CHUBB LTD, 10-K filed on 2/27/2026
Annual Report
v3.25.4
Document and Entity Information
$ in Billions
 12 Months Ended
Dec. 31, 2025
SFr / shares
Feb. 20, 2026
shares
Jun. 30, 2025
USD ($)
Dec. 31, 2024
SFr / shares
Document Annual Report true      
Document Transition Report false      
Entity Address, Address Line One Baerengasse 32      
Entity Address, City or Town Zurich      
ICFR Auditor Attestation Flag true      
Common Shares, par value | SFr / shares SFr 0.50     SFr 0.50
Entity Common Stock, Shares Outstanding | shares   390,156,552    
Document Financial Statement Error Correction [Flag] false      
Auditor Location Philadelphia, Pennsylvania      
ICFR Auditor Attestation Flag true      
Document Type 10-K      
Document Period End Date Dec. 31, 2025      
Entity File Number 1-11778      
Entity Registrant Name CHUBB LIMITED      
Entity Incorporation, State or Country Code V8      
Entity Tax Identification Number 98-0091805      
Entity Address, Country CH      
Entity Address, Postal Zip Code 8001      
Country Region 41      
City Area Code (0)43      
Local Phone Number 456 76 00      
Amendment Flag false      
Document Fiscal Year Focus 2025      
Document Fiscal Period Focus FY      
Entity Central Index Key 0000896159      
Current Fiscal Year End Date --12-31      
Entity Well-known Seasoned Issuer Yes      
Entity Voluntary Filers No      
Entity Current Reporting Status Yes      
Entity Interactive Data Current Yes      
Entity Filer Category Large Accelerated Filer      
Entity Small Business false      
Entity Emerging Growth Company false      
Entity Shell Company false      
Entity Public Float | $     $ 115  
Common Class A [Member]        
Title of 12(b) Security Common Shares, par value CHF 0.50 per share      
Trading Symbol CB      
Security Exchange Name NYSE      
INA Senior Notes Due June 2027 [Member]        
Title of 12(b) Security Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027      
Trading Symbol CB/27      
Security Exchange Name NYSE      
INA Senior Notes Due March 2028 [Member]        
Title of 12(b) Security Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028      
Trading Symbol CB/28      
Security Exchange Name NYSE      
INA Senior Notes Due December 2029 [Member]        
Title of 12(b) Security Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029      
Trading Symbol CB/29A      
Security Exchange Name NYSE      
INA Senior Notes Due June 2031 [Member]        
Title of 12(b) Security Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031      
Trading Symbol CB/31      
Security Exchange Name NYSE      
INA Senior Notes Due March 2038 [Member]        
Title of 12(b) Security Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038      
Trading Symbol CB/38A      
Security Exchange Name NYSE      
v3.25.4
Auditor Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name PricewaterhouseCoopers LLP
Auditor Location Philadelphia, Pennsylvania
Auditor Firm ID 238
v3.25.4
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Assets    
Short-term investments, at fair value (amortized cost – $4,840 and $5,143) (includes variable interest entities (VIE) balances of $105 and $57) $ 4,840 $ 5,142
Fixed maturities available-for-sale, at fair value, net of valuation allowance – $52 and $70 (amortized cost – $124,726 and $115,083) 122,680 110,363
Private debt held-for-investment, at amortized cost, net of valuation allowance – $3 and $4 2,411 2,628
Equity securities, at fair value (includes VIE balances of $2,275 and $1,289) 10,801 9,151
Private equities (includes VIE balances of $22 and $22) 17,239 14,769
Other investments (includes VIE balances of $5,818 and $4,538) 10,749 8,597
Total investments 168,720 150,650
Cash, including restricted cash $198 and $261 (includes VIE balances of $168 and $114) 2,470 2,549
Securities lending collateral 2,500 1,445
Accrued investment income 1,305 1,160
Insurance and reinsurance balances receivable, net of valuation allowance – $62 and $59 15,944 14,426
Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $320 and $310 [1] 20,338 19,777
Reinsurance recoverable on policy benefits 286 289
Deferred policy acquisition costs 10,008 8,358
Value of business acquired 2,975 3,223
Goodwill 20,207 [2] 19,579
Other intangible assets 6,241 6,377
Deferred tax assets 1,312 1,603
Prepaid reinsurance premiums 3,874 3,378
Separate account assets 6,925 6,231
Other assets (includes VIE balances of $58 and $26) 9,222 7,503
Total assets 272,327 246,548
Liabilities    
Unpaid losses and loss expenses 88,018 84,004
Unearned premiums 26,279 23,504
Future policy benefits 18,420 16,121
Market risk benefits 659 607
Policyholders' account balances 8,576 8,016
Separate account liabilities 6,925 6,231
Insurance and reinsurance balances payable 8,349 8,121
Repurchase agreements (includes VIE balances of $956 and $815) 3,324 2,731
Securities lending payable 2,500 1,445
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183) 10,108 10,192
Deferred tax liabilities 1,741 1,584
Short-term debt 1,499 800
Long-term debt 15,728 14,379
Hybrid debt 422 419
Total liabilities 192,548 178,154
Commitments and contingencies (refer to Note 14)
Shareholders' equity    
Common Shares (CHF 0.50 par value; 412,107,421 and 419,625,986 shares issued; 391,101,227 and 400,703,663 shares outstanding) 231 235
Common Shares in treasury (21,006,194 and 18,922,323 shares) (4,699) (3,524)
Additional paid-in capital 13,250 14,393
Retained earnings 69,950 61,561
Accumulated other comprehensive income (loss) (AOCI) (4,975) (8,644)
Total Chubb shareholders' equity 73,757 64,021
Noncontrolling interests (includes VIE balances of $5,133 and $3,459) 6,022 4,373
Total shareholders’ equity 79,779 68,394
Total liabilities and shareholders’ equity $ 272,327 $ 246,548
[1] Net of valuation allowance for uncollectible reinsurance.
[2] Includes $464 million attributable to noncontrolling interests
v3.25.4
Consolidated Balance Sheets (Parentheticals)
$ in Millions
Dec. 31, 2025
USD ($)
shares
Dec. 31, 2024
USD ($)
shares
Statement of Financial Position [Abstract]    
Short-term investments amortized cost $ 4,840 $ 5,143
Fixed maturities, available-for-sale, valuation allowance 52 70
Fixed maturities, available-for-sale, at amortized cost 124,726 115,083
Private debt, held-for-investment, valuation allowance 3 4
Restricted Cash 198 261
Insurance and reinsurance balances receivable, Allowance for Credit Losses 62 59
Valuation allowance for uncollectible reinsurance $ 320 $ 310
Common Shares, shares issued | shares 412,107,421 419,625,986
Common Stock, Shares Authorized | shares 412,107,421 419,625,986
Common Shares, shares outstanding | shares 391,101,227 400,703,663
Treasury Stock, Common, Shares | shares 21,006,194 18,922,323
Short-term investments $ 4,840 $ 5,142
Equity securities 10,801 9,151
Private equities 17,239 14,769
Other investments 10,749 8,597
Cash, including restricted cash 2,470 2,549
Other assets 9,222 7,503
Repurchase agreements 3,324 2,731
Noncontrolling interests 6,022 4,373
Variable Interest Entity, Primary Beneficiary    
Short-term investments 105 57
Equity securities 2,275 1,289
Private equities 22 22
Other investments 5,818 4,538
Cash, including restricted cash 168 114
Other assets 58 26
Repurchase agreements 956 815
Other liabilities 159 183
Noncontrolling interests $ 5,133 $ 3,459
v3.25.4
Consolidated Statements Of Operations and Comprehensive Income - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues      
Net premiums written $ 54,842 $ 51,468 $ 47,361
Increase in unearned premiums (1,828) (1,622) (1,649)
Net premiums earned 53,014 49,846 45,712
Net investment income 6,465 5,930 4,937
Net realized gains (losses) 211 117 (607)
Market risk benefits gains (losses) (288) (140) (307)
Total revenues 59,402 55,753 49,735
Expenses      
Losses and loss expenses 26,700 26,022 24,100
Policy benefits (includes remeasurement gains (losses) of $59, $(2), and $19) 5,460 4,714 3,628
Policy acquisition costs 9,847 9,102 8,259
Administrative expenses 4,504 4,380 4,007
Interest expense 764 741 672
Other (income) expense (1,297) (1,023) (836)
Amortization of purchased intangibles 301 323 310
Integration expenses and severance 79 39 69
Total expenses 46,358 44,298 40,209
Income before income tax 13,044 11,455 9,526
Income tax expense 2,422 1,815 511
Net income 10,622 9,640 9,015
Net income (loss) attributable to noncontrolling interests 312 368 (13)
Net income attributable to Chubb 10,310 9,272 9,028
Other comprehensive income (loss):      
Unrealized appreciation (depreciation) 2,655 (251) 3,448
Current discount rate on future policy benefits 235 (701) 84
Instrument-specific credit risk on market risk benefits (8) 7 2
Cumulative foreign currency translation adjustment 1,047 (1,177) (13)
Other, including postretirement benefit liability adjustment 49 257 157
Other comprehensive income (loss), before income tax 3,978 (1,865) 3,678
Income tax expense related to OCI items (149) (117) (317)
Other comprehensive income (loss) 3,829 (1,982) 3,361
Comprehensive income 14,451 7,658 12,376
Comprehensive income (loss) attributable to noncontrolling interests 472 221 (28)
Comprehensive income attributable to Chubb $ 13,979 $ 7,437 $ 12,404
Earnings per share      
Basic earnings per share attributable to Chubb $ 25.93 $ 22.94 $ 21.97
Diluted earnings per share attributable to Chubb $ 25.68 $ 22.70 $ 21.80
v3.25.4
Consolidated Statements of Operations and Comprehensive Income (Parentheticals) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Comprehensive Income [Abstract]      
Liability for Future Policy Benefit, Remeasurement Gain (Loss) $ 59 $ (2) $ 19
v3.25.4
Consolidated Statements Of Shareholders' Equity - USD ($)
$ in Millions
Total
Common Shares
Treasury Stock, Common
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Income
Noncontrolling Interest
Parent
Total shareholders’ equity   $ 10,346 $ (5,113) $ 7,166 $ 48,305 $ (10,185) $ 0  
CB_Par Value Reduction   (9,759)   9,759        
Treasury Stock, Retired, Cost Method, Amount   (346) 2,869   (2,523)      
Common Shares repurchased     (2,478)          
Net shares issued under employee share-based compensation plans     322 (192)        
Stock Issued During Period, Value, Stock Options Exercised       (20)        
Share-based compensation expense       322        
Noncontrolling Interest, Increase from Business Combination       31        
FundingDividendsDeclaredToRetainedEarnings       (1,401)        
Net income attributable to Chubb $ 9,028       9,028      
Funding Dividends Declared From Additional Paid In Capital         1,401      
Dividends declared on Common Shares         (1,401)      
Other Comprehensive Income (Loss), Net of Tax 3,361         3,376    
Net increase (decrease) due to consolidation, deconsolidation, and other transactions             4,212  
Net income (loss) attributable to noncontrolling interests (13)           (13)  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest             (15)  
Other increase (decrease) in noncontrolling interest             0  
Total shareholders’ equity 63,691 241 (4,400) 15,665 54,810 (6,809) 4,184 $ 59,507
CB_Par Value Reduction   0   0        
Treasury Stock, Retired, Cost Method, Amount   (6) 2,527   (2,521)      
Common Shares repurchased     (2,024)          
Net shares issued under employee share-based compensation plans     373 (124)        
Stock Issued During Period, Value, Stock Options Exercised       (23)        
Share-based compensation expense       361        
Noncontrolling Interest, Increase from Business Combination       (31)        
FundingDividendsDeclaredToRetainedEarnings       (1,455)        
Net income attributable to Chubb 9,272       9,272      
Funding Dividends Declared From Additional Paid In Capital         1,455      
Dividends declared on Common Shares         (1,455)      
Other Comprehensive Income (Loss), Net of Tax (1,982)         (1,835)    
Net increase (decrease) due to consolidation, deconsolidation, and other transactions             (26)  
Net income (loss) attributable to noncontrolling interests 368           368  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest             (147)  
Other increase (decrease) in noncontrolling interest             (6)  
Total shareholders’ equity 68,394 235 (3,524) 14,393 61,561 (8,644) 4,373 64,021
CB_Par Value Reduction   0   0        
Treasury Stock, Retired, Cost Method, Amount   (4) 1,923   (1,921)      
Common Shares repurchased     (3,387)          
Net shares issued under employee share-based compensation plans     289 (92)        
Stock Issued During Period, Value, Stock Options Exercised       0        
Share-based compensation expense       400        
Noncontrolling Interest, Increase from Business Combination       69        
FundingDividendsDeclaredToRetainedEarnings       (1,520)        
Net income attributable to Chubb 10,310       10,310      
Funding Dividends Declared From Additional Paid In Capital         1,520      
Dividends declared on Common Shares         (1,520)      
Other Comprehensive Income (Loss), Net of Tax 3,829         3,669    
Net increase (decrease) due to consolidation, deconsolidation, and other transactions             1,177  
Net income (loss) attributable to noncontrolling interests 312           312  
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest             160  
Other increase (decrease) in noncontrolling interest             0  
Total shareholders’ equity $ 79,779 $ 231 $ (4,699) $ 13,250 $ 69,950 $ (4,975) $ 6,022 $ 73,757
v3.25.4
Consolidated Statements Of Cash Flows - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Adjustments to reconcile net income to net cash flows from operating activities      
Net Realized Gains Losses $ (211) $ (117) $ 607
Market Risk Benefit, Change in Fair Value, Gain (Loss) 288 140 307
Accretion (Amortization) of Discounts and Premiums, Investments (409) (367) (148)
Amortization of purchased intangibles 301 323 310
Deferred income taxes 330 96 (1,124)
Equity in net income of subsidiaries and affiliates (1,143) (967) (867)
Unpaid losses and loss expenses 2,706 4,567 3,470
Unearned premiums 2,098 1,805 1,377
Future policy benefits 2,186 1,841 848
Insurance and reinsurance balances payable 131 (105) (155)
Accounts payable, accrued expenses, and other liabilities 53 342 (735)
Income taxes (160) 69 128
Insurance and reinsurance balances receivable (1,167) (1,278) (1,072)
Reinsurance recoverable (169) (30) (498)
Deferred policy acquisition costs (1,566) (1,429) (1,100)
Net sales of investments by consolidated investment products (1,090) 278 450
Other 16 1,374 1,819
Net Cash Provided by (Used) in Operating Activities, Total 12,816 16,182 12,632
Cash flows from investing activities      
Purchases of fixed maturities available-for-sale (34,157) (33,759) (28,672)
Purchases of fixed maturities held-to-maturity 0   (208)
Purchases of equity securities (2,799) (4,333) (1,395)
Sales of fixed maturities available-for-sale 12,231 12,815 14,593
Sales of equity securities 2,807 2,996 1,084
Maturities and redemptions of fixed maturities available-for-sale 12,675 10,810 7,026
Maturities and redemptions of fixed maturities held-to-maturity 0   708
Net change in short-term investments 462 (763) 1,169
Net derivative instruments settlements (185) (93) (153)
Private equity contributions (3,014) (1,070) (2,024)
Private equity distributions 1,721 1,397 1,164
Acquisition of subsidiaries (net of cash acquired of $32, nil, and $560) (289) (538) (34)
Cash And Cash Equivalents Increase (Decrease) Due To Consolidation And Deconsolidation Of Investment Products 0 27 (17)
Other (712) (1,412) (889)
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (11,260) (13,923) (7,648)
Cash flows from financing activities      
Dividends paid on Common Shares (1,505) (1,436) (1,394)
Common Shares repurchased (3,694) (1,801) (2,411)
Proceeds from issuance of long-term debt 2,424 2,408 0
Repayments of Long-term Debt (800) (1,437) (475)
Proceeds from share-based compensation plans 327 356 212
Policyholder contract deposits 853 1,024 645
Policyholder contract withdrawals (594) (709) (458)
Third-party capital invested into consolidated investment products 2,556 1,614 126
Third-party capital distributed by consolidated investment products (1,753) (1,621) (745)
Proceeds from issuance of repurchase agreements 6,297 4,505 4,984
Repayment of repurchase agreements (5,693) (4,822) (4,728)
Tax withholding payments for share-based compensation plans (268) (262) (245)
Net cash flows (used for) from financing activities (1,850) (2,181) (4,489)
Effect of foreign currency rate changes on cash and restricted cash 215 (150) (1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (79) (72) 494
Cash and restricted cash - beginning of year 2,549 2,621 2,127
Cash and restricted cash - end of year 2,470 2,549 2,621
Supplemental cash flow information      
Interest paid 650 599 553
Net income $ 10,622 $ 9,640 $ 9,015
v3.25.4
Statement of Cash Flows (Parenthetical) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statement of Cash Flows [Abstract]      
Cash Acquired from Acquisition $ 32 $ 0 $ 560
v3.25.4
Summary of significant accounting policies
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Summary of significant accounting policies Summary of 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 19 for additional information.

The accompanying Consolidated Financial Statements, which 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 consolidated subsidiaries and VIEs in which we do not have direct equity ownership. These 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.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At December 31, 2025, and December 31, 2024, our aggregate ownership interest in Huatai Group was approximately 87.2 percent and 85.5 percent, respectively. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests. Refer to Note 2 for additional information on the acquisition of Huatai Group.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated Financial Statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include:
•unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures;
•future policy benefits reserves;
•the valuation of value of business acquired (VOBA);
•the assessment of risk transfer for certain structured insurance and reinsurance contracts;
•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;
•the valuation of the investment portfolio and assessment of valuation allowance for expected credit losses;
•the valuation of deferred income taxes;
•the valuation and amortization of purchased intangibles; and
•the assessment of goodwill for impairment.

b) Premiums
Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term.

For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the
unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period.

Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period.

Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are recognized in relation to insurance in force resulting in the recognition of profit over the life of the contracts.

Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method.

Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one year to three years.

c) Deferred policy acquisition costs (DAC)
DAC consists of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations.

Short-duration contracts
Policy acquisition costs are amortized ratably over the period the related premiums are earned. Policy acquisition costs are reviewed to determine if they are recoverable from future income including investment income. Unrecoverable policy acquisition costs are expensed in the period identified.

Long-duration contracts
Policy acquisition costs are grouped by contract type and issue year into cohorts consistent with the groupings used in estimating the associated liability and are expensed on a constant level basis over the expected term of the related contracts to approximate straight-line amortization at the contract level. The constant level basis used for amortization is the insurance in-force and is projected using the same assumptions used in estimating the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected changes in the in-force portfolio, due to variances in mortality and lapse experience, are recognized over the contract term. Changes in future mortality and lapse assumptions are also recognized prospectively over the remaining expected contract term.

Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral. Qualified expenses include individual direct-response marketing campaigns where we can demonstrate the campaigns have specifically resulted in incremental sales to customers and such sales have probable future economic benefits. Any costs directly related to the marketing campaigns are deferred, included with other policy acquisition costs, and expensed as a component of Policy acquisition costs using the same amortization basis.

d) Value of business acquired (VOBA)
As part of business combination accounting, a VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts. This intangible represents the present value of estimated net cash flows for the in-force contracts as of the acquisition date. VOBA is amortized as a component of Policy acquisition costs in the Consolidated statements of operations in relation to the profit emergence of the underlying acquired contracts. The valuation of VOBA is based on many factors including
mortality, morbidity, persistency, investment yields, expenses, and discount rate. The VOBA intangible is tested for recoverability at least annually using a premium deficiency test. Unrecoverable VOBA is expensed in the period identified.

e) Reinsurance
Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders.

For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements.

Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement.

Reinsurance recoverable is presented net of a valuation allowance for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The valuation allowance for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. The more significant considerations to calculate the valuation allowance include, but are not necessarily limited to, the following:
•For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;
•For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 11.2 percent, consistent with published statistics of a major rating agency;
•For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and
•For other recoverables, management determines the valuation allowance for uncollectible reinsurance based on the specific facts and circumstances.

The methods used to determine the reinsurance recoverable balance and related valuation allowance for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified.

The methods used to determine the valuation allowance for uncollectible high deductible recoverable amounts and valuation allowance for insurance and reinsurance balances receivable are similar to the processes used to determine the valuation allowance for uncollectible reinsurance recoverable. For information on high deductible policies, refer to section k) Unpaid losses and loss expenses, below.

Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force.

f) Investments
Fixed maturities, equity securities, and short-term investments
Fixed maturities are primarily classified as available-for-sale (AFS) and are reported at fair value, net of a valuation allowance for credit losses, with changes in fair value recorded as a separate component of AOCI in Shareholders' equity.

Equity securities are reported at fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations.

Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost.

Interest, dividend income, and amortization of fixed maturity market premiums and discounts, related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statements of operations. Realized gains or losses on sales of investments are determined on a first-in, first-out basis.

For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised, as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income.

Valuation allowance for fixed income securities
Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level, but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If management has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to Net realized gains and losses. If management does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and is recorded through income to Net realized gains and losses, and the non-credit loss portion is recorded through other comprehensive income.

Examples of criteria that are collectively evaluated to determine if a credit loss has occurred include the following:
•The extent to which the fair value is less than amortized cost;
•Adverse conditions related to the security, industry, or geographic area;
•Downgrades in the security's credit rating by a rating agency; and
•Failure of the issuer to make scheduled principal or interest payments.

AFS securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Chubb developed the projected cash flows using market data, issuer-specific information, and credit ratings. In combination with contractual cash flows and the use of historical default and recovery data by Moody's Investors Service (Moody's) rating category, we generate expected cash flows using the average cumulative issuer-weighted global default rates by letter rating.
If the present value of expected future cash flows is less than the amortized cost, a credit loss exists and an allowance for credit losses will be recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, management will conclude an expected credit loss does not exist.

Management reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a fixed maturity security is identified to be uncollectible and written off, the valuation allowance for expected credit losses is reduced. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. Below are considerations for when a security may be deemed uncollectible:
•We have sufficient information to determine that the issuer of the security is insolvent;
•We receive notice that the issuer of the security has filed for bankruptcy, and the collectability is expected to be adversely impacted by the bankruptcy;
•The issuer of a security has violated multiple debt covenants;
•Amounts have been past due for a specified period of time with no response from the issuer;
•A significant deterioration in the value of the collateral has occurred; and
•We have received correspondence from the issuer of the security indicating that it does not intend to pay the contractual principal and interest.
We elected to not measure an allowance for accrued investment income as uncollectible balances are written off in a timely manner, typically 30 to 45 days after uncollected balances are due.
Private debt held-for-investment
Private debt held-for-investment relates principally to investments in the funding of public and private projects that are mostly infrastructure and relate to Huatai’s investment portfolio. They have stated interest rates and maturity dates with fixed or determinable payments. Private debt held-for-investment are carried at amortized cost, net of a valuation allowance for credit losses. Management evaluates current expected credit losses (CECL) for all Private debt held-for-investment each quarter on a collective pool basis using S&P's corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. Interest income is recorded when earned within Net investment income on the Consolidated statements of operations.

Private equities
Private equities principally consist of Investment funds, limited partnerships, and partially owned investment companies.

Investment funds and limited partnerships
Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence, generally, when we own less than three percent of the investee's shares, are accounted for as follows:
•Income and expenses from these funds are reported within Net investment income.
•These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Refer to Note 4 for a further discussion on net asset value.
•As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
•Sales of these investments are reported within Net realized gains (losses).

Partially-owned investment companies
Partially-owned investment companies are limited partnerships where our ownership interest is generally in excess of three percent and are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method.
•This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense.
•As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
Other investments
•Huatai’s asset management businesses create investment entities known as consolidated investment products which include mutual funds with primary holdings in fixed maturities. These securities are reported at fair value with changes in fair value reported through the Consolidated statements of operations within Net realized gains (losses) as required under investment company accounting standards.
•Fixed maturities supporting certain participating policy liabilities principally relate to the Huatai investment portfolio. We have elected to account for these investments using the fair value option so that changes in fair value of the fixed maturities are recorded in Net realized gains (losses), as opposed to a component within AOCI, to offset corresponding changes in policyholder liabilities within Policy benefits.
•Policy loans are carried at outstanding balance and interest income is reflected in Net investment income.
•Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense.
•Non-qualified separate account assets are supported by assets that do not qualify for separate account reporting under U.S. GAAP and are carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense.

Securities lending program
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 which is recorded within Net investment income in the Consolidated statements of operations.

Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The fair value of the securities on loan is included in Fixed maturities available-for-sale and Equity securities in the Consolidated balance sheets. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. 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 securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest.

Repurchase agreements
Securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statements of operations.

Refer to Note 4 for a discussion on the determination of fair value for Chubb's various investment securities.

g) Consolidation of Variable interest entities (VIEs)
Chubb consolidates entities in which it has a controlling interest and is a primary beneficiary of a VIE. Huatai's asset management businesses create investment entities known as consolidated investment products which include mutual funds with primary holdings in fixed maturities. While many investors may not be related parties, Huatai invests in these funds at various ownership percentages. We consolidate the VIEs if we are the primary beneficiary, which is generally when we hold an economic interest of 10 percent or more. The consolidation of VIEs requires us to record 100 percent of both the underlying
assets and liabilities of the mutual funds within the Consolidated balance sheets as well as the profit and losses within the Consolidated statements of operations. The relevant amounts attributable to investors other than Chubb are reflected as Noncontrolling interests. Purchases and sales of investments by the consolidated VIEs are reported as operating activities on the Consolidated statements of cash flows. Where Huatai's ownership in these consolidated investment products is less than 10 percent, we generally would not expect to be the primary beneficiary of these VIEs and would not consolidate. Our economic risk with respect to each investment in a consolidated investment product is limited to our equity ownership and any uncollected management and performance fees. Refer to Note 3 h) for additional information.

h) Derivative instruments
Derivative instruments are carried at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. We participate in these derivative instruments primarily to mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities denominated in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency forward contracts. Refer to Note 14 for additional information.

Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) and changes in fair value of futures contracts on equities related to our variable annuity reinsurance business are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

We also invest in certain derivative instruments that are designated as hedging instruments and qualify for hedge accounting. These derivatives designated as hedging instruments must be highly effective in mitigating the designated changes of the hedged item. We assess at the hedge's inception, and continue to assess on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to be highly effective in offsetting changes in the hedged items. Derivatives designated as hedging instruments include cross-currency swaps designated as fair value hedges for foreign currency exposure associated with portions of our euro denominated debt and net investment hedges for foreign currency exposure in the net investments of certain foreign subsidiaries. Refer to Note 14 for additional information.

Changes in fair value of net investment hedges are recorded in Cumulative translation adjustments (CTA) within OCI. Changes in fair value of fair value hedges that principally offset the foreign currency remeasurement on the hedged debt is recorded within Net realized gains (losses) on the Consolidated statement of operations with the remaining change in fair value recorded in Other, within OCI.

i) Cash
We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $1.5 billion in the aggregate). Our group syndicated credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool.

Restricted cash
Included in Cash is restricted cash of $198 million and $261 million at December 31, 2025 and 2024, respectively. Restricted cash represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.

j) Goodwill and Other intangible assets
Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates it is more likely than not that carrying value exceeds fair value, we quantitatively estimate a reporting unit's fair value.
Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally with an average original useful life of 25 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.

k) Unpaid losses and loss expenses
A liability is established for the estimated unpaid losses and loss expenses under the terms of Chubb's policies and agreements. Similar to premiums that are recognized as revenues over the coverage period of the policy, a liability for unpaid losses and loss expenses is recognized as expense when insured events occur over the coverage period of the policy. This liability includes a provision for both reported claims (case reserves) and incurred but not reported claims (IBNR reserves). IBNR reserve estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The methods of determining such estimates and establishing the resulting liability are reviewed regularly and any adjustments are reflected in income in the period in which they become known. Future developments may result in losses and loss expenses materially greater or less than recorded amounts.

Except for net unpaid loss and loss expense reserves for certain structured settlements for which the timing and amount of future claim payments are reliably determinable and certain reserves for unsettled claims, Chubb does not discount its P&C loss reserves. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

Included in Unpaid losses and loss expenses are liabilities for A&E claims and expenses. These unpaid losses and loss expenses are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to asbestos products and environmental hazards. The estimation of these liabilities is particularly sensitive to changes in the legal environment including specific settlements that may be used as precedents to settle future claims. However, Chubb does not anticipate future changes in laws and regulations in setting its A&E reserve levels.

Also included in Unpaid losses and loss expenses is the fair value adjustment of $61 million and $60 million at December 31, 2025 and 2024, respectively, principally related to Chubb Corp’s historical unpaid losses and loss expenses. The estimated fair value consists of the present value of the expected net unpaid loss and loss adjustment expense payments adjusted for an estimated risk margin. The estimated cash flows are discounted at a risk-free rate. The estimated risk margin varies based on the inherent risks associated with each type of reserve. The fair value is amortized through Amortization of purchased intangibles on the Consolidated statements of operations based on the estimated payout patterns of unpaid loss and loss expenses at the acquisition date.

Our loss reserves are presented net of contractual deductible recoverable amounts due from policyholders. Under the terms of certain high deductible policies which we offer, such as workers’ compensation and general liability, our customers are responsible to reimburse us for an agreed-upon dollar amount per claim. In nearly all cases we are required under such policies to pay covered claims first, and then seek reimbursement for amounts within the applicable deductible from our customers. We generally seek to mitigate this risk through collateral agreements.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premiums from previous accident years.

For purposes of analysis and disclosure, management views prior period development to be changes in the nominal value of loss estimates from period to period, net of premium and profit commission adjustments on loss sensitive contracts. Prior period development generally excludes changes in loss estimates that do not arise from the emergence of claims, such as those related to uncollectible reinsurance, interest, unallocated loss adjustment expenses, or foreign currency. Accordingly, specific items excluded from prior period development include the following: gains/losses related to foreign currency remeasurement; losses recognized from the early termination or commutation of reinsurance agreements that principally relate to the time value of money; changes in the value of reinsurance business assumed reflected in losses incurred but principally related to the time value of money; and losses that arise from changes in estimates of earned premiums from prior accident years. Except for foreign currency remeasurement, which is included in Net realized gains (losses), these items are included in current year losses within Losses and loss expenses on the Consolidated statements of operations.
l) Future policy benefits
For traditional and limited-payment contracts, contracts are grouped into cohorts by coverage type and issue year to determine a liability for future policy benefits. The future policy benefit liability (FPBL) is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders and is accrued as premium revenue is recognized. The valuation of this liability requires management to make estimates and assumptions regarding expenses, mortality, and persistency. Estimates are primarily based on historical experience. Actual results could differ materially from these estimates.

The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, we review our future cash flow assumptions at least annually to determine if the net premium ratio (NPR), the mechanism to record the liability as premium is earned, should be changed at that time. We have elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Each quarter, we update the cash flows expected over the entire life of each cohort for actual historical experience and projected future cash flows. These updated cash flows are used to calculate the revised NPR, which is used to derive an updated FPBL as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, but before the updating of cash flow assumptions, to determine the current period change in FPBL. This current period change in the liability is the remeasurement gain or loss and is recorded in Policy benefits in the Consolidated statements of operations. In subsequent periods, the revised NPR is used to record the FPBL until future revisions become required.

For traditional and limited-payment contracts, the discount rate assumption is based on an upper-medium grade fixed-income instrument yield. An equivalent rate is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The discount rate assumption is updated quarterly and used to remeasure the liability at each reporting date, with the resulting change reflected in Other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level, as the basis for a linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Deferred profit liability
For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (DPL) and recorded as a component of Future policy benefits in the Consolidated balance sheets. Net premiums are measured using actual cash flows and future cash flow assumptions consistent with those used in the measurement of the liability for future policy benefits and remeasured quarterly. The DPL is amortized in proportion to the discounted in-force policies. Interest is accreted on the balance of the DPL using the discount rate consistent with the interest accretion on the FPBL. The recalculated DPL, including adjusted amortization through the current period, is compared to the current carrying amount and the difference is recognized as an adjustment to Policy benefits in the Consolidated statements of operations as a remeasurement gain or loss.

m) Market Risk Benefits
Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States, which meet the definition of Market risk benefits (MRB). These reinsurance contracts provide protection to the ceding entity from, and expose us to, other-than-nominal capital market risk. Market risk benefits are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are recognized in Market risk benefits gains (losses) in the Consolidated statements of operations, except the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income.

We generally receive a monthly premium during the accumulation phase of the covered annuities (in-force) based on a percentage of either the underlying accumulated account values or the underlying accumulated guaranteed values. Depending on an annuitant's age, the accumulation phase can last many years. To limit our exposure under these programs, all reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible.

The guarantees which are payable on death, referred to as guaranteed minimum death benefits (GMDB), principally cover shortfalls between accumulated account value at the time of an annuitant's death and either i) an annuitant's total deposits; ii) an annuitant's total deposits plus a minimum annual return; or iii) the highest accumulated account value attained at any policy anniversary date. In addition, a death benefit may be based on a formula specified in the variable annuity contract that uses a percentage of the growth of the underlying contract value.
Under reinsurance programs covering guaranteed living benefits (GLB), we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income.

n) 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. Separate account liabilities primarily represent the policyholders’ account balances in separate account assets and are equal and offsetting to total separate account assets. The assets of each account are legally segregated and are not subject to claims that arise out of Chubb’s business. Mortality, policy administration and surrender charges assessed against the accounts are included in Net premiums earned on the Consolidated statements of operations. The related investment performance of the separate account assets (including interest, dividends, realized gains and losses, and changes in unrealized gains and losses) generally accrue to the policyholders and are not included in our Consolidated statements of operations. Fees charged against the separate accounts are deferred and recorded as unearned revenue liabilities within Policyholders’ account balances on the Consolidated balance sheets until they are earned within Net premiums earned on the Consolidated statements of operations. Refer to section o) Policyholders’ account balances, below.

o) Policyholders' account balances
Policyholders' account balances represent a liability for investment contracts sold that do not meet the definition of an insurance contract, and certain of these contracts are sold with a guaranteed rate of return. Consideration received or paid is recorded as a deposit asset or liability in the balance sheet as opposed to recording premiums and losses in the statements of operations. The liability for policyholders' account balances equals accumulated policy account values, which consist of consideration received from the policyholder, plus any credited income, less any relevant charges. Also included within Policyholders' account balances is an unearned revenue liability which represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs.

Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under U.S. GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Policyholders’ account balances in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under U.S. GAAP are reported in Other (income) expense, and the offsetting movements in the liabilities are included in Policy benefits in the Consolidated statements of operations.

p) Property and equipment
Property and equipment used in operations are capitalized and carried at cost less accumulated depreciation and are reported within Other assets in the Consolidated balance sheets. At December 31, 2025, property and equipment totaled $3.5 billion, consisting principally of capitalized software costs of $2.2 billion incurred to develop or obtain computer software for internal use and company-owned facilities of $364 million. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. For capitalized software, the estimated useful life is generally three years to five years (for security and analytics systems), but can be as long as 15 years (for systems of record such as our general ledger and processing systems such as our policy administration systems). For company-owned facilities the estimated useful life is 40 years. At December 31, 2024, property and equipment totaled $3.1 billion.

q) Foreign currency remeasurement and translation
The functional currency for each of our foreign operations is generally the currency of the local operating environment. Transactions in currencies other than a foreign operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains and losses are reflected in Net realized gains (losses) in the Consolidated statements of operations. Functional currency assets and liabilities are translated into the reporting currency, U.S. dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of AOCI in Shareholders' equity. Functional statement of operations amounts expressed in functional currencies are translated using average exchange rates.

r) Administrative expenses
Administrative expenses generally include all operating costs other than policy acquisition costs. The North America Commercial P&C Insurance segment manages and uses an in-house third-party claims administrator, ESIS Inc. (ESIS). ESIS performs claims management and risk control services for domestic and international organizations that self-insure P&C exposures as well as internal P&C exposures. The net operating income (loss) of ESIS is included within Administrative expenses in the Consolidated
statements of operations and was $10 million, $7 million, and $(2) million for the years ended December 31, 2025, 2024, and 2023, respectively.

s) Asset management and performance fee revenue and expenses
Huatai's asset management companies recognize revenue and expenses from the management of third-party assets which are unrelated to Chubb's core insurance operations. These revenues include management fees, which are recognized in the period in which the services are performed, and asset performance fees, which are recognized to the extent it is probable that a significant reversal will not occur. These fees and expenses are included in Other (income) expense on the Consolidated statements of operations. Refer to Note 18 for additional information.

t) Income taxes
Income taxes have been recorded related to those operations subject to income tax. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the Consolidated Financial Statements and the tax basis of our assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax law or rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to these deferred tax assets will not be realized. The valuation allowance assessment considers tax planning strategies, where appropriate.

We recognize uncertain tax positions that are determined to be more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Chubb's policy for releasing income tax effects from AOCI is to release them as investments are sold or mature and as pension and postretirement benefit liabilities are extinguished. Refer to Note 12 for additional information.

u) Earnings per share
Basic earnings per share is calculated using the weighted-average shares outstanding, including participating securities with non-forfeitable rights to dividends such as unvested restricted stock. All potentially dilutive securities, including stock options are excluded from the basic earnings per share calculation. In calculating diluted earnings per share, the weighted-average shares outstanding is increased to include all potentially dilutive securities. Basic and diluted earnings per share are calculated by dividing Net income attributable to Chubb by the applicable weighted-average number of shares outstanding during the year.

v) Share-based compensation
Chubb measures and records compensation cost for all share-based payment awards at grant-date fair value. Compensation costs are recognized for vesting of share-based payment awards with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. For retirement-eligible participants, compensation costs for certain share-based payment awards are recognized immediately at the date of grant. Refer to Note 16 for additional information.

w) Integration expenses and severance
Direct costs related to business combinations were expensed as incurred. Integration expenses and severance were $79 million, $39 million, and $69 million for the years ended December 31, 2025, 2024, and 2023, respectively, and include all internal and external costs directly related to the integration activities, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. Integration related expenses principally consisted of third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition.

x) New accounting pronouncements

Accounting guidance adopted in 2025
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. We prospectively adopted this disclosure-only guidance for our annual 2025 reporting, and modified the presentation of our taxation disclosures. Refer to Note 12 for additional information.
Accounting guidance not yet adopted
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.
Accounting Standards Update
Accounting guidance adopted in 2025
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. We prospectively adopted this disclosure-only guidance for our annual 2025 reporting, and modified the presentation of our taxation disclosures. Refer to Note 12 for additional information.
Accounting guidance not yet adopted
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.
v3.25.4
Acquisitions
 12 Months Ended
Dec. 31, 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. On February 2, 2026, we completed the acquisition of Liberty Insurance in Vietnam, which will be reported in our Overseas General Insurance segment in the first quarter of 2026. These acquisitions are not material to Chubb's financial results.

Healthy Paws
On May 31, 2024, we acquired the business of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc for approximately $300 million in cash. We recognized goodwill of $256 million and intangible assets of $44 million from this acquisition. Chubb has been the exclusive underwriter of Healthy Paws since 2013. The transaction positions Chubb to expand in a niche market with substantial growth potential. This business is assigned to the North America Commercial Insurance segment.

Huatai Group
Huatai Insurance Group Co., Ltd. (Huatai Group) is a Chinese financial services holding company and the parent company of, among others, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), Huatai Life Insurance Co., Ltd. (Huatai Life), Huatai Asset Management Co., Ltd., and Huatai Baoxing Fund Management Co., Ltd., of which Huatai Group owns 100 percent, 80 percent, 91 percent, and 85 percent, respectively (collectively, Huatai).
On July 1, 2023, Chubb further advanced our goal of greater product, customer, and geographical diversification by obtaining a controlling interest in Huatai Group, as we increased ownership interest from approximately 64.2 percent to approximately 69.6 percent. At that time, Chubb discontinued the equity method of accounting and applied consolidation accounting. Accordingly, Chubb remeasured the 64.2 percent equity method investment to its fair value of $4.1 billion as of July 1, 2023, resulting in a one-time realized gain of $763 million after-tax, reflecting the remeasurement of the previously held equity interest's historical carrying value to fair value. There was also a net realized and unrealized loss of $17 million after-tax reflecting the write-off of AOCI loss balances accumulated while under equity method accounting of $611 million with an offset to realized loss of $628 million.

Subsequent to consolidation on July 1, 2023, we acquired incremental ownership interests, including approximately 7.0 percent in 2023, approximately 9.0 percent in 2024, and approximately 1.6 percent in 2025. Our aggregate ownership interest in Huatai Group was approximately 87.2 percent as of December 31, 2025.
Huatai Group's life insurance and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment. Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate. The following table summarizes the results of the acquired Huatai Group operations since the acquisition date that have been included within our Consolidated statements of operations:

July 1, 2023 to
(in millions of U.S. dollars)
December 31, 2023
Total revenues$739 
Net loss$(30)
Net loss attributable to Chubb
$(17)

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

Pro forma:
For the Year Ended December 31
(in millions of U.S. dollars)2023
Net premiums earned$46,502 
Total revenues$50,550 
Net income$8,850 
Net income attributable to Chubb$8,859 
v3.25.4
Investments
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investment Investments
a) Fixed maturities

December 31, 2025Amortized
Cost		Valuation AllowanceGross Unrealized AppreciationGross Unrealized DepreciationFair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$3,908 $— $27 $(221)$3,714 
Non-U.S.40,479 (10)795 (908)40,356 
Corporate and asset-backed securities48,806 (42)734 (1,612)47,886 
Mortgage-backed securities31,533 — 398 (1,207)30,724 
$124,726 $(52)$1,954 $(3,948)$122,680 

December 31, 2024Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross Unrealized DepreciationFair 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 securities45,231 (47)287 (2,264)43,207 
Mortgage-backed securities29,158 — 69 (1,979)27,248 
$115,083 $(70)$1,119 $(5,769)$110,363 


The following table presents fixed maturities by contractual maturity:

December 31
20252024 
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,749 $4,749 $4,507 $4,507 
Due after 1 year through 5 years35,611 35,611 33,446 33,446 
Due after 5 years through 10 years31,514 31,514 26,901 26,901 
Due after 10 years20,082 20,082 18,261 18,261 
91,956 91,956 83,115 83,115 
Mortgage-backed securities30,724 30,724 27,248 27,248 
$122,680 $122,680 $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 at December 31, 2025 and 2024 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.

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 MonthsOver 12 MonthsTotal
December 31, 2025Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities$307 $(3)$2,139 $(216)$2,446 $(219)
Non-U.S.6,664 (163)8,995 (622)15,659 (785)
Corporate and asset-backed securities4,136 (59)10,225 (867)14,361 (926)
Mortgage-backed securities1,467 (12)11,016 (1,194)12,483 (1,206)
Total AFS fixed maturities$12,574 $(237)$32,375 $(2,899)$44,949 $(3,136)

 0 – 12 MonthsOver 12 MonthsTotal
December 31, 2024Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
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 securities10,069 (194)13,290 (1,259)23,359 (1,453)
Mortgage-backed securities10,490 (170)11,987 (1,794)22,477 (1,964)
Total AFS fixed maturities$27,956 $(518)$39,789 $(4,230)$67,745 $(4,748)

The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:
Year Ended December 31
(in millions of U.S. dollars)20252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of year$70 $156 
Provision for expected credit loss97 118 
Write-offs charged against the expected credit loss(2)(6)
Recovery of expected credit loss(113)(198)
Valuation allowance for expected credit losses - end of year$52 $70 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year$4 $4 
Provision for expected credit loss1 2 
Recovery of expected credit loss(2)(2)
Valuation allowance for expected credit losses - end of year$3 $4 
c) Net realized gains (losses)

The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments:
 Year Ended December 31
(in millions of U.S. dollars)202520242023
Fixed maturities:
Gross realized gains$272 $132 $208 
Gross realized losses(450)(535)(656)
Other investments - Fixed maturities (1)
10 602 (12)
Net (provision for) recovery of expected credit losses19 86 43 
Impairment (2)
(49)(94)(64)
Total fixed maturities(198)191 (481)
Equity securities (3)
656 194 (38)
Private equities (less than 3 percent ownership)99 124 70 
Foreign exchange(223)(223)(183)
Investment and embedded derivative instruments(37)(189)(53)
Other derivative instruments(21)(4)(10)
Other(65)24 88 
Net realized gains (losses) (pre-tax)$211 $117 $(607)
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale$2,654 $(251)$3,563 
Fixed maturities held-to-maturity— — (125)
Other1 — 10 
Income tax expense(133)(110)(328)
Change in net unrealized appreciation (depreciation) on investments (after-tax)$2,522 $(361)$3,120 
(1)In 2025 and 2024, Other investments - Fixed maturities includes $(149) million and $275 million, respectively, of realized gains (losses) related to investments measured under the fair value option.
(2)Relates to certain securities we intended to sell and securities written to market entering default.
(3)In 2025 and 2024, Equity securities includes $138 million and $(22) million, respectively, of realized gains (losses) related to investments measured under the fair value option.

Realized gains and losses from Other investments, Equity securities and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Year Ended December 31, 2025
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$10 $656 $99 $765 
Less: Net gains (losses) recognized from sales of securities4 185 — 189 
Unrealized gains (losses) recognized for securities still held at reporting date$6 $471 $99 $576 
Year Ended December 31, 2024
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$602 $194 $124 $920 
Less: Net gains (losses) recognized from sales of securities4 25 — 29 
Unrealized gains (losses) recognized for securities still held at reporting date$598 $169 $124 $891 
Year Ended December 31, 2023
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate Equities Total
Net gains (losses) recognized during the period$(12)$(38)$70 $20 
Less: Net gains (losses) recognized from sales of securities— (68)— (68)
Unrealized gains (losses) recognized for securities still held at reporting date$(12)$30 $70 $88 
d) Other investments
December 31
(in millions of U.S. dollars)20252024
Fixed maturities (1) (2)
$8,091 $6,265 
Life insurance policies594 518 
Policy loans1,117 941 
Other, including non-qualified separate account assets (3)
947 873 
Total$10,749 $8,597 
(1)Includes fixed maturities related to consolidated VIEs of $5.8 billion and $4.6 billion at December 31, 2025 and 2024, respectively. Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.
(2)2025 and 2024 includes $2.3 billion and $1.7 billion, respectively, of fixed maturities measured at fair value under the fair value option.
(3)Non-qualified separate account assets comprise mutual funds, supported by assets that do not qualify for separate account reporting under U.S. GAAP.

e) 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:
December 31
 Expected Liquidation
Period of Underlying Assets		20252024
(in millions of U.S. dollars)Fair ValueMaximum
Future Funding
Commitments		Fair ValueMaximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,420 $483 $1,265 $281 
Real assets
2 to 13 Years
1,924 1,111 1,974 547 
Distressed
2 to 8 Years
1,226 977 1,257 679 
Private credit
3 to 8 Years
299 302 295 285 
Traditional
2 to 14 Years
11,990 4,345 9,674 4,650 
Vintage
1 to 3 Years
43 — 64 — 
Investment fundsNot Applicable337 — 240 — 
$17,239 $7,218 $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 CategoryConsists of investments in private equity funds:
Financialtargeting financial services companies, such as financial institutions and insurance services worldwide
Real assetstargeting investments related to hard physical assets, such as real estate, infrastructure and natural resources
Distressedtargeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credittargeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditionalemploying traditional private equity investment strategies such as buyout and growth equity globally
Vintage
where the initial fund term has expired

Included in private equities are 194 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio.

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.
f) Net investment income
Year Ended December 31
(in millions of U.S. dollars)2025 2024 2023 
Fixed maturities (1)
$5,881 $5,535 $4,619 
Short-term investments156 181 199 
Other interest income 40 80 69 
Equity securities357 125 119 
Private equities (less than 3 percent ownership)139 112 55 
Other investments110 103 71 
Gross investment income (1)
6,683 6,136 5,132 
Investment expenses(218)(206)(195)
Net investment income (1)
$6,465 $5,930 $4,937 
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$(8)$(16)$(21)

g) 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 are investments, primarily fixed maturities, totaling $19,048 million and $17,945 million, and cash of $198 million and $261 million, at December 31, 2025 and 2024, respectively.
The following table presents the components of restricted assets: 
December 31
(in millions of U.S. dollars)20252024
Trust funds$8,461 $8,170 
Assets pledged under repurchase agreements3,518 2,890 
Deposits with U.S. regulatory authorities2,598 2,487 
Deposits with non-U.S. regulatory authorities and other4,669 4,659 
Total$19,246 $18,206 

h) 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) 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
In December 2024, we contributed $5.0 billion of fixed maturity securities and cash to a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. At the time of the contribution, the fixed maturities had a fair value of $4.2 billion, resulting in a realized loss of $149 million, pre-tax. The contribution of fixed maturity securities represents a non-cash investing activity and does not impact the Consolidated statements of cash flows.

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 December 31, 2025 and 2024, was $5.4 billion and $5.0 billion, respectively, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at December 31, 2025 and 2024, was $70 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.
v3.25.4
Fair value measurements
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair value measurements 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. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

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

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

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

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

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

Investment derivatives
Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. These derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

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

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

Separate account assets
Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets principally comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets.
Financial instruments measured at fair value on a recurring basis, by valuation hierarchy 
December 31, 2025Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,481 $2,233 $— $3,714 
Non-U.S.— 39,685 671 40,356 
Corporate and asset-backed securities— 44,340 3,546 47,886 
Mortgage-backed securities— 30,724 — 30,724 
1,481 116,982 4,217 122,680 
Equity securities (1)
5,163 — 119 5,282 
Short-term investments2,657 2,138 45 4,840 
Other investments (2)
630 8,684 — 9,314 
Securities lending collateral— 2,500 — 2,500 
Investment derivatives22 — — 22 
Derivatives designated as hedging instruments — 266 — 266 
Other derivative instruments11 — — 11 
Separate account assets6,858 67 — 6,925 
Total assets measured at fair value (1) (2) (3)
$16,822 $130,637 $4,381 $151,840 
Liabilities:
Investment derivatives$242 $— $— $242 
Derivatives designated as hedging instruments— 232 — 232 
Other derivative instruments— 4 — 4 
Market risk benefits (4)
— — 659 659 
Total liabilities measured at fair value$242 $236 $659 $1,137 
(1)Excluded from the table above are funds of $5,519 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,435 million, principally policy loans measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $17,239 million, measured using NAV as a practical expedient.
(4)Refer to Note 11 for additional information on Market risk benefits.

 
December 31, 2024Level 1Level 2Level 3Total
(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 investments3,156 1,972 14 5,142 
Other investments (2)
573 6,783 — 7,356 
Securities lending collateral— 1,445 — 1,445 
Investment derivatives41 — — 41 
Derivatives designated as hedging instruments— 146 — 146 
Other derivative instruments35 — — 35 
Separate account assets6,165 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 following tables is the reconciliation of Market risk benefits, refer to Note 11 for additional information:
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Year Ended December 31, 2025Non-U.S.Corporate and asset-backed securitiesMortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$604 $2,891 $3 $120 $14 
Transfers into Level 311 205 — — — 
Transfers out of Level 3(2)(19)— (1)— 
Change in Net Unrealized Gains (Losses) in OCI41 6 — — — 
Net Realized Gains (Losses)(2)(16)(2)(1)— 
Purchases374 1,490 1 36 36 
Sales(148)(515)(2)(35)(1)
Settlements(207)(496)— — (4)
Balance, end of year$671 $3,546 $— $119 $45 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(4)$— $16 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$25 $(11)$— $— $— 

 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Year Ended December 31, 2024Non-U.S.Corporate and asset-backed securities Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$692 $2,622 $7 $87 $3 
Transfers into Level 32 57 — — — 
Transfers out of Level 3(7)(9)(54)— — 
Change in Net Unrealized Gains (Losses) in OCI7 12 — — — 
Net Realized Gains (Losses)(13)(15)— 8 — 
Purchases
262 1,042 54 43 20 
Sales(99)(250)— (18)(1)
Settlements(240)(568)(4)— (8)
Balance, end of year$604 $2,891 $3 $120 $14 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(3)$— $7 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$(2)$(2)$— $— $(1)
 Available-for-Sale Debt SecuritiesShort-term investments
Year Ended December 31, 2023Non-U.S.Corporate and asset-backed securitiesMortgage-backed securitiesEquity
securities
(in millions of U.S. dollars)
Balance, beginning of year$564 $2,449 $11 $90 $3 
Transfers into Level 321 30 — — — 
Transfers out of Level 3(22)(26)(15)— — 
Change in Net Unrealized Gains (Losses) in OCI13 28 — — (1)
Net Realized Gains (Losses)(4)(17)— (7)(1)
Purchases
258 681 15 24 5 
Sales(82)(81)— (20)(3)
Settlements(56)(442)(4)— — 
Balance, end of year$692 $2,622 $7 $87 $3 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(5)$— $(7)$— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$7 $12 $— $— $— 


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.

Private debt held-for-investment
The fair value of Private debt held-for-investment is derived using a discounted cash flow approach, which includes an evaluation of forecasted contractual cash flows and yield curve information, among other loan characteristics and assumptions. These assumptions are derived from internal and third-party sources. Since the valuation is derived from model-based techniques, Private debt held-for-investment is classified within Level 3 of the valuation hierarchy.

Repurchase agreements, short- and long-term debt, and hybrid debt
Where practical, fair values for repurchase agreements, short-term debt, long-term debt, and hybrid debt are estimated using discounted cash flow calculations based principally on observable inputs including incremental borrowing rates, which reflect Chubb’s credit rating, for similar types of borrowings with maturities consistent with those remaining for the debt being valued. Short-term debt, long-term debt, repurchase agreements, and hybrid debt are classified within Level 2 of the valuation hierarchy, except for long-term debt that is valued using discounted cash flow calculations with no observable inputs, which is classified within Level 3 of the valuation hierarchy.
The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:
December 31, 2025Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,445 $2,445 $2,411 
Total assets$— $— $2,445 $2,445 $2,411 
Liabilities:
Repurchase agreements$— $3,324 $— $3,324 $3,324 
Short-term debt— 1,498 — 1,498 1,499 
Long-term debt— 14,045 576 14,621 15,728 
Hybrid debt— 484 — 484 422 
Total liabilities$— $19,351 $576 $19,927 $20,973 

December 31, 2024Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
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 
v3.25.4
Reinsurance
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Reinsurance Reinsurance
a) Consolidated Reinsurance
Chubb purchases reinsurance to manage various exposures including catastrophe risks. Although reinsurance agreements contractually obligate Chubb's reinsurers to reimburse it for the agreed-upon portion of its gross paid losses, they do not discharge Chubb's primary liability. The amounts for net premiums written and net premiums earned in the Consolidated statements of operations are net of reinsurance. The following table presents direct, assumed, and ceded premiums:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Premiums written
Direct$60,799 $56,867 $52,969 
Assumed5,147 5,136 4,557 
Ceded(11,104)(10,535)(10,165)
Net$54,842 $51,468 $47,361 
Premiums earned
Direct$58,905 $55,148 $51,582 
Assumed4,936 4,970 4,289 
Ceded(10,827)(10,272)(10,159)
Net$53,014 $49,846 $45,712 
Ceded losses and loss expenses incurred were $6.6 billion, $6.5 billion, and $7.2 billion for the years ended December 31, 2025, 2024, and 2023, respectively.


b) Reinsurance Recoverable on Ceded Reinsurance
December 31, 2025December 31, 2024
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$18,346 $248 $17,734 $242 
Reinsurance recoverable on paid losses and loss expenses1,992 72 2,043 68 
Reinsurance recoverable on losses and loss expenses$20,338 $320 $19,777 $310 
Reinsurance recoverable on policy benefits$286 $— $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:
Year Ended December 31
(in millions of U.S. dollars)20252024
Valuation allowance for uncollectible reinsurance - beginning of year$310 $367 
Provision for (release of) uncollectible reinsurance25 (15)
Write-offs charged against the valuation allowance(18)(41)
Foreign exchange revaluation3 (1)
Valuation allowance for uncollectible reinsurance - end of year$320 $310 
The following tables present a listing, at December 31, 2025, of the categories of Chubb's reinsurers:
December 31, 2025Gross Reinsurance Recoverable on Losses and Loss ExpensesValuation allowance for Uncollectible Reinsurance% of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages)
Categories
Largest reinsurers$8,934 $99 1.1 %
Other reinsurers rated A- or better7,752 93 1.2 %
Other reinsurers rated lower than A- or not rated402 25 6.2 %
Pools333 9 2.7 %
Structured settlements479 8 1.7 %
Captives2,567 13 0.5 %
Other191 73 38.2 %
Total$20,658 $320 1.5 %

Largest Reinsurers
ABR Reinsurance Capital HoldingsHDI Group (Hannover Re)Swiss Re Group
Berkshire Hathaway Insurance GroupMunich Re Group

Categories of Chubb's reinsurersComprises:
Largest reinsurers
• All groups of reinsurers or captives where the gross recoverable exceeds one percent of Total Chubb shareholders' equity.
Other reinsurers rated A- or better
• All reinsurers rated A- or better that were not included in the largest reinsurer category.
Other reinsurers rated lower than A- or not rated
• All reinsurers rated lower than A- or not rated that were not included in the largest reinsurer category.
Pools
• Related to Chubb's voluntary pool participation and Chubb's mandatory pool participation required by law in certain states.
Structured settlements
• Annuities purchased from life insurance companies to settle claims. Since we retain ultimate liability in the event that the life company fails to pay, we reflect the amounts as both a liability and a recoverable/receivable for U.S. GAAP purposes.
Captives
• Companies established and owned by our insurance clients to assume a significant portion of their direct insurance risk from Chubb; structured to allow clients to self-insure a portion of their reinsurance risk. It generally is our policy to obtain collateral equal to expected losses. Where appropriate, exceptions are granted but only with review and approval at a senior officer level. Excludes captives included in the largest reinsurer category.
Other
• Amounts recoverable that are in dispute or are from companies that are in supervision, rehabilitation, or liquidation.
The valuation allowance for uncollectible reinsurance is principally based on an analysis of the credit quality of the reinsurer and collateral balances. We establish the valuation allowance for uncollectible reinsurance for the Other category based on a case-by-case analysis of individual situations including the merits of the underlying matter, credit and collateral analysis, and consideration.
v3.25.4
Deferred acquisition costs
 12 Months Ended
Dec. 31, 2025
Deferred Policy Acquisition Costs Disclosures [Abstract]  
Deferred Policy Acquisition Costs Deferred policy acquisition costs
The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment:

Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeUniversal LifeWhole LifeA&HOtherTotal
Balance – beginning of period $469 $722 $870 $1,681 $324 $4,066 
Capitalizations239 116 478 717 96 1,646 
Amortization expense(153)(84)(55)(238)(32)(562)
Other (including foreign exchange)12 (8)3 (24)4 (13)
Balance – end of period$567 $746 $1,296 $2,136 $392 $5,137 
Overseas General Insurance segment excluded from table663 
Total deferred policy acquisition costs on long-duration contracts$5,800 
Deferred policy acquisition costs on short-duration contracts4,208 
Total deferred policy acquisition costs$10,008 

Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeUniversal LifeWhole LifeA&HOtherTotal
Balance – beginning of period $402 $674 $534 $1,301 $274 $3,185 
Capitalizations201 156 387 630 82 1,456 
Amortization expense(121)(81)(37)(182)(27)(448)
Other (including foreign exchange)(13)(27)(14)(68)(5)(127)
Balance – end of period$469 $722 $870 $1,681 $324 $4,066 
Overseas General Insurance segment excluded from table605 
Total deferred policy acquisition costs on long-duration contracts$4,671 
Deferred policy acquisition costs on short-duration contracts3,687 
Total deferred policy acquisition costs$8,358 
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Disclosure [Text Block] Goodwill, Value of business acquired, and Other intangible assets
Goodwill
The following table presents a roll-forward of Goodwill by segment:
(in millions of U.S. dollars)North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife Insurance Chubb Consolidated
Balance at December 31, 2023$6,946 $2,231 $134 $5,262 $371 $4,742 $19,686 
Acquisition of Healthy Paws256 — — — — — 256 
Measurement-Period Adjustments— — — — — 65 65 
Foreign exchange revaluation(34)(13)— (215)— (166)(428)
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 revaluation23 8 — 300 — 114 445 
Balance at December 31, 2025 (1)
$7,191 $2,226 $134 $5,530 $371 $4,755 $20,207 
(1)Includes $464 million attributable to noncontrolling interests.


Value of business acquired (VOBA)
The following table presents a roll-forward of VOBA:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Balance, beginning of year$3,223 $3,674 $3,702 
Consolidation of Huatai Group— — 309 
Amortization of VOBA (1)
(224)(240)(281)
Foreign exchange revaluation and other(24)(211)(56)
Balance, end of year$2,975 $3,223 $3,674 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.


The following table presents, as of December 31, 2025, the expected estimated pre-tax amortization expense related to VOBA at current foreign currency exchange rates, for the next five years:

For the Years Ending December 31Total amortization of VOBA
(in millions of U.S. dollars)
2026$178 
2027159 
2028145 
2029133 
2030121 
Total$736 
Other intangible assets    
December 31
(in millions of U.S. dollars)20252024
Subject to amortization (primarily agency distribution relationships and renewal rights)$2,696 $2,900 
Not subject to amortization (primarily trademarks)3,545 3,477 
Total$6,241 $6,377 

The following table presents, as of December 31, 2025, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years:

For the Years Ending December 31
(in millions of U.S. dollars)Total amortization of purchased intangibles
Amortization of UPR intangible asset (1)
Amortization of Huatai land use rights (2)
Total amortization
2026$287 $9 $13 $309 
2027268 3 13 284 
2028257 — 13 270 
2029226 — 12 238 
2030210 — 12 222 
Total$1,248 $12 $63 $1,323 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
(2)Recognized in Other (income) expense in the Consolidated statements of operations.
v3.25.4
Unpaid losses and loss expenses, and Future policy benefits
 12 Months Ended
Dec. 31, 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]
Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2025, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Gross unpaid losses and loss expenses, beginning of year$84,004 $80,122 $75,747 
Reinsurance recoverable on unpaid losses (1)
(17,734)(17,884)(17,086)
Net unpaid losses and loss expenses, beginning of year66,270 62,238 58,661 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year27,808 26,997 24,956 
Prior years (2)
(1,108)(975)(856)
Total26,700 26,022 24,100 
Net losses and loss expenses paid in respect of losses occurring in:
Current year8,782 8,681 8,248 
Prior years15,511 12,822 12,763 
Total24,293 21,503 21,011 
Consolidation of Huatai Group— — 405 
Foreign currency revaluation and other995 (487)83 
Net unpaid losses and loss expenses, end of year69,672 66,270 62,238 
Reinsurance recoverable on unpaid losses (1)
18,346 17,734 17,884 
Gross unpaid losses and loss expenses, end of year$88,018 $84,004 $80,122 
(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 $(25) million, $119 million, and $83 million for 2025, 2024, and 2023, respectively.

The increase in net unpaid losses and loss expense in 2025 principally reflects underlying exposure growth, the unfavorable impact of foreign currency movement, and net catastrophe losses, partially offset by higher losses paid and the impact of favorable prior period development. The increase in net unpaid losses and loss expense in 2024 principally reflects underlying exposure growth and net catastrophe losses, partially offset by the impact of favorable prior period development and foreign exchange movement.

