Accrued investment income

1,941

1,445

1,324

1,160

Insurance and reinsurance balances receivable, net of valuation allowance – $55 and $59

16,778

14,426

Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $323 and $310

^[1]

19,595

19,777

Deferred policy acquisition costs

^[1]

297

289

9,437

8,358

Value of business acquired

3,245

3,223

Goodwill

20,184

^[2]

19,579

Other intangible assets

6,391

6,377

Deferred tax assets

1,621

1,603

Prepaid reinsurance premiums

4,294

3,378

Other assets (includes VIE balances of $78 and $26)

6,481

6,231

9,290

7,503

Total assets

261,563

246,548

Liabilities

Unpaid losses and loss expenses

86,376

84,004

Unearned premiums

26,519

23,504

Future policy benefits

18,018

16,121

Policyholders' account balances

609

607

8,344

8,016

Separate account liabilities

6,481

6,231

Insurance and reinsurance balances payable

9,232

8,121

Repurchase agreements (includes VIE balances of $700 and $815)

3,059

2,731

Securities lending payable

1,941

1,445

Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $77 and $183)

9,450

10,192

Deferred tax liabilities

1,691

1,584

Short-term debt

1,499

800

Long-term debt

13,477

14,379

Hybrid debt

420

419

Total liabilities

187,116

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; 398,660,788 and 400,703,663 shares outstanding)

231

235

Common Shares in treasury (13,446,633 and 18,922,323 shares)

(2,462)

(3,524)

Additional paid-in capital

13,763

14,393

Retained earnings

63,921

61,561

Accumulated other comprehensive income (loss) (AOCI)

(6,058)

(8,644)

Total Chubb shareholders’ equity

69,395

64,021

Noncontrolling interests (includes VIE balances of $4,238 and $3,459)

5,052

4,373

Total shareholders' equity

74,447

68,394

Total liabilities and shareholders’ equity

$ 261,563

$ 246,548

[1]	Net of valuation allowance for uncollectible reinsurance.
[2]	Includes $456 million attributable to noncontrolling interests.

Consolidated Balance Sheets (Parentheticals) (Unaudited) $ in Millions	Jun. 30, 2025 USD ($) shares	Dec. 31, 2024 USD ($) shares
Statement of Financial Position [Abstract]
Short-term investments, amortized cost	$ 4,508	$ 5,143
Fixed maturities available-for-sale, valuation allowance	71	70
Fixed maturities available-for-sale, amortized cost	118,947	115,083
Private debt held-to-maturity, valuation allowance	3	4
Restricted cash	182	261
Insurance and reinsurance balances receivable, valuation allowance	55	59
Valuation allowance for uncollectible reinsurance	$ 323	$ 310
Common Shares, shares issued \| shares	412,107,421	419,625,986
Common Shares, shares outstanding \| shares	398,660,788	400,703,663
Treasury Stock, Common, Shares \| shares	13,446,633	18,922,323
Short-term investments	$ 4,508	$ 5,142
Equity securities	9,913	9,151
Private equities	16,313	14,769
Other investments	9,032	8,597
Cash, including restricted cash	2,371	2,549
Other assets	9,290	7,503
Repurchase agreements	3,059	2,731
Noncontrolling interests	5,052	4,373
Variable Interest Entity, Primary Beneficiary
Short-term investments	155	57
Equity securities	1,906	1,289
Private equities	22	22
Other investments	4,441	4,538
Cash, including restricted cash	189	114
Other assets	78	26
Repurchase agreements	700	815
Other liabilities	77	183
Noncontrolling interests	$ 4,238	$ 3,459

Consolidated Statements Of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Revenues
Net premiums written	$ 14,196	$ 13,360	$ 26,842	$ 25,581
Increase in unearned premiums	(1,071)	(1,068)	(1,717)	(1,706)
Net premiums earned	13,125	12,292	25,125	23,875
Net investment income	1,568	1,468	3,129	2,859
Net realized gains (losses)	160	104	44	3
Market risk benefits gains (losses)	(17)	(29)	(109)	(8)
Total revenues	14,836	13,835	28,189	26,729
Expenses
Losses and loss expenses	6,572	6,431	13,468	12,158
Policy benefits (includes remeasurement losses of $2, $3, $5 and $22)	1,406	1,219	2,633	2,399
Policy acquisition costs	2,415	2,226	4,728	4,433
Administrative expenses	1,125	1,094	2,205	2,164
Interest expense	181	182	362	360
Other (income) expense	(655)	(110)	(738)	(301)
Amortization of purchased intangibles	74	80	149	160
Integration expenses	2	7	2	14
Total expenses	11,120	11,129	22,809	21,387
Income before income tax	3,716	2,706	5,380	5,342
Income tax expense	717	490	1,038	832
Net income	2,999	2,216	4,342	4,510
Net income (loss) attributable to noncontrolling interests	31	(14)	43	137
Net income attributable to Chubb	2,968	2,230	4,299	4,373
Other comprehensive income (loss):
Unrealized appreciation (depreciation)	986	(489)	1,887	(1,166)
Current discount rate on future policy benefits	(130)	53	(252)	0
Instrument-specific credit risk on market risk benefits	1	5	5	10
Cumulative foreign currency translation adjustment	796	(530)	1,155	(450)
Other, including postretirement benefit liability adjustment	(26)	(29)	(121)	2
Other comprehensive income (loss), before income tax	1,627	(990)	2,674	(1,604)
Income tax (expense) benefit related to OCI items	(33)	29	(76)	38
Other comprehensive income (loss)	1,594	(961)	2,598	(1,566)
Comprehensive income	4,593	1,255	6,940	2,944
Comprehensive income (loss) attributable to noncontrolling interests	48	(57)	55	66
Comprehensive income attributable to Chubb	$ 4,545	$ 1,312	$ 6,885	$ 2,878
Earnings per share
Basic earnings per share attributable to Chubb	$ 7.42	$ 5.51	$ 10.74	$ 10.79
Diluted earnings per share attributable to Chubb	$ 7.35	$ 5.46	$ 10.63	$ 10.68

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			(886)
Net shares issued under employee share-based compensation plans			278
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				(142)
Exercise of stock options				(19)
Share-based compensation expense				172
Adjustments to Additional Paid in Capital, Other				(31)
Funding of dividends declared to Retained earnings				(719)
Net income attributable to Chubb	$ 4,373				4,373
Funding of dividends declared from Additional paid-in capital					719
Dividends declared on Common Shares					(719)
Other Comprehensive Income (Loss), Net of Tax	(1,566)					(1,495)
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								(707)
Net income (loss) attributable to noncontrolling interests	137							137
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								(71)
Other								(6)
Total shareholders' equity		241	(4,461)	15,188	56,953	(7,386)		3,896
Treasury Stock, Retired, Cost Method, Amount		(6)	(2,527)		(2,521)
Common Shares repurchased			(570)
Net shares issued under employee share-based compensation plans			(23)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				17
Exercise of stock options				0
Share-based compensation expense				90
Adjustments to Additional Paid in Capital, Other				0
Funding of dividends declared to Retained earnings				(369)
Net income attributable to Chubb	2,230				2,230
Funding of dividends declared from Additional paid-in capital					369
Dividends declared on Common Shares					(369)
Other Comprehensive Income (Loss), Net of Tax	(961)					(918)
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								(296)
Net income (loss) attributable to noncontrolling interests	(14)							(14)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								(43)
Other								(6)
Total shareholders' equity	64,575	235	(2,481)	14,926	56,662	(8,304)	$ 61,038	3,537
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			(1,061)
Net shares issued under employee share-based compensation plans			181
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				(120)
Exercise of stock options				2
Share-based compensation expense				189
Adjustments to Additional Paid in Capital, Other				53
Funding of dividends declared to Retained earnings				(754)
Net income attributable to Chubb	4,299				4,299
Funding of dividends declared from Additional paid-in capital					754
Dividends declared on Common Shares					(754)
Other Comprehensive Income (Loss), Net of Tax	2,598					2,586
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								624
Net income (loss) attributable to noncontrolling interests	43							43
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								12
Other								0
Total shareholders' equity		231	(1,799)	13,976	60,953	(7,635)		5,029
Treasury Stock, Retired, Cost Method, Amount		0	0		0
Common Shares repurchased			(676)
Net shares issued under employee share-based compensation plans			(13)
Stock Issued During Period, Value, Restricted Stock Award, Net of Forfeitures				26
Exercise of stock options				1
Share-based compensation expense				95
Adjustments to Additional Paid in Capital, Other				53
Funding of dividends declared to Retained earnings				(388)
Net income attributable to Chubb	2,968				2,968
Funding of dividends declared from Additional paid-in capital					388
Dividends declared on Common Shares					(388)
Other Comprehensive Income (Loss), Net of Tax	1,594					1,577
Net increase (decrease) due to consolidation, deconsolidation, and other transactions								(25)
Net income (loss) attributable to noncontrolling interests	31							31
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest								17
Other								0
Total shareholders' equity	$ 74,447	$ 231	$ (2,462)	$ 13,763	$ 63,921	$ (6,058)	$ 69,395	$ 5,052

Consolidated Statements Of Cash Flows (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Cash flows from operating activities
Net income	$ 4,342	$ 4,510
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses	(44)	(3)
Market risk benefits (gains) losses	109	8
Amortization of premiums (discounts) on fixed maturities	(196)	(178)
Amortization of purchased intangibles	149	160
Equity in net income (loss) of partially-owned entities	(739)	(278)
Deferred income taxes	(16)	131
Unpaid losses and loss expenses	1,224	2,338
Unearned premiums	2,446	2,214
Future policy benefits	1,178	954
Insurance and reinsurance balances payable	1,018	838
Accounts payable, accrued expenses, and other liabilities	10	(410)
Income taxes	(74)	(144)
Insurance and reinsurance balances receivable	(2,088)	(2,666)
Reinsurance recoverable	494	511
Deferred policy acquisition costs	(870)	(796)
Net sales (purchases) of investments by consolidated investment products	(115)	109
Other	(1,711)	1
Net cash flows from operating activities	5,117	7,299
Cash flows from investing activities
Purchases of fixed maturities available-for-sale	(13,805)	(15,131)
Purchases of equity securities	(1,413)	(1,778)
Sales of fixed maturities available-for-sale	5,292	6,292
Sales of equity securities	1,410	1,413
Maturities and redemptions of fixed maturities available-for-sale	5,542	4,705
Net change in short-term investments	764	(190)
Net derivative instruments settlements	(66)	(31)
Private equity contributions	(1,522)	(500)
Private equity distributions	744	538
Acquisition of subsidiaries (net of cash acquired of $32 and nil)	(289)	(538)
Cash And Cash Equivalents Increase (Decrease) Due To Consolidation And Deconsolidation Of Investment Products	14	0
Other	(296)	(846)
Net cash flows used for investing activities	(3,625)	(6,066)
Cash flows from financing activities
Proceeds from issuance of long-term debt	249	996
Dividends paid on Common Shares	(731)	(698)
Common Shares repurchased	(1,437)	(1,056)
Repayment of long-term debt	(800)	(700)
Proceeds from share-based compensation plans	189	242
Policyholder contract deposits	452	562
Policyholder contract withdrawals	(311)	(374)
Third-party capital invested into consolidated investment products	1,076	840
Third-party capital distributed by consolidated investment products	(677)	(1,047)
Proceeds from issuance of repurchase agreements	(2,368)	(2,662)
Repayment of repurchase agreements	(2,072)	(2,418)
Other	(193)	(193)
Net cash flows used for financing activities	(1,887)	(1,184)
Effect of foreign currency rate changes on cash and restricted cash	217	(102)
Net decrease in cash and restricted cash	(178)	(53)
Cash and restricted cash - beginning of period	2,549	2,621
Cash and restricted cash - end of period	2,371	2,568
Supplemental cash flow information
Taxes paid	1,116	845
Interest paid	$ 350	$ 316

Statement of Cash Flows (Parenthetical) (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 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		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Statement of Comprehensive Income [Abstract]
Liability for Future Policy Benefit, Remeasurement Gain (Loss)	$ (2)	$ (3)	$ (5)	$ (22)

General and significant accounting policies	6 Months Ended
General and significant accounting policies	Jun. 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	6 Months Ended
Acquisitions	Jun. 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 June 30, 2025.

Investments

6 Months Ended

Jun. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Investments

a) Fixed maturities


June 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	$	4,271	$	—	$	19	$	(257)	$	4,033
Non-U.S.	38,411		(20)		983		(911)		38,463
Corporate and asset-backed securities	46,411		(51)		568		(1,802)		45,126
Mortgage-backed securities	29,854		—		173		(1,530)		28,497

	$	118,947	$	(71)	$	1,743	$	(4,500)	$	116,119


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:


	June 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	$	5,175	$	5,175	$	4,507	$	4,507
Due after 1 year through 5 years	36,243		36,243		33,446		33,446
Due after 5 years through 10 years	27,636		27,636		26,901		26,901
Due after 10 years	18,568		18,568		18,261		18,261
	87,622		87,622		83,115		83,115
Mortgage-backed securities	28,497		28,497		27,248		27,248
	$	116,119	$	116,119	$	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
June 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	$	528	$	(7)	$	2,386	$	(248)	$	2,914	$	(255)
Non-U.S.	3,265		(65)		10,654		(668)		13,919		(733)
Corporate and asset-backed securities	4,608		(90)		11,476		(867)		16,084		(957)
Mortgage-backed securities	4,391		(39)		11,676		(1,490)		16,067		(1,529)

Total AFS fixed maturities	$	12,792	$	(201)	$	36,192	$	(3,273)	$	48,984	$	(3,474)


	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 June 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $341 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				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	63	$	115	$	70	$	156


Provision for expected credit loss	30		41		51		72

Write-offs charged against the expected credit loss	(1)		—		(1)		(5)

Recovery of expected credit loss	(21)		(34)		(49)		(101)
Valuation allowance for expected credit losses - end of period	$	71	$	122	$	71	$	122
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	5	$	4	$	4
Provision for expected credit loss	—		1		—		2
Recovery of expected credit loss	—		(1)		(1)		(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				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities:
Gross realized gains	$	69	$	36	$	107	$	52
Gross realized losses	(123)		(106)		(219)		(247)
Other investments - Fixed maturities (2025 includes $53 million and nil related to investments measured under the fair value option)	61		132		21		300
Net (provision for) recovery of expected credit losses	(9)		(8)		(1)		32
Impairment (1)	(5)		(28)		(12)		(62)
Total fixed maturities	(7)		26		(104)		75
Equity securities (2025 includes $12 million and $65 million related to investments measured under the fair value option)	137		21		200		24
Private equities (less than 3 percent ownership)	(28)		49		(17)		80
Foreign exchange	(89)		27		(154)		(104)
Investment and embedded derivative instruments	154		(17)		131		(60)
Other derivative instruments	(2)		(3)		(5)		(5)
Other	(5)		1		(7)		(7)
Net realized gains (losses) (pre-tax)	$	160	$	104	$	44	$	3

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

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


											Three Months Ended
													June 30
							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	$	137	$	61	$	(28)	$	170	$	21	$	132	$	49	$	202
Less: Net gains (losses) recognized from sales of securities	32		3		—		35		14		—		—		14
Unrealized gains (losses) recognized for securities still held at reporting date	$	105	$	58	$	(28)	$	135	$	7	$	132	$	49	$	188


											Six Months Ended
													June 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	$	200	$	21	$	(17)	$	204	$	24	$	300	$	80	$	404
Less: Net gains (losses) recognized from sales of securities	20		4		—		24		11		—		—		11
Unrealized gains (losses) recognized for securities still held at reporting date	$	180	$	17	$	(17)	$	180	$	13	$	300	$	80	$	393

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	June 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	$	1,402	$	224	$	1,265	$	281
Real assets	2 to 13 Years	1,910		732		1,974		547
Distressed	2 to 8 Years	1,213		1,034		1,257		679
Private credit	3 to 8 Years	305		332		295		285
Traditional	2 to 14 Years	11,153		4,563		9,674		4,650
Vintage	1 to 3 Years	59		—		64		—
Investment funds	Not Applicable	271		—		240		—
		$	16,313	$	6,885	$	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 June 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $18,335 million and $17,945 million, respectively, and cash of $182 million and $261 million, respectively.

The following table presents the components of restricted assets:


	June 30		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,438	$	8,170
Assets pledged under repurchase agreements	3,132		2,890
Deposits with U.S. regulatory authorities	2,540		2,487

Deposits with non-U.S. regulatory authorities and other	4,407		4,659

Total	$	18,517	$	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 June 30, 2025, and December 31, 2024, was $5.0 billion, 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 June 30, 2025, and December 31, 2024, was $110 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified primarily within Equity securities on the Consolidated balance sheets.

Fair value measurements

6 Months Ended

Jun. 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


June 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	$	1,783	$	2,250	$	—	$	4,033
Non-U.S.	—		37,865		598		38,463
Corporate and asset-backed securities	—		41,940		3,186		45,126
Mortgage-backed securities	—		28,497		—		28,497

	1,783		110,552		3,784		116,119
Equity securities (1)	4,744		—		125		4,869
Short-term investments	2,666		1,800		42		4,508
Other investments (2)	599		6,999		—		7,598
Securities lending collateral	—		1,941		—		1,941
Investment derivatives	51		—		—		51
Derivatives designated as hedging instruments	—		257		—		257
Other derivative instruments	7		—		—		7
Separate account assets	6,399		82		—		6,481
Total assets measured at fair value (1)(2)(3)	$	16,249	$	121,631	$	3,951	$	141,831
Liabilities:
Investment derivatives	$	143	$	—	$	—	$	143
Derivatives designated as hedging instruments	—		223		—		223
Other derivative instruments	31		5		—		36
Market risk benefits (4)	—		—		609		609
Total liabilities measured at fair value	$	174	$	228	$	609	$	1,011

(1)Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,313 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 June 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		$	587		$	3,017		$	—	$	113	$	18
Transfers into Level 3		10			60			—		—		—
Transfers out of Level 3		—			(12)			—		(1)		—
Change in Net Unrealized Gains (Losses) in OCI		18			(3)			—		—		—
Net Realized Gains (Losses)		3			(4)			—		2		—

Purchases		84			295			—		19		25
Sales		(34)			(53)			—		(8)		—
Settlements		(70)			(114)			—		—		(1)

Balance, end of period		$	598		$	3,186		$	—	$	125	$	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		$	16		$	(7)		$	—	$	—	$	—


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

Balance, beginning of period		$	718		$	2,658		$	7	$	101	$	5
Transfers into Level 3		—			4			—		—		—
Transfers out of Level 3		(2)			—			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		(6)			4			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		2		—

Purchases		83			326			15		1		12
Sales		(31)			(87)			—		(4)		—
Settlements		(126)			(191)			(2)		—		(4)

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



Six Months Ended June 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		84		—			—			—
Transfers out of Level 3	—		(13)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	38		(7)		—			—			—
Net Realized Gains (Losses)	(3)		(6)		(2)			(3)			—
Purchases	144		514		1			26			30
Sales	(87)		(100)		(2)			(17)			—
Settlements	(109)		(177)		—			—			(2)

Balance, end of period	$	598	$	3,186	$	—		$	125		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(4)	$	—		$	9		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	30	$	(17)	$	—		$	—		$	—



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

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			5			—		—		—
Transfers out of Level 3		(6)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		8			10			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		(1)		—

Purchases		155			469			15		19		16
Sales		(51)			(107)			—		(5)		—
Settlements		(163)			(282)			(2)		—		(6)

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

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:


June 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	$	—	$	—	$	2,472	$	2,472	$	2,429
Total assets	$	—	$	—	$	2,472	$	2,472	$	2,429
Liabilities:
Repurchase agreements	$	—	$	3,059	$	—	$	3,059	$	3,059
Short-term debt	—		1,488		—		1,488		1,499
Long-term debt	—		12,025		254		12,279		13,477
Hybrid debt	—		479		—		479		420
Total liabilities	$	—	$	17,051	$	254	$	17,305	$	18,455


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

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.

