Chubb Q3 2026 GAAP EPS $7.30 超预期约 $0.87，但核心经营 EPS 仅 $7.66（+0.8%）、核心经营利润同比 -2.2%，巨灾损失翻倍至 $7.05 亿

----- d160822d8k.htm -----
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
8-K
Current Report
Pursuant To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) -
October 20, 2026
Chubb Limited
(Exact name of registrant as specified in its charter)
Switzerland
1-11778
98-0091805
(State or other jurisdiction of
Incorporation)
(Commission File Number)
(I.R.S. Employer Identification No.)
Baerengasse 32
CH-
8001
Zurich
,
Switzerland
(Address of principal executive offices)
Registrant’s telephone number, including area code: +
41
(0)43
456 76 00
Not applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form
8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (
see
General Instruction A.2. below):
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule
14a-12
under the Exchange Act (17 CFR
240.14a-12)
☐
Pre-commencement
communications pursuant to Rule
14d-2(b)
under the Exchange Act (17 CFR
240.14d-2(b))
☐
Pre-commencement
communications pursuant to Rule
13e-4(c)
under the Exchange Act (17 CFR
240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share
CB
New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027
CB/27
New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028
CB/28
New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029
CB/29A
New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031
CB/31
New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038
CB/38A
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule
12b-2
of the Securities Exchange Act of 1934 (17 CFR
240.12b-2).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02.
Results of Operations and Financial Condition
On October 20, 2026, Chubb Limited issued a Press Release reporting its third quarter 2026 results and the availability of its third quarter 2026 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.
Item 9.01.
Financial Statements and Exhibits
(d) Exhibits
Exhibit
Number
Description
99.1
Press Release, Dated October 20, 2026, Reporting Third Quarter 2026 Results
99.2
Third Quarter 2026 Financial Supplement
104
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Chubb Limited
By:
/s/ Peter Enns
Peter Enns
Executive Vice President and Chief Financial Officer
DATE: October 20, 2026

----- d160822dex991.htm -----
EX-99.1
2
d160822dex991.htm
EX-99.1
EX-99.1
Exhibit 99.1
Chubb Limited
Bärengasse 32
CH-8001
Zurich
Switzerland
www.chubb.com
@Chubb
News Release
Chubb Reports Third Quarter Per Share Net Income and Record
Core Operating Income of $7.30 and $7.66, Respectively, Up 4.4%
and 0.8%; Consolidated Net Premiums Written of $15.1 Billion, Up
1.9%, with P&C and Life Insurance Up 1.9% and 1.4%; P&C Combined
Ratio of 84.1%;
Record
Year-to-Date
Per Share Net Income and Core
Operating
Income of $20.46 and $21.94, Up 16.2% and 24.5%, Respectively;
Annualized Return on Equity (ROE) of 14.5% and Core Operating
ROE of 14.6%
●
Net income was $2.84 billion, up 1.5%, and core operating income was $2.98 billion, down 2.2%. For the
nine months, net income and core operating income were a record $8.02 billion and $8.60 billion, respectively, up 12.9% and 21.0%.
●
P&C net premiums written were $13.18 billion, up 1.9%.
●
North America Commercial was down 2.7%, or up 1.7% excluding large account property including E&S and
financial lines underwriting related exposure changes including additional reinsurance.
●
North America Personal was up 5.3%.
●
North America Agriculture was up 5.1%.
●
Overseas General was up 6.7%, or 5.2% in constant dollars. Consumer insurance was up 7.2% and commercial
insurance was up 6.3%; Latin America, Asia and Europe were up 11.7%, 7.5% and 6.8%, respectively.
●
P&C underwriting income was $2.06 billion, with a combined ratio of 84.1%. P&C current accident year
underwriting income excluding catastrophe losses was $2.26 billion, up 3.3%, with a combined ratio of 82.6%. For the nine months, P&C underwriting income was $5.79 billion, up 33.7%, and was $6.39 billion, up 6.1%, on a current
accident year excluding catastrophe losses basis. Both were records.
●
Total
pre-tax
net catastrophe losses were $705 million compared with
$285 million in the prior year.
●
Total
pre-tax
favorable prior period development was $511 million
compared with $361 million in the prior year.
●
Life Insurance net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars. International
life insurance net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Insurance segment income was $369 million, up 11.4%, or 14.7% in constant dollars, with International Life income
up 7.0%, or 10.9% in constant dollars. For the nine months, Life Insurance segment income was $1.03 billion, up 9.3%, or 10.0% in constant dollars, with International Life income up 10.8%, or 11.8% in constant dollars.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
1
Chubb Limited News Release
●
Pre-tax
net investment income was $1.79 billion, up 8.6%, and
adjusted net investment income was $1.89 billion, up 6.3%. Both were records.
●
Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.6%
and annualized core operating ROE was 14.9%.
●
Book value and tangible book value per share increased 5.1% and 5.7%, respectively, from September 30, 2025.
Tangible book value per share excluding AOCI was up 15.4% over the same period.
ZURICH – October 20, 2026 –
Chubb
Limited (NYSE: CB) today reported net income for the quarter ended September 30, 2026 of $2.84 billion, or $7.30 per share, and core operating income of $2.98 billion, or $7.66 per share. Book value per share and tangible book value
per share increased by 5.1% and 5.7%, respectively, from September 30, 2025 and now stand at $191.43 and $126.96. For the last three months, book value was unfavorably impacted by
after-tax
net realized
and unrealized losses of $4.48 billion in Chubb’s investment portfolio, partially offset by $551 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased by 11.1% and 15.4%
from September 30, 2025.
Effective Q3 2026, segment income and core operating income have been redefined to exclude intangible amortization expenses
related to purchased intangibles other than long-term distribution agreements. Refer to “Regulation G –
Non-GAAP
Financial Measures” in this press release and the Table of Contents page in
the Q3 2026 Chubb Limited Financial Supplement for additional information. Prior-period results have been restated to reflect these changes.
Chubb
Limited
Third Quarter Summary
(in millions of
U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$2,844
$2,801
1.5%
$7.30
$6.99
4.4%
Adjusted net realized (gains) losses, net of tax
94
48
95.8%
0.25
0.12
108.3%
Integration expenses and severance, net of tax
8
1
NM
0.02
-
NM
Market risk benefits (gains) losses, net of tax
55
120
(54.2)%
0.14
0.30
(53.3)%
Amortization of deferred tax asset from Bermuda law
(60)
36
NM
(0.15)
0.09
NM
Amortization of fair value adjustments, net of tax
39
42
(7.1)%
0.10
0.10
-
Core operating income, net of tax
$2,980
$3,048
(2.2)%
$7.66
$7.60
0.8%
Annualized return on equity (ROE)
15.3%
15.9%
Core operating return on tangible equity (ROTE)
21.6%
24.8%
Core operating ROE
14.9%
16.6%
For the nine months ended September 30, 2026, net income was $8.02 billion, or $20.46 per share, and core operating
income was $8.60 billion, or $21.94 per share. Book value per share and tangible book value per share increased by 1.5% and 0.6%, from December 31, 2025. For the last nine months, book value was unfavorably impacted by
after-tax
net realized and unrealized losses of $6.03 billion in Chubb’s investment portfolio, partially offset by $643 million of foreign currency gains. Book value per share and tangible book value
per share excluding AOCI increased by 7.4% and 10.1%, from December 31, 2025.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
2
Chubb Limited News Release
Chubb Limited
Nine Months Ended Summary
(in millions of U.S. dollars, except per share amounts and ratios)
(Unaudited)
(Per Share)
2026
2025
Change
2026
2025
Change
Net income
$8,018
$7,100
12.9%
$20.46
$17.61
16.2%
Adjusted net realized (gains) losses, net of tax
396
(428)
NM
1.02
(1.06)
NM
Integration expenses and severance, net of tax
21
3
NM
0.05
0.01
NM
Market risk benefits (gains) losses, net of tax
39
213
(81.7)%
0.10
0.53
(81.1)%
Amortization of deferred tax asset from Bermuda law
4
91
(95.6)%
0.01
0.22
(95.5)%
Amortization of fair value adjustments, net of tax
119
127
(6.3)%
0.30
0.31
(3.2)%
Core operating income, net of tax
$8,597
$7,106
21.0%
$21.94
$17.62
24.5%
Annualized return on equity (ROE)
14.5%
13.9%
Core operating return on tangible equity (ROTE)
21.2%
19.9%
Core operating ROE
14.6%
13.2%
For the nine months ended September 30, 2026 and 2025, the tax expenses (benefits) related to the table above were
$6 million and $47 million, respectively for adjusted net realized gains and losses; $(7) million and nil for integration expenses and severance; $(7) million and $(38) million for market risk benefits gains and losses; $(33) million and
$(36) million for amortization of fair value adjustments; and $2.09 billion and $1.75 billion for core operating income.
Evan G. Greenberg,
Chairman and Chief Executive Officer of Chubb Limited, commented: “We had a really strong quarter with strong contributions from all of our businesses. Our diversification is highly supportive of growth and sustained margins which speak to our
underwriting discipline, a hallmark of our company.
“P&C underwriting, investment and life income results led to core operating earnings of
$2.98 billion, or $7.66 per share. Due to particularly light CAT losses last year, earnings are down 2% and up 1% per share from 2025. For the first nine months of the year, which is a more meaningful perspective, core operating income is a
record $8.6 billion, or $21.94 per share, up 21% and 24.5%, respectively, from the prior year.
“Annualized core operating return on tangible
equity is 21.6% and core operating ROE is 14.9%. Tangible book value per share is up 5.7% from the prior year. This was impacted by the
mark-to-market
due to higher
interest rates. Adjusting for AOCI, tangible book value per share increased 15.4%.
“For the quarter, P&C underwriting income is
$2.1 billion, which led to a combined ratio of 84.1%, and on a current accident year
ex-CAT
basis, our combined ratio is 82.6%, simply excellent.
Year-to-date
underwriting income of $5.8 billion is up nearly 34% from 2025.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
3
Chubb Limited News Release
“On the investment side of our business, adjusted net investment income is a record $1.9 billion, supported by rising interest rates and an
excellent fixed-income investment environment, which we have been anticipating for some time, given government deficits and the capital investment cycle. On the alternative asset side, as publicly announced in the quarter, Strategic Holdings, our
holding company partnership with KKR, agreed to sell our investment in USI Insurance Services to Aon, which is expected to result in a realized gain of $460 million on an investment of $740 million.
“While the market continues to grow more competitive in commercial P&C across the board, particularly in the U.S. and London, the substantial
majority of our underwriting businesses grew in the quarter, with the balance flat or purposely shrinking due to inadequate pricing or terms.
“We
are benefiting from our diversification. Overseas General grew 6.7%, with Latin America up 11.7%, Asia up 7.5% and Europe up about 7%. North America personal lines was up 5.3% and agriculture was up 5.1%. North America commercial was down 2.7%,
impacted by a reduction in exposure, including increased use of reinsurance and underwriting related non-renewal actions, predominantly property and financial lines-related. I fully expect North America commercial growth to improve in future
quarters.
“Our deep local presence and capabilities globally, our large and growing invested asset along with rising interest rates, and operating
discipline provide us continued growth opportunities and sustainability of value creation. I am confident in our ability to continue to outperform and to generate strong growth in operating earnings and EPS and, most important, double-digit growth
in tangible book value.”