The loss development tables under section c) below, present Chubb’s historical incurred and paid claims development by broad product line through December 31, 2025, net of reinsurance, as well as the cumulative number of reported claims, IBNR balances, and other supplementary information.
The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:

Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)December 31, 2025
Presented in the loss development tables:
  North America Commercial P&C Insurance — Workers' Compensation$10,015 
  North America Commercial P&C Insurance — Liability23,614 
  North America Commercial P&C Insurance — Other Casualty2,886 
  North America Commercial P&C Insurance — Non-Casualty3,343 
  North America Personal P&C Insurance4,885 
  Overseas General Insurance — Casualty9,614 
  Overseas General Insurance — Non-Casualty4,454 
  Global Reinsurance — Casualty1,411 
  Global Reinsurance — Non-Casualty498 
Excluded from the loss development tables:
  Other6,740 
Net unpaid loss and allocated loss adjustment expense67,460 
Ceded unpaid loss and allocated loss adjustment expense:
  North America Commercial P&C Insurance — Workers' Compensation922 
  North America Commercial P&C Insurance — Liability7,388 
  North America Commercial P&C Insurance — Other Casualty1,074 
  North America Commercial P&C Insurance — Non-Casualty733 
  North America Personal P&C Insurance793 
  Overseas General Insurance — Casualty3,168 
  Overseas General Insurance — Non-Casualty1,894 
  Global Reinsurance — Casualty156 
  Global Reinsurance — Non-Casualty100 
  Other2,346 
Ceded unpaid loss and allocated loss adjustment expense18,574 
Unpaid unallocated loss adjustment expenses1,984 
Unpaid losses and loss expenses$88,018 
Business excluded from the loss development tables
“Other” shown in the reconciliation table comprises businesses excluded from the loss development tables:
•Corporate segment business, which includes run-off liabilities such as asbestos, environmental, and molestation and other mass tort exposures and which impact accident years older than those shown in the loss development tables;
•North America Agricultural Insurance segment business, which is short-tailed with the majority of the liabilities expected to be resolved in the ensuing twelve months; and
•Certain subsets of our business due to data limitations or unsuitability to the loss development table presentation, including:
•Various loss portfolio transfers; by convention, all premium and losses associated with these transactions are recorded to the policy period of the transaction, even though the accident dates of the claims covered may be a decade or more in the past. We also underwrite certain high attachment, high limit, multiple-line and excess of aggregate coverages for large commercial clients. Changes in incurred loss and cash flow patterns are volatile and sufficiently different from those of typical insureds. This category includes the Alternative Risk Solutions business within the North America Commercial P&C Insurance segment;
•Huatai P&C business and International A&H lines, where incurred loss development is shorter-tailed than the majority of the liabilities in the Overseas General segment and reported claims are high frequency and low severity in nature;
•Purchase accounting adjustments related to unpaid losses and loss expenses for Chubb Corp;
•Reinsurance recoverable bad debt; and
•Balances with insufficient detail.

a) Description of Reserving Methodologies
Our recorded reserves represent management's best estimate of the provision for unpaid claims as of the balance sheet date. The process of establishing loss and loss expense reserves can be complex and is subject to considerable uncertainty as it requires the use of estimates and judgments based on circumstances underlying the insured loss at the date of accrual. The reserves for our various product lines each require different qualitative and quantitative assumptions and judgments to be made. Management's best estimate is developed after collaboration with actuarial, underwriting, claims, legal, and finance departments and culminates with the input of reserve committees. Each business unit reserve committee includes the participation of the relevant parties from actuarial, finance, claims, and unit senior management and has the responsibility for finalizing, recommending and approving the estimate to be used as management's best estimate. Reserves are further reviewed by Chubb's Chief Actuary and senior management. The objective of such a process is to determine a single estimate that we believe represents a better estimate than any other and which is viewed by management to be the best estimate of ultimate loss settlements. This estimate is based on a combination of exposure and experience-based actuarial methods (described below) and other considerations such as claims reviews, reinsurance recovery assumptions and/or input from other knowledgeable parties such as underwriting. Exposure-based methods are most commonly used on relatively immature origin years (i.e., the year in which the losses were incurred — “accident year” or “report year”), while experience-based methods provide a view based on the projection of loss experience that has emerged as of the valuation date. Greater reliance is placed upon experience-based methods as the pool of emerging loss experience grows and where it is deemed sufficiently credible and reliable as the basis for the estimate. In comparing the held reserve for any given origin year to the actuarial projections, judgment is required as to the credibility, uncertainty and inherent limitations of applying actuarial techniques to historical data to project future loss experience. Examples of factors that impact such judgments include, but are not limited to, the following:

•nature and complexity of underlying coverage provided and net limits of exposure provided;
•segmentation of data to provide sufficient homogeneity and credibility for loss projection methods;
•extent of credible internal historical loss data and reliance upon industry information as required;
•historical variability of actual loss emergence compared with expected loss emergence;
•reported and projected loss trends;
•extent of emerged loss experience relative to the remaining expected period of loss emergence;
•rate monitor information for new and renewal business;
•changes in claims handling practice;
•inflation;
•the legal environment;
•facts and circumstances of large claims;
•terms and conditions of the contracts sold to our insured parties;
•impact of applicable reinsurance recoveries; and
•nature and extent of underlying assumptions.
Actuarial staff within each of our business units analyze loss reserves (including loss expenses) and regularly project estimates of ultimate losses and the corresponding indications of the required IBNR reserve. Our reserving approach is a comprehensive ground-up process using data at a detailed level that reflects the specific types and coverages of the diverse products written by our various operations. The data presented in this disclosure was prepared on a more aggregated basis and with a focus on changes in incurred loss estimates over time as well as associated cash flows. We note that data prepared on this basis may not demonstrate the full spectrum of characteristics that are evident in the more detailed level studied internally.

We perform an actuarial reserve review for each product line at least once a year. For most product lines, one or more standard actuarial reserving methods may be used to determine estimates of ultimate losses and loss expenses, and from these estimates, a single actuarial central estimate is selected. The actuarial central estimate is an input to the reserve committee process described above. For the few product lines that do not lend themselves to standard actuarial reserving methods, appropriate techniques are applied to produce the actuarial central estimates. For example, run-off asbestos and environmental liability estimates are better suited to the application of account-specific exposure-based analyses to best evaluate their associated aggregate reserve levels.

b) Standard actuarial reserving methods
The judgments involved in projecting the ultimate losses include the use and interpretation of various standard actuarial reserving methods that place reliance on the extrapolation of actual historical data, loss development patterns, industry data, and other benchmarks as appropriate.

Standard actuarial reserving methods include, but are not limited to, expected loss ratio, paid and reported loss development, and Bornhuetter-Ferguson methods. A general description of these methods is provided below. In addition to these standard methods, depending upon the product line characteristics and available data, we may use other recognized actuarial methods and approaches. Implicit in the standard actuarial methods that we generally utilize is the need for two fundamental assumptions: first, the pattern by which losses are expected to emerge over time for each origin year, and second, the expected loss ratio for each origin year.

The expected loss ratio for any particular origin year is selected after consideration of a number of factors, including historical loss ratios adjusted for rate changes, premium and loss trends, industry benchmarks, the results of policy level loss modeling at the time of underwriting, and/or other more subjective considerations for the product line (e.g., terms and conditions) and external environment as noted above. The expected loss ratio for a given origin year is initially established at the start of the origin year as part of the planning process. This analysis is performed in conjunction with underwriters and management. The expected loss ratio method arrives at an ultimate loss estimate by multiplying the expected ultimate loss ratio by the corresponding premium base. This method is most commonly used as the basis for the actuarial central estimate for immature origin periods on product lines where the actual paid or reported loss experience is not yet deemed sufficiently credible to serve as the principal basis for the selection of ultimate losses. The expected loss ratio for a given origin year may be modified over time if the underlying assumptions differ from the original assumptions (e.g., the assessment of prior year loss ratios, loss trend, rate changes, actual claims, or other information).

Our selected paid and reported development patterns provide a benchmark against which the actual emerging loss experience can be monitored. Where possible, development patterns are selected based on historical loss emergence by origin year. For product lines where the historical data is viewed to have low statistical credibility, the selected development patterns also reflect relevant industry benchmarks and/or experience from similar product lines written elsewhere within Chubb. This most commonly occurs for relatively new product lines that have limited historical data or for high severity/low frequency portfolios where our historical experience exhibits considerable volatility and/or lacks credibility. The paid and reported loss development methods convert the selected loss emergence pattern to a set of multiplicative factors which are then applied to actual paid or reported losses to arrive at an estimate of ultimate losses for each period. Due to their multiplicative nature, the paid and reported loss development methods will leverage differences between actual and expected loss emergence. These methods tend to be utilized for more mature origin periods and for those portfolios where the loss emergence has been relatively consistent over time.

The Bornhuetter-Ferguson method is a combination of the expected loss ratio method and the loss development method, where the loss development method is given more weight as the origin year matures. This approach allows a logical transition between the expected loss ratio method which is generally utilized at earlier maturities and the loss development methods which are typically utilized at later maturities. We usually apply this method using reported loss data although paid data may also be used.
Short-tail business
Short-tail business generally describes product lines for which losses are typically known and paid shortly after the loss occurs. This would include, for example, most property, personal accident, and automobile physical damage policies that we write. Due to the short reporting and development pattern for these product lines, the uncertainty associated with our estimate of ultimate losses for any particular accident period diminishes relatively quickly as actual loss experience emerges. We typically assign credibility to methods that incorporate actual loss emergence, such as the paid and reported loss development and Bornhuetter-Ferguson methods, sooner than would be the case for long-tail lines at a similar stage of development for a given origin year. The reserving process for short-tail losses arising from catastrophic events typically involves an assessment by the claims department, in conjunction with underwriters and actuaries, of our exposure and estimated losses immediately following an event and then subsequent revisions of the estimated losses as our insureds provide updated actual loss information.

Long-tail business
Long-tail business describes lines of business for which specific losses may not be known/reported for some period and for which claims can take significant time to settle/close. This includes most casualty lines such as general liability, D&O, and workers' compensation. There are various factors contributing to the uncertainty and volatility of long-tail business including uncertain future inflationary trends, changes in future legal environments, and the potential impact of major claims. Adding to the uncertainty and volatility in the long-tail business, other factors are:
•The nature and complexity of underlying coverage provided and net limits of exposure provided;
•Our historical loss data and experience is sometimes too immature and lacking in credibility to rely upon for reserving purposes. Where this is the case, in our reserve analysis we may utilize industry loss ratios or industry benchmark development patterns that we believe reflect the nature and coverage of the underwritten business and its future development, where available. For such product lines, actual loss experience may differ from industry loss statistics as well as loss experience for previous underwriting years;
•The difficulty in estimating loss trends, claims inflation (e.g., medical and judicial) and underlying economic conditions;
•The need for professional judgment to estimate loss development patterns beyond that represented by historical data using supplemental internal or industry data, extrapolation, or a blend of both;
•The need to address shifts in business mix or volume over time when applying historical paid and reported loss development patterns from older origin years to more recent origin years. For example, changes over time in the processes and procedures for establishing case reserves can distort reported loss development patterns or changes in ceded reinsurance structures by origin year can alter the development of paid and reported losses;
•Loss reserve analyses typically require loss or other data be grouped by common characteristics in some manner. If data from two combined lines of business exhibit different characteristics, such as loss payment patterns, the credibility of the reserve estimate could be affected. Additionally, since casualty lines of business can have significant intricacies in the terms and conditions afforded to the insured, there is an inherent risk as to the homogeneity of the underlying data used in performing reserve analyses; and
•The applicability of the price change data used to estimate ultimate loss ratios for most recent origin years.

As described above, various factors are considered when determining appropriate data, assumptions, and methods used to establish the loss reserve estimates for long-tail product lines. These factors may also vary by origin year for given product lines. The derivation of loss development patterns from data and the selection of a tail factor to project ultimate losses from actual loss emergence require considerable judgment, particularly with respect to the extent to which historical loss experience is relied upon to support changes in key reserving assumptions.
c) Loss Development Tables
The tables were designed to present business with similar risk characteristics which exhibit like development patterns and generally similar trends, in order to provide insight into the nature, amount, timing and uncertainty of cash flows related to our claims liabilities.

Each table follows a similar format and reflects the following:
•The incurred loss triangle includes both reported case reserves and IBNR liabilities.
•Both the incurred and paid loss triangles include allocated loss adjustment expense (i.e., defense and investigative costs particular to individual claims) but exclude unallocated loss adjustment expense (i.e., the costs associated with internal claims staff and third-party administrators).
•The amounts in both triangles for the years ended December 31, 2016, to December 31, 2024, and average historical claim duration as of December 31, 2025, are presented as supplementary information.
•All data presented in the triangles is net of reinsurance recoverables.
•The IBNR reserves shown to the right of each incurred loss development exhibit reflect the net IBNR recorded as of December 31, 2025.
•The tables are presented retrospectively with respect to acquisitions where these are material and doing so is practicable. Most notably, the Chubb Corp and LMG Insurance in Thailand acquisitions are presented retrospectively. The unaudited consolidated data is presented solely for informational purposes and is not necessarily indicative of the consolidated data that might have been observed had the transactions been completed prior to the date indicated.

Historical dollar amounts are presented in this footnote on a constant-dollar basis, which is achieved by assuming constant foreign exchange rates for all periods in the loss triangles, translating prior period amounts using the same local currency exchange rates as the current year end. The impact of this conversion is to show the change between periods exclusive of the effect of fluctuations in exchange rates, which would otherwise distort the change in incurred loss and cash flow patterns shown. The change in incurred loss shown will differ from other U.S. GAAP disclosures of incurred prior period reserve development amounts, which include the effect of fluctuations in exchanges rates.

We provided guidance above on key assumptions that should be considered when reviewing this disclosure and information relating to how loss reserve estimates are developed. We believe the information provided in the “Loss Development Tables” section of the disclosure is of limited use for independent analysis or application of standard actuarial estimations.

Cumulative Number of Reported Claims
Reported claim counts, on a cumulative basis, are provided to the far right of each incurred loss development table. In our North America segments, we generally consider a reported claim to be one claim per coverage per claimant. In our Overseas General Insurance segment, we generally consider a reported claim to be on a per occurrence basis. Global Reinsurance segment’s portfolio comprises a mix of proportional and non-proportional treaties. The proportional treaties are reported on a bulk basis and do not lend themselves to meaningful claim count data. As such, we do not provide claim count information for our Global Reinsurance segment.

We exclude claims closed without payment. Claims are counted on a direct basis without consideration of ceded reinsurance. Use of the presented claim counts in analysis of company experience has significant limitations, including:
•Claims for certain events and/or product lines, such as portions of our A&H business, are not reported on an individual basis, but rather in bulk and thus not available for inclusion in this disclosure.
•Each segment typically has a mixture of primary and excess experience which has shifted over time.
•Captive business, especially in Workers' Compensation and Liability, largely represents fronted business where our net exposure to loss is minimal; however, since the claim count is based on direct claims, there is a mismatch between direct claims and net loss dollars, the extent of which varies by accident year.

Reported claim counts include open claims which have case reserves but exclude claims that have been incurred but not reported. As such the reported claims are not consistent with the incurred losses in the triangle, which include incurred but not reported losses. One can calculate reported losses by subtracting incurred but not reported losses from incurred losses in the triangle. Reported claim counts are also inconsistent with losses in the paid loss triangle, since reported counts would include claims with case reserves but no payments to date.
North America Commercial P&C Insurance — Workers' Compensation — Long-tail
This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-59.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31 As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,366 $1,361 $1,383 $1,378 $1,269 $1,206 $1,177 $1,162 $1,117 $1,096 $270 51 
20171,412 1,380 1,399 1,393 1,376 1,176 1,121 1,069 1,045 293 50 
20181,359 1,361 1,379 1,384 1,384 1,221 1,175 1,152 336 52 
20191,391 1,384 1,400 1,409 1,406 1,297 1,238 352 48 
20201,367 1,388 1,409 1,408 1,395 1,159 443 32 
20211,348 1,330 1,372 1,370 1,349 525 36 
20221,344 1,407 1,435 1,432 682 39 
20231,371 1,413 1,423 708 38 
20241,380 1,368 743 38 
20251,405 909 37 
Total$12,667 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$122 $326 $452 $529 $584 $621 $653 $683 $707 $730 
2017120 313 437 516 564 601 626 648 666 
2018130 329 451 528 597 641 681 706 
2019143 341 467 575 640 692 743 
2020111 282 390 466 520 576 
2021120 331 458 552 623 
2022131 332 472 572 
2023129 358 494 
2024147 383 
2025182 
Total$5,675 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$3,023 
Accident years 2016 - 2025 from tables above6,992 
All Accident years$10,015 
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(130)
Accident years 2016 - 2025 from tables above(389)
All Accident years$(519)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage11 %16 %10 %7 %5 %4 %3 %2 %2 %2 %

North America Commercial P&C Insurance — Liability — Long-tail
This line consists of primary and excess general liability exposures, medical liability, and financial lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$3,524 $3,585 $3,682 $3,794 $3,790 $3,762 $3,753 $3,658 $3,695 $3,720 $287 27 
20173,313 3,488 3,570 3,620 3,542 3,431 3,490 3,520 3,537 419 26 
20183,365 3,482 3,685 3,817 3,897 3,913 3,991 3,995 420 28 
20193,443 3,617 3,855 4,047 4,054 4,010 4,012 653 29 
20204,099 3,824 3,917 3,974 3,842 3,765 792 23 
20214,313 4,346 4,438 4,536 4,457 1,472 24 
20224,559 4,564 4,659 4,765 2,136 26 
20234,700 4,904 5,113 2,645 30 
20245,138 5,250 3,749 28 
20255,513 4,915 31 
Total$44,127 
North America Commercial P&C Insurance — Liability — Long-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$171 $661 $1,334 $1,973 $2,331 $2,592 $2,819 $2,981 $3,106 $3,296 
2017161 615 1,159 1,697 1,999 2,321 2,626 2,868 2,972 
2018189 752 1,300 1,772 2,334 2,781 3,070 3,305 
2019175 668 1,244 1,887 2,386 2,755 3,046 
2020152 588 1,147 1,697 2,270 2,647 
2021174 608 1,199 1,928 2,508 
2022144 648 1,279 2,004 
2023196 828 1,713 
2024195 802 
2025228 
Total$22,521 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$2,008 
Accident years 2016 - 2025 from tables above21,606 
All Accident years$23,614 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$— 
Accident years 2016 - 2025 from tables above319 
All Accident years$319 
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage4 %12 %15 %15 %12 %9 %7 %6 %3 %5 %
North America Commercial P&C Insurance — Other Casualty — Long-tail
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$503 $501 $526 $523 $480 $479 $469 $473 $466 $465 $10 16 
2017531 565 576 615 604 590 602 609 614 18 17 
2018535 562 574 579 575 606 625 632 24 17 
2019605 636 685 744 757 768 754 11 17 
2020639 633 657 639 614 596 22 12 
2021674 709 747 763 729 66 15 
2022781 801 848 915 169 22 
2023844 883 966 301 22 
2024884 929 485 17 
2025912 676 12 
Total$7,512 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$52 $145 $246 $323 $374 $397 $424 $437 $441 $449 
201766 175 312 381 445 496 539 561 580 
201874 169 270 365 472 532 580 585 
201970 189 318 466 620 686 725 
202054 157 274 402 481 530 
202160 176 293 439 566 
202282 235 400 577 
202382 249 462 
202486 246 
202591 
Total$4,811 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$185 
Accident years 2016 - 2025 from tables above2,701 
All Accident years$2,886 
North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$22 
Accident years 2016 - 2025 from tables above140 
All Accident years$162 
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %17 %19 %18 %15 %8 %6 %2 %2 %2 %

North America Commercial P&C Insurance — Non-Casualty — Short-tail
This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety, and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was impacted by natural catastrophes mainly in the 2017 and 2018 accident years, and in accident year 2020 by direct COVID.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,903 $1,882 $1,792 $1,772 $1,808 $1,820 $1,816 $1,818 $1,811 $1,811 $8 650 
20172,697 2,601 2,500 2,517 2,509 2,519 2,505 2,495 2,490 22 764 
20182,045 2,232 2,168 2,160 2,168 2,158 2,147 2,143 (7)904 
20192,044 2,029 1,952 1,942 1,919 1,923 1,927 4 1,045 
20203,137 2,940 2,724 2,683 2,661 2,677 42 1,128 
20212,939 2,823 2,627 2,546 2,533 10 867 
20223,046 2,944 2,809 2,777 98 907 
20233,069 2,880 2,666 134 974 
20243,587 3,453 576 1,016 
20253,040 1,290 910 
Total$25,517 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$843 $1,498 $1,648 $1,723 $1,751 $1,775 $1,786 $1,787 $1,794 $1,800 
2017976 2,082 2,298 2,389 2,403 2,427 2,446 2,450 2,472 
20181,024 1,819 2,011 2,067 2,111 2,135 2,138 2,144 
20191,027 1,671 1,798 1,855 1,881 1,896 1,922 
20201,388 2,258 2,464 2,543 2,578 2,617 
20211,085 2,099 2,321 2,440 2,478 
20221,049 2,188 2,493 2,620 
20231,218 2,134 2,386 
20241,368 2,460 
20251,285 
Total$22,184 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$10 
Accident years 2016 - 2025 from tables above3,333 
All Accident years$3,343 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$11 
Accident years 2016 - 2025 from tables above(382)
All Accident years$(371)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage44 %37 %9 %4 %1 %1 %1 %— %1 %— %

North America Personal P&C Insurance — Short-tail
Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in the 2017, 2018, and 2025 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$2,431 $2,526 $2,536 $2,474 $2,462 $2,455 $2,463 $2,465 $2,471 $2,471 $16 154 
20173,025 3,060 2,993 2,989 2,989 2,998 3,008 3,009 3,011 18 163 
20182,999 3,027 3,092 3,107 3,128 3,118 3,119 3,140 17 170 
20192,945 2,983 2,983 2,975 2,955 2,974 2,969 26 157 
20202,919 2,625 2,623 2,580 2,580 2,575 24 123 
20213,024 2,875 2,961 2,975 2,967 95 131 
20223,098 2,952 2,942 2,919 176 120 
20233,402 3,071 3,027 316 115 
20243,664 3,325 787 104 
20254,653 2,106 82 
Total$31,057 
North America Personal P&C Insurance — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$1,448 $2,045 $2,203 $2,306 $2,362 $2,389 $2,420 $2,438 $2,441 $2,445 
20171,692 2,512 2,659 2,791 2,861 2,928 2,969 2,981 2,980 
20181,920 2,540 2,697 2,855 2,969 3,035 3,069 3,099 
20191,662 2,429 2,608 2,715 2,821 2,883 2,911 
20201,329 1,988 2,221 2,361 2,436 2,483 
20211,582 2,366 2,580 2,698 2,791 
20221,409 2,275 2,474 2,625 
20231,487 2,246 2,527 
20241,452 2,243 
20252,119 
Total$26,223 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$51 
Accident years 2016 - 2025 from tables above4,834 
All Accident years$4,885 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$4 
Accident years 2016 - 2025 from tables above(401)
All Accident years$(397)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage52 %25 %7 %5 %3 %2 %1 %1 %— %— %
Overseas General Insurance — Casualty — Long-tail
This product line comprises D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 46 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprises a mix of primary and excess businesses.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,184 $1,287 $1,354 $1,380 $1,367 $1,377 $1,307 $1,320 $1,330 $1,274 $80 42 
20171,176 1,277 1,325 1,375 1,335 1,368 1,333 1,334 1,301 54 43 
20181,274 1,325 1,388 1,432 1,387 1,364 1,362 1,339 94 44 
20191,346 1,415 1,437 1,425 1,383 1,299 1,270 124 43 
20201,730 1,652 1,560 1,572 1,344 1,254 303 36 
20211,663 1,718 1,742 1,749 1,676 595 37 
20221,812 1,861 2,036 2,124 932 38 
20231,965 1,998 2,032 1,160 39 
20242,116 2,233 1,384 38 
20252,115 1,703 33 
Total$16,618 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$122 $312 $515 $661 $783 $876 $1,002 $1,027 $1,056 $1,093 
201792 306 511 669 833 965 1,019 1,084 1,133 
2018107 318 481 622 746 905 1,018 1,047 
2019120 323 455 666 748 863 955 
2020103 277 436 541 667 764 
2021114 279 447 621 817 
202284 290 533 898 
202380 288 483 
2024137 412 
2025136 
Total$7,738 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$734 
Accident years 2016 - 2025 from tables above8,880 
All Accident years$9,614 
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$45 
Accident years 2016 - 2025 from tables above(65)
All Accident years$(20)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage7 %13 %12 %13 %10 %9 %7 %3 %3 %3 %
Overseas General Insurance — Non-Casualty — Short-tail
This product line comprises commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, and Asia), personal cell phones, personal residential (including high net worth), energy, and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes. For the Chubb Overseas General non-casualty book, Europe, exclusive of Lloyd's market, makes up about one third, Latin America makes up about one quarter, and Asia makes up about one fifth. Reported claims include those from LMG Insurance in Thailand, acquired in 2025, which consists primarily of high-frequency, low-severity automobile lines business.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$2,082 $2,082 $2,069 $2,046 $2,050 $2,081 $2,080 $2,066 $2,046 $2,046 $3 701 
20172,249 2,295 2,279 2,260 2,284 2,281 2,248 2,285 2,279 29 714 
20182,200 2,289 2,250 2,225 2,197 2,186 2,165 2,146 15 742 
20192,231 2,252 2,191 2,179 2,175 2,155 2,148 3 768 
20202,598 2,454 2,325 2,272 2,246 2,205 51 695 
20212,687 2,604 2,485 2,464 2,444 (5)692 
20222,965 2,940 2,847 2,793 (28)769 
20233,162 3,084 2,890 159 759 
20243,483 3,512 550 763 
20253,728 954 804 
Total$26,191 
Overseas General Insurance — Non-Casualty — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$1,039 $1,704 $1,899 $1,969 $1,994 $2,003 $2,009 $2,013 $2,018 $2,027 
20171,088 1,894 2,069 2,144 2,186 2,246 2,224 2,224 2,230 
20181,039 1,781 1,983 2,051 2,071 2,082 2,090 2,108 
20191,101 1,793 1,989 2,056 2,090 2,112 2,117 
20201,138 1,791 1,935 2,053 2,053 2,095 
20211,083 1,899 2,187 2,275 2,331 
20221,270 2,239 2,533 2,665 
20231,217 2,130 2,457 
20241,314 2,356 
20251,477 
Total$21,863 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$126 
Accident years 2016 - 2025 from tables above4,328 
All Accident years$4,454 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(17)
Accident years 2016 - 2025 from tables above(312)
All Accident years$(329)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %32 %10 %4 %1 %1 %— %— %— %— %

Global Reinsurance
Chubb analyzes its Global Reinsurance business on a treaty year basis rather than on an accident year basis. Treaty year data was converted to an accident year basis for the purposes of this disclosure. Mix shifts are an important consideration in these product line groupings. As proportional business and excess of loss business have different earning and loss reporting and payment patterns, this change in mix will affect the cash flow patterns across the accident years. In addition, the shift from excess to proportional business over time will make the cash flow patterns of older and more recent years difficult to compare. In general, the proportional business will pay out more quickly than the excess of loss business, as such, using older years development patterns may overstate the ultimate loss estimates in more recent years.

Global Reinsurance — Casualty — Long-tail
This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile.
Global Reinsurance — Casualty — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31
 2025
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2016201720182019202020212022202320242025
2016$223 $226 $235 $234 $243 $243 $248 $255 $256 $255 $6 
2017214 215 220 217 218 218 225 228 230 6 
2018245 248 255 251 255 262 267 270 13 
2019238 247 242 241 238 245 243 21 
2020246 250 241 241 236 238 24 
2021281 285 289 277 271 55 
2022296 298 295 295 88 
2023276 287 288 125 
2024339 346 193 
2025345 269 
Total$2,781 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$57 $113 $142 $159 $175 $192 $209 $220 $231 $237 
201747 100 122 140 156 176 189 200 208 
201842 96 126 150 172 199 222 232 
201940 90 117 140 164 185 197 
202041 99 125 150 170 188 
202135 87 120 148 175 
202239 87 122 157 
202330 69 111 
202430 88 
202532 
Total$1,625 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$255 
Accident years 2016 - 2025 from tables above1,156 
All Accident years$1,411 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(9)
Accident years 2016 - 2025 from tables above6 
All Accident years$(3)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage14 %19 %12 %9 %8 %8 %6 %4 %4 %2 %
Global Reinsurance — Non-Casualty — Short-tail
This product line includes property, property catastrophe, marine, credit/surety, mortgage, A&H and energy. This product line is impacted by natural catastrophes in most years. Of the non-catastrophe book, the mixture of business varies by year with approximately 91 percent of loss on proportional treaties in treaty year 2016 and after. This percentage has increased over time with the proportion being approximately 78 percent for treaty years 2016-2017 growing to an average of 94 percent for treaty years 2018 to 2025, with the remainder being written on an excess of loss basis.
Net Incurred Loss and Allocated Loss Adjustment ExpensesAs of December 31
 2025
Years Ended December 31
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2016201720182019202020212022202320242025
2016$178 $183 $185 $187 $184 $182 $182 $182 $181 $181 $1 
2017395 421 451 449 453 456 454 454 453 7 
2018276 283 285 281 286 280 277 276 — 
2019128 126 124 118 115 115 116 3 
2020210 253 278 280 279 278 13 
2021341 351 354 357 355 15 
2022346 312 291 291 14 
2023181 176 159 20 
2024393 393 103 
2025312 121 
Total$2,814 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses

Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$56 $129 $156 $167 $173 $176 $176 $178 $178 $179 
2017191 322 400 414 427 433 439 441 442 
201894 246 262 265 269 272 272 273 
201935 79 93 101 103 108 109 
202062 177 215 232 243 252 
2021158 277 307 321 329 
202274 195 234 258 
202336 92 118 
2024107 236 
2025132 
Total$2,328 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$12 
Accident years 2016 - 2025 from tables above486 
All Accident years$498 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$— 
Accident years 2016 - 2025 from tables above(21)
All Accident years$(21)
Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage34 %38 %13 %5 %3 %2 %1 %— %— %— %

Prior Period Development

The following table presents a reconciliation of the loss development triangles above to prior period development (PPD):
Components of PPD
Year Ended December 31, 2025 (in millions of U.S. dollars)
(favorable)/unfavorable		2016 - 2024 accident years (implied PPD per loss triangles)Accident years prior to 2016
Other (1)
PPD on loss reserves RIPs, Expense adjustments, and earned premiumsTotal
North America Commercial P&C Insurance
Long-tail$70 $(108)$(127)$(165)$90 $(75)
Short-tail(382)11 (11)(382)36 (346)
(312)(97)(138)(2)(547)126 (3)(421)
North America Personal P&C Insurance (Short-tail)(401)4 (6)(403)— (403)
Overseas General Insurance
Long-tail(65)45 (10)(30)— (30)
Short-tail(312)(17)(118)(447)6 (441)
(377)28 (128)(4)(477)6 (471)
Global Reinsurance
Long-tail6 (9)— (3)(2)(5)
Short-tail(21)— — (21)3 (18)
(15)(9)— (24)1 (23)
Subtotal$(1,105)$(74)$(272)$(1,451)$133 $(1,318)
North America Agricultural Insurance (Short-tail)$13 $(134)$(121)
Corporate (Long-tail)306 — 306 
Consolidated PPD$(1,132)$(1)$(1,133)
(1)        Other includes the impact of foreign exchange.
(2)     Includes favorable development of $61 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $25 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
(3)     Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
(4)     Includes favorable development related to Huatai P&C and International A&H business.
Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:
Years Ended December 31
(in millions of U.S. dollars, except for percentages)		Long-tailShort-tailTotal
% of beginning net unpaid reserves (1)
2025
North America Commercial P&C Insurance$(75)$(346)$(421)0.6 %
North America Personal P&C Insurance— (403)(403)0.6 %
North America Agricultural Insurance— (121)(121)0.2 %
Overseas General Insurance(30)(441)(471)0.7 %
Global Reinsurance(5)(18)(23)— %
Corporate306 — 306 0.5 %
Total$196 $(1,329)$(1,133)1.7 %
2024
North America Commercial P&C Insurance$18 $(446)$(428)0.7 %
North America Personal P&C Insurance— (305)(305)0.5 %
North America Agricultural Insurance— (104)(104)0.2 %
Overseas General Insurance(26)(264)(290)0.5 %
Global Reinsurance— (25)(25)— %
Corporate296 — 296 0.5 %
Total$288 $(1,144)$(856)1.4 %
2023
North America Commercial P&C Insurance$(86)$(408)$(494)0.8 %
North America Personal P&C Insurance— (134)(134)0.2 %
North America Agricultural Insurance— (18)(18)— %
Overseas General Insurance(50)(326)(376)0.6 %
Global Reinsurance7 (35)(28)— %
Corporate 277 — 277 0.5 %
Total$148 $(921)$(773)1.3 %
(1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.


North America Commercial P&C Insurance.
Net favorable development in 2025 included $346 million from short-tail lines, primarily property, marine and surety, driven by lower-than-expected loss development in the most recent accident years. Long-tail lines experienced net favorable development of $75 million, which was the net of favorable development in workers' compensation, due to lower-than-expected loss development and our annual assessment of multi-claimant events, largely offset by adverse development in liability and other casualty lines, primarily commercial excess/umbrella and commercial auto liability, respectively, due to higher-than-expected loss development.

Net favorable development in 2024 included $446 million from short-tail lines, primarily property, marine and surety, driven by lower-than-expected loss development in the most recent accident years. Long-tail lines experienced adverse development, which was the net of adverse development in liability and other casualty lines, predominantly commercial excess/umbrella and commercial auto liability respectively, due to higher-than-expected loss development, mainly offset by favorable development in workers’ compensation due to lower-than-expected loss development and our annual assessment of multi-claimant events.

North America Personal P&C Insurance.
Net favorable development in 2025 and 2024 was predominantly in homeowners lines, mainly due to lower-than-expected loss development in the most recent accident years.
North America Agricultural Insurance.
Net favorable development in 2025 and 2024 was driven by multi-peril crop insurance results.

Overseas General Insurance.
Net favorable development in 2025 included $441 million in short-tail lines, primarily in property and marine lines, mainly in accident years 2020 through 2023, driven by favorable loss development across all regions and specific case reductions. Net favorable development in 2025 also included $30 million in long-tail lines, primarily driven by favorable loss development in financial lines accident years 2021 and prior.

Net favorable development in 2024 included $264 million in short-tail lines, primarily in property and marine lines, mainly in accident years 2019 through 2023, driven by favorable loss development across all regions and specific case reductions. Net favorable development in 2024 also included $26 million in long-tail lines, primarily in financial lines due to favorable loss development in accident years 2019 and 2020.

Corporate.
Net adverse development in 2025, 2024, and 2023 was principally related to asbestos, environmental, and molestation exposures.

Molestation claims
Chubb's exposure to molestation claims principally arises out of liabilities acquired when it purchased CIGNA's P&C business in 1999, and Chubb Corp in 2016. The vast majority of the current liability relates to exposure from "reviver" legislation in certain states that allow civil claims relating to molestation to be asserted against policyholders that would otherwise be barred by statutes of limitations. These exposures are predominantly included in our inactive run-off operations included in Corporate with an immaterial amount in the North America Commercial P&C segment.

In December 2021, Chubb reached an agreement-in-principle regarding the bankruptcy of the Boy Scouts of America (BSA). Under this agreement, our inactive run-off company, Century Indemnity Company, and certain active Chubb companies obtained a broad release for all Chubb companies from BSA-related abuse claims for $800 million. This agreement was approved by the bankruptcy court in the third quarter of 2022. In the first quarter of 2023, the District Court issued an order approving the BSA bankruptcy plan in full; all appeals were denied and the order became final on February 6, 2026. We paid $800 million per the agreement, with $300 million paid in 2022, and the remaining $500 million paid in 2023.

Asbestos and environmental (A&E)
Chubb's exposure to A&E claims principally arises out of liabilities acquired when it purchased Westchester Specialty in 1998, CIGNA's P&C business in 1999, and Chubb Corp in 2016. The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the valuation allowance for uncollectible paid and unpaid reinsurance recoverables:
AsbestosEnvironmentalTotal
(in millions of U.S. dollars)GrossNetGrossNetGrossNet
Balance at December 31, 2022$1,098 $703 $412 $310 $1,510 $1,013 
Incurred activity180 120 88 63 268 183 (1)
Paid activity(258)(169)(105)(82)(363)(251)
Balance at December 31, 20231,020 654 395 291 1,415 945 
Incurred activity176 126 74 47 250 173 (1)
Paid activity(232)(172)(90)(61)(322)(233)
Balance at December 31, 2024964 608 379 277 1,343 885 
Incurred activity202 134 77 63 279 197 (1)
Paid activity(318)(216)(74)(42)(392)(258)
Balance at December 31, 2025$848 $526 $382 $298 $1,230 $824 
(1)    Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).
The A&E net loss reserves including allocated loss expense reserves and valuation allowance for uncollectible reinsurance at December 31, 2025 and 2024, shown in the table above comprises:
December 31
(in millions of U.S. dollars)20252024
Brandywine operations$483 $502 
Westchester Specialty72 86 
Chubb Corp235 258 
Other, mainly Overseas General Insurance34 39 
Total$824 $885 

Brandywine Run-off entities – The Restructuring Plan and uncertainties relating to Chubb's ultimate Brandywine exposure

In 1996, the Pennsylvania Insurance Commissioner approved a plan to restructure INA Financial Corporation and its subsidiaries (the Restructuring) which included the division of Insurance Company of North America (INA) into two separate corporations:

(1) An active insurance company that retained the INA name and continued to write P&C business; and
(2) An inactive run-off company, now called Century Indemnity Company (Century).

As a result of the division, predominantly all A&E and certain other liabilities of INA were ascribed to Century and extinguished, as a matter of Pennsylvania law, as liabilities of INA.

As part of the Restructuring, most A&E liabilities of various U.S. affiliates of INA were reinsured to Century. Century and certain other run-off companies having A&E and other liabilities were contributed to Brandywine Holdings.

The U.S.-based Chubb INA companies assumed two contractual obligations in respect of the Brandywine operations in connection with the Restructuring: a surplus maintenance obligation in the form of the excess of loss (XOL) agreement and a dividend retention fund obligation.

XOL Agreement
In 1996, in connection with the Restructuring, a Chubb INA insurance subsidiary provided reinsurance coverage to Century in the amount of $800 million under an Aggregate Excess of Loss Reinsurance Agreement (XOL Agreement), triggerable if the statutory capital and surplus of Century falls below $25 million or if Century lacks liquid assets with which to pay claims as they become due.

Dividend Retention Fund
INA Financial Corporation established and funded a dividend retention fund (the Dividend Retention Fund) consisting of $50 million plus investment earnings. The full balance of the Dividend Retention Fund was contributed to Century as of December 31, 2002. Under the Restructuring Order, while any obligation to maintain the Dividend Retention Fund is in effect, to the extent dividends are paid by INA Holdings Corporation to its parent, INA Financial Corporation, and to the extent INA Financial Corporation then pays such dividends to INA Corporation, a portion of those dividends must be withheld to replenish the principal of the Dividend Retention Fund to $50 million. In 2025 and 2024, $50 million and $93 million, respectively, was withheld from such dividends and deposited into the Dividend Retention Fund as a result of dividends paid up to the INA Corporation. Pursuant to a 2011 amendment to the Restructuring Order, capital contributions from the Dividend Retention Fund to Century are not required until the XOL Agreement has less than $200 million of capacity remaining on an incurred basis for statutory reporting purposes. The amount of the required capital contribution shall be the lesser of the amount necessary to restore the XOL Agreement remaining capacity to $200 million or the Dividend Retention Fund balance. In 2025 and 2024, capital contributions of $50 million and $93 million were made, respectively, from the Dividend Retention Fund to Century. The Dividend Retention Fund may not be terminated without prior written approval from the Pennsylvania Insurance Commissioner.

In 2004, Chubb INA contributed $100 million to Century in exchange for a surplus note. After giving effect to the surplus note, contributions from the Dividend Retention Fund, results from operations and other items impacting statutory surplus, the statutory surplus of Century at December 31, 2025, was $25 million and $776 million in statutory-basis losses have been ceded to the XOL Agreement on an inception-to-date basis. The XOL Agreement statutory-basis remaining limit at December 31,
2025, is $24 million. Century reports the amount ceded under the XOL Agreement in accordance with statutory accounting principles, which differ from U.S. GAAP by, among other things, allowing Century to discount its liabilities, including certain asbestos related and environmental pollution liabilities and Century's reinsurance payable to active companies. For U.S. GAAP reporting purposes, intercompany reinsurance recoverables related to the XOL are eliminated upon consolidation.

While Chubb believes it has no legal obligation to fund Century losses above the XOL limit of coverage, Chubb's consolidated results would nevertheless continue to include any losses above the limit of coverage for so long as the Brandywine companies remain consolidated subsidiaries of Chubb.

Certain active Chubb companies are primarily liable for asbestos, environmental, and other exposures that they have reinsured to Century. Accordingly, if Century were to become insolvent and placed into rehabilitation or liquidation, some or all of the recoverables due to these active Chubb companies from Century could become uncollectible. At December 31, 2025 and 2024, the aggregate reinsurance recoverables owed by Century to certain active Chubb companies were approximately $1.9 billion, on an undiscounted basis. Chubb believes the active company intercompany reinsurance recoverables, which relate to direct liabilities payable over many years, are not impaired. At December 31, 2025 and 2024, Century's carried gross reserves (including reserves assumed from the active Chubb companies) were $1.5 billion and $1.6 billion, respectively. Changes in laws and regulations may have an adverse effect on Century's reserves; for example, the enactment of "reviver" statutes relating to claims of sexual molestation may give rise to additional claims that would have been barred by the statutes of limitations in effect at the time of the alleged molestation. Should Century's loss reserves experience adverse development, as a result of such changes or otherwise, in the future and should Century be placed into rehabilitation or liquidation, the reinsurance recoverables due from Century to certain active Chubb companies would be payable only after the payment in full of certain expenses and liabilities, including administrative expenses and direct policy liabilities. Thus, the intercompany reinsurance recoverables would be at risk to the extent of the shortage of assets remaining to pay these recoverables.

Westchester Specialty – impact of NICO contracts on Chubb’s run-off entities

As part of the Westchester Specialty acquisition in 1998, NICO provided a 75 percent pro-rata share of $1.0 billion of reinsurance protection on losses and loss adjustment expenses incurred on or before December 31, 1996, in excess of a retention of $721 million. At December 31, 2025, the remaining unused incurred limit under the Westchester NICO agreement was $330 million.
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 PremiumsFor the Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,523 $4,405 $11,626 $125 $17,679 
Beginning balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in cash flow assumptions(59)(65)(389)7 (506)
Effect of actual variances from expected experience11 (20)(293)1 (301)
Adjusted beginning of period balance1,771 4,218 10,817 132 16,938 
Issuances221 1,656 1,876 409 4,162 
Interest accrual61 154 568 11 794 
Net premiums collected (1)
(253)(1,526)(1,526)(138)(3,443)
Other (including foreign exchange)14 114 (70)9 67 
Ending balance at original discount rate1,814 4,616 11,665 423 18,518 
Effect of changes in discount rate assumptions(270)133 23 3 (111)
Balance – end of period$1,544 $4,749 $11,688 $426 $18,407 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.

Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,238 $12,057 $15,693 $647 $30,635 
Beginning balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in cash flow assumptions(60)(93)(434)13 (574)
Effect of actual variances from expected experience19 (21)(291)1 (292)
Adjusted beginning of period balance2,606 11,128 14,927 615 29,276 
Issuances221 1,656 1,876 409 4,162 
Interest accrual82 407 699 28 1,216 
Benefits payments(231)(333)(1,770)(17)(2,351)
Other (including foreign exchange)37 275 (87)23 248 
Ending balance at original discount rate2,715 13,133 15,645 1,058 32,551 
Effect of changes in discount rate assumptions(402)658 (58)26 224 
Balance – end of period$2,313 $13,791 $15,587 $1,084 $32,775 
Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$769 $9,042 $3,899 $658 $14,368 
Deferred profit liability319 1,922 234 77 2,552 
Net liability for future policy benefits, before reinsurance recoverable1,088 10,964 4,133 735 16,920 
Less: Reinsurance recoverable on future policy benefits106 48 121 1 276 
Net liability for future policy benefits, after reinsurance recoverable$982 $10,916 $4,012 $734 $16,644 
Weighted average duration (years)11.026.510.026.021.6

Present Value of Expected Net PremiumsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,590 $3,950 $10,432 $64 $16,036 
Beginning balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in cash flow assumptions(141)178 417 (4)450 
Effect of actual variances from expected experience11 (2)(139)— (130)
Adjusted beginning of period balance1,862 4,121 10,970 60 17,013 
Issuances221 1,211 2,162 86 3,680 
Interest accrual58 128 540 5 731 
Net premiums collected (1)
(242)(1,086)(1,483)(40)(2,851)
Other (including foreign exchange)(80)(71)(690)13 (828)
Ending balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in discount rate assumptions(296)102 127 1 (66)
Balance – end of period$1,523 $4,405 $11,626 $125 $17,679 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,254 $10,063 $14,650 $495 $27,462 
Beginning balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in cash flow assumptions(141)205 373 (5)432 
Effect of actual variances from expected experience20 11 (141)— (110)
Adjusted beginning of period balance2,628 10,207 15,303 487 28,625 
Issuances221 1,211 2,162 86 3,680 
Interest accrual76 331 668 17 1,092 
Benefits payments(224)(340)(1,594)(18)(2,176)
Other (including foreign exchange)(54)(167)(887)29 (1,079)
Ending balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in discount rate assumptions(409)815 41 46 493 
Balance – end of period$2,238 $12,057 $15,693 $647 $30,635 


Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2024
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$715 $7,652 $4,067 $522 $12,956 
Deferred profit liability279 1,210 196 39 1,724 
Net liability for future policy benefits, before reinsurance recoverable994 8,862 4,263 561 14,680 
Less: Reinsurance recoverable on future policy benefits108 47 113 1 269 
Net liability for future policy benefits, after reinsurance recoverable$886 $8,815 $4,150 $560 $14,411 
Weighted average duration (years)10.427.89.818.621.3
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

December 31
(in millions of U.S. dollars)20252024
Net liability for future policy benefits, Life Insurance segment$14,368 $12,956 
Other (1)
1,500 1,441 
Deferred profit liability2,552 1,724 
Liability for future policy benefits, per consolidated balance sheet$18,420 $16,121 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.


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

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
December 31December 31
(in millions of U.S. dollars)20252024
Term Life
Undiscounted expected future benefit payments$4,486 $4,141 
Undiscounted expected future gross premiums6,789 6,508 
Discounted expected future benefit payments
2,313 2,238 
Discounted expected future gross premiums
4,556 4,400 
Whole Life
Undiscounted expected future benefit payments32,438 28,263 
Undiscounted expected future gross premiums11,033 10,346 
Discounted expected future benefit payments
13,791 12,057 
Discounted expected future gross premiums
9,152 8,452 
A&H
Undiscounted expected future benefit payments26,331 26,584 
Undiscounted expected future gross premiums38,881 38,826 
Discounted expected future benefit payments
15,587 15,693 
Discounted expected future gross premiums
23,445 23,133 
Other
Undiscounted expected future benefit payments1,989 1,126 
Undiscounted expected future gross premiums639 242 
Discounted expected future benefit payments
1,084 647 
Discounted expected future gross premiums
$600 $216 
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 AssessmentsInterest Accretion
For the Years EndedFor the Years Ended
December 31December 31
(in millions of U.S. dollars)202520242023202520242023
Life Insurance
Term Life$734 $684 $641 $21 $18 $19 
Whole Life2,674 1,962 1,259 253 203 165 
A&H3,109 3,016 2,918 131 128 141 
Other193 67 28 17 12 7 
Total$6,710 $5,729 $4,846 $422 $361 $332 

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

Interest Accretion RateCurrent Discount Rate
December 31December 31
202520242023202520242023
Life Insurance
Term Life3.1 %3.0 %2.8 %5.4 %5.4 %5.2 %
Whole Life3.4 %3.3 %3.2 %4.2 %4.1 %4.6 %
A&H4.3 %3.9 %3.7 %5.9 %5.8 %6.2 %
Other3.3 %2.8 %2.6 %3.5 %3.8 %4.1 %
v3.25.4
Policyholders' account balances, Separate accounts, and Unearned revenue liabilities
 12 Months Ended
Dec. 31, 2025
Insurance [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:
For the Year Ended December 31, 2025
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,809 $2,585 $2,354 $6,748 
Premiums received 215 268 364 847 
Policy charges (1)
(105)— (9)(114)
Surrenders and withdrawals(124)(34)(188)(346)
Benefit payments (2)
(26)(136)(86)(248)
Interest credited47 48 68 163 
Other (including foreign exchange)83 70 28 181 
Balance – end of period$1,899 $2,801 $2,531 $7,231 
Unearned revenue liability758 
Other (3)
587 
Policyholders' account liability, per consolidated balance sheet$8,576 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

For the Year Ended December 31, 2024
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,876 $2,411 $2,502 $6,789 
Premiums received 276 339 413 1,028 
Policy charges (1)
(136)— (11)(147)
Surrenders and withdrawals(122)(39)(278)(439)
Benefit payments (2)
(60)(139)(78)(277)
Interest credited50 41 68 159 
Other (including foreign exchange)(75)(28)(262)(365)
Balance – end of period$1,809 $2,585 $2,354 $6,748 
Unearned revenue liability711 
Other (3)
557 
Policyholders' account liability, per consolidated balance sheet$8,016 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
December 31
20252024
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (1)
OtherUniversal Life
Annuities (1)
Other
Weighted-average crediting rate (2)
3.4 %N/A3.3 %3.7 %N/A3.1 %
Net amount at risk (3)
$11,115 $31 $342 $12,369 $— $425 
Cash Surrender Value$1,771 $1,864 $2,241 $1,649 $1,678 $2,060 
(1)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
(2)Calculated using actual interest credited for the twelve months ended December 31, 2025 and 2024, respectively.
(3)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
December 31, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$— $— $51 $198 $249 
 2.01% – 4.00%
491 311 346 — 1,148 
Greater than 4.00%
18 — — — 18 
Fixed rate or no guarantee484 
Total$509 $311 $397 $198 $1,899 


December 31, 2024
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$4 $— $46 $106 $156 
 2.01% – 4.00%
245 615 349 — 1,209 
Greater than 4.00%
13 — — — 13 
Fixed rate or no guarantee431 
Total$262 $615 $395 $106 $1,809 
Other policyholders' account balances
December 31, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$3 $6 $90 $65 $164 
 2.01% – 4.00%
1,095 53 — — 1,148 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,219 
Total$1,098 $59 $90 $65 $2,531 

December 31, 2024
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$8 $6 $158 $2 $174 
 2.01% – 4.00%
987 50 — — 1,037 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,143 
Total$995 $56 $158 $2 $2,354 

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:

December 31
(in millions of U.S. dollars)20252024
Cash and cash equivalents $73 $234 
Mutual funds 6,785 5,931 
Fixed maturities67 66 
Total$6,925 $6,231 
The following table presents a roll-forward of separate account liabilities:
For the Years Ended
December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period$6,231 $5,573 
Premiums and deposits1,394 1,629 
Policy charges(164)(158)
Surrenders and withdrawals(997)(910)
Benefit payments(466)(430)
Investment performance739 630 
Other (including foreign exchange)188 (103)
Balance – end of period$6,925 $6,231 
Cash surrender value (1)
$6,371 $5,853 
(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:
For the Years Ended December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period$711 $673 
Deferred revenue130 144 
Amortization(77)(73)
Other (including foreign exchange)(6)(33)
Balance – end of period$758 $711 
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:

For the Years Ended December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period $607 $771 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk592 749 
Interest rate changes25 (130)
Effect of market movements (1)
(131)(125)
Effect of changes in volatilities30 1 
Actual policyholder behavior different from expected behavior46 55 
Effect of changes in future expected policyholder behavior101 87 
Effect of timing and all other(27)(45)
Balance, end of period, before effect of changes in the instrument-specific credit risk$636 $592 
Effect of changes in the instrument-specific credit risk23 15 
Balance – end of period$659 $607 
Weighted-average age of policyholders (years)7474
Net amount at risk (2)
$1,369 $1,520 
(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 gains (losses) of $(244) million and $(297) million for the years ended December 31, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

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

•We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.
•We updated annuitization assumptions to include an additional year of experience, refreshing treaty-based and age-based behavior assumptions.
•We updated the mortality and lapse assumptions to include an additional year of experience.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.
Valuation TechniqueSignificant Unobservable Inputs
December 31, 2025
December 31, 2024
Ranges
Weighted Average(1)
Ranges
Weighted Average(1)
MRB (1)
Actuarial modelLapse rate
0.5% – 27.3%
3.2%
0.5% – 27.3%
3.4%
Annuitization rate
0% – 100%
5.0%
0% – 100%
4.5%
(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. In general, the base lapse function assumes low lapse rates during the surrender charge period, followed by a "spike" lapse rate in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate, typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

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. All GLB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GLB annuitization rates will be higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GLB annuitization rates increase as policyholders get older. In addition, it is also assumed that GLB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GLB) in comparison to all subsequent years. At this stage, Chubb has fully credible annuitization experience for all cedants.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaty-specific data subsets of interest that have limited experience on their own, lapse rates are established by blending the experience with comparable 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.
v3.25.4
Market risk benefits
 12 Months Ended
Dec. 31, 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:
For the Year Ended December 31, 2025
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,809 $2,585 $2,354 $6,748 
Premiums received 215 268 364 847 
Policy charges (1)
(105)— (9)(114)
Surrenders and withdrawals(124)(34)(188)(346)
Benefit payments (2)
(26)(136)(86)(248)
Interest credited47 48 68 163 
Other (including foreign exchange)83 70 28 181 
Balance – end of period$1,899 $2,801 $2,531 $7,231 
Unearned revenue liability758 
Other (3)
587 
Policyholders' account liability, per consolidated balance sheet$8,576 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

For the Year Ended December 31, 2024
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,876 $2,411 $2,502 $6,789 
Premiums received 276 339 413 1,028 
Policy charges (1)
(136)— (11)(147)
Surrenders and withdrawals(122)(39)(278)(439)
Benefit payments (2)
(60)(139)(78)(277)
Interest credited50 41 68 159 
Other (including foreign exchange)(75)(28)(262)(365)
Balance – end of period$1,809 $2,585 $2,354 $6,748 
Unearned revenue liability711 
Other (3)
557 
Policyholders' account liability, per consolidated balance sheet$8,016 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
December 31
20252024
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (1)
OtherUniversal Life
Annuities (1)
Other
Weighted-average crediting rate (2)
3.4 %N/A3.3 %3.7 %N/A3.1 %
Net amount at risk (3)
$11,115 $31 $342 $12,369 $— $425 
Cash Surrender Value$1,771 $1,864 $2,241 $1,649 $1,678 $2,060 
(1)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
(2)Calculated using actual interest credited for the twelve months ended December 31, 2025 and 2024, respectively.
(3)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
December 31, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$— $— $51 $198 $249 
 2.01% – 4.00%
491 311 346 — 1,148 
Greater than 4.00%
18 — — — 18 
Fixed rate or no guarantee484 
Total$509 $311 $397 $198 $1,899 


December 31, 2024
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$4 $— $46 $106 $156 
 2.01% – 4.00%
245 615 349 — 1,209 
Greater than 4.00%
13 — — — 13 
Fixed rate or no guarantee431 
Total$262 $615 $395 $106 $1,809 
Other policyholders' account balances
December 31, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$3 $6 $90 $65 $164 
 2.01% – 4.00%
1,095 53 — — 1,148 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,219 
Total$1,098 $59 $90 $65 $2,531 

December 31, 2024
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$8 $6 $158 $2 $174 
 2.01% – 4.00%
987 50 — — 1,037 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,143 
Total$995 $56 $158 $2 $2,354 

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:

December 31
(in millions of U.S. dollars)20252024
Cash and cash equivalents $73 $234 
Mutual funds 6,785 5,931 
Fixed maturities67 66 
Total$6,925 $6,231 
The following table presents a roll-forward of separate account liabilities:
For the Years Ended
December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period$6,231 $5,573 
Premiums and deposits1,394 1,629 
Policy charges(164)(158)
Surrenders and withdrawals(997)(910)
Benefit payments(466)(430)
Investment performance739 630 
Other (including foreign exchange)188 (103)
Balance – end of period$6,925 $6,231 
Cash surrender value (1)
$6,371 $5,853 
(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:
For the Years Ended December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period$711 $673 
Deferred revenue130 144 
Amortization(77)(73)
Other (including foreign exchange)(6)(33)
Balance – end of period$758 $711 
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:

For the Years Ended December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period $607 $771 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk592 749 
Interest rate changes25 (130)
Effect of market movements (1)
(131)(125)
Effect of changes in volatilities30 1 
Actual policyholder behavior different from expected behavior46 55 
Effect of changes in future expected policyholder behavior101 87 
Effect of timing and all other(27)(45)
Balance, end of period, before effect of changes in the instrument-specific credit risk$636 $592 
Effect of changes in the instrument-specific credit risk23 15 
Balance – end of period$659 $607 
Weighted-average age of policyholders (years)7474
Net amount at risk (2)
$1,369 $1,520 
(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 gains (losses) of $(244) million and $(297) million for the years ended December 31, 2025 and 2024, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

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

•We refreshed our partial withdrawal assumptions to include an additional year of experience and refined the withdrawal rates for policies with guaranteed values far in excess of their account values.
•We updated annuitization assumptions to include an additional year of experience, refreshing treaty-based and age-based behavior assumptions.
•We updated the mortality and lapse assumptions to include an additional year of experience.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.
Valuation TechniqueSignificant Unobservable Inputs
December 31, 2025
December 31, 2024
Ranges
Weighted Average(1)
Ranges
Weighted Average(1)
MRB (1)
Actuarial modelLapse rate
0.5% – 27.3%
3.2%
0.5% – 27.3%
3.4%
Annuitization rate
0% – 100%
5.0%
0% – 100%
4.5%
(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. In general, the base lapse function assumes low lapse rates during the surrender charge period, followed by a "spike" lapse rate in the year immediately following the surrender charge period, and then reverting to an ultimate lapse rate, typically over a 2-year period. This base rate is adjusted downward for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Partial withdrawals and the impact of older policyholders with tax-qualified contracts (due to required minimum distributions) are also reflected in our modeling.

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. All GLB reinsurance treaties include claim limits to protect Chubb in the event that actual annuitization behavior is significantly higher than expected. In general, Chubb assumes that GLB annuitization rates will be higher for policies with more valuable guarantees (policies with guaranteed values far in excess of their account values). Chubb also assumes that GLB annuitization rates increase as policyholders get older. In addition, it is also assumed that GLB annuitization rates are higher in the first year immediately following the waiting period (the first year the policies are eligible to annuitize using the GLB) in comparison to all subsequent years. At this stage, Chubb has fully credible annuitization experience for all cedants.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaty-specific data subsets of interest that have limited experience on their own, lapse rates are established by blending the experience with comparable 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.
v3.25.4
Taxation
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Taxation Taxation
Under Swiss law a resident company is subject to income tax at the federal, cantonal, and communal levels that is levied on net worldwide income. Income attributable to permanent establishments or real estate located abroad is excluded from the Swiss tax base. Furthermore, participation relief (i.e., tax relief) is granted to Chubb Limited at the federal, cantonal, and communal level for qualifying dividend income. Chubb Limited is subject to an annual cantonal and communal capital tax on the taxable equity of Chubb Limited in Switzerland.

Chubb has two Swiss operating subsidiaries, an insurance company, Chubb Insurance (Switzerland) Limited and a reinsurance company, Chubb Reinsurance (Switzerland) Limited. Both are subject to federal, cantonal, and communal income tax and to annual cantonal and communal capital tax.

Under Bermuda law prior to 2025, Chubb Limited and its Bermuda subsidiaries were not required to pay any taxes on income or capital gains. However, on December 27, 2023, the Government of Bermuda enacted the Corporate Income Tax Act of 2023 which established a 15 percent income tax on net taxable income of Bermuda entities effective January 1, 2025.

Income from Chubb's operations at Lloyd's is subject to United Kingdom (U.K.) corporation income taxes. Lloyd's is required to pay U.S. income tax on U.S. connected income written by Lloyd's syndicates. Lloyd's has a closing agreement with the Internal Revenue Service (IRS) whereby the amount of tax due on this business is calculated by Lloyd's and remitted directly to the IRS. These amounts are then charged to the accounts of Chubb's Corporate Members in proportion to their participation in the
relevant syndicates. Chubb's Corporate Members are subject to this arrangement but, as U.K. domiciled companies, will receive U.K. corporation tax credits for any U.S. income tax incurred up to the value of the equivalent U.K. corporation income tax charge on this income.

Chubb Group Holdings and its respective subsidiaries are subject to income taxes imposed by U.S. authorities and file a consolidated U.S. Federal income tax return. Should Chubb Group Holdings pay a dividend to Chubb Limited, withholding taxes would apply. Currently, however, no withholding taxes are accrued with respect to such un-remitted earnings as management has no intention of remitting these earnings. Similarly, no taxes have been provided on the un-remitted earnings of certain foreign subsidiaries (Chubb Life Insurance Hong Kong and Chubb Life Insurance Korea Company Ltd.) as management has no intention of remitting these earnings. Finally, we have made a partial reinvestment assertion on historical earnings for LINA Life Insurance Company of Korea and Huatai Insurance Group Co., Ltd. The cumulative amount that would be subject to withholding tax, if distributed, as well as the determination of the associated tax liability are not practicable to compute; however, such amount would be material.

Certain international operations of Chubb are also subject to income taxes imposed by the jurisdictions in which they operate. Chubb's domestic operations are in Switzerland, the jurisdiction where we are legally organized, incorporated, and registered.

The following table presents pre-tax income and the related provision for income taxes:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Pre-tax income:
      Domestic$185 $121 $44 
      Foreign12,859 11,334 9,482 
      Total pre-tax income$13,044 $11,455 $9,526 
Provision for income taxes
Current tax expense:
      Federal, cantonal and communal$85 $29 $25 
      Foreign2,000 1,700 1,570 
      Total current tax expense2,085 1,729 1,595 
Deferred tax expense (benefit):
      Federal, cantonal and communal(14)14 (63)
      Foreign351 72 (1,021)
      Total deferred tax expense (benefit)337 86 (1,084)
Provision for income taxes$2,422 $1,815 $511 
The following tables present a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate:

Year Ended December 31, 2025
(in millions of U.S. dollars)AmountPercent
Expected tax provision at Swiss statutory tax rate (1)
$1,021 7.8 %
Foreign tax effects
   Bermuda:
Statutory tax rate difference between Bermuda and Switzerland327 2.5 %
Tax credits:
         Credits for taxes paid to foreign jurisdictions(157)(1.2)%
Nontaxable or nondeductible items:
         Excluded dividends, gains and losses(196)(1.5)%
         Other nontaxable or nondeductible items5 — 
Other9 0.1 %
   United States:
Statutory tax rate difference between United States and Switzerland553 4.2 %
Other5 0.1 %
   Other foreign jurisdictions796 6.1 %
Other adjustments59 0.5 %
Provision for income taxes$2,422 18.6 %
Year Ended December 31
(in millions of U.S. dollars)2024 2023 
Expected tax provision at Swiss statutory tax rate (1)
$2,251 $1,872 
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate(510)(389)
Bermuda tax law enactment(55)(1,135)
Net withholding taxes145 15 
Other(16)148 
Provision for income taxes$1,815 $511 
(1)2025 reflects the Swiss federal corporate income tax at a flat rate of 8.5 percent on profit after tax, resulting in an effective rate of approximately 7.8 percent on profit before tax, with no federal corporate capital tax. 2024 and 2023 reflect the combined Swiss federal and cantonal rate.
The following table presents supplemental cash flow information on Swiss federal, cantonal and communal, and foreign income taxes paid, including jurisdictions where income taxes paid exceeded five percent of total income taxes paid (net of refunds):
Year Ended December 31
(in millions of U.S. dollars)202520242023
Income taxes paid:
   Federal, cantonal and communal$34 
   Foreign2,177 
Total income taxes paid (net of refunds)$2,211 $1,662 $1,465 
Income taxes paid (net of refunds) in jurisdictions exceeding five percent of total:
Foreign
   Bermuda$250 
   Korea257 
   United Kingdom289 
   United States614 

Current income tax receivable of $419 million and $246 million at December 31, 2025 and 2024, respectively, was recorded in Other assets on the Consolidated balance sheets. Current income tax payable of $377 million and $376 million at December 31, 2025 and 2024, respectively, was recorded in Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets.