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Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/exampleRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Deferred Policy Acquisition Costs Disclosures [Abstract]

Reinsurance

6 Months Ended

Jun. 30, 2025

Reinsurance Disclosures [Abstract]

Reinsurance [Text Block]

Reinsurance

Reinsurance recoverable on ceded reinsurance


	June 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	$	17,691	$	261	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,904		62		2,043		68
Reinsurance recoverable on losses and loss expenses	$	19,595	$	323	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	297	$	—	$	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:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	17		18
Write-offs charged against the valuation allowance	(6)		(3)
Foreign exchange revaluation	2		(1)

Valuation allowance for uncollectible reinsurance - end of period	$	323	$	381

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

Deferred acquisition costs

6 Months Ended

Jun. 30, 2025

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:


	Six Months Ended June 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	115		69		224		327		61		796
Amortization expense	(73)		(41)		(25)		(111)		(15)		(265)

Other (including foreign exchange)	13		10		23		51		12		109
Balance – end of period	$	524	$	760	$	1,092	$	1,948	$	382	$	4,706
Overseas General Insurance segment excluded from table											646
Total deferred policy acquisition costs on long-duration contracts											$	5,352
Deferred policy acquisition costs on short-duration contracts											4,085
Total deferred policy acquisition costs											$	9,437


	Six Months Ended June 30, 2024

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

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

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

Goodwill and Other Intangible Assets

6 Months Ended

Jun. 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	28		10		—		256		—		128		422
Balance at June 30, 2025 (1)	$	7,196	$	2,228	$	134	$	5,486	$	371	$	4,769	$	20,184

(1)Includes $456 million attributable to noncontrolling interests.

Unpaid losses and loss expenses, and Future policy benefits

6 Months Ended

Jun. 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:


	Six Months Ended
	June 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	13,959		12,604
Prior years (2)	(491)		(446)
Total	13,468		12,158
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,960		2,492
Prior years	8,982		6,918
Total	11,942		9,410
Foreign currency revaluation and other	889		(204)
Net unpaid losses and loss expenses – end of period	68,685		64,782
Reinsurance recoverable on unpaid losses and loss expenses (1)	17,691		17,409
Gross unpaid losses and loss expenses – end of period	$	86,376	$	82,191

(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 $(13) million and $47 million for the six months ended June 30, 2025 and 2024, respectively.

Net unpaid losses and loss expenses increased $2,415 million for the six months ended June 30, 2025, principally reflecting underlying exposure growth, net catastrophe losses and the unfavorable impact of foreign currency movement, partially offset by the impact of favorable prior period development.

Prior Period Development

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


	Three Months Ended June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2025
North America Commercial P&C Insurance	$	(75)	$	(31)	$	(106)	$	(27)	$	(193)	$	(220)
North America Personal P&C Insurance	—		(121)		(121)		—		(121)		(121)
North America Agricultural Insurance	—		—		—		—		(33)		(33)
Overseas General Insurance	35		(112)		(77)		36		(234)		(198)
Global Reinsurance	—		(15)		(15)		(5)		(10)		(15)
Corporate	70		—		70		83		—		83
Total	$	30	$	(279)	$	(249)	$	87	$	(591)	$	(504)
2024
North America Commercial P&C Insurance	$	(142)	$	(2)	$	(144)	$	(46)	$	(146)	$	(192)
North America Personal P&C Insurance	—		(64)		(64)		—		(116)		(116)
North America Agricultural Insurance	—		—		—		—		(28)		(28)
Overseas General Insurance	36		(97)		(61)		35		(185)		(150)
Global Reinsurance	5		(21)		(16)		5		(20)		(15)
Corporate	93		—		93		102		—		102
Total	$	(8)	$	(184)	$	(192)	$	96	$	(495)	$	(399)

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 June 30, 2025, included $75 million from long-tail lines, primarily from the Risk Management business where PPD was favorable $163 million. This business underwrites workers' compensation, general liability and auto liability, and the favorable development was the net of lower-than-expected reported loss activity primarily on workers' compensation, partially offset by adverse development in general liability. This favorable development was partially offset by adverse development from other commercial auto liability portfolios which experienced higher-than-expected reported loss activity. Net favorable development for the six months ended June 30, 2025, included $193 million of favorable development from short-tail lines, primarily from surety, due to lower-than-expected loss development. Net favorable development for long-tail lines was the result of favorable development in workers' compensation and financial lines partially offset by adverse development in general casualty lines.

Net favorable development for the three and six months ended June 30, 2024, included $142 million and $46 million, respectively, from long-tail lines, primarily from worker's compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents. This favorable development was partially offset by net adverse development in commercial auto liability mainly due to higher-than-expected loss development and severity trend. Favorable development for the six months ended June 30, 2024, was partially offset by net adverse development in commercial excess and umbrella lines. Net favorable development for the six months ended June 30, 2024, included $146 million from short-tail lines, primarily from surety, and property and marine lines.

North America Personal P&C Insurance. Net favorable development for the three and six months ended June 30, 2025, included favorable development in the auto physical damage and recreational marine lines due to favorable loss emergence.

Overseas General Insurance. Net favorable development for the three and six months ended June 30, 2025, included $112 million and $234 million, respectively, from short-tail lines, primarily from favorable claim development in property and marine lines.

Net favorable development for the three and six months ended June 30, 2024, included $97 million and $185 million from short-tail lines, primarily from favorable claim development in marine and property lines.

Corporate. Net adverse development for the three and six months ended June 30, 2025, and 2024 was driven primarily by adverse development for molestation-related claims.

Future policy benefits

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


Present Value of Expected Net Premiums	Six Months Ended June 30, 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	—		(4)		13		—		9
Effect of actual variances from expected experience	(4)		18		(168)		2		(152)
Adjusted beginning of period balance	1,815		4,317		11,344		126		17,602

Issuances	116		719		1,107		311		2,253
Interest accrual	26		65		260		5		356
Net premiums collected (1)	(122)		(743)		(755)		(93)		(1,713)

Other (including foreign exchange)	59		134		459		4		656
Ending balance at original discount rate	1,894		4,492		12,415		353		19,154
Effect of changes in discount rate assumptions	(296)		142		184		3		33
Balance – end of period	$	1,598	$	4,634	$	12,599	$	356	$	19,187

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


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 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	—		(9)		21		—		12
Effect of actual variances from expected experience	(1)		18		(170)		3		(150)
Adjusted beginning of period balance	2,646		11,251		15,503		604		30,004

Issuances	116		719		1,107		311		2,253
Interest accrual	36		185		325		12		558
Benefit payments	(110)		(154)		(864)		(10)		(1,138)

Other (including foreign exchange)	88		300		601		16		1,005
Ending balance at original discount rate	2,776		12,301		16,672		933		32,682
Effect of changes in discount rate assumptions	(432)		1,106		109		59		842
Balance – end of period	$	2,344	$	13,407	$	16,781	$	992	$	33,524


Liability for Future Policy Benefits, Life Insurance Segment	June 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	746	$	8,773	$	4,182	$	636	$	14,337
Deferred profit liability	306		1,539		219		68		2,132
Net liability for future policy benefits, before reinsurance recoverable	1,052		10,312		4,401		704		16,469
Less: Reinsurance recoverable on future policy benefits	107		46		121		1		275
Net liability for future policy benefits, after reinsurance recoverable	$	945	$	10,266	$	4,280	$	703	$	16,194
Weighted average duration (years)	10.4		27.6		10.0		25.3		22.0


Present Value of Expected Net Premiums	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		111		—		187
Effect of actual variances from expected experience	(12)		21		(129)		(1)		(121)
Adjusted beginning of period balance	1,986		4,036		10,674		63		16,759
Issuances	111		620		1,196		39		1,966
Interest accrual	26		55		239		2		322
Net premiums collected (1)	(122)		(603)		(729)		(20)		(1,474)


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

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


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		85		102		—		195
Effect of actual variances from expected experience	(9)		31		(129)		—		(107)
Adjusted beginning of period balance	2,748		10,107		15,044		492		28,391
Issuances	111		620		1,196		39		1,966
Interest accrual	35		151		300		8		494
Benefit payments	(115)		(179)		(789)		(10)		(1,093)

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


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

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


	June 30
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	14,337	$	11,870
Other (1)	1,549		1,341
Deferred profit liability	2,132		1,452
Liability for future policy benefits, per consolidated balance sheet	$	18,018	$	14,663

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

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


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

Term Life
Undiscounted expected future benefit payments	$	4,563	$	4,334
Undiscounted expected future gross premiums	7,094		7,223
Discounted expected future benefit payments	2,344		2,264
Discounted expected future gross premiums	4,775		4,776
Whole Life
Undiscounted expected future benefit payments	30,751		25,052
Undiscounted expected future gross premiums	10,841		9,555
Discounted expected future benefit payments	13,407		10,659
Discounted expected future gross premiums	8,929		7,744
A&H
Undiscounted expected future benefit payments	28,274		26,037
Undiscounted expected future gross premiums	41,427		38,166
Discounted expected future benefit payments	16,781		15,058
Discounted expected future gross premiums	24,697		22,556
Other
Undiscounted expected future benefit payments	1,754		956
Undiscounted expected future gross premiums	570		174
Discounted expected future benefit payments	992		555
Discounted expected future gross premiums	$	527	$	155

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
	Six Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	353	$	337	$	10	$	9

Whole Life	1,250		1,008		120		96
A&H	1,509		1,525		65		61
Other	129		32		7		6
Total	$	3,241	$	2,902	$	202	$	172

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


	Interest Accretion Rate				Current Discount Rate

	June 30				June 30
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	2.9	%	5.9	%	5.7	%

Whole Life	3.4	%	3.2	%	3.9	%	4.6	%
A&H	4.0	%	3.7	%	5.8	%	6.3	%
Other	3.2	%	2.7	%	3.3	%	4.2	%

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

6 Months Ended

Jun. 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:


	Six Months Ended June 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	105		159		211		475
Policy charges (1)	(56)		—		(5)		(61)
Surrenders and withdrawals	(57)		(17)		(94)		(168)
Benefit payments (4)	(19)		(77)		(46)		(142)

Interest credited	24		24		33		81
Other (including foreign exchange)	34		22		25		81
Balance – end of period	$	1,840	$	2,696	$	2,478	$	7,014
Unearned revenue liability							753
Other (5)							577
Policyholders' account liability, per consolidated balance sheet							$	8,344

(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.


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

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

Interest credited	25		30		27		82
Other (including foreign exchange)	(76)		(27)		(274)		(377)
Balance – end of period	$	1,778	$	2,521	$	2,313	$	6,612
Unearned revenue liability							675
Other (5)							500
Policyholders' account liability, per consolidated balance sheet							$	7,787

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

(2)Relates to Huatai Life.

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

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

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



	June 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		%	2.9		%	2.8		%	2.5		%	2.9		%
Net amount at risk (2)	$	11,571		$	10		$	378		$	11,987		$	—		$	454
Cash Surrender Value	$	1,695		$	1,774		$	2,175		$	1,611		$	1,618		$	2,013

(1)Calculated using actual interest credited for the six months ended June 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


	June 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%	$	454	$	—	$	49	$	153	$	656
2.01% – 4.00%	247		573		352		—		1,172
Greater than 4.00%	12		—		—		—		12
Total	$	713	$	573	$	401	$	153	$	1,840


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

Annuities


	June 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%	$	103	$	—	$	1,647	$	66	$	1,816
2.01% – 4.00%	880		—		—		—		880
Greater than 4.00%	—		—		—		—		—
Total	$	983	$	—	$	1,647	$	66	$	2,696


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

Other policyholders' account balances


	June 30, 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%	$	377	$	5	$	157	$	435	$	974
2.01% – 4.00%	1,452		52		—		—		1,504
Greater than 4.00%	—		—		—		—		—
Total	$	1,829	$	57	$	157	$	435	$	2,478


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

Separate accounts

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

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


	June 30		June 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	100

Mutual funds	6,268		5,649

Fixed maturities	82		85

Total	$	6,481	$	5,834

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


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

Premiums and deposits	802		576
Policy charges	(79)		(80)
Surrenders and withdrawals	(494)		(426)
Benefit payments	(225)		(208)
Investment performance	(265)		502

Other (including foreign exchange)	511		(103)
Balance – end of period	$	6,481	$	5,834
Cash surrender value (1)	$	6,101	$	5,625

(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:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	69		69
Amortization	(38)		(36)

Other (including foreign exchange)	11		(31)
Balance – end of period	$	753	$	675

Market risk benefits

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


	Six Months Ended June 30
(in millions of U.S. dollars)	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	41		(87)
Effect of market movements (1)	(50)		(83)
Effect of changes in volatilities	19		(13)
Actual policyholder behavior different from expected behavior	28		31


Effect of timing and all other	(31)		(33)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	599	$	564
Effect of changes in the instrument-specific credit risk	10		12
Balance – end of period	$	609	$	576
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,479	$	1,630

(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 $103 million and $191 million for the six months ended June 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.

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

Valuation Technique

Significant Unobservable Inputs

June 30, 2025

June 30, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.4

%

0.5% – 30.0%

4.3

%

Annuitization rate

0% – 100%

4.6

%

0% – 100%

4.3

%

(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

6 Months Ended

Jun. 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:


	Six Months Ended June 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	105		159		211		475
Policy charges (1)	(56)		—		(5)		(61)
Surrenders and withdrawals	(57)		(17)		(94)		(168)
Benefit payments (4)	(19)		(77)		(46)		(142)

Interest credited	24		24		33		81
Other (including foreign exchange)	34		22		25		81
Balance – end of period	$	1,840	$	2,696	$	2,478	$	7,014
Unearned revenue liability							753
Other (5)							577
Policyholders' account liability, per consolidated balance sheet							$	8,344

(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.


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

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

Interest credited	25		30		27		82
Other (including foreign exchange)	(76)		(27)		(274)		(377)
Balance – end of period	$	1,778	$	2,521	$	2,313	$	6,612
Unearned revenue liability							675
Other (5)							500
Policyholders' account liability, per consolidated balance sheet							$	7,787

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

(2)Relates to Huatai Life.

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

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

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



	June 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		%	2.9		%	2.8		%	2.5		%	2.9		%
Net amount at risk (2)	$	11,571		$	10		$	378		$	11,987		$	—		$	454
Cash Surrender Value	$	1,695		$	1,774		$	2,175		$	1,611		$	1,618		$	2,013

(1)Calculated using actual interest credited for the six months ended June 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


	June 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%	$	454	$	—	$	49	$	153	$	656
2.01% – 4.00%	247		573		352		—		1,172
Greater than 4.00%	12		—		—		—		12
Total	$	713	$	573	$	401	$	153	$	1,840


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

Annuities


	June 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%	$	103	$	—	$	1,647	$	66	$	1,816
2.01% – 4.00%	880		—		—		—		880
Greater than 4.00%	—		—		—		—		—
Total	$	983	$	—	$	1,647	$	66	$	2,696


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

Other policyholders' account balances


	June 30, 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%	$	377	$	5	$	157	$	435	$	974
2.01% – 4.00%	1,452		52		—		—		1,504
Greater than 4.00%	—		—		—		—		—
Total	$	1,829	$	57	$	157	$	435	$	2,478


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

Separate accounts

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

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


	June 30		June 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	100

Mutual funds	6,268		5,649

Fixed maturities	82		85

Total	$	6,481	$	5,834

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


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

Premiums and deposits	802		576
Policy charges	(79)		(80)
Surrenders and withdrawals	(494)		(426)
Benefit payments	(225)		(208)
Investment performance	(265)		502

Other (including foreign exchange)	511		(103)
Balance – end of period	$	6,481	$	5,834
Cash surrender value (1)	$	6,101	$	5,625

(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:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	69		69
Amortization	(38)		(36)

Other (including foreign exchange)	11		(31)
Balance – end of period	$	753	$	675

Market risk benefits

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


	Six Months Ended June 30
(in millions of U.S. dollars)	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	41		(87)
Effect of market movements (1)	(50)		(83)
Effect of changes in volatilities	19		(13)
Actual policyholder behavior different from expected behavior	28		31


Effect of timing and all other	(31)		(33)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	599	$	564
Effect of changes in the instrument-specific credit risk	10		12
Balance – end of period	$	609	$	576
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,479	$	1,630

(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 $103 million and $191 million for the six months ended June 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.

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

Valuation Technique

Significant Unobservable Inputs

June 30, 2025

June 30, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.4

%

0.5% – 30.0%

4.3

%

Annuitization rate

0% – 100%

4.6

%

0% – 100%

4.3

%

(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.

Debt	6 Months Ended
Debt	Jun. 30, 2025
Debt Disclosure [Abstract]
Debt Disclosure	Debt Chubb INA Senior Notes Chubb INA's $800 million of 3.15 percent senior notes due March 2025 were paid upon maturity. Chubb INA Term Loan In April 2025, Chubb INA entered into a 1.8 billion Chinese yuan renminbi term loan (approximately $249 million based on the foreign exchange rate at the date of issuance) at 2.85 percent, due April 10, 2028. This term loan is guaranteed by Chubb Limited. The term loan is designated as a non-derivative net investment hedge to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries. Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in Cumulative translation adjustments (CTA) within OCI. These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued. Refer to Note 13 b) to the Consolidated Financial Statements for more information. Commercial Paper Program In the second quarter of 2025, Chubb established a commercial paper program, under which Chubb INA may issue short-term, unsecured commercial paper notes (commercial paper) on a private placement basis. Payment of the commercial paper is guaranteed on an unsecured and unsubordinated basis by Chubb Limited, and the commercial paper and guarantee rank equally with all other unsecured and unsubordinated indebtedness. We have the ability to borrow a total of $2.0 billion, supported by our $3.0 billion group syndicated credit facility which expires in October 2027. Commercial paper is recorded in Short-term debt in the Consolidated balance sheets. As of June 30, 2025, there was no commercial paper outstanding.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Commitments and Contingencies Disclosure [Abstract]

Commitments, contingencies, and guarantees

6 Months Ended

Jun. 30, 2025

Commitments, contingencies, and guarantees

a) Derivative instruments

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

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

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


				June 30, 2025								December 31, 2024
	Consolidated Balance Sheet Location	Fair Value				Notional Amount/ Payment Provision			Fair Value					Notional Amount/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	45	$	(136)	$	4,386		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	6		(7)		909			—			(8)		449
Convertible securities (1)	FM AFS / ES	7		—		6			12			—		12
Total		$	58	$	(143)	$	5,301		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(31)	$	986		$	35		$	—	$	1,047
Other	OA / (AP)	7		(5)		379			—			(2)		211
Total		$	7	$	(36)	$	1,365		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	233	$	—	$	2,010		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	24		(223)		3,003			43			(116)		2,896
Total		$	257	$	(223)	$	5,013		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At June 30, 2025, and December 31, 2024, net derivative liabilities of $87 million and $199 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

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

(i) Fair value hedges

Cross-currency swaps

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.7 billion, or approximately $2.0 billion at June 30, 2025, of euro denominated debt by converting cash flows back into the U.S. dollar.

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Gain (loss) recognized in OCI	$	141	$	(46)	$	115	$	(54)
Net realized gain (loss) reclassified from OCI	169		(12)		238		(49)
Interest expense reclassified from OCI	(5)		(4)		(9)		(8)
OCI gain (loss) after reclassifications	$	(23)	$	(30)	$	(114)	$	3

(ii) Net investment hedges

Cross-currency swaps

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

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion reclassified to Interest expense. The mark-to-market adjustments for foreign currency changes will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued.