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
4
Chubb Limited News Release
Operating highlights for the quarter ended September 30, 2026 were as follows:
Chubb Limited
Q3
Q3
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Consolidated
Net premiums written (increase of 1.8% in constant dollars)
$
15,143
$
14,866
1.9%
P&C
Net premiums written (increase of 1.6% in constant dollars)
$
13,183
$
12,934
1.9%
Underwriting income
$
2,061
$
2,259
(8.8)%
Combined ratio
84.1%
81.8%
Current accident year underwriting income excluding catastrophe losses (CATs)
$
2,255
$
2,183
3.3%
Current accident year combined ratio excluding CATs
82.6%
82.5%
Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)
$
11,651
$
11,476
1.5%
Underwriting income
$
1,894
$
2,079
(8.9)%
Combined ratio
83.4%
81.0%
Current accident year underwriting income excluding CATs
$
2,085
$
2,029
2.7%
Current accident year combined ratio excluding CATs
81.8%
81.6%
Life Insurance
Net premiums written (increase of 3.7% in constant dollars)
$
1,960
$
1,932
1.4%
Segment income (increase of 14.7% in constant dollars)
$
369
$
332
11.4%
●
Consolidated net premiums earned increased 3.9%, or 4.0% in constant dollars. P&C net premiums earned
increased 4.3%, or 4.0% in constant dollars.
●
Operating cash flow was $6.07 billion and adjusted operating cash flow was $5.55 billion. Both were
records.
●
Total capital returned to shareholders in the quarter was $1.57 billion, comprising share repurchases of
$1.18 billion at an average purchase price of $344.32 per share and dividends of $393 million. Total capital returned to shareholders for the nine months was $4.47 billion, comprising share repurchases of $3.30 billion at an
average purchase price of $332.33 per share and dividends of $1.17 billion.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
5
Chubb Limited News Release
Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended September 30,
2026 are presented below:
Chubb Limited
Q3
Q3
(in millions of U.S. dollars except for percentages)
2026
2025
Change
Total North America P&C Insurance
(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA
Agricultural Insurance)
Net premiums written
$
8,953
$
8,935
0.2%
Combined ratio
81.3%
79.2%
Current accident year combined ratio excluding CATs
80.7%
80.6%
North America Commercial P&C Insurance
Net premiums written (increase of 1.7% excluding large account property
including E&S and financial lines underwriting related exposure changes
including additional reinsurance)
$
5,512
$
5,663
(2.7)%
Major accounts retail and excess and surplus (E&S) wholesale
(increase of 1.2% excluding large account property including E&S and
financial lines underwriting related exposure changes including additional
reinsurance)
$
3,210
$
3,379
(5.0)%
Middle market and small commercial (with P&C lines up 2.6%, or up
4.0% excluding workers’ compensation payroll-related premium
adjustments
(1)
, and financial lines down 5.9%, or up 1.8%
adjusting for
underwriting related exposure changes including additional reinsurance)
$
2,302
$
2,284
0.8%
Combined ratio
86.3%
81.5%
Current accident year combined ratio excluding CATs
82.1%
80.8%
North America Personal P&C Insurance
Net premiums written
$
1,909
$
1,814
5.3%
Combined ratio
60.3%
65.1%
Current accident year combined ratio excluding CATs
69.9%
72.1%
North America Agricultural Insurance
Net premiums written
$
1,532
$
1,458
5.1%
Combined ratio
89.3%
88.0%
Current accident year combined ratio excluding CATs
89.0%
89.7%
Overseas General Insurance
Net premiums written (increase of 5.2% in constant dollars)
$
3,943
$
3,695
6.7%
Commercial P&C
$
2,248
$
2,114
6.3%
Consumer P&C
$
1,695
$
1,581
7.2%
Combined ratio
86.4%
83.3%
Current accident year combined ratio excluding CATs
84.3%
84.4%
Global Reinsurance
Net premiums written
$
287
$
304
(5.6)%
Combined ratio
80.7%
77.4%
Current accident year combined ratio excluding CATs
78.7%
75.6%
Life Insurance
Net premiums written (increase of 3.7% in constant dollars)
$
1,960
$
1,932
1.4%
Net premiums written and deposits (increase of 17.7% in constant dollars)
$
2,797
$
2,428
15.2%
Segment income (increase of 14.7% in constant dollars)
$
369
$
332
11.4%
(1)
Relates to workers’ compensation annual payroll-related audit premium adjustments which are made in
the third quarter every year, as previously disclosed were significantly larger in 2025.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
6
Chubb Limited News Release
●
North America Commercial P&C Insurance: The combined ratio increased 4.8 percentage points, including a 3.1
percentage point increase from higher CATs, a 1.0 percentage point increase in the underlying loss ratio and a 0.3 percentage point increase in the underlying expense ratio with acquisition ratio up, both driven by shift in mix of business,
primarily due to reduction in property business.
●
North America Personal P&C Insurance: The combined ratio decreased 4.8 percentage points, including a 4.3
percentage point decrease from higher favorable prior period development (PPD) and a 2.2 percentage point decrease in the underlying loss ratio, partially offset by a 1.7 percentage point increase from higher CATs.
●
North America Agricultural Insurance: The combined ratio increased 1.3 percentage points, including a 1.9
percentage point increase from lower favorable PPD, partially offset by a 0.6 percentage point decrease in the underlying expense ratio.
●
Overseas General Insurance: The combined ratio increased 3.1 percentage points, including a 5.0 percentage point
increase from higher CATs and a 1.0 percentage point increase in the underlying acquisition expense ratio, due to shift in the mix of business, offset by a 1.8 percentage point decrease from higher favorable PPD, and a 0.9 percentage point decrease
in the underlying loss ratio.
●
Life Insurance: Net premiums written were $1.96 billion, up 1.4%, or 3.7% in constant dollars, with
International Life of $1.60 billion, down 0.6%, or up 2.0% in constant dollars, reflecting an adverse impact of 8.8 percentage points in constant dollars, from a
one-time
large transaction in the prior
year, and Chubb Benefits up 11.7%, or 12.1% in constant dollars. International life net premiums written and deposits collected were $2.44 billion, up 15.7%, or 18.6% in constant dollars. Life Segment income was $369 million, up 11.4%, or
14.7% in constant dollars, primarily reflecting growth in International Life of 7.0%, or 10.9% in constant dollars.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
7
Chubb Limited News Release
All comparisons are with the same period last year unless otherwise specifically stated.
Please refer to the Chubb Limited Financial Supplement, dated September 30, 2026, which is posted on Chubb’s investor relations website,
investors.chubb.com
, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.
Chubb Limited will hold its third quarter earnings conference call on Wednesday, October 21, 2026, at 8:30 a.m. Eastern. The earnings conference call
will be available via live webcast at
investors.chubb.com
or by dialing
877-400-4403
(within the United States) or
332-251-2601
(international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the
replay,
click here
to register and receive
dial-in
numbers.
In this release, business activity for, and
the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s
ownership interest and exclude the
non-controlling
interest.
Segment income and core operating income for current
and prior periods have been redefined to reflect the definition of segment income and core operating income adopted in Q3 2026, which excludes intangible amortization expenses related to purchased intangibles other than long-term distribution
agreements. Refer to “Regulation G –
Non-GAAP
Financial Measures” below for more information.
About Chubb
Chubb is a world leader in insurance. With
operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is
defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a
component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at:
www.chubb.com
.
Investor Contact
Susan Spivak: (212)
827-4445;
investorrelations@chubb.com
Media Contact
mediarelations@chubb.com
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
8
Chubb Limited News Release
Regulation G –
Non-GAAP
Financial Measures
In presenting our results, we included and discussed certain
non-GAAP
measures. These
non-GAAP
measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a
substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document there are various measures
presented on a
constant-dollar basis
(i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the
currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between
periods by translating prior period results using the same local currency exchange rates as the comparable current period.
Adjusted net investment
income
is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of nil in Q3 2026 and $1 million in Q3 2025, and including investment income of $97 million
and $127 million in Q3 2026 and Q3 2025, from partially owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The amortization of the fair value
adjustment on acquired invested assets was $3 million and $7 million for the nine months ended September 30, 2026 and 2025, and the investment income from private equity partnerships was $343 million and $349 million for the
nine months ended September 30, 2026 and 2025. The
mark-to-market
movement on these private equity partnerships are included in adjusted net realized gains (losses)
as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax,
includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense)
related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the
policyholders’ share of gains and losses. The crop derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting
results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and
losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and
the underlying investments supporting those liabilities.
P&C underwriting income (loss
) excludes the Life Insurance segment and is calculated by
subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations
without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value adjustments of acquired
invested assets and long-term debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C current
accident year underwriting income excluding catastrophe losses
is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are
not predictable as to timing and amount, and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results
of operations by highlighting the underlying profitability of our insurance business.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
9
Chubb Limited News Release
References in this release to “current accident year” or “underlying” metrics exclude catastrophe losses and prior period development,
unless stated otherwise.
Core operating income
relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb
net income the
after-tax
impact of adjusted net realized gains (losses), market risk benefits gains (losses), amortization of fair value adjustments, and other items described in this paragraph. We believe
this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the
amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we believe that amortization of certain fair value adjustments arising from the application of
acquisition method accounting to acquired businesses does not represent the associated true economic costs and also affects comparability of our operating results to peers. We therefore exclude amortization of fair value adjustments, which includes
amortization expenses of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights); in contrast,
amortization expenses associated with value of business acquired (VOBA) and unearned premium reserves (UPR) intangible assets are included in core operating income as they are generally comparable to underwriting expenses recognized by peers. We
also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational
efficiency. These costs, as well as the amortization of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations, are not related to the ongoing activities of the
individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration
expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition
Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency.
References to core operating income measures mean net of tax, whether or not noted.
Core operating return on equity (ROE)
and
Core operating
return on tangible equity (ROTE)
are annualized
non-GAAP
financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’
equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of tax and attributable to Chubb.
For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying
profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our
operations without the impact of goodwill and other intangible assets.
P&C combined ratio
is the sum of the loss and loss expense ratio,
acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.
P&C current accident year combined ratio excluding catastrophe losses
excludes the impact of P&C catastrophe losses and PPD from the P&C
combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
10
Chubb Limited News Release
Global P&C performance metrics
comprise consolidated operating results (including corporate) and exclude the operating results of Chubb’s Life
Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not
market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s global P&C operations which are the most
economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.
Tangible book value per common share
is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the
shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful.
Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI)
, excludes AOCI from the numerator
because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
Adjusted operating cash flow
is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset
management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated
results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they
may distort a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our
consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
Life Insurance and International life insurance net premiums written and deposits collected
includes deposits collected on universal life and investment
contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because life
deposits are an important component of production and key to our efforts to grow our business.
See the reconciliation of
Non-GAAP
Financial Measures on pages
27-33
in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with
GAAP, including premium, net income, book value, return on equity, and net investment income.