The following table presents the components of net deferred tax assets and liabilities:
December 31
(in millions of U.S. dollars)2025 2024 
Deferred tax assets:
Loss reserve discount$2,073 $1,746 
Unearned premiums reserve713 753 
Foreign tax credits5 18 
Loss carry-forwards162 146 
Investments (1)
— 512 
Depreciation— 26 
Future policy benefits103 176 
Other498 268 
Total deferred tax assets 3,554 3,645 
      Valuation allowance637 1,081 
      Deferred tax assets, net of valuation allowance2,917 2,564 
Deferred tax liabilities:
Deferred policy acquisition costs1,650 1,005 
Other intangible assets, including VOBA1,154 1,289 
Investments (1)
127 — 
Depreciation112 — 
Un-remitted foreign earnings303 251 
Total deferred tax liabilities 3,346 2,545 
Net deferred tax assets (liabilities)$(429)$19 
(1)Included in Investments are deferred tax assets on unrealized depreciation of $234 million and $787 million at December 31, 2025 and 2024, respectively.
The valuation allowance of $637 million and $1,081 million at December 31, 2025 and 2024, respectively, reflects management's assessment, based on available information, that it is more likely than not that a portion of the deferred tax assets will not be realized due to the inability of certain subsidiaries to generate sufficient taxable income. Adjustments to the valuation allowance are made when there is a change in management's assessment of the amount of deferred tax assets that are realizable.

For the year ended December 31, 2025, the tax benefit on certain unrealized capital losses in our investment portfolio was reduced by a valuation allowance of $179 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.

At December 31, 2025, Chubb has net operating loss carry-forwards of $579 million which, if unused, will expire starting in 2026, and a U.S. capital loss carry-forward of $52 million which, if unused, will expire starting in 2028.

The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits:
Year Ended December 31
(in millions of U.S. dollars)2025 2024 
Balance, beginning of year$130 $73 
Additions based on tax positions related to the current year5 1 
Additions based on tax positions related to prior years20 58 
Reductions based on tax positions related to prior years(26)(1)
Reductions for the lapse of the applicable statutes of limitations— (1)
Reductions for settlements with taxing authorities(50)— 
Balance, end of year$79 $130 

At December 31, 2025 and 2024, the gross unrecognized tax benefits of $79 million and $130 million, respectively, can be reduced by $5 million and $18 million, respectively, associated with foreign tax credits. The net amounts of $74 million and $112 million at December 31, 2025 and 2024, respectively, if recognized, would favorably affect the effective tax rate.

Chubb recognizes accruals for interest income, expense and penalties, if any, related to tax refunds and unrecognized tax benefits, respectively, in Income tax expense in the Consolidated statements of operations. Tax-related net interest (income) expense and penalties reported in the Consolidated statements of operations were $(23) million, $6 million, and $7 million at December 31, 2025, 2024, and 2023, respectively. Liabilities for tax-related interest and penalties in our Consolidated balance sheets were $24 million and $30 million at December 31, 2025 and 2024, respectively.

The IRS is in the process of finalizing its examination of Chubb Group Holdings' tax returns for years 2014 through 2017. No material adjustments have been proposed related to these years. The tax return for 2018 remains under examination by the IRS.

In January 2026, the IRS commenced its examination of Chubb Group Holdings’ tax returns for years 2019 through 2023. As a multinational company, we also have examinations under way in various US states and non-US jurisdictions. With few exceptions, Chubb is no longer subject to income tax examinations for years prior to 2014.
The following table summarizes tax years open for examination by major income tax jurisdiction:
At December 31, 2025
Australia2019-2025
Brazil2019-2025
Canada2018-2025
China2022-2025
France 2023-2025
Germany2016-2025
Italy2020-2025
Korea2020-2025
Mexico2016-2025
Spain2012-2025
Switzerland2022-2025
United Kingdom2015-2025
United States2014-2025
v3.25.4
Debt
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Debt Debt
December 31December 31
(in millions of U.S. dollars)20252024Early Redemption Option
Short-term debt
Chubb INA:
$800 million 3.15% senior notes due March 2025
$—$800
Make-whole premium plus 15 bps
$1,500 million 3.35% senior notes due May 2026
1,499—
Make-whole premium plus 20 bps
Total short-term debt
$1,499$800
Long-term debt
Chubb INA:
$1,500 million 3.35% senior notes due May 2026
$—$1,498
Make-whole premium plus 20 bps
€575 million 0.875% senior notes due June 2027
671604
Make-whole premium plus 20 bps
€900 million 1.55% senior notes due March 2028
1,050944
Make-whole premium plus 15 bps
CNH1,830 million 2.85% term loan due April 2028
259—Make-whole premium, no add'l bps
CNH2,145 million 2.75% term loan due July 2028
304—Make-whole premium, no add'l bps
$100 million 8.875% debentures due August 2029
100100None
$700 million 4.65% senior notes due August 2029
696695
Make-whole premium plus 15 bps
€700 million 0.875% senior notes due December 2029
816734
Make-whole premium plus 20 bps
CNH1,000 million 2.5% bonds due August 2030
140—
Make-whole premium plus 15 bps
$1,000 million 1.375% senior notes due September 2030
996995
Make-whole premium plus 15 bps
€575 million 1.4% senior notes due June 2031
669601
Make-whole premium plus 25 bps
$200 million 6.8% debentures due November 2031
223227
Make-whole premium plus 25 bps
$1,600 million 5.0% senior notes due March 2034
1,5891,588
Make-whole premium plus 15 bps
CNH1,500 million 2.75% bonds due August 2035
211—
Make-whole premium plus 15 bps
$1,250 million 4.9% senior notes due August 2035
1,241—
Make-whole premium plus 15 bps
$300 million 6.7% senior notes due May 2036
298298
Make-whole premium plus 20 bps
$800 million 6.0% senior notes due May 2037
900909
Make-whole premium plus 20 bps
€900 million 2.5% senior notes due March 2038
1,045940
Make-whole premium plus 25 bps
$600 million 6.5% senior notes due May 2038
702710
Make-whole premium plus 30 bps
$475 million 4.15% senior notes due March 2043
471471
Make-whole premium plus 15 bps
$1,500 million 4.35% senior notes due November 2045
1,4871,487
Make-whole premium plus 25 bps
$600 million 2.85% senior notes due December 2051
594594
Make-whole premium plus 15 bps
CNH2,000 million 3.05% bonds due August 2055
281—
Make-whole premium plus 15 bps
$1,000 million 3.05% senior notes due December 2061
985984
Make-whole premium plus 20 bps
Total long-term debt$15,728$14,379
Hybrid debt
Chubb INA capital securities due April 2030$309$309
Redemption prices (1)
Huatai Life CNY800 million 2.9% capital supplementary bonds due November 2034
113110Redeemable at par in 2029
Total hybrid debt$422$419
(1)Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030.

a) Short-term debt
Short-term debt comprises the current maturities of our long-term debt instruments described below. These short-term debt instruments were reclassified from long-term debt and are reflected in the table above.
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 December 2030. Commercial paper is recorded in Short-term debt in the Consolidated balance sheets. As of December 31, 2025, there was no commercial paper outstanding.

b) Long-term debt
(i) Chubb INA senior notes and debentures
With the exception of the $100 million of 8.875 percent debentures due August 2029, which do not have an early redemption option, the senior notes and debentures in the table above are redeemable at any time at Chubb INA's option subject to a “make-whole” premium plus additional basis points as defined in the table above. A "make-whole" premium is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. These debt securities are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law.

The senior notes and debentures do not have the benefit of any sinking fund, are guaranteed on a senior basis by Chubb Limited, and rank equally with all of Chubb's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt.

(ii) Chubb INA Chinese yuan renminbi bonds and term loans
The CNH bonds are redeemable at any time prior to the par call date at Chubb INA's option subject to a "make-whole" premium. The "make-whole" premium for the bonds is the present value of the remaining principal and interest discounted at the applicable offshore China Government Bond yield plus additional basis points as defined in the table above. The CNH term loans are subject to a "make-whole" premium up to one year prior to maturity. The "make-whole" premium for the term loans is the present value of the remaining principal and interest discounted at the applicable U.S. Treasury rate. The bonds and term loans are guaranteed on a senior basis by Chubb Limited.

c) Hybrid debt
(i) Trust preferred securities
In March 2000, ACE Capital Trust II, a Delaware statutory business trust, publicly issued $300 million of 9.7 percent Capital Securities (the Capital Securities) due to mature in April 2030. At the same time, Chubb INA purchased $9.2 million of common securities of ACE Capital Trust II. The sole assets of ACE Capital Trust II consist of $309 million principal amount of 9.7 percent Junior Subordinated Deferrable Interest Debentures (the Subordinated Debentures) issued by Chubb INA due to mature in April 2030.

Distributions on the Capital Securities are payable semi-annually and may be deferred for up to ten consecutive semi-annual periods (but no later than April 1, 2030). Any deferred payments would accrue interest compounded semi-annually if Chubb INA defers interest on the Subordinated Debentures. Interest on the Subordinated Debentures is payable semi-annually. Chubb INA may defer such interest payments (but no later than April 1, 2030), with such deferred payments accruing interest compounded semi-annually. The Capital Securities and the ACE Capital Trust II Common Securities will be redeemed upon repayment of the Subordinated Debentures.

Chubb Limited has guaranteed, on a subordinated basis, Chubb INA's obligations under the Subordinated Debentures, and distributions and other payments due on the Capital Securities. These guarantees, when taken together with Chubb's obligations under expense agreements entered into with ACE Capital Trust II, provide a full and unconditional guarantee of amounts due on the Capital Securities.

(ii) Huatai Life capital supplementary bonds
In November 2024, Huatai Life issued 800 million Chinese yuan renminbi ($111 million based on the foreign exchange rate at the date of issuance) of 2.90 percent capital supplementary bonds (Bonds), due November 2034. The Bonds are subordinated to Huatai Life’s policy and general liabilities, are redeemable in November 2029, if certain conditions are met, and are guaranteed by Huatai Group. Principal or interest payments on the Bonds may be deferred if such payments would reduce Huatai Life's solvency adequacy ratio below a required minimum.
v3.25.4
Commitments, contingencies, and guarantees
 12 Months Ended
Dec. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments, contingencies, and guarantees 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:


December 31, 2025December 31, 2024
Consolidated
Balance Sheet
Location		Fair ValueNotional
Amount/
Payment
Provision		Fair ValueNotional
Amount/
Payment
Provision
Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability)
(in millions of U.S. dollars)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contractsOA / (AP)$18 $(230)$4,912 $41 $(295)$3,959 
Options/Futures/Forward contracts on notes and bondsOA / (AP)4 (12)1,216 — (8)449 
Convertible securities (1)
FM AFS / ES6 — 5 12 — 12 
Total$28 $(242)$6,133 $53 $(303)$4,420 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$3 $— $943 $35 $— $1,047 
OtherOA / (AP)8 (4)334 — (2)211 
Total$11 $(4)$1,277 $35 $(2)$1,258 
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedgesOA / (AP)$198 $— $2,046 $103 $— $1,579 
Cross-currency swaps - net investment hedgesOA / (AP)68 (232)2,995 43 (116)2,896 
Total$266 $(232)$5,041 $146 $(116)$4,475 
(1)Includes fair value of embedded derivatives.
(2)Related to MRB book of business.

At December 31, 2025 and 2024, net derivative liabilities of $179 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 €1.8 billion, or approximately $2.0 billion at December 31, 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:

Year Ended December 31
(pre-tax, in millions of U.S. dollars)20252024
Gain (loss) recognized in OCI$76 $(38)
Net realized gain (loss) reclassified from OCI231 (103)
Interest expense reclassified from OCI(19)(15)
OCI gain (loss) after reclassifications$(136)$80 

(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
Chubb designated its foreign denominated Chinese yuan renminbi bonds and term loans issued in 2025 as non-derivative net investment hedges 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. The carrying amount of non-derivative debt instruments designated as net investment hedges was $1.2 billion at December 31, 2025. Refer to Note 13 to the Consolidated Financial Statements for more information.
The following table presents the OCI impact of derivative and non-derivative net investment hedges:

Year Ended December 31
(pre-tax, in millions of U.S. dollars)20252024
Cross-currency swaps:
Gain (loss) recognized in OCI$(63)$58 
Interest income reclassified from OCI29 19 
Total cross currency swaps$(92)$39 
Foreign denominated debt:
Gain (loss) recognized in OCI(26)— 
Total OCI gain (loss) after reclassifications$(118)$39 

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:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Investment and embedded derivative instruments:
Foreign currency forward contracts$(16)$(213)$(50)
Options/Futures/Forward contracts on notes and bonds(21)22 (2)
Convertible securities (1)
— 2 (1)
Total investment and embedded derivative instruments$(37)$(189)$(53)
Other derivative instruments:
Futures contracts on equities (2)
(107)(165)(189)
Other(21)(4)(10)
Total other derivative instruments$(128)$(169)$(199)
Total
$(165)$(358)$(252)
(1)Includes embedded derivatives.
(2)Related to MRB book of business. 

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

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

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.
Options
An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

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

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by the exchange on which they trade. 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
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
December 31, 2025December 31, 2024
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$1,332 $557 
U.S. and local government securities234 148 
Non-U.S.768 663 
Corporate and asset-backed securities62 49 
Equity securities104 28 
Total$2,500 $1,445 
Gross amount of recognized liability for securities lending payable$2,500 $1,445 

e) Repurchase agreements
Chubb has executed repurchase agreements with certain counterparties under which Chubb agreed to sell securities and repurchase them at a future date for a predetermined price. Our repurchase agreement obligations are 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
December 31, 2025December 31, 2024
Up to 30 Days30-90 DaysGreater than 90 DaysUp to 30 Days30-90 DaysGreater than 90 DaysTotal
(in millions of U.S. dollars)Total
Collateral pledged under repurchase agreements:
Cash$— $— $— $— $— $19 $2 $21 
U.S. and local government securities— 129 — 129 — — 104 104 
Non-U.S.1,496 — — 1,496 1,387 — — 1,387 
Mortgage-backed securities980 904 9 1,893 — 454 924 1,378 
Total$2,476 $1,033 $9 $3,518 $1,387 $473 $1,030 $2,890 
Repurchase agreements (weighted average interest rate of 3.8% in 2025 and 4.1% in 2024)
$2,368 $1,916 
Repurchase agreements – VIEs (1) (weighted average interest rate of 2.1% in 2025 and 2.2% in 2024)
956 815 
Gross amount of recognized liabilities for repurchase agreements$3,324 $2,731 
Difference (2)
$194 $159 
(1)Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs
(2)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.

f) Concentrations of credit risk
Our investment portfolio is managed following prudent standards of diversification. Specific provisions limit the allowable holdings of a single issue and issuer. We believe that there are no significant concentrations of credit risk associated with our investments. Our three largest corporate exposures by issuer at December 31, 2025, were Bank of America Corp, Morgan Stanley, and JPMorgan Chase & Co. Our largest exposure by industry at December 31, 2025, was financial services.

We market our insurance and reinsurance worldwide primarily through insurance and reinsurance brokers. We assume a degree of credit risk associated with brokers with whom we transact business. Marsh & McLennan Companies, Inc. generated or placed approximately 11 percent of our gross premiums written for each of the years ended December 31, 2025, 2024, and 2023. This entity is a large, well-established company, and there are no indications that it is financially troubled at December 31, 2025. No other broker or one insured accounted for more than 10 percent of our gross premiums written for these years.

g) Fixed maturities
At December 31, 2025 and 2024, commitments to purchase fixed income securities over the next several years were approximately $1.8 billion and $1.3 billion, respectively.

h) Private equities
Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies. At December 31, 2025, private equities with a carrying value of $16.9 billion had commitments that could require funding of up to $7.2 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.

i) Letters of credit
We have access to capital markets and to credit facilities with letter of credit (LOC) capacity of $3.8 billion, $3.0 billion of which can be used for revolving credit. Our existing credit facilities have remaining terms expiring through December 2030, including our $3.0 billion group syndicated credit facility. Our LOC borrowings outstanding was $935 million and $978 million at December 31, 2025 and 2024, respectively.

j) 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.
k) Lease commitments
At December 31, 2025 and 2024, the right-of-use asset was $1,025 million and $824 million, respectively, recorded within Other assets, and the lease liability was $1,214 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. As of December 31, 2025, the weighted average remaining lease term and weighted average discount rate for the operating leases was 14.5 years and 5.0 percent, respectively. Rent expense was $239 million, $214 million, and $181 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Future minimum lease payments under the operating leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
Undiscounted cash flows:
2026$210 
2027175 
2028142 
2029120 
2030103 
Thereafter1,142 
Total undiscounted lease payments$1,892 
Less: Present value adjustment678 
Net lease liabilities reported as of December 31, 2025
$1,214 
v3.25.4
Shareholders' equity note
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Shareholders' equity Shareholders’ equity
a) Common Shares
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, we are generally prohibited from issuing Common Shares below their par value. If there were a need to raise common equity at a time when the trading price of Chubb's Common Shares is below par value, we would need in advance to obtain shareholder approval to decrease the par value of the Common Shares.

Dividend approval
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 annual 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 the 2026 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.97 per share, have been declared by the Board and distributed as expected.

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 per share and $0.86 per share, respectively, at dates determined by the Board after the annual general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions
Under Swiss corporate law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. We issue dividends without subjecting them to withholding tax by way of distributions from capital contribution reserves and payment out of free reserves.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
Year Ended December 31
202520242023
CHFUSDCHFUSDCHFUSD
Total dividend distributions per common share3.18 $3.82 3.15 $3.59 3.05 $3.41 

b) Shares issued, outstanding, authorized, and conditional
Year Ended December 31
202520242023
Common Shares authorized and issued, beginning of year419,625,986 431,451,586 446,376,614 
Cancellation of treasury shares(7,518,565)(11,825,600)(14,925,028)
Common Shares authorized and issued, end of year412,107,421 419,625,986 431,451,586 
Common Shares in treasury, beginning of year
(18,922,323)(26,181,949)(31,781,758)
Net shares issued under employee share-based compensation plans2,384,138 2,952,591 2,500,381 
Shares repurchased(11,986,574)(7,518,565)(11,825,600)
Cancellation of treasury shares7,518,565 11,825,600 14,925,028 
Common Shares in treasury, end of year
(21,006,194)(18,922,323)(26,181,949)
Common Shares outstanding, end of year391,101,227 400,703,663 405,269,637 

Increases in Common Shares in treasury are due to open market repurchases of Common Shares, 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. 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. At our May 2024 annual general meeting, 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. At our May 2023 annual general meeting, our shareholders approved the cancellation of 14,925,028 shares purchased under our share repurchase programs during 2022. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 22, 2023.

Capital band for share capital increases and reductions
In accordance with Swiss law, the Board has shareholder-approved authority as set forth in the Articles of Association to increase or decrease the share capital by up to 20 percent from time to time until May 15, 2026, within the upper limit of CHF 247,264,452.50, corresponding to 494,528,905 registered shares, each to be fully paid up, with a par value of CHF 0.50 each, and the lower limit of CHF 164,842,968.50, corresponding to 329,685,937 registered shares, each to be fully paid up, with a par value of CHF 0.50 each. Any such increases or decreases would be subject to Swiss law and procedures and the Articles of Association.

Conditional share capital for bonds and similar debt instruments
Chubb's share capital may be increased through the issuance of a maximum of 33,000,000 fully paid up Common Shares (with a par value of CHF 0.50 as of December 31, 2025) through the exercise of conversion and/or option or warrant rights granted in connection with bonds, notes, or similar instruments, issued or to be issued by Chubb, including convertible debt instruments.

Conditional share capital for employee benefit plans
Chubb's share capital may be increased through the issuance of a maximum of 25,410,929 fully paid up Common Shares (with a par value of CHF 0.50 as of December 31, 2025) in connection with the exercise of option rights granted to any employee of Chubb, director or other person providing services to Chubb.

c) Chubb Limited securities repurchases
From time to time, we repurchase shares as part of our capital management program and to partially offset potential dilution from the exercise of stock options and the granting of restricted stock under share-based compensation plans. The Board has authorized share repurchase programs as follows:

•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023;
•$5.0 billion of Chubb Common Shares effective July 1, 2023 with no expiration date (revoked June 30, 2025 in connection with new authorization); and
•$5.0 billion of Chubb Common Shares effective July 1, 2025 with no expiration date.

Share repurchases may be in the open market, in privately negotiated transactions, block trades, accelerated repurchases and through option or other forward transactions. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Year Ended December 31January 1, 2026 through
(in millions of U.S. dollars, except share data)202520242023February 26, 2026
Number of shares repurchased11,986,574 7,518,565 11,825,600 1,716,988 
Cost of shares repurchased$3,387 $2,024 $2,478 $551 

d) General restrictions
The holders of the Common Shares are entitled to receive dividends as approved by the shareholders. Holders of Common Shares are allowed one vote per share provided that, if the controlled shares of any shareholder constitute ten percent or more of the outstanding Common Shares of Chubb, only a fraction of the vote will be allowed so as not to exceed ten percent in aggregate. Entry of acquirers of Common Shares as shareholders with voting rights in the share register may be refused if it would confer voting rights with respect to ten percent or more of the registered share capital recorded in the commercial register.
e) Accumulated other comprehensive income (loss)
The following table presents changes in accumulated other comprehensive income (loss):
Year Ended December 31
(in millions of U.S. dollars)202520242023
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of year, net of tax$(4,552)$(4,177)$(7,279)
Change in year, before reclassification from AOCI (before tax)2,452 (553)2,948 
Amounts reclassified from AOCI (before tax)203 302 500 
Change in year, before tax2,655 (251)3,448 
Income tax expense(133)(110)(328)
Total other comprehensive income (loss)2,522 (361)3,120 
Noncontrolling interests, net of tax(33)14 18 
Balance – end of year, net of tax(1,997)(4,552)(4,177)
Current discount rate on liability for future policy benefits
Balance – beginning of year, net of tax(539)51 (75)
Change in year, before tax235 (701)84 
Income tax benefit16 8 16 
Total other comprehensive income (loss)251 (693)100 
Noncontrolling interests, net of tax56 (103)(26)
Balance – end of year, net of tax(344)(539)51 
Instrument-specific credit risk on market risk benefits
Balance – beginning of year, net of tax(16)(22)(24)
Change in year, before tax(8)7 2 
Income tax (expense) benefit1 (1)— 
Total other comprehensive income (loss)(7)6 2 
Noncontrolling interests, net of tax— — — 
Balance – end of year, net of tax(23)(16)(22)
Cumulative foreign currency translation adjustment
Balance – beginning of year, net of tax(4,025)(2,945)(2,966)
Change in year, before reclassification from AOCI (before tax)1,076 (1,158)— 
Amounts reclassified from AOCI (before tax)(29)(19)(13)
Change in year, before tax1,047 (1,177)(13)
Income tax (expense) benefit(20)39 27 
Total other comprehensive income (loss)1,027 (1,138)14 
Noncontrolling interests, net of tax137 (58)(7)
Balance – end of year, net of tax(3,135)(4,025)(2,945)
Year Ended December 31
(in millions of U.S. dollars)202520242023
Accumulated other comprehensive income (loss) (AOCI) - continued
Fair value hedging instruments
Balance – beginning of year, net of tax50 (13)(66)
Change in year, before reclassification from AOCI (before tax)76 (38)101 
Amounts reclassified from AOCI (before tax)(212)118 (34)
Change in year, before tax(136)80 67 
Income tax (expense) benefit28 (17)(14)
Total other comprehensive income (loss)(108)63 53 
Noncontrolling interests, net of tax— — — 
Balance – end of year, net of tax(58)50 (13)
Postretirement benefit liability adjustment
Balance – beginning of year, net of tax438 297 225 
Change in year, before tax185 177 90 
Income tax expense(41)(36)(18)
Total other comprehensive income 144 141 72 
Noncontrolling interests, net of tax— — — 
Balance – end of year, net of tax582 438 297 
Accumulated other comprehensive loss$(4,975)$(8,644)$(6,809)

The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:
Consolidated Statement of Operations Location
Year Ended December 31
(in millions of U.S. dollars)202520242023
Fixed maturities available-for-sale$(203)$(302)$(500)Net realized gains (losses)
Income tax benefit33 92 62 Income tax expense
$(170)$(210)$(438)Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps$29 $19 $13 
Interest expense
Income tax expense(6)(4)(3)Income tax expense
$23 $15 $10 Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps$231 $(103)$50 Net realized gains (losses)
Cross-currency swaps(19)(15)(16)
Interest expense
Income tax (expense) benefit(45)25 (7)Income tax expense
$167 $(93)$27 Net income
Total amounts reclassified from AOCI$20 $(288)$(401)
v3.25.4
Share-based compensation
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Share-based compensation Share-based compensation
Chubb has share-based compensation plans which currently provide the Board the ability to grant awards of stock options, restricted stock, and restricted stock units to its employees and members of the Board.

In May 2021, our shareholders approved the Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP). Under the Amended 2016 LTIP, Common Shares of Chubb are authorized to be issued pursuant to awards, including incentive and non-qualified stock options, stock appreciation rights, performance shares, performance stock units, restricted stock, and restricted 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 principally issues restricted stock grants and stock options on a graded vesting schedule, with equal percentages of the award subject to vesting over a number of years (typically three or four). Chubb recognizes compensation cost for vesting of restricted stock and stock option grants with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in-substance, multiple awards. We incorporate an estimate of future forfeitures in determining compensation cost for both grants of restricted stock and stock options.

In addition, Chubb grants performance-based restricted stock as performance shares and performance stock units to certain executives that vest based on certain performance criteria as compared to a defined group of peer companies. Performance shares and performance stock units comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on both Chubb 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 (TSR) compared to the peer group. Performance shares and performance stock units representing target awards and premium awards are issued when the awards are approved and are subject to forfeiture if applicable performance criteria are not met at the end of the 3-year performance period. Chubb recognizes compensation cost for performance-based restricted stock when we conclude that it is probable that the performance conditions will be achieved.

Under the Amended 2016 LTIP, 32,900,000 Common Shares are authorized to be issued (which includes all shares available for delivery since the establishment of the Chubb Limited 2016 Long-Term Incentive Plan in 2016). This is in addition to any shares subject to awards outstanding under the ACE Limited 2004 Long-Term Incentive Plan (2004 LTIP) immediately prior to the effective date of the Amended 2016 LTIP that are forfeited, expired or canceled after such effective date without delivery of shares (or which result in forfeiture of shares back to Chubb). At December 31, 2025, a total of 7,879,066 shares remain available for future issuance under the Amended 2016 LTIP, which includes shares forfeited, expired or canceled relating to grants under the 2004 LTIP.

Under the Employee Stock Purchase Plan (ESPP), 9,000,000 shares are authorized to be issued. At December 31, 2025, a total of 2,462,061 shares remain available for issuance under the ESPP.

Chubb generally issues Common Shares for the exercise of stock options, restricted stock, and purchases under the ESPP from Common Shares in treasury.

The following table presents pre-tax and after-tax share-based compensation expense:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Stock options and shares issued under ESPP:
Pre-tax$91 $83 $71 
After-tax (1)
$58 $49 $56 
Restricted stock:
Pre-tax$308 $274 $253 
After-tax (1)
$234 $210 $202 
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $36 million, $42 million, and $19 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Unrecognized compensation expense related to the unvested portion of Chubb's employee share-based awards of restricted stock, restricted stock units, and stock options was $436 million at December 31, 2025, and is expected to be recognized over a weighted-average period of approximately 1.4 years.
Stock options
Both incentive and non-qualified stock options are principally granted 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 vest in equal annual installments over the respective vesting period, which is also the requisite service period.

Chubb's 2025 share-based compensation expense includes a portion of the cost related to the 2022 through 2025 stock option grants. Stock option fair value was estimated on the grant date using the Black-Scholes option-pricing model that uses the weighted-average assumptions noted below:
Year Ended December 31
202520242023
Dividend yield1.3 %1.4 %1.7 %
Expected volatility23.0 %22.0 %23.0 %
Risk-free interest rate4.0 %4.3 %4.1 %
Expected life5.6 years5.7 years5.7 years

The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant. The expected life (estimated period of time from grant to exercise date) is estimated using the historical exercise behavior of employees. The expected volatility is calculated as a blend of (a) historical volatility based on daily closing prices over a period equal to the expected life assumption and (b) implied volatility derived from Chubb's publicly traded options.

The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars)Number of OptionsWeighted-Average Exercise PriceWeighted-Average Fair ValueTotal Intrinsic Value
Options outstanding, December 31, 202210,410,278 $146.81 
Granted1,540,002 $208.60 $51.32 
Exercised(1,249,350)$127.45 $107 
Forfeited and expired(220,046)$191.57 
Options outstanding, December 31, 202310,480,884 $157.24 
Granted1,360,644 $254.84 $64.15 
Exercised(2,173,668)$136.82 $265 
Forfeited and expired(156,141)$218.64 
Options outstanding, December 31, 20249,511,719 $174.86 
Granted1,253,605 $289.69 $74.75 
Exercised(1,700,878)$151.76 $232 
Forfeited and expired(185,639)$253.07 
Options outstanding, December 31, 20258,878,807 $193.86 $1,050 
Options exercisable, December 31, 20256,469,130 $167.80 $934 

The weighted-average remaining contractual term was 5.5 years for stock options outstanding and 4.4 years for stock options exercisable at December 31, 2025. Cash received from the exercise of stock options totaled $257 million, $295 million, and $158 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Restricted stock and restricted stock units
Grants of restricted stock and restricted stock units awarded under the Amended 2016 LTIP typically have a 4-year vesting period, subject to vesting as to one-quarter of the award each anniversary of grant. Restricted stock and restricted stock units are principally granted at market close price on the day of grant. 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).

Chubb also grants restricted stock awards to non-management directors which vest at the following year's annual general meeting.

Chubb's 2025 share-based compensation expense includes a portion of the cost related to the restricted stock granted in the years 2021 through 2025.

The following table presents a roll-forward of our restricted stock awards and restricted stock units. Included in the roll-forward below are 11,699 restricted stock awards, 10,388 restricted stock awards, and 12,994 restricted stock awards that were granted to non-management directors during the years ended December 31, 2025, 2024, and 2023, respectively:
Service-based
Restricted Stock Awards
and Restricted Stock Units		Performance-based
Restricted Stock Awards
and Restricted Stock Units
Number of SharesWeighted-Average
Grant-Date Fair Value		Number of SharesWeighted-Average
Grant-Date Fair Value
Unvested restricted stock, December 31, 20222,853,870 $172.39 794,792 $173.83 
Granted1,166,706 $208.07 407,825 $208.60 
Vested(1,142,911)$161.88 (203,533)$150.11 
Forfeited(203,850)$186.58 — $— 
Unvested restricted stock, December 31, 20232,673,815 $191.35 999,084 $192.85 
Granted1,009,991 $255.16 392,775 $254.34 
Vested(1,077,560)$181.12 (294,315)$164.75 
Forfeited(146,931)$213.90 — $— 
Unvested restricted stock, December 31, 20242,459,315 $220.78 1,097,544 $222.39 
Granted931,696 $289.69 392,905 $289.69 
Vested(979,920)$207.81 (269,950)$199.09 
Forfeited(172,049)$249.10 (26,994)$199.09 
Unvested restricted stock, December 31, 20252,239,042 $252.96 1,193,505 $250.35 

Cash used to settle taxes on vested shares totaled $128 million, $128 million, and $101 million for the years ended December 31, 2025, 2024, and 2023, respectively and is included in Other in cash flows from financing activities in the Consolidated statements of cash flows.

Prior to 2009, legacy ACE granted restricted stock units with a 1-year vesting period to non-management directors. Delivery of Common Shares on account of these restricted stock units to non-management directors is deferred until after the date of the non-management directors' termination from the Board. Legacy Chubb Corp historically allowed directors and certain key employees of Chubb Corp and its subsidiaries to defer a portion of their compensation earned with respect to services performed in the form of deferred stock units. In addition, legacy Chubb Corp provided supplemental retirement benefits for certain employees through its Defined Contribution Excess Benefit Plan in the form of deferred shares of stock. The minimum vesting period under these legacy Chubb Corp deferred plans was 1-year and the maximum was 3-years. Employees and directors had the option to elect to receive their awards at a future specified date or upon their termination of service with Chubb. At December 31, 2025, there were 92,964 deferred restricted stock units.
ESPP
The ESPP gives participating employees the right to purchase Common Shares through payroll deductions during consecutive subscription periods at a purchase price of 85 percent of the fair value of a Common Share on the exercise date (Purchase Price). Annual purchases by participants are limited to the number of whole shares that can be purchased by an amount equal to ten percent of the participant's compensation or $25,000, whichever is less. The ESPP has two six-month subscription periods each year, the first of which runs between January 1 and June 30 and the second of which runs between July 1 and December 31. The amounts collected from participants during a subscription period are used on the exercise date to purchase full shares of Common Shares. An exercise date is generally the last trading day of a subscription period. The number of shares purchased is equal to the total amount, at the exercise date, collected from the participants through payroll deductions for that subscription period, divided by the Purchase Price, rounded down to the next full share. Participants may withdraw from an offering before the exercise date and obtain a refund of amounts withheld through payroll deductions. Pursuant to the provisions of the ESPP, during the years ended December 31, 2025, 2024, and 2023, employees paid $70 million, $61 million, and $54 million to purchase 275,157 shares, 272,350 shares, and 305,604 shares, respectively.
v3.25.4
Postretirement benefits
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Postretirement benefits Postretirement benefits
Chubb provides postretirement benefits to eligible employees and their dependents through various defined contribution plans sponsored by Chubb. In addition, for certain employees, Chubb sponsors other postretirement benefit plans and defined benefit pension plans.
Defined contribution plans (including 401(k))
Under these plans, employees' contributions may be supplemented by Chubb matching contributions based on the level of employee contribution. These contributions are invested at the election of each employee in one or more of several investment portfolios offered by a third-party investment advisor. Expenses for these plans totaled $317 million, $298 million, and $283 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Defined benefit pension plans
We maintain non-contributory defined benefit pension plans that cover certain employees located in the U.S., U.K., Canada, and various other statutorily required countries. We account for pension benefits using the accrual method. Benefits under these plans are based on employees' years of service and compensation during final years of service. All underlying plans are subject to periodic actuarial valuations by qualified actuarial firms using actuarial models to calculate the expense and liability for each plan. We use December 31 as the measurement date for our defined benefit pension plans.

Under the Chubb Corp plans, prior to 2001, benefits were generally based on an employee’s years of service and average compensation during the last five years of employment. Effective January 1, 2001, the formula for providing pension benefits was changed from the final average pay formula to a cash balance formula. Under the cash balance formula, a notional account is established for each employee, which is credited semi-annually with an amount equal to a percentage of eligible compensation based on age and years of service plus interest based on the account balance. Chubb Corp employees hired prior to 2001 will generally be eligible to receive vested benefits based on the higher of the final average pay or cash balance formulas.

Other postretirement benefit plans
Our assumption of Chubb Corp's other postretirement benefit plans, principally healthcare and life insurance, covers retired employees, their beneficiaries, and covered dependents. Healthcare coverage is contributory. Retiree contributions vary based upon the retiree’s age, type of coverage, and years of service requirements. Life insurance coverage is non-contributory. Chubb funds a portion of the healthcare benefits obligation where such funding can be accomplished on a tax-effective basis. Benefits are paid as covered expenses are incurred. We use December 31 as the measurement date for our postretirement benefit plans.

Amendments to U.S. qualified and excess pension plans and U.S. retiree healthcare plan
In 2016, we harmonized and amended several of our U.S. retirement programs to create a unified retirement savings program. The amendments required a remeasurement of the plan assets and benefit obligations with updated assumptions, including discount rates and the expected return on assets. In 2020, we transitioned from a traditional defined benefit pension program that had been in effect for certain employees to a defined contribution program.

Additionally, as of December 31, 2025, the employer subsidy for the U.S. retiree healthcare and life insurance plan that was in place for certain employees was eliminated. In the fourth quarter of 2025, Chubb applied final settlement accounting to the U.S. retiree healthcare and life insurance plan. A pre-tax settlement gain of $8 million was recognized in the Consolidated
statements of operations during the period. Chubb plans to withdraw excess plan assets from the U.S. retiree healthcare and life insurance plan in 2026, consistent with applicable law. The reversion of these assets is expected to be subject to an excise tax. Excess plan assets are shown as a negative outflow in foreign currency revaluation and other in the funded status table below. Excess plan assets are reported in Short-term investments and Fixed maturities available for sale in the Consolidated balance sheets as of December 31, 2025.

Obligations and funded status
The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2025 and 2024, was as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2025202420252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year$2,654 $684 $2,833 $743 $25 $36 
   Service cost— 9 — 9 1 1 
   Interest cost135 37 134 36 1 2 
   Actuarial loss (gain)34 (22)(162)(54)(1)(2)
   Benefits paid(158)(39)(151)(37)(4)(10)
   Amendments— — — 1 — — 
   Foreign currency revaluation and other — 41 — (14)6 (2)
Benefit obligation, end of year$2,665 $710 $2,654 $684 $28 $25 
Plan assets at fair value, beginning of year$3,687 $965 $3,589 $986 $62 $69 
   Actual return on plan assets446 76 243 12 3 3 
   Employer contributions6 12 6 13 — — 
   Benefits paid(158)(39)(151)(37)(10)(10)
   Foreign currency revaluation and other— 51 — (9)(55)— 
Plan assets at fair value, end of year$3,981 $1,065 $3,687 $965 $— $62 
Funded status at end of year$1,316 $355 $1,033 $281 $(28)$37 
Amounts recognized in the Consolidated balance sheets:
Assets$1,350 $414 $1,074 $335 $— $57 
Liabilities(34)(59)(41)(54)(28)(20)
Total$1,316 $355 $1,033 $281 $(28)$37 
Amounts recognized in Accumulated other comprehensive
income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)$(717)$(30)$(563)$11 $(1)$(11)
Prior service cost (benefit)— 8 — 8 (3)(3)
Total$(717)$(22)$(563)$19 $(4)$(14)

For the U.S. pension plans, the $34 million actuarial loss and $162 million actuarial gain experienced in 2025 and 2024, respectively, were principally driven by the change in discount rates. In addition, for the non-U.S. pension plans, the $22 million and $54 million actuarial gain experienced in 2025 and 2024, respectively, were principally driven by the change in discount rates.
The accumulated benefit obligation for the pension benefit plans was $3.3 billion at December 31, 2025 and 2024. The accumulated benefit obligation is the present value of pension benefits earned as of the measurement date based on employee service and compensation prior to that date. For the non-U.S. pension plans, this differs from the pension (projected) benefit obligation in the table above in that the accumulated benefit obligation includes no assumptions regarding future compensation levels.
Chubb’s funding policy is to contribute amounts that meet regulatory requirements plus additional amounts determined based on actuarial valuations, market conditions and other factors. All benefit plans satisfy minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA). 

The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2025 and 2024:
20252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$34 $110 $41 $95 
Fair value of plan assets— 51 — 41 
Net funded status$(34)$(59)$(41)$(54)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$34 $89 $41 $70 
Fair value of plan assets$— $51 $— $38 

For other postretirement benefit plans with an accumulated benefit obligation in excess of plan assets, the accumulated benefit obligation was $28 million and $20 million at December 31, 2025 and 2024, respectively. These plans have no plan assets.

At December 31, 2025, we estimate that we will contribute $17 million to the pension plans and $1 million to the other postretirement benefits plan in 2026. The estimate is subject to change due to contribution decisions that are affected by various factors including our liquidity, market performance, and management discretion.
At December 31, 2025, our estimated expected future benefit payments are as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
For the years ending December 31U.S.
Plans		Non-U.S. Plans
(in millions of U.S. dollars)
2026$184 $48 $1 
2027187 42 1 
2028190 41 2 
2029194 43 2 
2030195 47 2 
2031-2035972 251 10 
The weighted-average assumptions used to determine the projected benefit obligation were as follows:
Pension Benefit Plans
U.S.
Plans		Non-U.S.
Plans		Other Postretirement Benefit Plans
December 31, 2025
Discount rate5.39 %5.66 %6.91 %
Rate of compensation increase (1)
N/A3.47 %N/A
Interest crediting rate4.75 %
December 31, 2024
Discount rate5.56 %5.62 %6.46 %
Rate of compensation increase (1)
N/A3.61 %N/A
Interest crediting rate4.43 %
(1) For the U.S. Pension Plans, benefit accruals were frozen as of December 31, 2019.

The projected benefit cash flows were discounted using the corresponding spot rates derived from a yield curve, which resulted in a single discount rate that would produce the same liability at the respective measurement dates. The same process was applied to service cost cash flows to determine the discount rate associated with the service cost. In general, the discount rates for the non-U.S. plans were developed using a similar methodology by using country-specific yield curves.

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
U.S. PlansNon-U.S. Plans
Year Ended December 31202520242023202520242023202520242023
(in millions of U.S. dollars)
Costs reflected in Net income, pre-tax:
Service cost$— $— $— $9 $9 $7 $1 $1 $— 
Non-service cost (benefit):
Interest cost135 134 138 37 36 36 1 2 2 
Expected return on plan assets(250)(244)(225)(57)(50)(51)(3)(3)(3)
Amortization of net actuarial (gain) loss (8)(2)— 1 1 — (3)(2)(1)
Amortization of prior service cost (benefit)— — — — — 1 — (1)— 
Settlements1 1 3 1 1 4 (8)— — 
Total non-service cost (benefit)(122)(111)(84)(18)(12)(10)(13)(4)(2)
Net periodic benefit cost (benefit)$(122)$(111)$(84)$(9)$(3)$(3)$(12)$(3)$(2)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)$(161)$(161)$(111)$(40)$(15)$22 $(1)$(3)$2 
Amortization of net actuarial gain (loss)8 2 — — (1)— 3 2 1 
Amortization of prior service benefit— — — — — — — 1 — 
Settlements(1)(1)(3)(1)(1)(1)8 — — 
Total decrease (increase) in other comprehensive income (loss), pre-tax$(154)$(160)$(114)$(41)$(17)$21 $10 $— $3 
The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
Year Ended December 31202520242023202520242023
(in millions of U.S. dollars)
Service cost:
Administrative expenses$9 $9 $7 $1 $1 $— 
Total service cost9 9 7 1 1 — 
Non-service cost (benefit):
Losses and loss expenses(13)(12)(9)(2)(1)— 
Administrative expenses(127)(111)(85)(11)(3)(2)
Total non-service cost (benefit)(140)(123)(94)(13)(4)(2)
Net periodic benefit cost (benefit)$(131)$(114)$(87)$(12)$(3)$(2)

The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:
Pension Benefit Plans
U.S. PlansNon-U.S. PlansOther Postretirement Benefit Plans
Year Ended December 31
2025
Discount rate in effect for determining service costN/A6.93 %5.37 %
Discount rate in effect for determining interest cost5.26 %5.43 %6.32 %
Rate of compensation increaseN/A3.61 %N/A
Expected long-term rate of return on plan assets7.00 %5.88 %4.00 %
Interest crediting rate4.43 %N/AN/A
2024
Discount rate in effect for determining service costN/A6.67 %5.23 %
Discount rate in effect for determining interest cost4.88 %5.12 %6.01 %
Rate of compensation increaseN/A3.73 %N/A
Expected long-term rate of return on plan assets7.00 %5.24 %4.00 %
Interest crediting rate4.55 %N/AN/A
2023
Discount rate in effect for determining service costN/A6.57 %5.67 %
Discount rate in effect for determining interest cost5.13 %5.28 %5.84 %
Rate of compensation increaseN/A3.98 %N/A
Expected long-term rate of return on plan assets7.00 %5.42 %4.00 %
Interest crediting rate4.32 %N/AN/A
The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:
U.S. PlansNon-U.S. Plans
202520242023202520242023
Healthcare cost trend rate5.98 %6.52 %5.57 %4.98 %4.94 %5.08 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.00 %4.00 %4.00 %4.08 %4.10 %4.08 %
Year that the rate reaches the ultimate trend rate204820482046204020402040

Plan Assets
The long-term objective of the pension plan is to provide sufficient funding to cover expected benefit obligations, while assuming a prudent level of portfolio risk. The assets of the pension plan are invested, either directly or through pooled funds, in a diversified portfolio of predominately equity securities and fixed maturities. We seek to obtain a rate of return that over time equals or exceeds the returns of the broad markets in which the plan assets are invested. The target allocation of U.S. plan assets is 50 percent to 60 percent invested in equity securities (including certain other investments measured using NAV), with the remainder primarily invested in fixed maturities and private equity investments. The target allocation of non-U.S. plans varies by country, but the plan assets are principally invested in fixed maturities. We rebalance our pension assets to the target allocation as market conditions permit. We determined the expected long-term rate of return assumption for each asset class based on an analysis of the historical returns and the expectations for future returns. The expected long-term rate of return for the portfolio is a weighted aggregation of the expected returns for each asset class.

In order to minimize risk, the Plan maintains a listing of permissible and prohibited investments. In addition, the Plan has certain concentration limits and investment quality requirements imposed on permissible investments options. Investment risk is measured and monitored on an ongoing basis.
The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 4 to the Consolidated Financial Statements.

December 31, 2025Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$43 $— $— $43 
U.S. Treasury / Agency462 174 — 636 
Non-U.S. and corporate bonds— 595 — 595 
U.S. and local government securities— 6 — 6 
Equity securities1,692 — — 1,692 
Investment derivative instruments1 — — 1 
Total U.S. Plan assets (1)
$2,198 $775 $— $2,973 
Non-U.S. Plans:
Short-term investments$33 $— $— $33 
Non-U.S. and corporate bonds— 470 — 470 
Equity securities43 241 5 289 
Total Non-U.S. Plan assets (1)
$76 $711 $5 $792 
(1)Excluded from the table above are $780 million and $253 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $223 million and $20 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans.
December 31, 2024Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$59 $— $— $59 
U.S. Treasury / Agency453 88 — 541 
Non-U.S. and corporate bonds— 593 — 593 
U.S. and local government securities— 6 — 6 
Equity securities1,547 — — 1,547 
Investment derivative instruments1 — — 1 
Total U.S. Plan assets (1)
$2,060 $687 $— $2,747 
Non-U.S. Plans:
Short-term investments$22 $— $— $22 
Non-U.S. and corporate bonds— 435 — 435 
Equity securities38 225 5 268 
Total Non-U.S. Plan assets (1)
$60 $660 $5 $725 
(1)Excluded from the table above are $714 million and $222 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $223 million and $18 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $3 million in cash and accrued income related to the U.S. Plans.
Following the elimination of the U.S. retiree healthcare and life insurance plan at December 31, 2025, the other postretirement benefit plan had no plan assets. At December 31, 2024, the other postretirement benefit plan had $62 million of plan assets, of which $23 million of fixed maturities were categorized as Level 2, and $39 million of other investments were measured using NAV as a practical expedient.
v3.25.4
Other income and expense
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Other (income) expense Other income and expense
Year Ended December 31
(in millions of U.S. dollars)2025 20242023 
Equity in net income (loss) of partially-owned entities$1,143 $967 $867 
Gains (losses) from fair value changes in separate account assets
96 (8)(45)
Asset management and performance fee revenue285 265 136 
Asset management and performance fee expense(171)(146)(75)
Federal excise and capital taxes(24)(21)(24)
Other(32)(34)(23)
Total$1,297 $1,023 $836 

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 $711 million, $537 million, and $434 million for the years ended December 31, 2025, 2024, and 2023, respectively.

Other income and expense includes net income attributable to our investment in Huatai under the equity method of accounting comprising income of $36 million through June 30, 2023. Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results.
Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.
Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.
Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.
v3.25.4
Segment information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment information Segment information
Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Effective July 1, 2023, the results of Huatai’s life and asset management businesses, included within the Life Insurance segment, and the results of Huatai’s P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatai’s results prior to July 1, 2023, were included net within Other (income) expense based on our ownership interest as required under equity method accounting. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand.

•The North America Commercial P&C Insurance segment comprises operations that provide P&C and A&H insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our retail divisions: Major Accounts; Commercial Insurance, including Small & Lower Midmarket; Chubb Bermuda, our high excess business; and Westchester, our wholesale and specialty division. These divisions write a variety of coverages, including property, casualty, workers’ compensation, package policies, risk management, financial lines, marine, construction, environmental, medical risk, cyber risk, surety, excess casualty, and A&H insurance.

•The North America Personal P&C Insurance segment comprises the business written by Chubb Personal Risk Services division, which includes high net worth personal lines business, with operations in the U.S. and Canada. This segment provides affluent and high net worth individuals and families with homeowners, high value automobile and collector cars, valuable articles (including fine arts), personal and excess liability, travel insurance, and recreational marine insurance and services.

•The North America Agricultural Insurance segment includes the business written by Rain and Hail Insurance Service, Inc. in the U.S. and Canada, which provides comprehensive multiple peril crop insurance (MPCI) and crop-hail insurance, and Chubb Agribusiness, which offers farm and ranch property as well as specialty P&C coverages, including commercial agriculture products.

•The Overseas General Insurance segment includes the business written by two Chubb divisions that provides both commercial and consumer P&C insurance and services in the countries and territories outside of North America where the company operates. Chubb International, our retail division, provides commercial P&C, A&H and traditional and specialty personal lines for large corporations, middle markets and small customers through retail brokers, agents and other channels locally around the world. CGM provides commercial P&C excess and surplus lines wholesale business primarily through wholesale brokers in the London market and through Lloyd’s. These divisions write a variety of coverages, including traditional commercial P&C, specialty categories such as financial lines, marine, energy, aviation, political risk and construction, as well as group A&H and traditional and specialty personal lines.

•The Global Reinsurance segment includes the assumed reinsurance business written by Chubb Tempest Re, comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Chubb Tempest Re provides a broad range of traditional and specialty reinsurance coverages to a diverse array of primary P&C companies, including small, mid-sized, and multinational ceding companies.

•The Life Insurance segment includes our international life operations (Chubb Life), which includes individual life and group benefit insurance primarily in Asia and Latin America. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and Chubb Benefits.

Corporate primarily includes the results of all run-off A&E exposures, run-off Brandywine business, Westchester specialty operations for 1996 and prior years, and certain other run-off exposures, including molestation claims and is shown in the tables below as reconciling items. In addition, Corporate includes the results of our non-insurance companies including Chubb
Limited, Chubb Group Management and Holdings Ltd., and Chubb INA Holdings LLC. Effective July 1, 2023, the results of Huatai Group’s non-insurance operations, comprising real estate and holding company activity, are included in Corporate. Our exposure to A&E and molestation claims principally arises out of liabilities acquired when we purchased Westchester Specialty in 1998, CIGNA’s P&C business in 1999, and Chubb Corp in 2016.

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 and severance, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses and severance are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. 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 and severance 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 Year Ended
December 31, 2025
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$21,280 $7,024 $2,926 $15,024 $1,309 $7,279 $54,842 
Net premiums earned20,381 6,763 2,919 14,374 1,353 7,224 53,014 
Losses and loss expenses12,313 4,517 2,239 6,589 640 109 
Policy benefits— — — 470 — 4,961 
Policy acquisition costs2,891 1,337 169 3,724 396 1,330 
Administrative expenses1,394 336 (6)1,435 37 836 
Underwriting income3,783 573 517 2,156 280 NM
Net investment income3,840 486 86 1,139 354 1,127 
Other (income) expense59 3 2 50 — (165)
Amortization of purchased intangibles5 8 24 78 — 38 
Segment income$7,559 $1,048 $577 $3,167 $634 $1,242 $14,227 
Net realized gains (losses) 211 
Market risk benefits gains (losses)(288)
Interest expense764 
Integration expenses and severance 79 
Corporate underwriting loss(781)
Corporate net investment loss(93)
Corporate other (income) expense(676)
Corporate amortization of purchased intangibles148 
Other reclassification83 
Income before income tax$13,044 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Year Ended
December 31, 2024
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$20,589 $6,532 $2,703 $13,972 $1,346 $6,326 $51,468 
Net premiums earned20,008 6,188 2,705 13,400 1,272 6,273 49,846 
Losses and loss expenses12,737 3,584 2,170 6,414 711 112 
Policy benefits— — — 408 — 4,101 
Policy acquisition costs2,718 1,239 191 3,410 342 1,202 
Administrative expenses1,337 351 (10)1,351 39 880 
Underwriting income3,216 1,014 354 1,817 180 NM
Net investment income3,556 433 84 1,136 253 1,003 
Other (income) expense32 1 1 14 — (159)
Amortization of purchased intangibles3 9 25 81 — 42 
Segment income$6,737 $1,437 $412 $2,858 $433 $1,098 $12,975 
Net realized gains (losses) 117 
Market risk benefits gains (losses)(140)
Interest expense741 
Integration expenses and severance39 
Corporate underwriting loss(731)
Corporate net investment loss(105)
Corporate other (income) expense(490)
Corporate amortization of purchased intangibles163 
Other reclassification(208)
Income before income tax$11,455 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Year Ended
December 31, 2023
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$19,237 $5,878 $3,188 $12,575 $1,018 $5,465 $47,361 
Net premiums earned18,416 5,536 3,169 12,231 962 5,398 45,712 
Losses and loss expenses11,256 3,511 2,874 5,643 426 114 
Policy benefits— — — 457 — 3,216 
Policy acquisition costs2,515 1,128 150 3,113 264 1,089 
Administrative expenses1,250 329 (1)1,219 37 771 
Underwriting income3,395 568 146 1,799 235 NM
Net investment income3,017 358 63 895 208 756 
Other (income) expense22 3 1 (25)(2)(115)
Amortization of purchased intangibles— 9 25 70 — 30 
Segment income$6,390 $914 $183 $2,649 $445 $1,049 $11,630 
Net realized gains (losses) (607)
Market risk benefits gains (losses)(307)
Interest expense672 
Integration expenses and severance69 
Corporate underwriting loss(683)
Corporate net investment income25 
Corporate other (income) expense(380)
Corporate amortization of purchased intangibles176 
Other reclassification5 
Income before income tax$9,526 
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 following table presents net premiums earned for each segment by line of business:
For the Year Ended December 31
(in millions of U.S. dollars)202520242023
North America Commercial P&C Insurance
Property & other short-tail lines$4,917 $4,756 $3,985 
Casualty & all other14,919 14,560 13,764 
A&H545 692 667 
Total North America Commercial P&C Insurance20,381 20,008 18,416 
North America Personal P&C Insurance
Personal automobile1,089 968 859 
Personal homeowners4,648 4,293 3,833 
Personal other1,026 927 844 
Total North America Personal P&C Insurance6,763 6,188 5,536 
North America Agricultural Insurance2,919 2,705 3,169 
Overseas General Insurance
Property & other short-tail lines4,689 4,338 3,831 
Casualty & all other3,809 3,705 3,526 
Personal lines3,198 2,785 2,405 
A&H2,678 2,572 2,469 
Total Overseas General Insurance14,374 13,400 12,231 
Global Reinsurance
Property 525 490 331 
Property catastrophe258 232 159 
Casualty & all other570 550 472 
Total Global Reinsurance1,353 1,272 962 
Life Insurance
Life3,845 3,049 2,301 
A&H3,379 3,224 3,097 
Total Life Insurance7,224 6,273 5,398 
Total net premiums earned$53,014 $49,846 $45,712 

The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:
North America
Europe (1)
Asia (2)
Latin America
202563 %11 %20 %6 %
202464 %11 %19 %6 %
202365 %11 %18 %6 %
(1)     Europe includes Middle East and Africa regions.
(2)     Includes the consolidated results of Huatai Group effective July 1, 2023.
v3.25.4
Earnings per share
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Earnings per share Earnings per share
Year Ended December 31
(in millions of U.S. dollars, except share and per share data)202520242023
Numerator:
Net income$10,622 $9,640 $9,015 
Net income (loss) attributable to noncontrolling interests312 368 (13)
Net income attributable to Chubb$10,310 $9,272 $9,028 
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding397,611,884 404,189,749 410,845,263 
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans3,901,454 4,296,686 3,357,305 
Weighted-average shares outstanding and assumed conversions
401,513,338 408,486,435 414,202,568 
Basic earnings per share attributable to Chubb$25.93 $22.94 $21.97 
Diluted earnings per share attributable to Chubb$25.68 $22.70 $21.80 
Potential anti-dilutive share conversions1,463,017 1,150,169 2,385,099 

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective years. 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 for additional information on stock options.
v3.25.4
Related party transactions
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Related party transactions Related party transactions
ABR Re
At December 31, 2025, we owned 19.1 percent of the common equity of ABR Reinsurance Capital Holdings Ltd. ABR Reinsurance Capital Holdings Ltd., is the parent company of ABR Reinsurance Ltd. (ABR Re), an independent reinsurance company. Through long-term arrangements, Chubb is the sole source of reinsurance risks ceded to ABR Re, and BlackRock, Inc. serves as an investment management service provider. As an investor, Chubb is expected to benefit from underwriting profit generated by ABR Re’s reinsuring a wide range of Chubb’s primary insurance business and the income and capital appreciation BlackRock, Inc. seeks to deliver through its investment management services. In addition, Chubb has an arrangement with BlackRock, Inc. under which both Chubb and BlackRock, Inc. will be entitled to an equal share of the aggregate amount of certain fees, including underwriting and investment management performance related fees, in connection with their respective reinsurance and investment management arrangements with ABR Re. In connection with this arrangement with BlackRock, Inc., we recorded income of $3 million, $12 million, and $8 million in 2025, 2024, and 2023, respectively, which is recorded in Other (income) expense on the Consolidated statements of operations.

ABR Re is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate ABR Re because Chubb does not have the power to control and direct ABR Re’s most significant activities, including investing and underwriting. Our ownership interest is accounted for under the equity method of accounting. Chubb cedes premiums to ABR Re and recognizes the associated commissions.
Transactions generated under ABR Re agreements were as follows:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Consolidated statements of operations
Ceded premiums written$520 $476 $441 
Commissions received$151 $117 $119 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$1,393 $1,372 
Ceded reinsurance premium payable$110 $112 
Aquiline Capital Partners LLC
Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chairman is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2025, Chubb has approximately $121 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds were as follows:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Consolidated statements of operations
Other income (expense)$90 $60 $36 
Consolidated balance sheets
Private equities$489 $400 
Starr Indemnity & Liability Company and its affiliates (collectively, Starr)
We had previously entered into agency, claims services, and underwriting services with Starr, of which its chairman is related to a member of our senior management team. A number of our agreements with Starr were terminated effective as of April 2023. However, Starr continues to provide certain services to Chubb, including claims administration, in respect of insurance policies placed prior to the termination, pursuant to the terms of the applicable agreements. Under the agency agreement, we secured the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranged for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr was the underwriter of insurance policies on our behalf and we agreed to reinsure such policies to Starr under quota share reinsurance agreements. Transactions generated under Starr agreements were immaterial in 2025; however, reinsurance recoverable on losses and loss expenses was $235 million at December 31, 2025. Transactions generated in 2024 and 2023 were as follows:
Year Ended December 31
(in millions of U.S. dollars)20242023
Consolidated statement of operations
Gross premiums written$10 $216 
Ceded premiums written$24 $115 
Commissions paid$3 $38 
Commissions received$3 $26 
Losses and loss expenses$24 $180 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$328 
Ceded reinsurance premium payable$19 
v3.25.4
Statutory Financial Information
 12 Months Ended
Dec. 31, 2025
Statutory Financial Information [Abstract]  
Statutory financial information Statutory financial information
Our subsidiaries file financial statements prepared in accordance with statutory accounting practices prescribed or permitted by insurance regulators. Statutory accounting differs from U.S. GAAP in the reporting of certain reinsurance contracts, investments, subsidiaries, acquisition expenses, fixed assets, deferred income taxes, and certain other items. Some jurisdictions impose complex regulatory requirements on insurance companies while other jurisdictions impose fewer requirements. In some jurisdictions, we must obtain licenses issued by governmental authorities to conduct local insurance business. These licenses may be subject to reserves and minimum capital and solvency tests. Jurisdictions may impose fines, censure, and/or criminal sanctions for violation of regulatory requirements. The 2025 amounts below are based on estimates.

Chubb's insurance and reinsurance subsidiaries are subject to insurance laws and regulations in the jurisdictions in which they operate. These regulations include restrictions that limit the amount of dividends or other distributions, such as loans or cash advances, available to shareholders without prior approval of the local insurance regulatory authorities. The amount of dividends available to be paid in 2026 without prior approval totals $9.6 billion.

The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2025, 2024, and 2023. The minimum amounts of statutory capital and surplus required to satisfy these regulatory requirements are not significant in relation to our total statutory capital and surplus. These minimum regulatory capital requirements were significantly lower than the corresponding amounts required by the rating agencies which review Chubb’s insurance and reinsurance subsidiaries.

The following tables present the combined statutory capital and surplus and statutory net income of our Property and casualty and Life subsidiaries:
December 31
(in millions of U.S. dollars)20252024
Statutory capital and surplus
Property and casualty$55,554 $48,253 
Life $9,160 $8,970 
Year Ended December 31
(in millions of U.S. dollars)202520242023
Statutory net income
Property and casualty$10,790 $11,118 $8,699 
Life $740 $548 $459 


Several insurance subsidiaries follow accounting practices prescribed or permitted by the jurisdiction of domicile that differ from the applicable local statutory practice. The application of prescribed or permitted accounting practices does not have a material impact on Chubb's statutory surplus and income. As prescribed by the Restructuring discussed previously in Note 8, certain of our U.S. subsidiaries discount certain A&E liabilities, which increased statutory capital and surplus by approximately $106 million and $108 million at December 31, 2025 and 2024, respectively.

Federal Insurance Company (Federal), a direct subsidiary of Chubb INA Holdings LLC, has a permitted practice granted by the Indiana Department of Insurance that relates to its investment in a foreign affiliate. Under Statement of Statutory Accounting Principles No. 97, Investments in Subsidiary, Controlled and Affiliated Entities, in order for a reporting entity to admit its investments in foreign subsidiaries and affiliates, audited financial statements of the subsidiary or affiliate must be obtained to support the carrying value. Such financial statements must be prepared in accordance with U.S. GAAP, or alternatively, in accordance with the local statutory requirements in the subsidiary’s or affiliate’s country of domicile, with an audited footnote reconciliation of net income and shareholder’s equity as reported to a U.S. GAAP basis. With the explicit permission of the Indiana Department of Insurance, Federal obtains audited financial statements for its admitted foreign affiliate, which had an aggregate carrying value of approximately $73 million and $72 million at December 31, 2025 and 2024, respectively, prepared in accordance with their respective local statutory requirements and supplemented with a separate unaudited reconciliation of shareholder’s equity as reported to a U.S. GAAP basis.
v3.25.4
Schedule I
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Abstract]  
Schedule I: SUMMARY OF INVESTEMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
SUMMARY OF INVESTMENTS – OTHER THAN INVESTMENTS IN RELATED PARTIES
December 31, 2025
(in millions of U.S. dollars)
Cost or
Amortized Cost, Net (1)
Fair ValueAmount at Which Shown in the Balance Sheet
Short-term investments$4,840 $4,840 $4,840 
Fixed maturities available-for-sale
U.S. and local government securities3,908 3,714 3,714 
Non-U.S.40,469 40,356 40,356 
Corporate and asset-backed securities48,764 47,886 47,886 
Mortgage-backed securities31,533 30,724 30,724 
Total fixed maturities available-for-sale124,674 122,680 122,680 
Private debt held-for-investment2,411 2,445 2,411 
Equity securities
Industrial, miscellaneous, and all other10,801 10,801 10,801 
Private equities (2)
16,750 16,750 16,750 
Other investments 10,749 10,749 10,749 
Total investments - other than investments in related parties$170,225 $168,265 $168,231 
(1)     Net of valuation allowance for expected credit losses.
(2)     Excludes $489 million of related party investments.
v3.25.4
Schedule II
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Schedule II - CONDENSED FINANCIAL INFORMATION OF REGISTRANT
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

BALANCE SHEETS (Parent Company Only)
December 31December 31
(in millions of U.S. dollars)20252024
Assets
Investments in subsidiaries and affiliates on equity basis$72,848 $64,141 
Total investments72,848 64,141 
Cash313 383 
Due from subsidiaries and affiliates, net864 629 
Other assets379 13 
Total assets$74,404 $65,166 
Liabilities
Affiliated notional cash pooling programs$— $277 
Accounts payable, accrued expenses, and other liabilities647 868 
Total liabilities647 1,145 
Shareholders' equity
Common Shares231 235 
Common Shares in treasury(4,699)(3,524)
Additional paid-in capital13,250 14,393 
Retained earnings69,950 61,561 
Accumulated other comprehensive income (loss)(4,975)(8,644)
Total Chubb shareholders' equity73,757 64,021 
Total liabilities and shareholders' equity$74,404 $65,166 
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
CONDENSED FINANCIAL INFORMATION OF REGISTRANT

STATEMENTS OF OPERATIONS (Parent Company Only)
For the years ended December 31, 2025, 2024, and 2023
(in millions of U.S. dollars)202520242023
Revenues
Net investment income (loss) (1)
$21 $(24)$(21)
Equity in net income of subsidiaries and affiliates10,431 9,385 9,065 
Total revenues10,452 9,361 9,044 
Expenses
Administrative and other (income) expense82 74 72 
Income tax (benefit) expense60 15 (56)
Total expenses142 89 16 
Net income attributable to Chubb$10,310 $9,272 $9,028 
Comprehensive income attributable to Chubb$13,979 $7,437 $12,404 
(1) Includes net investment income, interest income, and net realized gains (losses).
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.