Foreign denominated debt

In April 2025, Chubb designated its CNH1.8 billion term loan, or approximately $254 million as of June 30, 2025, as a non-derivative net investment hedge to mitigate the foreign currency exposure in the net investments of certain foreign subsidiaries. Changes in the carrying value of the debt attributable to foreign currency revaluation are recorded in CTA within OCI. These adjustments will remain in CTA until the underlying hedge subsidiary is deconsolidated or hedge accounting is discontinued. Refer to Note 12 to the Consolidated Financial Statements for more information.

The following table presents the OCI impact of derivative and non-derivative net investment hedges:


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Cross-currency swaps:
Gain (loss) recognized in OCI	$	(138)	$	37	$	(114)	$	73
Interest income reclassified from OCI	7		3		15		6
Total cross currency swaps	(145)		34		(129)		67
Foreign denominated debt:
Gain (loss) recognized in OCI	(6)		—		(6)		—
Total OCI gain (loss) after reclassifications	$	(151)	$	34	$	(135)	$	67

c) Derivative instruments not designated as hedges

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	147	$	(28)	$	133	$	(80)

Options/Futures/Forward contracts on notes and bonds	7		12		(2)		18
Convertible securities (1)	—		(1)		—		2
Total investment and embedded derivative instruments	$	154	$	(17)	$	131	$	(60)
Other derivative instruments:
Futures contracts on equities (2)	$	(89)	$	(21)	$	(35)	$	(116)
Other	(2)		(3)		(5)		(5)
Total other derivative instruments	$	(91)	$	(24)	$	(40)	$	(121)
Total	$	63	$	(41)	$	91	$	(181)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

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

(ii) Duration management and market exposure

Futures

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

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

Forwards

A fixed income forward contract (forward) is an agreement between participants to exchange a specific instrument at a fixed price at a future date. Chubb uses forwards to mitigate reinvestment risk of future written premiums.

Options

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

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

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

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

(iii) Convertible security investments

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

(iv) TBA

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

(v) Futures contracts on equities

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

d) Securities lending and secured borrowings

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

the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

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


	Remaining contractual maturity
	June 30, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	695	$	557
U.S. and local government securities	161		148
Non-U.S.	1,001		663
Corporate and asset-backed securities	74		49

Equity securities	10		28
Total	$	1,941	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,941	$	1,445

At June 30, 2025, and December 31, 2024, our repurchase agreement obligations of $3,059 million and $2,731 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

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


	Remaining contractual maturity
	June 30, 2025								December 31, 2024
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	2	$	—	$	2	$	—	$	19	$	2	$	21
Non-U.S.	1,205		—		—		1,205		1,387		—		—		1,387
U.S. and local government securities	—		—		—		—		—		—		104		104

Mortgage-backed securities	977		923		25		1,925		—		454		924		1,378
Total	$	2,182	$	925	$	25	$	3,132	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements							$	3,059							$	2,731
Difference (1)							$	73							$	159

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

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

e) Fixed maturities

At June 30, 2025, and December 31, 2024, commitments to purchase fixed income securities over the next several years were $1.3 billion.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At June 30, 2025, private equities with a carrying value of $16.0 billion had commitments that could require funding of up to $6.9 billion over the next several years. At December 31, 2024, these investments had a carrying value of $14.5 billion with commitments of up to $6.4 billion. The remaining private equities had no funding commitments.

g) Income taxes

At June 30, 2025, $77 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

h) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

At June 30, 2025, and December 31, 2024, the right-of-use asset was $1,044 million and $824 million, respectively, recorded within Other assets, and the lease liability was $1,177 million and $942 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

Shareholders' equity

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Shareholders' equity

Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At June 30, 2025, our Common Shares had a par value of CHF 0.50 per share.

At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.64 per share and $3.44 per share, respectively, which were paid in four quarterly installments of $0.91 and $0.86 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

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


	Three Months Ended						Six Months Ended
	June 30						June 30
	2025			2024			2025			2024
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.81	$	0.97	0.82	$	0.91	1.62	$	1.88	1.57	$	1.77

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased under our share repurchase programs during 2023. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024. On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024. The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the six months ended June 30, 2025, 3,685,509 shares were repurchased, 7,518,565 shares were canceled, and 1,642,634 net shares were issued under employee share-based compensation plans. At June 30, 2025, 13,446,633 Common Shares remain in treasury.

Chubb Limited securities repurchase authorizations

In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date. In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share data)	2025		2024		2025		2024
Number of shares repurchased	2,339,727		2,254,236		3,685,509		3,474,357
Cost of shares repurchased	$	676	$	570	$	1,061	$	886
Repurchase authorization remaining at end of period (1)	$	—	$	2,808	$	—	$	2,808

(1) As of June 30, 2025, $628 million expired under the July 2023 $5.0 billion share repurchase authorization.

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(3,704)	$	(4,825)	$	(4,552)	$	(4,177)
Change in period, before reclassification from AOCI (before tax)	918		(484)		1,761		(1,280)
Amounts reclassified from AOCI (before tax)	68		(5)		126		114
Change in period, before tax	986		(489)		1,887		(1,166)
Income tax (expense) benefit	(50)		7		(111)		49
Total other comprehensive income (loss)	936		(482)		1,776		(1,117)
Noncontrolling interests, net of tax	4		(6)		(4)		7
Balance – end of period, net of tax	(2,772)		(5,301)		(2,772)		(5,301)



	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Accumulated other comprehensive income (loss) (AOCI) - continued
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(645)		11		(539)		51
Change in period, before tax	(130)		53		(252)		—
Income tax (expense) benefit	9		(2)		21		(22)
Total other comprehensive income (loss)	(121)		51		(231)		(22)
Noncontrolling interests, net of tax	(20)		(4)		(24)		(37)
Balance – end of period, net of tax	(746)		66		(746)		66
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(13)		(17)		(16)		(22)
Change in period, before tax	1		5		5		10
Income tax expense	—		(1)		(1)		(1)
Total other comprehensive income	1		4		4		9
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(12)		(13)		(12)		(13)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(3,685)		(2,864)		(4,025)		(2,945)
Change in period, before reclassification from AOCI (before tax)	803		(527)		1,170		(444)
Amounts reclassified from AOCI (before tax)	(7)		(3)		(15)		(6)
Change in period, before tax	796		(530)		1,155		(450)
Income tax (expense) benefit	3		19		(9)		12
Total other comprehensive income (loss)	799		(511)		1,146		(438)
Noncontrolling interests, net of tax	33		(33)		40		(41)
Balance – end of period, net of tax	(2,919)		(3,342)		(2,919)		(3,342)
Fair value hedging instruments
Balance – beginning of period, net of tax	(22)		13		50		(13)
Change in period, before reclassification from AOCI (before tax)	141		(46)		115		(54)
Amounts reclassified from AOCI (before tax)	(164)		16		(229)		57
Change in period, before tax	(23)		(30)		(114)		3
Income tax (expense) benefit	5		6		24		(1)
Total other comprehensive income (loss)	(18)		(24)		(90)		2
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(40)		(11)		(40)		(11)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	434		296		438		297
Change in period, before tax	(3)		1		(7)		(1)
Income tax benefit	—		—		—		1
Total other comprehensive income (loss)	(3)		1		(7)		—
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	431		297		431		297
Accumulated other comprehensive loss	$	(6,058)	$	(8,304)	$	(6,058)	$	(8,304)

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


	Three Months Ended				Six Months Ended				Consolidated Statement of Operations Location
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities available-for-sale	$	(68)	$	5	$	(126)	$	(114)	Net realized gains (losses)
Income tax benefit	3		12		28		24		Income tax expense
	$	(65)	$	17	$	(98)	$	(90)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	7	$	3	$	15	$	6	Interest expense
Income tax expense	(1)		—		(3)		(1)		Income tax expense
	$	6	$	3	$	12	$	5	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	169	$	(12)	$	238	$	(49)	Net realized gains (losses)
Cross-currency swaps	(5)		(4)		(9)		(8)		Interest expense
Income tax (expense) benefit	(34)		3		(48)		12		Income tax expense
	$	130	$	(13)	$	181	$	(45)	Net income
Total amounts reclassified from AOCI	$	71	$	7	$	95	$	(130)

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Compensation and Employee Benefit Plans [Text Block]

Share-based compensation	6 Months Ended
Share-based compensation	Jun. 30, 2025
Share-Based Payment Arrangement [Abstract]
Share-based compensation	Share-based compensation The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On March 3, 2025, Chubb granted 1,253,605 stock options with a weighted-average grant date fair value of $74.64 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model. The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation. Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On March 3, 2025, Chubb granted 619,298 service-based restricted stock, 287,268 service-based restricted stock units, 103,285 performance shares, and 289,620 performance stock units to employees and officers with a grant date fair value of $289.69 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

Postretirement benefits

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Postretirement benefits

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


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Three Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	3	$	—	$	—
Non-service cost (benefit):
Interest cost	33		9		34		9		1		—
Expected return on plan assets	(62)		(14)		(61)		(12)		(1)		(1)
Amortization of net actuarial (gain) loss	(2)		—		(1)		—		(1)		—
Amortization of prior service cost	—		—		—		—		—		—

Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(31)		(5)		(28)		(3)		(1)		(1)
Net periodic benefit cost (benefit)	$	(31)	$	(3)	$	(28)	$	—	$	(1)	$	(1)


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Six Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	4	$	—	$	5	$	—	$	—
Non-service cost (benefit):
Interest cost	67		18		67		18		1		1
Expected return on plan assets	(125)		(27)		(122)		(25)		(1)		(2)
Amortization of net actuarial (gain) loss	(4)		—		(1)		1		(2)		(1)
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(62)		(9)		(56)		(6)		(2)		(2)
Net periodic benefit cost (benefit)	$	(62)	$	(5)	$	(56)	$	(1)	$	(2)	$	(2)

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


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended June 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		3		—		—
Total service cost	2		3		—		—
Non-service cost (benefit):
Losses and loss expenses	(4)		(3)		—		—
Administrative expenses	(32)		(28)		(1)		(1)
Total non-service cost (benefit)	(36)		(31)		(1)		(1)
Net periodic benefit cost (benefit)	$	(34)	$	(28)	$	(1)	$	(1)


	Pension Benefit Plans				Other Postretirement Benefit Plans
Six Months Ended June 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	4		5		—		—
Total service cost	4		5		—		—
Non-service cost (benefit):
Losses and loss expenses	(7)		(6)		—		—
Administrative expenses	(64)		(56)		(2)		(2)
Total non-service cost (benefit)	(71)		(62)		(2)		(2)
Net periodic benefit cost (benefit)	$	(67)	$	(57)	$	(2)	$	(2)

Other Income and Expense

6 Months Ended

Jun. 30, 2025

Other Income and Expenses [Abstract]

Other Income and Expense Disclosure

Other income and expense


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Equity in net income (loss) of partially-owned entities	$	657	$	94	$	739	$	278
Gains (losses) from fair value changes in separate account assets	(12)		11		(22)		21
Asset management and performance fee revenue	57		57		113		110
Asset management and performance fee expense	(39)		(35)		(72)		(68)
Federal excise and capital taxes	(6)		(5)		(11)		(9)
Other	(2)		(12)		(9)		(31)
Total	$	655	$	110	$	738	$	301

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

$540 million and $513 million for the three and six months ended June 30, 2025, respectively, and $4 million and $107 million, respectively, for the prior year periods.

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

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

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

Segment information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

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

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:

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

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and

the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

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

The following tables present the Statement of Operations by segment:


For the Three Months Ended June 30, 2025 (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		Total
Net premiums written	$	5,723	$	1,938	$	733	$	3,620	$	380	$	1,802	$	14,196
Net premiums earned	5,177		1,681		598		3,542		338		1,789		13,125
Losses and loss expenses	3,258		822		483		1,789		132		20
Policy benefits	—		—		—		129		—		1,249
Policy acquisition costs	705		332		48		913		98		319
Administrative expenses	357		82		2		369		10		199
Underwriting income	857		445		65		342		98		NM
Net investment income	938		118		19		278		85		274
Other (income) expense	8		—		—		5		—		(37)
Amortization of purchased intangibles	2		2		6		19		—		8
Segment income	$	1,785	$	561	$	78	$	596	$	183	$	305	$	3,508
Net realized gains (losses)													160
Market risk benefits gains (losses)													(17)
Interest expense													181
Integration expenses													2
Corporate underwriting loss													(176)
Corporate net investment loss													(29)
Corporate other (income) expense													(528)
Corporate amortization of purchased intangibles													37
Other reclassification													(38)
Income before income tax													$	3,716

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Three Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	5,501	$	1,776	$	758	$	3,334	$	411	$	1,580	$	13,360
Net premiums earned	4,900		1,512		626		3,347		339		1,568		12,292
Losses and loss expenses	3,074		876		543		1,671		155		22
Policy benefits	—		—		—		92		—		1,031
Policy acquisition costs	660		299		45		842		80		300
Administrative expenses	327		88		3		348		11		218
Underwriting income	839		249		35		394		93		NM
Net investment income	863		108		21		283		58		258
Other (income) expense	15		(2)		—		4		—		(32)
Amortization of purchased intangibles	—		2		7		20		—		11
Segment income	$	1,687	$	357	$	49	$	653	$	151	$	276	$	3,173
Net realized gains (losses)													104
Market risk benefits gains (losses)													(29)
Interest expense													182
Integration expenses													7
Corporate underwriting loss													(192)
Corporate net investment loss													(32)
Corporate other (income) expense													7
Corporate amortization of purchased intangibles													40
Other reclassification													(82)
Income before income tax													$	2,706

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Six Months Ended June 30, 2025 (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		Total
Net premiums written	$	10,510	$	3,490	$	1,009	$	7,523	$	788	$	3,522	$	26,842
Net premiums earned	10,165		3,255		763		6,751		706		3,485		25,125
Losses and loss expenses	6,289		2,915		575		3,186		374		46
Policy benefits	—		—		—		242		—		2,412
Policy acquisition costs	1,424		662		65		1,750		198		629
Administrative expenses	701		169		4		699		20		401
Underwriting income (loss)	1,751		(491)		119		874		114		NM
Net investment income	1,867		238		43		559		155		545
Other (income) expense	16		1		1		11		—		(72)
Amortization of purchased intangibles	3		4		12		38		—		18
Segment income (loss)	$	3,599	$	(258)	$	149	$	1,384	$	269	$	596	$	5,739
Net realized gains (losses)													44
Market risk benefits gains (losses)													(109)
Interest expense													362
Integration expenses													2
Corporate underwriting loss													(295)
Corporate net investment loss													(56)
Corporate other (income) expense													(495)
Corporate amortization of purchased intangibles													74

Income before income tax													$	5,380

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Six Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	10,190	$	3,232	$	1,007	$	7,169	$	770	$	3,213	$	25,581
Net premiums earned	9,780		2,983		754		6,545		634		3,179		23,875
Losses and loss expenses	6,249		1,775		592		3,097		292		54
Policy benefits	—		—		—		192		—		2,101
Policy acquisition costs	1,348		599		66		1,665		161		594
Administrative expenses	655		174		5		679		20		425
Underwriting income	1,528		435		91		912		161		NM
Net investment income	1,689		210		42		550		115		488
Other (income) expense	22		(1)		—		9		—		(72)
Amortization of purchased intangibles	—		4		13		40		—		21
Segment income	$	3,195	$	642	$	120	$	1,413	$	276	$	544	$	6,190
Net realized gains (losses)													3
Market risk benefits gains (losses)													(8)
Interest expense													360
Integration expenses													14
Corporate underwriting loss													(309)
Corporate net investment loss													(58)
Corporate other (income) expense													(61)
Corporate amortization of purchased intangibles													82
Other reclassification													(81)
Income before income tax													$	5,342

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

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

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Earnings per share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Earnings per share


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share and per share data)	2025		2024		2025		2024
Numerator:
Net income	$	2,999	$	2,216	$	4,342	$	4,510
Net income (loss) attributable to noncontrolling interests	31		(14)		43		137
Net income attributable to Chubb	$	2,968	$	2,230	$	4,299	$	4,373
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding	399,886,323		404,615,765		400,281,946		405,139,228
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans	3,960,707		3,990,902		4,012,933		4,138,555
Weighted-average shares outstanding and assumed conversions	403,847,030		408,606,667		404,294,879		409,277,783
Basic earnings per share attributable to Chubb	$	7.42	$	5.51	$	10.74	$	10.79
Diluted earnings per share attributable to Chubb	$	7.35	$	5.46	$	10.63	$	10.68
Potential anti-dilutive share conversions	1,663,091		1,348,531		1,684,365		939,842

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2024 Form 10-K for additional information on stock options.

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net income (loss)	$ 2,968	$ 2,230	$ 4,299	$ 4,373

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Investments, Debt and Equity Securities [Abstract]

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

General and significant accounting policies (Policies)	6 Months Ended
General and significant accounting policies (Policies)	Jun. 30, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	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.
New Accounting Pronouncements, Policy [Policy Text Block]	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.

Fair value measurements (Fair Value Measurement Policy) (Policies)	6 Months Ended
	Jun. 30, 2025
Fair Value Disclosures [Abstract]
Fair Value Measurement, Policy	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.

