2,585	$	2,354	$	6,748


Premiums received	158		232		316		706
Policy charges (1)	(81)		—		(7)		(88)
Surrenders and withdrawals	(91)		(24)		(143)		(258)
Benefit payments (4)	(24)		(116)		(66)		(206)

Interest credited	35		36		59		130
Other (including foreign exchange)	77		49		43		169
Balance – end of period	$	1,883	$	2,762	$	2,556	$	7,201
Unearned revenue liability							760
Other (5)							578
Policyholders' account liability, per consolidated balance sheet							$	8,539

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

(2)Relates to Huatai Life.

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

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

(5)Primarily comprises unpaid dividends on certain participating policies.


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

Premiums received	204		294		320		818
Policy charges (1)	(98)		—		(7)		(105)
Surrenders and withdrawals	(95)		(30)		(202)		(327)
Benefit payments (4)	(59)		(116)		(40)		(215)

Interest credited	38		29		41		108
Other (including foreign exchange)	3		20		(223)		(200)
Balance – end of period	$	1,869	$	2,608	$	2,391	$	6,868
Unearned revenue liability							712
Other (5)							556
Policyholders' account liability, per consolidated balance sheet							$	8,136

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

(2)Relates to Huatai Life.

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

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

(5)Primarily comprises unpaid dividends on certain participating policies.



	September 30
	2025									2024
(in millions of U.S. dollars, except for percentages)	Universal Life			Annuities			Other			Universal Life			Annuities			Other
Weighted-average crediting rate (1)	2.6		%	1.8		%	3.3		%	2.7		%	1.6		%	2.7		%
Net amount at risk (2)	$	11,474		$	30		$	366		$	12,648		$	—		$	440
Cash Surrender Value	$	1,747		$	1,827		$	2,264		$	1,699		$	1,691		$	2,091

(1)Calculated using actual interest credited for the nine months ended September 30, 2025 and 2024, respectively.

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

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

Universal Life


	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	480	$	—	$	51	$	177	$	708
2.01% – 4.00%	489		317		354		—		1,160
Greater than 4.00%	15		—		—		—		15
Total	$	984	$	317	$	405	$	177	$	1,883


	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	464	$	—	$	47	$	92	$	603
2.01% – 4.00%	249		371		633		—		1,253
Greater than 4.00%	13		—		—		—		13
Total	$	726	$	371	$	680	$	92	$	1,869

Annuities


	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	118	$	—	$	1,675	$	76	$	1,869
2.01% – 4.00%	893		—		—		—		893
Greater than 4.00%	—		—		—		—		—
Total	$	1,011	$	—	$	1,675	$	76	$	2,762


	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	72	$	—	$	1,645	$	47	$	1,764
2.01% – 4.00%	844		—		—		—		844
Greater than 4.00%	—		—		—		—		—
Total	$	916	$	—	$	1,645	$	47	$	2,608

Other policyholders' account balances


	September 30, 2025
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	394	$	6	$	153	$	434	$	987
2.01% – 4.00%	1,517		52		—		—		1,569
Greater than 4.00%	—		—		—		—		—
Total	$	1,911	$	58	$	153	$	434	$	2,556


	September 30, 2024
(in millions of U.S. dollars)	At Guaranteed Minimum		1 Basis Point - 50 Basis Points Above		51 Basis Points - 150 Basis Points Above		Greater Than 150 Basis Points Above		Total
Guaranteed minimum crediting rates
Up to 2.00%	$	349	$	2	$	214	$	459	$	1,024
2.01% – 4.00%	1,317		50		—		—		1,367
Greater than 4.00%	—		—		—		—		—
Total	$	1,666	$	52	$	214	$	459	$	2,391

Separate accounts

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

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


	September 30		September 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	103	$	75

Mutual funds	6,631		5,844

Fixed maturities	76		77

Total	$	6,810	$	5,996

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


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	6,231	$	5,573

Premiums and deposits	1,081		945
Policy charges	(122)		(118)
Surrenders and withdrawals	(745)		(666)
Benefit payments	(345)		(320)
Investment performance	320		625

Other (including foreign exchange)	390		(43)
Balance – end of period	$	6,810	$	5,996
Cash surrender value (1)	$	6,327	$	5,790

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

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized into income over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both

policyholders' account balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:


	Nine Months Ended
	September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	101		106
Amortization	(58)		(54)

Other (including foreign exchange)	6		(13)
Balance – end of period	$	760	$	712

Market risk benefits

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


	Nine Months Ended September 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	607	$	771
Balance, beginning of period, before effect of changes in the instrument-specific credit risk	592		749



Interest rate changes	45		10
Effect of market movements (1)	(115)		(147)
Effect of changes in volatilities	19		9
Actual policyholder behavior different from expected behavior	34		55
Effect of changes in future expected policyholder behavior	101		87

Effect of timing and all other	(29)		(34)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	647	$	729
Effect of changes in the instrument-specific credit risk	19		19
Balance – end of period	$	666	$	748
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,385	$	1,595