STATEMENTS OF CASH FLOWS (Parent Company Only)
For the years ended December 31, 2025, 2024, and 2023
(in millions of U.S. dollars)202520242023
Net cash flows from operating activities (1)
$1,210 $1,755 $3,273 
Cash flows from investing activities
Capital redemption4,500 2,000 — 
Net cash flows from investing activities4,500 2,000 — 
Cash flows from financing activities
Dividends paid on Common Shares(1,505)(1,436)(1,394)
Common Shares repurchased(3,694)(1,801)(2,411)
Repayment (issuance) of intercompany loans(299)99 231 
Net proceeds from (contributions to) affiliated notional cash pooling programs (2)
(277)(317)342 
Net cash flows used for financing activities(5,775)(3,455)(3,232)
Effect of foreign currency rate changes on cash(5)6 (4)
Net increase (decrease) in cash(70)306 37 
Cash – beginning of year383 77 40 
Cash – end of year$313 $383 $77 
(1) Includes cash dividends received from subsidiaries of $1.5 billion, $1.8 billion, and $3.3 billion in 2025, 2024, and 2023, respectively.
(2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 i) for additional information.
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
v3.25.4
Schedule IV
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
Premiums Earned
For the years ended December 31, 2025, 2024, and 2023 (in millions of U.S. dollars, except for percentages)Direct AmountCeded To Other CompaniesAssumed From Other CompaniesNet AmountPercentage of Amount Assumed to Net
2025
Life insurance face amount in force$245,318 $40,067 $3,604 $208,855 2 %
Premiums:
Property and casualty$47,998 $10,263 $4,832 $42,567 11 %
Accident and health6,990 474 86 6,602 1 %
Life3,917 90 18 3,845 — 
Total$58,905 $10,827 $4,936 $53,014 9 %
2024
Life insurance face amount in force(1)
$240,794 $43,626 $4,109 $201,277 2 %
Premiums:
Property and casualty$45,179 $9,702 $4,832 $40,309 12 %
Accident and health6,874 473 87 6,488 1 %
Life3,095 97 51 3,049 2 %
Total$55,148 $10,272 $4,970 $49,846 10 %
2023
Life insurance face amount in force$248,973 $55,665 $5,408 $198,716 3 %
Premiums:
Property and casualty$42,598 $9,549 $4,129 $37,178 11 %
Accident and health6,580 446 99 6,233 2 %
Life2,404 164 61 2,301 3 %
Total$51,582 $10,159 $4,289 $45,712 9 %
(1) The reduction in direct amount of life insurance face amount in force in 2024 versus 2023 reflects the non-renewal of certain credit-life business.
v3.25.4
Schedule VI
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
As of and for the years ended December 31, 2025, 2024, and 2023
(in millions of U.S. dollars)
Deferred Policy Acquisition CostsNet Reserves for Unpaid Losses and Loss ExpensesUnearned PremiumsNet Premiums EarnedNet Investment IncomeNet Losses and Loss Expenses Incurred Related toAmortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss ExpensesNet Premiums Written
Current YearPrior Year
2025$4,208 $69,672 $26,279 $45,790 $5,338 $27,808 $(1,108)$8,649 $24,293 $47,563 
2024$3,687 $66,270 $23,504 $43,573 $4,927 $26,997 $(975)$8,053 $21,503 $45,142 
2023$3,346 $62,238 $22,051 $40,314 $4,181 $24,956 $(856)$7,391 $21,011 $41,896 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 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
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
Risk management and strategy
As detailed in our risk factors included in Item 1A, Chubb recognizes the significant risks posed by cybersecurity and data protection challenges, which could adversely affect our business, financial condition, and results of operations. We have implemented a risk-based approach to identify and assess the cybersecurity threats that could affect our business and information systems, and we evaluate changes and enhancements to our technology environment as well as conduct third-party assessments to confirm that they meet our information security control requirements. Our cybersecurity program and control environment incorporate appropriate industry standards and best practices, such as the National Institute of Standards and Technology Cyber Security Framework (NIST CSF), and are designed to comply with numerous U.S. federal and state and international laws, rules, and regulations governing the protection of personal and confidential information of our clients and employees. We use various tools and methods to assess, identify, and manage cybersecurity risk that are tested regularly, including the following:

Technological Tools
Chubb uses information security tools designed to protect information and systems. Our Information Security team regularly monitors these tools to discover and respond promptly to anomalous and suspicious patterns. We also participate in information sharing networks (government and private) and deploy system updates and other technologies.

Employee Training
We endeavor to provide all employees with data protection training. Employees involved with information protection, privacy, and other risk management specialties also engage in specialized role-based training as is practicable. We use a variety of training methods, including computer-based training, role-based training, company intranet awareness campaigns, and various simulation exercises.

Data Protection Culture
Chubb actively promotes a data protection culture. We maintain policies, standards, and technology designed to protect personal and corporate information. The policies and standards are developed by a multi-disciplinary team, with participation from information security and IT compliance, privacy, IT legal, compliance, and business representatives.

Risk Assessments and Operational Audit
Our information security policies and protocols undergo regular assessments and audits, and we engage with external parties to review our protections, including benchmarking to industry standards and best practices, such as the NIST CSF. In addition, we benchmark our programs against key regulatory frameworks and conduct technical assessments of our controls, which may include penetration testing and other technical testing. These processes are integrated into our established Enterprise Risk
Management (ERM) framework, which is led by Chubb's senior management and overseen by our Board's Risk & Finance (R&F) Committee. Refer to “Enterprise Risk Management“ under Item 1 for further description of our ERM function and Board oversight.

Chubb uses risk-based processes to oversee and identify cybersecurity risks associated with the use of third-party service providers and third-party hardware. These processes include contractual controls as well as risk-based diligence processes, periodic assessments, and monitoring. Chubb recognizes the growing risk associated with third-party hardware, software, and services, and we have taken steps we believe are appropriate to manage those risks. We review third-party software and hardware in our environment to understand the components used and what impact they could have on our overall cyber risk environment.

To our knowledge, and as of the filing date on this annual report, risks from cybersecurity threats, including potential risks arising from previous cybersecurity incidents, have not materially affected Chubb’s business strategy, results of operations, or financial condition. For more detail regarding cybersecurity threats, see our risk factor titled “A failure in our operational systems or infrastructure or those of third parties, including due to security breaches or cyber-attacks, could disrupt business, damage our reputation, and cause losses” under Item 1A.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] true
Cybersecurity Risk Board of Directors Oversight [Text Block]
Board and Management Governance
We have cybersecurity and information technology oversight at the Board and management levels. Direct Chubb Board-level oversight is generally within the purview of two of the Board’s committees: Audit and R&F Committee.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]
The Audit Committee is responsible for oversight of our cybersecurity program and related exposures and risks. The Audit Committee periodically reports to the full Board and consults with the R&F Committee on such matters. The Audit Committee’s review and oversight generally encompasses data breach risk and impact, cyber protection and detection controls, privacy matters, third-party risks (including risks from cybersecurity threats associated with any third-party service providers), cyber trends and events, and other topics. The R&F Committee is responsible for oversight of risk generally and identifying significant risks, which may include risks relating to cybersecurity and privacy, business continuity risk (including the resilience of IT operations and physical infrastructure) and cyber underwriting risk. The oversight responsibilities of the Audit and R&F Committees with respect to cybersecurity and information technology risks are each set forth in their respective charters. Members of management, including our Chief Information Security Officer (CISO) and Global Chief Technology Officer (CTO), regularly provide updates to these committees in person and through written reports. The Audit and R&F Committees also conduct a joint meeting on ERM matters, which includes coverage of strategic risk priorities, including cybersecurity, as well as Chubb’s actions and mitigation efforts in response to such risks.
Cybersecurity Risk Role of Management [Text Block]
Chubb management continues to prioritize investments in cybersecurity to protect the confidentiality, integrity, and availability of our data. In accordance with our cybersecurity risk assessment processes, we have deployed a set of cybersecurity controls to protect Chubb. We also maintain a data security incident response plan, applied at an enterprise level, to facilitate our ability to rapidly detect and address data security incidents with the goals of: (i) minimizing risk to data and systems; (ii) quickly recovering and resuming operations; (iii) where applicable, providing timely notice of an incident to regulators and providing timely notice and remediation services to affected individuals; (iv) minimizing potential brand damage; (v) managing litigation, investigations, and disputes that may arise in the aftermath of an incident; and (vi) identifying opportunities to enhance Chubb’s data security approach. Consistent with our incident response plan, the CISO informs the Chief Privacy Officer, who is a member of our legal team, and they notify other members of management of significant cybersecurity incidents and provide them with regular updates on the status of such incidents, including mitigation, remediation, and steps to avoid recurrence.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]
The management-level responsibility for assessing and managing cybersecurity risk is led by our CISO and CTO. Prior to joining Chubb in 2015, our CISO was Director of the threat analytics platform for a major cybersecurity incident detection and response company. Prior to that, our CISO was an executive leader within the information security practice and a technical architect with two global accounting firms. Our CTO has extensive experience as a chief technology officer in digital-first environments and was previously the chief technology officer of a large global bank, responsible for the bank’s core infrastructure, end-user technology, production support, group architecture, cloud technology, and software license management. Our CTO holds a master’s degree in geographical information systems and a bachelor’s degree in artificial intelligence and computer science. Chubb management also benefits from the advice provided by a Cyber Advisory Board of external experts. The members of the Cyber Advisory Board have extensive experience and deep expertise on cybersecurity matters, several having served in senior government positions with executive responsibility for identifying and mitigating cyber threats across the globe.
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v3.25.4
Summary of significant accounting policies (Policies)
 12 Months Ended
Dec. 31, 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 19 for additional information.

The accompanying Consolidated Financial Statements, which 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 consolidated subsidiaries and VIEs in which we do not have direct equity ownership. These 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.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At December 31, 2025, and December 31, 2024, our aggregate ownership interest in Huatai Group was approximately 87.2 percent and 85.5 percent, respectively. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests. Refer to Note 2 for additional information on the acquisition of Huatai Group.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Amounts included in the Consolidated Financial Statements reflect our best estimates and assumptions; actual amounts could differ materially from these estimates. Chubb's principal estimates include:
•unpaid loss and loss expense reserves, including long-tail asbestos and environmental (A&E) reserves and non-A&E casualty exposures;
•future policy benefits reserves;
•the valuation of value of business acquired (VOBA);
•the assessment of risk transfer for certain structured insurance and reinsurance contracts;
•reinsurance recoverable, including a valuation allowance for uncollectible reinsurance;
•the valuation of the investment portfolio and assessment of valuation allowance for expected credit losses;
•the valuation of deferred income taxes;
•the valuation and amortization of purchased intangibles; and
•the assessment of goodwill for impairment.
Premiums Premiums
Premiums are generally recorded as written upon inception of the policy. For multi-year policies for which premiums written are payable in annual installments, only the current annual premium is included as written at policy inception due to the ability of the insured/reinsured to commute or cancel coverage within the policy term. The remaining annual premiums are recorded as written at each successive anniversary date within the multi-year term.

For property and casualty (P&C) insurance and reinsurance products, premiums written are primarily earned on a pro-rata basis over the policy terms to which they relate. Unearned premiums represent the portion of premiums written applicable to the
unexpired portion of the policies in force. For retrospectively-rated policies, written premiums are adjusted to reflect expected ultimate premiums consistent with changes to incurred losses, or other measures of exposure as stated in the policy, and earned over the policy coverage period.

Mandatory reinstatement premiums assessed on reinsurance policies are earned in the period of the loss event that gave rise to the reinstatement premiums. All remaining unearned premiums are recognized over the remaining coverage period.

Premiums from long-duration contracts such as certain traditional term life, whole life, endowment, and long-duration personal accident and health (A&H) policies are generally recognized as revenue when due from policyholders. Traditional life policies include those contracts with fixed and guaranteed premiums and benefits. Benefits and expenses are recognized in relation to insurance in force resulting in the recognition of profit over the life of the contracts.

Retroactive loss portfolio transfer (LPT) contracts in which the insured loss events occurred prior to contract inception are evaluated to determine whether they meet criteria for reinsurance accounting. If reinsurance accounting is appropriate, written premiums are fully earned and corresponding losses and loss expenses recognized at contract inception. These contracts can cause significant variances in gross premiums written, net premiums written, net premiums earned, and net incurred losses in the years in which they are written. Reinsurance contracts sold not meeting the criteria for reinsurance accounting are recorded using the deposit method.

Reinsurance premiums assumed are based on information provided by ceding companies supplemented by our own estimates of premium when we have not received ceding company reports. Estimates are reviewed and adjustments are recorded in the period in which they are determined. Premiums are earned over the coverage terms of the related reinsurance contracts and range from one year to three years.
Deferred policy acquisition costs (DAC) Deferred policy acquisition costs (DAC)
DAC consists of commissions (direct and ceded), premium taxes, and certain underwriting costs related directly to the successful acquisition of new or renewal insurance contracts. Amortization is recorded in Policy acquisition costs in the Consolidated statements of operations.

Short-duration contracts
Policy acquisition costs are amortized ratably over the period the related premiums are earned. Policy acquisition costs are reviewed to determine if they are recoverable from future income including investment income. Unrecoverable policy acquisition costs are expensed in the period identified.

Long-duration contracts
Policy acquisition costs are grouped by contract type and issue year into cohorts consistent with the groupings used in estimating the associated liability and are expensed on a constant level basis over the expected term of the related contracts to approximate straight-line amortization at the contract level. The constant level basis used for amortization is the insurance in-force and is projected using the same assumptions used in estimating the liability for future policy benefits. If those projected assumptions change in future periods, they will be reflected in the cohort level amortization basis at that time. Unexpected changes in the in-force portfolio, due to variances in mortality and lapse experience, are recognized over the contract term. Changes in future mortality and lapse assumptions are also recognized prospectively over the remaining expected contract term.

Advertising costs are expensed as incurred except for direct-response campaigns that qualify for cost deferral. Qualified expenses include individual direct-response marketing campaigns where we can demonstrate the campaigns have specifically resulted in incremental sales to customers and such sales have probable future economic benefits. Any costs directly related to the marketing campaigns are deferred, included with other policy acquisition costs, and expensed as a component of Policy acquisition costs using the same amortization basis.
Value of business acquired (VOBA) Value of business acquired (VOBA)
As part of business combination accounting, a VOBA intangible asset is established upon the acquisition of blocks of long-duration contracts. This intangible represents the present value of estimated net cash flows for the in-force contracts as of the acquisition date. VOBA is amortized as a component of Policy acquisition costs in the Consolidated statements of operations in relation to the profit emergence of the underlying acquired contracts. The valuation of VOBA is based on many factors including
mortality, morbidity, persistency, investment yields, expenses, and discount rate. The VOBA intangible is tested for recoverability at least annually using a premium deficiency test. Unrecoverable VOBA is expensed in the period identified.
Reinsurance Reinsurance
Chubb assumes and cedes reinsurance with other insurance companies to provide greater diversification of business and minimize the net loss potential arising from large risks. Ceded reinsurance contracts do not relieve Chubb of its primary obligation to policyholders.

For both ceded and assumed reinsurance, risk transfer requirements must be met in order to account for a contract as reinsurance, principally resulting in the recognition of cash flows under the contract as premiums and losses. To meet risk transfer requirements, a reinsurance contract must include insurance risk, consisting of both underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity. To assess risk transfer for certain contracts, Chubb generally develops expected discounted cash flow analyses at contract inception. Deposit accounting is used for contracts that do not meet risk transfer requirements.

Reinsurance recoverable includes balances due from reinsurance companies for paid and unpaid losses and loss expenses and future policy benefits that will be recovered from reinsurers, based on contracts in force. The method for determining the reinsurance recoverable on unpaid losses and loss expenses incurred but not reported (IBNR) involves actuarial estimates consistent with those used to establish the associated liability for unpaid losses and loss expenses as well as a determination of Chubb's ability to cede unpaid losses and loss expenses under the terms of the reinsurance agreement.

Reinsurance recoverable is presented net of a valuation allowance for uncollectible reinsurance determined based upon a review of the financial condition of reinsurers and other factors. The valuation allowance for uncollectible reinsurance is based on an estimate of the reinsurance recoverable balance that will ultimately be unrecoverable due to reinsurer insolvency, a contractual dispute, or any other reason. The valuation of this allowance includes several judgments including certain aspects of the allocation of reinsurance recoverable on IBNR claims by reinsurer and a default analysis to estimate uncollectible reinsurance. The primary components of the default analysis are reinsurance recoverable balances by reinsurer, net of collateral, and default factors used to determine the portion of a reinsurer's balance deemed uncollectible. The definition of collateral for this purpose requires some judgment and is generally limited to assets held in a Chubb-only beneficiary trust, letters of credit, and liabilities held with the same legal entity for which Chubb believes there is a contractual right of offset. The determination of the default factor is principally based on the financial strength rating of the reinsurer. Default factors require considerable judgment and are determined using the current financial strength rating, or rating equivalent, of each reinsurer as well as other key considerations and assumptions. Changes in the valuation allowance for uncollectible reinsurance recoverables are recorded in Losses and loss expenses in the Consolidated statements of operations. The more significant considerations to calculate the valuation allowance include, but are not necessarily limited to, the following:
•For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the financial rating is based on a published source and the default factor is based on published default statistics of a major rating agency applicable to the reinsurer's particular rating class. When a recoverable is expected to be paid in a brief period of time by a highly rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;
•For balances recoverable from reinsurers that are both unrated by a major rating agency and for which management is unable to determine a credible rating equivalent based on a parent, affiliate, or peer company, we determine a rating equivalent based on an analysis of the reinsurer that considers an assessment of the creditworthiness of the particular entity, industry benchmarks, or other factors as considered appropriate. We then apply the applicable default factor for that rating class. For balances recoverable from unrated reinsurers for which the ceded reserve is below a certain threshold, we generally apply a default factor of 11.2 percent, consistent with published statistics of a major rating agency;
•For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on reinsurer-specific facts and circumstances. Upon initial notification of an insolvency, we generally recognize an expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and
•For other recoverables, management determines the valuation allowance for uncollectible reinsurance based on the specific facts and circumstances.

The methods used to determine the reinsurance recoverable balance and related valuation allowance for uncollectible reinsurance are regularly reviewed and updated, and any resulting adjustments are reflected in earnings in the period identified.

The methods used to determine the valuation allowance for uncollectible high deductible recoverable amounts and valuation allowance for insurance and reinsurance balances receivable are similar to the processes used to determine the valuation allowance for uncollectible reinsurance recoverable. For information on high deductible policies, refer to section k) Unpaid losses and loss expenses, below.

Prepaid reinsurance premiums represent the portion of premiums ceded to reinsurers applicable to the unexpired coverage terms of the reinsurance contracts in-force.
Investments Investments
Fixed maturities, equity securities, and short-term investments
Fixed maturities are primarily classified as available-for-sale (AFS) and are reported at fair value, net of a valuation allowance for credit losses, with changes in fair value recorded as a separate component of AOCI in Shareholders' equity.

Equity securities are reported at fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations.

Short-term investments comprise securities due to mature within one year of the date of purchase and are recorded at fair value which typically approximates cost.

Interest, dividend income, and amortization of fixed maturity market premiums and discounts, related to these securities are recorded in Net investment income, net of investment management and custody fees, in the Consolidated statements of operations. Realized gains or losses on sales of investments are determined on a first-in, first-out basis.

For mortgage-backed securities and any other holdings for which there is a prepayment risk, prepayment assumptions are evaluated and revised, as necessary. Any adjustments required due to the resultant change in effective yields and maturities are recognized prospectively. Prepayment fees or call premiums that are only payable when a security is called prior to its maturity are earned when received and reflected in Net investment income.

Valuation allowance for fixed income securities
Management evaluates expected credit losses (ECL) for AFS securities when fair value is below amortized cost. AFS securities are evaluated for potential credit loss on an individual security level, but the evaluation may use assumptions consistent with expectations of credit losses for a group of similar securities. If management has the intent to sell or will be required to sell the security before recovery, the entire impairment loss will be recorded through income to Net realized gains and losses. If management does not have the intent to sell or will not be required to sell the security before recovery, an allowance for credit losses is established and is recorded through income to Net realized gains and losses, and the non-credit loss portion is recorded through other comprehensive income.

Examples of criteria that are collectively evaluated to determine if a credit loss has occurred include the following:
•The extent to which the fair value is less than amortized cost;
•Adverse conditions related to the security, industry, or geographic area;
•Downgrades in the security's credit rating by a rating agency; and
•Failure of the issuer to make scheduled principal or interest payments.

AFS securities that meet any one of the criteria included above will be subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. Projected cash flows are driven primarily by assumptions regarding probability of default and the timing and amount of recoveries associated with defaults. Chubb developed the projected cash flows using market data, issuer-specific information, and credit ratings. In combination with contractual cash flows and the use of historical default and recovery data by Moody's Investors Service (Moody's) rating category, we generate expected cash flows using the average cumulative issuer-weighted global default rates by letter rating.
If the present value of expected future cash flows is less than the amortized cost, a credit loss exists and an allowance for credit losses will be recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, management will conclude an expected credit loss does not exist.

Management reviews credit losses and the valuation allowance for expected credit losses each quarter. When all or a portion of a fixed maturity security is identified to be uncollectible and written off, the valuation allowance for expected credit losses is reduced. In general, a security is considered uncollectible no later than when all efforts to collect contractual cash flows have been exhausted. Below are considerations for when a security may be deemed uncollectible:
•We have sufficient information to determine that the issuer of the security is insolvent;
•We receive notice that the issuer of the security has filed for bankruptcy, and the collectability is expected to be adversely impacted by the bankruptcy;
•The issuer of a security has violated multiple debt covenants;
•Amounts have been past due for a specified period of time with no response from the issuer;
•A significant deterioration in the value of the collateral has occurred; and
•We have received correspondence from the issuer of the security indicating that it does not intend to pay the contractual principal and interest.
We elected to not measure an allowance for accrued investment income as uncollectible balances are written off in a timely manner, typically 30 to 45 days after uncollected balances are due.
Private debt held-for-investment
Private debt held-for-investment relates principally to investments in the funding of public and private projects that are mostly infrastructure and relate to Huatai’s investment portfolio. They have stated interest rates and maturity dates with fixed or determinable payments. Private debt held-for-investment are carried at amortized cost, net of a valuation allowance for credit losses. Management evaluates current expected credit losses (CECL) for all Private debt held-for-investment each quarter on a collective pool basis using S&P's corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier. Interest income is recorded when earned within Net investment income on the Consolidated statements of operations.

Private equities
Private equities principally consist of Investment funds, limited partnerships, and partially owned investment companies.

Investment funds and limited partnerships
Investment funds, limited partnerships, and all other investments over which Chubb cannot exercise significant influence, generally, when we own less than three percent of the investee's shares, are accounted for as follows:
•Income and expenses from these funds are reported within Net investment income.
•These funds are carried at net asset value, which approximates fair value with changes in fair value recorded in Net realized gains (losses) on the Consolidated statements of operations. Refer to Note 4 for a further discussion on net asset value.
•As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
•Sales of these investments are reported within Net realized gains (losses).

Partially-owned investment companies
Partially-owned investment companies are limited partnerships where our ownership interest is generally in excess of three percent and are accounted for under the equity method because Chubb exerts significant influence. These investments apply investment company accounting to determine operating results, and Chubb retains the investment company accounting in applying the equity method.
•This means that investment income, realized gains or losses, and unrealized gains or losses are included in the portion of equity earnings reflected in Other (income) expense.
•As a result of the timing of the receipt of valuation data from the investment managers, these investments are generally reported on a three-month lag.
Other investments
•Huatai’s asset management businesses create investment entities known as consolidated investment products which include mutual funds with primary holdings in fixed maturities. These securities are reported at fair value with changes in fair value reported through the Consolidated statements of operations within Net realized gains (losses) as required under investment company accounting standards.
•Fixed maturities supporting certain participating policy liabilities principally relate to the Huatai investment portfolio. We have elected to account for these investments using the fair value option so that changes in fair value of the fixed maturities are recorded in Net realized gains (losses), as opposed to a component within AOCI, to offset corresponding changes in policyholder liabilities within Policy benefits.
•Policy loans are carried at outstanding balance and interest income is reflected in Net investment income.
•Life insurance policies are carried at policy cash surrender value and income is reflected in Other (income) expense.
•Non-qualified separate account assets are supported by assets that do not qualify for separate account reporting under U.S. GAAP and are carried at fair value. Unrealized gains and losses on non-qualified separate account assets are reflected in Other (income) expense.

Securities lending program
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 which is recorded within Net investment income in the Consolidated statements of operations.

Borrowers provide collateral, in the form of either cash or approved securities, at a minimum of 102 percent of the fair value of the loaned securities. Each security loan is deemed to be an overnight transaction. Cash collateral is invested in a collateral pool which is managed by the banking institution. The collateral pool is subject to written investment guidelines with key objectives which include the safeguard of principal and adequate liquidity to meet anticipated redemptions. The fair value of the loaned securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned securities changes. The fair value of the securities on loan is included in Fixed maturities available-for-sale and Equity securities in the Consolidated balance sheets. The collateral is held by the third-party banking institution, and the collateral can only be accessed in the event that the institution borrowing the securities is in default under the lending agreement. As a result of these restrictions, we consider our securities lending activities to be non-cash investing and financing activities. 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 securities lending collateral is reported as a separate line in the Consolidated balance sheets with a related liability reflecting our obligation to return the collateral plus interest.

Repurchase agreements
Securities sold under repurchase agreements, whereby Chubb sells securities and repurchases them at a future date for a predetermined price, are accounted for as collateralized investments and borrowings and are recorded at the contractual repurchase amounts plus accrued interest. Assets to be repurchased are the same or substantially the same as the assets transferred, and the transferor, through right of substitution, maintains the right and ability to redeem the collateral on short notice. The fair value of the underlying securities is included in fixed maturities. In contrast to securities lending programs, the use of cash received is not restricted. We report the obligation to return the cash as Repurchase agreements in the Consolidated balance sheets and record the fees under these repurchase agreements within Interest expense on the Consolidated statements of operations.

Refer to Note 4 for a discussion on the determination of fair value for Chubb's various investment securities.
Consolidation of Variable interest entities (VIEs) Consolidation of Variable interest entities (VIEs)
Chubb consolidates entities in which it has a controlling interest and is a primary beneficiary of a VIE. Huatai's asset management businesses create investment entities known as consolidated investment products which include mutual funds with primary holdings in fixed maturities. While many investors may not be related parties, Huatai invests in these funds at various ownership percentages. We consolidate the VIEs if we are the primary beneficiary, which is generally when we hold an economic interest of 10 percent or more. The consolidation of VIEs requires us to record 100 percent of both the underlying
assets and liabilities of the mutual funds within the Consolidated balance sheets as well as the profit and losses within the Consolidated statements of operations. The relevant amounts attributable to investors other than Chubb are reflected as Noncontrolling interests. Purchases and sales of investments by the consolidated VIEs are reported as operating activities on the Consolidated statements of cash flows. Where Huatai's ownership in these consolidated investment products is less than 10 percent, we generally would not expect to be the primary beneficiary of these VIEs and would not consolidate. Our economic risk with respect to each investment in a consolidated investment product is limited to our equity ownership and any uncollected management and performance fees. Refer to Note 3 h) for additional information.
Derivative instruments Derivative instruments
Derivative instruments are carried at fair value in the Consolidated balance sheets in either Accounts payable, accrued expenses, and other liabilities or Other assets. We participate in these derivative instruments primarily to mitigate financial risks and manage certain investment portfolio risks and exposures, including assets and liabilities denominated in foreign currencies. We use derivative instruments including futures, options, swaps, and foreign currency forward contracts. Refer to Note 14 for additional information.

Changes in fair value of derivatives not designated as hedging instruments are included in Net realized gains (losses) and changes in fair value of futures contracts on equities related to our variable annuity reinsurance business are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

We also invest in certain derivative instruments that are designated as hedging instruments and qualify for hedge accounting. These derivatives designated as hedging instruments must be highly effective in mitigating the designated changes of the hedged item. We assess at the hedge's inception, and continue to assess on a quarterly basis, whether the derivatives that are used in hedging transactions have been and are expected to be highly effective in offsetting changes in the hedged items. Derivatives designated as hedging instruments include cross-currency swaps designated as fair value hedges for foreign currency exposure associated with portions of our euro denominated debt and net investment hedges for foreign currency exposure in the net investments of certain foreign subsidiaries. Refer to Note 14 for additional information.

Changes in fair value of net investment hedges are recorded in Cumulative translation adjustments (CTA) within OCI. Changes in fair value of fair value hedges that principally offset the foreign currency remeasurement on the hedged debt is recorded within Net realized gains (losses) on the Consolidated statement of operations with the remaining change in fair value recorded in Other, within OCI.
Cash Cash
We have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs. In each program, participating Chubb entities establish deposit accounts in different currencies with the bank provider and each day the credit or debit balances in every account are notionally translated into a single currency (U.S. dollars) and then notionally pooled. The bank extends overdraft credit to any participating Chubb entity as needed, provided that the overall notionally-pooled balance of all accounts in each pool at the end of each day is at least zero. Any overdraft balances incurred under this program by a Chubb entity would be guaranteed by Chubb Limited (up to $1.5 billion in the aggregate). Our group syndicated credit facility allows for same day drawings to fund a net pool overdraft should participating Chubb entities overdraw contributed funds from the pool.

Restricted cash
Included in Cash is restricted cash of $198 million and $261 million at December 31, 2025 and 2024, respectively. Restricted cash represents amounts held for the benefit of third parties and is legally or contractually restricted as to withdrawal or usage. Amounts include deposits with U.S. and non-U.S. regulatory authorities, trust funds set up for the benefit of ceding companies, and amounts pledged as collateral to meet financing arrangements.
Goodwill and other intangible assets Goodwill and Other intangible assets
Goodwill represents the excess of the cost of acquisitions over the fair value of net assets acquired and is not amortized. Goodwill is assigned at acquisition to the applicable reporting unit of the acquired entities giving rise to the goodwill. Goodwill impairment tests are performed annually or more frequently if circumstances indicate a possible impairment. For goodwill impairment testing, we use a qualitative assessment to determine whether it is more likely than not (i.e., more than a 50 percent probability) that the fair value of a reporting unit is greater than its carrying amount. If our assessment indicates it is more likely than not that carrying value exceeds fair value, we quantitatively estimate a reporting unit's fair value.
Indefinite lived intangible assets are not subject to amortization. Finite lived intangible assets are amortized over their useful lives, generally with an average original useful life of 25 years. Intangible assets are regularly reviewed for indicators of impairment. Impairment is recognized if the carrying amount is not recoverable from its undiscounted cash flows and is measured as the difference between the carrying amount and fair value.
Unpaid losses and loss expenses Unpaid losses and loss expenses
A liability is established for the estimated unpaid losses and loss expenses under the terms of Chubb's policies and agreements. Similar to premiums that are recognized as revenues over the coverage period of the policy, a liability for unpaid losses and loss expenses is recognized as expense when insured events occur over the coverage period of the policy. This liability includes a provision for both reported claims (case reserves) and incurred but not reported claims (IBNR reserves). IBNR reserve estimates are generally calculated by first projecting the ultimate cost of all losses that have occurred (expected losses), and then subtracting paid losses, case reserves, and loss expenses. The methods of determining such estimates and establishing the resulting liability are reviewed regularly and any adjustments are reflected in income in the period in which they become known. Future developments may result in losses and loss expenses materially greater or less than recorded amounts.

Except for net unpaid loss and loss expense reserves for certain structured settlements for which the timing and amount of future claim payments are reliably determinable and certain reserves for unsettled claims, Chubb does not discount its P&C loss reserves. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.

Included in Unpaid losses and loss expenses are liabilities for A&E claims and expenses. These unpaid losses and loss expenses are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to asbestos products and environmental hazards. The estimation of these liabilities is particularly sensitive to changes in the legal environment including specific settlements that may be used as precedents to settle future claims. However, Chubb does not anticipate future changes in laws and regulations in setting its A&E reserve levels.

Also included in Unpaid losses and loss expenses is the fair value adjustment of $61 million and $60 million at December 31, 2025 and 2024, respectively, principally related to Chubb Corp’s historical unpaid losses and loss expenses. The estimated fair value consists of the present value of the expected net unpaid loss and loss adjustment expense payments adjusted for an estimated risk margin. The estimated cash flows are discounted at a risk-free rate. The estimated risk margin varies based on the inherent risks associated with each type of reserve. The fair value is amortized through Amortization of purchased intangibles on the Consolidated statements of operations based on the estimated payout patterns of unpaid loss and loss expenses at the acquisition date.

Our loss reserves are presented net of contractual deductible recoverable amounts due from policyholders. Under the terms of certain high deductible policies which we offer, such as workers’ compensation and general liability, our customers are responsible to reimburse us for an agreed-upon dollar amount per claim. In nearly all cases we are required under such policies to pay covered claims first, and then seek reimbursement for amounts within the applicable deductible from our customers. We generally seek to mitigate this risk through collateral agreements.

Prior period development arises from changes to loss estimates recognized in the current year that relate to loss reserves first reported in previous calendar years and excludes the effect of losses from the development of earned premiums from previous accident years.

For purposes of analysis and disclosure, management views prior period development to be changes in the nominal value of loss estimates from period to period, net of premium and profit commission adjustments on loss sensitive contracts. Prior period development generally excludes changes in loss estimates that do not arise from the emergence of claims, such as those related to uncollectible reinsurance, interest, unallocated loss adjustment expenses, or foreign currency. Accordingly, specific items excluded from prior period development include the following: gains/losses related to foreign currency remeasurement; losses recognized from the early termination or commutation of reinsurance agreements that principally relate to the time value of money; changes in the value of reinsurance business assumed reflected in losses incurred but principally related to the time value of money; and losses that arise from changes in estimates of earned premiums from prior accident years. Except for foreign currency remeasurement, which is included in Net realized gains (losses), these items are included in current year losses within Losses and loss expenses on the Consolidated statements of operations.
Future policy benefits Future policy benefits
For traditional and limited-payment contracts, contracts are grouped into cohorts by coverage type and issue year to determine a liability for future policy benefits. The future policy benefit liability (FPBL) is the present value of estimated future policy benefits to be paid to or on behalf of policyholders and certain related expenses less the present value of estimated future net premiums to be collected from policyholders and is accrued as premium revenue is recognized. The valuation of this liability requires management to make estimates and assumptions regarding expenses, mortality, and persistency. Estimates are primarily based on historical experience. Actual results could differ materially from these estimates.

The liability is adjusted for differences between actual and expected experience. With the exception of the expense assumption, we review our future cash flow assumptions at least annually to determine if the net premium ratio (NPR), the mechanism to record the liability as premium is earned, should be changed at that time. We have elected to use expense assumptions that are locked in at contract inception and are not subsequently reviewed or updated. Each quarter, we update the cash flows expected over the entire life of each cohort for actual historical experience and projected future cash flows. These updated cash flows are used to calculate the revised NPR, which is used to derive an updated FPBL as of the beginning of the current reporting period, discounted at the original contract issuance discount rate. This amount is then compared to the carrying amount of the liability as of that same date, but before the updating of cash flow assumptions, to determine the current period change in FPBL. This current period change in the liability is the remeasurement gain or loss and is recorded in Policy benefits in the Consolidated statements of operations. In subsequent periods, the revised NPR is used to record the FPBL until future revisions become required.

For traditional and limited-payment contracts, the discount rate assumption is based on an upper-medium grade fixed-income instrument yield. An equivalent rate is derived based on A-credit-rated fixed-income instruments with similar duration to the liability. The discount rate assumption is updated quarterly and used to remeasure the liability at each reporting date, with the resulting change reflected in Other comprehensive income. For liability cash flows that are projected beyond the duration of market-observable A-credit-rated fixed-income instruments, we use the last market-observable yield level, as the basis for a linear interpolation to determine yield assumptions for durations that do not have market-observable yields.

Deferred profit liability
For limited-payment products, gross premiums received in excess of net premiums are deferred at initial recognition as a deferred profit liability (DPL) and recorded as a component of Future policy benefits in the Consolidated balance sheets. Net premiums are measured using actual cash flows and future cash flow assumptions consistent with those used in the measurement of the liability for future policy benefits and remeasured quarterly. The DPL is amortized in proportion to the discounted in-force policies. Interest is accreted on the balance of the DPL using the discount rate consistent with the interest accretion on the FPBL. The recalculated DPL, including adjusted amortization through the current period, is compared to the current carrying amount and the difference is recognized as an adjustment to Policy benefits in the Consolidated statements of operations as a remeasurement gain or loss.
Market Risk Benefit Market Risk Benefits
Chubb reinsures various death and living benefit guarantees associated with variable annuities issued primarily in the United States, which meet the definition of Market risk benefits (MRB). These reinsurance contracts provide protection to the ceding entity from, and expose us to, other-than-nominal capital market risk. Market risk benefits are measured at fair value using a valuation model based on current net exposures, market data, our experience, and other factors. Changes in fair value are recognized in Market risk benefits gains (losses) in the Consolidated statements of operations, except the change in fair value due to a change in the instrument-specific credit risk, which is recognized in other comprehensive income.

We generally receive a monthly premium during the accumulation phase of the covered annuities (in-force) based on a percentage of either the underlying accumulated account values or the underlying accumulated guaranteed values. Depending on an annuitant's age, the accumulation phase can last many years. To limit our exposure under these programs, all reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible.

The guarantees which are payable on death, referred to as guaranteed minimum death benefits (GMDB), principally cover shortfalls between accumulated account value at the time of an annuitant's death and either i) an annuitant's total deposits; ii) an annuitant's total deposits plus a minimum annual return; or iii) the highest accumulated account value attained at any policy anniversary date. In addition, a death benefit may be based on a formula specified in the variable annuity contract that uses a percentage of the growth of the underlying contract value.
Under reinsurance programs covering guaranteed living benefits (GLB), we assume the risk of guaranteed minimum income benefits (GMIB) associated with variable annuity contracts. The GMIB risk is triggered if, at the time the contract holder elects to convert the accumulated account value to a periodic payment stream (annuitize), the accumulated account value is not sufficient to provide a guaranteed minimum level of monthly income.
Separate Accounts and Policyholders' account balances 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. Separate account liabilities primarily represent the policyholders’ account balances in separate account assets and are equal and offsetting to total separate account assets. The assets of each account are legally segregated and are not subject to claims that arise out of Chubb’s business. Mortality, policy administration and surrender charges assessed against the accounts are included in Net premiums earned on the Consolidated statements of operations. The related investment performance of the separate account assets (including interest, dividends, realized gains and losses, and changes in unrealized gains and losses) generally accrue to the policyholders and are not included in our Consolidated statements of operations. Fees charged against the separate accounts are deferred and recorded as unearned revenue liabilities within Policyholders’ account balances on the Consolidated balance sheets until they are earned within Net premiums earned on the Consolidated statements of operations. Refer to section o) Policyholders’ account balances, below.

o) Policyholders' account balances
Policyholders' account balances represent a liability for investment contracts sold that do not meet the definition of an insurance contract, and certain of these contracts are sold with a guaranteed rate of return. Consideration received or paid is recorded as a deposit asset or liability in the balance sheet as opposed to recording premiums and losses in the statements of operations. The liability for policyholders' account balances equals accumulated policy account values, which consist of consideration received from the policyholder, plus any credited income, less any relevant charges. Also included within Policyholders' account balances is an unearned revenue liability which represents policy charges for services to be provided in future periods. The charges are deferred as incurred and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs.

Certain of our long-duration contracts are supported by assets that do not qualify for separate account reporting under U.S. GAAP. These assets are classified as non-qualified separate account assets and reported in Other investments and the offsetting liabilities are reported in Policyholders’ account balances in the Consolidated balance sheets. Changes in the fair value of separate account assets that do not qualify for separate account reporting under U.S. GAAP are reported in Other (income) expense, and the offsetting movements in the liabilities are included in Policy benefits in the Consolidated statements of operations.
Property and Equipment Property and equipment
Property and equipment used in operations are capitalized and carried at cost less accumulated depreciation and are reported within Other assets in the Consolidated balance sheets. At December 31, 2025, property and equipment totaled $3.5 billion, consisting principally of capitalized software costs of $2.2 billion incurred to develop or obtain computer software for internal use and company-owned facilities of $364 million. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. For capitalized software, the estimated useful life is generally three years to five years (for security and analytics systems), but can be as long as 15 years (for systems of record such as our general ledger and processing systems such as our policy administration systems). For company-owned facilities the estimated useful life is 40 years. At December 31, 2024, property and equipment totaled $3.1 billion.
Foreign currency remeasurement and translation Foreign currency remeasurement and translation
The functional currency for each of our foreign operations is generally the currency of the local operating environment. Transactions in currencies other than a foreign operation's functional currency are remeasured into the functional currency, and the resulting foreign exchange gains and losses are reflected in Net realized gains (losses) in the Consolidated statements of operations. Functional currency assets and liabilities are translated into the reporting currency, U.S. dollars, using period end exchange rates and the related translation adjustments are recorded as a separate component of AOCI in Shareholders' equity. Functional statement of operations amounts expressed in functional currencies are translated using average exchange rates.
Administrative expenses Administrative expenses
Administrative expenses generally include all operating costs other than policy acquisition costs. The North America Commercial P&C Insurance segment manages and uses an in-house third-party claims administrator, ESIS Inc. (ESIS). ESIS performs claims management and risk control services for domestic and international organizations that self-insure P&C exposures as well as internal P&C exposures. The net operating income (loss) of ESIS is included within Administrative expenses in the Consolidated
statements of operations and was $10 million, $7 million, and $(2) million for the years ended December 31, 2025, 2024, and 2023, respectively.
Asset management and performance fee revenue and expenses Asset management and performance fee revenue and expensesHuatai's asset management companies recognize revenue and expenses from the management of third-party assets which are unrelated to Chubb's core insurance operations. These revenues include management fees, which are recognized in the period in which the services are performed, and asset performance fees, which are recognized to the extent it is probable that a significant reversal will not occur. These fees and expenses are included in Other (income) expense on the Consolidated statements of operations. Refer to Note 18 for additional information.
Income taxes Income taxes
Income taxes have been recorded related to those operations subject to income tax. Deferred tax assets and liabilities result from temporary differences between the amounts recorded in the Consolidated Financial Statements and the tax basis of our assets and liabilities. The effect on deferred tax assets and liabilities of a change in tax law or rates is recognized in the period that includes the enactment date. A valuation allowance against deferred tax assets is recorded if it is more likely than not that all, or some portion, of the benefits related to these deferred tax assets will not be realized. The valuation allowance assessment considers tax planning strategies, where appropriate.

We recognize uncertain tax positions that are determined to be more likely than not of being sustained upon examination. Recognized income tax positions are measured at the largest amount that has a greater than 50 percent likelihood of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs.

Chubb's policy for releasing income tax effects from AOCI is to release them as investments are sold or mature and as pension and postretirement benefit liabilities are extinguished. Refer to Note 12 for additional information.
Earnings per share Earnings per share
Basic earnings per share is calculated using the weighted-average shares outstanding, including participating securities with non-forfeitable rights to dividends such as unvested restricted stock. All potentially dilutive securities, including stock options are excluded from the basic earnings per share calculation. In calculating diluted earnings per share, the weighted-average shares outstanding is increased to include all potentially dilutive securities. Basic and diluted earnings per share are calculated by dividing Net income attributable to Chubb by the applicable weighted-average number of shares outstanding during the year.
Share-based compensation Share-based compensation
Chubb measures and records compensation cost for all share-based payment awards at grant-date fair value. Compensation costs are recognized for vesting of share-based payment awards with only service conditions on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award were, in substance, multiple awards. For retirement-eligible participants, compensation costs for certain share-based payment awards are recognized immediately at the date of grant. Refer to Note 16 for additional information.
Cigna integration expenses Integration expenses and severance
Direct costs related to business combinations were expensed as incurred. Integration expenses and severance were $79 million, $39 million, and $69 million for the years ended December 31, 2025, 2024, and 2023, respectively, and include all internal and external costs directly related to the integration activities, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. Integration related expenses principally consisted of third-party consulting fees, employee-related retention costs, and other professional and legal fees related to the acquisition.
New accounting pronouncements New accounting pronouncements
Accounting guidance adopted in 2025
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. We prospectively adopted this disclosure-only guidance for our annual 2025 reporting, and modified the presentation of our taxation disclosures. Refer to Note 12 for additional information.
Accounting guidance not yet adopted
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.
v3.25.4
Fair vale measurements (Fair Value Measurement Policy) (Policies)
 12 Months Ended
Dec. 31, 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.
v3.25.4
Acquisitions (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination [Abstract]  
Business Combination The following table summarizes the results of the acquired Huatai Group operations since the acquisition date that have been included within our Consolidated statements of operations:
July 1, 2023 to
(in millions of U.S. dollars)
December 31, 2023
Total revenues$739 
Net loss$(30)
Net loss attributable to Chubb
$(17)
Business Combination, Pro Forma Information
The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2023. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2023, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.

Pro forma:
For the Year Ended December 31
(in millions of U.S. dollars)2023
Net premiums earned$46,502 
Total revenues$50,550 
Net income$8,850 
Net income attributable to Chubb$8,859 
v3.25.4
Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule Of Amortized Cost and Fair Value of Available-for-sale Securities
December 31, 2025Amortized
Cost		Valuation AllowanceGross Unrealized AppreciationGross Unrealized DepreciationFair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities$3,908 $— $27 $(221)$3,714 
Non-U.S.40,479 (10)795 (908)40,356 
Corporate and asset-backed securities48,806 (42)734 (1,612)47,886 
Mortgage-backed securities31,533 — 398 (1,207)30,724 
$124,726 $(52)$1,954 $(3,948)$122,680 

December 31, 2024Amortized
Cost		Valuation AllowanceGross
Unrealized
Appreciation		Gross Unrealized DepreciationFair 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 securities45,231 (47)287 (2,264)43,207 
Mortgage-backed securities29,158 — 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:

December 31
20252024 
(in millions of U.S. dollars)Net Carrying ValueFair ValueNet Carrying ValueFair Value
Available-for-sale
Due in 1 year or less$4,749 $4,749 $4,507 $4,507 
Due after 1 year through 5 years35,611 35,611 33,446 33,446 
Due after 5 years through 10 years31,514 31,514 26,901 26,901 
Due after 10 years20,082 20,082 18,261 18,261 
91,956 91,956 83,115 83,115 
Mortgage-backed securities30,724 30,724 27,248 27,248 
$122,680 $122,680 $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 MonthsOver 12 MonthsTotal
December 31, 2025Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities$307 $(3)$2,139 $(216)$2,446 $(219)
Non-U.S.6,664 (163)8,995 (622)15,659 (785)
Corporate and asset-backed securities4,136 (59)10,225 (867)14,361 (926)
Mortgage-backed securities1,467 (12)11,016 (1,194)12,483 (1,206)
Total AFS fixed maturities$12,574 $(237)$32,375 $(2,899)$44,949 $(3,136)

 0 – 12 MonthsOver 12 MonthsTotal
December 31, 2024Fair ValueGross
Unrealized Loss		Fair ValueGross
Unrealized Loss		Fair ValueGross
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 securities10,069 (194)13,290 (1,259)23,359 (1,453)
Mortgage-backed securities10,490 (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:
Year Ended December 31
(in millions of U.S. dollars)20252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of year$70 $156 
Provision for expected credit loss97 118 
Write-offs charged against the expected credit loss(2)(6)
Recovery of expected credit loss(113)(198)
Valuation allowance for expected credit losses - end of year$52 $70 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year$4 $4 
Provision for expected credit loss1 2 
Recovery of expected credit loss(2)(2)
Valuation allowance for expected credit losses - end of year$3 $4 
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:
Year Ended December 31
(in millions of U.S. dollars)20252024
Available-for-sale
Valuation allowance for expected credit losses - beginning of year$70 $156 
Provision for expected credit loss97 118 
Write-offs charged against the expected credit loss(2)(6)
Recovery of expected credit loss(113)(198)
Valuation allowance for expected credit losses - end of year$52 $70 
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year$4 $4 
Provision for expected credit loss1 2 
Recovery of expected credit loss(2)(2)
Valuation allowance for expected credit losses - end of year$3 $4 
Schedule Of Net Realized Gains (Losses) And The Losses Included In Net Realized Gains (Losses) And OCI
The following table presents the components of net realized gains (losses) and the change in net unrealized appreciation (depreciation) of investments:
 Year Ended December 31
(in millions of U.S. dollars)202520242023
Fixed maturities:
Gross realized gains$272 $132 $208 
Gross realized losses(450)(535)(656)
Other investments - Fixed maturities (1)
10 602 (12)
Net (provision for) recovery of expected credit losses19 86 43 
Impairment (2)
(49)(94)(64)
Total fixed maturities(198)191 (481)
Equity securities (3)
656 194 (38)
Private equities (less than 3 percent ownership)99 124 70 
Foreign exchange(223)(223)(183)
Investment and embedded derivative instruments(37)(189)(53)
Other derivative instruments(21)(4)(10)
Other(65)24 88 
Net realized gains (losses) (pre-tax)$211 $117 $(607)
Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale$2,654 $(251)$3,563 
Fixed maturities held-to-maturity— — (125)
Other1 — 10 
Income tax expense(133)(110)(328)
Change in net unrealized appreciation (depreciation) on investments (after-tax)$2,522 $(361)$3,120 
(1)In 2025 and 2024, Other investments - Fixed maturities includes $(149) million and $275 million, respectively, of realized gains (losses) related to investments measured under the fair value option.
(2)Relates to certain securities we intended to sell and securities written to market entering default.
(3)In 2025 and 2024, Equity securities includes $138 million and $(22) million, respectively, of realized gains (losses) related to investments measured under the fair value option.
Gain (Loss) on Securities
Realized gains and losses from Other investments, Equity securities and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:
Year Ended December 31, 2025
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$10 $656 $99 $765 
Less: Net gains (losses) recognized from sales of securities4 185 — 189 
Unrealized gains (losses) recognized for securities still held at reporting date$6 $471 $99 $576 
Year Ended December 31, 2024
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate EquitiesTotal
Net gains (losses) recognized during the period$602 $194 $124 $920 
Less: Net gains (losses) recognized from sales of securities4 25 — 29 
Unrealized gains (losses) recognized for securities still held at reporting date$598 $169 $124 $891 
Year Ended December 31, 2023
(in millions of U.S. dollars)Other InvestmentsEquity SecuritiesPrivate Equities Total
Net gains (losses) recognized during the period$(12)$(38)$70 $20 
Less: Net gains (losses) recognized from sales of securities— (68)— (68)
Unrealized gains (losses) recognized for securities still held at reporting date$(12)$30 $70 $88 
Schedule Of Other Investments
December 31
(in millions of U.S. dollars)20252024
Fixed maturities (1) (2)
$8,091 $6,265 
Life insurance policies594 518 
Policy loans1,117 941 
Other, including non-qualified separate account assets (3)
947 873 
Total$10,749 $8,597 
(1)Includes fixed maturities related to consolidated VIEs of $5.8 billion and $4.6 billion at December 31, 2025 and 2024, respectively. Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.
(2)2025 and 2024 includes $2.3 billion and $1.7 billion, respectively, of fixed maturities measured at fair value under the fair value option.
(3)Non-qualified separate account assets comprise mutual funds, supported by assets that do not qualify for separate account reporting under U.S. GAAP.
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:
December 31
 Expected Liquidation
Period of Underlying Assets		20252024
(in millions of U.S. dollars)Fair ValueMaximum
Future Funding
Commitments		Fair ValueMaximum
Future Funding
Commitments
Financial
2 to 10 Years
$1,420 $483 $1,265 $281 
Real assets
2 to 13 Years
1,924 1,111 1,974 547 
Distressed
2 to 8 Years
1,226 977 1,257 679 
Private credit
3 to 8 Years
299 302 295 285 
Traditional
2 to 14 Years
11,990 4,345 9,674 4,650 
Vintage
1 to 3 Years
43 — 64 — 
Investment fundsNot Applicable337 — 240 — 
$17,239 $7,218 $14,769 $6,442 
Schedule Of Sources Of Net Investment Income
Year Ended December 31
(in millions of U.S. dollars)2025 2024 2023 
Fixed maturities (1)
$5,881 $5,535 $4,619 
Short-term investments156 181 199 
Other interest income 40 80 69 
Equity securities357 125 119 
Private equities (less than 3 percent ownership)139 112 55 
Other investments110 103 71 
Gross investment income (1)
6,683 6,136 5,132 
Investment expenses(218)(206)(195)
Net investment income (1)
$6,465 $5,930 $4,937 
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$(8)$(16)$(21)
Schedule Of Components Of Restricted Assets
The following table presents the components of restricted assets: 
December 31
(in millions of U.S. dollars)20252024
Trust funds$8,461 $8,170 
Assets pledged under repurchase agreements3,518 2,890 
Deposits with U.S. regulatory authorities2,598 2,487 
Deposits with non-U.S. regulatory authorities and other4,669 4,659 
Total$19,246 $18,206 
v3.25.4
Fair value measurements (Tables)
 12 Months Ended
Dec. 31, 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 
December 31, 2025Level 1Level 2Level 3Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. and local government securities$1,481 $2,233 $— $3,714 
Non-U.S.— 39,685 671 40,356 
Corporate and asset-backed securities— 44,340 3,546 47,886 
Mortgage-backed securities— 30,724 — 30,724 
1,481 116,982 4,217 122,680 
Equity securities (1)
5,163 — 119 5,282 
Short-term investments2,657 2,138 45 4,840 
Other investments (2)
630 8,684 — 9,314 
Securities lending collateral— 2,500 — 2,500 
Investment derivatives22 — — 22 
Derivatives designated as hedging instruments — 266 — 266 
Other derivative instruments11 — — 11 
Separate account assets6,858 67 — 6,925 
Total assets measured at fair value (1) (2) (3)
$16,822 $130,637 $4,381 $151,840 
Liabilities:
Investment derivatives$242 $— $— $242 
Derivatives designated as hedging instruments— 232 — 232 
Other derivative instruments— 4 — 4 
Market risk benefits (4)
— — 659 659 
Total liabilities measured at fair value$242 $236 $659 $1,137 
(1)Excluded from the table above are funds of $5,519 million, measured using NAV as a practical expedient.
(2)Excluded from the table above are other investments of $1,435 million, principally policy loans measured using NAV as a practical expedient.
(3)Excluded from the table above are private equities of $17,239 million, measured using NAV as a practical expedient.
(4)Refer to Note 11 for additional information on Market risk benefits.

 
December 31, 2024Level 1Level 2Level 3Total
(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 investments3,156 1,972 14 5,142 
Other investments (2)
573 6,783 — 7,356 
Securities lending collateral— 1,445 — 1,445 
Investment derivatives41 — — 41 
Derivatives designated as hedging instruments— 146 — 146 
Other derivative instruments35 — — 35 
Separate account assets6,165 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 following tables is the reconciliation of Market risk benefits, refer to Note 11 for additional information:
 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Year Ended December 31, 2025Non-U.S.Corporate and asset-backed securitiesMortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$604 $2,891 $3 $120 $14 
Transfers into Level 311 205 — — — 
Transfers out of Level 3(2)(19)— (1)— 
Change in Net Unrealized Gains (Losses) in OCI41 6 — — — 
Net Realized Gains (Losses)(2)(16)(2)(1)— 
Purchases374 1,490 1 36 36 
Sales(148)(515)(2)(35)(1)
Settlements(207)(496)— — (4)
Balance, end of year$671 $3,546 $— $119 $45 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(4)$— $16 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$25 $(11)$— $— $— 

 Available-for-Sale Debt SecuritiesEquity
securities		Short-term investments
Year Ended December 31, 2024Non-U.S.Corporate and asset-backed securities Mortgage-backed securities
(in millions of U.S. dollars)
Balance, beginning of year$692 $2,622 $7 $87 $3 
Transfers into Level 32 57 — — — 
Transfers out of Level 3(7)(9)(54)— — 
Change in Net Unrealized Gains (Losses) in OCI7 12 — — — 
Net Realized Gains (Losses)(13)(15)— 8 — 
Purchases
262 1,042 54 43 20 
Sales(99)(250)— (18)(1)
Settlements(240)(568)(4)— (8)
Balance, end of year$604 $2,891 $3 $120 $14 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$— $(3)$— $7 $— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$(2)$(2)$— $— $(1)
 Available-for-Sale Debt SecuritiesShort-term investments
Year Ended December 31, 2023Non-U.S.Corporate and asset-backed securitiesMortgage-backed securitiesEquity
securities
(in millions of U.S. dollars)
Balance, beginning of year$564 $2,449 $11 $90 $3 
Transfers into Level 321 30 — — — 
Transfers out of Level 3(22)(26)(15)— — 
Change in Net Unrealized Gains (Losses) in OCI13 28 — — (1)
Net Realized Gains (Losses)(4)(17)— (7)(1)
Purchases
258 681 15 24 5 
Sales(82)(81)— (20)(3)
Settlements(56)(442)(4)— — 
Balance, end of year$692 $2,622 $7 $87 $3 
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date$(1)$(5)$— $(7)$— 
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date$7 $12 $— $— $— 
Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value
December 31, 2025Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
Assets:
Private debt held-for-investment$— $— $2,445 $2,445 $2,411 
Total assets$— $— $2,445 $2,445 $2,411 
Liabilities:
Repurchase agreements$— $3,324 $— $3,324 $3,324 
Short-term debt— 1,498 — 1,498 1,499 
Long-term debt— 14,045 576 14,621 15,728 
Hybrid debt— 484 — 484 422 
Total liabilities$— $19,351 $576 $19,927 $20,973 

December 31, 2024Fair ValueNet Carrying Value
(in millions of U.S. dollars)Level 1Level 2Level 3Total
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 
v3.25.4
Reinsurance (Tables)
 12 Months Ended
Dec. 31, 2025
Reinsurance Disclosures [Abstract]  
Schedule of direct, assumed and ceded premiums The following table presents direct, assumed, and ceded premiums:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Premiums written
Direct$60,799 $56,867 $52,969 
Assumed5,147 5,136 4,557 
Ceded(11,104)(10,535)(10,165)
Net$54,842 $51,468 $47,361 
Premiums earned
Direct$58,905 $55,148 $51,582 
Assumed4,936 4,970 4,289 
Ceded(10,827)(10,272)(10,159)
Net$53,014 $49,846 $45,712 
Schedule of Reinsurance Recoverable on Ceded Insurance Reinsurance Recoverable on Ceded Reinsurance
December 31, 2025December 31, 2024
(in millions of U.S. dollars)
Net Reinsurance Recoverable (1)
Valuation allowance
Net Reinsurance Recoverable (1)
Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses$18,346 $248 $17,734 $242 
Reinsurance recoverable on paid losses and loss expenses1,992 72 2,043 68 
Reinsurance recoverable on losses and loss expenses$20,338 $320 $19,777 $310 
Reinsurance recoverable on policy benefits$286 $— $289 $— 
(1)     Net of valuation allowance for uncollectible reinsurance.
Reinsurance Recoverable, Allowance for Credit Loss
The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:
Year Ended December 31
(in millions of U.S. dollars)20252024
Valuation allowance for uncollectible reinsurance - beginning of year$310 $367 
Provision for (release of) uncollectible reinsurance25 (15)
Write-offs charged against the valuation allowance(18)(41)
Foreign exchange revaluation3 (1)
Valuation allowance for uncollectible reinsurance - end of year$320 $310 
Reinsurance Recoverable, Credit Quality Indicator
The following tables present a listing, at December 31, 2025, of the categories of Chubb's reinsurers:
December 31, 2025Gross Reinsurance Recoverable on Losses and Loss ExpensesValuation allowance for Uncollectible Reinsurance% of Gross Reinsurance Recoverable
(in millions of U.S. dollars, except for percentages)
Categories
Largest reinsurers$8,934 $99 1.1 %
Other reinsurers rated A- or better7,752 93 1.2 %
Other reinsurers rated lower than A- or not rated402 25 6.2 %
Pools333 9 2.7 %
Structured settlements479 8 1.7 %
Captives2,567 13 0.5 %
Other191 73 38.2 %
Total$20,658 $320 1.5 %
v3.25.4
Deferred acquisition costs (Tables)
 12 Months Ended
Dec. 31, 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:

Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeUniversal LifeWhole LifeA&HOtherTotal
Balance – beginning of period $469 $722 $870 $1,681 $324 $4,066 
Capitalizations239 116 478 717 96 1,646 
Amortization expense(153)(84)(55)(238)(32)(562)
Other (including foreign exchange)12 (8)3 (24)4 (13)
Balance – end of period$567 $746 $1,296 $2,136 $392 $5,137 
Overseas General Insurance segment excluded from table663 
Total deferred policy acquisition costs on long-duration contracts$5,800 
Deferred policy acquisition costs on short-duration contracts4,208 
Total deferred policy acquisition costs$10,008 

Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeUniversal LifeWhole LifeA&HOtherTotal
Balance – beginning of period $402 $674 $534 $1,301 $274 $3,185 
Capitalizations201 156 387 630 82 1,456 
Amortization expense(121)(81)(37)(182)(27)(448)
Other (including foreign exchange)(13)(27)(14)(68)(5)(127)
Balance – end of period$469 $722 $870 $1,681 $324 $4,066 
Overseas General Insurance segment excluded from table605 
Total deferred policy acquisition costs on long-duration contracts$4,671 
Deferred policy acquisition costs on short-duration contracts3,687 
Total deferred policy acquisition costs$8,358 
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired (Tables)
 12 Months Ended
Dec. 31, 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 InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal ReinsuranceLife Insurance Chubb Consolidated
Balance at December 31, 2023$6,946 $2,231 $134 $5,262 $371 $4,742 $19,686 
Acquisition of Healthy Paws256 — — — — — 256 
Measurement-Period Adjustments— — — — — 65 65 
Foreign exchange revaluation(34)(13)— (215)— (166)(428)
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 revaluation23 8 — 300 — 114 445 
Balance at December 31, 2025 (1)
$7,191 $2,226 $134 $5,530 $371 $4,755 $20,207 
(1)Includes $464 million attributable to noncontrolling interests.
Schedule of Changes in VOBA
The following table presents a roll-forward of VOBA:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Balance, beginning of year$3,223 $3,674 $3,702 
Consolidation of Huatai Group— — 309 
Amortization of VOBA (1)
(224)(240)(281)
Foreign exchange revaluation and other(24)(211)(56)
Balance, end of year$2,975 $3,223 $3,674 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
Schedule of expected pre-tax amortization related to VOBA for the next five years
The following table presents, as of December 31, 2025, the expected estimated pre-tax amortization expense related to VOBA at current foreign currency exchange rates, for the next five years:

For the Years Ending December 31Total amortization of VOBA
(in millions of U.S. dollars)
2026$178 
2027159 
2028145 
2029133 
2030121 
Total$736 
Schedule of Other Intangible Assets
December 31
(in millions of U.S. dollars)20252024
Subject to amortization (primarily agency distribution relationships and renewal rights)$2,696 $2,900 
Not subject to amortization (primarily trademarks)3,545 3,477 
Total$6,241 $6,377 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table presents, as of December 31, 2025, the expected estimated pre-tax amortization expense of purchased intangibles, at current foreign currency exchange rates, for the next five years:

For the Years Ending December 31
(in millions of U.S. dollars)Total amortization of purchased intangibles
Amortization of UPR intangible asset (1)
Amortization of Huatai land use rights (2)
Total amortization
2026$287 $9 $13 $309 
2027268 3 13 284 
2028257 — 13 270 
2029226 — 12 238 
2030210 — 12 222 
Total$1,248 $12 $63 $1,323 
(1)Recognized in Policy acquisition costs in the Consolidated statements of operations.
(2)Recognized in Other (income) expense in the Consolidated statements of operations.
v3.25.4
Unpaid losses and loss expenses, and Future policy benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Liability for Future Policy Benefits and Unpaid Claims and Claims Adjustment Expense [Abstract]  
Schedule Of Unpaid Losses And Loss Expenses Roll Forward
Chubb establishes reserves for the estimated unpaid ultimate liability for losses and loss expenses under the terms of its policies and agreements. Reserves include estimates for both claims that have been reported and for IBNR claims, and include estimates of expenses associated with processing and settling these claims. Reserves are recorded in Unpaid losses and loss expenses in the Consolidated balance sheets. While we believe that our reserves for unpaid losses and loss expenses at December 31, 2025, are adequate, new information or trends may lead to future developments in incurred loss and loss expenses significantly greater or less than the reserves provided. Any such revisions could result in future changes in estimates of losses or reinsurance recoverable and would be reflected in our results of operations in the period in which the estimates are changed.
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Gross unpaid losses and loss expenses, beginning of year$84,004 $80,122 $75,747 
Reinsurance recoverable on unpaid losses (1)
(17,734)(17,884)(17,086)
Net unpaid losses and loss expenses, beginning of year66,270 62,238 58,661 
Net losses and loss expenses incurred in respect of losses occurring in:
Current year27,808 26,997 24,956 
Prior years (2)
(1,108)(975)(856)
Total26,700 26,022 24,100 
Net losses and loss expenses paid in respect of losses occurring in:
Current year8,782 8,681 8,248 
Prior years15,511 12,822 12,763 
Total24,293 21,503 21,011 
Consolidation of Huatai Group— — 405 
Foreign currency revaluation and other995 (487)83 
Net unpaid losses and loss expenses, end of year69,672 66,270 62,238 
Reinsurance recoverable on unpaid losses (1)
18,346 17,734 17,884 
Gross unpaid losses and loss expenses, end of year$88,018 $84,004 $80,122 
(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 $(25) million, $119 million, and $83 million for 2025, 2024, and 2023, respectively.
Reconciliation of Claims Development to Liability [Table Text Block]
The following table presents a reconciliation of the loss development tables to the liability for unpaid losses and loss expenses in the consolidated balance sheet:

Reconciliation of Reserve Balances to Liability for Unpaid Loss and Loss Expenses
(in millions of U.S. dollars)December 31, 2025
Presented in the loss development tables:
  North America Commercial P&C Insurance — Workers' Compensation$10,015 
  North America Commercial P&C Insurance — Liability23,614 
  North America Commercial P&C Insurance — Other Casualty2,886 
  North America Commercial P&C Insurance — Non-Casualty3,343 
  North America Personal P&C Insurance4,885 
  Overseas General Insurance — Casualty9,614 
  Overseas General Insurance — Non-Casualty4,454 
  Global Reinsurance — Casualty1,411 
  Global Reinsurance — Non-Casualty498 
Excluded from the loss development tables:
  Other6,740 
Net unpaid loss and allocated loss adjustment expense67,460 
Ceded unpaid loss and allocated loss adjustment expense:
  North America Commercial P&C Insurance — Workers' Compensation922 
  North America Commercial P&C Insurance — Liability7,388 
  North America Commercial P&C Insurance — Other Casualty1,074 
  North America Commercial P&C Insurance — Non-Casualty733 
  North America Personal P&C Insurance793 
  Overseas General Insurance — Casualty3,168 
  Overseas General Insurance — Non-Casualty1,894 
  Global Reinsurance — Casualty156 
  Global Reinsurance — Non-Casualty100 
  Other2,346 
Ceded unpaid loss and allocated loss adjustment expense18,574 
Unpaid unallocated loss adjustment expenses1,984 
Unpaid losses and loss expenses$88,018 
Claims Development tables [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail
This product line has a broad mix of exposures across industries as well as a mix of policy coverages. Types of coverage include risk management business predominantly with high deductible policies, loss sensitive business (i.e., retrospectively-rated policies), business fronted for captives, as well as excess and primary guaranteed cost coverages.