Investments (Tables)

6 Months Ended

Jun. 30, 2025

Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities


June 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	$	4,271	$	—	$	19	$	(257)	$	4,033
Non-U.S.	38,411		(20)		983		(911)		38,463
Corporate and asset-backed securities	46,411		(51)		568		(1,802)		45,126
Mortgage-backed securities	29,854		—		173		(1,530)		28,497

	$	118,947	$	(71)	$	1,743	$	(4,500)	$	116,119


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

Schedule Of Fixed Maturities By Contractual Maturity

The following table presents fixed maturities by contractual maturity:


	June 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	$	5,175	$	5,175	$	4,507	$	4,507
Due after 1 year through 5 years	36,243		36,243		33,446		33,446
Due after 5 years through 10 years	27,636		27,636		26,901		26,901
Due after 10 years	18,568		18,568		18,261		18,261
	87,622		87,622		83,115		83,115
Mortgage-backed securities	28,497		28,497		27,248		27,248
	$	116,119	$	116,119	$	110,363	$	110,363

Unrealized Gain (Loss) on Investments

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


	0 – 12 Months				Over 12 Months				Total
June 30, 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	$	528	$	(7)	$	2,386	$	(248)	$	2,914	$	(255)
Non-U.S.	3,265		(65)		10,654		(668)		13,919		(733)
Corporate and asset-backed securities	4,608		(90)		11,476		(867)		16,084		(957)
Mortgage-backed securities	4,391		(39)		11,676		(1,490)		16,067		(1,529)

Total AFS fixed maturities	$	12,792	$	(201)	$	36,192	$	(3,273)	$	48,984	$	(3,474)


	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)

Debt Securities, Available-for-sale, Allowance for Credit Loss

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	63	$	115	$	70	$	156


Provision for expected credit loss	30		41		51		72

Write-offs charged against the expected credit loss	(1)		—		(1)		(5)

Recovery of expected credit loss	(21)		(34)		(49)		(101)
Valuation allowance for expected credit losses - end of period	$	71	$	122	$	71	$	122
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	5	$	4	$	4
Provision for expected credit loss	—		1		—		2
Recovery of expected credit loss	—		(1)		(1)		(1)
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5

Private debt held-for-investment, allowance for credit loss

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	63	$	115	$	70	$	156


Provision for expected credit loss	30		41		51		72

Write-offs charged against the expected credit loss	(1)		—		(1)		(5)

Recovery of expected credit loss	(21)		(34)		(49)		(101)
Valuation allowance for expected credit losses - end of period	$	71	$	122	$	71	$	122
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	5	$	4	$	4
Provision for expected credit loss	—		1		—		2
Recovery of expected credit loss	—		(1)		(1)		(1)
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5

Schedule of Realized Gain (Loss)

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities:
Gross realized gains	$	69	$	36	$	107	$	52
Gross realized losses	(123)		(106)		(219)		(247)
Other investments - Fixed maturities (2025 includes $53 million and nil related to investments measured under the fair value option)	61		132		21		300
Net (provision for) recovery of expected credit losses	(9)		(8)		(1)		32
Impairment (1)	(5)		(28)		(12)		(62)
Total fixed maturities	(7)		26		(104)		75
Equity securities (2025 includes $12 million and $65 million related to investments measured under the fair value option)	137		21		200		24
Private equities (less than 3 percent ownership)	(28)		49		(17)		80
Foreign exchange	(89)		27		(154)		(104)
Investment and embedded derivative instruments	154		(17)		131		(60)
Other derivative instruments	(2)		(3)		(5)		(5)
Other	(5)		1		(7)		(7)
Net realized gains (losses) (pre-tax)	$	160	$	104	$	44	$	3

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

Gain (Loss) on Securities

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


											Three Months Ended
													June 30
							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	$	137	$	61	$	(28)	$	170	$	21	$	132	$	49	$	202
Less: Net gains (losses) recognized from sales of securities	32		3		—		35		14		—		—		14
Unrealized gains (losses) recognized for securities still held at reporting date	$	105	$	58	$	(28)	$	135	$	7	$	132	$	49	$	188


											Six Months Ended
													June 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	$	200	$	21	$	(17)	$	204	$	24	$	300	$	80	$	404
Less: Net gains (losses) recognized from sales of securities	20		4		—		24		11		—		—		11
Unrealized gains (losses) recognized for securities still held at reporting date	$	180	$	17	$	(17)	$	180	$	13	$	300	$	80	$	393

Fair Value, Investments, Entities that Calculate Net Asset Value Per Share


	Expected Liquidation Period of Underlying Assets	June 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	$	1,402	$	224	$	1,265	$	281
Real assets	2 to 13 Years	1,910		732		1,974		547
Distressed	2 to 8 Years	1,213		1,034		1,257		679
Private credit	3 to 8 Years	305		332		295		285
Traditional	2 to 14 Years	11,153		4,563		9,674		4,650
Vintage	1 to 3 Years	59		—		64		—
Investment funds	Not Applicable	271		—		240		—
		$	16,313	$	6,885	$	14,769	$	6,442

Schedule Of Components Of Restricted Assets

The following table presents the components of restricted assets:


	June 30		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,438	$	8,170
Assets pledged under repurchase agreements	3,132		2,890
Deposits with U.S. regulatory authorities	2,540		2,487

Deposits with non-U.S. regulatory authorities and other	4,407		4,659

Total	$	18,517	$	18,206

Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Financial Instruments Measured At Fair Value On A Recurring Basis

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


June 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	$	1,783	$	2,250	$	—	$	4,033
Non-U.S.	—		37,865		598		38,463
Corporate and asset-backed securities	—		41,940		3,186		45,126
Mortgage-backed securities	—		28,497		—		28,497

	1,783		110,552		3,784		116,119
Equity securities (1)	4,744		—		125		4,869
Short-term investments	2,666		1,800		42		4,508
Other investments (2)	599		6,999		—		7,598
Securities lending collateral	—		1,941		—		1,941
Investment derivatives	51		—		—		51
Derivatives designated as hedging instruments	—		257		—		257
Other derivative instruments	7		—		—		7
Separate account assets	6,399		82		—		6,481
Total assets measured at fair value (1)(2)(3)	$	16,249	$	121,631	$	3,951	$	141,831
Liabilities:
Investment derivatives	$	143	$	—	$	—	$	143
Derivatives designated as hedging instruments	—		223		—		223
Other derivative instruments	31		5		—		36
Market risk benefits (4)	—		—		609		609
Total liabilities measured at fair value	$	174	$	228	$	609	$	1,011

(1)Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient.

(2)Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient.

(3)Excluded from the table above are private equities of $16,313 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.

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

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 June 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		$	587		$	3,017		$	—	$	113	$	18
Transfers into Level 3		10			60			—		—		—
Transfers out of Level 3		—			(12)			—		(1)		—
Change in Net Unrealized Gains (Losses) in OCI		18			(3)			—		—		—
Net Realized Gains (Losses)		3			(4)			—		2		—

Purchases		84			295			—		19		25
Sales		(34)			(53)			—		(8)		—
Settlements		(70)			(114)			—		—		(1)

Balance, end of period		$	598		$	3,186		$	—	$	125	$	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		$	16		$	(7)		$	—	$	—	$	—


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

Balance, beginning of period		$	718		$	2,658		$	7	$	101	$	5
Transfers into Level 3		—			4			—		—		—
Transfers out of Level 3		(2)			—			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		(6)			4			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		2		—

Purchases		83			326			15		1		12
Sales		(31)			(87)			—		(4)		—
Settlements		(126)			(191)			(2)		—		(4)

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



Six Months Ended June 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		84		—			—			—
Transfers out of Level 3	—		(13)		—			(1)			—
Change in Net Unrealized Gains (Losses) in OCI	38		(7)		—			—			—
Net Realized Gains (Losses)	(3)		(6)		(2)			(3)			—
Purchases	144		514		1			26			30
Sales	(87)		(100)		(2)			(17)			—
Settlements	(109)		(177)		—			—			(2)

Balance, end of period	$	598	$	3,186	$	—		$	125		$	42
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date	$	(1)	$	(4)	$	—		$	9		$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date	$	30	$	(17)	$	—		$	—		$	—



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

Balance, beginning of period		$	692		$	2,622		$	7	$	87	$	3
Transfers into Level 3		1			5			—		—		—
Transfers out of Level 3		(6)			(3)			—		—		—
Change in Net Unrealized Gains (Losses) in OCI		8			10			—		—		(1)
Net Realized Gains (Losses)		(4)			(5)			—		(1)		—

Purchases		155			469			15		19		16
Sales		(51)			(107)			—		(5)		—
Settlements		(163)			(282)			(2)		—		(6)

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

Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value

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


June 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	$	—	$	—	$	2,472	$	2,472	$	2,429
Total assets	$	—	$	—	$	2,472	$	2,472	$	2,429
Liabilities:
Repurchase agreements	$	—	$	3,059	$	—	$	3,059	$	3,059
Short-term debt	—		1,488		—		1,488		1,499
Long-term debt	—		12,025		254		12,279		13,477
Hybrid debt	—		479		—		479		420
Total liabilities	$	—	$	17,051	$	254	$	17,305	$	18,455


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

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

schedule of reinsurance recoverable on ceded insurance

Reinsurance (Tables)

6 Months Ended

Jun. 30, 2025

Reinsurance Disclosures [Abstract]


	June 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	$	17,691	$	261	$	17,734	$	242
Reinsurance recoverable on paid losses and loss expenses	1,904		62		2,043		68
Reinsurance recoverable on losses and loss expenses	$	19,595	$	323	$	19,777	$	310
Reinsurance recoverable on policy benefits	$	297	$	—	$	289	$	—

(1)Net of valuation allowance for uncollectible reinsurance.

Reinsurance Recoverable, Allowance for Credit Loss [Table Text Block]

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


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Valuation allowance for uncollectible reinsurance - beginning of period	$	310	$	367
Provision for uncollectible reinsurance	17		18
Write-offs charged against the valuation allowance	(6)		(3)
Foreign exchange revaluation	2		(1)

Valuation allowance for uncollectible reinsurance - end of period	$	323	$	381

Deferred acquisition costs (Tables)

6 Months Ended

Jun. 30, 2025

Deferred Policy Acquisition Costs Disclosures [Abstract]

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:


	Six Months Ended June 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	115		69		224		327		61		796
Amortization expense	(73)		(41)		(25)		(111)		(15)		(265)

Other (including foreign exchange)	13		10		23		51		12		109
Balance – end of period	$	524	$	760	$	1,092	$	1,948	$	382	$	4,706
Overseas General Insurance segment excluded from table											646
Total deferred policy acquisition costs on long-duration contracts											$	5,352
Deferred policy acquisition costs on short-duration contracts											4,085
Total deferred policy acquisition costs											$	9,437


	Six Months Ended June 30, 2024

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

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

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

Goodwill (Tables)

6 Months Ended

Jun. 30, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill roll-forward by business segment

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	28		10		—		256		—		128		422
Balance at June 30, 2025 (1)	$	7,196	$	2,228	$	134	$	5,486	$	371	$	4,769	$	20,184

(1)Includes $456 million attributable to noncontrolling interests.

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

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

Unpaid losses and loss expenses, and Future policy benefits (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Unpaid Losses And Loss Expenses Roll Forward [Table Text Block]

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


	Six Months Ended
	June 30
(in millions of U.S. dollars)	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	13,959		12,604
Prior years (2)	(491)		(446)
Total	13,468		12,158
Net losses and loss expenses paid in respect of losses occurring in:
Current year	2,960		2,492
Prior years	8,982		6,918
Total	11,942		9,410
Foreign currency revaluation and other	889		(204)
Net unpaid losses and loss expenses – end of period	68,685		64,782
Reinsurance recoverable on unpaid losses and loss expenses (1)	17,691		17,409
Gross unpaid losses and loss expenses – end of period	$	86,376	$	82,191

(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 $(13) million and $47 million for the six months ended June 30, 2025 and 2024, respectively.

Prior Period Development, by Segment [Table Text Block]

The following table summarizes (favorable) and adverse PPD by segment:


	Three Months Ended June 30						Six Months Ended June 30
(in millions of U.S. dollars)	Long-tail		Short-tail		Total		Long-tail		Short-tail		Total
2025
North America Commercial P&C Insurance	$	(75)	$	(31)	$	(106)	$	(27)	$	(193)	$	(220)
North America Personal P&C Insurance	—		(121)		(121)		—		(121)		(121)
North America Agricultural Insurance	—		—		—		—		(33)		(33)
Overseas General Insurance	35		(112)		(77)		36		(234)		(198)
Global Reinsurance	—		(15)		(15)		(5)		(10)		(15)
Corporate	70		—		70		83		—		83
Total	$	30	$	(279)	$	(249)	$	87	$	(591)	$	(504)
2024
North America Commercial P&C Insurance	$	(142)	$	(2)	$	(144)	$	(46)	$	(146)	$	(192)
North America Personal P&C Insurance	—		(64)		(64)		—		(116)		(116)
North America Agricultural Insurance	—		—		—		—		(28)		(28)
Overseas General Insurance	36		(97)		(61)		35		(185)		(150)
Global Reinsurance	5		(21)		(16)		5		(20)		(15)
Corporate	93		—		93		102		—		102
Total	$	(8)	$	(184)	$	(192)	$	96	$	(495)	$	(399)

Liability for Future Policy Benefit, Activity

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


Present Value of Expected Net Premiums	Six Months Ended June 30, 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	—		(4)		13		—		9
Effect of actual variances from expected experience	(4)		18		(168)		2		(152)
Adjusted beginning of period balance	1,815		4,317		11,344		126		17,602

Issuances	116		719		1,107		311		2,253
Interest accrual	26		65		260		5		356
Net premiums collected (1)	(122)		(743)		(755)		(93)		(1,713)

Other (including foreign exchange)	59		134		459		4		656
Ending balance at original discount rate	1,894		4,492		12,415		353		19,154
Effect of changes in discount rate assumptions	(296)		142		184		3		33
Balance – end of period	$	1,598	$	4,634	$	12,599	$	356	$	19,187

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


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 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	—		(9)		21		—		12
Effect of actual variances from expected experience	(1)		18		(170)		3		(150)
Adjusted beginning of period balance	2,646		11,251		15,503		604		30,004

Issuances	116		719		1,107		311		2,253
Interest accrual	36		185		325		12		558
Benefit payments	(110)		(154)		(864)		(10)		(1,138)

Other (including foreign exchange)	88		300		601		16		1,005
Ending balance at original discount rate	2,776		12,301		16,672		933		32,682
Effect of changes in discount rate assumptions	(432)		1,106		109		59		842
Balance – end of period	$	2,344	$	13,407	$	16,781	$	992	$	33,524


Liability for Future Policy Benefits, Life Insurance Segment	June 30, 2025
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Net liability for future policy benefits	$	746	$	8,773	$	4,182	$	636	$	14,337
Deferred profit liability	306		1,539		219		68		2,132
Net liability for future policy benefits, before reinsurance recoverable	1,052		10,312		4,401		704		16,469
Less: Reinsurance recoverable on future policy benefits	107		46		121		1		275
Net liability for future policy benefits, after reinsurance recoverable	$	945	$	10,266	$	4,280	$	703	$	16,194
Weighted average duration (years)	10.4		27.6		10.0		25.3		22.0


Present Value of Expected Net Premiums	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	1,590	$	3,950	$	10,432	$	64	$	16,036
Beginning balance at original discount rate	1,992		3,945		10,692		64		16,693
Effect of changes in cash flow assumptions	6		70		111		—		187
Effect of actual variances from expected experience	(12)		21		(129)		(1)		(121)
Adjusted beginning of period balance	1,986		4,036		10,674		63		16,759
Issuances	111		620		1,196		39		1,966
Interest accrual	26		55		239		2		322
Net premiums collected (1)	(122)		(603)		(729)		(20)		(1,474)


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

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


Present Value of Expected Future Policy Benefits	Six Months Ended June 30, 2024
(in millions of U.S. dollars)	Term Life		Whole Life		A&H		Other		Total
Balance – beginning of period	$	2,254	$	10,063	$	14,650	$	495	$	27,462
Beginning balance at original discount rate	2,749		9,991		15,071		492		28,303
Effect of changes in cash flow assumptions	8		85		102		—		195
Effect of actual variances from expected experience	(9)		31		(129)		—		(107)
Adjusted beginning of period balance	2,748		10,107		15,044		492		28,391
Issuances	111		620		1,196		39		1,966
Interest accrual	35		151		300		8		494
Benefit payments	(115)		(179)		(789)		(10)		(1,093)

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


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

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


	June 30
(in millions of U.S. dollars)	2025		2024
Net liability for future policy benefits, Life Insurance segment	$	14,337	$	11,870
Other (1)	1,549		1,341
Deferred profit liability	2,132		1,452
Liability for future policy benefits, per consolidated balance sheet	$	18,018	$	14,663

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

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


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

Term Life
Undiscounted expected future benefit payments	$	4,563	$	4,334
Undiscounted expected future gross premiums	7,094		7,223
Discounted expected future benefit payments	2,344		2,264
Discounted expected future gross premiums	4,775		4,776
Whole Life
Undiscounted expected future benefit payments	30,751		25,052
Undiscounted expected future gross premiums	10,841		9,555
Discounted expected future benefit payments	13,407		10,659
Discounted expected future gross premiums	8,929		7,744
A&H
Undiscounted expected future benefit payments	28,274		26,037
Undiscounted expected future gross premiums	41,427		38,166
Discounted expected future benefit payments	16,781		15,058
Discounted expected future gross premiums	24,697		22,556
Other
Undiscounted expected future benefit payments	1,754		956
Undiscounted expected future gross premiums	570		174
Discounted expected future benefit payments	992		555
Discounted expected future gross premiums	$	527	$	155

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
	Six Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Life Insurance
Term Life	$	353	$	337	$	10	$	9

Whole Life	1,250		1,008		120		96
A&H	1,509		1,525		65		61
Other	129		32		7		6
Total	$	3,241	$	2,902	$	202	$	172

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


	Interest Accretion Rate				Current Discount Rate

	June 30				June 30
	2025		2024		2025		2024
Life Insurance
Term Life	3.0	%	2.9	%	5.9	%	5.7	%

Whole Life	3.4	%	3.2	%	3.9	%	4.6	%
A&H	4.0	%	3.7	%	5.8	%	6.3	%
Other	3.2	%	2.7	%	3.3	%	4.2	%

Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)

6 Months Ended

Jun. 30, 2025

Policyholder Account Balance [Abstract]

Policyholder Account Balances

Policyholders' account balances

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


	Six Months Ended June 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	105		159		211		475
Policy charges (1)	(56)		—		(5)		(61)
Surrenders and withdrawals	(57)		(17)		(94)		(168)
Benefit payments (4)	(19)		(77)		(46)		(142)

Interest credited	24		24		33		81
Other (including foreign exchange)	34		22		25		81
Balance – end of period	$	1,840	$	2,696	$	2,478	$	7,014
Unearned revenue liability							753
Other (5)							577
Policyholders' account liability, per consolidated balance sheet							$	8,344

(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.


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

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

Interest credited	25		30		27		82
Other (including foreign exchange)	(76)		(27)		(274)		(377)
Balance – end of period	$	1,778	$	2,521	$	2,313	$	6,612
Unearned revenue liability							675
Other (5)							500
Policyholders' account liability, per consolidated balance sheet							$	7,787

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

(2)Relates to Huatai Life.

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

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

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



	June 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		%	2.9		%	2.8		%	2.5		%	2.9		%
Net amount at risk (2)	$	11,571		$	10		$	378		$	11,987		$	—		$	454
Cash Surrender Value	$	1,695		$	1,774		$	2,175		$	1,611		$	1,618		$	2,013

(1)Calculated using actual interest credited for the six months ended June 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.

Policyholder Account Balance, Guaranteed Minimum Crediting Rates

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

Universal Life


	June 30, 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%	$	454	$	—	$	49	$	153	$	656
2.01% – 4.00%	247		573		352		—		1,172
Greater than 4.00%	12		—		—		—		12
Total	$	713	$	573	$	401	$	153	$	1,840


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

Annuities


	June 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%	$	103	$	—	$	1,647	$	66	$	1,816
2.01% – 4.00%	880		—		—		—		880
Greater than 4.00%	—		—		—		—		—
Total	$	983	$	—	$	1,647	$	66	$	2,696


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

Other policyholders' account balances


	June 30, 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%	$	377	$	5	$	157	$	435	$	974
2.01% – 4.00%	1,452		52		—		—		1,504
Greater than 4.00%	—		—		—		—		—
Total	$	1,829	$	57	$	157	$	435	$	2,478


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

Fair Value, Separate Account Investment

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


	June 30		June 30
(in millions of U.S. dollars)	2025		2024
Cash and cash equivalents	$	131	$	100

Mutual funds	6,268		5,649

Fixed maturities	82		85

Total	$	6,481	$	5,834

Separate Account, Liability

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


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

Premiums and deposits	802		576
Policy charges	(79)		(80)
Surrenders and withdrawals	(494)		(426)
Benefit payments	(225)		(208)
Investment performance	(265)		502

Other (including foreign exchange)	511		(103)
Balance – end of period	$	6,481	$	5,834
Cash surrender value (1)	$	6,101	$	5,625

(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

The following table presents a roll-forward of unearned revenue liabilities:


	Six Months Ended
	June 30
(in millions of U.S. dollars)	2025		2024
Balance – beginning of period	$	711	$	673
Deferred revenue	69		69
Amortization	(38)		(36)

Other (including foreign exchange)	11		(31)
Balance – end of period	$	753	$	675

Market risk benefits (Tables)

6 Months Ended

Jun. 30, 2025

Market Risk Benefit [Abstract]

Market Risk Benefit, Activity

The following table presents a roll-forward of MRB:


	Six Months Ended June 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	41		(87)
Effect of market movements (1)	(50)		(83)
Effect of changes in volatilities	19		(13)
Actual policyholder behavior different from expected behavior	28		31


Effect of timing and all other	(31)		(33)
Balance, end of period, before effect of changes in the instrument-specific credit risk	$	599	$	564
Effect of changes in the instrument-specific credit risk	10		12
Balance – end of period	$	609	$	576
Weighted-average age of policyholders (years)	74		74
Net amount at risk (2)	$	1,479	$	1,630

(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.