NM – not meaningful comparison
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
11
Chubb Limited News Release
Cautionary Statement Regarding Forward-Looking Statements:
Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market
conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels
of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss
of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the
amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions,
potential strategic opportunities including acquisitions and our ability to achieve them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers
are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
12
Chubb Limited News Release
Chubb Limited
Summary Consolidated Balance Sheets
(in millions of U.S. dollars, except per share data)
(Unaudited)
September 30
2026
December 31
2025
Assets
Investments
$
172,507
$
168,720
Cash and restricted cash
3,010
2,470
Total invested assets
175,517
171,190
Insurance and reinsurance balances receivable
18,188
15,944
Reinsurance recoverable on losses and loss expenses
20,611
20,338
Goodwill and other intangible assets ($26,021 and $25,775 represents Chubb portion as of 9/30/2026 and 12/31/2025,
respectively)
26,665
26,448
Other assets
42,528
38,407
Total assets
$
283,509
$
272,327
Liabilities
Unpaid losses and loss expenses
$
91,829
$
88,018
Unearned premiums
28,608
26,279
Other liabilities
84,560
78,251
Total liabilities
204,997
192,548
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI
82,710
78,732
Accumulated other comprehensive income (loss) (AOCI)
(9,483)
(4,975)
Chubb shareholders’ equity
73,227
73,757
Noncontrolling interests
5,285
6,022
Total shareholders’ equity
78,512
79,779
Total liabilities and shareholders’ equity
$
283,509
$
272,327
Book value per common share
$
191.43
$
188.59
Tangible book value per common share
$
126.96
$
126.22
Book value per common share, excl. AOCI
$
216.22
$
201.31
Tangible book value per common share, excl. AOCI
$
150.70
$
136.91
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
13
Chubb Limited News Release
Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and
ratios)
(Unaudited)
Three Months Ended
September 30
Nine Months Ended
September 30
2026
2025
2026
2025
Gross premiums written
$
18,359
$
18,069
$
52,857
$
50,450
Net premiums written
15,143
14,866
43,853
41,708
Net premiums earned
14,924
14,359
42,270
39,484
Losses and loss expenses
7,526
6,951
20,348
20,419
Policy benefits
1,477
1,372
4,877
4,005
Policy acquisition costs
2,739
2,563
7,967
7,291
Administrative expenses
1,126
1,138
3,443
3,343
Net investment income
1,791
1,648
5,260
4,777
Net realized gains (losses)
(455)
283
(700)
327
Market risk benefits gains (losses)
(65)
(142)
(46)
(251)
Interest expense
204
197
602
559
Other income (expense):
Gains (losses) from separate account assets
(24)
(9)
27
(31)
Other
388
52
694
812
Amortization of purchased intangibles
74
75
221
224
Integration expenses and severance
11
1
28
3
Income tax expense
666
787
2,054
1,825
Net income
$
2,736
$
3,107
$
7,965
$
7,449
Less: NCI income (loss)
(108)
306
(53)
349
Chubb net income
$
2,844
$
2,801
$
8,018
$
7,100
Diluted earnings per share:
Chubb net income
$
7.30
$
6.99
$
20.46
$
17.61
Core operating income
$
7.66
$
7.60
$
21.94
$
17.62
Weighted average shares
outstanding
389.4
400.9
391.8
403.2
P&C combined ratio
Loss and loss expense ratio
58.7%
56.7%
57.1%
60.8%
Policy acquisition cost ratio
18.3%
17.7%
19.1%
18.5%
Administrative expense ratio
7.1%
7.4%
7.8%
8.0%
P&C combined ratio
84.1%
81.8%
84.0%
87.3%
P&C underwriting income
$
2,061
$
2,259
$
5,790
$
4,331
Chubb
®
, Chubb logo
®
and Chubb. Insured.
SM
are trademarks of
Chubb.
14

----- d160822dex992.htm -----
EX-99.2
3
d160822dex992.htm
EX-99.2
EX-99.2
Exhibit 99.2
Chubb Limited
Financial
Supplement
for the Quarter Ended September 30, 2026
Investor Contact
Susan Spivak: (212) 827-4445
email: investorrelations@chubb.com
This report is for
informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Cautionary Statement Regarding Forward-Looking Statements
Any
forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and
recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial,
legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.
Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual
market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Chubb Limited
Financial Supplement Table of Contents
Page
I.
Financial Highlights
- Consolidated Financial Highlights
1
II.
Consolidated Results
- Consolidated Statement of Operations
2
- P&C - Consecutive Quarters
3
- Global P&C - Consecutive Quarters
4
- Summary Consolidated Balance Sheets
5
- Product Line
6
- Consolidated Results by Segment
7 - 8
III.
Segment Results
- North America Commercial P&C Insurance
9
- North America Personal P&C Insurance
10
- North America Agricultural Insurance
11
- Overseas General Insurance
12
- Global Reinsurance
13
- Life Insurance
14
- Corporate
15
IV.
Balance Sheet Details
- Loss Reserve Rollforward
16
- Reinsurance Recoverable Analysis
17
- Investment Portfolio
18 - 21
- Net Realized and Unrealized Gains (Losses)
22 - 23
- Debt and Capital
24
- Computation of Basic and Diluted Earnings Per Share
25
- Book Value and Book Value per Common Share
26
V.
Other Disclosures
- Non-GAAP Financial Measures
27 - 33
- Glossary
34
Note on Chubb Metrics:
In this financial supplement, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core
operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.
Segment Income and Core Operating Income Redefined:
Effective Q3 2026, segment income and core operating income have been redefined to exclude amortization expenses related to purchased intangibles other
than long-term distribution agreements. Prior-period results have been restated to reflect these changes.
Refer to page 1 for current and
prior-period results reflecting the adjusted presentation and information on Non-GAAP disclosures beginning on page 27.
Chubb Limited
Consolidated Financial Highlights
(in millions
of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations
using rounded dollars may differ.
Three months ended September 30
Constant $
Constant $
Nine months ended September 30
Constant $
Constant $
Year ended December 31
2026
2025*
% Change
2025*
% Change
2026
2025*
% Change
2025*
% Change
2025*
2024*
Gross premiums written
$
18,359
$
18,069
1.6%
$
18,079
1.5%
$
52,857
$
50,450
4.8%
$
51,148
3.3%
$
65,946
$
62,003
Net premiums written
$
15,143
$
14,866
1.9%
$
14,870
1.8%
$
43,853
$
41,708
5.1%
$
42,287
3.7%
$
54,842
$
51,468
P&C net premiums written
$
13,183
$
12,934
1.9%
$
12,980
1.6%
$
37,667
$
36,254
3.9%
$
36,824
2.3%
$
47,563
$
45,142
Global P&C net premiums written
$
11,651
$
11,476
1.5%
$
11,522
1.1%
$
35,048
$
33,787
3.7%
$
34,357
2.0%
$
44,637
$
42,439
Life Insurance net premiums written
$
1,960
$
1,932
1.4%
$
1,890
3.7%
$
6,186
$
5,454
13.4%
$
5,463
13.2%
$
7,279
$
6,326
Net premiums earned
$
14,924
$
14,359
3.9%
$
14,347
4.0%
$
42,270
$
39,484
7.1%
$
39,984
5.7%
$
53,014
$
49,846
P&C underwriting income
$
2,061
$
2,259
-8.8%
$
2,247
-8.3%
$
5,790
$
4,331
33.7%
$
4,403
31.5%
$
6,528
$
5,850
P&C CAY underwriting income ex Cats
$
2,255
$
2,183
3.3%
$
2,177
3.6%
$
6,390
$
6,022
6.1%
$
6,090
4.9%
$
8,316
$
7,381
Adjusted net investment income
$
1,888
$
1,776
6.3%
$
1,779
6.2%
$
5,606
$
5,133
9.2%
$
5,167
8.5%
$
6,947
$
6,376
Core operating income
$
2,980
$
3,048
-2.2%
$
3,028
-1.6%
$
8,597
$
7,106
21.0%
$
7,168
19.9%
$
10,133
$
9,337
Adjusted operating cash flow
$
5,550
$
4,509
$
12,829
$
9,741
$
13,906
$
15,904
Net investment income
$
1,791
$
1,648
8.6%
$
1,648
8.6%
$
5,260
$
4,777
10.1%
$
4,802
9.5%
$
6,465
$
5,930
Chubb net income
$
2,844
$
2,801
1.5%
$
8,018
$
7,100
12.9%
$
10,310
$
9,272
Operating cash flow
$
6,071
$
3,639
$
13,748
$
8,756
$
12,816
$
16,182
P&C combined ratio
Loss and loss expense ratio
58.7%
56.7%
57.1%
60.8%
59.1%
60.4%
Policy acquisition cost and administrative expense ratio
25.4%
25.1%
26.9%
26.5%
26.6%
26.2%
Combined ratio
84.1%
81.8%
84.0%
87.3%
85.7%
86.6%
P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats
57.3%
57.5%
55.5%
56.0%
55.3%
57.0%
CAY policy acquisition cost and administrative expense ratio ex Cats
25.3%
25.0%
26.8%
26.4%
26.6%
26.1%
CAY combined ratio ex Cats
82.6%
82.5%
82.3%
82.4%
81.9%
83.1%
ROE
15.3%
15.9%
14.5%
13.9%
15.0%
15.0%
Core operating return on tangible equity (ROTE)
21.6%
24.8%
21.2%
19.9%
20.9%
21.9%
Core operating return on equity (ROE)
14.9%
16.6%
14.6%
13.2%
14.0%
14.1%
Effective tax rate
18.9%
21.9%
20.3%
20.4%
18.9%
16.3%
Core operating effective tax rate
19.9%
20.5%
19.5%
19.8%
19.5%
18.1%
Diluted earnings per share
Chubb net income
$
7.30
$
6.99
4.4%
$
20.46
$
17.61
16.2%
$
25.68
$
22.70
Core operating income
$
7.66
$
7.60
0.8%
$
21.94
$
17.62
24.5%
$
25.24
$
22.86
Weighted average diluted common shares outstanding
389.4
400.9
391.8
403.2
401.5
408.5
% Change
% Change
% Change
September 30
June 30
3Q-26 vs.
December 31
3Q-26 vs.
September 30
3Q-26 vs.
2026
2026
2Q-26
2025
4Q-25
2025
3Q-25
Book value per common share
$
191.43
$
195.45
-2.1%
$
188.59
1.5%
$
182.22
5.1%
Tangible book value per common share
$
126.96
$
131.93
-3.8%
$
126.22
0.6%
$
120.13
5.7%
Book value per common share, excl. AOCI
$
216.22
$
210.81
2.6%
$
201.31
7.4%
$
194.63
11.1%
Tangible book value per common share, excl. AOCI
$
150.70
$
145.67
3.5%
$
136.91
10.1%
$
130.60
15.4%
*Core operating income has been redefined to exclude amortization expenses related to purchased intangibles other than long-term
distribution agreements. Refer to the table of contents page for additional information.