The triangle below shows all loss and allocated expense development for the workers' compensation product line. In our prior period development disclosure, we exclude any loss development where there is a directly related premium adjustment. For workers' compensation, changes in the exposure base due to payroll audits will drive changes in ultimate losses. In addition, we record involuntary pool assumptions (premiums and losses) on a lagged basis. Both of these items will influence the development in the triangle, particularly the first prior accident year, and are included in the reconciliation table presented on page F-59.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31 As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,366 $1,361 $1,383 $1,378 $1,269 $1,206 $1,177 $1,162 $1,117 $1,096 $270 51 
20171,412 1,380 1,399 1,393 1,376 1,176 1,121 1,069 1,045 293 50 
20181,359 1,361 1,379 1,384 1,384 1,221 1,175 1,152 336 52 
20191,391 1,384 1,400 1,409 1,406 1,297 1,238 352 48 
20201,367 1,388 1,409 1,408 1,395 1,159 443 32 
20211,348 1,330 1,372 1,370 1,349 525 36 
20221,344 1,407 1,435 1,432 682 39 
20231,371 1,413 1,423 708 38 
20241,380 1,368 743 38 
20251,405 909 37 
Total$12,667 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$122 $326 $452 $529 $584 $621 $653 $683 $707 $730 
2017120 313 437 516 564 601 626 648 666 
2018130 329 451 528 597 641 681 706 
2019143 341 467 575 640 692 743 
2020111 282 390 466 520 576 
2021120 331 458 552 623 
2022131 332 472 572 
2023129 358 494 
2024147 383 
2025182 
Total$5,675 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$3,023 
Accident years 2016 - 2025 from tables above6,992 
All Accident years$10,015 
North America Commercial P&C Insurance — Liability — Long-tail
This line consists of primary and excess general liability exposures, medical liability, and financial lines, including directors and officers (D&O) liability, errors and omissions (E&O) liability, employment practices liability (EPL), fidelity bonds, and fiduciary liability.

The primary and excess general liability business represents the largest part of these exposures. The former includes both monoline and commercial package liability. The latter includes a substantial proportion of commercial umbrella, excess and high excess business, where loss activity can produce significant volatility in the loss triangles at later ages within an accident year (and sometimes across years) due to the size of the limits afforded and the complex nature of the underlying losses.

This line includes management and professional liability products provided to a wide variety of clients, from national accounts to small firms along with private and not-for-profit organizations, distributed through brokers, agents, wholesalers, and MGAs. Many of these coverages, particularly D&O and E&O, are typically written on a claims-made form. While most of the coverages are underwritten on a primary basis, there are significant amounts of excess exposure with large policy limits.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$3,524 $3,585 $3,682 $3,794 $3,790 $3,762 $3,753 $3,658 $3,695 $3,720 $287 27 
20173,313 3,488 3,570 3,620 3,542 3,431 3,490 3,520 3,537 419 26 
20183,365 3,482 3,685 3,817 3,897 3,913 3,991 3,995 420 28 
20193,443 3,617 3,855 4,047 4,054 4,010 4,012 653 29 
20204,099 3,824 3,917 3,974 3,842 3,765 792 23 
20214,313 4,346 4,438 4,536 4,457 1,472 24 
20224,559 4,564 4,659 4,765 2,136 26 
20234,700 4,904 5,113 2,645 30 
20245,138 5,250 3,749 28 
20255,513 4,915 31 
Total$44,127 
North America Commercial P&C Insurance — Liability — Long-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$171 $661 $1,334 $1,973 $2,331 $2,592 $2,819 $2,981 $3,106 $3,296 
2017161 615 1,159 1,697 1,999 2,321 2,626 2,868 2,972 
2018189 752 1,300 1,772 2,334 2,781 3,070 3,305 
2019175 668 1,244 1,887 2,386 2,755 3,046 
2020152 588 1,147 1,697 2,270 2,647 
2021174 608 1,199 1,928 2,508 
2022144 648 1,279 2,004 
2023196 828 1,713 
2024195 802 
2025228 
Total$22,521 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$2,008 
Accident years 2016 - 2025 from tables above21,606 
All Accident years$23,614 
North America Commercial P&C Insurance — Other Casualty — Long-tail
This product line consists of the remaining commercial casualty coverages such as automobile liability and aviation as well as our foreign casualty exposures (mainly auto, general liability and employer responsibility coverages) on U.S.-based multinational accounts. The paid and reported data are impacted by some catastrophe loss activity.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$503 $501 $526 $523 $480 $479 $469 $473 $466 $465 $10 16 
2017531 565 576 615 604 590 602 609 614 18 17 
2018535 562 574 579 575 606 625 632 24 17 
2019605 636 685 744 757 768 754 11 17 
2020639 633 657 639 614 596 22 12 
2021674 709 747 763 729 66 15 
2022781 801 848 915 169 22 
2023844 883 966 301 22 
2024884 929 485 17 
2025912 676 12 
Total$7,512 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$52 $145 $246 $323 $374 $397 $424 $437 $441 $449 
201766 175 312 381 445 496 539 561 580 
201874 169 270 365 472 532 580 585 
201970 189 318 466 620 686 725 
202054 157 274 402 481 530 
202160 176 293 439 566 
202282 235 400 577 
202382 249 462 
202486 246 
202591 
Total$4,811 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$185 
Accident years 2016 - 2025 from tables above2,701 
All Accident years$2,886 
North America Commercial P&C Insurance — Non-Casualty — Short-tail
This product line represents first party commercial product lines that are short-tailed in nature, such as property, inland marine, ocean marine, surety, and A&H. There is a wide diversity of products, primary and excess coverages, and policy sizes. During this ten-year period, this product line was impacted by natural catastrophes mainly in the 2017 and 2018 accident years, and in accident year 2020 by direct COVID.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,903 $1,882 $1,792 $1,772 $1,808 $1,820 $1,816 $1,818 $1,811 $1,811 $8 650 
20172,697 2,601 2,500 2,517 2,509 2,519 2,505 2,495 2,490 22 764 
20182,045 2,232 2,168 2,160 2,168 2,158 2,147 2,143 (7)904 
20192,044 2,029 1,952 1,942 1,919 1,923 1,927 4 1,045 
20203,137 2,940 2,724 2,683 2,661 2,677 42 1,128 
20212,939 2,823 2,627 2,546 2,533 10 867 
20223,046 2,944 2,809 2,777 98 907 
20233,069 2,880 2,666 134 974 
20243,587 3,453 576 1,016 
20253,040 1,290 910 
Total$25,517 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$843 $1,498 $1,648 $1,723 $1,751 $1,775 $1,786 $1,787 $1,794 $1,800 
2017976 2,082 2,298 2,389 2,403 2,427 2,446 2,450 2,472 
20181,024 1,819 2,011 2,067 2,111 2,135 2,138 2,144 
20191,027 1,671 1,798 1,855 1,881 1,896 1,922 
20201,388 2,258 2,464 2,543 2,578 2,617 
20211,085 2,099 2,321 2,440 2,478 
20221,049 2,188 2,493 2,620 
20231,218 2,134 2,386 
20241,368 2,460 
20251,285 
Total$22,184 
North America Commercial P&C Insurance — Non-Casualty — Short-tail (continued)
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$10 
Accident years 2016 - 2025 from tables above3,333 
All Accident years$3,343 
North America Personal P&C Insurance — Short-tail
Chubb provides personal lines coverages for high-net-worth individuals and families in North America including homeowners, automobile, valuable articles (including fine art), umbrella liability, and recreational marine insurance offered through independent regional agents and brokers. During this ten-year period, this segment was also impacted by natural catastrophes, mainly in the 2017, 2018, and 2025 accident years.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$2,431 $2,526 $2,536 $2,474 $2,462 $2,455 $2,463 $2,465 $2,471 $2,471 $16 154 
20173,025 3,060 2,993 2,989 2,989 2,998 3,008 3,009 3,011 18 163 
20182,999 3,027 3,092 3,107 3,128 3,118 3,119 3,140 17 170 
20192,945 2,983 2,983 2,975 2,955 2,974 2,969 26 157 
20202,919 2,625 2,623 2,580 2,580 2,575 24 123 
20213,024 2,875 2,961 2,975 2,967 95 131 
20223,098 2,952 2,942 2,919 176 120 
20233,402 3,071 3,027 316 115 
20243,664 3,325 787 104 
20254,653 2,106 82 
Total$31,057 
North America Personal P&C Insurance — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$1,448 $2,045 $2,203 $2,306 $2,362 $2,389 $2,420 $2,438 $2,441 $2,445 
20171,692 2,512 2,659 2,791 2,861 2,928 2,969 2,981 2,980 
20181,920 2,540 2,697 2,855 2,969 3,035 3,069 3,099 
20191,662 2,429 2,608 2,715 2,821 2,883 2,911 
20201,329 1,988 2,221 2,361 2,436 2,483 
20211,582 2,366 2,580 2,698 2,791 
20221,409 2,275 2,474 2,625 
20231,487 2,246 2,527 
20241,452 2,243 
20252,119 
Total$26,223 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$51 
Accident years 2016 - 2025 from tables above4,834 
All Accident years$4,885 
Overseas General Insurance — Casualty — Long-tail
This product line comprises D&O liability, E&O liability, financial institutions (including crime/fidelity coverages), and non-U.S. general liability as well as aviation and political risk. Exposures are located around the world, including Europe, Latin America, and Asia. Approximately 46 percent of Chubb Overseas General business is generated by European accounts, exclusive of Lloyd's market. There is some U.S. exposure in Casualty from multinational accounts and in financial lines for Lloyd's market. The financial lines coverages are typically written on a claims-made form, while general liability coverages are typically on an occurrence basis and comprises a mix of primary and excess businesses.

Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$1,184 $1,287 $1,354 $1,380 $1,367 $1,377 $1,307 $1,320 $1,330 $1,274 $80 42 
20171,176 1,277 1,325 1,375 1,335 1,368 1,333 1,334 1,301 54 43 
20181,274 1,325 1,388 1,432 1,387 1,364 1,362 1,339 94 44 
20191,346 1,415 1,437 1,425 1,383 1,299 1,270 124 43 
20201,730 1,652 1,560 1,572 1,344 1,254 303 36 
20211,663 1,718 1,742 1,749 1,676 595 37 
20221,812 1,861 2,036 2,124 932 38 
20231,965 1,998 2,032 1,160 39 
20242,116 2,233 1,384 38 
20252,115 1,703 33 
Total$16,618 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$122 $312 $515 $661 $783 $876 $1,002 $1,027 $1,056 $1,093 
201792 306 511 669 833 965 1,019 1,084 1,133 
2018107 318 481 622 746 905 1,018 1,047 
2019120 323 455 666 748 863 955 
2020103 277 436 541 667 764 
2021114 279 447 621 817 
202284 290 533 898 
202380 288 483 
2024137 412 
2025136 
Total$7,738 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$734 
Accident years 2016 - 2025 from tables above8,880 
All Accident years$9,614 
Overseas General Insurance — Non-Casualty — Short-tail
This product line comprises commercial fire, marine (predominantly cargo), surety, personal automobile (in Latin America, and Asia), personal cell phones, personal residential (including high net worth), energy, and construction. In general, these lines have relatively stable payment and reporting patterns although they are impacted by natural catastrophes. For the Chubb Overseas General non-casualty book, Europe, exclusive of Lloyd's market, makes up about one third, Latin America makes up about one quarter, and Asia makes up about one fifth. Reported claims include those from LMG Insurance in Thailand, acquired in 2025, which consists primarily of high-frequency, low-severity automobile lines business.
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31 2025
(in millions of U.S. dollars)UnauditedNet IBNR Reserves
Reported Claims (in thousands)
Accident Year2016201720182019202020212022202320242025
2016$2,082 $2,082 $2,069 $2,046 $2,050 $2,081 $2,080 $2,066 $2,046 $2,046 $3 701 
20172,249 2,295 2,279 2,260 2,284 2,281 2,248 2,285 2,279 29 714 
20182,200 2,289 2,250 2,225 2,197 2,186 2,165 2,146 15 742 
20192,231 2,252 2,191 2,179 2,175 2,155 2,148 3 768 
20202,598 2,454 2,325 2,272 2,246 2,205 51 695 
20212,687 2,604 2,485 2,464 2,444 (5)692 
20222,965 2,940 2,847 2,793 (28)769 
20233,162 3,084 2,890 159 759 
20243,483 3,512 550 763 
20253,728 954 804 
Total$26,191 
Overseas General Insurance — Non-Casualty — Short-tail (continued)
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$1,039 $1,704 $1,899 $1,969 $1,994 $2,003 $2,009 $2,013 $2,018 $2,027 
20171,088 1,894 2,069 2,144 2,186 2,246 2,224 2,224 2,230 
20181,039 1,781 1,983 2,051 2,071 2,082 2,090 2,108 
20191,101 1,793 1,989 2,056 2,090 2,112 2,117 
20201,138 1,791 1,935 2,053 2,053 2,095 
20211,083 1,899 2,187 2,275 2,331 
20221,270 2,239 2,533 2,665 
20231,217 2,130 2,457 
20241,314 2,356 
20251,477 
Total$21,863 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$126 
Accident years 2016 - 2025 from tables above4,328 
All Accident years$4,454 
Global Reinsurance — Casualty — Long-tail
This product line includes proportional and excess coverages in general, automobile liability, professional liability, medical malpractice, and workers' compensation, with exposures located around the world. In general, reinsurance exhibits less stable development patterns than primary business. In particular, general casualty reinsurance and excess coverages are long-tailed and can be very volatile.
Global Reinsurance — Casualty — Long-tail (continued)
Net Incurred Loss and Allocated Loss Adjustment Expenses
Years Ended December 31As of December 31
 2025
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2016201720182019202020212022202320242025
2016$223 $226 $235 $234 $243 $243 $248 $255 $256 $255 $6 
2017214 215 220 217 218 218 225 228 230 6 
2018245 248 255 251 255 262 267 270 13 
2019238 247 242 241 238 245 243 21 
2020246 250 241 241 236 238 24 
2021281 285 289 277 271 55 
2022296 298 295 295 88 
2023276 287 288 125 
2024339 346 193 
2025345 269 
Total$2,781 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses
Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$57 $113 $142 $159 $175 $192 $209 $220 $231 $237 
201747 100 122 140 156 176 189 200 208 
201842 96 126 150 172 199 222 232 
201940 90 117 140 164 185 197 
202041 99 125 150 170 188 
202135 87 120 148 175 
202239 87 122 157 
202330 69 111 
202430 88 
202532 
Total$1,625 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$255 
Accident years 2016 - 2025 from tables above1,156 
All Accident years$1,411 
Global Reinsurance — Non-Casualty — Short-tail
This product line includes property, property catastrophe, marine, credit/surety, mortgage, A&H and energy. This product line is impacted by natural catastrophes in most years. Of the non-catastrophe book, the mixture of business varies by year with approximately 91 percent of loss on proportional treaties in treaty year 2016 and after. This percentage has increased over time with the proportion being approximately 78 percent for treaty years 2016-2017 growing to an average of 94 percent for treaty years 2018 to 2025, with the remainder being written on an excess of loss basis.
Net Incurred Loss and Allocated Loss Adjustment ExpensesAs of December 31
 2025
Years Ended December 31
(in millions of U.S. dollars)UnauditedNet
IBNR
Reserves
Accident Year2016201720182019202020212022202320242025
2016$178 $183 $185 $187 $184 $182 $182 $182 $181 $181 $1 
2017395 421 451 449 453 456 454 454 453 7 
2018276 283 285 281 286 280 277 276 — 
2019128 126 124 118 115 115 116 3 
2020210 253 278 280 279 278 13 
2021341 351 354 357 355 15 
2022346 312 291 291 14 
2023181 176 159 20 
2024393 393 103 
2025312 121 
Total$2,814 
Net Cumulative Paid Loss and Allocated Loss Adjustment Expenses

Years Ended December 31
(in millions of U.S. dollars)Unaudited
Accident Year2016201720182019202020212022202320242025
2016$56 $129 $156 $167 $173 $176 $176 $178 $178 $179 
2017191 322 400 414 427 433 439 441 442 
201894 246 262 265 269 272 272 273 
201935 79 93 101 103 108 109 
202062 177 215 232 243 252 
2021158 277 307 321 329 
202274 195 234 258 
202336 92 118 
2024107 236 
2025132 
Total$2,328 
Net Liabilities for Loss and Allocated Loss Adjustment Expenses
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$12 
Accident years 2016 - 2025 from tables above486 
All Accident years$498 
Supplementary PPD [Table Text Block]
North America Commercial P&C Insurance — Workers' Compensation — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(130)
Accident years 2016 - 2025 from tables above(389)
All Accident years$(519)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$— 
Accident years 2016 - 2025 from tables above319 
All Accident years$319 
North America Commercial P&C Insurance — Other-Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$22 
Accident years 2016 - 2025 from tables above140 
All Accident years$162 
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$11 
Accident years 2016 - 2025 from tables above(382)
All Accident years$(371)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$4 
Accident years 2016 - 2025 from tables above(401)
All Accident years$(397)
Overseas General Insurance — Casualty — Long-tail (continued)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$45 
Accident years 2016 - 2025 from tables above(65)
All Accident years$(20)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(17)
Accident years 2016 - 2025 from tables above(312)
All Accident years$(329)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$(9)
Accident years 2016 - 2025 from tables above6 
All Accident years$(3)
Supplementary Information: (Favorable)/ Adverse Prior Period Development
(in millions of U.S. dollars)December 31, 2025
Accident years prior to 2016$— 
Accident years 2016 - 2025 from tables above(21)
All Accident years$(21)
Schedule of Historical Claims [Table Text Block]
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage11 %16 %10 %7 %5 %4 %3 %2 %2 %2 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage4 %12 %15 %15 %12 %9 %7 %6 %3 %5 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage10 %17 %19 %18 %15 %8 %6 %2 %2 %2 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage44 %37 %9 %4 %1 %1 %1 %— %1 %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage52 %25 %7 %5 %3 %2 %1 %1 %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage7 %13 %12 %13 %10 %9 %7 %3 %3 %3 %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage45 %32 %10 %4 %1 %1 %— %— %— %— %
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage14 %19 %12 %9 %8 %8 %6 %4 %4 %2 %
Global Reinsurance — Non-Casualty — Short-tail (continued)
Supplementary Information: Average Annual Percentage Payout of Net Incurred Claims by Age, as of December 31, 2025 (Unaudited)
Age in Years1 2 3 4 5 6 7 8 9 10 
Percentage34 %38 %13 %5 %3 %2 %1 %— %— %— %
Supplementary PPD Reconciliation [Table Text Block]
The following table presents a reconciliation of the loss development triangles above to prior period development (PPD):
Components of PPD
Year Ended December 31, 2025 (in millions of U.S. dollars)
(favorable)/unfavorable		2016 - 2024 accident years (implied PPD per loss triangles)Accident years prior to 2016
Other (1)
PPD on loss reserves RIPs, Expense adjustments, and earned premiumsTotal
North America Commercial P&C Insurance
Long-tail$70 $(108)$(127)$(165)$90 $(75)
Short-tail(382)11 (11)(382)36 (346)
(312)(97)(138)(2)(547)126 (3)(421)
North America Personal P&C Insurance (Short-tail)(401)4 (6)(403)— (403)
Overseas General Insurance
Long-tail(65)45 (10)(30)— (30)
Short-tail(312)(17)(118)(447)6 (441)
(377)28 (128)(4)(477)6 (471)
Global Reinsurance
Long-tail6 (9)— (3)(2)(5)
Short-tail(21)— — (21)3 (18)
(15)(9)— (24)1 (23)
Subtotal$(1,105)$(74)$(272)$(1,451)$133 $(1,318)
North America Agricultural Insurance (Short-tail)$13 $(134)$(121)
Corporate (Long-tail)306 — 306 
Consolidated PPD$(1,132)$(1)$(1,133)
(1)        Other includes the impact of foreign exchange.
(2)     Includes favorable development of $61 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $25 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
(3)     Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
(4)     Includes favorable development related to Huatai P&C and International A&H business.
Prior Period Development, by Segment [Table Text Block]
Years Ended December 31
(in millions of U.S. dollars, except for percentages)		Long-tailShort-tailTotal
% of beginning net unpaid reserves (1)
2025
North America Commercial P&C Insurance$(75)$(346)$(421)0.6 %
North America Personal P&C Insurance— (403)(403)0.6 %
North America Agricultural Insurance— (121)(121)0.2 %
Overseas General Insurance(30)(441)(471)0.7 %
Global Reinsurance(5)(18)(23)— %
Corporate306 — 306 0.5 %
Total$196 $(1,329)$(1,133)1.7 %
2024
North America Commercial P&C Insurance$18 $(446)$(428)0.7 %
North America Personal P&C Insurance— (305)(305)0.5 %
North America Agricultural Insurance— (104)(104)0.2 %
Overseas General Insurance(26)(264)(290)0.5 %
Global Reinsurance— (25)(25)— %
Corporate296 — 296 0.5 %
Total$288 $(1,144)$(856)1.4 %
2023
North America Commercial P&C Insurance$(86)$(408)$(494)0.8 %
North America Personal P&C Insurance— (134)(134)0.2 %
North America Agricultural Insurance— (18)(18)— %
Overseas General Insurance(50)(326)(376)0.6 %
Global Reinsurance7 (35)(28)— %
Corporate 277 — 277 0.5 %
Total$148 $(921)$(773)1.3 %
(1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses.
Schedule Of Asbestos Environmental Loss Roll Forward and by segment The following table presents a roll-forward of consolidated A&E loss reserves including allocated loss expense reserves for A&E exposures, and the valuation allowance for uncollectible paid and unpaid reinsurance recoverables:
AsbestosEnvironmentalTotal
(in millions of U.S. dollars)GrossNetGrossNetGrossNet
Balance at December 31, 2022$1,098 $703 $412 $310 $1,510 $1,013 
Incurred activity180 120 88 63 268 183 (1)
Paid activity(258)(169)(105)(82)(363)(251)
Balance at December 31, 20231,020 654 395 291 1,415 945 
Incurred activity176 126 74 47 250 173 (1)
Paid activity(232)(172)(90)(61)(322)(233)
Balance at December 31, 2024964 608 379 277 1,343 885 
Incurred activity202 134 77 63 279 197 (1)
Paid activity(318)(216)(74)(42)(392)(258)
Balance at December 31, 2025$848 $526 $382 $298 $1,230 $824 
(1)    Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below).
The A&E net loss reserves including allocated loss expense reserves and valuation allowance for uncollectible reinsurance at December 31, 2025 and 2024, shown in the table above comprises:
December 31
(in millions of U.S. dollars)20252024
Brandywine operations$483 $502 
Westchester Specialty72 86 
Chubb Corp235 258 
Other, mainly Overseas General Insurance34 39 
Total$824 $885 
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 PremiumsFor the Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$1,523 $4,405 $11,626 $125 $17,679 
Beginning balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in cash flow assumptions(59)(65)(389)7 (506)
Effect of actual variances from expected experience11 (20)(293)1 (301)
Adjusted beginning of period balance1,771 4,218 10,817 132 16,938 
Issuances221 1,656 1,876 409 4,162 
Interest accrual61 154 568 11 794 
Net premiums collected (1)
(253)(1,526)(1,526)(138)(3,443)
Other (including foreign exchange)14 114 (70)9 67 
Ending balance at original discount rate1,814 4,616 11,665 423 18,518 
Effect of changes in discount rate assumptions(270)133 23 3 (111)
Balance – end of period$1,544 $4,749 $11,688 $426 $18,407 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.

Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $2,238 $12,057 $15,693 $647 $30,635 
Beginning balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in cash flow assumptions(60)(93)(434)13 (574)
Effect of actual variances from expected experience19 (21)(291)1 (292)
Adjusted beginning of period balance2,606 11,128 14,927 615 29,276 
Issuances221 1,656 1,876 409 4,162 
Interest accrual82 407 699 28 1,216 
Benefits payments(231)(333)(1,770)(17)(2,351)
Other (including foreign exchange)37 275 (87)23 248 
Ending balance at original discount rate2,715 13,133 15,645 1,058 32,551 
Effect of changes in discount rate assumptions(402)658 (58)26 224 
Balance – end of period$2,313 $13,791 $15,587 $1,084 $32,775 
Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2025
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$769 $9,042 $3,899 $658 $14,368 
Deferred profit liability319 1,922 234 77 2,552 
Net liability for future policy benefits, before reinsurance recoverable1,088 10,964 4,133 735 16,920 
Less: Reinsurance recoverable on future policy benefits106 48 121 1 276 
Net liability for future policy benefits, after reinsurance recoverable$982 $10,916 $4,012 $734 $16,644 
Weighted average duration (years)11.026.510.026.021.6

Present Value of Expected Net PremiumsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period $1,590 $3,950 $10,432 $64 $16,036 
Beginning balance at original discount rate1,992 3,945 10,692 64 16,693 
Effect of changes in cash flow assumptions(141)178 417 (4)450 
Effect of actual variances from expected experience11 (2)(139)— (130)
Adjusted beginning of period balance1,862 4,121 10,970 60 17,013 
Issuances221 1,211 2,162 86 3,680 
Interest accrual58 128 540 5 731 
Net premiums collected (1)
(242)(1,086)(1,483)(40)(2,851)
Other (including foreign exchange)(80)(71)(690)13 (828)
Ending balance at original discount rate1,819 4,303 11,499 124 17,745 
Effect of changes in discount rate assumptions(296)102 127 1 (66)
Balance – end of period$1,523 $4,405 $11,626 $125 $17,679 
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
Present Value of Expected Future Policy BenefitsFor the Year Ended December 31, 2024
(in millions of U.S. dollars)Term LifeWhole LifeA&HOtherTotal
Balance – beginning of period$2,254 $10,063 $14,650 $495 $27,462 
Beginning balance at original discount rate2,749 9,991 15,071 492 28,303 
Effect of changes in cash flow assumptions(141)205 373 (5)432 
Effect of actual variances from expected experience20 11 (141)— (110)
Adjusted beginning of period balance2,628 10,207 15,303 487 28,625 
Issuances221 1,211 2,162 86 3,680 
Interest accrual76 331 668 17 1,092 
Benefits payments(224)(340)(1,594)(18)(2,176)
Other (including foreign exchange)(54)(167)(887)29 (1,079)
Ending balance at original discount rate2,647 11,242 15,652 601 30,142 
Effect of changes in discount rate assumptions(409)815 41 46 493 
Balance – end of period$2,238 $12,057 $15,693 $647 $30,635 


Liability for Future Policy Benefits, Life Insurance SegmentDecember 31, 2024
(in millions of U.S. dollars, except for years)Term LifeWhole LifeA&HOtherTotal
Net liability for future policy benefits$715 $7,652 $4,067 $522 $12,956 
Deferred profit liability279 1,210 196 39 1,724 
Net liability for future policy benefits, before reinsurance recoverable994 8,862 4,263 561 14,680 
Less: Reinsurance recoverable on future policy benefits108 47 113 1 269 
Net liability for future policy benefits, after reinsurance recoverable$886 $8,815 $4,150 $560 $14,411 
Weighted average duration (years)10.427.89.818.621.3
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

December 31
(in millions of U.S. dollars)20252024
Net liability for future policy benefits, Life Insurance segment$14,368 $12,956 
Other (1)
1,500 1,441 
Deferred profit liability2,552 1,724 
Liability for future policy benefits, per consolidated balance sheet$18,420 $16,121 
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.


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

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
December 31December 31
(in millions of U.S. dollars)20252024
Term Life
Undiscounted expected future benefit payments$4,486 $4,141 
Undiscounted expected future gross premiums6,789 6,508 
Discounted expected future benefit payments
2,313 2,238 
Discounted expected future gross premiums
4,556 4,400 
Whole Life
Undiscounted expected future benefit payments32,438 28,263 
Undiscounted expected future gross premiums11,033 10,346 
Discounted expected future benefit payments
13,791 12,057 
Discounted expected future gross premiums
9,152 8,452 
A&H
Undiscounted expected future benefit payments26,331 26,584 
Undiscounted expected future gross premiums38,881 38,826 
Discounted expected future benefit payments
15,587 15,693 
Discounted expected future gross premiums
23,445 23,133 
Other
Undiscounted expected future benefit payments1,989 1,126 
Undiscounted expected future gross premiums639 242 
Discounted expected future benefit payments
1,084 647 
Discounted expected future gross premiums
$600 $216 
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 AssessmentsInterest Accretion
For the Years EndedFor the Years Ended
December 31December 31
(in millions of U.S. dollars)202520242023202520242023
Life Insurance
Term Life$734 $684 $641 $21 $18 $19 
Whole Life2,674 1,962 1,259 253 203 165 
A&H3,109 3,016 2,918 131 128 141 
Other193 67 28 17 12 7 
Total$6,710 $5,729 $4,846 $422 $361 $332 

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

Interest Accretion RateCurrent Discount Rate
December 31December 31
202520242023202520242023
Life Insurance
Term Life3.1 %3.0 %2.8 %5.4 %5.4 %5.2 %
Whole Life3.4 %3.3 %3.2 %4.2 %4.1 %4.6 %
A&H4.3 %3.9 %3.7 %5.9 %5.8 %6.2 %
Other3.3 %2.8 %2.6 %3.5 %3.8 %4.1 %
v3.25.4
Policyholders' account balances, Separate accounts, and Unearned revenue liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Policyholder Account Balances
Policyholders' account balances
The following tables present a roll-forward of policyholders' account balances:
For the Year Ended December 31, 2025
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,809 $2,585 $2,354 $6,748 
Premiums received 215 268 364 847 
Policy charges (1)
(105)— (9)(114)
Surrenders and withdrawals(124)(34)(188)(346)
Benefit payments (2)
(26)(136)(86)(248)
Interest credited47 48 68 163 
Other (including foreign exchange)83 70 28 181 
Balance – end of period$1,899 $2,801 $2,531 $7,231 
Unearned revenue liability758 
Other (3)
587 
Policyholders' account liability, per consolidated balance sheet$8,576 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

For the Year Ended December 31, 2024
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,876 $2,411 $2,502 $6,789 
Premiums received 276 339 413 1,028 
Policy charges (1)
(136)— (11)(147)
Surrenders and withdrawals(122)(39)(278)(439)
Benefit payments (2)
(60)(139)(78)(277)
Interest credited50 41 68 159 
Other (including foreign exchange)(75)(28)(262)(365)
Balance – end of period$1,809 $2,585 $2,354 $6,748 
Unearned revenue liability711 
Other (3)
557 
Policyholders' account liability, per consolidated balance sheet$8,016 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
December 31
20252024
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (1)
OtherUniversal Life
Annuities (1)
Other
Weighted-average crediting rate (2)
3.4 %N/A3.3 %3.7 %N/A3.1 %
Net amount at risk (3)
$11,115 $31 $342 $12,369 $— $425 
Cash Surrender Value$1,771 $1,864 $2,241 $1,649 $1,678 $2,060 
(1)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
(2)Calculated using actual interest credited for the twelve months ended December 31, 2025 and 2024, respectively.
(3)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
December 31, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$— $— $51 $198 $249 
 2.01% – 4.00%
491 311 346 — 1,148 
Greater than 4.00%
18 — — — 18 
Fixed rate or no guarantee484 
Total$509 $311 $397 $198 $1,899 


December 31, 2024
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$4 $— $46 $106 $156 
 2.01% – 4.00%
245 615 349 — 1,209 
Greater than 4.00%
13 — — — 13 
Fixed rate or no guarantee431 
Total$262 $615 $395 $106 $1,809 
Other policyholders' account balances
December 31, 2025
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$3 $6 $90 $65 $164 
 2.01% – 4.00%
1,095 53 — — 1,148 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,219 
Total$1,098 $59 $90 $65 $2,531 

December 31, 2024
(in millions of U.S. dollars)At Guaranteed Minimum1 Basis Point - 50 Basis Points Above51 Basis Points - 150 Basis Points AboveGreater Than 150 Basis Points AboveTotal
Guaranteed minimum crediting rates
Up to 2.00%
$8 $6 $158 $2 $174 
 2.01% – 4.00%
987 50 — — 1,037 
Greater than 4.00%
— — — — — 
Fixed rate or no guarantee1,143 
Total$995 $56 $158 $2 $2,354 
Fair Value, Separate Account Investment
The following table presents the aggregate fair value of Separate account assets, by major security type:

December 31
(in millions of U.S. dollars)20252024
Cash and cash equivalents $73 $234 
Mutual funds 6,785 5,931 
Fixed maturities67 66 
Total$6,925 $6,231 
Separate Account, Liability
The following table presents a roll-forward of separate account liabilities:
For the Years Ended
December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period$6,231 $5,573 
Premiums and deposits1,394 1,629 
Policy charges(164)(158)
Surrenders and withdrawals(997)(910)
Benefit payments(466)(430)
Investment performance739 630 
Other (including foreign exchange)188 (103)
Balance – end of period$6,925 $6,231 
Cash surrender value (1)
$6,371 $5,853 
(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:
For the Years Ended December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period$711 $673 
Deferred revenue130 144 
Amortization(77)(73)
Other (including foreign exchange)(6)(33)
Balance – end of period$758 $711 
v3.25.4
Market risk benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Market Risk Benefit [Abstract]  
Market Risk Benefit, Activity The following table presents a roll-forward of MRB:
For the Years Ended December 31
(in millions of U.S. dollars)20252024
Balance – beginning of period $607 $771 
Balance, beginning of period, before effect of changes in the instrument-specific credit risk592 749 
Interest rate changes25 (130)
Effect of market movements (1)
(131)(125)
Effect of changes in volatilities30 1 
Actual policyholder behavior different from expected behavior46 55 
Effect of changes in future expected policyholder behavior101 87 
Effect of timing and all other(27)(45)
Balance, end of period, before effect of changes in the instrument-specific credit risk$636 $592 
Effect of changes in the instrument-specific credit risk23 15 
Balance – end of period$659 $607 
Weighted-average age of policyholders (years)7474
Net amount at risk (2)
$1,369 $1,520 
(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 TechniqueSignificant Unobservable Inputs
December 31, 2025
December 31, 2024
Ranges
Weighted Average(1)
Ranges
Weighted Average(1)
MRB (1)
Actuarial modelLapse rate
0.5% – 27.3%
3.2%
0.5% – 27.3%
3.4%
Annuitization rate
0% – 100%
5.0%
0% – 100%
4.5%
(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.
v3.25.4
Taxation (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of components of income tax provision
The following table presents pre-tax income and the related provision for income taxes:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Pre-tax income:
      Domestic$185 $121 $44 
      Foreign12,859 11,334 9,482 
      Total pre-tax income$13,044 $11,455 $9,526 
Provision for income taxes
Current tax expense:
      Federal, cantonal and communal$85 $29 $25 
      Foreign2,000 1,700 1,570 
      Total current tax expense2,085 1,729 1,595 
Deferred tax expense (benefit):
      Federal, cantonal and communal(14)14 (63)
      Foreign351 72 (1,021)
      Total deferred tax expense (benefit)337 86 (1,084)
Provision for income taxes$2,422 $1,815 $511 
Reconciliation schedule of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate
The following tables present a reconciliation of the difference between the provision for income taxes and the expected tax provision at the Swiss statutory income tax rate:

Year Ended December 31, 2025
(in millions of U.S. dollars)AmountPercent
Expected tax provision at Swiss statutory tax rate (1)
$1,021 7.8 %
Foreign tax effects
   Bermuda:
Statutory tax rate difference between Bermuda and Switzerland327 2.5 %
Tax credits:
         Credits for taxes paid to foreign jurisdictions(157)(1.2)%
Nontaxable or nondeductible items:
         Excluded dividends, gains and losses(196)(1.5)%
         Other nontaxable or nondeductible items5 — 
Other9 0.1 %
   United States:
Statutory tax rate difference between United States and Switzerland553 4.2 %
Other5 0.1 %
   Other foreign jurisdictions796 6.1 %
Other adjustments59 0.5 %
Provision for income taxes$2,422 18.6 %
Year Ended December 31
(in millions of U.S. dollars)2024 2023 
Expected tax provision at Swiss statutory tax rate (1)
$2,251 $1,872 
Permanent differences:
Taxes on earnings subject to rate other than Swiss statutory rate(510)(389)
Bermuda tax law enactment(55)(1,135)
Net withholding taxes145 15 
Other(16)148 
Provision for income taxes$1,815 $511 
(1)2025 reflects the Swiss federal corporate income tax at a flat rate of 8.5 percent on profit after tax, resulting in an effective rate of approximately 7.8 percent on profit before tax, with no federal corporate capital tax. 2024 and 2023 reflect the combined Swiss federal and cantonal rate.
Schedule of Cash Flow, Supplemental Disclosures
The following table presents supplemental cash flow information on Swiss federal, cantonal and communal, and foreign income taxes paid, including jurisdictions where income taxes paid exceeded five percent of total income taxes paid (net of refunds):
Year Ended December 31
(in millions of U.S. dollars)202520242023
Income taxes paid:
   Federal, cantonal and communal$34 
   Foreign2,177 
Total income taxes paid (net of refunds)$2,211 $1,662 $1,465 
Income taxes paid (net of refunds) in jurisdictions exceeding five percent of total:
Foreign
   Bermuda$250 
   Korea257 
   United Kingdom289 
   United States614 
Schedule of the components of net deferred tax assets
The following table presents the components of net deferred tax assets and liabilities:
December 31
(in millions of U.S. dollars)2025 2024 
Deferred tax assets:
Loss reserve discount$2,073 $1,746 
Unearned premiums reserve713 753 
Foreign tax credits5 18 
Loss carry-forwards162 146 
Investments (1)
— 512 
Depreciation— 26 
Future policy benefits103 176 
Other498 268 
Total deferred tax assets 3,554 3,645 
      Valuation allowance637 1,081 
      Deferred tax assets, net of valuation allowance2,917 2,564 
Deferred tax liabilities:
Deferred policy acquisition costs1,650 1,005 
Other intangible assets, including VOBA1,154 1,289 
Investments (1)
127 — 
Depreciation112 — 
Un-remitted foreign earnings303 251 
Total deferred tax liabilities 3,346 2,545 
Net deferred tax assets (liabilities)$(429)$19 
(1)Included in Investments are deferred tax assets on unrealized depreciation of $234 million and $787 million at December 31, 2025 and 2024, respectively.
Schedule of Unrecognized Tax Benefits Roll Forward
The following table presents a reconciliation of the beginning and ending amount of gross unrecognized tax benefits:
Year Ended December 31
(in millions of U.S. dollars)2025 2024 
Balance, beginning of year$130 $73 
Additions based on tax positions related to the current year5 1 
Additions based on tax positions related to prior years20 58 
Reductions based on tax positions related to prior years(26)(1)
Reductions for the lapse of the applicable statutes of limitations— (1)
Reductions for settlements with taxing authorities(50)— 
Balance, end of year$79 $130 
Summary of Income Tax Examinations
The following table summarizes tax years open for examination by major income tax jurisdiction:
At December 31, 2025
Australia2019-2025
Brazil2019-2025
Canada2018-2025
China2022-2025
France 2023-2025
Germany2016-2025
Italy2020-2025
Korea2020-2025
Mexico2016-2025
Spain2012-2025
Switzerland2022-2025
United Kingdom2015-2025
United States2014-2025
v3.25.4
Debt (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of debt outstanding
December 31December 31
(in millions of U.S. dollars)20252024Early Redemption Option
Short-term debt
Chubb INA:
$800 million 3.15% senior notes due March 2025
$—$800
Make-whole premium plus 15 bps
$1,500 million 3.35% senior notes due May 2026
1,499—
Make-whole premium plus 20 bps
Total short-term debt
$1,499$800
Long-term debt
Chubb INA:
$1,500 million 3.35% senior notes due May 2026
$—$1,498
Make-whole premium plus 20 bps
€575 million 0.875% senior notes due June 2027
671604
Make-whole premium plus 20 bps
€900 million 1.55% senior notes due March 2028
1,050944
Make-whole premium plus 15 bps
CNH1,830 million 2.85% term loan due April 2028
259—Make-whole premium, no add'l bps
CNH2,145 million 2.75% term loan due July 2028
304—Make-whole premium, no add'l bps
$100 million 8.875% debentures due August 2029
100100None
$700 million 4.65% senior notes due August 2029
696695
Make-whole premium plus 15 bps
€700 million 0.875% senior notes due December 2029
816734
Make-whole premium plus 20 bps
CNH1,000 million 2.5% bonds due August 2030
140—
Make-whole premium plus 15 bps
$1,000 million 1.375% senior notes due September 2030
996995
Make-whole premium plus 15 bps
€575 million 1.4% senior notes due June 2031
669601
Make-whole premium plus 25 bps
$200 million 6.8% debentures due November 2031
223227
Make-whole premium plus 25 bps
$1,600 million 5.0% senior notes due March 2034
1,5891,588
Make-whole premium plus 15 bps
CNH1,500 million 2.75% bonds due August 2035
211—
Make-whole premium plus 15 bps
$1,250 million 4.9% senior notes due August 2035
1,241—
Make-whole premium plus 15 bps
$300 million 6.7% senior notes due May 2036
298298
Make-whole premium plus 20 bps
$800 million 6.0% senior notes due May 2037
900909
Make-whole premium plus 20 bps
€900 million 2.5% senior notes due March 2038
1,045940
Make-whole premium plus 25 bps
$600 million 6.5% senior notes due May 2038
702710
Make-whole premium plus 30 bps
$475 million 4.15% senior notes due March 2043
471471
Make-whole premium plus 15 bps
$1,500 million 4.35% senior notes due November 2045
1,4871,487
Make-whole premium plus 25 bps
$600 million 2.85% senior notes due December 2051
594594
Make-whole premium plus 15 bps
CNH2,000 million 3.05% bonds due August 2055
281—
Make-whole premium plus 15 bps
$1,000 million 3.05% senior notes due December 2061
985984
Make-whole premium plus 20 bps
Total long-term debt$15,728$14,379
Hybrid debt
Chubb INA capital securities due April 2030$309$309
Redemption prices (1)
Huatai Life CNY800 million 2.9% capital supplementary bonds due November 2034
113110Redeemable at par in 2029
Total hybrid debt$422$419
(1)Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030.
v3.25.4
Commitments, contingencies, and guarantees (Tables)
 12 Months Ended
Dec. 31, 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:


December 31, 2025December 31, 2024
Consolidated
Balance Sheet
Location		Fair ValueNotional
Amount/
Payment
Provision		Fair ValueNotional
Amount/
Payment
Provision
Derivative Asset Derivative (Liability) Derivative Asset Derivative (Liability)
(in millions of U.S. dollars)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contractsOA / (AP)$18 $(230)$4,912 $41 $(295)$3,959 
Options/Futures/Forward contracts on notes and bondsOA / (AP)4 (12)1,216 — (8)449 
Convertible securities (1)
FM AFS / ES6 — 5 12 — 12 
Total$28 $(242)$6,133 $53 $(303)$4,420 
Other derivative instruments:
Futures contracts on equities (2)
OA / (AP)$3 $— $943 $35 $— $1,047 
OtherOA / (AP)8 (4)334 — (2)211 
Total$11 $(4)$1,277 $35 $(2)$1,258 
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedgesOA / (AP)$198 $— $2,046 $103 $— $1,579 
Cross-currency swaps - net investment hedgesOA / (AP)68 (232)2,995 43 (116)2,896 
Total$266 $(232)$5,041 $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
Year Ended December 31
(pre-tax, in millions of U.S. dollars)20252024
Gain (loss) recognized in OCI$76 $(38)
Net realized gain (loss) reclassified from OCI231 (103)
Interest expense reclassified from OCI(19)(15)
OCI gain (loss) after reclassifications$(136)$80 
Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location
Year Ended December 31
(pre-tax, in millions of U.S. dollars)20252024
Cross-currency swaps:
Gain (loss) recognized in OCI$(63)$58 
Interest income reclassified from OCI29 19 
Total cross currency swaps$(92)$39 
Foreign denominated debt:
Gain (loss) recognized in OCI(26)— 
Total OCI gain (loss) after reclassifications$(118)$39 
Derivative Instruments, Gain (Loss) [Table Text Block] The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Investment and embedded derivative instruments:
Foreign currency forward contracts$(16)$(213)$(50)
Options/Futures/Forward contracts on notes and bonds(21)22 (2)
Convertible securities (1)
— 2 (1)
Total investment and embedded derivative instruments$(37)$(189)$(53)
Other derivative instruments:
Futures contracts on equities (2)
(107)(165)(189)
Other(21)(4)(10)
Total other derivative instruments$(128)$(169)$(199)
Total
$(165)$(358)$(252)
(1)Includes embedded derivatives.
(2)Related to MRB book of business.
Secured Borrowings Securities Lending Table
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
December 31, 2025December 31, 2024
(in millions of U.S. dollars)Overnight and Continuous
Collateral held under securities lending agreements:
Cash$1,332 $557 
U.S. and local government securities234 148 
Non-U.S.768 663 
Corporate and asset-backed securities62 49 
Equity securities104 28 
Total$2,500 $1,445 
Gross amount of recognized liability for securities lending payable$2,500 $1,445 
The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:
Remaining contractual maturity
December 31, 2025December 31, 2024
Up to 30 Days30-90 DaysGreater than 90 DaysUp to 30 Days30-90 DaysGreater than 90 DaysTotal
(in millions of U.S. dollars)Total
Collateral pledged under repurchase agreements:
Cash$— $— $— $— $— $19 $2 $21 
U.S. and local government securities— 129 — 129 — — 104 104 
Non-U.S.1,496 — — 1,496 1,387 — — 1,387 
Mortgage-backed securities980 904 9 1,893 — 454 924 1,378 
Total$2,476 $1,033 $9 $3,518 $1,387 $473 $1,030 $2,890 
Repurchase agreements (weighted average interest rate of 3.8% in 2025 and 4.1% in 2024)
$2,368 $1,916 
Repurchase agreements – VIEs (1) (weighted average interest rate of 2.1% in 2025 and 2.2% in 2024)
956 815 
Gross amount of recognized liabilities for repurchase agreements$3,324 $2,731 
Difference (2)
$194 $159 
(1)Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs
(2)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
Lessee, Operating Lease, Liability, Maturity
Future minimum lease payments under the operating leases are expected to be as follows:
For the years ending December 31
(in millions of U.S. dollars)
Undiscounted cash flows:
2026$210 
2027175 
2028142 
2029120 
2030103 
Thereafter1,142 
Total undiscounted lease payments$1,892 
Less: Present value adjustment678 
Net lease liabilities reported as of December 31, 2025
$1,214 
v3.25.4
Shareholders' equity note (Tables)
 12 Months Ended
Dec. 31, 2025
Stockholders' Equity Note [Abstract]  
Dividends Declared [Table Text Block]
The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):
Year Ended December 31
202520242023
CHFUSDCHFUSDCHFUSD
Total dividend distributions per common share3.18 $3.82 3.15 $3.59 3.05 $3.41 
Schedule of changes in Common Shares issued and outstanding
Year Ended December 31
202520242023
Common Shares authorized and issued, beginning of year419,625,986 431,451,586 446,376,614 
Cancellation of treasury shares(7,518,565)(11,825,600)(14,925,028)
Common Shares authorized and issued, end of year412,107,421 419,625,986 431,451,586 
Common Shares in treasury, beginning of year
(18,922,323)(26,181,949)(31,781,758)
Net shares issued under employee share-based compensation plans2,384,138 2,952,591 2,500,381 
Shares repurchased(11,986,574)(7,518,565)(11,825,600)
Cancellation of treasury shares7,518,565 11,825,600 14,925,028 
Common Shares in treasury, end of year
(21,006,194)(18,922,323)(26,181,949)
Common Shares outstanding, end of year391,101,227 400,703,663 405,269,637 
Share Repurchase Program [Table Text Block]
Share repurchases may be in the open market, in privately negotiated transactions, block trades, accelerated repurchases and through option or other forward transactions. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:
Year Ended December 31January 1, 2026 through
(in millions of U.S. dollars, except share data)202520242023February 26, 2026
Number of shares repurchased11,986,574 7,518,565 11,825,600 1,716,988 
Cost of shares repurchased$3,387 $2,024 $2,478 $551 
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]
The following table presents changes in accumulated other comprehensive income (loss):
Year Ended December 31
(in millions of U.S. dollars)202520242023
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of year, net of tax$(4,552)$(4,177)$(7,279)
Change in year, before reclassification from AOCI (before tax)2,452 (553)2,948 
Amounts reclassified from AOCI (before tax)203 302 500 
Change in year, before tax2,655 (251)3,448 
Income tax expense(133)(110)(328)
Total other comprehensive income (loss)2,522 (361)3,120 
Noncontrolling interests, net of tax(33)14 18 
Balance – end of year, net of tax(1,997)(4,552)(4,177)
Current discount rate on liability for future policy benefits
Balance – beginning of year, net of tax(539)51 (75)
Change in year, before tax235 (701)84 
Income tax benefit16 8 16 
Total other comprehensive income (loss)251 (693)100 
Noncontrolling interests, net of tax56 (103)(26)
Balance – end of year, net of tax(344)(539)51 
Instrument-specific credit risk on market risk benefits
Balance – beginning of year, net of tax(16)(22)(24)
Change in year, before tax(8)7 2 
Income tax (expense) benefit1 (1)— 
Total other comprehensive income (loss)(7)6 2 
Noncontrolling interests, net of tax— — — 
Balance – end of year, net of tax(23)(16)(22)
Cumulative foreign currency translation adjustment
Balance – beginning of year, net of tax(4,025)(2,945)(2,966)
Change in year, before reclassification from AOCI (before tax)1,076 (1,158)— 
Amounts reclassified from AOCI (before tax)(29)(19)(13)
Change in year, before tax1,047 (1,177)(13)
Income tax (expense) benefit(20)39 27 
Total other comprehensive income (loss)1,027 (1,138)14 
Noncontrolling interests, net of tax137 (58)(7)
Balance – end of year, net of tax(3,135)(4,025)(2,945)
Year Ended December 31
(in millions of U.S. dollars)202520242023
Accumulated other comprehensive income (loss) (AOCI) - continued
Fair value hedging instruments
Balance – beginning of year, net of tax50 (13)(66)
Change in year, before reclassification from AOCI (before tax)76 (38)101 
Amounts reclassified from AOCI (before tax)(212)118 (34)
Change in year, before tax(136)80 67 
Income tax (expense) benefit28 (17)(14)
Total other comprehensive income (loss)(108)63 53 
Noncontrolling interests, net of tax— — — 
Balance – end of year, net of tax(58)50 (13)
Postretirement benefit liability adjustment
Balance – beginning of year, net of tax438 297 225 
Change in year, before tax185 177 90 
Income tax expense(41)(36)(18)
Total other comprehensive income 144 141 72 
Noncontrolling interests, net of tax— — — 
Balance – end of year, net of tax582 438 297 
Accumulated other comprehensive loss$(4,975)$(8,644)$(6,809)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
The following table presents reclassifications from accumulated other comprehensive income (loss) to the consolidated statements of operations:
Consolidated Statement of Operations Location
Year Ended December 31
(in millions of U.S. dollars)202520242023
Fixed maturities available-for-sale$(203)$(302)$(500)Net realized gains (losses)
Income tax benefit33 92 62 Income tax expense
$(170)$(210)$(438)Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps$29 $19 $13 
Interest expense
Income tax expense(6)(4)(3)Income tax expense
$23 $15 $10 Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps$231 $(103)$50 Net realized gains (losses)
Cross-currency swaps(19)(15)(16)
Interest expense
Income tax (expense) benefit(45)25 (7)Income tax expense
$167 $(93)$27 Net income
Total amounts reclassified from AOCI$20 $(288)$(401)
v3.25.4
Share-based compensation (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of pre-tax and after-tax share-based compensation expense
The following table presents pre-tax and after-tax share-based compensation expense:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Stock options and shares issued under ESPP:
Pre-tax$91 $83 $71 
After-tax (1)
$58 $49 $56 
Restricted stock:
Pre-tax$308 $274 $253 
After-tax (1)
$234 $210 $202 
(1)The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $36 million, $42 million, and $19 million for the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of the weighted-average model valuation assumptions
Year Ended December 31
202520242023
Dividend yield1.3 %1.4 %1.7 %
Expected volatility23.0 %22.0 %23.0 %
Risk-free interest rate4.0 %4.3 %4.1 %
Expected life5.6 years5.7 years5.7 years
Rollforward of the company's stock options
The following table presents a roll-forward of Chubb's stock options:
(Intrinsic Value in millions of U.S. dollars)Number of OptionsWeighted-Average Exercise PriceWeighted-Average Fair ValueTotal Intrinsic Value
Options outstanding, December 31, 202210,410,278 $146.81 
Granted1,540,002 $208.60 $51.32 
Exercised(1,249,350)$127.45 $107 
Forfeited and expired(220,046)$191.57 
Options outstanding, December 31, 202310,480,884 $157.24 
Granted1,360,644 $254.84 $64.15 
Exercised(2,173,668)$136.82 $265 
Forfeited and expired(156,141)$218.64 
Options outstanding, December 31, 20249,511,719 $174.86 
Granted1,253,605 $289.69 $74.75 
Exercised(1,700,878)$151.76 $232 
Forfeited and expired(185,639)$253.07 
Options outstanding, December 31, 20258,878,807 $193.86 $1,050 
Options exercisable, December 31, 20256,469,130 $167.80 $934 
Rollforward of the company's restricted stock
The following table presents a roll-forward of our restricted stock awards and restricted stock units. Included in the roll-forward below are 11,699 restricted stock awards, 10,388 restricted stock awards, and 12,994 restricted stock awards that were granted to non-management directors during the years ended December 31, 2025, 2024, and 2023, respectively:
Service-based
Restricted Stock Awards
and Restricted Stock Units		Performance-based
Restricted Stock Awards
and Restricted Stock Units
Number of SharesWeighted-Average
Grant-Date Fair Value		Number of SharesWeighted-Average
Grant-Date Fair Value
Unvested restricted stock, December 31, 20222,853,870 $172.39 794,792 $173.83 
Granted1,166,706 $208.07 407,825 $208.60 
Vested(1,142,911)$161.88 (203,533)$150.11 
Forfeited(203,850)$186.58 — $— 
Unvested restricted stock, December 31, 20232,673,815 $191.35 999,084 $192.85 
Granted1,009,991 $255.16 392,775 $254.34 
Vested(1,077,560)$181.12 (294,315)$164.75 
Forfeited(146,931)$213.90 — $— 
Unvested restricted stock, December 31, 20242,459,315 $220.78 1,097,544 $222.39 
Granted931,696 $289.69 392,905 $289.69 
Vested(979,920)$207.81 (269,950)$199.09 
Forfeited(172,049)$249.10 (26,994)$199.09 
Unvested restricted stock, December 31, 20252,239,042 $252.96 1,193,505 $250.35 
v3.25.4
Postretirement benefits (Tables)
 12 Months Ended
Dec. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Funded Status [Table Text Block]
Obligations and funded status
The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2025 and 2024, was as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2025202420252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year$2,654 $684 $2,833 $743 $25 $36 
   Service cost— 9 — 9 1 1 
   Interest cost135 37 134 36 1 2 
   Actuarial loss (gain)34 (22)(162)(54)(1)(2)
   Benefits paid(158)(39)(151)(37)(4)(10)
   Amendments— — — 1 — — 
   Foreign currency revaluation and other — 41 — (14)6 (2)
Benefit obligation, end of year$2,665 $710 $2,654 $684 $28 $25 
Plan assets at fair value, beginning of year$3,687 $965 $3,589 $986 $62 $69 
   Actual return on plan assets446 76 243 12 3 3 
   Employer contributions6 12 6 13 — — 
   Benefits paid(158)(39)(151)(37)(10)(10)
   Foreign currency revaluation and other— 51 — (9)(55)— 
Plan assets at fair value, end of year$3,981 $1,065 $3,687 $965 $— $62 
Funded status at end of year$1,316 $355 $1,033 $281 $(28)$37 
Amounts recognized in the Consolidated balance sheets:
Assets$1,350 $414 $1,074 $335 $— $57 
Liabilities(34)(59)(41)(54)(28)(20)
Total$1,316 $355 $1,033 $281 $(28)$37 
Amounts recognized in Accumulated other comprehensive
income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)$(717)$(30)$(563)$11 $(1)$(11)
Prior service cost (benefit)— 8 — 8 (3)(3)
Total$(717)$(22)$(563)$19 $(4)$(14)
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
The funded status of the pension and other postretirement benefit plans as well as the amounts recognized in the Consolidated balance sheets and Accumulated other comprehensive income (loss) at December 31, 2025 and 2024, was as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
2025202420252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Benefit obligation, beginning of year$2,654 $684 $2,833 $743 $25 $36 
   Service cost— 9 — 9 1 1 
   Interest cost135 37 134 36 1 2 
   Actuarial loss (gain)34 (22)(162)(54)(1)(2)
   Benefits paid(158)(39)(151)(37)(4)(10)
   Amendments— — — 1 — — 
   Foreign currency revaluation and other — 41 — (14)6 (2)
Benefit obligation, end of year$2,665 $710 $2,654 $684 $28 $25 
Plan assets at fair value, beginning of year$3,687 $965 $3,589 $986 $62 $69 
   Actual return on plan assets446 76 243 12 3 3 
   Employer contributions6 12 6 13 — — 
   Benefits paid(158)(39)(151)(37)(10)(10)
   Foreign currency revaluation and other— 51 — (9)(55)— 
Plan assets at fair value, end of year$3,981 $1,065 $3,687 $965 $— $62 
Funded status at end of year$1,316 $355 $1,033 $281 $(28)$37 
Amounts recognized in the Consolidated balance sheets:
Assets$1,350 $414 $1,074 $335 $— $57 
Liabilities(34)(59)(41)(54)(28)(20)
Total$1,316 $355 $1,033 $281 $(28)$37 
Amounts recognized in Accumulated other comprehensive
income (loss), pre-tax, not yet recognized in net periodic cost (benefit):
Net actuarial loss (gain)$(717)$(30)$(563)$11 $(1)$(11)
Prior service cost (benefit)— 8 — 8 (3)(3)
Total$(717)$(22)$(563)$19 $(4)$(14)
Defined Benefit Plan, Plan with Projected Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2025 and 2024:
20252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$34 $110 $41 $95 
Fair value of plan assets— 51 — 41 
Net funded status$(34)$(59)$(41)$(54)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$34 $89 $41 $70 
Fair value of plan assets$— $51 $— $38 
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets [Table Text Block]
The following table provides information on pension plans where the benefit obligation is in excess of plan assets at December 31, 2025 and 2024:
20252024
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
(in millions of U.S. dollars)
Plans with projected benefit obligation in excess of plan assets:
Projected benefit obligation$34 $110 $41 $95 
Fair value of plan assets— 51 — 41 
Net funded status$(34)$(59)$(41)$(54)
Plans with accumulated benefit obligation in excess of plan assets:
Accumulated benefit obligation$34 $89 $41 $70 
Fair value of plan assets$— $51 $— $38 
Defined Benefit Plan, Assumptions [Table Text Block]
The weighted-average assumptions used to determine the projected benefit obligation were as follows:
Pension Benefit Plans
U.S.
Plans		Non-U.S.
Plans		Other Postretirement Benefit Plans
December 31, 2025
Discount rate5.39 %5.66 %6.91 %
Rate of compensation increase (1)
N/A3.47 %N/A
Interest crediting rate4.75 %
December 31, 2024
Discount rate5.56 %5.62 %6.46 %
Rate of compensation increase (1)
N/A3.61 %N/A
Interest crediting rate4.43 %
(1) For the U.S. Pension Plans, benefit accruals were frozen as of December 31, 2019.
 [1]
Schedule of Net Benefit Costs [Table Text Block]
The components of net pension and other postretirement benefit costs (benefits) reflected in Net income and other changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were as follows:
Pension Benefit PlansOther Postretirement
Benefit Plans
U.S. PlansNon-U.S. Plans
Year Ended December 31202520242023202520242023202520242023
(in millions of U.S. dollars)
Costs reflected in Net income, pre-tax:
Service cost$— $— $— $9 $9 $7 $1 $1 $— 
Non-service cost (benefit):
Interest cost135 134 138 37 36 36 1 2 2 
Expected return on plan assets(250)(244)(225)(57)(50)(51)(3)(3)(3)
Amortization of net actuarial (gain) loss (8)(2)— 1 1 — (3)(2)(1)
Amortization of prior service cost (benefit)— — — — — 1 — (1)— 
Settlements1 1 3 1 1 4 (8)— — 
Total non-service cost (benefit)(122)(111)(84)(18)(12)(10)(13)(4)(2)
Net periodic benefit cost (benefit)$(122)$(111)$(84)$(9)$(3)$(3)$(12)$(3)$(2)
Changes in plan assets and benefit obligations recognized in other comprehensive income (loss)
Net actuarial loss (gain)$(161)$(161)$(111)$(40)$(15)$22 $(1)$(3)$2 
Amortization of net actuarial gain (loss)8 2 — — (1)— 3 2 1 
Amortization of prior service benefit— — — — — — — 1 — 
Settlements(1)(1)(3)(1)(1)(1)8 — — 
Total decrease (increase) in other comprehensive income (loss), pre-tax$(154)$(160)$(114)$(41)$(17)$21 $10 $— $3 
The line items in which the service cost and non-service cost (benefit) components of net periodic benefit cost (benefit) are included in the Consolidated statements of operations were as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
Year Ended December 31202520242023202520242023
(in millions of U.S. dollars)
Service cost:
Administrative expenses$9 $9 $7 $1 $1 $— 
Total service cost9 9 7 1 1 — 
Non-service cost (benefit):
Losses and loss expenses(13)(12)(9)(2)(1)— 
Administrative expenses(127)(111)(85)(11)(3)(2)
Total non-service cost (benefit)(140)(123)(94)(13)(4)(2)
Net periodic benefit cost (benefit)$(131)$(114)$(87)$(12)$(3)$(2)
Schedule of assumptions used, net periodic benefit costs [Table Text Block]
The weighted-average assumptions used to determine the net periodic pension and other postretirement benefit costs were as follows:
Pension Benefit Plans
U.S. PlansNon-U.S. PlansOther Postretirement Benefit Plans
Year Ended December 31
2025
Discount rate in effect for determining service costN/A6.93 %5.37 %
Discount rate in effect for determining interest cost5.26 %5.43 %6.32 %
Rate of compensation increaseN/A3.61 %N/A
Expected long-term rate of return on plan assets7.00 %5.88 %4.00 %
Interest crediting rate4.43 %N/AN/A
2024
Discount rate in effect for determining service costN/A6.67 %5.23 %
Discount rate in effect for determining interest cost4.88 %5.12 %6.01 %
Rate of compensation increaseN/A3.73 %N/A
Expected long-term rate of return on plan assets7.00 %5.24 %4.00 %
Interest crediting rate4.55 %N/AN/A
2023
Discount rate in effect for determining service costN/A6.57 %5.67 %
Discount rate in effect for determining interest cost5.13 %5.28 %5.84 %
Rate of compensation increaseN/A3.98 %N/A
Expected long-term rate of return on plan assets7.00 %5.42 %4.00 %
Interest crediting rate4.32 %N/AN/A
Schedule of Health Care Cost Trend Rates [Table Text Block]
The weighted-average healthcare cost trend rate assumptions used to measure the expected cost of healthcare benefits were as follows:
U.S. PlansNon-U.S. Plans
202520242023202520242023
Healthcare cost trend rate5.98 %6.52 %5.57 %4.98 %4.94 %5.08 %
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.00 %4.00 %4.00 %4.08 %4.10 %4.08 %
Year that the rate reaches the ultimate trend rate204820482046204020402040
Schedule of Allocation of Plan Assets [Table Text Block]
The following tables present the fair values of the pension plan assets, by valuation hierarchy. For additional information on how we classify these assets within the valuation hierarchy, refer to Note 4 to the Consolidated Financial Statements.