Schedule Of Significant Unobservable Inputs Used In Level 3 Liability Valuations

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

Valuation Technique

Significant Unobservable Inputs

June 30, 2025

June 30, 2024

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.4

%

0.5% – 30.0%

4.3

%

Annuitization rate

0% – 100%

4.6

%

0% – 100%

4.3

%

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

Commitments, contingencies, and guarantees (Tables)

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Balance Sheet Locations, Fair Values In An Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments

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


				June 30, 2025								December 31, 2024
	Consolidated Balance Sheet Location	Fair Value				Notional Amount/ Payment Provision			Fair Value					Notional Amount/ Payment Provision
(in millions of U.S. dollars)		Derivative Asset		Derivative (Liability)				Derivative Asset			Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts	OA / (AP)	$	45	$	(136)	$	4,386		$	41		$	(295)	$	3,959
Options/Futures/Forward contracts on notes and bonds	OA / (AP)	6		(7)		909			—			(8)		449
Convertible securities (1)	FM AFS / ES	7		—		6			12			—		12
Total		$	58	$	(143)	$	5,301		$	53		$	(303)	$	4,420
Other derivative instruments:
Futures contracts on equities (2)	OA / (AP)	$	—	$	(31)	$	986		$	35		$	—	$	1,047
Other	OA / (AP)	7		(5)		379			—			(2)		211
Total		$	7	$	(36)	$	1,365		$	35		$	(2)	$	1,258
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges	OA / (AP)	$	233	$	—	$	2,010		$	103		$	—	$	1,579
Cross-currency swaps - net investment hedges	OA / (AP)	24		(223)		3,003			43			(116)		2,896
Total		$	257	$	(223)	$	5,013		$	146		$	(116)	$	4,475

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position, Location


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Gain (loss) recognized in OCI	$	141	$	(46)	$	115	$	(54)
Net realized gain (loss) reclassified from OCI	169		(12)		238		(49)
Interest expense reclassified from OCI	(5)		(4)		(9)		(8)
OCI gain (loss) after reclassifications	$	(23)	$	(30)	$	(114)	$	3

Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location

The following table presents the OCI impact of derivative and non-derivative net investment hedges:


	Three Months Ended				Six Months Ended
	June 30				June 30
(pre-tax, in millions of U.S. dollars)	2025		2024		2025		2024
Cross-currency swaps:
Gain (loss) recognized in OCI	$	(138)	$	37	$	(114)	$	73
Interest income reclassified from OCI	7		3		15		6
Total cross currency swaps	(145)		34		(129)		67
Foreign denominated debt:
Gain (loss) recognized in OCI	(6)		—		(6)		—
Total OCI gain (loss) after reclassifications	$	(151)	$	34	$	(135)	$	67

Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations

The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Investment and embedded derivative instruments:
Foreign currency forward contracts	$	147	$	(28)	$	133	$	(80)

Options/Futures/Forward contracts on notes and bonds	7		12		(2)		18
Convertible securities (1)	—		(1)		—		2
Total investment and embedded derivative instruments	$	154	$	(17)	$	131	$	(60)
Other derivative instruments:
Futures contracts on equities (2)	$	(89)	$	(21)	$	(35)	$	(116)
Other	(2)		(3)		(5)		(5)
Total other derivative instruments	$	(91)	$	(24)	$	(40)	$	(121)
Total	$	63	$	(41)	$	91	$	(181)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

Transfer of Certain Financial Assets Accounted for as Secured Borrowings

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


	Remaining contractual maturity
	June 30, 2025		December 31, 2024
(in millions of U.S. dollars)	Overnight and Continuous
Collateral held under securities lending agreements:
Cash	$	695	$	557
U.S. and local government securities	161		148
Non-U.S.	1,001		663
Corporate and asset-backed securities	74		49

Equity securities	10		28
Total	$	1,941	$	1,445
Gross amount of recognized liability for securities lending payable	$	1,941	$	1,445

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


	Remaining contractual maturity
	June 30, 2025								December 31, 2024
	Up to 30 Days		30-90 Days		Greater than 90 Days		Total		Up to 30 Days		30-90 Days		Greater than 90 Days		Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash	$	—	$	2	$	—	$	2	$	—	$	19	$	2	$	21
Non-U.S.	1,205		—		—		1,205		1,387		—		—		1,387
U.S. and local government securities	—		—		—		—		—		—		104		104

Mortgage-backed securities	977		923		25		1,925		—		454		924		1,378
Total	$	2,182	$	925	$	25	$	3,132	$	1,387	$	473	$	1,030	$	2,890
Gross amount of recognized liabilities for repurchase agreements							$	3,059							$	2,731
Difference (1)							$	73							$	159

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

Shareholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Dividends Declared

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


	Three Months Ended						Six Months Ended
	June 30						June 30
	2025			2024			2025			2024
	CHF	USD		CHF	USD		CHF	USD		CHF	USD
Total dividend distributions per common share	0.81	$	0.97	0.82	$	0.91	1.62	$	1.88	1.57	$	1.77

Share Repurchase Program [Table Text Block]

Chubb Limited securities repurchase authorizations

In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares, effective July 1, 2023, with no expiration date. In May 2025, the Board determined to terminate the June 2023 authorization as of June 30, 2025 and concurrently authorized a new repurchase amount of up to $5.0 billion of Chubb Common Shares, effective July 1, 2025, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share data)	2025		2024		2025		2024
Number of shares repurchased	2,339,727		2,254,236		3,685,509		3,474,357
Cost of shares repurchased	$	676	$	570	$	1,061	$	886
Repurchase authorization remaining at end of period (1)	$	—	$	2,808	$	—	$	2,808

(1) As of June 30, 2025, $628 million expired under the July 2023 $5.0 billion share repurchase authorization.

Schedule of Accumulated Other Comprehensive Income (Loss)

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


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax	$	(3,704)	$	(4,825)	$	(4,552)	$	(4,177)
Change in period, before reclassification from AOCI (before tax)	918		(484)		1,761		(1,280)
Amounts reclassified from AOCI (before tax)	68		(5)		126		114
Change in period, before tax	986		(489)		1,887		(1,166)
Income tax (expense) benefit	(50)		7		(111)		49
Total other comprehensive income (loss)	936		(482)		1,776		(1,117)
Noncontrolling interests, net of tax	4		(6)		(4)		7
Balance – end of period, net of tax	(2,772)		(5,301)		(2,772)		(5,301)



	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Accumulated other comprehensive income (loss) (AOCI) - continued
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax	(645)		11		(539)		51
Change in period, before tax	(130)		53		(252)		—
Income tax (expense) benefit	9		(2)		21		(22)
Total other comprehensive income (loss)	(121)		51		(231)		(22)
Noncontrolling interests, net of tax	(20)		(4)		(24)		(37)
Balance – end of period, net of tax	(746)		66		(746)		66
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax	(13)		(17)		(16)		(22)
Change in period, before tax	1		5		5		10
Income tax expense	—		(1)		(1)		(1)
Total other comprehensive income	1		4		4		9
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(12)		(13)		(12)		(13)
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax	(3,685)		(2,864)		(4,025)		(2,945)
Change in period, before reclassification from AOCI (before tax)	803		(527)		1,170		(444)
Amounts reclassified from AOCI (before tax)	(7)		(3)		(15)		(6)
Change in period, before tax	796		(530)		1,155		(450)
Income tax (expense) benefit	3		19		(9)		12
Total other comprehensive income (loss)	799		(511)		1,146		(438)
Noncontrolling interests, net of tax	33		(33)		40		(41)
Balance – end of period, net of tax	(2,919)		(3,342)		(2,919)		(3,342)
Fair value hedging instruments
Balance – beginning of period, net of tax	(22)		13		50		(13)
Change in period, before reclassification from AOCI (before tax)	141		(46)		115		(54)
Amounts reclassified from AOCI (before tax)	(164)		16		(229)		57
Change in period, before tax	(23)		(30)		(114)		3
Income tax (expense) benefit	5		6		24		(1)
Total other comprehensive income (loss)	(18)		(24)		(90)		2
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	(40)		(11)		(40)		(11)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax	434		296		438		297
Change in period, before tax	(3)		1		(7)		(1)
Income tax benefit	—		—		—		1
Total other comprehensive income (loss)	(3)		1		(7)		—
Noncontrolling interests, net of tax	—		—		—		—
Balance – end of period, net of tax	431		297		431		297
Accumulated other comprehensive loss	$	(6,058)	$	(8,304)	$	(6,058)	$	(8,304)

Reclassification out of Accumulated Other Comprehensive Income

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


	Three Months Ended				Six Months Ended				Consolidated Statement of Operations Location
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities available-for-sale	$	(68)	$	5	$	(126)	$	(114)	Net realized gains (losses)
Income tax benefit	3		12		28		24		Income tax expense
	$	(65)	$	17	$	(98)	$	(90)	Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps	$	7	$	3	$	15	$	6	Interest expense
Income tax expense	(1)		—		(3)		(1)		Income tax expense
	$	6	$	3	$	12	$	5	Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps	$	169	$	(12)	$	238	$	(49)	Net realized gains (losses)
Cross-currency swaps	(5)		(4)		(9)		(8)		Interest expense
Income tax (expense) benefit	(34)		3		(48)		12		Income tax expense
	$	130	$	(13)	$	181	$	(45)	Net income
Total amounts reclassified from AOCI	$	71	$	7	$	95	$	(130)

Postretirement benefits (Tables)

6 Months Ended

Jun. 30, 2025

Retirement Benefits [Abstract]

Schedule of Net Benefit Costs [Table Text Block]

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


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Three Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	2	$	—	$	3	$	—	$	—
Non-service cost (benefit):
Interest cost	33		9		34		9		1		—
Expected return on plan assets	(62)		(14)		(61)		(12)		(1)		(1)
Amortization of net actuarial (gain) loss	(2)		—		(1)		—		(1)		—
Amortization of prior service cost	—		—		—		—		—		—

Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(31)		(5)		(28)		(3)		(1)		(1)
Net periodic benefit cost (benefit)	$	(31)	$	(3)	$	(28)	$	—	$	(1)	$	(1)


	Pension Benefit Plans								Other Postretirement Benefit Plans
	2025				2024				2025		2024
Six Months Ended June 30	U.S. Plans		Non-U.S. Plans		U.S. Plans		Non-U.S. Plans
(in millions of U.S. dollars)
Service cost	$	—	$	4	$	—	$	5	$	—	$	—
Non-service cost (benefit):
Interest cost	67		18		67		18		1		1
Expected return on plan assets	(125)		(27)		(122)		(25)		(1)		(2)
Amortization of net actuarial (gain) loss	(4)		—		(1)		1		(2)		(1)
Amortization of prior service cost	—		—		—		—		—		—
Settlements	—		—		—		—		—		—
Total non-service cost (benefit)	(62)		(9)		(56)		(6)		(2)		(2)
Net periodic benefit cost (benefit)	$	(62)	$	(5)	$	(56)	$	(1)	$	(2)	$	(2)

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


	Pension Benefit Plans				Other Postretirement Benefit Plans
Three Months Ended June 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	2		3		—		—
Total service cost	2		3		—		—
Non-service cost (benefit):
Losses and loss expenses	(4)		(3)		—		—
Administrative expenses	(32)		(28)		(1)		(1)
Total non-service cost (benefit)	(36)		(31)		(1)		(1)
Net periodic benefit cost (benefit)	$	(34)	$	(28)	$	(1)	$	(1)


	Pension Benefit Plans				Other Postretirement Benefit Plans
Six Months Ended June 30	2025		2024		2025		2024
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses	$	—	$	—	$	—	$	—
Administrative expenses	4		5		—		—
Total service cost	4		5		—		—
Non-service cost (benefit):
Losses and loss expenses	(7)		(6)		—		—
Administrative expenses	(64)		(56)		(2)		(2)
Total non-service cost (benefit)	(71)		(62)		(2)		(2)
Net periodic benefit cost (benefit)	$	(67)	$	(57)	$	(2)	$	(2)

Other Income and Expense (Tables)

6 Months Ended

Jun. 30, 2025

Other Income and Expenses [Abstract]

Schedule of Other Nonoperating Income (Expense)


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Equity in net income (loss) of partially-owned entities	$	657	$	94	$	739	$	278
Gains (losses) from fair value changes in separate account assets	(12)		11		(22)		21
Asset management and performance fee revenue	57		57		113		110
Asset management and performance fee expense	(39)		(35)		(72)		(68)
Federal excise and capital taxes	(6)		(5)		(11)		(9)
Other	(2)		(12)		(9)		(31)
Total	$	655	$	110	$	738	$	301

Segment information (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Operations By Segment

The following tables present the Statement of Operations by segment:


For the Three Months Ended June 30, 2025 (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		Total
Net premiums written	$	5,723	$	1,938	$	733	$	3,620	$	380	$	1,802	$	14,196
Net premiums earned	5,177		1,681		598		3,542		338		1,789		13,125
Losses and loss expenses	3,258		822		483		1,789		132		20
Policy benefits	—		—		—		129		—		1,249
Policy acquisition costs	705		332		48		913		98		319
Administrative expenses	357		82		2		369		10		199
Underwriting income	857		445		65		342		98		NM
Net investment income	938		118		19		278		85		274
Other (income) expense	8		—		—		5		—		(37)
Amortization of purchased intangibles	2		2		6		19		—		8
Segment income	$	1,785	$	561	$	78	$	596	$	183	$	305	$	3,508
Net realized gains (losses)													160
Market risk benefits gains (losses)													(17)
Interest expense													181
Integration expenses													2
Corporate underwriting loss													(176)
Corporate net investment loss													(29)
Corporate other (income) expense													(528)
Corporate amortization of purchased intangibles													37
Other reclassification													(38)
Income before income tax													$	3,716

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Three Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	5,501	$	1,776	$	758	$	3,334	$	411	$	1,580	$	13,360
Net premiums earned	4,900		1,512		626		3,347		339		1,568		12,292
Losses and loss expenses	3,074		876		543		1,671		155		22
Policy benefits	—		—		—		92		—		1,031
Policy acquisition costs	660		299		45		842		80		300
Administrative expenses	327		88		3		348		11		218
Underwriting income	839		249		35		394		93		NM
Net investment income	863		108		21		283		58		258
Other (income) expense	15		(2)		—		4		—		(32)
Amortization of purchased intangibles	—		2		7		20		—		11
Segment income	$	1,687	$	357	$	49	$	653	$	151	$	276	$	3,173
Net realized gains (losses)													104
Market risk benefits gains (losses)													(29)
Interest expense													182
Integration expenses													7
Corporate underwriting loss													(192)
Corporate net investment loss													(32)
Corporate other (income) expense													7
Corporate amortization of purchased intangibles													40
Other reclassification													(82)
Income before income tax													$	2,706

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Six Months Ended June 30, 2025 (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		Total
Net premiums written	$	10,510	$	3,490	$	1,009	$	7,523	$	788	$	3,522	$	26,842
Net premiums earned	10,165		3,255		763		6,751		706		3,485		25,125
Losses and loss expenses	6,289		2,915		575		3,186		374		46
Policy benefits	—		—		—		242		—		2,412
Policy acquisition costs	1,424		662		65		1,750		198		629
Administrative expenses	701		169		4		699		20		401
Underwriting income (loss)	1,751		(491)		119		874		114		NM
Net investment income	1,867		238		43		559		155		545
Other (income) expense	16		1		1		11		—		(72)
Amortization of purchased intangibles	3		4		12		38		—		18
Segment income (loss)	$	3,599	$	(258)	$	149	$	1,384	$	269	$	596	$	5,739
Net realized gains (losses)													44
Market risk benefits gains (losses)													(109)
Interest expense													362
Integration expenses													2
Corporate underwriting loss													(295)
Corporate net investment loss													(56)
Corporate other (income) expense													(495)
Corporate amortization of purchased intangibles													74

Income before income tax													$	5,380

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.


For the Six Months Ended June 30, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	10,190	$	3,232	$	1,007	$	7,169	$	770	$	3,213	$	25,581
Net premiums earned	9,780		2,983		754		6,545		634		3,179		23,875
Losses and loss expenses	6,249		1,775		592		3,097		292		54
Policy benefits	—		—		—		192		—		2,101
Policy acquisition costs	1,348		599		66		1,665		161		594
Administrative expenses	655		174		5		679		20		425
Underwriting income	1,528		435		91		912		161		NM
Net investment income	1,689		210		42		550		115		488
Other (income) expense	22		(1)		—		9		—		(72)
Amortization of purchased intangibles	—		4		13		40		—		21
Segment income	$	3,195	$	642	$	120	$	1,413	$	276	$	544	$	6,190
Net realized gains (losses)													3
Market risk benefits gains (losses)													(8)
Interest expense													360
Integration expenses													14
Corporate underwriting loss													(309)
Corporate net investment loss													(58)
Corporate other (income) expense													(61)
Corporate amortization of purchased intangibles													82
Other reclassification													(81)
Income before income tax													$	5,342

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

Earnings per share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Schedule Of Earnings Per Share, Basic And Diluted


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars, except share and per share data)	2025		2024		2025		2024
Numerator:
Net income	$	2,999	$	2,216	$	4,342	$	4,510
Net income (loss) attributable to noncontrolling interests	31		(14)		43		137
Net income attributable to Chubb	$	2,968	$	2,230	$	4,299	$	4,373
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding	399,886,323		404,615,765		400,281,946		405,139,228
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans	3,960,707		3,990,902		4,012,933		4,138,555
Weighted-average shares outstanding and assumed conversions	403,847,030		408,606,667		404,294,879		409,277,783
Basic earnings per share attributable to Chubb	$	7.42	$	5.51	$	10.74	$	10.79
Diluted earnings per share attributable to Chubb	$	7.35	$	5.46	$	10.63	$	10.68
Potential anti-dilutive share conversions	1,663,091		1,348,531		1,684,365		939,842

Acquisitions (Narrative) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Apr. 01, 2025

Jun. 30, 2025

Dec. 31, 2024

Goodwill

$ 20,184

^[1]

$ 20,184

^[1]

$ 19,579

Other intangible assets

$ 6,391

$ 6,377

Huatai Group

Subsidiary, Ownership Percentage, Parent

87.20%

Additional percent ownership interest obtained in subsidiary

1.60%

Liberty Insurance, Vietnam [Member]

Business Combination, Date of Acquisition Agreement

Mar. 03, 2025

LMG Insurance, Thailand [Member]

Business Combination, Date of Acquisition Agreement

Mar. 03, 2025

Business Combination, Effective Date of Acquisition

Apr. 01, 2025

Payments to Acquire Businesses, Gross

$ 321

Goodwill

183

Other intangible assets

$ 57

[1]	Includes $456 million attributable to noncontrolling interests.