Financial Highlights
Page 1
Chubb Limited
Statement of Operations - Consecutive Quarters
(in millions of U.S. dollars)
(Unaudited)
Consolidated Statements of Operations
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
18,359
$
17,947
$
16,551
$
15,496
$
18,069
$
52,857
$
50,450
$
65,946
Net premiums written
15,143
14,705
14,005
13,134
14,866
43,853
41,708
54,842
Net premiums earned
14,924
13,889
13,457
13,530
14,359
42,270
39,484
53,014
Adjusted losses and loss expenses
(1)
7,521
6,699
6,139
6,289
6,958
20,359
20,427
26,716
Realized (gains) losses on crop derivatives
(5
)
8
8
8
7
11
8
16
Losses and loss expenses
7,526
6,691
6,131
6,281
6,951
20,348
20,419
26,700
Adjusted policy benefits
(2)
1,479
1,480
1,813
1,355
1,422
4,772
4,076
5,431
Realized (gains) losses from investment portfolios supporting participating policies
(22
)
(72
)
16
27
41
(78
)
40
67
(Gains) losses from fair value changes in separate account assets
24
(63
)
12
(127
)
9
(27
)
31
(96
)
Policy benefits
1,477
1,615
1,785
1,455
1,372
4,877
4,005
5,460
Policy acquisition costs
2,739
2,632
2,596
2,556
2,563
7,967
7,291
9,847
Administrative expenses
1,126
1,168
1,149
1,161
1,138
3,443
3,343
4,504
Adjusted net investment income
(3)
1,888
1,880
1,838
1,814
1,776
5,606
5,133
6,947
Other (income) expense from private equity partnerships
(97
)
(119
)
(127
)
(125
)
(127
)
(343
)
(349
)
(474
)
Amortization expense of fair value adjustment on acquired invested assets
-
(1
)
(2
)
(1
)
(1
)
(3
)
(7
)
(8
)
Net investment income
1,791
1,760
1,709
1,688
1,648
5,260
4,777
6,465
Adjusted realized gains (losses)
(4)
(482
)
98
(383
)
(81
)
331
(767
)
375
294
Realized gains (losses) from investment portfolios supporting participating policies
22
72
(16
)
(27
)
(41
)
78
(40
)
(67
)
Realized gains (losses) on crop derivatives
5
(8
)
(8
)
(8
)
(7
)
(11
)
(8
)
(16
)
Net realized gains (losses)
(455
)
162
(407
)
(116
)
283
(700
)
327
211
Market risk benefits gains (losses)
(65
)
5
14
(37
)
(142
)
(46
)
(251
)
(288
)
Adjusted interest expense
(5)
210
205
203
210
203
618
575
785
Amortization benefit of fair value adjustment on acquired long term debt
(6
)
(5
)
(5
)
(5
)
(6
)
(16
)
(16
)
(21
)
Interest expense
204
200
198
205
197
602
559
764
Gains (losses) from fair value changes in separate account assets
(24
)
63
(12
)
127
(9
)
27
(31
)
96
Net realized gains (losses) related to unconsolidated entities
282
2
27
282
(84
)
311
431
713
Other income (expense) from private equity partnerships
97
119
127
125
127
343
349
474
Other income (expense) - operating
9
12
19
(18
)
9
40
32
14
Other income (expense)
364
196
161
516
43
721
781
1,297
Adjusted amortization expense of purchased intangibles
(6)
17
17
17
17
15
51
46
63
Amortization expense of purchased intangibles other than long-term distribution agreements
57
57
56
60
60
170
178
238
Amortization expense of purchased intangibles
74
74
73
77
75
221
224
301
Integration expenses and severance
11
8
9
76
1
28
3
79
Income tax expense (benefit)
666
742
646
597
787
2,054
1,825
2,422
Net income
$
2,736
$
2,882
$
2,347
$
3,173
$
3,107
$
7,965
$
7,449
$
10,622
Less: NCI income (loss)
(108
)
28
27
(37
)
306
(53
)
349
312
Chubb net income
$
2,844
$
2,854
$
2,320
$
3,210
$
2,801
$
8,018
$
7,100
$
10,310
(1) Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.
(2) Adjusted policy benefits used throughout this report includes gains and losses from fair value changes in separate account assets that do not qualify for separate
account reporting under U.S. GAAP and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.
(3) Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income
from private equity partnerships where we hold more than 3% ownership.
(4) Adjusted realized gains (losses) used throughout this report excludes realized gains and
losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.
(5) Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.
(6) Adjusted amortization expense of purchased intangibles used throughout this report excludes Amortization expense of purchased intangibles other than long-term
distribution agreements.
Statement of Operations
Page 2
Chubb Limited
P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
P&C
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
16,344
$
15,953
$
14,206
$
13,612
$
16,074
$
46,503
$
44,811
$
58,423
Net premiums written
13,183
12,768
11,716
11,309
12,934
37,667
36,254
47,563
Net premiums earned
12,967
11,955
11,189
11,716
12,434
36,111
34,074
45,790
Adjusted losses and loss expenses
7,487
6,677
6,111
6,257
6,927
20,275
20,350
26,607
Policy benefits
124
106
113
109
119
343
361
470
Policy acquisition costs
2,371
2,280
2,234
2,214
2,204
6,885
6,303
8,517
Administrative expenses
924
955
939
939
925
2,818
2,729
3,668
P&C underwriting income
$
2,061
$
1,937
$
1,792
$
2,197
$
2,259
$
5,790
$
4,331
$
6,528
P&C CAY underwriting income ex Cats
$
2,255
$
2,129
$
2,006
$
2,294
$
2,183
$
6,390
$
6,022
$
8,316
% Change versus prior year period
Net premiums written
1.9%
3.0%
7.2%
7.7%
5.3%
3.9%
4.6%
5.4%
Net premiums earned
4.3%
5.5%
8.6%
6.2%
5.0%
6.0%
4.7%
5.1%
Net premiums written constant $
1.6%
1.4%
4.1%
6.9%
4.7%
2.3%
5.2%
5.6%
Net premiums earned constant $
4.0%
3.6%
5.9%
5.3%
4.2%
4.5%
5.1%
5.2%
Combined ratio
Loss and loss expense ratio
58.7%
56.7%
55.6%
54.3%
56.7%
57.1%
60.8%
59.1%
Policy acquisition cost ratio
18.3%
19.1%
20.0%
18.9%
17.7%
19.1%
18.5%
18.6%
Administrative expense ratio
7.1%
8.0%
8.4%
8.0%
7.4%
7.8%
8.0%
8.0%
Combined ratio
84.1%
83.8%
84.0%
81.2%
81.8%
84.0%
87.3%
85.7%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
57.3%
55.2%
53.8%
53.2%
57.5%
55.5%
56.0%
55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats
25.3%
27.0%
28.3%
27.2%
25.0%
26.8%
26.4%
26.6%
CAY combined ratio ex Cats
82.6%
82.2%
82.1%
80.4%
82.5%
82.3%
82.4%
81.9%
Other ratios
Net premiums written/gross premiums written
81%
80%
82%
83%
80%
81%
81%
81%
Expense ratio
25.4%
27.1%
28.4%
26.9%
25.1%
26.9%
26.5%
26.6%
Expense ratio excluding A&H
23.7%
25.5%
26.8%
25.3%
23.6%
25.2%
24.9%
25.0%
Net catastrophe losses - pre-tax
$
705
$
475
$
500
$
365
$
285
$
1,680
$
2,556
$
2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(511)
$
(283)
$
(286)
$
(268)
$
(361)
$
(1,080)
$
(865)
$
(1,133)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)
5.4%
4.0%
4.5%
3.0%
2.3%
4.7%
7.4%
6.3%
Impact of PPD on combined ratio - Unfavorable (favorable)
-3.9%
-2.4%
-2.6%
-2.3%
-3.0%
-3.0%
-2.5%
-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)
1.5%
1.6%
1.9%
0.7%
-0.7%
1.7%
4.9%
3.8%
P&C Results
Page 3
Chubb Limited
Global P&C Underwriting Results - Consecutive Quarters
(in millions of U.S. dollars, except ratios)
(Unaudited)
Global P&C
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
13,746
$
14,841
$
13,705
$
13,005
$
13,558
$
42,292
$
40,751
$
53,756
Net premiums written
11,651
11,992
11,405
10,850
11,476
35,048
33,787
44,637
Net premiums earned
11,408
11,314
11,000
11,055
10,939
33,722
31,816
42,871
Adjusted losses and loss expenses
6,181
6,151
6,058
5,817
5,703
18,390
18,551
24,368
Policy benefits
124
106
113
109
119
343
361
470
Policy acquisition costs
2,287
2,235
2,210
2,196
2,118
6,732
6,152
8,348
Administrative expenses
922
951
945
954
920
2,818
2,720
3,674
Global P&C underwriting income
$
1,894
$
1,871
$
1,674
$
1,979
$
2,079
$
5,439
$
4,032
$
6,011
Global P&C CAY underwriting income ex Cats
$
2,085
$
2,049
$
1,964
$
2,130
$
2,029
$
6,098
$
5,766
$
7,896
% Change versus prior year period
Net premiums written
1.5%
2.8%
7.1%
6.6%
5.3%
3.7%
4.7%
5.2%
Net premiums earned
4.3%
5.4%
8.5%
5.3%
4.9%
6.0%
4.8%
4.9%
Net premiums written constant $
1.1%
1.1%
3.9%
5.7%
4.6%
2.0%
5.3%
5.4%
Net premiums earned constant $
4.0%
3.4%
5.8%
4.4%
4.1%
4.4%
5.2%
5.0%
Combined ratio
Loss and loss expense ratio
55.3%
55.3%
56.1%
53.6%
53.2%
55.6%
59.4%
57.9%
Policy acquisition cost ratio
20.0%
19.8%
20.1%
19.9%
19.4%
19.9%
19.3%
19.5%
Administrative expense ratio
8.1%
8.4%
8.6%
8.6%
8.4%
8.4%
8.6%
8.6%
Combined ratio
83.4%
83.5%
84.8%
82.1%
81.0%
83.9%
87.3%
86.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
53.7%
53.8%
53.5%
52.6%
54.0%
53.7%
54.2%
53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats
28.1%
28.1%
28.7%
28.3%
27.6%
28.2%
27.7%
27.9%
CAY combined ratio ex Cats
81.8%
81.9%
82.2%
80.9%
81.6%
81.9%
81.9%
81.7%
Other ratios
Net premiums written/gross premiums written
85%
81%
83%
83%
85%
83%
83%
83%
Expense ratio
28.1%
28.2%
28.7%
28.5%
27.8%
28.3%
27.9%
28.1%
Expense ratio excluding A&H
26.4%
26.6%
27.1%
26.9%
26.2%
26.7%
26.3%
26.4%
Net catastrophe losses - pre-tax
$
700
$
461
$
496
$
361
$
281
$
1,657
$
2,536
$
2,897
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(509)
$
(283)
$
(206)
$
(210)
$
(331)
$
(998)
$
(802)
$
(1,012)
Impact of catastrophe losses on combined ratio - Unfavorable (favorable)
6.1%
4.1%
4.5%
3.2%
2.6%
4.9%
7.9%
6.8%
Impact of PPD on combined ratio - Unfavorable (favorable)
-4.5%
-2.5%
-1.9%
-2.0%
-3.2%
-2.9%
-2.5%
-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)
1.6%
1.6%
2.6%
1.2%
-0.6%
2.0%
5.4%
4.3%
Global P&C
Page 4
Chubb Limited
Summary Consolidated Balance Sheets
(in
millions of U.S. dollars, except per share data)
(Unaudited)
September 30
2026
June 30
2026
March 31
2026
December 31
2025
Assets
Short-term investments, at fair value
$
5,293
$
5,458
$
5,067
$
4,840