December 31, 2025Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$43 $— $— $43 
U.S. Treasury / Agency462 174 — 636 
Non-U.S. and corporate bonds— 595 — 595 
U.S. and local government securities— 6 — 6 
Equity securities1,692 — — 1,692 
Investment derivative instruments1 — — 1 
Total U.S. Plan assets (1)
$2,198 $775 $— $2,973 
Non-U.S. Plans:
Short-term investments$33 $— $— $33 
Non-U.S. and corporate bonds— 470 — 470 
Equity securities43 241 5 289 
Total Non-U.S. Plan assets (1)
$76 $711 $5 $792 
(1)Excluded from the table above are $780 million and $253 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $223 million and $20 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans.
December 31, 2024Pension Benefit Plans
(in millions of U.S. dollars)Level 1Level 2Level 3Total
U.S. Plans:
Short-term investments$59 $— $— $59 
U.S. Treasury / Agency453 88 — 541 
Non-U.S. and corporate bonds— 593 — 593 
U.S. and local government securities— 6 — 6 
Equity securities1,547 — — 1,547 
Investment derivative instruments1 — — 1 
Total U.S. Plan assets (1)
$2,060 $687 $— $2,747 
Non-U.S. Plans:
Short-term investments$22 $— $— $22 
Non-U.S. and corporate bonds— 435 — 435 
Equity securities38 225 5 268 
Total Non-U.S. Plan assets (1)
$60 $660 $5 $725 
(1)Excluded from the table above are $714 million and $222 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $223 million and $18 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $3 million in cash and accrued income related to the U.S. Plans.
Schedule of expected future benefit payments
At December 31, 2025, our estimated expected future benefit payments are as follows:
Pension Benefit PlansOther Postretirement Benefit Plans
For the years ending December 31U.S.
Plans		Non-U.S. Plans
(in millions of U.S. dollars)
2026$184 $48 $1 
2027187 42 1 
2028190 41 2 
2029194 43 2 
2030195 47 2 
2031-2035972 251 10 
[1] (1) For the U.S. Pension Plans, benefit accruals were frozen as of December 31, 2019
v3.25.4
Other income and expense (Tables)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of the components of Other (income) expense
Year Ended December 31
(in millions of U.S. dollars)2025 20242023 
Equity in net income (loss) of partially-owned entities$1,143 $967 $867 
Gains (losses) from fair value changes in separate account assets
96 (8)(45)
Asset management and performance fee revenue285 265 136 
Asset management and performance fee expense(171)(146)(75)
Federal excise and capital taxes(24)(21)(24)
Other(32)(34)(23)
Total$1,297 $1,023 $836 
v3.25.4
Segment information (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Operations by segment
The following tables present the Statement of Operations by segment:
For the Year Ended
December 31, 2025
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$21,280 $7,024 $2,926 $15,024 $1,309 $7,279 $54,842 
Net premiums earned20,381 6,763 2,919 14,374 1,353 7,224 53,014 
Losses and loss expenses12,313 4,517 2,239 6,589 640 109 
Policy benefits— — — 470 — 4,961 
Policy acquisition costs2,891 1,337 169 3,724 396 1,330 
Administrative expenses1,394 336 (6)1,435 37 836 
Underwriting income3,783 573 517 2,156 280 NM
Net investment income3,840 486 86 1,139 354 1,127 
Other (income) expense59 3 2 50 — (165)
Amortization of purchased intangibles5 8 24 78 — 38 
Segment income$7,559 $1,048 $577 $3,167 $634 $1,242 $14,227 
Net realized gains (losses) 211 
Market risk benefits gains (losses)(288)
Interest expense764 
Integration expenses and severance 79 
Corporate underwriting loss(781)
Corporate net investment loss(93)
Corporate other (income) expense(676)
Corporate amortization of purchased intangibles148 
Other reclassification83 
Income before income tax$13,044 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Year Ended
December 31, 2024
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$20,589 $6,532 $2,703 $13,972 $1,346 $6,326 $51,468 
Net premiums earned20,008 6,188 2,705 13,400 1,272 6,273 49,846 
Losses and loss expenses12,737 3,584 2,170 6,414 711 112 
Policy benefits— — — 408 — 4,101 
Policy acquisition costs2,718 1,239 191 3,410 342 1,202 
Administrative expenses1,337 351 (10)1,351 39 880 
Underwriting income3,216 1,014 354 1,817 180 NM
Net investment income3,556 433 84 1,136 253 1,003 
Other (income) expense32 1 1 14 — (159)
Amortization of purchased intangibles3 9 25 81 — 42 
Segment income$6,737 $1,437 $412 $2,858 $433 $1,098 $12,975 
Net realized gains (losses) 117 
Market risk benefits gains (losses)(140)
Interest expense741 
Integration expenses and severance39 
Corporate underwriting loss(731)
Corporate net investment loss(105)
Corporate other (income) expense(490)
Corporate amortization of purchased intangibles163 
Other reclassification(208)
Income before income tax$11,455 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
For the Year Ended
December 31, 2023
(in millions of U.S. dollars)		North America Commercial P&C InsuranceNorth America Personal P&C InsuranceNorth America Agricultural InsuranceOverseas General InsuranceGlobal
Reinsurance		Life InsuranceTotal
Net premiums written$19,237 $5,878 $3,188 $12,575 $1,018 $5,465 $47,361 
Net premiums earned18,416 5,536 3,169 12,231 962 5,398 45,712 
Losses and loss expenses11,256 3,511 2,874 5,643 426 114 
Policy benefits— — — 457 — 3,216 
Policy acquisition costs2,515 1,128 150 3,113 264 1,089 
Administrative expenses1,250 329 (1)1,219 37 771 
Underwriting income3,395 568 146 1,799 235 NM
Net investment income3,017 358 63 895 208 756 
Other (income) expense22 3 1 (25)(2)(115)
Amortization of purchased intangibles— 9 25 70 — 30 
Segment income$6,390 $914 $183 $2,649 $445 $1,049 $11,630 
Net realized gains (losses) (607)
Market risk benefits gains (losses)(307)
Interest expense672 
Integration expenses and severance69 
Corporate underwriting loss(683)
Corporate net investment income25 
Corporate other (income) expense(380)
Corporate amortization of purchased intangibles176 
Other reclassification5 
Income before income tax$9,526 
NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.
Net premiums earned by line of business
The following table presents net premiums earned for each segment by line of business:
For the Year Ended December 31
(in millions of U.S. dollars)202520242023
North America Commercial P&C Insurance
Property & other short-tail lines$4,917 $4,756 $3,985 
Casualty & all other14,919 14,560 13,764 
A&H545 692 667 
Total North America Commercial P&C Insurance20,381 20,008 18,416 
North America Personal P&C Insurance
Personal automobile1,089 968 859 
Personal homeowners4,648 4,293 3,833 
Personal other1,026 927 844 
Total North America Personal P&C Insurance6,763 6,188 5,536 
North America Agricultural Insurance2,919 2,705 3,169 
Overseas General Insurance
Property & other short-tail lines4,689 4,338 3,831 
Casualty & all other3,809 3,705 3,526 
Personal lines3,198 2,785 2,405 
A&H2,678 2,572 2,469 
Total Overseas General Insurance14,374 13,400 12,231 
Global Reinsurance
Property 525 490 331 
Property catastrophe258 232 159 
Casualty & all other570 550 472 
Total Global Reinsurance1,353 1,272 962 
Life Insurance
Life3,845 3,049 2,301 
A&H3,379 3,224 3,097 
Total Life Insurance7,224 6,273 5,398 
Total net premiums earned$53,014 $49,846 $45,712 
Net premiums earned by geographic region
The following table presents net premiums earned by geographic region. Allocations have been made on the basis of location of risk:
North America
Europe (1)
Asia (2)
Latin America
202563 %11 %20 %6 %
202464 %11 %19 %6 %
202365 %11 %18 %6 %
(1)     Europe includes Middle East and Africa regions.
(2)     Includes the consolidated results of Huatai Group effective July 1, 2023.
v3.25.4
Earnings per share (Tables)
 12 Months Ended
Dec. 31, 2025
Earnings Per Share [Abstract]  
Schedule Of Earnings Per Share, Basic And Diluted
Year Ended December 31
(in millions of U.S. dollars, except share and per share data)202520242023
Numerator:
Net income$10,622 $9,640 $9,015 
Net income (loss) attributable to noncontrolling interests312 368 (13)
Net income attributable to Chubb$10,310 $9,272 $9,028 
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding397,611,884 404,189,749 410,845,263 
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans3,901,454 4,296,686 3,357,305 
Weighted-average shares outstanding and assumed conversions
401,513,338 408,486,435 414,202,568 
Basic earnings per share attributable to Chubb$25.93 $22.94 $21.97 
Diluted earnings per share attributable to Chubb$25.68 $22.70 $21.80 
Potential anti-dilutive share conversions1,463,017 1,150,169 2,385,099 
v3.25.4
Related party transactions (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions [Table Text Block]
Transactions generated under ABR Re agreements were as follows:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Consolidated statements of operations
Ceded premiums written$520 $476 $441 
Commissions received$151 $117 $119 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$1,393 $1,372 
Ceded reinsurance premium payable$110 $112 
Aquiline Capital Partners LLC
Chubb invests in private investment funds managed by Aquiline Capital Partners LLC (collectively, Aquiline Funds), of which its chairman is related to a member of our senior management team. We have more than a three percent ownership interest in these funds and therefore account for them under the equity method of accounting. At December 31, 2025, Chubb has approximately $121 million of future contribution commitments to Aquiline Funds. Transactions generated from investments in Aquiline Funds were as follows:
Year Ended December 31
(in millions of U.S. dollars)202520242023
Consolidated statements of operations
Other income (expense)$90 $60 $36 
Consolidated balance sheets
Private equities$489 $400 
Starr Indemnity & Liability Company and its affiliates (collectively, Starr)
We had previously entered into agency, claims services, and underwriting services with Starr, of which its chairman is related to a member of our senior management team. A number of our agreements with Starr were terminated effective as of April 2023. However, Starr continues to provide certain services to Chubb, including claims administration, in respect of insurance policies placed prior to the termination, pursuant to the terms of the applicable agreements. Under the agency agreement, we secured the ability to sell our insurance policies through Starr as one of our non-exclusive agents for writing policies, contracts, binders, or agreements of insurance or reinsurance. Under the claims services agreements, Starr adjusts the claims under policies and arranged for third party treaty and facultative agreements covering such policies. Under the underwriting services agreements, Starr was the underwriter of insurance policies on our behalf and we agreed to reinsure such policies to Starr under quota share reinsurance agreements. Transactions generated under Starr agreements were immaterial in 2025; however, reinsurance recoverable on losses and loss expenses was $235 million at December 31, 2025. Transactions generated in 2024 and 2023 were as follows:
Year Ended December 31
(in millions of U.S. dollars)20242023
Consolidated statement of operations
Gross premiums written$10 $216 
Ceded premiums written$24 $115 
Commissions paid$3 $38 
Commissions received$3 $26 
Losses and loss expenses$24 $180 
Consolidated balance sheets
Reinsurance recoverable on losses and loss expenses$328 
Ceded reinsurance premium payable$19 
v3.25.4
Statutory Financial Information (Tables)
 12 Months Ended
Dec. 31, 2025
Statutory Financial Information [Abstract]  
Schedule of combined statutory capital and surplus and statutory net income (loss)
December 31
(in millions of U.S. dollars)20252024
Statutory capital and surplus
Property and casualty$55,554 $48,253 
Life $9,160 $8,970 
Year Ended December 31
(in millions of U.S. dollars)202520242023
Statutory net income
Property and casualty$10,790 $11,118 $8,699 
Life $740 $548 $459 
v3.25.4
Schedule II (CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY) (Table)
 12 Months Ended
Dec. 31, 2025
Condensed Financial Information Disclosure [Abstract]  
Condensed Consolidating Balance Sheet
BALANCE SHEETS (Parent Company Only)
December 31December 31
(in millions of U.S. dollars)20252024
Assets
Investments in subsidiaries and affiliates on equity basis$72,848 $64,141 
Total investments72,848 64,141 
Cash313 383 
Due from subsidiaries and affiliates, net864 629 
Other assets379 13 
Total assets$74,404 $65,166 
Liabilities
Affiliated notional cash pooling programs$— $277 
Accounts payable, accrued expenses, and other liabilities647 868 
Total liabilities647 1,145 
Shareholders' equity
Common Shares231 235 
Common Shares in treasury(4,699)(3,524)
Additional paid-in capital13,250 14,393 
Retained earnings69,950 61,561 
Accumulated other comprehensive income (loss)(4,975)(8,644)
Total Chubb shareholders' equity73,757 64,021 
Total liabilities and shareholders' equity$74,404 $65,166 
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
Condensed Consolidating Statement Of Operations and Comprehensive Income
STATEMENTS OF OPERATIONS (Parent Company Only)
For the years ended December 31, 2025, 2024, and 2023
(in millions of U.S. dollars)202520242023
Revenues
Net investment income (loss) (1)
$21 $(24)$(21)
Equity in net income of subsidiaries and affiliates10,431 9,385 9,065 
Total revenues10,452 9,361 9,044 
Expenses
Administrative and other (income) expense82 74 72 
Income tax (benefit) expense60 15 (56)
Total expenses142 89 16 
Net income attributable to Chubb$10,310 $9,272 $9,028 
Comprehensive income attributable to Chubb$13,979 $7,437 $12,404 
(1) Includes net investment income, interest income, and net realized gains (losses).
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
Condensed Consolidating Statement of Cash Flows
STATEMENTS OF CASH FLOWS (Parent Company Only)
For the years ended December 31, 2025, 2024, and 2023
(in millions of U.S. dollars)202520242023
Net cash flows from operating activities (1)
$1,210 $1,755 $3,273 
Cash flows from investing activities
Capital redemption4,500 2,000 — 
Net cash flows from investing activities4,500 2,000 — 
Cash flows from financing activities
Dividends paid on Common Shares(1,505)(1,436)(1,394)
Common Shares repurchased(3,694)(1,801)(2,411)
Repayment (issuance) of intercompany loans(299)99 231 
Net proceeds from (contributions to) affiliated notional cash pooling programs (2)
(277)(317)342 
Net cash flows used for financing activities(5,775)(3,455)(3,232)
Effect of foreign currency rate changes on cash(5)6 (4)
Net increase (decrease) in cash(70)306 37 
Cash – beginning of year383 77 40 
Cash – end of year$313 $383 $77 
(1) Includes cash dividends received from subsidiaries of $1.5 billion, $1.8 billion, and $3.3 billion in 2025, 2024, and 2023, respectively.
(2) Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 i) for additional information.
The condensed financial information should be read in conjunction with the Consolidated Financial Statements and notes thereto.
v3.25.4
Schedule IV (SUPPLEMENTARY INFORMATION CONCERNING REINSURANCE) (Tables)
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Abstract]  
Schedule IV
SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE
Premiums Earned
For the years ended December 31, 2025, 2024, and 2023 (in millions of U.S. dollars, except for percentages)Direct AmountCeded To Other CompaniesAssumed From Other CompaniesNet AmountPercentage of Amount Assumed to Net
2025
Life insurance face amount in force$245,318 $40,067 $3,604 $208,855 2 %
Premiums:
Property and casualty$47,998 $10,263 $4,832 $42,567 11 %
Accident and health6,990 474 86 6,602 1 %
Life3,917 90 18 3,845 — 
Total$58,905 $10,827 $4,936 $53,014 9 %
2024
Life insurance face amount in force(1)
$240,794 $43,626 $4,109 $201,277 2 %
Premiums:
Property and casualty$45,179 $9,702 $4,832 $40,309 12 %
Accident and health6,874 473 87 6,488 1 %
Life3,095 97 51 3,049 2 %
Total$55,148 $10,272 $4,970 $49,846 10 %
2023
Life insurance face amount in force$248,973 $55,665 $5,408 $198,716 3 %
Premiums:
Property and casualty$42,598 $9,549 $4,129 $37,178 11 %
Accident and health6,580 446 99 6,233 2 %
Life2,404 164 61 2,301 3 %
Total$51,582 $10,159 $4,289 $45,712 9 %
(1) The reduction in direct amount of life insurance face amount in force in 2024 versus 2023 reflects the non-renewal of certain credit-life business.
v3.25.4
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Table)
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]  
Schedule VI
SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS
As of and for the years ended December 31, 2025, 2024, and 2023
(in millions of U.S. dollars)
Deferred Policy Acquisition CostsNet Reserves for Unpaid Losses and Loss ExpensesUnearned PremiumsNet Premiums EarnedNet Investment IncomeNet Losses and Loss Expenses Incurred Related toAmortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss ExpensesNet Premiums Written
Current YearPrior Year
2025$4,208 $69,672 $26,279 $45,790 $5,338 $27,808 $(1,108)$8,649 $24,293 $47,563 
2024$3,687 $66,270 $23,504 $43,573 $4,927 $26,997 $(975)$8,053 $21,503 $45,142 
2023$3,346 $62,238 $22,051 $40,314 $4,181 $24,956 $(856)$7,391 $21,011 $41,896 
v3.25.4
Summary of significant accounting policies (Narrative) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 01, 2023
Summary of significant accounting policies [Line Items]        
Recoverable from unrated reinsurers, ceded reserve, default factor (percent) 11.20%      
Percentage of fair value of loaned securities 102.00%      
Restricted Cash $ 198 $ 261    
Quality assessment threshold used in goodwill impairment testing 50.00%      
Property, Plant and Equipment, Net $ 3,500 3,100    
Net operating results of ESIS included within Administrative expenses 10 7 $ (2)  
Integration expenses and severance $ 79 $ 39 $ 69  
Huatai Group [Member]        
Summary of significant accounting policies [Line Items]        
Subsidiary, Ownership Percentage, Parent 87.20% 85.50%   69.60%
Minimum        
Summary of significant accounting policies [Line Items]        
Reinsurance Premiums, Amortization Period 1 year      
Debt Securities, Held-to-Maturity, Accrued Interest, Threshold Period, Writeoff 30 days      
Maximum        
Summary of significant accounting policies [Line Items]        
Reinsurance Premiums, Amortization Period 3 years      
Debt Securities, Held-to-Maturity, Accrued Interest, Threshold Period, Writeoff 45 days      
Affiliated notional cash pooling program $ 1,500      
Finite-Lived Intangible Asset, Useful Life 25 years      
Fair Value Adjustment to Acquired Loss Reserves [Member] | The Chubb Corporation [Member]        
Summary of significant accounting policies [Line Items]        
Balance of FV adjustment on Unpaid Losses and Loss Expenses $ 61 $ 60    
Software Development [Member]        
Summary of significant accounting policies [Line Items]        
Property, Plant and Equipment, Net $ 2,200      
Property, Plant and Equipment, Useful Life 15 years      
Software Development [Member] | Minimum        
Summary of significant accounting policies [Line Items]        
Property, Plant and Equipment, Useful Life 3 years      
Software Development [Member] | Maximum        
Summary of significant accounting policies [Line Items]        
Property, Plant and Equipment, Useful Life 5 years      
Building [Member]        
Summary of significant accounting policies [Line Items]        
Property, Plant and Equipment, Net $ 364      
Building [Member] | Maximum        
Summary of significant accounting policies [Line Items]        
Property, Plant and Equipment, Useful Life 40 years      
v3.25.4
Acquisitions (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended
Apr. 01, 2025
Mar. 03, 2025
May 31, 2024
Jul. 01, 2023
Jun. 30, 2025
Mar. 31, 2024
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2023
Business Combination [Line Items]                    
Goodwill             $ 19,686 $ 20,207 [1] $ 19,579  
Other intangible assets               $ 6,241 $ 6,377  
Huatai Group [Member]                    
Business Combination [Line Items]                    
Subsidiary, Ownership Percentage, Parent       69.60%       87.20% 85.50%  
Additional 7.0 percent ownership interest obtained in subsidiary             7.00%      
Additional 9.0 percent ownership interest obtained in subsidiary           9.00%        
Additional percent ownership interest obtained in subsidiary         1.60%          
Huatai Group [Member]                    
Business Combination [Line Items]                    
Ownership Percentage                   64.20%
LMG Insurance, Thailand                    
Business Combination [Line Items]                    
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                  
Liberty Insurance, Vietnam [Member]                    
Business Combination [Line Items]                    
Business Combination, Date of Acquisition Agreement   Mar. 03, 2025                
Healthy Paws                    
Business Combination [Line Items]                    
Business Combination, Effective Date of Acquisition     May 31, 2024              
Payments to Acquire Businesses, Gross     $ 300              
Goodwill     256              
Other intangible assets     $ 44              
Huatai Group [Member]                    
Business Combination [Line Items]                    
Business Combination, Effective Date of Acquisition       Jul. 01, 2023            
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Fair Value       $ 4,100            
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain       763            
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Loss       17            
Write-off of Accumulated AOCI Loss Balance, Equity Method Invesmtent       611            
Business combination, Realized Gain (Loss) from Write-off of AOCI in Equity Method Investment       $ (628)            
Business Combination, Achieved in Stages, Preacquisition Equity Interest in Acquiree, Remeasurement, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]       Net realized gains (losses)            
[1] Includes $464 million attributable to noncontrolling interests
v3.25.4
Acquisitions (Acquisition operations) (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Dec. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]        
Total revenues   $ 59,402 $ 55,753 $ 49,735
Net income   10,622 9,640 9,015
Net loss attributable to Chubb   $ 10,310 $ 9,272 $ 9,028
Huatai Group [Member]        
Business Combination [Line Items]        
Total revenues $ 739      
Net income (30)      
Net loss attributable to Chubb $ (17)      
v3.25.4
Acquisitions (Pro forma) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Combination [Line Items]      
Net premiums earned $ 53,014 $ 49,846 $ 45,712
Huatai Group [Member] | Pro Forma      
Business Combination [Line Items]      
Net premiums earned   46,502  
Total revenues   50,550  
Business Acquisition, Pro Forma Net income (loss), Including Portion Attributable to Noncontrolling Interests   8,850  
Business Combination, Pro Forma Information, Pro Forma Income (Loss), after Tax   $ 8,859  
v3.25.4
Investments (Narrative) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
partnerships
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Investment [Line Items]      
Limited partnerships number | partnerships 194    
Restricted assets in fixed maturities and short-term investments $ 19,048 $ 17,945  
Restricted assets in cash 198 261  
Available for sale, Fair Value 122,680 110,363  
Net realized gains (losses) 211 117 $ (607)
Fixed maturities transferred to Reserved Alternative Investment Fund      
Investment [Line Items]      
Net realized gains (losses)   (149)  
Fixed maturities transferred to Reserved Alternative Investment Fund      
Investment [Line Items]      
Noncash or Part Noncash Acquisition, Investments Acquired   5,000  
Available for sale, Fair Value   4,200  
Reserved alternative investment fund      
Investment [Line Items]      
Available for sale, Fair Value 5,400 5,000  
Other Investments      
Investment [Line Items]      
Variable Interest Entity, Nonconsolidated, Comparison of Carrying Amount of Assets and Liabilities to Maximum Loss Exposure $ 70 $ 97  
v3.25.4
Investments (Schedule Of Amortized Cost and Fair Value of Available-for-Sale Securities) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost $ 124,726 $ 115,083  
Debt Securities, Available-for-sale, Allowance for Credit Loss (52) (70) $ (156)
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 1,954 1,119  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (3,948) (5,769)  
Available for sale, Fair Value 122,680 110,363  
U.S. and local government securities      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 3,908 4,383  
Debt Securities, Available-for-sale, Allowance for Credit Loss 0 0  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 27 10  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (221) (323)  
Available for sale, Fair Value 3,714 4,070  
Non-U.S.      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 40,479 36,311  
Debt Securities, Available-for-sale, Allowance for Credit Loss (10) (23)  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 795 753  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (908) (1,203)  
Available for sale, Fair Value 40,356 35,838  
Corporate and asset-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 48,806 45,231  
Debt Securities, Available-for-sale, Allowance for Credit Loss (42) (47)  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 734 287  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (1,612) (2,264)  
Available for sale, Fair Value 47,886 43,207  
Mortgage-backed securities      
Debt Securities, Available-for-sale [Line Items]      
Debt Securities, Available-for-Sale, Amortized Cost 31,533 29,158  
Debt Securities, Available-for-sale, Allowance for Credit Loss 0 0  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax 398 69  
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax (1,207) (1,979)  
Available for sale, Fair Value $ 30,724 $ 27,248  
v3.25.4
Investments (Schedule Of Fixed Maturities By Contractual Maturity) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Available for sale, Due in 1 year or less, Fair Value & Net Carrying Value $ 4,749 $ 4,507
Available for sale, Due after 1 year through 5 years, Fair Value & Carrying Value 35,611 33,446
Available for sale, Due after 5 years through 10 years, Fair Value & Carrying Value 31,514 26,901
Available for sale, Due after 10 years, Fair Value & Carrying Value 20,082 18,261
Available for sale, Maturity, Allocated and Single Maturity Date, Amortized Cost 91,956 83,115
Available for sale, Maturity, Allocated and Single Maturity Date, Fair Value 91,956 83,115
Available for sale, Mortgage backed securities, Fair Value 30,724 27,248
Available for sale, Fair Value $ 122,680 $ 110,363
v3.25.4
Investments (Aggregate Fair Value And Gross Unrealized Loss By Length Of Time Security Has Continuously Been In Unrealized Loss Position) (Details) - USD ($)
$ in Millions
Dec. 31, 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 $ 12,574 $ 27,956
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (237) (518)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 32,375 39,789
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (2,899) (4,230)
Debt Securities, Available-for-sale, Unrealized Loss Position 44,949 67,745
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (3,136) (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 307 767
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (3) (16)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 2,139 2,489
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (216) (303)
Debt Securities, Available-for-sale, Unrealized Loss Position 2,446 3,256
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (219) (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 6,664 6,630
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (163) (138)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 8,995 12,023
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (622) (874)
Debt Securities, Available-for-sale, Unrealized Loss Position 15,659 18,653
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (785) (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 4,136 10,069
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (59) (194)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 10,225 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 14,361 23,359
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss (926) (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 1,467 10,490
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss (12) (170)
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer 11,016 11,987
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss (1,194) (1,794)
Debt Securities, Available-for-sale, Unrealized Loss Position 12,483 22,477
Debt Securities, Available-for-sale, Unrealized Loss Position, Accumulated Loss $ (1,206) $ (1,964)
v3.25.4
Investments (Rollforward of expected credit losses AFS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Beginning Balance $ 70 $ 156
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) 97 118
Debt Securities, Available-for-sale, Allowance for Credit Loss, Writeoff (2) (6)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Recovery (113) (198)
Debt Securities, Available-for-Sale, Allowance for Credit Loss, Ending Balance $ 52 $ 70
v3.25.4
Investments (Rollforward of expected credit losses Private Debt HFI) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Credit Loss [Abstract]    
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Beginning Balance $ 4 $ 4
Financing Receivable, Allowance for Credit Loss, Period Increase (Decrease) 1 2
Financing Receivable, Allowance for Credit Loss, Recovery 2 2
Financing Receivable, Allowance for Credit Loss, Excluding Accrued Interest, Ending Balance $ 3 $ 4
v3.25.4
Investments (Net Realized Gains (Losses) And Losses Included In Net Realized Gains (Losses) And Other Comprehensive Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) $ 211 $ 117 $ (607)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) (97) (118)  
Foreign exchange gains( losses) (223) (223) (183)
Derivative, Gain (Loss) on Derivative, Net (165) (358) (252)
Unrealized Gain (Loss) on Investments 2,522 (361) 3,120
Other Comprehensive Income (Loss), Securities, Available-for-sale, Tax (133) (110) (328)
Other derivative instruments      
Gain (Loss) on Securities [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (21) (4) (10)
Investment and embedded derivative instruments      
Gain (Loss) on Securities [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (37) (189) (53)
Fixed Maturities [Member]      
Gain (Loss) on Securities [Line Items]      
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment 272 132 208
Debt Securities, Available-for-sale, Realized Loss, Excluding Other-than-temporary Impairment (450) (535) (656)
Debt Securities, Available-for-sale, Allowance for Credit Loss, Period Increase (Decrease) 19 86 43
Debt Securities, Available-For-Sale, Credit Impairment Charges Intent to Sell [1] (49) (94) (64)
Debt Securities, Available-for-sale, Realized Gain (Loss) (198) 191 (481)
Equity Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) [2] 656 194 (38)
Unrealized Gain (Loss) on Investments 471 169 30
Other Investments      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) [3] 10 602 (12)
Unrealized Gain (Loss) on Investments 6 598 (12)
Available-for-sale Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments 2,654 (251) 3,563
Fixed maturities held to maturity      
Gain (Loss) on Securities [Line Items]      
Unrealized Gain (Loss) on Investments 0 0 (125)
Other [Member]      
Gain (Loss) on Securities [Line Items]      
Gain (Loss) on Sale of Other Investments (65) 24 88
Unrealized Gain (Loss) on Investments 1 0 10
Private equities      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) 99 124 70
Unrealized Gain (Loss) on Investments 99 124 $ 70
Reserved alternative investment fund      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) (138) 22  
Other Investments - Fixed Maturities [Member]      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) $ (149) $ 275  
[1] Relates to certain securities we intended to sell and securities written to market entering default.
[2] In 2025 and 2024, Equity securities includes $138 million and $(22) million, respectively, of realized gains (losses) related to investments measured under the fair value option.
[3] In 2025 and 2024, Other investments - Fixed maturities includes $(149) million and $275 million, respectively, of realized gains (losses) related to investments measured under the fair value option.
v3.25.4
Investments (Schedule of Gains and Losses on Equity and Other Investments) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) $ 211 $ 117 $ (607)
Unrealized gains (losses) recognized for securities still held at reporting date 2,522 (361) 3,120
Other Investments      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) [1] 10 602 (12)
Less: Net gains (losses) recognized from sales of securities 4 4 0
Unrealized gains (losses) recognized for securities still held at reporting date 6 598 (12)
Equity Securities [Member]      
Gain (Loss) on Securities [Line Items]      
Equity Securities, FV-NI, Realized Gain (Loss) [2] 656 194 (38)
Less: Net gains (losses) recognized from sales of securities 185 25 (68)
Unrealized gains (losses) recognized for securities still held at reporting date 471 169 30
Private equities      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) 99 124 70
Less: Net gains (losses) recognized from sales of securities 0 0 0
Unrealized gains (losses) recognized for securities still held at reporting date 99 124 70
Equity securities, Private equities and other investments      
Gain (Loss) on Securities [Line Items]      
Net realized gains (losses) 765 920 20
Less: Net gains (losses) recognized from sales of securities 189 29 (68)
Unrealized gains (losses) recognized for securities still held at reporting date $ 576 $ 891 $ 88
[1] In 2025 and 2024, Other investments - Fixed maturities includes $(149) million and $275 million, respectively, of realized gains (losses) related to investments measured under the fair value option.
[2] In 2025 and 2024, Equity securities includes $138 million and $(22) million, respectively, of realized gains (losses) related to investments measured under the fair value option.
v3.25.4
Investments (Schedule Of Other Investments) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Other Investment Not Readily Marketable [Line Items]    
Other investments $ 10,749 $ 8,597
Other Investments - Fixed Maturities [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other investments [1],[2] 5,800 4,600
Fixed Maturities - Fair Value Option    
Other Investment Not Readily Marketable [Line Items]    
Other investments 2,300 1,700
Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other investments 10,749 8,597
Fixed Maturities [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other investments [1],[2] 8,091 6,265
Life [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other investments 594 518
Policy Loans [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other investments 1,117 941
Other [Member] | Other Accounting Method [Member] | Estimate of Fair Value Measurement [Member]    
Other Investment Not Readily Marketable [Line Items]    
Other investments [3] $ 947 $ 873
[1] 2025 and 2024 includes $2.3 billion and $1.7 billion, respectively, of fixed maturities measured at fair value under the fair value option.
[2] Includes fixed maturities related to consolidated VIEs of $5.8 billion and $4.6 billion at December 31, 2025 and 2024, respectively. Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.
[3] Non-qualified separate account assets comprise mutual funds, supported by assets that do not qualify for separate account reporting under U.S. GAAP.
v3.25.4
Investments (Entities That Calculate Net Asset Value Per Share) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities $ 17,239 $ 14,769
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 7,218 6,442
Financial [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities 1,420 1,265
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 483 281
Real Estate Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities 1,924 1,974
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 1,111 547
Distressed Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities 1,226 1,257
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 977 679
Private Credit Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities 299 295
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 302 285
Private Equity Funds [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities 11,990 9,674
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share, Unfunded Commitments 4,345 4,650
Vintage Alternative Investments [Member]    
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share [Line Items]    
Private equities 43 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 337 240
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
v3.25.4
Investments (Schedule Of Sources Of Net Investment Income) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net Investment Income [Line Items]      
Gross investment income $ 6,683 $ 6,136 $ 5,132
Investment expenses (218) (206) (195)
Net investment income 6,465 5,930 4,937
Amortization of Debt Issuance Costs and Discounts (8) (16) (21)
Fixed maturities      
Net Investment Income [Line Items]      
Gross investment income 5,881 5,535 4,619
Short-term investments      
Net Investment Income [Line Items]      
Gross investment income 156 181 199
Other interest income      
Net Investment Income [Line Items]      
Gross investment income 40 80 69
Equity securities      
Net Investment Income [Line Items]      
Gross investment income 357 125 119
Private equities      
Net Investment Income [Line Items]      
Gross investment income 139 112 55
Other Investments      
Net Investment Income [Line Items]      
Gross investment income $ 110 $ 103 $ 71
v3.25.4
Investments (Schedule Of Components Of Restricted Assets) (Details) - Asset Pledged as Collateral without Right - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Investment [Line Items]    
Trust funds $ 8,461 $ 8,170
Assets pledged under repurchase agreements 3,518 2,890
Deposits with U.S. regulatory authorities 2,598 2,487
Deposits with non-U.S. regulatory authorities and other 4,669 4,659
Total restricted assets $ 19,246 $ 18,206
v3.25.4
Fair Value Measurements (Financial Instruments Measured At Fair Value on Recurring Basis) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value $ 122,680 $ 110,363
Equity securities 10,801 9,151
Short-term investments 4,840 5,142
Other investments 10,749 8,597
Securities lending collateral 2,500 1,445
Separate account assets 6,925 6,231
Market risk benefits 659 607
Private equities 17,239 14,769
Reserved alternative investment fund    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Equity securities 5,519 4,978
Other Investments    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Other investments 1,435 1,241
Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Private equities 17,239 14,769
U.S. and local government securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,714 4,070
Debt Security, Government, Non-US [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 40,356 35,838
Corporate securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 47,886 43,207
Mortgage-backed securities    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 30,724 27,248
Level 1 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,481 1,765
Equity securities 5,163 [1] 4,053 [2]
Short-term investments 2,657 3,156
Other investments 630 [3] 573 [4]
Securities lending collateral 0 0
Investment derivative instruments, assets 22 41
Derivative Instruments in Hedges, Assets, at Fair Value 0 0
Other Derivative Instruments Fair Value 11 35
Separate account assets 6,858 6,165
Assets, Fair Value Disclosure 16,822 [1],[3],[5] 15,788 [2],[4],[6]
Investment derivative instruments, liability 242 303
Derivative Instruments in Hedges, Liabilities, at Fair Value 0 0
Other derivative instruments, liability 0 0
Market risk benefits 0 [7] 0 [8]
Liabilities Related to Investment Contracts, Fair Value Disclosure 242 303
Level 1 | U.S. and local government securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 1,481 1,765
Level 1 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 1 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 1 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 2 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 116,982 105,100
Equity securities 0 [1] 0 [2]
Short-term investments 2,138 1,972
Other investments 8,684 [3] 6,783 [4]
Securities lending collateral 2,500 1,445
Investment derivative instruments, assets 0 0
Derivative Instruments in Hedges, Assets, at Fair Value 266 146
Other Derivative Instruments Fair Value 0 0
Separate account assets 67 66
Assets, Fair Value Disclosure 130,637 [1],[3],[5] 115,512 [2],[4],[6]
Investment derivative instruments, liability 0 0
Derivative Instruments in Hedges, Liabilities, at Fair Value 232 116
Other derivative instruments, liability 4 2
Market risk benefits 0 [7] 0 [8]
Liabilities Related to Investment Contracts, Fair Value Disclosure 236 118
Level 2 | U.S. and local government securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 2,233 2,305
Level 2 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 39,685 35,234
Level 2 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 44,340 40,316
Level 2 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 30,724 27,245
Level 3 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 4,217 3,498
Equity securities 119 [1] 120 [2]
Short-term investments 45 14
Other investments 0 [3] 0 [4]
Securities lending collateral 0 0
Investment derivative instruments, assets 0 0
Derivative Instruments in Hedges, Assets, at Fair Value 0 0
Other Derivative Instruments Fair Value 0 0
Separate account assets 0 0
Assets, Fair Value Disclosure 4,381 [1],[3],[5] 3,632 [2],[4],[6]
Investment derivative instruments, liability 0 0
Derivative Instruments in Hedges, Liabilities, at Fair Value 0 0
Other derivative instruments, liability 0 0
Market risk benefits 659 [7] 607 [8]
Liabilities Related to Investment Contracts, Fair Value Disclosure 659 607
Level 3 | U.S. and local government securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 0
Level 3 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 671 604
Level 3 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,546 2,891
Level 3 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 0 3
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 122,680 110,363
Equity securities 5,282 [1] 4,173 [2]
Short-term investments 4,840 5,142
Other investments 9,314 [3] 7,356 [4]
Securities lending collateral 2,500 1,445
Investment derivative instruments, assets 22 41
Derivative Instruments in Hedges, Assets, at Fair Value 266 146
Other Derivative Instruments Fair Value 11 35
Separate account assets 6,925 6,231
Assets, Fair Value Disclosure 151,840 [1],[3],[5] 134,932 [2],[4],[6]
Investment derivative instruments, liability 242 303
Derivative Instruments in Hedges, Liabilities, at Fair Value 232 116
Other derivative instruments, liability 4 2
Market risk benefits 659 [7] 607 [8]
Liabilities Related to Investment Contracts, Fair Value Disclosure 1,137 1,028
Fair Value, Inputs, Level 1, Level 2, and Level 3 | U.S. and local government securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 3,714 4,070
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Debt Security, Government, Non-US [Member] | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 40,356 35,838
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Corporate securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value 47,886 43,207
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Mortgage-backed securities | Fair Value, Recurring [Member]    
Fair Value Assets And Liabilities Measured On Recurring Basis [Line Items]    
Available for sale, Fair Value $ 30,724 $ 27,248
[1] Excluded from the table above are funds of $5,519 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 $1,435 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 $17,239 million, measured using NAV as a practical expedient.
[6] Excluded from the table above are private equities of $14,769 million, measured using NAV as a practical expedient.
[7] Refer to Note 11 for additional information on Market risk benefits.
[8] Refer to Note 11 for additional information on Market risk benefits.
v3.25.4
Fair value measurements (Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation) (Details) - Level 3 - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 120 $ 87 $ 90
Transfers into Level 3, assets 0 0 0
Transfers out of Level 3, assets (1) 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0
Net Realized Gains/Losses, Assets (1) 8 (7)
Purchased, assets 36 43 24
Sales, assets (35) (18) (20)
Settlements, assets 0 0 0
Balance- End of year, assets 119 120 87
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 16 7 (7)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets $ 0 $ 0 $ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total revenues Total revenues Total revenues
Short-term investments      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 14 $ 3 $ 3
Transfers into Level 3, assets 0 0 0
Transfers out of Level 3, assets 0 0 0
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 (1)
Net Realized Gains/Losses, Assets 0 0 (1)
Purchased, assets 36 20 5
Sales, assets (1) (1) (3)
Settlements, assets (4) (8) 0
Balance- End of year, assets 45 14 3
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets $ 0 $ (1) $ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total revenues Total revenues Total revenues
Available-for-sale Securities [Member] | Non-U.S.      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 604 $ 692 $ 564
Transfers into Level 3, assets 11 2 21
Transfers out of Level 3, assets (2) (7) (22)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 41 7 13
Net Realized Gains/Losses, Assets (2) (13) (4)
Purchased, assets 374 262 258
Sales, assets (148) (99) (82)
Settlements, assets (207) (240) (56)
Balance- End of year, assets 671 604 692
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 (1)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets $ 25 $ (2) $ 7
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total revenues Total revenues Total revenues
Available-for-sale Securities [Member] | Corporate and asset-backed securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 2,891 $ 2,622 $ 2,449
Transfers into Level 3, assets 205 57 30
Transfers out of Level 3, assets (19) (9) (26)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 6 12 28
Net Realized Gains/Losses, Assets (16) (15) (17)
Purchased, assets 1,490 1,042 681
Sales, assets (515) (250) (81)
Settlements, assets (496) (568) (442)
Balance- End of year, assets 3,546 2,891 2,622
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets (4) (3) (5)
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets $ (11) $ (2) $ 12
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total revenues Total revenues Total revenues
Available-for-sale Securities [Member] | Mortgage-backed securities      
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]      
Balance- Beginning of year, assets $ 3 $ 7 $ 11
Transfers into Level 3, assets 0 0 0
Transfers out of Level 3, assets 0 (54) (15)
Change in Net Unrealized Gains (Losses) included in OCI, Assets 0 0 0
Net Realized Gains/Losses, Assets (2) 0 0
Purchased, assets 1 54 15
Sales, assets (2) 0 0
Settlements, assets 0 (4) (4)
Balance- End of year, assets 0 3 7
Net Realized Gains/Losses Attributable to Changes in Fair Value at the Balance Sheet Date, Assets 0 0 0
Change in Net Unrealized Gains/Losses included in OCI at the Balance Sheet Date, Assets $ 0 $ 0 $ 0
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax Other Comprehensive Income (Loss), before Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Total revenues Total revenues Total revenues
v3.25.4
Fair Value Measurements (Carrying Values And Fair Values Of Financial Instruments Not Measured At Fair Value) (Detail) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Private debt held-for-investment $ 2,411 $ 2,628
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 3,324 2,731
Short-term debt 1,499 800
Long-term debt 15,728 14,379
Hybrid debt 422 419
Cost    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Private debt held-for-investment 2,411 2,628
Assets, Fair Value Disclosure, Total 2,411 2,628
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 3,324 2,731
Short-term debt 1,499 800
Long-term debt 15,728 14,379
Hybrid debt 422 419
Liabilities, Fair Value Disclosure, Total 20,973 18,329
Level 1 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Private debt held-for-investment 0 0
Assets, Fair Value Disclosure, Total 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, FV 0 0
Liabilities, Fair Value Disclosure, Total 0 0
Level 2 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Private debt held-for-investment 0 0
Assets, Fair Value Disclosure, Total 0 0
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 3,324 2,731
Short-term debt, Fair Value 1,498 797
Long-term debt, Fair Value 14,045 12,979
Hybrid debt, FV 484 479
Liabilities, Fair Value Disclosure, Total 19,351 16,986
Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Private debt held-for-investment 2,445 2,680
Assets, Fair Value Disclosure, Total 2,445 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 576 0
Hybrid debt, FV 0 0
Liabilities, Fair Value Disclosure, Total 576 0
Fair Value, Inputs, Level 1, Level 2, and Level 3 | Portion at Other than Fair Value Measurement    
Financial Instruments, Financial Assets, Balance Sheet Groupings [Abstract]    
Private debt held-for-investment 2,445 2,680
Assets, Fair Value Disclosure, Total 2,445 2,680
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]    
Repurchase agreements 3,324 2,731
Short-term debt, Fair Value 1,498 797
Long-term debt, Fair Value 14,621 12,979
Hybrid debt, FV 484 479
Liabilities, Fair Value Disclosure, Total $ 19,927 $ 16,986
v3.25.4
Reinsurance (Consolidated Reinsurance) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Premiums written [Abstract]      
Direct $ 60,799 $ 56,867 $ 52,969
Assumed 5,147 5,136 4,557
Ceded (11,104) (10,535) (10,165)
Net 54,842 51,468 47,361
Premiums earned [Abstract]      
Direct 58,905 55,148 51,582
Assumed 4,936 4,970 4,289
Ceded (10,827) (10,272) (10,159)
Net premiums earned 53,014 49,846 45,712
Policyholder Benefits and Claims Incurred, Ceded $ 6,600 $ 6,500 $ 7,200
v3.25.4
Reinsurance (Reinsurance Recoverable on Ceded Reinsurance) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Reinsurance Disclosures [Abstract]        
Reinsurance recoverable on unpaid losses and loss expenses [1] $ 18,346 $ 17,734 $ 17,884 $ 17,086
Reinsurance recoverable on unpaid losses and loss expenses, allowance 248 242    
Reinsurance recoverable on paid losses and loss expenses [1] 1,992 2,043    
Reinsurance recoverable on paid losses and loss expenses, allowance 72 68    
Reinsurance recoverable on losses and loss expenses [1] 20,338 19,777    
Reinsurance recoverable on losses and loss expenses, allowance 320 310 $ 367  
Reinsurance recoverable on policy benefits [1] 286 289    
Reinsurance recoverable on policy benefits, allowance $ 0 $ 0    
[1] Net of valuation allowance for uncollectible reinsurance.
v3.25.4
Reinsurance, Allowance (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Reinsurance Disclosures [Abstract]    
Reinsurance Recoverable, Allowance for Credit Loss, Beginning Balance $ 310 $ 367
Provision for (release of) uncollectible reinsurance 25 (15)
Write-offs charged against the valuation allowance (18) (41)
Foreign exchange revaluation 3 (1)
Reinsurance Recoverable, Allowance for Credit Loss, Ending Balance $ 320 $ 310
v3.25.4
Reinsurance (Reinsurance Recoverable by Category and Listing of Largest Reinsurers) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 20,658    
Valuation allowance for Uncollectible Reinsurance $ 320 $ 310 $ 367
% of Gross Reinsurance Recoverable 1.50%    
Largest reinsurers      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 8,934    
Valuation allowance for Uncollectible Reinsurance $ 99    
% of Gross Reinsurance Recoverable 1.10%    
Other reinsurers rated A- or better      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 7,752    
Valuation allowance for Uncollectible Reinsurance $ 93    
% of Gross Reinsurance Recoverable 1.20%    
Other reinsurers rated lower than A- or not rated      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 402    
Valuation allowance for Uncollectible Reinsurance $ 25    
% of Gross Reinsurance Recoverable 6.20%    
Pools      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 333    
Valuation allowance for Uncollectible Reinsurance $ 9    
% of Gross Reinsurance Recoverable 2.70%    
Structured settlements      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 479    
Valuation allowance for Uncollectible Reinsurance $ 8    
% of Gross Reinsurance Recoverable 1.70%    
Captives      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 2,567    
Valuation allowance for Uncollectible Reinsurance $ 13    
% of Gross Reinsurance Recoverable 0.50%    
Other      
Ceded Credit Risk [Line Items]      
Gross Reinsurance Recoverable on Losses and Loss Expenses $ 191    
Valuation allowance for Uncollectible Reinsurance $ 73    
% of Gross Reinsurance Recoverable 38.20%    
v3.25.4
Deferred acquisition costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost $ 10,008 $ 8,358  
Balance – beginning of period 8,358    
Amortization expense (9,847) (9,102) $ (8,259)
Balance - end of period 10,008 8,358  
Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Amortization expense (1,330) (1,202) (1,089)
Overseas General Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Amortization expense (3,724) (3,410) (3,113)
Short-Duration Insurance, Other      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 4,208 3,687  
Balance – beginning of period 3,687    
Balance - end of period 4,208 3,687  
Long-Duration Insurance, Other      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 5,800 4,671  
Balance – beginning of period 4,671    
Balance - end of period 5,800 4,671  
Long-Duration Insurance, Other | Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 5,137 4,066 3,185
Balance – beginning of period 4,066 3,185  
Capitalizations 1,646 1,456  
Amortization expense (562) (448)  
Other (including foreign exchange) (13) (127)  
Balance - end of period 5,137 4,066 3,185
Long-Duration Insurance, Other | Overseas General Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 663 605  
Balance – beginning of period 605    
Balance - end of period 663 605  
Term Life Insurance | Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 567 469 402
Balance – beginning of period 469 402  
Capitalizations 239 201  
Amortization expense (153) (121)  
Other (including foreign exchange) 12 (13)  
Balance - end of period 567 469 402
Universal Life | Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 746 722 674
Balance – beginning of period 722 674  
Capitalizations 116 156  
Amortization expense (84) (81)  
Other (including foreign exchange) (8) (27)  
Balance - end of period 746 722 674
Whole Life Insurance | Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 1,296 870 534
Balance – beginning of period 870 534  
Capitalizations 478 387  
Amortization expense (55) (37)  
Other (including foreign exchange) 3 (14)  
Balance - end of period 1,296 870 534
Accident and Health [Member] | Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 2,136 1,681 1,301
Balance – beginning of period 1,681 1,301  
Capitalizations 717 630  
Amortization expense (238) (182)  
Other (including foreign exchange) (24) (68)  
Balance - end of period 2,136 1,681 1,301
Insurance, Other [Member] | Life Insurance [Member]      
Deferred Policy Acquisition Cost [Line Items]      
Deferred Policy Acquisition Cost 392 324 274
Balance – beginning of period 324 274  
Capitalizations 96 82  
Amortization expense (32) (27)  
Other (including foreign exchange) 4 (5)  
Balance - end of period $ 392 $ 324 $ 274
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired (Roll-forward of Goodwill by Business Segment) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]    
Balance at beginning of period $ 19,579 $ 19,686
Foreign exchange revaluation and other 445 (428)
Balance at end of period 20,207 [1] 19,579
goodwill attributable to noncontrolling interests 464  
North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Balance at beginning of period 7,168 6,946
Foreign exchange revaluation and other 23 (34)
Balance at end of period 7,191 [1] 7,168
North America Personal P&C Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 2,218 2,231
Foreign exchange revaluation and other 8 (13)
Balance at end of period 2,226 [1] 2,218
North America Agricultural Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 134 134
Foreign exchange revaluation and other 0 0
Balance at end of period 134 [1] 134
Overseas General Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 5,047 5,262
Foreign exchange revaluation and other 300 (215)
Balance at end of period 5,530 [1] 5,047
Global Reinsurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 371 371
Foreign exchange revaluation and other 0 0
Balance at end of period 371 [1] 371
Life Insurance [Member]    
Goodwill [Roll Forward]    
Balance at beginning of period 4,641 4,742
Foreign exchange revaluation and other 114 (166)
Balance at end of period 4,755 [1] 4,641
Healthy Paws    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   256
Healthy Paws | North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   256
Healthy Paws | North America Personal P&C Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   0
Healthy Paws | North America Agricultural Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   0
Healthy Paws | Overseas General Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   0
Healthy Paws | Global Reinsurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   0
Healthy Paws | Life Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period   0
Huatai Group [Member]    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   65
Huatai Group [Member] | North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   0
Huatai Group [Member] | North America Personal P&C Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   0
Huatai Group [Member] | North America Agricultural Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   0
Huatai Group [Member] | Overseas General Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   0
Huatai Group [Member] | Global Reinsurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   0
Huatai Group [Member] | Life Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Purchase Accounting Adjustments   $ 65
LMG Insurance, Thailand    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 183  
LMG Insurance, Thailand | North America Commercial P&C Insurance    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
LMG Insurance, Thailand | North America Personal P&C Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
LMG Insurance, Thailand | North America Agricultural Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
LMG Insurance, Thailand | Overseas General Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 183  
LMG Insurance, Thailand | Global Reinsurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period 0  
LMG Insurance, Thailand | Life Insurance [Member]    
Goodwill [Roll Forward]    
Goodwill, Acquired During Period $ 0  
[1] Includes $464 million attributable to noncontrolling interests
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired (VOBA) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Present Value of Future Insurance Profit [Line Items]      
VOBA balance, beginning of year $ 3,223 $ 3,674 $ 3,702
Amortization of Value of Business Acquired (VOBA) [1] (224) (240) (281)
Foreign exchange revaluation and other (24) (211) (56)
VOBA balance, end of year 2,975 3,223 3,674
Huatai Group [Member]      
Present Value of Future Insurance Profit [Line Items]      
Present Value of Future Insurance Profits, Addition from Acquisition $ 0 $ 0 $ 309
[1] Recognized in Policy acquisition costs in the Consolidated statements of operations.
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired (Estimated Amortization Expense Related to VOBA Over Next Five Years) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Present Value of Future Insurance Profits, Amortization Expense, Next Five Years [Abstract]  
2026, VOBA $ 178
2027, VOBA 159
2028, VOBA 145
2029, VOBA 133
2023, VOBA 121
present value of future insurance $ 736
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired (Other Intangible Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Intangible Assets, Net (Excluding Goodwill) [Abstract]    
Intangible assets subject to amortization $ 2,696 $ 2,900
Intangible assets not subject to amortization 3,545 3,477
Other intangible assets $ 6,241 $ 6,377
v3.25.4
Goodwill, Other intangible assets, and Value of business acquired (Estimated Amortization Expense Over Next Five Years) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Finite-Lived Intangible Assets [Line Items]  
2026, Other intangible assets $ 309
2027, Other intangible assets 284
2028, Other intangible assets 270
2029, Other intangible assets 238
2030, Other intangible assets 222
Total, Other intangible assets 1,323
Chubb Acquired Purchased Intangible Assets  
Finite-Lived Intangible Assets [Line Items]  
2026, Other intangible assets 287
2027, Other intangible assets 268
2028, Other intangible assets 257
2029, Other intangible assets 226
2030, Other intangible assets 210
Total, Other intangible assets 1,248
Use Rights [Member] | Huatai Group [Member]  
Finite-Lived Intangible Assets [Line Items]  
2026, Other intangible assets 13 [1]
2027, Other intangible assets 13 [1]
2028, Other intangible assets 13 [1]
2029, Other intangible assets 12 [1]
2030, Other intangible assets 12 [1]
Total, Other intangible assets 63 [1]
Unearned Premium Reserves Intangible Asset | Huatai Group [Member]  
Finite-Lived Intangible Assets [Line Items]  
2026, Other intangible assets 9 [2]
2027, Other intangible assets 3 [2]
2028, Other intangible assets 0 [2]
2029, Other intangible assets 0 [2]
2030, Other intangible assets 0 [2]
Total, Other intangible assets $ 12 [2]
[1] Recognized in Other (income) expense in the Consolidated statements of operations.
[2] Recognized in Policy acquisition costs in the Consolidated statements of operations.
v3.25.4
Unpaid losses and loss expenses (Unpaid Losses and Loss Expenses Rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Unpaid Losses and Loss Expenses [Roll Forward]      
Gross unpaid losses and loss expenses, beginning of year $ 84,004 $ 80,122 $ 75,747
Reinsurance recoverable on unpaid losses, beginning of year [1] (17,734) (17,884) (17,086)
Net unpaid losses and loss expenses, beginning of year 66,270 62,238 58,661
Net losses and loss expenses incurred in respect of losses occurring in Current Year 27,808 26,997 24,956
Prior Year Claims and Claims Adjustment Expense, net of PPD related to A&H [2] (1,108) (975) (856)
Total 26,700 26,022 24,100
Net losses and loss expenses paid in Current Year 8,782 8,681 8,248
Net losses and loss expenses paid in Prior Year 15,511 12,822 12,763
Total 24,293 21,503 21,011
Foreign currency revaluation and other 995 (487) 83
Net unpaid losses and loss expenses, end of year 69,672 66,270 62,238
Reinsurance recoverable on unpaid losses, end of year [1] 18,346 17,734 17,884
Gross unpaid losses and loss expenses, end of year 88,018 84,004 80,122
Prior Period Development, net adjustments (25) 119 83
Huatai Group [Member]      
Unpaid Losses and Loss Expenses [Roll Forward]      
Consolidation of Huatai Group 0 0 405
Liability for Claims and Claims Adjustment Expense [Line Items]      
Consolidation of Huatai Group $ 0 $ 0 $ 405
[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 $(25) million, $119 million, and $83 million for 2025, 2024, and 2023, respectively.
v3.25.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Reconciliation of reserve Balances to Liability for Unpaid Loss) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense $ 67,460      
Ceded unpaid loss and allocated loss adjustment expense 18,574      
Unpaid unallocated loss adjustment expenses 1,984      
Unpaid losses and loss expenses 88,018 $ 84,004 $ 80,122 $ 75,747
North America Commercial P&C Insurance - Workers' Compensation [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 10,015      
Ceded unpaid loss and allocated loss adjustment expense 922      
North America Commercial P&C Insurance - Liability [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 23,614      
Ceded unpaid loss and allocated loss adjustment expense 7,388      
North America Commercial P&C Insurance - Other Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 2,886      
Ceded unpaid loss and allocated loss adjustment expense 1,074      
North America Commercial P&C Insurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 3,343      
Ceded unpaid loss and allocated loss adjustment expense 733      
North America Personal P&C Insurance [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 4,885      
Ceded unpaid loss and allocated loss adjustment expense 793      
Overseas General Insurance - Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 9,614      
Ceded unpaid loss and allocated loss adjustment expense 3,168      
Overseas General Insurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 4,454      
Ceded unpaid loss and allocated loss adjustment expense 1,894      
Global Reinsurance - Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 1,411      
Ceded unpaid loss and allocated loss adjustment expense 156      
Global Reinsurance - Non-Casualty [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 498      
Ceded unpaid loss and allocated loss adjustment expense 100      
Other Segments [Member]        
Short-duration Insurance Contracts, Reconciliation of Claims Development to Liability [Line Items]        
Net Unpaid Loss and Allocated Loss Adjustment Expense 6,740      
Ceded unpaid loss and allocated loss adjustment expense $ 2,346      
v3.25.4
Unpaid losses and loss expenses Unpaid Losses and loss expenses, claims development (Cumulative Net incurred Loss and Allocated Loss Adjustment Expense) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2019
USD ($)
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net $ 67,460                  
North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 12,667                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 5,675                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 10,015                  
Short-Duration PPD (519)                  
North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 44,127                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 22,521                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 23,614                  
Short-Duration PPD 319                  
North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 7,512                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 4,811                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 2,886                  
Short-Duration PPD 162                  
North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 25,517                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 22,184                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 3,343                  
Short-Duration PPD (371)                  
North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 31,057                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 26,223                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 4,885                  
Short-Duration PPD (397)                  
Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 16,618                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 7,738                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 9,614                  
Short-Duration PPD (20)                  
Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 26,191                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 21,863                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 4,454                  
Short-Duration PPD (329)                  
Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 2,781                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 1,625                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 1,411                  
Short-Duration PPD (3)                  
Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 2,814                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 2,328                  
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net 498                  
Short-Duration PPD (21)                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,096 $ 1,117 $ 1,162 $ 1,177 $ 1,206 $ 1,269 $ 1,378 $ 1,383 $ 1,361 $ 1,366
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 270                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 730 707 683 653 621 584 529 452 326 122
Cumulative Number of Reported Claims 51,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,720 3,695 3,658 3,753 3,762 3,790 3,794 3,682 3,585 3,524
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 287                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 3,296 3,106 2,981 2,819 2,592 2,331 1,973 1,334 661 171
Cumulative Number of Reported Claims 27,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 465 466 473 469 479 480 523 526 501 503
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 10                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 449 441 437 424 397 374 323 246 145 52
Cumulative Number of Reported Claims 16,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,811 1,811 1,818 1,816 1,820 1,808 1,772 1,792 1,882 1,903
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 8                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,800 1,794 1,787 1,786 1,775 1,751 1,723 1,648 1,498 843
Cumulative Number of Reported Claims 650,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,471 2,471 2,465 2,463 2,455 2,462 2,474 2,536 2,526 2,431
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 16                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,445 2,441 2,438 2,420 2,389 2,362 2,306 2,203 2,045 1,448
Cumulative Number of Reported Claims 154,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,274 1,330 1,320 1,307 1,377 1,367 1,380 1,354 1,287 1,184
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 80                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,093 1,056 1,027 1,002 876 783 661 515 312 122
Cumulative Number of Reported Claims 42,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,046 2,046 2,066 2,080 2,081 2,050 2,046 2,069 2,082 2,082
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,027 2,018 2,013 2,009 2,003 1,994 1,969 1,899 1,704 1,039
Cumulative Number of Reported Claims 701,000                  
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 255 256 255 248 243 243 234 235 226 223
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 6                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 237 231 220 209 192 175 159 142 113 57
Short-duration Insurance Contracts, Accident Year 2016 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 181 181 182 182 182 184 187 185 183 178
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 179 178 178 176 176 173 167 156 129 $ 56
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,045 1,069 1,121 1,176 1,376 1,393 1,399 1,380 1,412  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 293                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 666 648 626 601 564 516 437 313 120  
Cumulative Number of Reported Claims 50,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,537 3,520 3,490 3,431 3,542 3,620 3,570 3,488 3,313  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 419                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,972 2,868 2,626 2,321 1,999 1,697 1,159 615 161  
Cumulative Number of Reported Claims 26,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 614 609 602 590 604 615 576 565 531  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 18                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 580 561 539 496 445 381 312 175 66  
Cumulative Number of Reported Claims 17,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,490 2,495 2,505 2,519 2,509 2,517 2,500 2,601 2,697  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 22                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,472 2,450 2,446 2,427 2,403 2,389 2,298 2,082 976  
Cumulative Number of Reported Claims 764,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,011 3,009 3,008 2,998 2,989 2,989 2,993 3,060 3,025  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 18                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,980 2,981 2,969 2,928 2,861 2,791 2,659 2,512 1,692  
Cumulative Number of Reported Claims 163,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,301 1,334 1,333 1,368 1,335 1,375 1,325 1,277 1,176  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 54                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,133 1,084 1,019 965 833 669 511 306 92  
Cumulative Number of Reported Claims 43,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,279 2,285 2,248 2,281 2,284 2,260 2,279 2,295 2,249  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 29                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,230 2,224 2,224 2,246 2,186 2,144 2,069 1,894 1,088  
Cumulative Number of Reported Claims 714,000                  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 230 228 225 218 218 217 220 215 214  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 6                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 208 200 189 176 156 140 122 100 47  
Short-duration Insurance Contracts, Accident Year 2017 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 453 454 454 456 453 449 451 421 395  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 7                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 442 441 439 433 427 414 400 322 $ 191  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,152 1,175 1,221 1,384 1,384 1,379 1,361 1,359    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 336                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 706 681 641 597 528 451 329 130    
Cumulative Number of Reported Claims 52,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,995 3,991 3,913 3,897 3,817 3,685 3,482 3,365    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 420                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 3,305 3,070 2,781 2,334 1,772 1,300 752 189    
Cumulative Number of Reported Claims 28,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 632 625 606 575 579 574 562 535    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 24                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 585 580 532 472 365 270 169 74    
Cumulative Number of Reported Claims 17,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,143 2,147 2,158 2,168 2,160 2,168 2,232 2,045    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net (7)                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,144 2,138 2,135 2,111 2,067 2,011 1,819 1,024    
Cumulative Number of Reported Claims 904,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,140 3,119 3,118 3,128 3,107 3,092 3,027 2,999    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 17                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 3,099 3,069 3,035 2,969 2,855 2,697 2,540 1,920    
Cumulative Number of Reported Claims 170,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,339 1,362 1,364 1,387 1,432 1,388 1,325 1,274    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 94                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,047 1,018 905 746 622 481 318 107    
Cumulative Number of Reported Claims 44,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,146 2,165 2,186 2,197 2,225 2,250 2,289 2,200    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 15                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,108 2,090 2,082 2,071 2,051 1,983 1,781 1,039    
Cumulative Number of Reported Claims 742,000                  
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 270 267 262 255 251 255 248 245    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 13                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 232 222 199 172 150 126 96 42    
Short-duration Insurance Contracts, Accident Year 2018 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 276 277 280 286 281 285 283 276    
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 0                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 273 272 272 269 265 262 246 $ 94    
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,238 1,297 1,406 1,409 1,400 1,384 1,391      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 352                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 743 692 640 575 467 341 143      
Cumulative Number of Reported Claims 48,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,012 4,010 4,054 4,047 3,855 3,617 3,443      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 653                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 3,046 2,755 2,386 1,887 1,244 668 175      
Cumulative Number of Reported Claims 29,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 754 768 757 744 685 636 605      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 11                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 725 686 620 466 318 189 70      
Cumulative Number of Reported Claims 17,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,927 1,923 1,919 1,942 1,952 2,029 2,044      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 4                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,922 1,896 1,881 1,855 1,798 1,671 1,027      
Cumulative Number of Reported Claims 1,045,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,969 2,974 2,955 2,975 2,983 2,983 2,945      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 26                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,911 2,883 2,821 2,715 2,608 2,429 1,662      
Cumulative Number of Reported Claims 157,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,270 1,299 1,383 1,425 1,437 1,415 1,346      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 124                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 955 863 748 666 455 323 120      
Cumulative Number of Reported Claims 43,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,148 2,155 2,175 2,179 2,191 2,252 2,231      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,117 2,112 2,090 2,056 1,989 1,793 1,101      
Cumulative Number of Reported Claims 768,000                  
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 243 245 238 241 242 247 238      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 21                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 197 185 164 140 117 90 40      
Short-Duration Insurance Contract, Accident Year 2019 [Member] | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 116 115 115 118 124 126 128      
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 109 108 103 101 93 79 $ 35      
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,159 1,395 1,408 1,409 1,388 1,367        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 443                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 576 520 466 390 282 111        
Cumulative Number of Reported Claims 32,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,765 3,842 3,974 3,917 3,824 4,099        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 792                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,647 2,270 1,697 1,147 588 152        
Cumulative Number of Reported Claims 23,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 596 614 639 657 633 639        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 22                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 530 481 402 274 157 54        
Cumulative Number of Reported Claims 12,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,677 2,661 2,683 2,724 2,940 3,137        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 42                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,617 2,578 2,543 2,464 2,258 1,388        
Cumulative Number of Reported Claims 1,128,000                  
Short-Duration Insurance Contract, Accident Year 2020 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,575 2,580 2,580 2,623 2,625 2,919        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 24                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,483 2,436 2,361 2,221 1,988 1,329        
Cumulative Number of Reported Claims 123,000                  
Short-Duration Insurance Contract, Accident Year 2020 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,254 1,344 1,572 1,560 1,652 1,730        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 303                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 764 667 541 436 277 103        
Cumulative Number of Reported Claims 36,000                  
Short-Duration Insurance Contract, Accident Year 2020 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,205 2,246 2,272 2,325 2,454 2,598        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 51                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,095 2,053 2,053 1,935 1,791 1,138        
Cumulative Number of Reported Claims 695,000                  
Short-Duration Insurance Contract, Accident Year 2020 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 238 236 241 241 250 246        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 24                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 188 170 150 125 99 41        
Short-Duration Insurance Contract, Accident Year 2020 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 278 279 280 278 253 210        
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 13                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 252 243 232 215 177 $ 62        
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,349 1,370 1,372 1,330 1,348          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 525                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 623 552 458 331 120          
Cumulative Number of Reported Claims 36,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,457 4,536 4,438 4,346 4,313          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,472                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,508 1,928 1,199 608 174          
Cumulative Number of Reported Claims 24,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 729 763 747 709 674          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 66                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 566 439 293 176 60          
Cumulative Number of Reported Claims 15,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,533 2,546 2,627 2,823 2,939          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 10                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,478 2,440 2,321 2,099 1,085          
Cumulative Number of Reported Claims 867,000                  
Short-Duration Insurance Contract, Accident Year 2021 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,967 2,975 2,961 2,875 3,024          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 95                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,791 2,698 2,580 2,366 1,582          
Cumulative Number of Reported Claims 131,000                  
Short-Duration Insurance Contract, Accident Year 2021 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 1,676 1,749 1,742 1,718 1,663          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 595                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 817 621 447 279 114          
Cumulative Number of Reported Claims 37,000                  
Short-Duration Insurance Contract, Accident Year 2021 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,444 2,464 2,485 2,604 2,687          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net (5)                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,331 2,275 2,187 1,899 1,083          
Cumulative Number of Reported Claims 692,000                  
Short-Duration Insurance Contract, Accident Year 2021 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 271 277 289 285 281          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 55                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 175 148 120 87 35          
Short-Duration Insurance Contract, Accident Year 2021 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 355 357 354 351 341          
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 15                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 329 321 307 277 $ 158          
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,432 1,435 1,407 1,344            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 682                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 572 472 332 131            
Cumulative Number of Reported Claims 39,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,765 4,659 4,564 4,559            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2,136                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,004 1,279 648 144            
Cumulative Number of Reported Claims 26,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 915 848 801 781            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 169                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 577 400 235 82            
Cumulative Number of Reported Claims 22,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,777 2,809 2,944 3,046            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 98                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,620 2,493 2,188 1,049            
Cumulative Number of Reported Claims 907,000                  
Short-Duration Insurance Contract, Accident Year 2022 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,919 2,942 2,952 3,098            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 176                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,625 2,474 2,275 1,409            
Cumulative Number of Reported Claims 120,000                  
Short-Duration Insurance Contract, Accident Year 2022 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,124 2,036 1,861 1,812            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 932                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 898 533 290 84            
Cumulative Number of Reported Claims 38,000                  
Short-Duration Insurance Contract, Accident Year 2022 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,793 2,847 2,940 2,965            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net (28)                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,665 2,533 2,239 1,270            
Cumulative Number of Reported Claims 769,000                  
Short-Duration Insurance Contract, Accident Year 2022 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 295 295 298 296            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 88                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 157 122 87 39            
Short-Duration Insurance Contract, Accident Year 2022 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 291 291 312 346            
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 14                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 258 234 195 $ 74            
Short-Duration Insurance Contract, Accident Year 2023 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,423 1,413 1,371              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 708                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 494 358 129              
Cumulative Number of Reported Claims 38,000                  
Short-Duration Insurance Contract, Accident Year 2023 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 5,113 4,904 4,700              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2,645                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,713 828 196              
Cumulative Number of Reported Claims 30,000                  
Short-Duration Insurance Contract, Accident Year 2023 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 966 883 844              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 301                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 462 249 82              
Cumulative Number of Reported Claims 22,000                  
Short-Duration Insurance Contract, Accident Year 2023 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,666 2,880 3,069              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 134                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,386 2,134 1,218              
Cumulative Number of Reported Claims 974,000                  
Short-Duration Insurance Contract, Accident Year 2023 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,027 3,071 3,402              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 316                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,527 2,246 1,487              
Cumulative Number of Reported Claims 115,000                  
Short-Duration Insurance Contract, Accident Year 2023 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,032 1,998 1,965              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,160                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 483 288 80              
Cumulative Number of Reported Claims 39,000                  
Short-Duration Insurance Contract, Accident Year 2023 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,890 3,084 3,162              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 159                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,457 2,130 1,217              
Cumulative Number of Reported Claims 759,000                  
Short-Duration Insurance Contract, Accident Year 2023 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 288 287 276              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 125                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 111 69 30              
Short-Duration Insurance Contract, Accident Year 2023 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 159 176 181              
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 20                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 118 92 $ 36              
Short-Duration Insurance Contract, Accident Year 2024 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,368 1,380                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 743                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 383 147                
Cumulative Number of Reported Claims 38,000                  
Short-Duration Insurance Contract, Accident Year 2024 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 5,250 5,138                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 3,749                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 802 195                
Cumulative Number of Reported Claims 28,000                  
Short-Duration Insurance Contract, Accident Year 2024 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 929 884                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 485                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 246 86                
Cumulative Number of Reported Claims 17,000                  
Short-Duration Insurance Contract, Accident Year 2024 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,453 3,587                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 576                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,460 1,368                
Cumulative Number of Reported Claims 1,016,000                  
Short-Duration Insurance Contract, Accident Year 2024 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,325 3,664                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 787                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,243 1,452                
Cumulative Number of Reported Claims 104,000                  
Short-Duration Insurance Contract, Accident Year 2024 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,233 2,116                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,384                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 412 137                
Cumulative Number of Reported Claims 38,000                  
Short-Duration Insurance Contract, Accident Year 2024 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,512 3,483                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 550                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,356 1,314                
Cumulative Number of Reported Claims 763,000                  
Short-Duration Insurance Contract, Accident Year 2024 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 346 339                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 193                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 88 30                
Short-Duration Insurance Contract, Accident Year 2024 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 393 393                
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 103                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 236 $ 107                
Short-Duration Insurance Contract, Accident Year 2025 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 1,405                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 909                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 182                  
Cumulative Number of Reported Claims 37,000                  
Short-Duration Insurance Contract, Accident Year 2025 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 5,513                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 4,915                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 228                  
Cumulative Number of Reported Claims 31,000                  
Short-Duration Insurance Contract, Accident Year 2025 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 912                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 676                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 91                  
Cumulative Number of Reported Claims 12,000                  
Short-Duration Insurance Contract, Accident Year 2025 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,040                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,290                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,285                  
Cumulative Number of Reported Claims 910,000                  
Short-Duration Insurance Contract, Accident Year 2025 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 4,653                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 2,106                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 2,119                  
Cumulative Number of Reported Claims 82,000                  
Short-Duration Insurance Contract, Accident Year 2025 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 2,115                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 1,703                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 136                  
Cumulative Number of Reported Claims 33,000                  
Short-Duration Insurance Contract, Accident Year 2025 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 3,728                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 954                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net $ 1,477                  
Cumulative Number of Reported Claims 804,000                  
Short-Duration Insurance Contract, Accident Year 2025 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net $ 345                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 269                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 32                  
Short-Duration Insurance Contract, Accident Year 2025 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Incurred Claims and Allocated Claim Adjustment Expense, Net 312                  
Short-duration Insurance Contracts, Incurred but Not Reported (IBNR) Claims Liability, Net 121                  
Short-duration Insurance Contracts, Cumulative Paid Claims and Allocated Claim Adjustment Expense, Net 132                  
Accident years prior to 2016 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 3,023                  
Short-Duration PPD (130)                  
Accident years prior to 2016 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 2,008                  
Short-Duration PPD 0                  
Accident years prior to 2016 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 185                  
Short-Duration PPD 22                  
Accident years prior to 2016 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 10                  
Short-Duration PPD 11                  
Accident years prior to 2016 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 51                  
Short-Duration PPD 4                  
Accident years prior to 2016 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 734                  
Short-Duration PPD 45                  
Accident years prior to 2016 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 126                  
Short-Duration PPD (17)                  
Accident years prior to 2016 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 255                  
Short-Duration PPD (9)                  
Accident years prior to 2016 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 12                  
Short-Duration PPD 0                  
Accident years 2016 - 2025 | North America Commercial P&C Insurance - Workers' Compensation [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 6,992                  
Short-Duration PPD (389)                  
Accident years 2016 - 2025 | North America Commercial P&C Insurance - Liability [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 21,606                  
Short-Duration PPD 319                  
Accident years 2016 - 2025 | North America Commercial P&C Insurance - Other Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 2,701                  
Short-Duration PPD 140                  
Accident years 2016 - 2025 | North America Commercial P&C Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 3,333                  
Short-Duration PPD (382)                  
Accident years 2016 - 2025 | North America Personal P&C Insurance [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 4,834                  
Short-Duration PPD (401)                  
Accident years 2016 - 2025 | Overseas General Insurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 8,880                  
Short-Duration PPD (65)                  
Accident years 2016 - 2025 | Overseas General Insurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 4,328                  
Short-Duration PPD (312)                  
Accident years 2016 - 2025 | Global Reinsurance - Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 1,156                  
Short-Duration PPD 6                  
Accident years 2016 - 2025 | Global Reinsurance - Non-Casualty [Member]                    
Claims Development [Line Items]                    
Short-duration Insurance Contracts, Liability for Unpaid Claims and Allocated Claim Adjustment Expense, Net, Not Separately Presented 486                  
Short-Duration PPD $ (21)                  
v3.25.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Supplementary PPD) (Details)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
North America Commercial P&C Insurance - Workers' Compensation [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD $ (519)
North America Commercial P&C Insurance - Workers' Compensation [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD (130)
North America Commercial P&C Insurance - Workers' Compensation [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD (389)
North America Commercial P&C Insurance - Liability [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 319
North America Commercial P&C Insurance - Liability [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD 0
North America Commercial P&C Insurance - Liability [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD 319
North America Commercial P&C Insurance - Other Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD 162
North America Commercial P&C Insurance - Other Casualty [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD 22
North America Commercial P&C Insurance - Other Casualty [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD 140
North America Commercial P&C Insurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (371)
North America Commercial P&C Insurance - Non-Casualty [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD 11
North America Commercial P&C Insurance - Non-Casualty [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD (382)
North America Personal P&C Insurance [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (397)
North America Personal P&C Insurance [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD 4
North America Personal P&C Insurance [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD (401)
Overseas General Insurance - Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (20)
Overseas General Insurance - Casualty [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD 45
Overseas General Insurance - Casualty [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD (65)
Overseas General Insurance - Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (329)
Overseas General Insurance - Non-Casualty [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD (17)
Overseas General Insurance - Non-Casualty [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD (312)
Global Reinsurance - Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (3)
Global Reinsurance - Casualty [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD (9)
Global Reinsurance - Casualty [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD 6
Global Reinsurance Non-Casualty [Member]  
Supplementary PPD [Line Items]  
Short-Duration PPD (21)
Global Reinsurance Non-Casualty [Member] | Accident years prior to 2016  
Supplementary PPD [Line Items]  
Short-Duration PPD 0
Global Reinsurance Non-Casualty [Member] | Accident years 2016 - 2025  
Supplementary PPD [Line Items]  
Short-Duration PPD $ (21)
v3.25.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Average Annual Payout) (Details)
Dec. 31, 2025
North America Commercial P&C Insurance - Workers' Compensation [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 11.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 16.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 2.00%
North America Commercial P&C Insurance - Liability [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 15.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 15.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 5.00%
North America Commercial P&C Insurance - Other Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 17.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 19.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 18.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 15.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 2.00%
North America Commercial P&C Insurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 44.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 37.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
North America Personal P&C Insurance [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 52.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 25.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
Overseas General Insurance - Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 7.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 3.00%
Overseas General Insurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 45.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 32.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 10.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
Global Reinsurance - Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 14.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 19.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 12.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 9.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 8.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 6.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 4.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 2.00%
Global Reinsurance - Non-Casualty [Member]  
Short-duration Insurance Contracts, Historical Claims Duration [Line Items]  
Short-duration Insurance Contracts, Historical Claims Duration, Year One 34.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Two 38.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Three 13.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Four 5.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Five 3.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Six 2.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Seven 1.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Eight 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Nine 0.00%
Short-duration Insurance Contracts, Historical Claims Duration, Year Ten 0.00%
v3.25.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (Supplemental PPD Reconciliation) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense $ (1,132)    
Prior Period Development, net Adjustments (25) $ 119 $ 83
Prior Period Development, net adjustments except related to A&H (1)    
Net Prior Period Development (1,133) (856) (773)
Alternative Risk Solutions [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 61    
North America Workers' Compensation [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 25    
Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 196 288 148
Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (1,329) (1,144) (921)
Segments included in loss triangles [Domain]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (1,451)    
Other PPD adjustments [1] (272)    
Prior Period Development, net Adjustments 133    
Net Prior Period Development (1,318)    
Segments included in loss triangles [Domain] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (1,105)    
Segments included in loss triangles [Domain] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (74)    
North America Commercial P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (547)    
Other PPD adjustments [1],[2] (138)    
Prior Period Development, net Adjustments [3] 126    
Net Prior Period Development (421) (428) (494)
North America Commercial P&C Insurance [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (312)    
North America Commercial P&C Insurance [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (97)    
North America Commercial P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (165)    
Other PPD adjustments [1] (127)    
Prior Period Development, net Adjustments 90    
Net Prior Period Development (75) 18 (86)
North America Commercial P&C Insurance [Member] | Long Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 70    
North America Commercial P&C Insurance [Member] | Long Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (108)    
North America Commercial P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (382)    
Other PPD adjustments [1] (11)    
Prior Period Development, net Adjustments 36    
Net Prior Period Development (346) (446) (408)
North America Commercial P&C Insurance [Member] | Short Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (382)    
North America Commercial P&C Insurance [Member] | Short Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 11    
North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (403) (305) (134)
North America Personal P&C Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
North America Personal P&C Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (403)    
Other PPD adjustments [1] (6)    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (403) (305) (134)
North America Personal P&C Insurance [Member] | Short Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (401)    
North America Personal P&C Insurance [Member] | Short Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 4    
North America Agricultural Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (121) (104) (18)
North America Agricultural Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
North America Agricultural Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 13    
Prior Period Development, net Adjustments (134)    
Net Prior Period Development (121) (104) (18)
Overseas General Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (477)    
Other PPD adjustments [1],[4] (128)    
Prior Period Development, net Adjustments 6    
Net Prior Period Development (471) (290) (376)
Overseas General Insurance [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (377)    
Overseas General Insurance [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 28    
Overseas General Insurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (30)    
Other PPD adjustments [1] (10)    
Prior Period Development, net Adjustments 0    
Net Prior Period Development (30) (26) (50)
Overseas General Insurance [Member] | Long Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (65)    
Overseas General Insurance [Member] | Long Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 45    
Overseas General Insurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (447)    
Other PPD adjustments [1] (118)    
Prior Period Development, net Adjustments 6    
Net Prior Period Development (441) (264) (326)
Overseas General Insurance [Member] | Short Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (312)    
Overseas General Insurance [Member] | Short Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (17)    
Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (24)    
Other PPD adjustments [1] 0    
Prior Period Development, net Adjustments 1    
Net Prior Period Development (23) (25) (28)
Global Reinsurance [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (15)    
Global Reinsurance [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (9)    
Global Reinsurance [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (3)    
Other PPD adjustments [1] 0    
Prior Period Development, net Adjustments (2)    
Net Prior Period Development (5) 0 7
Global Reinsurance [Member] | Long Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 6    
Global Reinsurance [Member] | Long Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (9)    
Global Reinsurance [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (21)    
Other PPD adjustments [1] 0    
Prior Period Development, net Adjustments 3    
Net Prior Period Development (18) (25) (35)
Global Reinsurance [Member] | Short Tail [Member] | 2016 - 2024 accident years      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense (21)    
Global Reinsurance [Member] | Short Tail [Member] | Accident years prior to 2016      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 0    
Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 306 296 277
Corporate Segment [Member] | Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Prior Year Claims and Claims Adjustment Expense 306    
Prior Period Development, net Adjustments 0    
Net Prior Period Development 306 296 277
Corporate Segment [Member] | Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
[1]
(1)        Other includes the impact of foreign exchange.
[2] 2)     Includes favorable development of $61 million related to our Alternative Risk Solutions business (U.S. and Bermuda) and an adjustment to exclude $25 million in unfavorable development in the workers' compensation line, associated with an increase in exposure for which additional premiums were collected; the remaining difference relates to a number of other items, none of which are individually material.
[3]
(3)     Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
[4]
(4)     Includes favorable development related to Huatai P&C and International A&H business.
v3.25.4
Unpaid losses and loss expenses Unpaid losses and loss expenses (PPD Table) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (1,133) $ (856) $ (773)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.70% 1.40% 1.30%
North America Commercial P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (421) $ (428) $ (494)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.60% 0.70% 0.80%
North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (403) $ (305) $ (134)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.60% 0.50% 0.20%
North America Agricultural Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (121) $ (104) $ (18)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.20% 0.20% 0.00%
Overseas General Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (471) $ (290) $ (376)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.70% 0.50% 0.60%
Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ (23) $ (25) $ (28)
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.00% 0.00% 0.00%
Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 306 $ 296 $ 277
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.50% 0.50% 0.50%
Long Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 196 $ 288 $ 148
Long Tail [Member] | North America Commercial P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (75) 18 (86)
Long Tail [Member] | North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
Long Tail [Member] | North America Agricultural Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 0 0 0
Long Tail [Member] | Overseas General Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (30) (26) (50)
Long Tail [Member] | Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (5) 0 7
Long Tail [Member] | Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development 306 296 277
Short Tail [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (1,329) (1,144) (921)
Short Tail [Member] | North America Commercial P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (346) (446) (408)
Short Tail [Member] | North America Personal P&C Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (403) (305) (134)
Short Tail [Member] | North America Agricultural Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (121) (104) (18)
Short Tail [Member] | Overseas General Insurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (441) (264) (326)
Short Tail [Member] | Global Reinsurance [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development (18) (25) (35)
Short Tail [Member] | Corporate Segment [Member]      
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]      
Net Prior Period Development $ 0 $ 0 $ 0
[1] (1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses
v3.25.4
Unpaid losses and loss expenses (A&E Loss Roll-forward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (gross) at beginning of year $ 1,343 $ 1,415 $ 1,510
Balance (net) at beginning of year 885 945 1,013
Incurred activity, gross 279 250 268
Incurred activity, net [1] 197 173 183
Paid activity, gross (392) (322) (363)
Paid activity, net (258) (233) (251)
Balance (gross) at end of year 1,230 1,343 1,415
Balance (net) at end of year 824 885 945
Asbestos Issue [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (gross) at beginning of year 964 1,020 1,098
Balance (net) at beginning of year 608 654 703
Incurred activity, gross 202 176 180
Incurred activity, net 134 126 120
Paid activity, gross (318) (232) (258)
Paid activity, net (216) (172) (169)
Balance (gross) at end of year 848 964 1,020
Balance (net) at end of year 526 608 654
Environmental Issue [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (gross) at beginning of year 379 395 412
Balance (net) at beginning of year 277 291 310
Incurred activity, gross 77 74 88
Incurred activity, net 63 47 63
Paid activity, gross (74) (90) (105)
Paid activity, net (42) (61) (82)
Balance (gross) at end of year 382 379 395
Balance (net) at end of year 298 277 $ 291
Brandywine [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 502    
Balance (net) at end of year 483 502  
Westchester Specialty [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 86    
Balance (net) at end of year 72 86  
Other Segments [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 39    
Balance (net) at end of year 34 39  
The Chubb Corporation [Member]      
Liability For Asbestos And Environmental Claims Net Roll Forward      
Balance (net) at beginning of year 258    
Balance (net) at end of year $ 235 $ 258  
[1] Excludes unallocated loss expenses and the net activity reflects third-party reinsurance other than the aggregate excess of loss reinsurance provided by National Indemnity Company (NICO) to Westchester Specialty (see Westchester Specialty section below)
v3.25.4
Unpaid losses and loss expenses (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2004
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (1,133) $ (856) $ (773)    
Prior Period Development, net Adjustments $ (25) $ 119 $ 83    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 1.70% 1.40% 1.30%    
Incurred activity $ 26,700 $ 26,022 $ 24,100    
Liability for Claims and Claims Adjustment Expense 88,018 84,004 80,122 $ 75,747  
Net losses and loss expenses paid in Prior Year 15,511 12,822 12,763    
Liability for Unpaid Claims and Claims Adjustment Expense, Net 69,672 66,270 62,238 $ 58,661  
Prior Year Claims and Claims Adjustment Expense (1,132)        
Prior Year Claims and Claims Adjustment Expense, net of PPD related to A&H [2] (1,108) (975) (856)    
Brandywine Run-off [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Incurred activity 776        
Reinsurance coverage to Century provided by ACE INA under XOL 800        
Statutory capital and surplus 25        
Dividend retention fund established by INA Financial Corporation 50        
Required minimum balance under the dividend retention fund 50        
Contributions to the dividend retention fund 50 93      
Minimum contribution from the dividend retention fund to Century not required for XOL agreement 200        
Dividend Retention Fund Contribution to XOL 50 93      
Aggregate reinsurance balances ceded by active ACE companies to Century 1,900 1,900      
Liability for Claims and Claims Adjustment Expense 1,500 1,600      
Surplus note         $ 100
Century X O L Reinsurance Coverage, Statutory-Basis Remaining Limit $ 24        
Westchester and Brandywine Run-off [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
NICO pro-rata share of reinsurance protection (percent) 75.00%        
NICO retention for losses and loss expenses incurred on or before 12/31/1996 $ 721        
NICO reinsurance protection on losses and loss expenses incurred on or before 12/31/1996, net of retenion 1,000        
NICO reinsurance protection on losses and loss expenses 330        
Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development 196 288 148    
Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (1,329) (1,144) (921)    
North America Commercial P&C Insurance - Workers' Compensation [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Prior Year Claims and Claims Adjustment Expense 25        
Boy Scouts of America Agreement in Principle [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Liability for Claims and Claims Adjustment Expense   500 800    
Net losses and loss expenses paid in Prior Year   300      
North America Commercial P&C Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (421) $ (428) $ (494)    
Prior Period Development, net Adjustments [3] $ 126        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.60% 0.70% 0.80%    
Prior Year Claims and Claims Adjustment Expense $ (547)        
North America Commercial P&C Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (75) $ 18 $ (86)    
Prior Period Development, net Adjustments 90        
Prior Year Claims and Claims Adjustment Expense (165)        
North America Commercial P&C Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (346) (446) (408)    
Prior Period Development, net Adjustments 36        
Prior Year Claims and Claims Adjustment Expense (382)        
North America Personal P&C Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (403) $ (305) $ (134)    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.60% 0.50% 0.20%    
North America Personal P&C Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 0 $ 0 $ 0    
North America Personal P&C Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (403) (305) (134)    
Prior Period Development, net Adjustments 0        
Prior Year Claims and Claims Adjustment Expense (403)        
North America Agricultural Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (121) $ (104) $ (18)    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.20% 0.20% 0.00%    
North America Agricultural Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 0 $ 0 $ 0    
North America Agricultural Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (121) (104) (18)    
Prior Period Development, net Adjustments (134)        
Prior Year Claims and Claims Adjustment Expense 13        
Overseas General Insurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (471) $ (290) $ (376)    
Prior Period Development, net Adjustments $ 6        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.70% 0.50% 0.60%    
Prior Year Claims and Claims Adjustment Expense $ (477)        
Overseas General Insurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (30) $ (26) $ (50)    
Prior Period Development, net Adjustments 0        
Prior Year Claims and Claims Adjustment Expense (30)        
Overseas General Insurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (441) (264) (326)    
Prior Period Development, net Adjustments 6        
Prior Year Claims and Claims Adjustment Expense $ (447)        
Overseas General Insurance - Casualty [Member] | Europe [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 46.00%        
Global Reinsurance Non-Casualty [Member] | accident year 2016 and after          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 91.00%        
Global Reinsurance Non-Casualty [Member] | Accident years 2016-2017          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 78.00%        
Global Reinsurance Non-Casualty [Member] | Accident year 2018 to 2025          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Loss by Geographic Percentage 94.00%        
Global Reinsurance [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ (23) $ (25) $ (28)    
Prior Period Development, net Adjustments $ 1        
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.00% 0.00% 0.00%    
Prior Year Claims and Claims Adjustment Expense $ (24)        
Global Reinsurance [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (5) $ 0 $ 7    
Prior Period Development, net Adjustments (2)        
Prior Year Claims and Claims Adjustment Expense (3)        
Global Reinsurance [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development (18) (25) (35)    
Prior Period Development, net Adjustments 3        
Prior Year Claims and Claims Adjustment Expense (21)        
Corporate Segment [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 306 $ 296 $ 277    
Prior Period Development Percentage Opening Net Unpaid Reserves [1] 0.50% 0.50% 0.50%    
Corporate Segment [Member] | Long Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 306 $ 296 $ 277    
Prior Period Development, net Adjustments 0        
Prior Year Claims and Claims Adjustment Expense 306        
Corporate Segment [Member] | Short Tail [Member]          
Liability for Claims and Claims Adjustment Expense [Line Items]          
Net Prior Period Development $ 0 $ 0 $ 0    
[1] (1)     Calculated based on the beginning of period consolidated net unpaid losses and loss expenses
[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 $(25) million, $119 million, and $83 million for 2025, 2024, and 2023, respectively.
[3]
(3)     Includes premium returns associated with our Alternative Risk Solutions business, which is excluded from the triangles.
v3.25.4
Future policy benefits (Rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Liability for Future Policy Benefit, Activity [Line Items]    
Deferred profit liability $ 2,552 $ 1,724
Net liability for future policy benefits, before reinsurance recoverable 18,420 16,121
Reinsurance recoverable on policy benefits 286 289
Life Insurance [Member]    
Liability for Future Policy Benefit, Activity [Line Items]    
Balance – beginning of period 17,679 16,036
Beginning balance at original discount rate 17,745 16,693
Effect of changes in cash flow assumptions (506) 450
Effect of actual variances from expected experience (301) (130)
Adjusted beginning of period balance 16,938 17,013
Issuances 4,162 3,680
Interest accrual 794 731
Net premiums collected (1) [1] (3,443) (2,851)
Other (including foreign exchange) 67 (828)
Ending balance at original discount rate 18,518 17,745
Effect of changes in discount rate assumptions (111) (66)
Balance – end of period 18,407 17,679
Balance – beginning of period 30,635 27,462
Beginning balance at original discount rate 30,142 28,303
Effect of changes in cash flow assumptions (574) 432
Effect of actual variances from expected experience (292) (110)
Adjusted beginning of period balance 29,276 28,625
Issuances 4,162 3,680
Interest accrual 1,216 1,092
Benefits payments (2,351) (2,176)
Other (including foreign exchange) 248 (1,079)
Ending balance at original discount rate 32,551 30,142
Effect of changes in discount rate assumptions 224 493
Balance – end of period 32,775 30,635
Net liability for future policy benefits 14,368 12,956
Deferred profit liability 2,552 1,724
Net liability for future policy benefits, before reinsurance recoverable 16,920 14,680
Reinsurance recoverable on policy benefits 276 269
Net liability for future policy benefits, after reinsurance recoverable $ 16,644 $ 14,411
Weighted-average duration (years) 21 years 7 months 6 days 21 years 3 months 18 days
Other Segments [Member]    
Liability for Future Policy Benefit, Activity [Line Items]    
Net liability for future policy benefits [2] $ 1,500 $ 1,441
Term Life Insurance | Life Insurance [Member]    
Liability for Future Policy Benefit, Activity [Line Items]    
Balance – beginning of period 1,523 1,590
Beginning balance at original discount rate 1,819 1,992
Effect of changes in cash flow assumptions (59) (141)
Effect of actual variances from expected experience 11 11
Adjusted beginning of period balance 1,771 1,862
Issuances 221 221
Interest accrual 61 58
Net premiums collected (1) [1] (253) (242)
Other (including foreign exchange) 14 (80)
Ending balance at original discount rate 1,814 1,819
Effect of changes in discount rate assumptions (270) (296)
Balance – end of period 1,544 1,523
Balance – beginning of period 2,238 2,254
Beginning balance at original discount rate 2,647 2,749
Effect of changes in cash flow assumptions (60) (141)
Effect of actual variances from expected experience 19 20
Adjusted beginning of period balance 2,606 2,628
Issuances 221 221
Interest accrual 82 76
Benefits payments (231) (224)
Other (including foreign exchange) 37 (54)
Ending balance at original discount rate 2,715 2,647
Effect of changes in discount rate assumptions (402) (409)
Balance – end of period 2,313 2,238
Net liability for future policy benefits 769 715
Deferred profit liability 319 279
Net liability for future policy benefits, before reinsurance recoverable 1,088 994
Reinsurance recoverable on policy benefits 106 108
Net liability for future policy benefits, after reinsurance recoverable $ 982 $ 886
Weighted-average duration (years) 11 years 10 years 4 months 24 days
Whole Life Insurance | Life Insurance [Member]    
Liability for Future Policy Benefit, Activity [Line Items]    
Balance – beginning of period $ 4,405 $ 3,950
Beginning balance at original discount rate 4,303 3,945
Effect of changes in cash flow assumptions (65) 178
Effect of actual variances from expected experience (20) (2)
Adjusted beginning of period balance 4,218 4,121
Issuances 1,656 1,211
Interest accrual 154 128
Net premiums collected (1) [1] (1,526) (1,086)
Other (including foreign exchange) 114 (71)
Ending balance at original discount rate 4,616 4,303
Effect of changes in discount rate assumptions 133 102
Balance – end of period 4,749 4,405
Balance – beginning of period 12,057 10,063
Beginning balance at original discount rate 11,242 9,991
Effect of changes in cash flow assumptions (93) 205
Effect of actual variances from expected experience (21) 11
Adjusted beginning of period balance 11,128 10,207
Issuances 1,656 1,211
Interest accrual 407 331
Benefits payments (333) (340)
Other (including foreign exchange) 275 (167)
Ending balance at original discount rate 13,133 11,242
Effect of changes in discount rate assumptions 658 815
Balance – end of period 13,791 12,057
Net liability for future policy benefits 9,042 7,652
Deferred profit liability 1,922 1,210
Net liability for future policy benefits, before reinsurance recoverable 10,964 8,862
Reinsurance recoverable on policy benefits 48 47
Net liability for future policy benefits, after reinsurance recoverable $ 10,916 $ 8,815
Weighted-average duration (years) 26 years 6 months 27 years 9 months 18 days
Accident and Health [Member] | Life Insurance [Member]    
Liability for Future Policy Benefit, Activity [Line Items]    
Balance – beginning of period $ 11,626 $ 10,432
Beginning balance at original discount rate 11,499 10,692
Effect of changes in cash flow assumptions (389) 417
Effect of actual variances from expected experience (293) (139)
Adjusted beginning of period balance 10,817 10,970
Issuances 1,876 2,162
Interest accrual 568 540
Net premiums collected (1) [1] (1,526) (1,483)
Other (including foreign exchange) (70) (690)
Ending balance at original discount rate 11,665 11,499
Effect of changes in discount rate assumptions 23 127
Balance – end of period 11,688 11,626
Balance – beginning of period 15,693 14,650
Beginning balance at original discount rate 15,652 15,071
Effect of changes in cash flow assumptions (434) 373
Effect of actual variances from expected experience (291) (141)
Adjusted beginning of period balance 14,927 15,303
Issuances 1,876 2,162
Interest accrual 699 668
Benefits payments (1,770) (1,594)
Other (including foreign exchange) (87) (887)
Ending balance at original discount rate 15,645 15,652
Effect of changes in discount rate assumptions (58) 41
Balance – end of period 15,587 15,693
Net liability for future policy benefits 3,899 4,067
Deferred profit liability 234 196
Net liability for future policy benefits, before reinsurance recoverable 4,133 4,263
Reinsurance recoverable on policy benefits 121 113
Net liability for future policy benefits, after reinsurance recoverable $ 4,012 $ 4,150
Weighted-average duration (years) 10 years 9 years 9 months 18 days
Insurance, Other [Member] | Life Insurance [Member]    
Liability for Future Policy Benefit, Activity [Line Items]    
Balance – beginning of period $ 125 $ 64
Beginning balance at original discount rate 124 64
Effect of changes in cash flow assumptions 7 (4)
Effect of actual variances from expected experience 1 0
Adjusted beginning of period balance 132 60
Issuances 409 86
Interest accrual 11 5
Net premiums collected (1) [1] (138) (40)
Other (including foreign exchange) 9 13
Ending balance at original discount rate 423 124
Effect of changes in discount rate assumptions 3 1
Balance – end of period 426 125
Balance – beginning of period 647 495
Beginning balance at original discount rate 601 492
Effect of changes in cash flow assumptions 13 (5)
Effect of actual variances from expected experience 1 0
Adjusted beginning of period balance 615 487
Issuances 409 86
Interest accrual 28 17
Benefits payments (17) (18)
Other (including foreign exchange) 23 29
Ending balance at original discount rate 1,058 601
Effect of changes in discount rate assumptions 26 46
Balance – end of period 1,084 647
Net liability for future policy benefits 658 522
Deferred profit liability 77 39
Net liability for future policy benefits, before reinsurance recoverable 735 561
Reinsurance recoverable on policy benefits 1 1
Net liability for future policy benefits, after reinsurance recoverable $ 734 $ 560
Weighted-average duration (years) 26 years 18 years 7 months 6 days
[1] Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
[2] Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.
v3.25.4
Future policy benefits (Undiscounted & discounted FPB) (Details) - Life Insurance [Member] - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Discounted expected future benefit payments $ 32,775 $ 30,635 $ 27,462
Term Life Insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Undiscounted expected future benefit payments 4,486 4,141  
Undiscounted expected future gross premiums 6,789 6,508  
Discounted expected future benefit payments 2,313 2,238 2,254
Discounted expected future gross premiums 4,556 4,400  
Whole Life Insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Undiscounted expected future benefit payments 32,438 28,263  
Undiscounted expected future gross premiums 11,033 10,346  
Discounted expected future benefit payments 13,791 12,057 10,063
Discounted expected future gross premiums 9,152 8,452  
Accident and Health [Member]      
Liability for Future Policy Benefit, Activity [Line Items]      
Undiscounted expected future benefit payments 26,331 26,584  
Undiscounted expected future gross premiums 38,881 38,826  
Discounted expected future benefit payments 15,587 15,693 14,650
Discounted expected future gross premiums 23,445 23,133  
Insurance, Other [Member]      
Liability for Future Policy Benefit, Activity [Line Items]      
Undiscounted expected future benefit payments 1,989 1,126  
Undiscounted expected future gross premiums 639 242  
Discounted expected future benefit payments 1,084 647 $ 495
Discounted expected future gross premiums $ 600 $ 216  
v3.25.4
Future policy benefits (Premiums & interest) (Details) - Life Insurance [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums or Assessments $ 6,710 $ 5,729 $ 4,846
Interest Accretion 422 361 332
Term Life Insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums or Assessments 734 684 641
Interest Accretion 21 18 19
Whole Life Insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums or Assessments 2,674 1,962 1,259
Interest Accretion 253 203 165
Accident and Health [Member]      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums or Assessments 3,109 3,016 2,918
Interest Accretion 131 128 141
Insurance, Other [Member]      
Liability for Future Policy Benefit, Activity [Line Items]      
Gross Premiums or Assessments 193 67 28
Interest Accretion $ 17 $ 12 $ 7
v3.25.4
Future policy benefits (Weighted average interest rates) (Details) - Life Insurance [Member]
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Term Life Insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Accretion Rate 3.10% 3.00% 2.80%
Current Discount Rate 5.40% 5.40% 5.20%
Whole Life Insurance      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Accretion Rate 3.40% 3.30% 3.20%
Current Discount Rate 4.20% 4.10% 4.60%
Accident and Health [Member]      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Accretion Rate 4.30% 3.90% 3.70%
Current Discount Rate 5.90% 5.80% 6.20%
Insurance, Other [Member]      
Liability for Future Policy Benefit, Activity [Line Items]      
Interest Accretion Rate 3.30% 2.80% 2.60%
Current Discount Rate 3.50% 3.80% 4.10%
v3.25.4
Policyholders' account balances (Policyholder Account Balance Rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Policyholder Account Balance [Line Items]      
Balance – beginning of period $ 6,748 $ 6,789  
Policyholder Account Balance, Premium Received 847 1,028  
Policyholder Account Balance, Policy Charge [1] (114) (147)  
Policyholder Account Balance, Surrender and Withdrawal (346) (439)  
Policyholder Account Balance, Benefit Payment [2] (248) (277)  
Policyholder Account Balance, Interest Expense 163 159  
Policyholder Account Balance, Increase (Decrease) from Other Change 181 365  
Balance – end of period 7,231 6,748  
Unearned revenue liability 758 711 $ 673
Policyholder Account Balance, Other Reconciling Items 587 [3] 557  
Policyholders' account balances 8,576 8,016  
Universal Life      
Policyholder Account Balance [Line Items]      
Balance – beginning of period 1,809 1,876  
Policyholder Account Balance, Premium Received 215 276  
Policyholder Account Balance, Policy Charge [1] (105) (136)  
Policyholder Account Balance, Surrender and Withdrawal (124) (122)  
Policyholder Account Balance, Benefit Payment [2] (26) (60)  
Policyholder Account Balance, Interest Expense 47 50  
Policyholder Account Balance, Increase (Decrease) from Other Change 83 75  
Balance – end of period 1,899 1,809  
Policyholders' account balances $ 1,899 $ 1,809  
Policyholder Account Balance, Weighted Average Crediting Rate [4] 3.40% 3.70%  
Policyholder Account Balance, Net Amount at Risk [5] $ 11,115 $ 12,369  
Policyholder Account Balance, Cash Surrender Value 1,771 1,649  
Annuities [Member]      
Policyholder Account Balance [Line Items]      
Balance – beginning of period [6] 2,585 [7] 2,411  
Policyholder Account Balance, Premium Received [6] 268 [7] 339  
Policyholder Account Balance, Policy Charge [1],[6] 0 [7] 0  
Policyholder Account Balance, Surrender and Withdrawal [6] (34) [7] (39)  
Policyholder Account Balance, Benefit Payment [2],[6] (136) [7] (139)  
Policyholder Account Balance, Interest Expense [6] 48 [7] 41  
Policyholder Account Balance, Increase (Decrease) from Other Change [6] 70 [7] (28)  
Balance – end of period [6],[7] 2,801 2,585  
Policyholder Account Balance, Net Amount at Risk [5] 31 [8] 0  
Policyholder Account Balance, Cash Surrender Value 1,864 [8] 1,678  
Insurance, Other [Member]      
Policyholder Account Balance [Line Items]      
Balance – beginning of period 2,354 [9] 2,502  
Policyholder Account Balance, Premium Received 364 [9] 413  
Policyholder Account Balance, Policy Charge [1] (9) [9] (11)  
Policyholder Account Balance, Surrender and Withdrawal (188) [9] (278)  
Policyholder Account Balance, Benefit Payment [2] (86) [9] (78)  
Policyholder Account Balance, Interest Expense 68 [9] 68  
Policyholder Account Balance, Increase (Decrease) from Other Change 28 [9] 262  
Balance – end of period [9] 2,531 2,354  
Policyholders' account balances $ 2,531 $ 2,354  
Policyholder Account Balance, Weighted Average Crediting Rate [4] 3.30% 3.10%  
Policyholder Account Balance, Net Amount at Risk [5] $ 342 $ 425  
Policyholder Account Balance, Cash Surrender Value $ 2,241 $ 2,060  
[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]
Policyholders' account balances
The following tables present a roll-forward of policyholders' account balances:
For the Year Ended December 31, 2025
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,809 $2,585 $2,354 $6,748 
Premiums received 215 268 364 847 
Policy charges (1)
(105)— (9)(114)
Surrenders and withdrawals(124)(34)(188)(346)
Benefit payments (2)
(26)(136)(86)(248)
Interest credited47 48 68 163 
Other (including foreign exchange)83 70 28 181 
Balance – end of period$1,899 $2,801 $2,531 $7,231 
Unearned revenue liability758 
Other (3)
587 
Policyholders' account liability, per consolidated balance sheet$8,576 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