Investments (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Investments [Line Items]
Restricted assets in fixed maturities and short-term investments	$ 18,335	$ 17,945
Restricted assets in cash	182	261
Equity securities	9,913	9,151
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure	110	97
Investments
Investments [Line Items]
Deferred Tax Assets, Valuation Allowance	341
Reserved alternative investment fund
Investments [Line Items]
Equity securities	$ 5,000	$ 5,000

Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 118,947		$ 115,083
Debt Securities, Available-for-sale, Allowance for Credit Loss	(71)	$ (63)	(70)	$ (122)	$ (115)	$ (156)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1,743		1,119
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(4,500)		(5,769)
Available for sale, Fair Value	116,119		110,363
U.S. and local government securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4,271		4,383
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	19		10
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(257)		(323)
Available for sale, Fair Value	4,033		4,070
Non-U.S.
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	38,411		36,311
Debt Securities, Available-for-sale, Allowance for Credit Loss	(20)		(23)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	983		753
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(911)		(1,203)
Available for sale, Fair Value	38,463		35,838
Corporate and asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	46,411		45,231
Debt Securities, Available-for-sale, Allowance for Credit Loss	(51)		(47)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	568		287
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(1,802)		(2,264)
Available for sale, Fair Value	45,126		43,207
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	29,854		29,158
Debt Securities, Available-for-sale, Allowance for Credit Loss	0		0
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	173		69
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before tax	(1,530)		(1,979)
Available for sale, Fair Value	$ 28,497		$ 27,248

Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value	$ 5,175	$ 4,507
Available for sale, Due after 1 year through 5 years, Fair Value & Net Carrying Value	36,243	33,446
Available for sale, Due after 5 years through 10 years, Fair Value & Net Carrying Value	27,636	26,901
Available for sale, Due after 10 years, Fair Value & Net Carrying Value	18,568	18,261
Debt Securities, Available-for-sale, Maturity, Allocated and Single Maturity Date, Fair Value	87,622	83,115
Available for sale, Mortgage backed securities, Fair Value & Net Carrying Value	28,497	27,248
Available for sale, Fair Value	$ 116,119	$ 110,363

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/exampleRef
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Reference 10: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 11: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Name Accounting Standards Codification
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-Subparagraph (aa)
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
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-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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-Paragraph 1
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	$ 12,792	$ 27,956
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(201)	(518)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	36,192	39,789
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(3,273)	(4,230)
Debt Securities, Available-for-sale, Unrealized Loss Position	48,984	67,745
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(3,474)	(4,748)
U.S. and local government securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	528	767
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(7)	(16)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	2,386	2,489
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(248)	(303)
Debt Securities, Available-for-sale, Unrealized Loss Position	2,914	3,256
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(255)	(319)
Non-U.S.
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	3,265	6,630
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(65)	(138)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	10,654	12,023
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(668)	(874)
Debt Securities, Available-for-sale, Unrealized Loss Position	13,919	18,653
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(733)	(1,012)
Corporate and asset-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	4,608	10,069
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(90)	(194)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	11,476	13,290
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(867)	(1,259)
Debt Securities, Available-for-sale, Unrealized Loss Position	16,084	23,359
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	(957)	(1,453)
Mortgage-backed securities
Debt Securities, Available-for-sale, Unrealized Loss Position [Line Items]
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months	4,391	10,490
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss	(39)	(170)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer	11,676	11,987
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss	(1,490)	(1,794)
Debt Securities, Available-for-sale, Unrealized Loss Position	16,067	22,477
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss	$ (1,529)	$ (1,964)

Investments (Rollforward of expected credit-losses, AFS) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Beginning Balance	$ 63	$ 115	$ 70	$ 156
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease)	30	41	51	72
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff	(1)	0	(1)	(5)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery	(21)	(34)	(49)	(101)
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance	$ 71	$ 122	$ 71	$ 122

Investments (Rollforward of expected credit losses Private Debt HFI) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Private Debt, Held-for-investment, Allowance for Credit Loss [Line Items]
Private Debt Held-for-investment, Allowance for Credit Loss, Beginning Balance	$ 3	$ 5	$ 4	$ 4
Private Debt Held-for-investment, Allowance for Credit Loss, Period Increase (Decrease)	0	1	0	2
Private Debt Held-for-investment, Allowance for Credit Loss, Recovery	0	(1)	(1)	(1)
Private Debt Held-for-investment, Allowance for Credit Loss, Ending Balance	$ 3	$ 5	$ 3	$ 5

Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Debt Securities, Available-for-Sale, Allowance for Credit Loss, Period Increase (Decrease)

$ 160

$ 104

$ 44

$ 3

30

41

51

72

Debt Securities, Available-for-sale, Gain (Loss), Total

(7)

26

(104)

75

Foreign exchange

(89)

27

(154)

(104)

Other

(5)

1

(7)

Fixed Maturities [Member]

Debt Securities, Available-for-Sale, Realized Gain

69

36

107

52

Debt Securities, Available-for-Sale, Realized Loss

123

106

219

247

Debt Securities, Available-for-Sale, Allowance for Credit Loss, Period Increase (Decrease)

(9)

(8)

(1)

32

Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell

^[1]

(5)

(28)

(12)

(62)

Other Investments

61

132

21

300

Equity Securities

Equity Securities, FV-NI, Realized Gain (Loss)

137

21

200

24

Private equities

Other investments - Fixed Maturities [Member]

(28)

49

(17)

80

Reserved alternative investment fund

53

0

Equity Securities, FV-NI, Realized Gain (Loss)

12

65

Investment and embedded derivative instruments

154

(17)

131

(60)

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

$ (2)

$ (3)

$ (5)

[1]	Relates to certain securities we intended to sell and securities written to market entering default.

Investments Schedule of Gains and Losses on Equity and Other Investments (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	$ 160	$ 104	$ 44	$ 3
Equity Securities
Gain (Loss) on Securities [Line Items]
Equity Securities, FV-NI, Realized Gain (Loss)	137	21	200	24
Less: Net gains (losses) recognized from sales of securities	32	14	20	11
Unrealized Gain (Loss) on Investments	105	7	180	13
Other Investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	61	132	21	300
Less: Net gains (losses) recognized from sales of securities	3	0	4	0
Unrealized Gain (Loss) on Investments	58	132	17	300
Private equities
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	(28)	49	(17)	80
Less: Net gains (losses) recognized from sales of securities	0	0	0	0
Unrealized Gain (Loss) on Investments	(28)	49	(17)	80
Equity securities, Private equities and Other investments
Gain (Loss) on Securities [Line Items]
Net realized gains (losses)	170	202	204	404
Less: Net gains (losses) recognized from sales of securities	35	14	24	11
Unrealized Gain (Loss) on Investments	$ 135	$ 188	$ 180	$ 393

Investments Entities that Calculate Net Asset Value Per Share (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	$ 16,313	$ 14,769
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	6,885	6,442
Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	1,402	1,265
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	224	281
Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	1,910	1,974
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	732	547
Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	1,213	1,257
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	1,034	679
Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	305	295
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	332	285
Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	11,153	9,674
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	4,563	4,650
Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	59	64
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	0	0
Investment Funds Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Private equities	271	240
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments	$ 0	$ 0
Minimum \| Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Minimum \| Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Minimum \| Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Minimum \| Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years	3 years
Minimum \| Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	2 years	2 years
Minimum \| Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	1 year	1 year
Maximum \| Financial [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	10 years	10 years
Maximum \| Real Estate Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	13 years	13 years
Maximum \| Distressed Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	8 years	8 years
Maximum \| Private Credit Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	8 years	8 years
Maximum \| Private Equity Funds [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	14 years	14 years
Maximum \| Vintage Alternative Investments [Member]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Liquidating Investment, Remaining Period	3 years	3 years

Investments (Schedule Of Components Of Restricted Assets) (Detail) - Asset Pledged as Collateral without Right - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Investments [Line Items]
Trust funds	$ 8,438	$ 8,170
Assets pledged under repurchase agreements	3,132	2,890
Deposits with U.S. regulatory authorities	2,540	2,487
Deposits with non-U.S. regulatory authorities and other	4,407	4,659
Total restricted assets	$ 18,517	$ 18,206

Fair value measurements (Financial Instruments Measured At Fair Value On Recurring Basis) (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Dec. 31, 2024

Jun. 30, 2024

$ 116,119

$ 110,363

9,913

9,151

4,508

5,142

9,032

8,597

1,941

1,445

6,481

6,231

$ 5,834

Reserved alternative investment fund

609

607

Private equities

16,313

14,769

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

5,044

4,978

Other Investments

Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value

1,434

1,241

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Private equities

16,313

14,769

U.S. and local government securities

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

4,033

4,070

Non-U.S.

Corporate and asset-backed securities

38,463

35,838

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Mortgage-backed securities

45,126

43,207

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 1 | Fair Value, Recurring

28,497

27,248

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

1,783

1,765

4,744

^[1]

4,053

^[2]

2,666

3,156

599

^[3]

573

^[4]

0

51

41

0

7

35

6,399

6,165

16,249

^[1],[3],[5]

15,788

^[2],[4],[6]

143

303

0

31

0

^[7]

0

^[8]

Level 1 | U.S. and local government securities | Fair Value, Recurring

174

303

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 1 | Non-U.S. | Fair Value, Recurring

1,783

1,765

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 1 | Corporate and asset-backed securities | Fair Value, Recurring

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 1 | Mortgage-backed securities | Fair Value, Recurring

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 2 | Fair Value, Recurring

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

110,552

105,100

0

^[1]

0

^[2]

1,800

1,972

6,999

^[3]

6,783

^[4]

1,941

1,445

0

257

146

0

82

66

121,631

^[1],[3],[5]

115,512

^[2],[4],[6]

0

223

116

5

2

0

^[7]

0

^[8]

Level 2 | U.S. and local government securities | Fair Value, Recurring

228

118

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 2 | Non-U.S. | Fair Value, Recurring

2,250

2,305

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 2 | Corporate and asset-backed securities | Fair Value, Recurring

37,865

35,234

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 2 | Mortgage-backed securities | Fair Value, Recurring

41,940

40,316

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 3 | Fair Value, Recurring

28,497

27,245

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

3,784

3,498

125

^[1]

120

^[2]

42

14

0

^[3]

0

^[4]

0

0

0

0

0

3,951

^[1],[3],[5]

3,632

^[2],[4],[6]

0

0

0

609

^[7]

607

^[8]

Level 3 | U.S. and local government securities | Fair Value, Recurring

609

607

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 3 | Non-U.S. | Fair Value, Recurring

0

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 3 | Corporate and asset-backed securities | Fair Value, Recurring

598

604

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Level 3 | Mortgage-backed securities | Fair Value, Recurring

3,186

2,891

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Total Level 1, Level 2, and Level 3 | Fair Value, Recurring

0

3

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

116,119

110,363

4,869

^[1]

4,173

^[2]

4,508

5,142

7,598

^[3]

7,356

^[4]

1,941

1,445

51

41

257

146

7

35

6,481

6,231

141,831

^[1],[3],[5]

134,932

^[2],[4],[6]

143

303

223

116

36

2

609

^[7]

607

^[8]

Total Level 1, Level 2, and Level 3 | U.S. and local government securities | Fair Value, Recurring

1,011

1,028

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Total Level 1, Level 2, and Level 3 | Non-U.S. | Fair Value, Recurring

4,033

4,070

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Total Level 1, Level 2, and Level 3 | Corporate and asset-backed securities | Fair Value, Recurring

38,463

35,838

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Total Level 1, Level 2, and Level 3 | Mortgage-backed securities | Fair Value, Recurring

45,126

43,207

Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]

Reinsurance recoverable on unpaid losses and loss expenses

$ 28,497

$ 27,248

[1]	Excluded from the table above is a fund of $5,044 million, measured using NAV as a practical expedient.
[2]	Excluded from the table above is a fund of $4,978 million, measured using NAV as a practical expedient.
[3]	Excluded from the table above are other investments of $1,434 million, principally policy loans, measured using NAV as a practical expedient.
[4]	Excluded from the table above are other investments of $1,241 million, principally policy loans, measured using NAV as a practical expedient.
[5]	Excluded from the table above are private equities of $16,313 million, measured using NAV as a practical expedient.
[6]	Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.
[7]	Refer to Note 11 for additional information on Market risk benefits.
[8]	Refer to Note 11 for additional information on Market risk benefits.

Fair value measurements (Assets, Measured At Fair Value Using Significant Unobservable Inputs) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other comprehensive income (loss), before income tax	Other comprehensive income (loss), before income tax	Other comprehensive income (loss), before income tax	Other comprehensive income (loss), before income tax
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Revenues	Revenues	Revenues	Revenues
Level 3 \| Equity Securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	$ 113	$ 101	$ 120	$ 87
Transfers Into Level 3, Asset	0	0	0	0
Transfers out of Level 3, Assets	(1)	0	(1)	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0	0	0
Net Realized Gains/ (Losses), Assets	2	2	(3)	(1)
Purchases, Assets	19	1	26	19
Sales, Assets	(8)	(4)	(17)	(5)
Settlements, Assets	0	0	0	0
Balance-End of Period, Assets	125	100	125	100
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	4	1	9	(1)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0	0	0	0
Level 3 \| Short-term Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	18	5	14	3
Transfers Into Level 3, Asset	0	0	0	0
Transfers out of Level 3, Assets	0	0	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	(1)	0	(1)
Net Realized Gains/ (Losses), Assets	0	0	0	0
Purchases, Assets	25	12	30	16
Sales, Assets	0	0	0	0
Settlements, Assets	(1)	(4)	(2)	(6)
Balance-End of Period, Assets	42	12	42	12
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	0	0	0	0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	0	(1)	0	(1)
Level 3 \| Available-for-Sale Debt Securities \| Non-U.S.
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	587	718	604	692
Transfers Into Level 3, Asset	10	0	11	1
Transfers out of Level 3, Assets	0	(2)	0	(6)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	18	(6)	38	8
Net Realized Gains/ (Losses), Assets	3	(4)	(3)	(4)
Purchases, Assets	84	83	144	155
Sales, Assets	(34)	(31)	(87)	(51)
Settlements, Assets	(70)	(126)	(109)	(163)
Balance-End of Period, Assets	598	632	598	632
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	0	(1)	(1)	(1)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	16	(10)	30	3
Level 3 \| Available-for-Sale Debt Securities \| Corporate and asset-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	3,017	2,658	2,891	2,622
Transfers Into Level 3, Asset	60	4	84	5
Transfers out of Level 3, Assets	(12)	0	(13)	(3)
Change in Net Unrealized Gains (Losses) included in OCI, Assets	(3)	4	(7)	10
Net Realized Gains/ (Losses), Assets	(4)	(5)	(6)	(5)
Purchases, Assets	295	326	514	469
Sales, Assets	(53)	(87)	(100)	(107)
Settlements, Assets	(114)	(191)	(177)	(282)
Balance-End of Period, Assets	3,186	2,709	3,186	2,709
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	(1)	(2)	(4)	(2)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	(7)	(1)	(17)	5
Level 3 \| Available-for-Sale Debt Securities \| Mortgage-backed securities
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Balance- Beginning of Period, Assets	0	7	3	7
Transfers Into Level 3, Asset	0	0	0	0
Transfers out of Level 3, Assets	0	0	0	0
Change in Net Unrealized Gains (Losses) included in OCI, Assets	0	0	0	0
Net Realized Gains/ (Losses), Assets	0	0	(2)	0
Purchases, Assets	0	15	1	15
Sales, Assets	0	0	(2)	0
Settlements, Assets	0	(2)	0	(2)
Balance-End of Period, Assets	0	20	0	20
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets	0	0	0	0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets	$ 0	$ 0	$ 0	$ 0

Fair value measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	$ 2,429	$ 2,628
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,059	2,731
Short-term debt	1,499	800
Long-term debt	13,477	14,379
Hybrid debt	420	419
Portion at Other than Fair Value Measurement \| Level 1
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	0	0
Assets, Fair Value Disclosure	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value	0	0
Long-term Debt, Fair Value	0	0
Hybrid debt, Fair Value	0	0
Liabilities, Fair Value Disclosure	0	0
Portion at Other than Fair Value Measurement \| Level 2
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	0	0
Assets, Fair Value Disclosure	0	0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,059	2,731
Short-Term Debt, Fair Value	1,488	797
Long-term Debt, Fair Value	12,025	12,979
Hybrid debt, Fair Value	479	479
Liabilities, Fair Value Disclosure	17,051	16,986
Portion at Other than Fair Value Measurement \| Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	2,472	2,680
Assets, Fair Value Disclosure	2,472	2,680
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	0	0
Short-Term Debt, Fair Value	0	0
Long-term Debt, Fair Value	254	0
Hybrid debt, Fair Value	0	0
Liabilities, Fair Value Disclosure	254	0
Portion at Other than Fair Value Measurement \| Total Level 1, Level 2, and Level 3
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	2,472	2,680
Assets, Fair Value Disclosure	2,472	2,680
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,059	2,731
Short-Term Debt, Fair Value	1,488	797
Long-term Debt, Fair Value	12,279	12,979
Hybrid debt, Fair Value	479	479
Liabilities, Fair Value Disclosure	17,305	16,986
Reported Value Measurement [Member]
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]
Private debt held-for-investment	2,429	2,628
Assets, Fair Value Disclosure	2,429	2,628
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]
Repurchase agreements	3,059	2,731
Short-term debt	1,499	800
Long-term debt	13,477	14,379
Hybrid debt	420	419
Liabilities, Fair Value Disclosure	$ 18,455	$ 18,329

Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Dec. 31, 2024

Jun. 30, 2024

Dec. 31, 2023

Reinsurance Disclosures [Abstract]

^[1]

$ 17,691

$ 17,734

$ 17,409

$ 17,884

Reinsurance recoverable on paid losses and loss expenses

^[1]

1,904

2,043

Reinsurance recoverable on losses and loss expenses

^[1]

19,595

19,777

Reinsurance Recoverables on Unpaid Losses, Allowance

261

242

Reinsurance Recoverables on Paid Losses, Allowance

62

68

Reinsurance Recoverable, Allowance for Credit Loss, Total

323

310

$ 381

$ 367

Reinsurance Recoverables on Future Policy Benefits, Allowance

^[1]

297

289

$ 0

[1]	Net of valuation allowance for uncollectible reinsurance.

Amount, after valuation allowance, recoverable under reinsurance contracts for losses reported to the ceding insurer but not yet paid and amounts expected for incurred losses and settlement expenses, which have not yet been reported to the ceding insurer.

Amount, after valuation allowance, recoverable under reinsurance contracts. Examples include, but are not limited to, settled and unsettled claims, incurred but not reported losses, loss adjustment expense, policy benefits and policy reserves. Excludes premiums paid under reinsurance contracts.