Fixed maturities available for sale, at fair value
125,804
125,518
123,433
122,680
Private debt held-for-investment, at amortized cost
2,261
2,252
2,477
2,411
Equity securities, at fair value
10,760
11,014
10,916
10,801
Private equities
17,528
17,385
17,132
17,239
Other investments
10,861
11,022
11,170
10,749
Total investments
172,507
172,649
170,195
168,720
Cash and restricted cash
3,010
2,753
2,634
2,470
Total invested assets
175,517
175,402
172,829
171,190
Securities lending collateral
2,295
1,870
2,277
2,500
Insurance and reinsurance balances receivable
18,188
19,068
17,101
15,944
Reinsurance recoverable on losses and loss expenses
20,611
20,284
20,159
20,338
Deferred policy acquisition costs
11,422
10,744
10,452
10,008
Value of business acquired (VOBA)
3,011
2,828
2,926
2,975
Prepaid reinsurance premiums
4,484
4,683
4,105
3,874
Goodwill and other intangible assets ($26,021 and $25,775 represents
Chubb portion as of 9/30/2026 and 12/31/2025, respectively)
26,665
26,488
26,587
26,448
Deferred tax assets
1,455
1,237
1,315
1,312
Separate account assets
7,340
7,471
6,718
6,925
Other assets
12,521
11,247
10,987
10,813
Total assets
$
283,509
$
281,322
$
275,456
$
272,327
Liabilities
Unpaid losses and loss expenses
$
91,829
$
89,669
$
88,915
$
88,018
Unearned premiums
28,608
28,511
27,180
26,279
Future policy benefits
21,133
20,159
19,273
18,420
Market risk benefits
530
505
642
659
Policyholder account balances
9,445
9,102
8,782
8,576
Separate account liabilities
7,340
7,471
6,718
6,925
Insurance and reinsurance balances payable
8,837
9,345
8,486
8,349
Securities lending payable
2,295
1,870
2,277
2,500
Accounts payable, accrued expenses, and other liabilities
14,042
13,433
13,617
13,432
Deferred tax liabilities
1,852
1,870
1,759
1,741
Short-term and long-term debt
18,658
18,115
17,470
17,227
Hybrid debt
428
427
425
422
Total liabilities
204,997
200,477
195,544
192,548
Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI
82,710
81,295
79,699
78,732
Accumulated other comprehensive income (loss) (AOCI)
(9,483)
(5,923)
(5,911)
(4,975)
Chubb shareholders’ equity
73,227
75,372
73,788
73,757
Noncontrolling interests
5,285
5,473
6,124
6,022
Total shareholders’ equity
78,512
80,845
79,912
79,779
Total liabilities and shareholders’ equity
$
283,509
$
281,322
$
275,456
$
272,327
Book value per common share
$
191.43
$
195.45
$
189.93
$
188.59
% change over prior quarter
-2.1%
2.9%
0.7%
3.5%
Tangible book value per common share
(1)
$
126.96
$
131.93
$
126.65
$
126.22
% change over prior quarter
-3.8%
4.2%
0.3%
5.1%
Book value per common share, excl. AOCI
$
216.22
$
210.81
$
205.15
$
201.31
% change over prior quarter
2.6%
2.8%
1.9%
3.4%
Tangible book value per common share, excl. AOCI
$
150.70
$
145.67
$
140.35
$
136.91
% change over prior quarter
3.5%
3.8%
2.5%
4.8%
(1) Refer to page 26 in this financial supplement for more details.
Consol Bal Sheet
Page 5
Chubb Limited
Consolidated Net Premiums Written by Product Line
(in millions of U.S. dollars)
(Unaudited)
Constant $
YTD
YTD
Constant $
3Q-26
3Q-25
% Change
% Change
2026
2025
% Change
% Change
Net premiums written
Property and other short-tail lines
$
2,335
$
2,428
-3.8%
-4.3%
$
7,288
$
7,683
-5.1%
-7.1%
Commercial casualty
2,684
2,627
2.2%
2.1%
7,798
7,268
7.3%
6.1%
Financial lines
1,307
1,349
-3.2%
-3.5%
3,731
3,706
0.7%
-0.9%
Workers’ compensation
504
537
-6.2%
-6.2%
1,711
1,722
-0.6%
-0.6%
Commercial multiple peril
(1)
489
462
5.9%
6.0%
1,480
1,359
8.9%
8.8%
Surety
249
203
22.3%
20.0%
716
628
13.9%
10.8%
Total Commercial P&C lines
7,568
7,606
-0.5%
-0.8%
22,724
22,366
1.6%
0.2%
Agriculture
1,532
1,458
5.1%
5.1%
2,619
2,467
6.2%
6.2%
Personal homeowners
1,568
1,473
6.4%
6.2%
4,481
4,151
8.0%
7.2%
Personal automobile
834
801
4.1%
1.0%
2,550
2,271
12.3%
6.7%
Personal other
506
447
13.2%
13.2%
1,596
1,433
11.3%
9.0%
Total Personal lines
(2)
2,908
2,721
6.9%
5.8%
8,627
7,855
9.8%
7.4%
Global A&H - P&C
888
845
5.2%
5.9%
2,693
2,474
8.9%
6.0%
Reinsurance lines
287
304
-5.6%
-5.6%
1,004
1,092
-8.1%
-8.2%
Total P&C
$
13,183
$
12,934
1.9%
1.6%
$
37,667
$
36,254
3.9%
2.3%
Life Insurance
1,960
1,932
1.4%
3.7%
6,186
5,454
13.4%
13.2%
Total Consolidated
$
15,143
$
14,866
1.9%
1.8%
$
43,853
$
41,708
5.1%
3.7%
(1) Commercial multiple peril represents retail package business (property and general liability).
(2) For purposes of this schedule only, certain 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting.
This reclassification did not impact total Personal lines results.
Product Line
Page 6
Chubb Limited
Consolidated Results
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Three months ended September 30, 2026
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q3 2026
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
5,512
$
1,909
$
1,532
$
3,943
$
287
$
-
$
13,183
$
1,960
$
15,143
% of total net premiums written
36%
13%
10%
26%
2%
0%
87%
13%
100%
Net premiums earned
5,222
1,846
1,559
4,053
287
-
12,967
1,957
14,924
Adjusted losses and loss expenses
3,422
668
1,306
1,910
130
51
7,487
34
7,521
Adjusted policy benefits
-
-
-
124
-
-
124
1,355
1,479
Policy acquisition costs
750
359
84
1,085
93
-
2,371
368
2,739
Administrative expenses
333
87
2
383
9
110
924
202
1,126
Underwriting income (loss)
717
732
167
551
55
(161)
2,061
(2)
2,059
Adjusted net investment income
985
143
21
318
114
(14)
1,567
321
1,888
Other income (expense) - operating
(17)
(3)
(1)
(14)
-
(8)
(43)
52
9
Adjusted amortization expense of purchased intangibles
-
-
-
(15)
-
-
(15)
(2)
(17)
Segment income (loss)
$
1,685
$
872
$
187
$
840
$
169
$
(183)
$
3,570
$
369
$
3,939
Combined ratio
86.3%
60.3%
89.3%
86.4%
80.7%
84.1%
CAY combined ratio ex Cats
82.1%
69.9%
89.0%
84.3%
78.7%
82.6%
Three months ended September 30, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
Q3 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
5,663
$
1,814
$
1,458
$
3,695
$
304
$
-
$
12,934
$
1,932
$
14,866
% of total net premiums written
38%
12%
10%
25%
2%
0%
87%
13%
100%
Net premiums earned
5,080
1,741
1,495
3,803
315
-
12,434
1,925
14,359
Adjusted losses and loss expenses
3,083
713
1,224
1,707
139
61
6,927
31
6,958
Adjusted policy benefits
-
-
-
119
-
-
119
1,303
1,422
Policy acquisition costs
708
339
86
975
96
-
2,204
359
2,563
Administrative expenses
348
82
5
368
9
113
925
213
1,138
Underwriting income (loss)
941
607
180
634
71
(174)
2,259
19
2,278
Adjusted net investment income
978
123
20
288
100
(17)
1,492
284
1,776
Other income (expense) - operating
(10)
(1)
-
(8)
-
(3)
(22)
31
9
Adjusted amortization expense of purchased intangibles
-
-
-
(13)
-
-
(13)
(2)
(15)
Segment income (loss)
$
1,909
$
729
$
200
$
901
$
171
$
(194)
$
3,716
$
332
$
4,048
Combined ratio
81.5%
65.1%
88.0%
83.3%
77.4%
81.8%
CAY combined ratio ex Cats
80.8%
72.1%
89.7%
84.4%
75.6%
82.5%
Consol Results - QTD
Page 7
Chubb Limited
Consolidated Results
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Nine months ended September 30, 2026
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
YTD 2026
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
16,001
$
5,644
$
2,619
$
12,399
$
1,004
$
-
$
37,667
$
6,186
$
43,853
% of total net premiums written
37%
13%
6%
28%
2%
0%
86%
14%
100%
Net premiums earned
15,584
5,409
2,389
11,817
912
-
36,111
6,159
42,270
Adjusted losses and loss expenses
10,014
2,493
1,885
5,271
388
224
20,275
84
20,359
Adjusted policy benefits
-
-
-
343
-
-
343
4,429
4,772
Policy acquisition costs
2,232
1,053
153
3,154
293
-
6,885
1,082
7,967
Administrative expenses
1,038
258
-
1,169
26
327
2,818
625
3,443
Underwriting income (loss)
2,300
1,605
351
1,880
205
(551)
5,790
(61)
5,729
Adjusted net investment income
2,938
420
68
931
332
(32)
4,657
949
5,606
Other income (expense) - operating
(46)
(9)
(3)
(26)
-
(24)
(108)
148
40
Adjusted amortization expense of purchased intangibles
-
-
-
(43)
-
-
(43)
(8)
(51)
Segment income (loss)
$
5,192
$
2,016
$
416
$
2,742
$
537
$
(607)
$
10,296
$
1,028
$
11,324
Combined ratio
85.2%
70.3%
85.3%
84.1%
77.5%
84.0%
CAY combined ratio ex Cats
81.9%
70.4%
87.7%
85.0%
76.3%
82.3%
Nine months ended September 30, 2025
North
America
Commercial P&C
North
America
Personal P&C
North
America
Agricultural
Overseas
General
Global
Total
Life
Total
YTD 2025
Insurance
Insurance
Insurance
Insurance
Reinsurance
Corporate
P&C
Insurance
Consolidated
Net premiums written
$
16,173
$
5,304
$
2,467
$
11,218
$
1,092
$
-
$
36,254
$
5,454
$
41,708
% of total net premiums written
38%
13%
6%
27%
3%
0%
87%
13%
100%
Net premiums earned
15,245
4,996
2,258
10,554
1,021
-
34,074
5,410
39,484
Adjusted losses and loss expenses
9,372
3,628
1,799
4,893
513
145
20,350
77
20,427
Adjusted policy benefits
-
-
-
361
-
-
361
3,715
4,076
Policy acquisition costs
2,132
1,001
151
2,725
294
-
6,303
988
7,291
Administrative expenses
1,049
251
9
1,067
29
324
2,729
614
3,343
Underwriting income (loss)
2,692
116
299
1,508
185
(469)
4,331
16
4,347
Adjusted net investment income
2,845
361
63
847
255
(67)
4,304
829
5,133
Other income (expense) - operating
(26)
(2)
(1)
(19)
-
(23)
(71)
103
32
Adjusted amortization expense of purchased intangibles
-
-
-
(39)
-
-
(39)
(7)
(46)
Segment income (loss)
$
5,511
$
475
$
361
$
2,297
$
440
$
(559)
$
8,525
$
941
$
9,466
Combined ratio
82.3%
97.7%
86.8%
85.7%
81.9%
87.3%
CAY combined ratio ex Cats
81.1%
73.1%
88.7%
85.1%
74.5%
82.4%