For the Year Ended December 31, 2024
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,876 $2,411 $2,502 $6,789 
Premiums received 276 339 413 1,028 
Policy charges (1)
(136)— (11)(147)
Surrenders and withdrawals(122)(39)(278)(439)
Benefit payments (2)
(60)(139)(78)(277)
Interest credited50 41 68 159 
Other (including foreign exchange)(75)(28)(262)(365)
Balance – end of period$1,809 $2,585 $2,354 $6,748 
Unearned revenue liability711 
Other (3)
557 
Policyholders' account liability, per consolidated balance sheet$8,016 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
December 31
20252024
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (1)
OtherUniversal Life
Annuities (1)
Other
Weighted-average crediting rate (2)
3.4 %N/A3.3 %3.7 %N/A3.1 %
Net amount at risk (3)
$11,115 $31 $342 $12,369 $— $425 
Cash Surrender Value$1,771 $1,864 $2,241 $1,649 $1,678 $2,060 
(1)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
(2)Calculated using actual interest credited for the twelve months ended December 31, 2025 and 2024, respectively.
(3)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
[3] Primarily comprises unpaid dividends on certain participating policies.
[4] Calculated using actual interest credited for the twelve months ended December 31, 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]
Policyholders' account balances
The following tables present a roll-forward of policyholders' account balances:
For the Year Ended December 31, 2025
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,809 $2,585 $2,354 $6,748 
Premiums received 215 268 364 847 
Policy charges (1)
(105)— (9)(114)
Surrenders and withdrawals(124)(34)(188)(346)
Benefit payments (2)
(26)(136)(86)(248)
Interest credited47 48 68 163 
Other (including foreign exchange)83 70 28 181 
Balance – end of period$1,899 $2,801 $2,531 $7,231 
Unearned revenue liability758 
Other (3)
587 
Policyholders' account liability, per consolidated balance sheet$8,576 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