Reinsurance, Allowance (Details) - USD ($) $ in Millions	6 Months Ended
Reinsurance, Allowance (Details) - USD ($) $ in Millions	Jun. 30, 2025	Jun. 30, 2024
Reinsurance Disclosures [Abstract]
Valuation allowance for uncollectible reinsurance - beginning of period	$ 310	$ 367
Provision for uncollectible reinsurance	17	18
Write-offs charged against the valuation allowance	(6)	(3)
Foreign exchange revaluation	2	(1)
Valuation allowance for uncollectible reinsurance - end of period	$ 323	$ 381

Deferred acquisition costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			$ 8,358
Amortization expense	$ (2,415)	$ (2,226)	(4,728)	$ (4,433)
Balance – end of period	9,437	7,812	9,437	7,812
Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Amortization expense	(319)	(300)	(629)	(594)
Overseas General Insurance [Member]
Deferred Policy Acquisition Cost [Line Items]
Amortization expense	(913)	(842)	(1,750)	(1,665)
Short-Duration Insurance, Other
Deferred Policy Acquisition Cost [Line Items]
Balance – end of period	4,085	3,646	4,085	3,646
Long-Duration Insurance, Other
Deferred Policy Acquisition Cost [Line Items]
Balance – end of period	5,352	4,166	5,352	4,166
Long-Duration Insurance, Other \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			4,066	3,185
Capitalizations			796	685
Amortization expense			(265)	(214)
Other (including foreign exchange)			109	(82)
Balance – end of period	4,706	3,574	4,706	3,574
Long-Duration Insurance, Other \| Overseas General Insurance [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – end of period	646	592	646	592
Term Life Insurance \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			469	402
Capitalizations			115	98
Amortization expense			(73)	(58)
Other (including foreign exchange)			13	(6)
Balance – end of period	524	436	524	436
Universal Life \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			722	674
Capitalizations			69	70
Amortization expense			(41)	(39)
Other (including foreign exchange)			10	(25)
Balance – end of period	760	680	760	680
Whole Life Insurance \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			870	534
Capitalizations			224	170
Amortization expense			(25)	(17)
Other (including foreign exchange)			23	(14)
Balance – end of period	1,092	673	1,092	673
Accident and Health Insurance Product Line [Member] \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			1,681	1,301
Capitalizations			327	311
Amortization expense			(111)	(86)
Other (including foreign exchange)			51	(30)
Balance – end of period	1,948	1,496	1,948	1,496
Insurance, Other \| Segment Life [Member]
Deferred Policy Acquisition Cost [Line Items]
Balance – beginning of period			324	274
Capitalizations			61	36
Amortization expense			(15)	(14)
Other (including foreign exchange)			12	(7)
Balance – end of period	$ 382	$ 289	$ 382	$ 289

Goodwill (Roll-forward of Goodwill by Business Segment) (Details)
$ in Millions

6 Months Ended

Jun. 30, 2025

USD ($)

$ 19,579

422

goodwill attributable to noncontrolling interests

20,184

^[1]

456

North America Commercial P&C Insurance [Member]

7,168

28

North American Personal P&C Insurance [Member]

7,196

^[1]

2,218

10

North America Agricultural Insurance [Member]

2,228

^[1]

134

0

Overseas General Insurance [Member]

134

^[1]

5,047

256

Global Reinsurance [Member]

5,486

^[1]

371

0

371

^[1]

Segment Life [Member]

4,641

128

LMG Insurance, Thailand [Member]

4,769

^[1]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

183

LMG Insurance, Thailand [Member] | North America Commercial P&C Insurance [Member]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

0

LMG Insurance, Thailand [Member] | North American Personal P&C Insurance [Member]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

0

LMG Insurance, Thailand [Member] | North America Agricultural Insurance [Member]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

0

LMG Insurance, Thailand [Member] | Overseas General Insurance [Member]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

183

LMG Insurance, Thailand [Member] | Global Reinsurance [Member]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

0

LMG Insurance, Thailand [Member] | Segment Life [Member]

Acquisition of Liberty Mutual's P&C insurance business in Thailand

$ 0

[1]	Includes $456 million attributable to noncontrolling interests.

Unpaid losses and loss expenses (RF) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Liability for Claims and Claims Adjustment Expense [Line Items]

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

Current Year Claims and Claims Adjustment Expense

13,959

12,604

Prior Year Claims and Claims Adjustment Expense

^[2]

(491)

(446)

Total, Incurred

13,468

12,158

Net loss and loss expenses paid, Current Year

2,960

2,492

Net loss and loss expenses paid, Prior Years

8,982

6,918

Total, Paid

11,942

9,410

Foreign currency revaluation and other

889

(204)

Net unpaid losses and loss expenses – end of period

68,685

64,782

Reinsurance recoverable on unpaid losses and loss expenses - end of period

^[1]

(17,691)

(17,409)

Gross unpaid losses and loss expenses – end of period

86,376

82,191

prior period development, net adjustments

$ (13)

$ 47

[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 $(13) million and $47 million for the six months ended June 30, 2025 and 2024, respectively.

Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD table) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (249)	$ (192)	$ (504)	$ (399)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(106)	(144)	(220)	(192)
North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(121)	(64)	(121)	(116)
North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(33)	(28)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(77)	(61)	(198)	(150)
Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(15)	(16)	(15)	(15)
Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	70	93	83	102
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(279)	(184)	(591)	(495)
Short Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(31)	(2)	(193)	(146)
Short Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(121)	(64)	(121)	(116)
Short Tail [Member] \| North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	(33)	(28)
Short Tail [Member] \| Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(112)	(97)	(234)	(185)
Short Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(15)	(21)	(10)	(20)
Short Tail [Member] \| Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	30	(8)	87	96
Long Tail [Member] \| North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(75)	(142)	(27)	(46)
Long Tail [Member] \| North America Personal P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member] \| North American Agriculture Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	0	0	0
Long Tail [Member] \| Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	35	36	36	35
Long Tail [Member] \| Global Reinsurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	0	5	(5)	5
Long Tail [Member] \| Corporate Segment [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ 70	$ 93	$ 83	$ 102

Unpaid losses and loss expenses Unpaid losses and loss expenses (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Liability for Claims and Claims Adjustment Expense [Line Items]
Liability for Unpaid Claims and Claims Adjustment Expense, Period Increase (Decrease)			$ 2,415
Net Prior Period Development	$ (249)	$ (192)	(504)	$ (399)
Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	30	(8)	87	96
Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(279)	(184)	(591)	(495)
North America Commercial P&C Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(106)	(144)	(220)	(192)
North America Commercial P&C Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(75)	(142)	(27)	(46)
North America Commercial P&C Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(31)	(2)	(193)	(146)
North America Commercial P&C Insurance [Member] \| Risk Management Business
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(163)
Overseas General Insurance [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	(77)	(61)	(198)	(150)
Overseas General Insurance [Member] \| Long Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	35	36	36	35
Overseas General Insurance [Member] \| Short Tail [Member]
Liability for Claims and Claims Adjustment Expense [Line Items]
Net Prior Period Development	$ (112)	$ (97)	$ (234)	$ (185)

Future policy benefits (Rollforward) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Dec. 31, 2024

Liability for Future Policy Benefit, Activity [Line Items]

Net liability for future policy benefits, before reinsurance recoverable

$ 2,132

$ 1,452

18,018

14,663

$ 16,121

Liability for Future Policy Benefit, Activity [Line Items]

^[1]

297

$ 289

Segment Life [Member]

17,679

16,036

17,745

16,693

Effect of actual variances from expected experience

9

187

(152)

(121)

17,602

16,759

2,253

1,966

356

322

^[2]

(1,713)

(1,474)

656

(365)

19,154

17,208

33

(542)

19,187

16,666

30,635

27,462

30,142

28,303

Effect of actual variances from expected experience

12

195

(150)

(107)

30,004

28,391

2,253

1,966

558

494

(1,138)

(1,093)

1,005

(519)

32,682

29,239

842

(703)

33,524

28,536

14,337

11,870

Net liability for future policy benefits, before reinsurance recoverable

2,132

1,452

16,469

13,322

Net liability for future policy benefits, after reinsurance recoverable

275

257

$ 16,194

$ 13,065

Liability for Future Policy Benefit, Activity [Line Items]

22 years

19 years 1 month 6 days

Other Segments

Net liability for future policy benefits, before reinsurance recoverable

$ 1,549

$ 1,341

Term Life Insurance | Segment Life [Member]

Liability for Future Policy Benefit, Activity [Line Items]

1,523

1,590

1,819

1,992

Effect of actual variances from expected experience

0

6

(4)

(12)

1,815

1,986

116

111

26

^[2]

(122)

59

(25)

1,894

1,976

(296)

(397)

1,598

1,579

2,238

2,254

2,647

2,749

Effect of actual variances from expected experience

0

8

(1)

(9)

2,646

2,748

116

111

36

35

(110)

(115)

88

(3)

2,776

(432)

(512)

2,344

2,264

746

685

Net liability for future policy benefits, before reinsurance recoverable

306

268

1,052

953

Net liability for future policy benefits, after reinsurance recoverable

107

103

$ 945

$ 850

Whole Life Insurance | Segment Life [Member]

10 years 4 months 24 days

10 years 2 months 12 days

Liability for Future Policy Benefit, Activity [Line Items]

$ 4,405

$ 3,950

4,303

3,945

Effect of actual variances from expected experience

(4)

70

18

21

4,317

4,036

719

620

65

55

^[2]

(743)

(603)

134

(77)

4,492

4,031

142

17

4,634

4,048

12,057

10,063

11,242

9,991

Effect of actual variances from expected experience

(9)

85

18

31

11,251

10,107

719

620

185

151

(154)

(179)

300

(169)

12,301

10,530

1,106

129

13,407

10,659

8,773

6,611

Net liability for future policy benefits, before reinsurance recoverable

1,539

986

10,312

7,597

Net liability for future policy benefits, after reinsurance recoverable

46

44

$ 10,266

$ 7,553

Accident and Health Insurance Product Line [Member] | Segment Life [Member]

27 years 7 months 6 days

25 years

Liability for Future Policy Benefit, Activity [Line Items]

$ 11,626

$ 10,432

11,499

10,692

Effect of actual variances from expected experience

13

111

(168)

(129)

11,344

10,674

1,107

1,196

260

239

^[2]

(755)

(729)

459

(273)

12,415

11,107

184

(162)

12,599

10,945

15,693

14,650

15,652

15,071

Effect of actual variances from expected experience

21

102

(170)

(129)

15,503

15,044

1,107

1,196

325

300

(864)

(789)

601

(356)

16,672

15,395

109

(337)

16,781

15,058

4,182

4,113

Net liability for future policy benefits, before reinsurance recoverable

219

174

4,401

4,287

Net liability for future policy benefits, after reinsurance recoverable

121

110

$ 4,280

$ 4,177

Insurance, Other | Segment Life [Member]

10 years

Liability for Future Policy Benefit, Activity [Line Items]

$ 125

$ 64

124

64

Effect of actual variances from expected experience

0

2

(1)

126

63

311

39

5

2

^[2]

(93)

(20)

4

10

353

94

3

0

356

94

647

495

601

492

Effect of actual variances from expected experience

0

3

0

604

492

311

39

12

8

(10)

16

9

933

538

59

17

992

555

636

461

Net liability for future policy benefits, before reinsurance recoverable

68

24

704

485

Net liability for future policy benefits, after reinsurance recoverable

1

0

$ 703

$ 485

25 years 3 months 18 days

16 years 3 months 18 days

[1]	Net of valuation allowance for uncollectible reinsurance.
[2]	Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

Future policy benefits (Undiscounted & discounted FPB) (Details) - Segment Life [Member] - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024	Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]
Discounted expected future benefit payments	$ 33,524	$ 30,635	$ 28,536	$ 27,462
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	4,563		4,334
Undiscounted expected future gross premiums	7,094		7,223
Discounted expected future benefit payments	2,344	2,238	2,264	2,254
Discounted expected future gross premiums	4,775		4,776
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	30,751		25,052
Undiscounted expected future gross premiums	10,841		9,555
Discounted expected future benefit payments	13,407	12,057	10,659	10,063
Discounted expected future gross premiums	8,929		7,744
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	28,274		26,037
Undiscounted expected future gross premiums	41,427		38,166
Discounted expected future benefit payments	16,781	15,693	15,058	14,650
Discounted expected future gross premiums	24,697		22,556
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Undiscounted expected future benefit payments	1,754		956
Undiscounted expected future gross premiums	570		174
Discounted expected future benefit payments	992	$ 647	555	$ 495
Discounted expected future gross premiums	$ 527		$ 155

Future policy benefits (Premiums & interest) (Details) - Segment Life [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	$ 3,241	$ 2,902
Interest Accretion	202	172
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	353	337
Interest Accretion	10	9
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	1,250	1,008
Interest Accretion	120	96
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	1,509	1,525
Interest Accretion	65	61
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Gross Premiums or Assessments	129	32
Interest Accretion	$ 7	$ 6

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 29E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Future policy benefits (Weighted average interest rates) (Details) - Segment Life [Member]	Jun. 30, 2025	Jun. 30, 2024
Term Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.00%	2.90%
Current Discount Rate	5.90%	5.70%
Whole Life Insurance
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.40%	3.20%
Current Discount Rate	3.90%	4.60%
Accident and Health Insurance Product Line [Member]
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	4.00%	3.70%
Current Discount Rate	5.80%	6.30%
Insurance, Other
Liability for Future Policy Benefit, Activity [Line Items]
Interest Accretion Rate	3.20%	2.70%
Current Discount Rate	3.30%	4.20%

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(6)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(5)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 6
-Subparagraph (b)(4)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 2
-Subparagraph (g)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480016/944-40-65-2

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
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-Paragraph 29E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480046/944-40-55-29E

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480081/944-40-50-6

Policyholders' account balances (Policyholder Account Balance Rollforward) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Dec. 31, 2024

Dec. 31, 2023

$ 6,748

$ 6,789

475

564

Policyholder Account Balance, Surrender and Withdrawal

^[1]

(61)

(70)

(168)

(238)

^[2]

(142)

(138)

Policyholder Account Balance, Increase (Decrease) from Other Change

81

82

81

(377)

Unearned Revenue Liability

7,014

6,612

753

675

$ 711

$ 673

Policyholder Account Balance, Other Reconciling Items

^[3]

577

500

8,344

7,787

Universal Life

1,809

1,876

105

139

Policyholder Account Balance, Surrender and Withdrawal

^[1]

(56)

(65)

(57)

(65)

^[2]

(19)

(56)

Policyholder Account Balance, Increase (Decrease) from Other Change

24

25

34

(76)

1,840

1,778

Policyholder Account Balance, Weighted Average Crediting Rate

$ 1,840

$ 1,778

^[4]

2.60%

2.80%

Policyholder Account Balance, Net Amount at Risk

^[5]

$ 11,571

$ 11,987

Policyholder Account Balance, Cash Surrender Value

1,695

1,611

Annuities [Member]

^[6]

2,585

2,411

^[6]

159

208

Policyholder Account Balance, Surrender and Withdrawal

^[1],[6]

0

^[6]

(17)

(20)

^[2],[6]

(77)

(81)

Policyholder Account Balance, Increase (Decrease) from Other Change

^[6]

24

30

^[6]

22

(27)

^[6]

2,696

2,521

Policyholder Account Balance, Weighted Average Crediting Rate

$ 2,696

$ 2,521

^[4]

1.80%

2.50%

Policyholder Account Balance, Net Amount at Risk

^[5]

$ 10

$ 0

Policyholder Account Balance, Cash Surrender Value

1,774

1,618

Insurance, Other

^[7]

2,354

2,502

^[7]

211

217

Policyholder Account Balance, Surrender and Withdrawal

^[1],[7]

(5)

^[7]

(94)

(153)

^[2],[7]

(46)

(1)

Policyholder Account Balance, Increase (Decrease) from Other Change

^[7]

33

27

^[7]

25

(274)

^[7]

2,478

2,313

Policyholder Account Balance, Weighted Average Crediting Rate

$ 2,478

$ 2,313

^[4]

2.90%

Policyholder Account Balance, Net Amount at Risk

^[5]

$ 378

$ 454

Policyholder Account Balance, Cash Surrender Value

$ 2,175

$ 2,013

[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]	Includes benefit payments upon maturity as well as death benefits.
[3]	Primarily comprises unpaid dividends on certain participating policies.
[4]	Calculated using actual interest credited for the six months ended June 30, 2025 and 2024, respectively.
[5]	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.
[6]	Relates to Huatai Life.
[7]	Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

Policyholders' account balances (Guaranteed Minimum Crediting Rates) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	$ 8,344	$ 8,016	$ 7,787
Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,840		1,778
Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	713		527
Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	573		424
Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	401		759
Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	153		68
Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	2,696		2,521
Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	983		882
Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,647		1,638
Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	66		1
Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	2,478		2,313
Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,829		955
Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	57		618
Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	157		227
Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	435		513
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	656		546
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	454		436
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	49		42
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	153		68
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,816		2,371
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	103		732
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,647		1,638
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	66		1
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	974		1,314
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	377		574
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	5		0
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	157		227
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	435		513
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,172		1,218
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	247		77
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	573		424
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	352		717
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	880		150
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	880		150
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,504		999
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	1,452		381
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	52		618
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	12		14
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	12		14
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member] \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, at Guaranteed Minimum Crediting Rate
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0001 to 0050
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0051 to 0150
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	0		0
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other \| Policyholder Account Balance, above Guaranteed Minimum Crediting Rate, Range from 0151 and Greater
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance	$ 0		$ 0
Minimum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%		2.01%
Minimum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%		2.01%
Minimum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.01%		2.01%
Minimum \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Minimum \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Minimum \| Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Range from 0400 and Greater \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%		2.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%		2.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	2.00%		2.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Universal Life
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Annuities [Member]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%
Maximum \| Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 \| Insurance, Other
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]
Policyholder Account Balance, Guaranteed Minimum Crediting Rate	4.00%		4.00%

Separate accounts (Fair value of assets) (Details) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024	Jun. 30, 2024
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 6,481	$ 6,231	$ 5,834
Separate Account, Cash and Cash Equivalents
Fair Value, Separate Account Investment [Line Items]
Separate account assets	131		100
Fixed maturities
Fair Value, Separate Account Investment [Line Items]
Separate account assets	82		85
Mutual funds
Fair Value, Separate Account Investment [Line Items]
Separate account assets	$ 6,268		$ 5,649

Separate accounts (Separate account liabilities rollforward) (Details) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Separate Account, Liability [Line Items]

Separate Account, Liability, Beginning Balance

$ 6,231

$ 5,573

Separate Account, Liability, Premium and Deposit

802

576

Separate Account, Liability, Policy Charge

(79)

(80)

Separate Account, Liability, Surrender and Withdrawal

(494)

(426)

Separate Account, Liability, Benefit Payment

(225)

(208)

Separate Account, Liability, Increase (Decrease) from Invested Performance

(265)

502

Separate Account, Liability, Increase (Decrease) from Other Change

511

(103)

Separate Account, Liability, Ending Balance

6,481

5,834

Separate Account, Liability, Cash Surrender Value, Amount

^[1]

$ 6,101

$ 5,625

[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 liability (URL Rollforward) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Insurance [Abstract]
Balance – beginning of period	$ 711	$ 673
Deferred revenue	69	69
Amortization	(38)	(36)
Other (including foreign exchange)	11	(31)
Balance – end of period	$ 753	$ 675

Market risk benefits (MRB Roll-Forward) (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Market Risk Benefit [Line Items]

Market risk benefits gains (losses)

$ (17)

$ (29)

$ (109)

$ (8)

Long-Duration Insurance, Other | Variable Annuity

Market Risk Benefit [Line Items]

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

41

(87)

Effect of market movements (1)

^[1]

(50)

(83)

Effect of changes in volatilities

19

(13)

Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected

28

31

Effect of timing and all other

(31)

(33)

Balance, end of period, before effect of changes in the instrument-specific credit risk

599

564

599

564

Effect of changes in the instrument-specific credit risk

10

12

10

12

Balance - end of period

609

576

609

576

Market Risk Benefit, Net Amount at Risk

^[2]

$ 1,479

$ 1,630

1,479

1,630

Market Risk Benefits Other Gains (Losses)

$ (103)

$ (191)

Weighted-average age of policyholders (years)

74 years

[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.