Consol Results - YTD
Page 8
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Commercial P&C Insurance
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Gross premiums written
$
6,446
$
7,194
$
5,890
$
6,177
$
6,652
$
19,530
$
19,386
$
25,563
Net premiums written
5,512
5,594
4,895
5,107
5,663
16,001
16,173
21,280
Net premiums earned
5,222
5,214
5,148
5,136
5,080
15,584
15,245
20,381
Losses and loss expenses
3,422
3,372
3,220
2,941
3,083
10,014
9,372
12,313
Policy acquisition costs
750
730
752
759
708
2,232
2,132
2,891
Administrative expenses
333
351
354
345
348
1,038
1,049
1,394
Underwriting income
717
761
822
1,091
941
2,300
2,692
3,783
Adjusted net investment income
985
982
971
995
978
2,938
2,845
3,840
Other income (expense) - operating
(17
)
(15
)
(14
)
(33
)
(10
)
(46
)
(26
)
(59
)
Segment income
$
1,685
$
1,728
$
1,779
$
2,053
$
1,909
$
5,192
$
5,511
$
7,564
CAY underwriting income ex Cats
$
940
$
952
$
935
$
1,045
$
987
$
2,827
$
2,901
$
3,946
Combined ratio
Loss and loss expense ratio
65.5%
64.7%
62.5%
57.2%
60.7%
64.3%
61.5%
60.4%
Policy acquisition cost ratio
14.4%
14.0%
14.6%
14.8%
13.9%
14.2%
14.0%
14.2%
Administrative expense ratio
6.4%
6.7%
6.9%
6.8%
6.9%
6.7%
6.8%
6.8%
Combined ratio
86.3%
85.4%
84.0%
78.8%
81.5%
85.2%
82.3%
81.4%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
61.4%
61.1%
60.4%
58.6%
60.4%
60.9%
60.3%
59.9%
CAY policy acquisition cost and administrative expense ratio ex Cats
20.7%
20.7%
21.4%
21.3%
20.4%
21.0%
20.8%
20.9%
CAY combined ratio ex Cats
82.1%
81.8%
81.8%
79.9%
80.8%
81.9%
81.1%
80.8%
Net catastrophe losses - pre-tax
$
237
$
302
$
202
$
129
$
72
$
741
$
455
$
584
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(14
)
$
(111
)
$
(89
)
$
(175
)
$
(26
)
$
(214
)
$
(246
)
$
(421
)
% Change versus prior year period
Net premiums written
-2.7%
-2.3%
2.3%
4.3%
2.9%
-1.1%
3.1%
3.4%
Net premiums earned
2.8%
0.7%
3.2%
0.4%
-0.6%
2.2%
2.4%
1.9%
Other ratios
Net premiums written/gross premiums written
86%
78%
83%
83%
85%
82%
83%
83%
Production by Size - Net premiums written
(1)
Major Accounts & Specialty
$
3,210
$
3,257
$
2,772
$
3,003
$
3,379
$
9,239
$
9,688
$
12,691
Commercial
2,302
2,337
2,123
2,104
2,284
6,762
6,485
8,589
Total
$
5,512
$
5,594
$
4,895
$
5,107
$
5,663
$
16,001
$
16,173
$
21,280
(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small
commercial accounts.
NA Commercial
Page 9
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Personal P&C Insurance
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Gross premiums written
$
2,182
$
2,315
$
1,934
$
1,984
$
2,078
$
6,431
$
6,126
$
8,110
Net premiums written
1,909
2,054
1,681
1,720
1,814
5,644
5,304
7,024
Net premiums earned
1,846
1,817
1,746
1,767
1,741
5,409
4,996
6,763
Losses and loss expenses
668
791
1,034
889
713
2,493
3,628
4,517
Policy acquisition costs
359
347
347
336
339
1,053
1,001
1,337
Administrative expenses
87
86
85
85
82
258
251
336
Underwriting income
732
593
280
457
607
1,605
116
573
Net investment income
143
140
137
125
123
420
361
486
Other income (expense) - operating
(3
)
(3
)
(3
)
(1
)
(1
)
(9
)
(2
)
(3
)
Segment income
$
872
$
730
$
414
$
581
$
729
$
2,016
$
475
$
1,056
CAY underwriting income ex Cats
$
556
$
546
$
501
$
533
$
486
$
1,603
$
1,358
$
1,891
Combined ratio
Loss and loss expense ratio
36.2%
43.5%
59.3%
50.4%
41.0%
46.1%
72.6%
66.8%
Policy acquisition cost ratio
19.4%
19.1%
19.9%
18.9%
19.4%
19.4%
20.1%
19.7%
Administrative expense ratio
4.7%
4.7%
4.8%
4.8%
4.7%
4.8%
5.0%
5.0%
Combined ratio
60.3%
67.3%
84.0%
74.1%
65.1%
70.3%
97.7%
91.5%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
45.8%
46.1%
46.6%
46.2%
48.0%
46.2%
48.3%
47.7%
CAY policy acquisition cost and administrative expense ratio ex Cats
24.1%
23.8%
24.7%
23.7%
24.1%
24.2%
24.8%
24.6%
CAY combined ratio ex Cats
69.9%
69.9%
71.3%
69.9%
72.1%
70.4%
73.1%
72.3%
Net catastrophe losses - pre-tax
$
203
$
126
$
222
$
76
$
161
$
551
$
1,645
$
1,721
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(379
)
$
(173
)
$
(1
)
$
-
$
(282
)
$
(553
)
$
(403
)
$
(403
)
% Change versus prior year period
Net premiums written
5.3%
6.0%
8.3%
6.1%
8.1%
6.4%
8.0%
7.5%
Net premiums earned
6.0%
8.1%
10.9%
8.5%
10.5%
8.3%
9.6%
9.3%
Other ratios
Net premiums written/gross premiums written
88%
89%
87%
87%
87%
88%
87%
87%
NA Personal
Page 10
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
North America Agricultural Insurance
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Gross premiums written
$
2,598
$
1,112
$
501
$
607
$
2,516
$
4,211
$
4,060
$
4,667
Net premiums written
1,532
776
311
459
1,458
2,619
2,467
2,926
Net premiums earned
1,559
641
189
661
1,495
2,389
2,258
2,919
Adjusted losses and loss expenses
1,306
526
53
440
1,224
1,885
1,799
2,239
Policy acquisition costs
84
45
24
18
86
153
151
169
Administrative expenses
2
4
(6
)
(15
)
5
-
9
(6
)
Underwriting income
167
66
118
218
180
351
299
517
Net investment income
21
21
26
23
20
68
63
86
Other income (expense) - operating
(1
)
(2
)
-
(1
)
-
(3
)
(1
)
(2
)
Segment income
$
187
$
85
$
144
$
240
$
200
$
416
$
361
$
601
CAY underwriting income ex Cats
$
170
$
80
$
42
$
164
$
154
$
292
$
256
$
420
Combined ratio
Loss and loss expense ratio
83.8%
82.0%
27.9%
66.5%
81.9%
78.9%
79.7%
76.7%
Policy acquisition cost ratio
5.3%
7.2%
12.6%
2.8%
5.8%
6.4%
6.7%
5.8%
Administrative expense ratio
0.2%
0.5%
-3.0%
-2.3%
0.3%
0.0%
0.4%
-0.2%
Combined ratio
89.3%
89.7%
37.5%
67.0%
88.0%
85.3%
86.8%
82.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
83.5%
80.0%
68.0%
66.2%
83.6%
81.3%
81.5%
78.5%
CAY policy acquisition cost and administrative expense ratio ex Cats
5.5%
7.6%
9.6%
3.8%
6.1%
6.4%
7.2%
6.5%
CAY combined ratio ex Cats
89.0%
87.6%
77.6%
70.0%
89.7%
87.7%
88.7%
85.0%
Net catastrophe losses - pre-tax
$
5
$
14
$
4
$
4
$
4
$
23
$
20
$
24
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(2
)
$
-
$
(80
)
$
(58
)
$
(30
)
$
(82
)
$
(63
)
$
(121
)
% Change versus prior year period
Net premiums written
5.1%
6.0%
12.7%
45.1%
5.6%
6.2%
3.4%
8.2%
Net premiums earned
4.3%
7.2%
14.6%
24.0%
5.4%
5.8%
3.9%
7.9%
Other ratios
Net premiums written/gross premiums written
59%
70%
62%
76%
58%
62%
61%
63%
NA Agriculture
Page 11
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Overseas General Insurance
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Gross premiums written
$
4,806
$
4,903
$
5,478
$
4,608
$
4,496
$
15,187
$
13,988
$
18,596
Net premiums written
3,943
3,990
4,466
3,806
3,695
12,399
11,218
15,024
Net premiums earned
4,053
3,984
3,780
3,820
3,803
11,817
10,554
14,374
Losses and loss expenses
1,910
1,709
1,652
1,696
1,707
5,271
4,893
6,589
Policy benefits
124
106
113
109
119
343
361
470
Policy acquisition costs
1,085
1,060
1,009
999
975
3,154
2,725
3,724
Administrative expenses
383
399
387
368
368
1,169
1,067
1,435
Underwriting income
551
710
619
648
634
1,880
1,508
2,156
Adjusted net investment income
318
313
300
292
288
931
847
1,139
Other income (expense) - operating
(14
)
(6
)
(6
)
(31
)
(8
)
(26
)
(19
)
(50
)
Adjusted amortization expense of purchased intangibles
(15
)
(14
)
(14
)
(13
)
(13
)
(43
)
(39
)
(52
)
Segment income
$
840
$
1,003
$
899
$
896
$
901
$
2,742
$
2,297
$
3,193
CAY underwriting income ex Cats
$
638
$
589
$
552
$
615
$
592
$
1,779
$
1,575
$
2,190
Combined ratio
Loss and loss expense ratio
50.2%
45.6%
46.7%
47.3%
48.0%
47.5%
49.8%
49.1%
Policy acquisition cost ratio
26.8%
26.6%
26.7%
26.1%
25.6%
26.7%
25.8%
25.9%
Administrative expense ratio
9.4%
10.0%
10.2%
9.6%
9.7%
9.9%
10.1%
10.0%
Combined ratio
86.4%
82.2%
83.6%
83.0%
83.3%
84.1%
85.7%
85.0%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
48.2%
48.7%
48.6%
48.4%
49.1%
48.5%
49.2%
49.0%
CAY policy acquisition cost and administrative expense ratio ex Cats
36.1%
36.5%
36.8%
35.6%
35.3%
36.5%
35.9%
35.8%
CAY combined ratio ex Cats
84.3%
85.2%
85.4%
84.0%
84.4%
85.0%
85.1%
84.8%
Net catastrophe losses - pre-tax
$
249
$
25
$
64
$
156
$
42
$
338
$
349
$
505
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(162
)
$
(146
)
$
(131
)
$
(189
)
$
(84
)
$
(439
)
$
(282
)
$
(471
)
% Change versus prior year period
Net premiums written
6.7%
10.2%
14.4%
10.8%
9.7%
10.5%
6.5%
7.5%
Net premiums written - Commercial
6.3%
8.8%
10.8%
5.6%
5.8%
8.7%
5.1%
5.2%
Net premiums written - Consumer
7.2%
12.1%
20.5%
18.7%
15.5%
13.1%
8.6%
11.0%
Net premiums earned
6.6%
12.5%
17.8%
11.3%
11.2%
12.0%
5.9%
7.3%
Net premiums written constant $
5.2%
4.8%
6.1%
8.1%
7.4%
5.4%
8.0%
8.0%
Net premiums written - Commercial
4.9%
3.9%
3.1%
3.3%
3.9%
3.9%
6.0%
5.3%
Net premiums written - Consumer
5.5%
5.8%
11.1%
15.4%
12.6%
7.5%
10.9%
12.0%
Net premiums earned constant $
5.6%
6.7%
9.6%
8.4%
8.4%
7.2%
7.0%
7.4%
Other ratios:
Net premiums written/gross premiums written
82%
81%
82%
83%
82%
82%
80%
81%
Production by Region - Net premiums written
3Q-26
3Q-25
% Change
Constant $
% Change
YTD
2026
YTD
2025
% Change
Constant $
% Change
Europe, Middle East and Africa
$
1,508
$
1,412
6.8%
7.5%
$
5,353
$
4,875
9.8%
4.8%
Latin America
866
775
11.7%
5.5%
2,592
2,254
15.0%
6.2%
Asia
1,569
1,462
7.5%
6.3%
4,386
3,976
10.4%
7.0%
Other
(1)
-
46
NM
NM
68
113
-41.0%
-42.3%
Total
$
3,943
$
3,695
6.7%
5.2%
$
12,399
$
11,218
10.5%
5.4%
(1) Includes the international supplemental A&H run-off business of Combined Insurance and other international operations.