For the Year Ended December 31, 2024
(in millions of U.S. dollars)Universal Life
Annuities (4)
Other (5)
Total
Balance – beginning of period$1,876 $2,411 $2,502 $6,789 
Premiums received 276 339 413 1,028 
Policy charges (1)
(136)— (11)(147)
Surrenders and withdrawals(122)(39)(278)(439)
Benefit payments (2)
(60)(139)(78)(277)
Interest credited50 41 68 159 
Other (including foreign exchange)(75)(28)(262)(365)
Balance – end of period$1,809 $2,585 $2,354 $6,748 
Unearned revenue liability711 
Other (3)
557 
Policyholders' account liability, per consolidated balance sheet$8,016 
(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)Relates to Huatai Life.
(5)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
December 31
20252024
(in millions of U.S. dollars, except for percentages)Universal Life
Annuities (1)
OtherUniversal Life
Annuities (1)
Other
Weighted-average crediting rate (2)
3.4 %N/A3.3 %3.7 %N/A3.1 %
Net amount at risk (3)
$11,115 $31 $342 $12,369 $— $425 
Cash Surrender Value$1,771 $1,864 $2,241 $1,649 $1,678 $2,060 
(1)Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
(2)Calculated using actual interest credited for the twelve months ended December 31, 2025 and 2024, respectively.
(3)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date
[7] Relates to Huatai Life.
[8] Annuities do not have an explicit account balance, therefore a crediting rate is not applicable.
[9] Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.
v3.25.4
Policyholders' account balances (Guaranteed Minimum Crediting Rates) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 8,576 $ 8,016
Universal Life    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 1,899 1,809
Universal Life | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 509 262
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 311 615
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 397 395
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 198 106
Insurance, Other [Member]    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 2,531 2,354
Insurance, Other [Member] | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 1,098 995
Insurance, Other [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 59 56
Insurance, Other [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 90 158
Insurance, Other [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 65 2
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 249 156
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 0 4
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 51 46
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 198 106
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other [Member]    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 164 174
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other [Member] | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 3 8
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other [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 6 6
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other [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 90 158
Policyholder account balance, guaranteed minimum credit rating, range from 0000 to 0200 | Insurance, Other [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 65 2
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 1,148 1,209
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 491 245
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 311 615
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 346 349
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 | Insurance, Other [Member]    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 1,148 1,037
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Insurance, Other [Member] | Policyholder Account Balance, at Guaranteed Minimum Crediting Rate    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 1,095 987
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Insurance, Other [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 53 50
Policyholder account balance, guaranteed minimum credit rating, range from 0201 to 0400 | Insurance, Other [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 | Insurance, Other [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 | Universal Life    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 18 13
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 18 13
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 | Insurance, Other [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 | Insurance, Other [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 | Insurance, Other [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 | Insurance, Other [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 | Insurance, Other [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, Fixed Rate or No Guarantee [Member] | Universal Life    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance 484 431
Policyholder Account Balance, Guaranteed Minimum Crediting Rate, Fixed Rate or No Guarantee [Member] | Insurance, Other [Member]    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance $ 1,219 $ 1,143
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 | Insurance, Other [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 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 | Insurance, Other [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 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 | Insurance, Other [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 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 | Insurance, Other [Member]    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate 4.00% 4.00%
v3.25.4
Separate accounts (Fair value of assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 6,925 $ 6,231
Separate Account, Cash and Cash Equivalents    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 73 234
Mutual funds    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets 6,785 5,931
Fixed maturities    
Fair Value, Separate Account Investment [Line Items]    
Separate account assets $ 67 $ 66
v3.25.4
Separate accounts (Separate account liabilities rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Separate Account, Liability [Line Items]    
Separate Account, Liability, Beginning Balance $ 6,231 $ 5,573
Separate Account, Liability, Premium and Deposit 1,394 1,629
Separate Account, Liability, Policy Charge (164) (158)
Separate Account, Liability, Surrender and Withdrawal (997) (910)
Separate Account, Liability, Benefit Payment (466) (430)
Separate Account, Liability, Increase (Decrease) from Invested Performance 739 630
Separate Account, Liability, Increase (Decrease) from Other Change 188 (103)
Separate Account, Liability, Ending Balance 6,925 6,231
Separate Account, Liability, Cash Surrender Value, Amount [1] $ 6,371 $ 5,853
[1] Cash surrender value represents the amount of the policyholder's account balances distributable at the balance sheet date less certain surrender charges
v3.25.4
Unearned revenue liability (URL Rollforward) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Insurance [Abstract]    
Balance – beginning of period $ 711 $ 673
Deferred revenue 130 144
Amortization (77) (73)
Other (including foreign exchange) (6) (33)
Balance – end of period $ 758 $ 711
v3.25.4
Market risk benefits (MRB Roll-Forward) (Details) - Long-Duration Insurance, Other - Variable Annuity [Member] - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
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   25 (130)
Effect of changes in equity markets [1]   (131) (125)
Effect of changes in volatilities   30 1
Market Risk Benefit, Increase (Decrease) from Actual Policyholder Behavior Different from Expected   46 55
Market Risk Benefit, Increase (Decrease) from Future Expected Policyholder Behavior Assumption $ 101 101 87
Effect of timing and all other   (27) (45)
Balance, end of period, before effect of changes in the instrument-specific credit risk   636 592
Effect of changes in the instrument-specific credit risk   23 15
Balance - end of period   $ 659 $ 607
Average attained age of all policyholders under all benefits reinsured, years   74 years 74 years
Market Risk Benefit, Net Amount at Risk [2]   $ 1,369 $ 1,520
Market Risk Benefits Other Gains (Losses)   $ (244) $ (297)
[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.
v3.25.4
Market Risk Benefits (MRB Valuation) (Details)
Dec. 31, 2025
Dec. 31, 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% 0.50%
Annuitization rate 0.00% 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% 27.30%
Annuitization rate 100.00% 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] 3.20% 3.40%
Annuitization rate [1] 5.00% 4.50%
[1] The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.
v3.25.4
Taxation (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Income Taxes Receivable, Current $ 419 $ 246  
Taxes Payable, Current 377 376  
Valuation allowance 637 1,081  
Loss carry-forwards 162 146  
Unrecognized Tax Benefits 79 130 $ 73
Income Tax Credits and Adjustments 5 18  
Unrecognized tax benefits that would affect the effective tax rate 74 112  
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense (23) 6 $ 7
Liabilities recorded for tax-related interest and penalties 24 $ 30  
Investments      
Income Tax Examination [Line Items]      
Valuation allowance 179    
Domestic Tax Authority [Member]      
Income Tax Examination [Line Items]      
Net operating loss carry-forwards 579    
Loss carry-forwards $ 52    
v3.25.4
Taxation (Provision For Income Taxes) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest $ 13,044 $ 11,455 $ 9,526
Current tax expense 2,085 1,729 1,595
Deferred tax expense 337 86 (1,084)
Income tax expense 2,422 1,815 511
Domestic Tax Authority [Member]      
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Domestic 185 121 44
Current tax expense 85 29 25
Deferred tax expense (14) 14 (63)
Foreign Tax Authority [Member]      
Income Tax Examination [Line Items]      
Income (Loss) from Continuing Operations before Income Taxes, Foreign 12,859 11,334 9,482
Current tax expense 2,000 1,700 1,570
Deferred tax expense $ 351 $ 72 $ (1,021)
v3.25.4
Taxation (Reconciliation of Effective Tax Expense and Reported Income Tax Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount [1]   $ 2,251 $ 1,872
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount   (510) (389)
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount   (55) (1,135)
Income Tax Reconciliation, Net Witholding Taxes   145 15
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount $ 59 (16) 148
Effective Income Tax Rate Reconciliation, Other Adjustments, Percent 0.50%    
Income tax expense $ 2,422 $ 1,815 $ 511
Effective Income Tax Rate Reconciliation, Percent 18.60%    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Flat Rate, Percent 0.085    
SWITZERLAND      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount [1] $ 1,021    
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent [1] 7.80%    
Bermuda      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 327    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 2.50%    
Credits for taxes paid to foreign jurisdictions $ (157)    
Effective Income Tax Rate Reconciliation, Tax Credit, Foreign, Percent (1.20%)    
Excluded dividends, gains and losses $ (196)    
Effective Income Tax Rate Reconciliation, Deduction, Dividend, Percent (1.50%)    
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Amount $ 5    
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Other, Percent 0.00%    
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount $ 9    
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent 0.10%    
UNITED STATES      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 553    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 4.20%    
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount $ 5    
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Percent 0.10%    
Foreign Tax Jurisdiction, Other      
Effective Income Tax Rate Reconciliation [Line Items]      
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Amount $ 796    
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential, Percent 6.10%    
[1] 2025 reflects the Swiss federal corporate income tax at a flat rate of 8.5 percent on profit after tax, resulting in an effective rate of approximately 7.8 percent on profit before tax, with no federal corporate capital tax. 2024 and 2023 reflect the combined Swiss federal and cantonal rate.
v3.25.4
Taxation (Income Taxes Paid - Supplemental Cash Flow) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Taxes Paid, Net $ 2,211 $ 1,662 $ 1,465
SWITZERLAND      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Federal, after Refund Received 34    
Foreign Tax Authority [Member]      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received 2,177    
Bermuda      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received 250    
KOREA, REPUBLIC OF      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received 257    
UNITED KINGDOM      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received 289    
UNITED STATES      
Income Tax Paid, by Individual Jurisdiction [Line Items]      
Income Tax Paid, Foreign, after Refund Received $ 614    
v3.25.4
Taxation (Components Of Net Deferred Tax Assets) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Deferred Tax Assets, Gross [Abstract]    
Loss reserve discount $ 2,073 $ 1,746
Unearned premiums reserve 713 753
Foreign tax credits 5 18
Loss carry-forwards 162 146
Investments [1] 0 512
Depreciation 0 26
Future policy benefits 103 176
Other 498 268
Total deferred tax assets 3,554 3,645
Valuation allowance 637 1,081
Deferred Tax Assets, Net of Valuation Allowance 2,917 2,564
Deferred Tax Liabilities, Gross [Abstract]    
Deferred policy acquisition costs 1,650 1,005
Other intangible assets, including VOBA 1,154 1,289
Investments [1] 127 0
Depreciation 112 0
Un-remitted foreign earnings 303 251
Total deferred tax liabilities 3,346 2,545
Net deferred tax assets (liabilities) (429) (19)
Deferred Tax Asset, Debt Securities, Trading, Unrealized Loss $ 234 $ 787
[1] Included in Investments are deferred tax assets on unrealized depreciation of $234 million and $787 million at December 31, 2025 and 2024, respectively.
v3.25.4
Taxation (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Income Tax Contingency [Line Items]    
Balance, beginning of year $ 130 $ 73
Additions based on tax positions related to the current year 5 1
Additions based on tax positions related to prior years 20 58
Reductions for tax positions of prior years (26) (1)
Reductions for the lapse of the applicable statutes of limitations 0 (1)
Reductions for settlements with taxing authorities (50) 0
Balance, end of year $ 79 $ 130
v3.25.4
Taxation Taxation (Summary Of Income Tax Examinations) (Details)
 12 Months Ended
Dec. 31, 2025
AUSTRALIA | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2019
AUSTRALIA | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
BRAZIL | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2019
BRAZIL | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
CANADA | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2018
CANADA | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
CHINA | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2022
CHINA | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
FRANCE | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2023
FRANCE | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
GERMANY | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2016
GERMANY | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
ITALY | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2020
ITALY | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
KOREA, REPUBLIC OF | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2020
KOREA, REPUBLIC OF | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
MEXICO | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2016
MEXICO | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
SPAIN | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2012
SPAIN | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
SWITZERLAND | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2022
SWITZERLAND | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
UNITED KINGDOM | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2015
UNITED KINGDOM | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
UNITED STATES | Minimum  
Income Tax Examination [Line Items]  
Open Tax Year 2014
UNITED STATES | Maximum  
Income Tax Examination [Line Items]  
Open Tax Year 2025
v3.25.4
Debt (Narrative) (Details)
¥ in Millions, $ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2025
CNY (¥)
Dec. 31, 2024
USD ($)
Nov. 30, 2024
USD ($)
Mar. 31, 2000
USD ($)
Debt Instrument [Line Items]          
Line of Credit Facility, Current Borrowing Capacity $ 3,800.0        
Group Syndicated Credit Facility [Member]          
Debt Instrument [Line Items]          
Line of Credit Facility, Current Borrowing Capacity 3,000.0        
Commercial Paper Program | Commercial Paper          
Debt Instrument [Line Items]          
Line of Credit Facility, Current Borrowing Capacity $ 2,000.0        
Huatai Supplementary Bonds Due December 2034          
Debt Instrument [Line Items]          
Debt Instrument, Interest Rate, Stated Percentage 2.90% 2.90%      
Hybrid debt $ 113.0 ¥ 800 $ 110.0 $ 111.0  
Unsecured Debt | INA Senior Notes Due August 2029 [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Face Amount $ 100.0        
Debt Instrument, Interest Rate, Stated Percentage 8.875% 8.875%      
Trust Preferred Securities | Chubb INA Capital Securities Due 2030 [Member]          
Debt Instrument [Line Items]          
Debt Instrument, Face Amount $ 309.0       $ 300.0
Debt Instrument, Interest Rate, Stated Percentage 9.70% 9.70%     9.70%
ACE Capital Trust II common securities purchased         $ 9.2
v3.25.4
Debt (Schedule of Debt Outstanding) (Details)
€ in Millions, ¥ in Millions, $ in Millions
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Dec. 31, 2025
CNY (¥)
Dec. 31, 2024
USD ($)
Nov. 30, 2024
USD ($)
Mar. 31, 2000
USD ($)
Debt Instrument [Line Items]            
Short-term debt $ 1,499     $ 800    
Long-term debt 15,728     14,379    
Hybrid debt $ 422     419    
Huatai Supplementary Bonds Due December 2034            
Debt Instrument [Line Items]            
Debt Instrument, Interest Rate, Stated Percentage 2.90% 2.90% 2.90%      
Hybrid debt $ 113   ¥ 800 110 $ 111  
Senior Notes | INA Senior Notes Due May 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,500          
Debt Instrument, Interest Rate, Stated Percentage 3.35% 3.35% 3.35%      
Long-term debt $ 0     1,498    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
Senior Notes | INA Senior Notes Due June 2027 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 575        
Debt Instrument, Interest Rate, Stated Percentage 0.875% 0.875% 0.875%      
Long-term debt $ 671     604    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
Senior Notes | INA Senior Notes Due March 2028 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 900        
Debt Instrument, Interest Rate, Stated Percentage 1.55% 1.55% 1.55%      
Long-term debt $ 1,050     944    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due August 2029            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 700          
Debt Instrument, Interest Rate, Stated Percentage 4.65% 4.65% 4.65%      
Long-term debt $ 696     695    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due December 2029 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 700        
Debt Instrument, Interest Rate, Stated Percentage 0.875% 0.875% 0.875%      
Long-term debt $ 816     734    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
Senior Notes | INA CNY Bond Due 2030            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | ¥     ¥ 1,000      
Debt Instrument, Interest Rate, Stated Percentage 2.50% 2.50% 2.50%      
Long-term debt $ 140     0    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due September 2030 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,000          
Debt Instrument, Interest Rate, Stated Percentage 1.375% 1.375% 1.375%      
Long-term debt $ 996     995    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due June 2031 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 575        
Debt Instrument, Interest Rate, Stated Percentage 1.40% 1.40% 1.40%      
Long-term debt $ 669     601    
Make Whole Premium Additional Percent 0.25% 0.25% 0.25%      
Senior Notes | INA Senior Notes Due March 2034            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,600          
Debt Instrument, Interest Rate, Stated Percentage 5.00% 5.00% 5.00%      
Long-term debt $ 1,589     1,588    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA CNY Bond Due 2035            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | ¥     ¥ 1,500      
Debt Instrument, Interest Rate, Stated Percentage 2.75% 2.75% 2.75%      
Long-term debt $ 211     0    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due August 2035            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,250          
Debt Instrument, Interest Rate, Stated Percentage 4.90% 4.90% 4.90%      
Long-term debt $ 1,241     0    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due May 2036 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 300          
Debt Instrument, Interest Rate, Stated Percentage 6.70% 6.70% 6.70%      
Long-term debt $ 298     298    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
Senior Notes | INA Senior Notes Due May 2037 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 800          
Debt Instrument, Interest Rate, Stated Percentage 6.00% 6.00% 6.00%      
Long-term debt $ 900     909    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
Senior Notes | INA Senior Notes Due March 2038 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | €   € 900        
Debt Instrument, Interest Rate, Stated Percentage 2.50% 2.50% 2.50%      
Long-term debt $ 1,045     940    
Make Whole Premium Additional Percent 0.25% 0.25% 0.25%      
Senior Notes | INA Senior Notes Due May 2038 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 600          
Debt Instrument, Interest Rate, Stated Percentage 6.50% 6.50% 6.50%      
Long-term debt $ 702     710    
Make Whole Premium Additional Percent 0.30% 0.30% 0.30%      
Senior Notes | INA Senior Notes Due March 2043 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 475          
Debt Instrument, Interest Rate, Stated Percentage 4.15% 4.15% 4.15%      
Long-term debt $ 471     471    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due November 2045 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,500          
Debt Instrument, Interest Rate, Stated Percentage 4.35% 4.35% 4.35%      
Long-term debt $ 1,487     1,487    
Make Whole Premium Additional Percent 0.25% 0.25% 0.25%      
Senior Notes | INA Senior Notes Due December 2051 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 600          
Debt Instrument, Interest Rate, Stated Percentage 2.85% 2.85% 2.85%      
Long-term debt $ 594     594    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA CNY Bond Due 2055            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | ¥     ¥ 2,000      
Debt Instrument, Interest Rate, Stated Percentage 3.05% 3.05% 3.05%      
Long-term debt $ 281     0    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due December 2061 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,000          
Debt Instrument, Interest Rate, Stated Percentage 3.05% 3.05% 3.05%      
Long-term debt $ 985     984    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
Unsecured Debt | INA Senior Notes Due August 2029 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 100          
Debt Instrument, Interest Rate, Stated Percentage 8.875% 8.875% 8.875%      
Long-term debt $ 100     100    
Unsecured Debt | INA Senior Notes Due November 2031 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 200          
Debt Instrument, Interest Rate, Stated Percentage 6.80% 6.80% 6.80%      
Long-term debt $ 223     227    
Make Whole Premium Additional Percent 0.25% 0.25% 0.25%      
Loans | INA CNH Term Loan Due April 2028            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | ¥     ¥ 1,830      
Debt Instrument, Interest Rate, Stated Percentage 2.85% 2.85% 2.85%      
Long-term debt $ 259     0    
Loans | INA CNH Term Loan Due July 2028            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount | ¥     ¥ 2,145      
Debt Instrument, Interest Rate, Stated Percentage 2.75% 2.75% 2.75%      
Long-term debt $ 304     0    
Trust Preferred Securities | Chubb INA Capital Securities Due 2030 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 309         $ 300
Debt Instrument, Interest Rate, Stated Percentage 9.70% 9.70% 9.70%     9.70%
Hybrid debt [1] $ 309     309    
Senior Notes | INA Senior Notes Due March 2025 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 800          
Debt Instrument, Interest Rate, Stated Percentage 3.15% 3.15% 3.15%      
Short-term debt $ 0     800    
Make Whole Premium Additional Percent 0.15% 0.15% 0.15%      
Senior Notes | INA Senior Notes Due May 2026 [Member]            
Debt Instrument [Line Items]            
Debt Instrument, Face Amount $ 1,500          
Debt Instrument, Interest Rate, Stated Percentage 3.35% 3.35% 3.35%      
Short-term debt $ 1,499     $ 0    
Make Whole Premium Additional Percent 0.20% 0.20% 0.20%      
[1] Redemption prices are equal to accrued and unpaid interest to the redemption date plus the greater of (i) 100 percent of the principal amount thereof, or (ii) sum of present value of scheduled payments of principal and interest on the capital securities from the redemption date to April 1, 2030.
v3.25.4
Commitments, contingencies, and guarantees (Narrative) (Detail)
€ in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2025
EUR (€)
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]        
Derivative Liability, Subject to Master Netting Arrangement, after Offset $ (179) $ (199)    
Securities Sold under Agreements to Repurchase 3,324 2,731    
Repurchase agreements $ 3,324 $ 2,731    
Concentration Risk Percentage Marsh 11.00% 11.00% 11.00% 11.00%
Carrying value of limited partnerships and partially-owned investment companies included in other investments $ 16,900 $ 14,500    
Line of Credit Facility, Current Borrowing Capacity 3,800      
Line of Credit Facility, Capacity Available for Specific Purpose Other than for Trade Purchases 3,000      
Operating Lease, Right-of-Use Asset 1,025 824    
Operating Lease, Liability $ 1,214 $ 942    
Operating Lease, Weighted Average Remaining Lease Term 14 years 6 months     14 years 6 months
Operating Lease, Weighted Average Discount Rate, Percent 5.00%     5.00%
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets (includes VIE balances of $58 and $26) Other assets (includes VIE balances of $58 and $26)   Other assets (includes VIE balances of $58 and $26)
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183) Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183)   Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $159 and $183)
Operating Lease, Cost $ 239 $ 214 $ 181  
Net Investment Hedging | Designated as Hedging Instrument        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Notional Amount of Nonderivative Instruments 1,200      
Fixed Maturities [Member]        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Other Commitment 1,800 1,300    
Private Equity Funds [Member]        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Other Commitment 7,200 $ 6,400    
Group Syndicated Credit Facility [Member]        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Line of Credit Facility, Current Borrowing Capacity 3,000      
Long-Term Debt [Member]        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Hedged Liability, Fair Value Hedge $ 2,000     € 1,800
Revenue Benchmark        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Concentration Risk, Customer accounted for more than 10 percent accounted for more than 10 percent accounted for more than 10 percent  
Letter of Credit [Member]        
Financial Instruments Owned and Pledged as Collateral [Line Items]        
Line of Credit Facility, Amount Outstanding $ 935 $ 978    
v3.25.4
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
Dec. 31, 2025
Dec. 31, 2024
Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount $ 4,912 $ 3,959
Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,216 449
Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [1] 5 12
Investment And Embedded Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 28 53
Derivative Liability, Subject to Master Netting Arrangement, before Offset 242 303
Derivative, Notional Amount 6,133 4,420
Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount [2] 943 1,047
Other Contract [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 334 211
Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 1,277 1,258
Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 2,046 1,579
Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative, Notional Amount 2,995 2,896
Designated as Hedging Instrument    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 266 146
Derivative Liability, Subject to Master Netting Arrangement, before Offset 232 (116)
Derivative, Notional Amount 5,041 4,475
Accounts Payable and Accrued Liabilities [Member] | Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 230 295
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 12 8
Accounts Payable and Accrued Liabilities [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset [2] 0 0
Accounts Payable and Accrued Liabilities [Member] | Other Contract [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 4 2
Accounts Payable and Accrued Liabilities [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 4 2
Accounts Payable and Accrued Liabilities [Member] | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 0 0
Accounts Payable and Accrued Liabilities [Member] | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Subject to Master Netting Arrangement, before Offset 232 116
Other Assets [Member] | Foreign currency forward contracts [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 18 41
Other Assets [Member] | Futures contracts on notes and bonds [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 4 0
Other Assets [Member] | Futures contracts on equities    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset [2] 3 35
Other Assets [Member] | Other Contract [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 8 0
Other Assets [Member] | Other Derivative Instruments [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 11 35
Other Assets [Member] | Fair Value Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 198 103
Other Assets [Member] | Net Investment Hedging    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Subject to Master Netting Arrangement, before Offset 68 43
Fixed Maturities [Member] | Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Asset, Not Subject to Master Netting Arrangement [1] 6 12
Equity Securities [Member] | Convertible Securities [Member]    
Derivatives, Fair Value [Line Items]    
Derivative Liability, Not Subject to Master Netting Arrangement [1] $ 0 $ 0
[1] Includes fair value of embedded derivatives.
[2] Related to MRB book of business.
v3.25.4
Commitment, Contingencies, And Guarantees (Schedule of Fair Value Hedging Instruments, Statements of Financial Performance and Financial Position) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Financial Instruments Owned and Pledged as Collateral [Line Items]      
Net realized gains (losses) $ 211 $ 117 $ (607)
Interest expense reclassified from OCI 764 741 $ 672
Fair Value Hedging      
Financial Instruments Owned and Pledged as Collateral [Line Items]      
Gain/(loss) recognized in OCI 76 (38)  
Interest expense reclassified from OCI 19 15  
OCI gain (loss) after reclassifications (136) 80  
Cross Currency Swap [Member] | Fair Value Hedging | Designated as Hedging Instrument      
Financial Instruments Owned and Pledged as Collateral [Line Items]      
Net realized gains (losses) $ 231 $ (103)  
v3.25.4
Commitments, Contingencies, And Guarantees (Schedule of Net Investment Hedges, Statements of Financial Performance and Financial Position, Location) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Net Investment Hedging    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
Gain/(loss) recognized in OCI $ (63) $ 58
Interest income reclassified from OCI 29 19
OCI gain (loss) after reclassifications (118) 39
Net Investment Hedging | Designated as Hedging Instrument | Cross Currency Swap [Member]    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
OCI gain (loss) after reclassifications (92) 39
Net Investment Hedging | Designated as Hedging Instrument | INA CNH Term Loan Due April 2028    
Financial Instruments Owned and Pledged as Collateral [Line Items]    
OCI gain (loss) after reclassifications $ (26) $ 0
v3.25.4
Commitments, contingencies, and guarantees (Net Realized Gains (Losses) Of Derivative Instrument Activity In Consolidated Statement Of Operations) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ (165) $ (358) $ (252)
Foreign currency forward contracts [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (16) (213) (50)
Futures contracts on notes and bonds [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (21) 22 (2)
Convertible Securities [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [1] 0 2 (1)
Investment And Embedded Derivative Instruments [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (37) (189) (53)
Futures contracts on equities      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net [2] (107) (165) (189)
Other Contract [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net (21) (4) (10)
Guaranteed Living Benefit And Other Derivative Instruments [Member]      
Derivative Instruments, Gain (Loss) [Line Items]      
Derivative, Gain (Loss) on Derivative, Net $ (128) $ (169) $ (199)
[1] Includes embedded derivatives.
[2] Related to MRB book of business.
v3.25.4
Commitments, contingencies, and guarantees Commitments, Contingencies, And Guarantees (Transactions accounted for as secured borrowings) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 2,500 $ 1,445
Collateral held under securities lending agreements 2,500 1,445
Maturity Overnight [Member] | Cash    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 1,332 557
Maturity Overnight [Member] | U.S. and local government securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 234 148
Maturity Overnight [Member] | Foreign [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 768 663
Maturity Overnight [Member] | Corporate securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral 62 49
Maturity Overnight [Member] | Equity securities    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Securities lending collateral $ 104 $ 28
v3.25.4
Commitments, contingencies, and guarantees Commitments, contingencies, and guarantees (Collateral pledged under repurchase agreements) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 3,324 $ 2,731
Weighted average interest rate on short-term debt   2.20%
Securities Sold under Agreements to Repurchase 3,324 $ 2,731
Variable Interest Entity, Primary Beneficiary    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements 956 815
Repurchase agreements    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements $ 2,368 $ 1,916
Weighted average interest rate on short-term debt 3.80% 4.10%
Repurchase agreements | Variable Interest Entity, Primary Beneficiary    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Repurchase agreements [1] $ 956 $ 815
Weighted average interest rate on short-term debt 2.10%  
Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities $ 3,518 2,890
Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 21
Non-US [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 1,496 1,387
U.S. and local government securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 129 104
Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 1,893 1,378
Repurchase Agreements [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Secured Borrowings, Gross, Difference, Amount [2] 194 159
Maturity Less than 30 Days [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 2,476 1,387
Maturity Less than 30 Days [Member] | Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 0
Maturity Less than 30 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 1,496 1,387
Maturity Less than 30 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 0
Maturity Less than 30 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 980 0
Maturity 30 to 90 Days [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 1,033 473
Maturity 30 to 90 Days [Member] | Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 19
Maturity 30 to 90 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 0
Maturity 30 to 90 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 129 0
Maturity 30 to 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 904 454
Maturity Greater than 90 Days [Member]    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 9  
Maturity Greater than 90 Days [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities   1,030
Maturity Greater than 90 Days [Member] | Cash | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 2
Maturity Greater than 90 Days [Member] | Non-US [Member] | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 0
Maturity Greater than 90 Days [Member] | U.S. and local government securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities 0 104
Maturity Greater than 90 Days [Member] | Mortgage-backed securities | Asset Pledged as Collateral without Right    
Transfer of Certain Financial Assets Accounted for as Secured Borrowings [Line Items]    
Deposits with U.S. regulatory authorities $ 9 $ 924
[1] Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs
[2]
(2)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.
v3.25.4
Commitments, contingencies, and guarantees (Future Minimum Lease Payments) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]    
2026 $ 210  
2027 175  
2028 142  
2029 120  
2030 103  
Thereafter 1,142  
Total undiscounted lease payments 1,892  
Present value adjustment 678  
Operating Lease, Liability $ 1,214 $ 942
v3.25.4
Shareholders' equity (Detail)
SFr / shares in Units, $ / shares in Units, $ in Millions
 12 Months Ended
Mar. 07, 2025
shares
May 21, 2024
shares
May 22, 2023
shares
Dec. 31, 2025
CHF (SFr)
SFr / shares
shares
Dec. 31, 2024
SFr / shares
shares
Dec. 31, 2023
shares
May 15, 2025
$ / shares
May 16, 2024
$ / shares
May 17, 2023
$ / shares
May 19, 2022
USD ($)
Stockholders' Equity Note [Abstract]                    
Common Stock, Dividend Rate Approved | $ / shares             $ 0.97 $ 0.91 $ 0.86  
The number of votes associated with one Common Share       one            
Annual dividend per share approved by shareholders | $ / shares             $ 3.88 $ 3.64 $ 3.44  
Authorized Share Capital [Line Items]                    
Common Shares, par value | SFr / shares       SFr 0.50 SFr 0.50          
Treasury Stock, Shares, Retired 7,518,565 11,825,600 14,925,028 7,518,565 11,825,600 14,925,028        
The maximum ownership percentage for voting allowed for any one shareholder       10.00%            
CB_Capital Band Increase Decrease Percentage       20.00%            
Issuance of Debt                    
Authorized Share Capital [Line Items]                    
Authorized share capital for future issuance       33,000,000            
Employee Benefit Plans                    
Authorized Share Capital [Line Items]                    
Authorized share capital for future issuance       25,410,929            
Capital Band Upper Limit                    
Authorized Share Capital [Line Items]                    
Authorized share capital for future issuance       494,528,905            
Share capital increases and reductions | SFr       SFr 247,264,452.5            
Capital Band Lower Limit                    
Authorized Share Capital [Line Items]                    
Authorized share capital for future issuance       329,685,937            
Share capital increases and reductions | SFr       SFr 164,842,968.5            
2022 Stock Repurchase Plan                    
Authorized Share Capital [Line Items]                    
Stock repurchase program authorized amount | $                   $ 2,500
v3.25.4
Shareholders' equity Schedule of Dividends Declared (Details)
 12 Months Ended
Dec. 31, 2025
SFr / shares
Dec. 31, 2025
$ / shares
Dec. 31, 2024
SFr / shares
Dec. 31, 2024
$ / shares
Dec. 31, 2023
SFr / shares
Dec. 31, 2023
$ / shares
Dividends Declared [Line Items]            
Total dividend distributions per common share | (per share) SFr 3.18 $ 3.82 SFr 3.15 $ 3.59 SFr 3.05 $ 3.41
v3.25.4
Shareholders' equity (Rollforward Of Changes In Common Stock Shares Issued And Outstanding) (Details) - shares
 12 Months Ended
Mar. 07, 2025
May 21, 2024
May 22, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Class of Stock [Line Items]              
Shares issued, Beginning of year       419,625,986 431,451,586 446,376,614  
Treasury Stock, Shares, Retired (7,518,565) (11,825,600) (14,925,028) (7,518,565) (11,825,600) (14,925,028)  
Shares issued, End of year       412,107,421 419,625,986 431,451,586  
Treasury Stock, Common, Shares       21,006,194 18,922,323 26,181,949 31,781,758
Stock Issued During Period, Shares, New Issues       2,384,138 2,952,591 2,500,381  
Treasury Stock, Shares, Acquired       (11,986,574) (7,518,565) (11,825,600)  
Shares issued and outstanding, end of year       391,101,227 400,703,663 405,269,637  
v3.25.4
Shareholders' equity Repurchase of Common Shares (Details) - USD ($)
$ in Millions
 2 Months Ended 12 Months Ended
Feb. 26, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Jul. 01, 2025
Jul. 01, 2023
May 19, 2022
Equity, Class of Treasury Stock [Line Items]              
Number of shares repurchased   11,986,574 7,518,565 11,825,600      
2022 Stock Repurchase Plan              
Equity, Class of Treasury Stock [Line Items]              
Number of shares repurchased       11,825,600      
Common Shares repurchased       $ 2,478      
Stock repurchase program authorized amount             $ 2,500
July 2023 Stock Repurchase Plan              
Equity, Class of Treasury Stock [Line Items]              
Number of shares repurchased     7,518,565        
Common Shares repurchased     $ 2,024        
Stock repurchase program authorized amount           $ 5,000  
July 2025 Stock Repurchase Plan              
Equity, Class of Treasury Stock [Line Items]              
Number of shares repurchased   11,986,574          
Common Shares repurchased   $ 3,387          
Stock repurchase program authorized amount         $ 5,000    
Subsequent Event [Member] | July 2025 Stock Repurchase Plan              
Equity, Class of Treasury Stock [Line Items]              
Number of shares repurchased 1,716,988            
Common Shares repurchased $ 551            
v3.25.4
Shareholders' equity AOCI (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Balance – beginning of year, net of tax $ 64,021      
Other Comprehensive Income (Loss), before Tax 3,978 $ (1,865) $ 3,678  
Other Comprehensive Income (Loss), Tax (149) (117) (317)  
Other Comprehensive Income (Loss), Net of Tax 3,829 (1,982) 3,361  
Balance – end of year, net of tax 73,757 64,021    
Total shareholders’ equity 79,779 68,394 63,691  
AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-sale, Parent [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Total shareholders’ equity (1,997) (4,552) (4,177) $ (7,279)
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 2,452 (553) 2,948  
Total net realized gains (losses) reclassified from AOCI 203 302 500  
Other Comprehensive Income (Loss), before Tax 2,655 (251) 3,448  
Other Comprehensive Income (Loss), Tax (133) (110) (328)  
Other Comprehensive Income (Loss), Net of Tax 2,522 (361) 3,120  
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 (33) 14 18  
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Total shareholders’ equity (58) 50 (13) (66)
Accumulated Defined Benefit Plans Adjustment [Member]        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Total shareholders’ equity 582 438 297 225
AOCI, Liability for Future Policy Benefit, Parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Total shareholders’ equity (344) (539) 51 (75)
AOCI, Liability for Future Policy Benefit, Including Noncontrolling Interest        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Other Comprehensive Income (Loss), before Tax 235 (701) 84  
Other Comprehensive Income (Loss), Tax 16 8 16  
Other Comprehensive Income (Loss), Net of Tax 251 (693) 100  
AOCI, Liability for Future Policy Benefit, Noncontrolling Interest        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Other Comprehensive Income (Loss), Net of Tax 56 (103) (26)  
AOCI, Market Risk Benefit, Instrument-Specific Credit Risk, Parent        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Total shareholders’ equity (23) (16) (22) (24)
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 Tax (8) 7 2  
Other Comprehensive Income (Loss), Tax 1 (1) 0  
Other Comprehensive Income (Loss), Net of Tax (7) 6 2  
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  
Cumulative Translation Adjustment        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Total shareholders’ equity (3,135) (4,025) (2,945) (2,966)
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 1,076 (1,158) 0  
Total net realized gains (losses) reclassified from AOCI (29) (19) (13)  
Other Comprehensive Income (Loss), before Tax 1,047 (1,177) (13)  
Other Comprehensive Income (Loss), Tax (20) 39 27  
Other Comprehensive Income (Loss), Net of Tax 1,027 (1,138) 14  
Accumulated Foreign Currency Adjustment Attributable to Noncontrolling Interest        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Other Comprehensive Income (Loss), Net of Tax 137 (58) (7)  
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 76 (38) 101  
Total net realized gains (losses) reclassified from AOCI (212) 118 (34)  
Other Comprehensive Income (Loss), before Tax (136) 80 67  
Other Comprehensive Income (Loss), Tax 28 (17) (14)  
Other Comprehensive Income (Loss), Net of Tax (108) 63 53  
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 Tax 185 177 90  
Other Comprehensive Income (Loss), Tax (41) (36) (18)  
Other Comprehensive Income (Loss), Net of Tax 144 141 72  
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  
Accumulated Other Comprehensive Income        
AOCI Attributable to Parent, Net of Tax [Roll Forward]        
Other Comprehensive Income (Loss), Net of Tax 3,669 (1,835) 3,376  
Total shareholders’ equity (4,975) (8,644) (6,809) $ (10,185)
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  
v3.25.4
Shareholders' equity AOCI Reclassifications (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest expense $ 764 $ 741 $ 672
Income tax expense 2,422 1,815 511
Net income 10,622 9,640 9,015
Reclassification out of Accumulated Other Comprehensive Income [Member]      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Net income 20 (288) (401)
Reclassification out of Accumulated Other Comprehensive Income [Member] | AOCI, Accumulated Gain (Loss), Debt Securities, Available-for-Sale, Including Noncontrolling Interest      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Income tax expense 33 92 62
Net income (170) (210) (438)
Debt Securities, Available-for-sale, Realized Gain (Loss), Excluding Other-than-temporary Impairment (203) (302) (500)
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Interest expense 29 19 13
Income tax expense (6) (4) (3)
Net income 23 15 10
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Gain (Loss), Cash Flow Hedge, Including Noncontrolling Interest      
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]      
Foreign Currency Transaction Gain (Loss), Realized 231 (103) 50
Interest expense (19) (15) (16)
Income tax expense (45) 25 (7)
Net income $ 167 $ (93) $ 27
v3.25.4
Share-based compensation (Narrative) (Detail) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Unrecognized compensation expense related to the unvested share-based awards $ 436,000,000    
Weighted-average expected recognition period for the unrecognized compensation expense 1 year 4 months 24 days    
Weighted average remaining contractual term for stock options outstanding 5 years 6 months    
Weighted-average remaining contractual term for stock options exercisable 4 years 4 months 24 days    
Cash received from exercise of stock options $ 257,000,000 $ 295,000,000 $ 158,000,000
Restricted stock awards granted to non-management directors 11,699 10,388 12,994
Amounts paid during period by employees for the purchase of shares under the ESPP $ 70,000,000 $ 61,000,000 $ 54,000,000
Number of shares purchased during period by employees pursuant to the provisions of the ESPP 275,157 272,350 305,604
Discounted purchase price from market price for the ESPP 85.00%    
Share-based Compensation Arrangement by Share-based Payment Award, Maximum Employee Subscription Rate for the ESPP 10.00%    
Payment, Tax Withholding, Share-Based Payment Arrangement $ 128,000,000 $ 128,000,000 $ 101,000,000
Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Employee Stock Purchase Plan Authorized Amount $ 25,000    
Performance Shares      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 3 years    
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 3 years    
Stock option term in years 10 years    
Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Number of deferred restricted stock units 92,964    
ACE Limited 2004 Long-Term Incentive Plan [Member] | Restricted Stock Units (RSUs)      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 1 year    
Chubb Limited 2016 Long-Term Incentive Plan, amended and restated [Member] | Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 4 years    
Legacy Chubb Corp | Restricted Stock Units (RSUs) | Minimum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 1 year    
Legacy Chubb Corp | Restricted Stock Units (RSUs) | Maximum      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Vesting period of award 3 years    
Common shares | Employee Stock [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common shares authorized for issuance under plan 9,000,000    
Common Stock, Capital Shares Reserved for Future Issuance 2,462,061    
Common shares | Chubb Limited 2016 Long-Term Incentive Plan, amended and restated [Member]      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Common shares authorized for issuance under plan 32,900,000    
Common Stock, Capital Shares Reserved for Future Issuance 7,879,066    
v3.25.4
Share-based compensation (Pre-tax and After-tax Share-based Compensation Expense) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based Payment Arrangement, Expense, Tax Benefit $ 36 $ 42 $ 19
Restricted stock      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based compensation expense, pre-tax 308 274 253
Share-based compensation expense, after-tax 234 210 202
Stock options      
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]      
Share-based compensation expense, pre-tax 91 83 71
Share-based compensation expense, after-tax [1] $ 58 $ 49 $ 56
[1] The windfall tax benefit recorded to Income tax expense in the Consolidated statement of operations was $36 million, $42 million, and $19 million for the years ended December 31, 2025, 2024, and 2023, respectively.
v3.25.4
Share-based compensation (Weighted Average Assumptions for Option Grants) (Details) - Options
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Dividend yield 1.30% 1.40% 1.70%
Expected volatility 23.00% 22.00% 23.00%
Risk-free interest rate 4.00% 4.30% 4.10%
Expected life 5 years 7 months 6 days 5 years 8 months 12 days 5 years 8 months 12 days
v3.25.4
Share-based compensation (Rollforward Of Company's Stock Options) (Details) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Options, Weighted-Average Fair Value and Total Intrinsic Value [Abstract]      
Weighted-average fair value of stock options granted (US$ per share) $ 74.75 $ 64.15 $ 51.32
Total intrinsic value of options exercised $ 232 $ 265 $ 107
Total intrinsic value of options outstanding 1,050    
Total intrinsic value of options exercisable $ 934    
Number of Options [Roll Forward]      
Number of option outstanding, beginning of period 9,511,719 10,480,884 10,410,278
Number of options exercised (1,700,878) (2,173,668) (1,249,350)
Number of options forfeited and expired (185,639) (156,141) (220,046)
Number of option outstanding, end of period 8,878,807 9,511,719 10,480,884
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross 1,253,605 1,360,644 1,540,002
Number of options exercisable 6,469,130    
Weighted-Average Exercise Price [Roll Forward]      
Weighted-average exercise price of options outstanding, beginning of period (US$ oer share) $ 174.86 $ 157.24 $ 146.81
Weighted-average exercise price of options granted (US$ per share) 289.69 254.84 208.60
Weighted-average exercise price of options exercised (US$ per share) 151.76 136.82 127.45
Weighted average exercise price of options forfeited (US$ per share) 253.07 218.64 191.57
Weighted-average exercise price of options outstanding, end of period (US$ oer share 193.86 $ 174.86 $ 157.24
Weighted average exercise price of options exercisable (US$ per share) $ 167.80    
v3.25.4
Share-based compensation (Rollforward Of Company's Restricted Stock) (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Restricted stock      
Number of Restricted Stock [Roll Forward]      
Number of unvested restricted stock, beginning of period 2,459,315 2,673,815 2,853,870
Number of restricted stock, granted 931,696 1,009,991 1,166,706
Number of restricted stock, vested and issued (979,920) (1,077,560) (1,142,911)
Number of restricted stock, forfeited (172,049) (146,931) (203,850)
Number of unvested restricted stock, end of period 2,239,042 2,459,315 2,673,815
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) $ 220.78 $ 191.35 $ 172.39
Weighted average grant-day fair value of restricted stock, granted (US$ per share) 289.69 255.16 208.07
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) 207.81 181.12 161.88
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) 249.10 213.90 186.58
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) $ 252.96 $ 220.78 $ 191.35
Performance Shares      
Number of Restricted Stock [Roll Forward]      
Number of unvested restricted stock, beginning of period 1,097,544 999,084 794,792
Number of restricted stock, granted 392,905 392,775 407,825
Number of restricted stock, vested and issued (269,950) (294,315) (203,533)
Number of restricted stock, forfeited (26,994) 0 0
Number of unvested restricted stock, end of period 1,193,505 1,097,544 999,084
Weighted-Average Grant-Day Fair Value [Roll Forward]      
Weighted average grant-day fair value of unvested restricted stock outstanding, beginning of period (US$ per share) $ 222.39 $ 192.85 $ 173.83
Weighted average grant-day fair value of restricted stock, granted (US$ per share) 289.69 254.34 208.60
Weighted average grant-day fair value of restricted stock, vested and issued (US$ per share) 199.09 164.75 150.11
Weighted average grant-day fair value of restricted stock, forfeited (US$ per share) 199.09 0 0
Weighted average grant-day fair value of unvested restricted stock outstanding, end of period (US$ per share) $ 250.35 $ 222.39 $ 192.85
v3.25.4
Postretirement benefits (Narrative) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Expenses recognized during period under the defined contributions plans $ 317 $ 298 $ 283
Defined Benefit Plan, Plan Amendment [Abstract]      
Other investments 10,749 8,597  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement 8    
Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Accumulated Benefit Obligation 3,300    
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year 17    
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 62 69
Actuarial Loss (gain) (1) (2)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 28 20  
Defined Benefit Plan, Expected Future Employer Contributions, Next Fiscal Year 1    
Defined Benefit Plan, Plan Amendment [Abstract]      
Amortization of Prior Service Cost (Credit) 0 1 0
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $ 8 0 0
Defined Benefit Plan, Equity Securities [Member] | Minimum      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage 50.00%    
Defined Benefit Plan, Equity Securities [Member] | Maximum      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Investment within Plan Asset Category, Percentage 60.00%    
Level 2 | Fixed Maturities [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   23  
Other Investments      
Defined Benefit Plan, Plan Amendment [Abstract]      
Other investments $ 1,435 1,241  
Other Investments | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   39  
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 3,981 3,687 3,589
Actuarial Loss (gain) 34 (162)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 34 41  
Defined Benefit Plan, Plan Amendment [Abstract]      
Amortization of Prior Service Cost (Credit) 0 0 0
Other investments 780 714  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement (1) (1) (3)
Non - U.S. | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 1,065 965 986
Actuarial Loss (gain) (22) (54)  
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 89 70  
Defined Benefit Plan, Plan Amendment [Abstract]      
Amortization of Prior Service Cost (Credit) 0 0 (1)
Other investments 253 222  
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Gain (Loss) Due to Settlement $ (1) $ (1) $ (4)
v3.25.4
Postretirement benefits Schedule of Net Funded Status (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Service Cost $ 9 $ 9 $ 7
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 2,654 2,833  
Service Cost 0 0 0
Interest Cost 135 134 138
Actuarial Loss (gain) 34 (162)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (158) (151)  
Amendments 0 0  
Foreign currency revaluation, benefit obligations 0 0  
Benefit Obligation, end of year 2,665 2,654 2,833
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 3,687 3,589  
Actual Return on Plan Assets 446 243  
Employer Contributions 6 6  
Benefits Paid (158) (151)  
Foreign currency revaluation, Plan Assets 0 0  
Plan assets at fair value, end of year 3,981 3,687 3,589
Defined Benefit Plan, Funded (Unfunded) Status of Plan 1,316 1,033  
Assets for Plan Benefits, Defined Benefit Plan 1,350 1,074  
Liability, Defined Benefit Plan (34) (41)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position 1,316 1,033  
Pension Plan [Member] | Non - U.S.      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 684 743  
Service Cost 9 9 7
Interest Cost 37 36 36
Actuarial Loss (gain) (22) (54)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (39) (37)  
Amendments 0 1  
Foreign currency revaluation, benefit obligations 41 (14)  
Benefit Obligation, end of year 710 684 743
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 965 986  
Actual Return on Plan Assets 76 12  
Employer Contributions 12 13  
Benefits Paid (39) (37)  
Foreign currency revaluation, Plan Assets 51 (9)  
Plan assets at fair value, end of year 1,065 965 986
Defined Benefit Plan, Funded (Unfunded) Status of Plan 355 281  
Assets for Plan Benefits, Defined Benefit Plan 414 335  
Liability, Defined Benefit Plan (59) (54)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position 355 281  
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]      
Benefit Obligation, beginning of year 25 36  
Service Cost 1 1 0
Interest Cost 1 2 2
Actuarial Loss (gain) (1) (2)  
Defined Benefit Plan, Benefit Obligation, Benefits Paid (4) (10)  
Amendments 0 0  
Foreign currency revaluation, benefit obligations 6 (2)  
Benefit Obligation, end of year 28 25 36
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]      
Plan assets at fair value, beginning of year 62 69  
Actual Return on Plan Assets 3 3  
Employer Contributions 0 0  
Benefits Paid (10) (10)  
Foreign currency revaluation, Plan Assets (55) 0  
Plan assets at fair value, end of year 0 62 $ 69
Defined Benefit Plan, Funded (Unfunded) Status of Plan (28) 37  
Assets for Plan Benefits, Defined Benefit Plan 0 57  
Liability, Defined Benefit Plan (28) (20)  
Defined Benefit Plan, Amounts for Asset (Liability) Recognized in Statement of Financial Position $ (28) $ 37  
v3.25.4
Postretirement benefits Schedule of amounts recognized in AOCI on a pretax basis (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Pension Plan [Member] | UNITED STATES    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) $ (717) $ (563)
Prior Service Cost (benefit) 0 0
Total (717) (563)
Pension Plan [Member] | Non - U.S.    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) (30) 11
Prior Service Cost (benefit) 8 8
Total (22) 19
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]    
Net actuarial loss (gain) (1) (11)
Prior Service Cost (benefit) (3) (3)
Total $ (4) $ (14)
v3.25.4
Postretirement benefits Schedule of Benefit Obligation in Excess of FV (Details) - Pension Plan [Member] - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
UNITED STATES    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation $ 34 $ 41
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 0 0
Actuarial Loss (gain) 34 (162)
Net Funded Status With PBO in Excess Of Plan Assets (34) (41)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 34 41
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets 0 0
Non - U.S.    
Defined Benefit Plan Disclosure [Line Items]    
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Projected Benefit Obligation 110 95
Defined Benefit Plan, Pension Plan with Projected Benefit Obligation in Excess of Plan Assets, Plan Assets 51 41
Actuarial Loss (gain) (22) (54)
Net Funded Status With PBO in Excess Of Plan Assets (59) (54)
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Accumulated Benefit Obligation 89 70
Defined Benefit Plan, Plan with Accumulated Benefit Obligation in Excess of Plan Assets, Plan Assets $ 51 $ 38
v3.25.4
Postretirement benefits Schedule of assumptions used to determine benefit obligation (Details)
Dec. 31, 2025
Dec. 31, 2024
Other Postretirement Benefits Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 6.91% 6.46%
UNITED STATES | Pension Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 5.39% 5.56%
Interest crediting rate 4.75% 4.43%
Non - U.S. | Pension Plan [Member]    
Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]    
Benefit Obligation, Discount Rate 5.66% 5.62%
Benefit Obligation, Rate of Compensation Increase [1] 3.47% 3.61%
[1] 1) For the U.S. Pension Plans, benefit accruals were frozen as of December 31, 2019.
v3.25.4
Postretirement benefits Schedule of net periodic benefit costs (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Recognized Net (Gain) Loss Due to Settlements $ (8)    
Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 9 $ 9 $ 7
Defined Benefit Plan, Non Service (Benefit) Cost (140) (123) (94)
Net Periodic Benefit Cost (131) (114) (87)
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 1 1 0
Interest Cost 1 2 2
Expected Return on Plan Assets (3) (3) (3)
Amortization of (Gains) Losses (3) (2) (1)
Amortization of Prior Service Cost (Credit) 0 (1) 0
Recognized Net (Gain) Loss Due to Settlements (8) 0 0
Defined Benefit Plan, Non Service (Benefit) Cost (13) (4) (2)
Net Periodic Benefit Cost (12) (3) (2)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) (1) (3) 2
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 3 2 1
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 1 0
(Increase) decrease in other comprehensive income, settlement 8 0 0
Total (increase) decrease in other comprehensive (Income) Loss 10 0 3
Losses and loss expenses [Member] | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Defined Benefit Plan, Non Service (Benefit) Cost (13) (12) (9)
Losses and loss expenses [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Defined Benefit Plan, Non Service (Benefit) Cost (2) (1) 0
General and Administrative Expense [Member] | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 9 9 7
Defined Benefit Plan, Non Service (Benefit) Cost (127) (111) (85)
General and Administrative Expense [Member] | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 1 1 0
Defined Benefit Plan, Non Service (Benefit) Cost (11) (3) (2)
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 0 0 0
Interest Cost 135 134 138
Expected Return on Plan Assets (250) (244) (225)
Amortization of (Gains) Losses (8) (2) 0
Amortization of Prior Service Cost (Credit) 0 0 0
Recognized Net (Gain) Loss Due to Settlements 1 1 3
Defined Benefit Plan, Non Service (Benefit) Cost (122) (111) (84)
Net Periodic Benefit Cost (122) (111) (84)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) (161) (161) (111)
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 8 2 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 0 0
(Increase) decrease in other comprehensive income, settlement (1) (1) (3)
Total (increase) decrease in other comprehensive (Income) Loss (154) (160) (114)
Non - U.S. | Pension Plan [Member]      
Defined Benefit Plan, Amount Recognized in Net Periodic Benefit Cost (Credit) and Other Comprehensive (Income) Loss, before Tax [Abstract]      
Service Cost 9 9 7
Interest Cost 37 36 36
Expected Return on Plan Assets (57) (50) (51)
Amortization of (Gains) Losses 1 1 0
Amortization of Prior Service Cost (Credit) 0 0 1
Recognized Net (Gain) Loss Due to Settlements 1 1 4
Defined Benefit Plan, Non Service (Benefit) Cost (18) (12) (10)
Net Periodic Benefit Cost (9) (3) (3)
(Increase) decrease in Other Comprehensive Income (Loss), Net Actuarial (Gain) Loss) (40) (15) 22
Other Comprehensive Income (Loss), Defined Benefit Plan, Gain (Loss), Reclassification Adjustment from AOCI, before Tax 0 (1) 0
Other Comprehensive (Income) Loss, Defined Benefit Plan, Prior Service Cost (Credit), Reclassification Adjustment from AOCI, before Tax 0 0 0
(Increase) decrease in other comprehensive income, settlement (1) (1) (1)
Total (increase) decrease in other comprehensive (Income) Loss $ (41) $ (17) $ 21
v3.25.4
Postretirement benefits Weighted Average Assumption used to determine the net periodic cost of benefit (Details)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Pension Plan [Member] | Non - U.S.      
Defined Benefit Plan Disclosure [Line Items]      
Rate of Compensation Increase 3.61% 3.73% 3.98%
Expected Long-term Return on Assets 5.88% 5.24% 5.42%
Pension Plan [Member] | Non - U.S. | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.43% 5.12% 5.28%
Pension Plan [Member] | Non - U.S. | Service Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 6.93% 6.67% 6.57%
Pension Plan [Member] | UNITED STATES      
Defined Benefit Plan Disclosure [Line Items]      
Expected Long-term Return on Assets 7.00% 7.00% 7.00%
Interest crediting rate, net periodic benefit costs 4.43% 4.55% 4.32%
Pension Plan [Member] | UNITED STATES | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.26% 4.88% 5.13%
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Expected Long-term Return on Assets 4.00% 4.00% 4.00%
Other Postretirement Benefits Plan [Member] | Interest Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 6.32% 6.01% 5.84%
Other Postretirement Benefits Plan [Member] | Service Cost [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate 5.37% 5.23% 5.67%
v3.25.4
Postretirement benefits Schedule of Health Care Cost Trend Rates (Details) - Pension Plan [Member]
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
UNITED STATES      
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Health Care Cost Trend Rate 5.98% 6.52% 5.57%
Ultimate Health Care Cost Trend Rate 4.00% 4.00% 4.00%
Year that Rate Reaches Ultimate Trend Rate 2048 2048 2046
Non - U.S.      
Defined Benefit Plan, Assumed Health Care Cost Trend Rates [Abstract]      
Health Care Cost Trend Rate 4.98% 4.94% 5.08%
Ultimate Health Care Cost Trend Rate 4.08% 4.10% 4.08%
Year that Rate Reaches Ultimate Trend Rate 2040 2040 2040
v3.25.4
Postretirement benefits Schedule of Allocation of Plan Assets (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]      
Other investments $ 10,749 $ 8,597  
Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount 0 62 $ 69
Other Investments      
Defined Benefit Plan Disclosure [Line Items]      
Other investments 1,435 1,241  
Other Investments | Other Postretirement Benefits Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined Benefit Plan, Plan Assets, Amount   39  
UNITED STATES | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other investments 780 714  
Defined benefit plan, fair value of plan assets excluding measured using NAV 2,973 [1] 2,747 [2]  
Defined Benefit Plan, Plan Assets, Amount 3,981 3,687 3,589
Cash, including restricted cash $198 and $261 (includes VIE balances of $168 and $114) 5 3  
UNITED STATES | Pension Plan [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 2,198 [1] 2,060 [2]  
UNITED STATES | Pension Plan [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 775 [1] 687 [2]  
UNITED STATES | Pension Plan [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0 [2]  
UNITED STATES | Pension Plan [Member] | Short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 43 59  
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 43 59  
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Short-term investments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | U.S. and local government securities      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 636 541  
UNITED STATES | Pension Plan [Member] | U.S. and local government securities | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 462 453  
UNITED STATES | Pension Plan [Member] | U.S. and local government securities | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 174 88  
UNITED STATES | Pension Plan [Member] | U.S. and local government securities | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 595 593  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 595 593  
UNITED STATES | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 6 6  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 6 6  
UNITED STATES | Pension Plan [Member] | States, municipalities, and political subdivisions | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1,692 1,547  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1,692 1,547  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1 1  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 1 1  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Pension Plan [Member] | Defined Benefit Plan, Derivative | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
UNITED STATES | Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other investments 223 223  
Non - U.S. | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other investments 253 222  
Defined benefit plan, fair value of plan assets excluding measured using NAV 792 725  
Defined Benefit Plan, Plan Assets, Amount 1,065 965 $ 986
Non - U.S. | Pension Plan [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 76 60  
Non - U.S. | Pension Plan [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 711 660  
Non - U.S. | Pension Plan [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 5 5  
Non - U.S. | Pension Plan [Member] | Short-term investments      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 33 22  
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 33 22  
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Short-term investments | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 470 435  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 470 435  
Non - U.S. | Pension Plan [Member] | Debt Security, Government, Non-US [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 0 0  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 289 268  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 1      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 43 38  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 2      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 241 225  
Non - U.S. | Pension Plan [Member] | Defined Benefit Plan, Equity Securities [Member] | Level 3      
Defined Benefit Plan Disclosure [Line Items]      
Defined benefit plan, fair value of plan assets excluding measured using NAV 5 5  
Non - U.S. | Investment Funds Limited Partnerships Partially Owned Investment Companies Fair Value [Member] | Pension Plan [Member]      
Defined Benefit Plan Disclosure [Line Items]      
Other investments $ 20 $ 18  
[1] Excluded from the table above are $780 million and $253 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $223 million and $20 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $5 million in cash and accrued income related to the U.S. Plans.
[2] Excluded from the table above are $714 million and $222 million of other investments related to the U.S. Plans and Non-U.S. Plans, respectively, private equities of $223 million and $18 million in U.S. Plans and Non-U.S. Plans, respectively, measured using NAV as a practical expedient, and $3 million in cash and accrued income related to the U.S. Plans.
v3.25.4
Postretirement benefits (Schedule of Expected Future Benefit Payments) (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Other Postretirement Benefits Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 $ 1
2027 1
2028 2
2029 2
2030 2
2031-2035 10
Non - U.S. | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 48
2027 42
2028 41
2029 43
2030 47
2031-2035 251
UNITED STATES | Pension Plan [Member]  
Defined Benefit Plan Disclosure [Line Items]  
2026 184
2027 187
2028 190
2029 194
2030 195
2031-2035 $ 972
v3.25.4
Other income and expense (Details) - USD ($)
$ in Millions
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Equity in net income of partially-owned entities   $ 1,143 $ 967 $ 867
Gains (losses) from fair value changes in separate account assets   96 (8) (45)
Asset management and performance fee revenue   285 265 136
Asset management and performance fee expense   (171) (146) (75)
Federal excise and capital taxes   (24) (21) (24)
Other   (32) (34) (23)
Total   1,297 1,023 836
Unrealized Gain (Loss) on Investments   2,522 (361) 3,120
Partially-owned Investment Companies        
Unrealized Gain (Loss) on Investments   $ 711 $ 537 $ 434
Huatai Group [Member]        
Equity in net income of partially-owned entities $ 36      
v3.25.4
Segment Information (Operations By Segment) (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Segment Reporting Information [Line Items]      
Net premiums written $ 54,842 $ 51,468 $ 47,361
Net premiums earned 53,014 49,846 45,712
Losses and loss expenses 26,700 26,022 24,100
Policy acquisition costs 9,847 9,102 8,259
Administrative expenses 4,504 4,380 4,007
Other (income) expense (1,297) (1,023) (836)
Amortization of purchased intangibles 301 323 310
Segment income 14,227 12,975 11,630
Net realized gains (losses) 211 117 (607)
Market risk benefits gains (losses) (288) (140) (307)
Interest expense 764 741 672
Integration expenses and severance 79 39 69
Other reclassification 83 (208) 5
Income before income tax $ 13,044 $ 11,455 $ 9,526
Number of Reportable Segments 6 6 6
North America Commercial P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written $ 21,280 $ 20,589 $ 19,237
Net premiums earned 20,381 20,008 18,416
Losses and loss expenses 12,313 12,737 11,256
Policy benefits 0 0 0
Policy acquisition costs 2,891 2,718 2,515
Administrative expenses 1,394 1,337 1,250
Underwriting Income (Loss) 3,783 3,216 3,395
Net investment income 3,840 3,556 3,017
Other (income) expense 59 32 22
Amortization of purchased intangibles 5 3 0
Segment income 7,559 6,737 6,390
North America Personal P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 7,024 6,532 5,878
Net premiums earned 6,763 6,188 5,536
Losses and loss expenses 4,517 3,584 3,511
Policy benefits 0 0 0
Policy acquisition costs 1,337 1,239 1,128
Administrative expenses 336 351 329
Underwriting Income (Loss) 573 1,014 568
Net investment income 486 433 358
Other (income) expense 3 1 3
Amortization of purchased intangibles 8 9 9
Segment income 1,048 1,437 914
North America Agricultural Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 2,926 2,703 3,188
Net premiums earned 2,919 2,705 3,169
Losses and loss expenses 2,239 2,170 2,874
Policy benefits 0 0 0
Policy acquisition costs 169 191 150
Administrative expenses (6) (10) (1)
Underwriting Income (Loss) 517 354 146
Net investment income 86 84 63
Other (income) expense 2 1 1
Amortization of purchased intangibles 24 25 25
Segment income 577 412 183
Overseas General Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 15,024 13,972 12,575
Net premiums earned 14,374 13,400 12,231
Losses and loss expenses 6,589 6,414 5,643
Policy benefits 470 408 457
Policy acquisition costs 3,724 3,410 3,113
Administrative expenses 1,435 1,351 1,219
Underwriting Income (Loss) 2,156 1,817 1,799
Net investment income 1,139 1,136 895
Other (income) expense 50 14 (25)
Amortization of purchased intangibles 78 81 70
Segment income 3,167 2,858 2,649
Global Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 1,309 1,346 1,018
Net premiums earned 1,353 1,272 962
Losses and loss expenses 640 711 426
Policy benefits 0 0 0
Policy acquisition costs 396 342 264
Administrative expenses 37 39 37
Underwriting Income (Loss) 280 180 235
Net investment income 354 253 208
Other (income) expense 0 0 (2)
Amortization of purchased intangibles 0 0 0
Segment income 634 433 445
Life Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums written 7,279 6,326 5,465
Net premiums earned 7,224 6,273 5,398
Losses and loss expenses 109 112 114
Policy benefits 4,961 4,101 3,216
Policy acquisition costs 1,330 1,202 1,089
Administrative expenses 836 880 771
Net investment income 1,127 1,003 756
Other (income) expense (165) (159) (115)
Amortization of purchased intangibles 38 42 30
Segment income 1,242 1,098 1,049
Corporate and Other [Member]      
Segment Reporting Information [Line Items]      
Underwriting Income (Loss) (781) (731) (683)
Net investment income (93) (105) 25
Other (income) expense (676) (490) (380)
Amortization of purchased intangibles $ 148 $ 163 $ 176
v3.25.4
Segment Information (Net Premiums Earned For Segment By Product) (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]      
Net premiums earned $ 53,014 $ 49,846 $ 45,712
North America Commercial P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 20,381 20,008 18,416
North America Commercial P&C Insurance [Member] | Property and other short-tail [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 4,917 4,756 3,985
North America Commercial P&C Insurance [Member] | Casualty and all other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 14,919 14,560 13,764
North America Commercial P&C Insurance [Member] | Accident and Health [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 545 692 667
North America Personal P&C Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 6,763 6,188 5,536
North America Personal P&C Insurance [Member] | Personal automobile [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 1,089 968 859
North America Personal P&C Insurance [Member] | Personal homeowners [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 4,648 4,293 3,833
North America Personal P&C Insurance [Member] | Insurance, Other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 1,026 927 844
North America Agricultural Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 2,919 2,705 3,169
Overseas General Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 14,374 13,400 12,231
Overseas General Insurance [Member] | Property and other short-tail [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 4,689 4,338 3,831
Overseas General Insurance [Member] | Casualty and all other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,809 3,705 3,526
Overseas General Insurance [Member] | Accident and Health [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 2,678 2,572 2,469
Overseas General Insurance [Member] | Personal lines [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,198 2,785 2,405
Global Reinsurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 1,353 1,272 962
Global Reinsurance [Member] | Property and other short-tail [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 525 490 331
Global Reinsurance [Member] | Casualty and all other [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 570 550 472
Global Reinsurance [Member] | Property catastrophe [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 258 232 159
Life Insurance [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 7,224 6,273 5,398
Life Insurance [Member] | Accident and Health [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned 3,379 3,224 3,097
Life Insurance [Member] | Life [Member]      
Segment Reporting Information [Line Items]      
Net premiums earned $ 3,845 $ 3,049 $ 2,301
v3.25.4
Segment Information (Net Premiums Earned By Geographic Region) (Details) - Geographic Concentration Risk - Revenue Benchmark
 12 Months Ended
Dec. 31, 2025
$ / ₫
Dec. 31, 2024
$ / ₫
Dec. 31, 2023
$ / ₫
North America [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 63.00% 64.00% 65.00%
Europe [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage [1] 11.00% 11.00% 11.00%
Asia      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage [2] 20.00% 19.00% 18.00%
Latin America [Member]      
Segment Reporting Information [Line Items]      
Concentration Risk, Percentage 6.00% 6.00% 6.00%
[1] Europe includes Middle East and Africa regions.
[2] Includes the consolidated results of Huatai Group effective July 1, 2023
v3.25.4
Earnings Per Share (Detail) - USD ($)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]      
Net income $ 10,622 $ 9,640 $ 9,015
Net income (loss) attributable to noncontrolling interests 312 368 (13)
Net income attributable to Chubb $ 10,310 $ 9,272 $ 9,028
Weighted-average shares outstanding 397,611,884 404,189,749 410,845,263
Share-based compensation plans 3,901,454 4,296,686 3,357,305
Adjusted weighted-average shares outstanding and assumed conversions 401,513,338 408,486,435 414,202,568
Basic earnings per share attributable to Chubb $ 25.93 $ 22.94 $ 21.97
Diluted earnings per share attributable to Chubb $ 25.68 $ 22.70 $ 21.80
Potential anti-dilutive share conversions 1,463,017 1,150,169 2,385,099
v3.25.4
Related party transactions (Schedule of related party transactions) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Related Party Transaction [Line Items]      
Total revenues $ 59,402 $ 55,753 $ 49,735
Other income (expense) 1,297 1,023 836
Private equities 17,239 14,769  
Ceded Premiums Written 11,104 10,535 10,165
Losses and loss expenses 26,700 26,022 24,100
Insurance and reinsurance balances payable $ 8,349 8,121  
Bermuda | ABR Reinsurance Capital Holdings Ltd. [Member] | ABR Reinsurance Capital Holdings Ltd. [Member]      
Related Party Transaction [Line Items]      
Ownership Percentage 19.10%    
ABR Reinsurance Capital Holdings Ltd. [Member]      
Related Party Transaction [Line Items]      
Ceded Premiums Written $ 520 476 441
Commissions received 151 117 119
Reinsurance Recoverable on Losses and Loss Expenses 1,393 1,372  
Insurance and reinsurance balances payable 110 112  
BlackRock, Inc. | Related Party      
Related Party Transaction [Line Items]      
Total revenues 3 12 8
Aquiline Capital Partners LLC      
Related Party Transaction [Line Items]      
Investment Company, Financial Commitment to Investee, Future Amount 121    
Other income (expense) 90 60 36
Private equities 489 400  
Starr Technical Risk Agency and Affiliates [Member]      
Related Party Transaction [Line Items]      
Premiums Written, Gross   10 216
Ceded Premiums Written   24 115
Paid commissions   3 38
Commissions received   3 26
Losses and loss expenses   24 $ 180
Reinsurance Recoverable on Losses and Loss Expenses $ 235 328  
Insurance and reinsurance balances payable   $ 19  
v3.25.4
Statutory Financial Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Statutory Accounting Practices [Line Items]      
Dividends available to be paid $ 9,600    
Approximate increase in statutory capital and surplus resulting from discount of certain A&E liabilities 106 $ 108  
Statutory Accounting Practices, Statutory to NAIC, Permitted, Difference, Amount 73 72  
PropertyAndCasualtySubsidiaries [Member]      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 55,554 48,253  
Statutory net income 10,790 11,118 $ 8,699
LifeSubsidiaries [Member] [Member]      
Statutory Accounting Practices [Line Items]      
Statutory capital and surplus 9,160 8,970  
Statutory net income $ 740 $ 548 $ 459
v3.25.4
Subsequent Events (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event [Line Items]      
Losses and loss expenses $ 26,700 $ 26,022 $ 24,100
v3.25.4
Schedule I (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [1] $ 170,225  
Fair Value 168,265  
Amount at Which Shown in the Balance Sheet 168,231  
Private equities 17,239 $ 14,769
All Related Party [Member]    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Private equities 489  
Short-term investments    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 4,840  
Fair Value 4,840  
Amount at Which Shown in the Balance Sheet 4,840  
Fixed maturities available for sale    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [1] 124,674  
Fair Value 122,680  
Amount at Which Shown in the Balance Sheet 122,680  
Fixed maturities available for sale | U.S. and local government securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 3,908  
Fair Value 3,714  
Amount at Which Shown in the Balance Sheet 3,714  
Fixed maturities available for sale | Non-U.S.    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 40,469  
Fair Value 40,356  
Amount at Which Shown in the Balance Sheet 40,356  
Fixed maturities available for sale | Corporate and asset-backed securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 48,764  
Fair Value 47,886  
Amount at Which Shown in the Balance Sheet 47,886  
Fixed maturities available for sale | Mortgage-backed securities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 31,533  
Fair Value 30,724  
Amount at Which Shown in the Balance Sheet 30,724  
Private debt held for investment    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [1] 2,411  
Fair Value 2,445  
Amount at Which Shown in the Balance Sheet 2,411  
Industrial, miscellaneous, and all others    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 10,801  
Fair Value 10,801  
Amount at Which Shown in the Balance Sheet 10,801  
Private equities    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost [2] 16,750  
Fair Value [2] 16,750  
Amount at Which Shown in the Balance Sheet [2] 16,750  
Other investments    
SEC Schedule, 12-15, Insurance Companies, Summary of Investments, Other than Investments in Related Parties [Line Items]    
Cost or Amortized Cost 10,749  
Fair Value 10,749  
Amount at Which Shown in the Balance Sheet $ 10,749  
[1] Net of valuation allowance for expected credit losses.
[2] Excludes $489 million of related party investments.
v3.25.4
Schedule II (BALANCE SHEETS - Parent Company Only) (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Assets        
Other assets $ 9,222 $ 7,503    
Total assets 272,327 246,548    
Liabilities        
Accounts Payable and Accrued Liabilities 10,108 10,192    
Total liabilities 192,548 178,154    
Stockholders' Equity Attributable to Parent [Abstract]        
Common Shares 231 235    
Common shares in treasury (4,699) (3,524)    
Additional paid-in capital 13,250 14,393    
Retained earnings 69,950 61,561    
Accumulated other comprehensive income (loss) (4,975) (8,644)    
Total Chubb shareholders' equity 73,757 64,021    
Total liabilities and shareholders’ equity 272,327 246,548    
Parent Company Only        
Assets        
Investments in subsidiaries and affiliates on equity basis 72,848 64,141    
Total investments 72,848 64,141    
Cash 313 383 $ 77 $ 40
Due from subsidiaries and affiliates, net 864 629    
Other assets 379 13    
Total assets 74,404 65,166    
Liabilities        
Affiliated notional cash pooling program 0 277    
Accounts Payable and Accrued Liabilities 647 868    
Total liabilities 647 1,145    
Stockholders' Equity Attributable to Parent [Abstract]        
Common Shares 231 235    
Common shares in treasury (4,699) (3,524)    
Additional paid-in capital 13,250 14,393    
Retained earnings 69,950 61,561    
Accumulated other comprehensive income (loss) (4,975) (8,644)    
Total Chubb shareholders' equity 73,757 64,021    
Total liabilities and shareholders’ equity $ 74,404 $ 65,166    
v3.25.4
Schedule II Schedule II (STATEMENTS OF OPERATIONS - Parent Company Only) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Equity in net income of subsidiaries and affiliates $ 1,143 $ 967 $ 867
Total revenues 59,402 55,753 49,735
Administrative and other (income) expense 4,504 4,380 4,007
Integration expenses and severance 79 39 69
Income tax expense 2,422 1,815 511
Total expenses 46,358 44,298 40,209
Net income attributable to Chubb 10,310 9,272 9,028
Comprehensive income attributable to Chubb 13,979 7,437 12,404
Chubb limited (Parent Guarantor)      
Condensed Financial Statements, Captions [Line Items]      
Investment income (loss) [1] 21 (24) (21)
Equity in net income of subsidiaries and affiliates 10,431 9,385 9,065
Total revenues 10,452 9,361 9,044
Administrative and other (income) expense 82 74 72
Income tax expense 60 15 (56)
Total expenses 142 89 16
Net income attributable to Chubb 10,310 9,272 9,028
Comprehensive income attributable to Chubb $ 13,979 $ 7,437 $ 12,404
[1] Includes net investment income, interest income, and net realized gains (losses).
v3.25.4
Schedule II (STATEMENTS OF CASH FLOWS - Parent Company Only) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]      
Net Cash Provided by (Used) in Operating Activities, Total $ 12,816 $ 16,182 $ 12,632
Other (712) (1,412) (889)
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation (11,260) (13,923) (7,648)
Dividends paid on Common Shares (1,505) (1,436) (1,394)
Common Shares repurchased (3,694) (1,801) (2,411)
Net cash flows (used for) from financing activities (1,850) (2,181) (4,489)
Effect of foreign currency rate changes on cash and restricted cash 215 (150) (1)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (79) (72) 494
Chubb limited (Parent Guarantor)      
Condensed Financial Statements, Captions [Line Items]      
Net Cash Provided by (Used) in Operating Activities, Total [1] 1,210 1,755 3,273
Capital redemption 4,500 2,000 0
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation 4,500 2,000 0
Dividends paid on Common Shares (1,505) (1,436) (1,394)
Common Shares repurchased (3,694) (1,801) (2,411)
Repayment (issuance) of intercompany loans (299) 99 231
Net proceeds from (payments to) affiliated notional cash pooling programs [2] (277) (317) 342
Net cash flows (used for) from financing activities (5,775) (3,455) (3,232)
Effect of foreign currency rate changes on cash and restricted cash (5) 6 (4)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect (70) 306 37
Cash – beginning of year 383 77 40
Cash – end of year 313 383 77
Cash dividend paid by Affiliates [1] $ 1,500 $ 1,800 $ 3,300
[1] Includes cash dividends received from subsidiaries of $1.5 billion, $1.8 billion, and $3.3 billion in 2025, 2024, and 2023, respectively.
[2] Chubb maintains two notional multicurrency cash pools (Pools) with a third-party bank. Refer to Note 1 i) for additional information.
v3.25.4
Schedule IV (SUPPLEMENTAL INFORMATION CONCERNING REINSURANCE) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Gross $ 245,318 [1] $ 240,794 $ 248,973
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Ceded 40,067 43,626 55,665
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Assumed 3,604 4,109 5,408
SEC Schedule, 12-17, Insurance Companies, Reinsurance, Life Insurance in Force, Net $ 208,855 $ 201,277 $ 198,716
In Force Percentage of Amount 2.00% 2.00% 3.00%
Direct Amount $ 58,905 $ 55,148 $ 51,582
Ceded To Other Companies 10,827 10,272 10,159
Assumed From Other Companies 4,936 4,970 4,289
Net Amount $ 53,014 $ 49,846 $ 45,712
Percentage of Amount Assumed to Net 9.00% 10.00% 9.00%
Property and Casualty [Member]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 47,998 $ 45,179 $ 42,598
Ceded To Other Companies 10,263 9,702 9,549
Assumed From Other Companies 4,832 4,832 4,129
Net Amount $ 42,567 $ 40,309 $ 37,178
Percentage of Amount Assumed to Net 11.00% 12.00% 11.00%
Accident and Health [Member]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 6,990 $ 6,874 $ 6,580
Ceded To Other Companies 474 473 446
Assumed From Other Companies 86 87 99
Net Amount $ 6,602 $ 6,488 $ 6,233
Percentage of Amount Assumed to Net 1.00% 1.00% 2.00%
Life [Member]      
SEC Schedule, 12-17, Insurance Companies, Reinsurance [Line Items]      
Direct Amount $ 3,917 $ 3,095 $ 2,404
Ceded To Other Companies 90 97 164
Assumed From Other Companies 18 51 61
Net Amount $ 3,845 $ 3,049 $ 2,301
Percentage of Amount Assumed to Net 0.00% 2.00% 3.00%
[1] The reduction in direct amount of life insurance face amount in force in 2024 versus 2023 reflects the non-renewal of certain credit-life business.
v3.25.4
Schedule VI (SUPPLEMENTARY INFORMATION CONCERNING PROPERTY AND CASUALTY OPERATIONS) (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]      
Deferred Policy Acquisition Costs $ 4,208 $ 3,687 $ 3,346
Net Reserves for Unpaid Losses 69,672 66,270 62,238
Unearned Premiums 26,279 23,504 22,051
Net Premiums Earned 45,790 43,573 40,314
Net Investment Income 5,338 4,927 4,181
Current Year Claim and Claim Adjustment Expense 27,808 26,997 24,956
Prior Year Claim and Claim Adjustment Expense (1,108) (975) (856)
Amortization of Deferred Policy Acquisition Costs 8,649 8,053 7,391
Net Paid Losses and Loss Expenses 24,293 21,503 21,011
Net Premiums Written $ 47,563 $ 45,142 $ 41,896