Market Risk Benefits (MRB Valuation) (Details)

Jun. 30, 2025

Jun. 30, 2024

Minimum

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate

0.50%

Significant Unobservable Inputs Annuitization Rate

0.00%

Maximum

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate

27.30%

30.00%

Significant Unobservable Inputs Annuitization Rate

100.00%

Weighted Average

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Long-Duration Contracts, Assumptions by Product and Guarantee, Lapse Rate

^[1]

3.40%

4.30%

Significant Unobservable Inputs Annuitization Rate

^[1]

4.60%

4.30%

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

Debt (Detail) ¥ in Millions, $ in Millions	Jun. 30, 2025 USD ($)	Jun. 30, 2025 CNY (¥)	Apr. 30, 2025 USD ($)	Mar. 31, 2025 USD ($)
Group Syndicated Credit Facility
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 3,000
INA Senior Notes Due March 2025 \| Senior Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount				$ 800
Debt Instrument, Interest Rate, Stated Percentage				3.15%
Commercial Paper Program \| Commercial Paper
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	$ 2,000
Senior Notes [Member] \| INA CNH Term Loan Due April 2028 [Member]
Debt Instrument [Line Items]
Debt Instrument, Face Amount		¥ 1,800	$ 249
Debt Instrument, Interest Rate, Stated Percentage	2.85%	2.85%

Commitments, Contingencies, And Guarantees (Narrative) (Detail) € in Millions, ¥ in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)	Jun. 30, 2025 CNY (¥)	Jun. 30, 2025 EUR (€)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)
Financial Instruments Owned and Pledged as Collateral [Line Items]
Repurchase agreements	$ 3,059			$ 2,731
Carrying value of limited partnerships and partially-owned investment companies included in other investments	16,000			14,500
Unrecognized tax benefits	77
Operating Lease, Right-of-Use Asset	1,044			824
Operating Lease, Liability	$ 1,177			$ 942
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities		Other liabilities	Other liabilities
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets (includes VIE balances of $78 and $26)		Other assets (includes VIE balances of $78 and $26)	Other assets (includes VIE balances of $78 and $26)
Derivative Liability, Subject to Master Netting Arrangement, after Offset	$ 87			$ 199
Private Equity Funds [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Funding commitments relating to limited partnerships and partially-owned investment companies	6,900			$ 6,400
Fixed Maturities [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Funding commitments relating to limited partnerships and partially-owned investment companies	1,300				$ 1,300
Fair Value Hedging
Financial Instruments Owned and Pledged as Collateral [Line Items]
Hedged Liability, Fair Value Hedge	2,000		€ 1,700
INA CNH Term Loan Due April 2028 [Member] \| Net Investment Hedging \| Designated as Hedging Instrument
Financial Instruments Owned and Pledged as Collateral [Line Items]
Notional Amount of Nonderivative Instruments	$ 254	¥ 1,800

Commitments, Contingencies, And Guarantees (Balance Sheet Locations, Fair Values In Asset Or (Liability) Position, And Notional Values/Payment Provisions Of Derivative Instruments) (Detail) - USD ($)
$ in Millions

Jun. 30, 2025

Dec. 31, 2024

Foreign currency forward contracts | Not Designated as Hedging Instrument [Member]

Options/Futures/Forward contracts on notes and bonds | Not Designated as Hedging Instrument [Member]

$ 4,386

$ 3,959

Convertible securities | Not Designated as Hedging Instrument [Member]

909

449

Investment And Embedded Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member]

^[1]

6

12

58

53

(143)

(303)

Futures contracts on equities | Not Designated as Hedging Instrument [Member]

5,301

4,420

Other derivative instruments | Not Designated as Hedging Instrument [Member]

^[2]

986

1,047

Other Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member]

379

211

Currency Swap [Member] | Designated as Hedging Instrument

1,365

1,258

257

146

(223)

116

Currency Swap [Member] | Fair Value Hedging | Designated as Hedging Instrument

5,013

4,475

Currency Swap [Member] | Net Investment Hedging | Designated as Hedging Instrument

2,010

1,579

Other Assets [Member] | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member]

3,003

2,896

Other Assets [Member] | Options/Futures/Forward contracts on notes and bonds | Not Designated as Hedging Instrument [Member]

45

41

Other Assets [Member] | Futures contracts on equities | Not Designated as Hedging Instrument [Member]

6

0

Other Assets [Member] | Other derivative instruments | Not Designated as Hedging Instrument [Member]

^[2]

0

35

Other Assets [Member] | Other Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member]

7

0

Other Assets [Member] | Currency Swap [Member] | Fair Value Hedging | Designated as Hedging Instrument

7

35

Other Assets [Member] | Currency Swap [Member] | Net Investment Hedging | Designated as Hedging Instrument

233

103

Fixed Maturities [Member] | Convertible securities | Not Designated as Hedging Instrument [Member]

24

43

Derivative Asset, Not Subject to Master Netting Arrangement

^[1]

7

12

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Foreign currency forward contracts | Not Designated as Hedging Instrument [Member]

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Options/Futures/Forward contracts on notes and bonds | Not Designated as Hedging Instrument [Member]

(136)

(295)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Futures contracts on equities | Not Designated as Hedging Instrument [Member]

(7)

(8)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other derivative instruments | Not Designated as Hedging Instrument [Member]

^[2]

(31)

0

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Other Derivative Instruments [Member] | Not Designated as Hedging Instrument [Member]

(5)

(2)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Currency Swap [Member] | Fair Value Hedging | Designated as Hedging Instrument

(36)

(2)

Accounts Payable, Accrued Expenses, And Other Liabilities [Member] | Currency Swap [Member] | Net Investment Hedging | Designated as Hedging Instrument

0

Equity Securities | Convertible securities | Not Designated as Hedging Instrument [Member]

(223)

(116)

Derivative Liability, Not Subject to Master Netting Arrangement

^[1]

$ 0

[1]	Includes fair value of embedded derivatives.
[2]	Related to MRB book of business.

Commitment, Contingencies, And Guarantees (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]
Net realized gains (losses)	$ 160	$ 104	$ 44	$ 3
Interest expense reclassified from OCI	181	182	362	360
Designated as Hedging Instrument \| Fair Value Hedging \| Currency Swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gain (loss) recognized in OCI	141	(46)	115	(54)
Net realized gains (losses)	169	(12)	238	(49)
Interest expense reclassified from OCI	(5)	(4)	(9)	(8)
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	$ (23)	$ (30)	$ (114)	$ 3

Amount of interest expense classified as operating and nonoperating. Includes, but is not limited to, cost of borrowing accounted for as interest expense.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 49
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-49

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-24

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 835
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483013/835-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479105/946-220-45-3

Commitments, Contingencies, And Guarantees (Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location) (Details) - Designated as Hedging Instrument - Net Investment Hedging - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	$ (151)	$ 34	$ (135)	$ 67
INA CNH Term Loan Due April 2028 [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	(6)	0	(6)	0
Currency Swap [Member]
Financial Instruments Owned and Pledged as Collateral [Line Items]
Gain (loss) recognized in OCI	(138)	37	(114)	73
Interest income reclassified from OCI	7	3	15	6
Other Comprehensive Income (Loss), before Tax, Portion Attributable to Parent	$ (145)	$ 34	$ (129)	$ 67

Commitments, Contingencies, And Guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member]

$ (2)

$ (3)

$ (5)

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Foreign currency forward contracts

63

(41)

91

(181)

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Options/Futures/Forward contracts on notes and bonds

147

(28)

133

(80)

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Convertible securities

7

12

(2)

18

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Investment And Embedded Derivative Instruments [Member]

^[1]

0

(1)

0

2

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Futures contracts on equities

154

(17)

131

(60)

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Other derivative instruments

^[2]

(89)

(21)

(35)

(116)

Derivative Instruments, Gain (Loss) [Line Items]

Not Designated as Hedging Instrument [Member] | Other Derivative Instruments [Member]

(2)

(3)

(5)

Derivative Instruments, Gain (Loss) [Line Items]

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

$ (91)

$ (24)

$ (40)

$ (121)

[1]	Includes embedded derivatives.
[2]	Related to MRB book of business.

Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Detail) - USD ($) $ in Millions	Jun. 30, 2025	Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 1,941	$ 1,445
Securities lending payable	1,941	1,445
Cash [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	695	557
U.S. and local government securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	161	148
Foreign [Member] \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	1,001	663
Corporate and asset-backed securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	74	49
Equity Securities \| Overnight and Continuous [Member]
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]
Securities lending collateral	$ 10	$ 28

Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions

Jun. 30, 2025

Dec. 31, 2024

Repurchase agreements

$ 3,059

$ 2,731

Asset Pledged as Collateral without Right

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Cash [Member] | Asset Pledged as Collateral without Right

3,132

2,890

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

U.S. and local government securities | Asset Pledged as Collateral without Right

2

21

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Mortgage-backed securities | Asset Pledged as Collateral without Right

0

104

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Repurchase Agreements [Member]

1,925

1,378

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Secured Borrowings, Gross, Difference, Amount

^[1]

73

159

Non-US [Member] | Asset Pledged as Collateral without Right

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | Asset Pledged as Collateral without Right

1,205

1,387

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right

2,182

1,387

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Less than 30 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right

977

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | Asset Pledged as Collateral without Right

1,205

1,387

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right

925

473

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right

2

19

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity 30 to 90 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right

923

454

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | Asset Pledged as Collateral without Right

0

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | Cash [Member] | Asset Pledged as Collateral without Right

25

1,030

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right

0

2

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right

0

104

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Maturity Greater than 90 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right

25

924

Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]

Equity, Class of Treasury Stock [Line Items]

$ 0

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

Shareholders' equity (Details)			6 Months Ended
Shareholders' equity (Details)	Mar. 07, 2025 shares	May 21, 2024 shares	Jun. 30, 2025 SFr / shares shares	May 15, 2025 $ / shares	Dec. 31, 2024 SFr / shares shares	May 16, 2024 $ / shares	May 17, 2023 $ / shares
Stockholders' Equity Note [Abstract]
Common Shares, par value \| SFr / shares			SFr 0.50		SFr 0.50
Treasury Stock, Shares, Retired \| shares	7,518,565	11,825,600	7,518,565
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures \| shares			1,642,634
Common Stock, Dividend Rate Approved \| $ / shares				$ 0.97		$ 0.91	$ 0.86
Annual dividend per share approved by shareholders \| $ / shares				3.88		3.64	3.44
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividend Rate Approved \| $ / shares				0.97		0.91	0.86
Treasury Stock, Shares, Retired \| shares	7,518,565	11,825,600	7,518,565
Treasury Stock, Common, Shares \| shares			13,446,633		18,922,323
Common Shares, par value \| SFr / shares			SFr 0.50		SFr 0.50
Annual dividend per share approved by shareholders \| $ / shares				$ 3.88		$ 3.64	$ 3.44

Shareholders' equity Dividends Declared (Details)	3 Months Ended				6 Months Ended
Shareholders' equity Dividends Declared (Details)	Jun. 30, 2025 SFr / shares	Jun. 30, 2025 $ / shares	Jun. 30, 2024 SFr / shares	Jun. 30, 2024 $ / shares	Jun. 30, 2025 SFr / shares	Jun. 30, 2025 $ / shares	Jun. 30, 2024 SFr / shares	Jun. 30, 2024 $ / shares
Equity, Class of Treasury Stock [Line Items]
Common Stock, Dividends, Per Share, Declared \| (per share)	SFr 0.81	$ 0.97	SFr 0.82	$ 0.91	SFr 1.62	$ 1.88	SFr 1.57	$ 1.77

Shareholders' equity Share Repurchases (Details) - USD ($)
$ in Millions

3 Months Ended

6 Months Ended

Jun. 30, 2025

Jun. 30, 2024

Jun. 30, 2025

Jun. 30, 2024

Jul. 01, 2025

Jul. 01, 2023

Share Repurchase Authorization, Expired

$ 628

July 2023 Stock Repurchase Plan

Equity, Class of Treasury Stock [Line Items]

Stock Repurchase Program, Authorized Amount

$ 5,000

Number of shares repurchased

2,339,727

2,254,236

3,685,509

3,474,357

Cost of shares repurchased

$ 676

$ 570

$ 1,061

$ 886

Repurchase authorization remaining at end of period (1)

$ 0

^[1]

$ 2,808

$ 0

^[1]

$ 2,808

July 2025 Stock Repurchase Plan

Equity, Class of Treasury Stock [Line Items]

Stock Repurchase Program, Authorized Amount

$ 5,000

[1]	As of June 30, 2025, $628 million expired under the July 2023 $5.0 billion share repurchase authorization.

Shareholders' equity AOCI (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Shareholders' equity AOCI (Details) - USD ($) $ in Millions	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Mar. 31, 2025	Dec. 31, 2024	Mar. 31, 2024	Dec. 31, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	$ 1,627	$ (990)	$ 2,674	$ (1,604)
Other Comprehensive Income (Loss), Tax	33	(29)	76	(38)
Other Comprehensive Income (Loss), Net of Tax	1,594	(961)	2,598	(1,566)
Total shareholders' equity	74,447	64,575	74,447	64,575		$ 68,394
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(2,772)	(5,301)	(2,772)	(5,301)	$ (3,704)	(4,552)	$ (4,825)	$ (4,177)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	918	(484)	1,761	(1,280)
Net Realized Gains (Losses) Reclassified from AOCI	(68)	5	(126)	(114)
Other comprehensive income (loss), before income tax	986	(489)	1,887	(1,166)
Other Comprehensive Income (Loss), Tax	50	(7)	111	(49)
Other Comprehensive Income (Loss), Net of Tax	936	(482)	1,776	(1,117)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	4	(6)	(4)	7
AOCI, Liability for Future Policy Benefit, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(746)	66	(746)	66	(645)	(539)	11	51
AOCI, Liability for Future Policy Benefit, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	(130)	53	(252)	0
Other Comprehensive Income (Loss), Tax	(9)	2	(21)	22
Other Comprehensive Income (Loss), Net of Tax	(121)	51	(231)	(22)
AOCI, Liability for Future Policy Benefit, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	(20)	(4)	(24)	(37)
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(12)	(13)	(12)	(13)	(13)	(16)	(17)	(22)
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	1	5	5	10
Other Comprehensive Income (Loss), Tax	0	1	1	1
Other Comprehensive Income (Loss), Net of Tax	1	4	4	9
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	0	0	0	0
Cumulative Foreign Currency Translation Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(2,919)	(3,342)	(2,919)	(3,342)	(3,685)	(4,025)	(2,864)	(2,945)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	803	(527)	1,170	(444)
Net Realized Gains (Losses) Reclassified from AOCI	7	3	15	6
Other comprehensive income (loss), before income tax	796	(530)	1,155	(450)
Other Comprehensive Income (Loss), Tax	(3)	(19)	9	(12)
Other Comprehensive Income (Loss), Net of Tax	799	(511)	1,146	(438)
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	33	(33)	40	(41)
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	(40)	(11)	(40)	(11)	(22)	50	13	(13)
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), before Reclassifications, before Tax	141	(46)	115	(54)
Net Realized Gains (Losses) Reclassified from AOCI	164	(16)	229	(57)
Other comprehensive income (loss), before income tax	(23)	(30)	(114)	3
Other Comprehensive Income (Loss), Tax	(5)	(6)	(24)	1
Other Comprehensive Income (Loss), Net of Tax	(18)	(24)	(90)	2
Accumulated Gain (Loss), Net, Cash Flow Hedge, Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	0	0	0	0
Postretirement Benefit Liability Adjustment [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Total shareholders' equity	431	297	431	297	434	438	296	297
Accumulated Defined Benefit Plans Adjustment Including Portion Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other comprehensive income (loss), before income tax	(3)	1	(7)	(1)
Other Comprehensive Income (Loss), Tax	0	0	0	(1)
Other Comprehensive Income (Loss), Net of Tax	(3)	1	(7)	0
Accumulated Defined Benefit Plans Adjustment Attributable to Noncontrolling Interest
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	0	0	0	0
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Other Comprehensive Income (Loss), Net of Tax	1,577	(918)	2,586	(1,495)
Total shareholders' equity	$ (6,058)	$ (8,304)	$ (6,058)	$ (8,304)	$ (7,635)	$ (8,644)	$ (7,386)	$ (6,809)

Shareholders' equity AOCI Reclassifications (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Equity, Class of Treasury Stock [Line Items]
Interest expense	$ 181	$ 182	$ 362	$ 360
Income Tax (Expense) Benefit	(717)	(490)	(1,038)	(832)
Net income	2,999	2,216	4,342	4,510
Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Net income	71	7	95	(130)
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Income Tax (Expense) Benefit	3	12	28	24
Net income	(65)	17	(98)	(90)
Debt Securities, Available-for-Sale, Realized Gain (Loss)	(68)	5	(126)	(114)
Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Interest expense	7	3	15	6
Income Tax (Expense) Benefit	(1)	0	(3)	(1)
Net income	6	3	12	5
Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest \| Reclassification out of Accumulated Other Comprehensive Income
Equity, Class of Treasury Stock [Line Items]
Foreign Currency Transaction Gain (Loss), Realized	169	(12)	238	(49)
Interest expense	(5)	(4)	(9)	(8)
Income Tax (Expense) Benefit	(34)	(3)	(48)	12
Net income	$ 130	$ (13)	$ 181	$ (45)

Share-Based Compensation (Detail) - $ / shares		6 Months Ended
Share-Based Compensation (Detail) - $ / shares	Mar. 03, 2025	Jun. 30, 2025
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Share-based Compensation Arrangement by Share-based Payment Award, Award Requisite Service Period		3 years
Award term period in years		10 years
Stock options granted	1,253,605
Weighted-average grant date fair value for stock options granted	$ 74.64
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	619,298
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Restricted stock awards granted to employees and officers of the company	103,285
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		4 years
Restricted stock awards granted to employees and officers of the company	287,268
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69
PerformanceBasedStockUnits(PSU)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period in years		3 years
Restricted stock awards granted to employees and officers of the company	289,620
Grant date fair value of awards except for options granted to employees and officers of the company	$ 289.69

Postretirement benefits Components of net periodic benefit costs (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	$ 2	$ 3	$ 4	$ 5
Non-service (benefit) cost	(36)	(31)	(71)	(62)
Net periodic benefit cost (benefit)	(34)	(28)	(67)	(57)
Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Interest cost	1	0	1	1
Expected return on plan assets	(1)	(1)	(1)	(2)
Defined Benefit Plan, Amortization of Gain (Loss)	(1)	0	(2)	(1)
Amortization of prior service cost	0	0	0	0
Settlements	0	0	0	0
Non-service (benefit) cost	(1)	(1)	(2)	(2)
Net periodic benefit cost (benefit)	(1)	(1)	(2)	(2)
Losses and loss expenses \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	(4)	(3)	(7)	(6)
Losses and loss expenses \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	0	0	0	0
Administrative Expense \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	3	4	5
Non-service (benefit) cost	(32)	(28)	(64)	(56)
Administrative Expense \| Other Postretirement Benefits Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Non-service (benefit) cost	(1)	(1)	(2)	(2)
Foreign Plan [Member] \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	2	3	4	5
Interest cost	9	9	18	18
Expected return on plan assets	(14)	(12)	(27)	(25)
Defined Benefit Plan, Amortization of Gain (Loss)	0	0	0	1
Amortization of prior service cost	0	0	0	0
Settlements	0	0	0	0
Non-service (benefit) cost	(5)	(3)	(9)	(6)
Net periodic benefit cost (benefit)	(3)	0	(5)	(1)
UNITED STATES \| Pension Plan [Member]
Defined Benefit Plans and Other Postretirement Benefit Plans
Service cost	0	0	0	0
Interest cost	33	34	67	67
Expected return on plan assets	(62)	(61)	(125)	(122)
Defined Benefit Plan, Amortization of Gain (Loss)	(2)	(1)	(4)	(1)
Amortization of prior service cost	0	0	0	0
Settlements	0	0	0	0
Non-service (benefit) cost	(31)	(28)	(62)	(56)
Net periodic benefit cost (benefit)	$ (31)	$ (28)	$ (62)	$ (56)

Other Income and Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Other Income and Expense (Details) - USD ($) $ in Millions	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Equity in net income (loss) of partially-owned entities	$ 657	$ 94	$ 739	$ 278
Gains (losses) from fair value changes in separate account assets	(12)	11	(22)	21
Asset management and performance fee revenue	57	57	113	110
Asset management and performance fee expense	(39)	(35)	(72)	(68)
Federal excise and capital taxes	(6)	(5)	(11)	(9)
Other	(2)	(12)	(9)	(31)
Total	655	110	738	301
Partially-owned Investment Companies
Unrealized Gain (Loss) on Investments	$ 540	$ 4	$ 513	$ 107

Amount of income (loss) for proportionate share of equity method investee's income (loss).