Overseas General Insurance
Page 12
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars, except ratios)
(Unaudited)
Global Reinsurance
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
312
$
429
$
403
$
236
$
332
$
1,144
$
1,251
$
1,487
Net premiums written
287
354
363
217
304
1,004
1,092
1,309
Net premiums earned
287
299
326
332
315
912
1,021
1,353
Losses and loss expenses
130
121
137
127
139
388
513
640
Policy acquisition costs
93
98
102
102
96
293
294
396
Administrative expenses
9
8
9
8
9
26
29
37
Underwriting income
55
72
78
95
71
205
185
280
Adjusted net investment income
114
110
108
99
100
332
255
354
Segment income
$
169
$
182
$
186
$
194
$
171
$
537
$
440
$
634
CAY underwriting income ex Cats
$
61
$
69
$
86
$
87
$
77
$
216
$
257
$
344
Combined ratio
Loss and loss expense ratio
45.2%
40.6%
41.9%
38.5%
43.8%
42.5%
50.1%
47.3%
Policy acquisition cost ratio
32.4%
32.7%
31.3%
30.9%
30.5%
32.1%
28.8%
29.3%
Administrative expense ratio
3.1%
2.8%
2.8%
2.2%
3.1%
2.9%
3.0%
2.7%
Combined ratio
80.7%
76.1%
76.0%
71.6%
77.4%
77.5%
81.9%
79.3%
CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats
42.1%
42.1%
40.1%
41.4%
42.0%
41.4%
42.3%
42.1%
CAY policy acquisition cost and administrative expense ratio ex Cats
36.6%
34.8%
33.6%
32.5%
33.6%
34.9%
32.2%
32.2%
CAY combined ratio ex Cats
78.7%
76.9%
73.7%
73.9%
75.6%
76.3%
74.5%
74.3%
Net catastrophe losses - pre-tax
$
11
$
8
$
8
$
-
$
6
$
27
$
87
$
87
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
(5
)
$
(11
)
$
-
$
(8
)
$
-
$
(16
)
$
(15
)
$
(23
)
% Change versus prior year period
Net premiums written
-5.6%
-6.7%
-11.2%
-3.9%
-13.5%
-8.1%
-2.6%
-2.8%
Net premiums earned
-8.9%
-11.5%
-11.4%
3.2%
-0.5%
-10.7%
7.4%
6.4%
Net premiums written constant $
-5.6%
-6.7%
-11.7%
-4.2%
-13.8%
-8.2%
-2.7%
-3.0%
Net premiums earned constant $
-8.6%
-11.5%
-12.1%
2.9%
-0.9%
-10.8%
7.3%
6.2%
Other ratios
Net premiums written/gross premiums written
92%
83%
90%
91%
92%
88%
87%
88%
Global Reinsurance
Page 13
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Life Insurance
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
YTD
2026
YTD
2025
Full Year
2025
Gross premiums written
$
2,015
$
1,994
$
2,345
$
1,884
$
1,995
$
6,354
$
5,639
$
7,523
Net premiums written
1,960
1,937
2,289
1,825
1,932
6,186
5,454
7,279
Net premiums earned
1,957
1,934
2,268
1,814
1,925
6,159
5,410
7,224
Losses and loss expenses
34
22
28
32
31
84
77
109
Adjusted policy benefits
1,355
1,374
1,700
1,246
1,303
4,429
3,715
4,961
Policy acquisition costs
368
352
362
342
359
1,082
988
1,330
Administrative expenses
202
213
210
222
213
625
614
836
Adjusted net investment income
321
323
305
298
284
949
829
1,127
Other income (expense) - operating
(1)
52
45
51
62
31
148
103
165
Adjusted amortization expense of purchased intangibles
(2
)
(3
)
(3
)
(4
)
(2
)
(8
)
(7
)
(11
)
Segment income
$
369
$
338
$
321
$
328
$
332
$
1,028
$
941
$
1,269
% Change versus prior year period
Net premiums written
1.4%
7.5%
33.1%
16.9%
24.6%
13.4%
14.5%
15.1%
Net premiums earned
1.7%
8.1%
33.7%
15.9%
25.8%
13.9%
14.9%
15.1%
Net premiums written constant $
3.7%
6.3%
30.8%
18.3%
23.5%
13.2%
17.0%
17.3%
Net premiums earned constant $
3.9%
6.8%
31.5%
17.3%
24.7%
13.7%
17.5%
17.4%
International life insurance net premiums written and deposits breakdown (excludes Chubb Benefits and Life reinsurance businesses):
3Q-26
3Q-25
% Change
Constant $
% Change
YTD
2026
YTD
2025
% Change
Constant $
% Change
International life insurance net premiums written
(2)
$
1,604
$
1,613
-0.6%
2.0%
$
5,140
$
4,533
13.4%
13.2%
International life insurance deposits
(3)
837
496
68.7%
72.2%
2,301
1,769
30.1%
28.3%
Total international life insurance net premiums written and deposits
$
2,441
$
2,109
15.7%
18.6%
$
7,441
$
6,302
18.1%
17.5%
International life insurance segment income
$
277
$
260
7.0%
10.9%
$
822
$
743
10.8%
11.8%
(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by
Huatai’s asset management businesses.
(2) Q3 2025 includes a favorable one-time large transaction of $126 million. Excluding the transaction, net premiums
written in the current quarter were up 7.9%, or 10.8% on a constant dollar basis.
(3) Includes deposits collected on universal life and investment contracts.
Consistent with U.S. GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.
Life Insurance
Page 14
Chubb Limited
Segment Results - Consecutive Quarters
(in
millions of U.S. dollars)
(Unaudited)
Corporate
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
YTD
2026
YTD
2025
Full Year
2025
Adjusted loss and loss expenses
$
51
$
158
$
15
$
164
$
61
$
224
$
145
$
309
Administrative expenses
110
107
110
148
113
327
324
472
Underwriting loss
(161
)
(265
)
(125
)
(312
)
(174
)
(551
)
(469
)
(781
)
Adjusted net investment income
(14
)
(9
)
(9
)
(18
)
(17
)
(32
)
(67
)
(85
)
Other income (expense) - operating
(8
)
(7
)
(9
)
(14
)
(3
)
(24
)
(23
)
(37
)
Adjusted interest expense
(210
)
(205
)
(203
)
(210
)
(203
)
(618
)
(575
)
(785
)
Amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles
other than long-term distribution agreements
(51
)
(53
)
(53
)
(56
)
(55
)
(157
)
(169
)
(225
)
Integration expenses and severance
(11
)
(8
)
(9
)
(76
)
(1
)
(28
)
(3
)
(79
)
Adjusted net realized gains (losses)
(200
)
100
(356
)
201
247
(456
)
806
1,007
Market risk benefits gains (losses)
(65
)
5
14
(37
)
(142
)
(46
)
(251
)
(288
)
Income tax expense
(666
)
(742
)
(646
)
(597
)
(787
)
(2,054
)
(1,825
)
(2,422
)
Less: NCI income (loss)
(108
)
28
27
(37
)
306
(53
)
349
312
Net loss
$
(1,278
)
$
(1,212
)
$
(1,423
)
$
(1,082
)
$
(1,441
)
$
(3,913
)
$
(2,925
)
$
(4,007
)
Unfavorable (favorable) prior period development (PPD) - pre-tax
$
51
$
158
$
15
$
162
$
61
$
224
$
144
$
306
Corporate
Page 15
Chubb Limited
Loss Reserve Rollforward
(in millions of U.S.
dollars, except ratios)
(Unaudited)
Unpaid Losses
Net Paid to
Gross
Ceded
Net
Incurred Ratio
Balance at December 31, 2024
$
84,004
$
17,734
$
66,270
Losses and loss expenses incurred
8,654
1,758
6,896
Losses and loss expenses paid
(7,466
)
(1,462
)
(6,004
)
87%
Other (incl. foreign exch. revaluation)
279
51
228
Balance at March 31, 2025
$
85,471
$
18,081
$
67,390
Losses and loss expenses incurred
7,661
1,089
6,572
Losses and loss expenses paid
(7,620
)
(1,682
)
(5,938
)
90%
Other (incl. foreign exch. revaluation)
864
203
661
Balance at June 30, 2025
$
86,376
$
17,691
$
68,685
Losses and loss expenses incurred
8,827
1,876
6,951
Losses and loss expenses paid
(6,934
)
(1,190
)
(5,744
)
83%
Other (incl. foreign exch. revaluation)
170
44
126
Balance at September 30, 2025
$
88,439
$
18,421
$
70,018
Losses and loss expenses incurred
8,168
1,887
6,281
Losses and loss expenses paid
(8,555
)
(1,948
)
(6,607
)
105%
Other (incl. foreign exch. revaluation)
(34
)
(14
)
(20
)
Balance at December 31, 2025
$
88,018
$
18,346
$
69,672
Losses and loss expenses incurred
7,481
1,350
6,131
Losses and loss expenses paid
(6,822
)
(1,491
)
(5,331
)
87%
Other (incl. foreign exch. revaluation)
238
48
190
Balance at March 31, 2026
$
88,915
$
18,253
$
70,662
Losses and loss expenses incurred
8,114
1,423
6,691
Losses and loss expenses paid
(7,221
)
(1,199
)
(6,022
)
90%
Other (incl. foreign exch. revaluation)
(139
)
(24
)
(115
)
Balance at June 30, 2026
$
89,669
$
18,453
$
71,216
Losses and loss expenses incurred
9,499
1,973
7,526
Losses and loss expenses paid
(7,640
)
(1,588
)
(6,052
)
80%
Other (incl. foreign exch. revaluation)
301
81
220
Balance at September 30, 2026
$
91,829
$
18,919
$
72,910
Add net recoverable on paid losses
-
1,692
(1,692
)
Balance including net recoverable on paid losses
$
91,829
$
20,611
$
71,218
Loss Reserve Rollforward
Page 16
Chubb Limited
Reinsurance Recoverable Analysis
(in millions
of U.S. dollars)
(Unaudited)
Net Reinsurance
Recoverable by Division
September 30
June 30
March 31
December 31
2026
2026
2026
2025
Reinsurance recoverable on paid losses and loss expenses
Active operations
$
1,290
$
1,421
$
1,484
$
1,570
Brandywine and Other Run-off
451
461
486
494
Total
$
1,741
$
1,882
$
1,970
$
2,064
Reinsurance recoverable on unpaid losses and loss expenses
Active operations
$
18,091
$
17,644
$
17,445
$
17,503
Brandywine and Other Run-off
1,111
1,082
1,064
1,091
Total
$
19,202
$
18,726
$
18,509
$
18,594
Gross reinsurance recoverable
Active operations
$
19,381
$
19,065
$
18,929
$
19,073
Brandywine and Other Run-off
1,562
1,543
1,550
1,585
Total
$
20,943
$
20,608
$
20,479
$
20,658
Provision for uncollectible reinsurance
(1)
Active operations
$
(233
)
$
(229
)
$
(225
)
$
(229
)
Brandywine and Other Run-off
(99
)
(95
)
(95
)
(91
)
Total
$
(332
)
$
(324
)
$
(320
)
$
(320
)
Net reinsurance recoverable
Active operations
$
19,148
$
18,836
$
18,704
$
18,844
Brandywine and Other Run-off
1,463
1,448
1,455
1,494
Total
$
20,611
$
20,284
$
20,159
$
20,338
(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of
approximately $3.7 billion.
Reinsurance Recoverable
Page 17
Chubb Limited
Investment Portfolio
(in millions of U.S.
dollars)
(Unaudited)
September 30
June 30
March 31
December 31
2026
2026
2026
2025
Market Value
Fixed maturities available for sale
$
125,804
$
125,518
$
123,433
$
122,680
Other investments-fixed maturities
7,495
7,763
8,433
8,091
Short-term investments
5,293
5,458
5,067
4,840
Total fixed maturities
$
138,592
$
138,739
$
136,933
$
135,611
Asset Allocation by Market Value
U.S. and local government securities
$
3,387
2%
$
3,594
3%
$
3,697
3%
$
3,714
3%
Corporate and asset-backed securities
47,142
34%
47,927
35%
47,832
35%
47,886
35%
Mortgage-backed securities
32,809
24%
32,625
23%
31,322
23%
30,724
23%
Non-U.S.
49,961
36%
49,135
35%
49,015
35%
48,447
35%
Short-term investments
5,293
4%
5,458
4%
5,067
4%
4,840
4%
Total fixed maturities
$
138,592
100%
$
138,739
100%
$
136,933
100%
$
135,611
100%
Credit Quality by Market Value
AAA
$
13,218
10%
$
13,542
10%
$
13,258
10%
$
13,313
10%
AA
42,527
31%
42,512
31%
41,208
30%
40,720
30%
A
37,099
26%
36,488
26%
36,350
27%
35,184
26%
BBB
25,712
19%
25,882
19%
24,376
18%
23,584
17%
BB
11,553
8%
11,782
8%
12,576
9%
12,948
10%
B
8,115
6%
8,258
6%
8,766
6%
9,469
7%
Other
368
0%
275
0%
399
0%
393
0%
Total fixed maturities
$
138,592
100%
$
138,739
100%
$
136,933
100%
$
135,611
100%
Cost/Amortized Cost, net
Fixed maturities available for sale
$
134,093
$
128,980
$
127,251
$
124,674
Other investments-fixed maturities
7,495
7,763
8,433
8,091
Short-term investments
5,295
5,459
5,067
4,840
Subtotal fixed maturities
(1)
146,883
142,202
140,751
137,605
Equity securities
10,760
11,014
10,916
10,801
Private debt held-for-investment
(1)
2,261
2,252
2,477
2,411
Private equities and other
20,894
20,644
19,869
19,897
Total investment portfolio
$
180,798
$
176,112
$
174,013
$
170,714
Avg. duration of fixed maturities
(2)
5.0 years
4.8 years
4.7 years
4.7 years
Avg. market yield of fixed income investments
(3)
6.2%
5.5%
5.5%
5.2%
Avg. credit quality
A/A
A/A
A/A
A/A
Avg. book yield of fixed income investments
(3)
5.2%
5.1%
5.1%
5.1%
(1) Net of valuation allowance for expected credit losses.
(2) Excludes Huatai.
(3) Includes fixed maturities and other debt investments and
excludes Huatai.
Investments
Page 18
Chubb Limited
Investment Portfolio - 2
(in millions of U.S.
dollars)
(Unaudited)
Mortgage-backed Fixed
Income Portfolio
Mortgage-backed securities
S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
Market Value at September 30, 2026
Agency residential mortgage-backed securities (RMBS)
$
52
$
29,111
$
-
$
-
$
-
$
29,163
Non-agency RMBS
2,294
204
175
36
7
2,716
Commercial mortgage-backed securities
782
102
41
3
2
930
Total mortgage-backed securities at market value
$
3,128
$
29,417
$
216
$
39
$
9
$
32,809
U.S. Corporate and Asset-backed Fixed Income Portfolios
Market Value at September 30, 2026
S&P Credit Rating
Investment Grade
AAA
AA
A
BBB
Total
Asset-backed
$
3,619
$
776
$
323
$
275
$
4,993
Banks
-
9
3,090
1,529
4,628
Basic Materials
-
-
108
227
335
Communications
-
478
605
1,412
2,495
Consumer, Cyclical
8
146
787
1,145
2,086
Consumer, Non-Cyclical
91
604
3,043
2,110
5,848
Diversified Financial Services
-
115
596
265
976
Energy
-
88
605
1,622
2,315
Industrial
-
8
644
1,462
2,114
Utilities
289
12
1,877
1,647
3,825
All Others
88
340
1,403
1,752
3,583
Total
$
4,095
$
2,576
$
13,081
$
13,446
$
33,198
Market Value at September 30, 2026
S&P Credit Rating
Below Investment Grade
BB
B
CCC
Total
Asset-backed
$
14
$
110
$
1
$
125
Banks
-
-
-
-
Basic Materials
384
299
7
690
Communications
535
627
28
1,190
Consumer, Cyclical
1,492
906
36
2,434
Consumer, Non-Cyclical
1,453
1,239
45
2,737
Diversified Financial Services
435
299
5
739
Energy
812
512
-
1,324
Industrial
1,170
718
53
1,941
Utilities
335
206
-
541
All Others
936
1,175
112
2,223
Total
$
7,566
$
6,091
$
287
$
13,944
Investments 2
Page 19
Chubb Limited
Investment Portfolio - 3
(in millions of U.S.
dollars)
(Unaudited)
Non-U.S. Fixed Income
Portfolio
September 30, 2026
Non-U.S. Government Securities
Market Value by S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
People’s Republic of China
$
-
$
168
$
2,832
$
-
$
-
$
3,000
Republic of Korea
-
1,684
-
-
-
1,684
Kingdom of Thailand
-
-
1,005
-
-
1,005
Canada
861
-
-
-
-
861
United Mexican States
-
-
-
809
-
809
Taiwan
-
683
-
-
-
683
Commonwealth of Australia
674
-
-
-
-
674
Federative Republic of Brazil
-
-
-
-
664
664
Province of Hunan China
-
-
589
-
-
589
United Kingdom
-
581
-
-
-
581
Other Non-U.S. Government Securities
685
2,140
3,138
1,209
1,551
8,723
Total
$
2,220
$
5,256
$
7,564
$
2,018
$
2,215
$
19,273
Non-U.S. Corporate Securities
Market Value by S&P Credit Rating
AAA
AA
A
BBB
BB and below
Total
China
$
-
$
-
$
7,152
$
706
$
11
$
7,869
United Kingdom
2
16
1,253
1,156
431
2,858
Canada
241
64
1,134
904
412
2,755
France
4
3
927
852
275
2,061
United States
(1)
-
140
396
677
415
1,628
South Korea
-
507
407
565
1
1,480
Australia
40
288
480
537
27
1,372
Japan
-
1
804
370
98
1,273
Chile
-
-
206
493
3
702
Germany
45
79
165
331
75
695
Other Non-U.S. Corporate Securities
535
756
1,843
3,234
1,627
7,995
Total
$
867
$
1,854
$
14,767
$
9,825
$
3,375
$
30,688
(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign
subsidiaries of U.S. corporations.
Investments 3
Page 20
Chubb Limited
Investment Portfolio - 4
(in millions of U.S.
dollars)
(Unaudited)
Fixed
Maturity Investment Portfolio
Top 10 Global Corporate Exposures
September 30, 2026
Market Value
Rating
1
Bank of America Corp
$
824
A-
2
Morgan Stanley
711
A-
3
JP Morgan Chase & Co
684
A
4
Goldman Sachs Group Inc
548
BBB+
5
Wells Fargo & Co
530
BBB+
6
Citigroup Inc
496
BBB+
7
AT&T Inc
394
BBB
8
Verizon Communications Inc
388
BBB+
9
T-Mobile USA Inc
387
BBB+
10
Sempra
379
BBB
Investments 4
Page 21
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Three months ended September 30, 2026
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments
(1)
$
151
$
(54
)
$
97
$
(4,846
)
$
371
$
(4,475
)
$
(4,695
)
$
317
$
(4,378
)
Public equity:
Realized gains (losses) on sales
25
(3
)
22
-
-
-
25
(3
)
22
Mark-to-market
(325
)
51
(274
)
-
-
-
(325
)
51
(274
)
Private equity: Mark-to-market
175
(26
)
149
-
-
-
175
(26
)
149
Total investment portfolio
26
(32
)
(6
)
(4,846
)
371
(4,475
)
(4,820
)
339
(4,481
)
Foreign exchange
(112
)
24
(88
)
599
40
639
487
64
551
Partially-owned entities
(2)
-
1
1
-
-
-
-
1
1
Current discount rate on future policy benefits
-
-
-
322
(51
)
271
322
(51
)
271
Instrument-specific credit risk - market risk benefits
-
-
-
-
-
-
-
-
-
Other
(2
)
1
(1
)
7
(1
)
6
5
-
5
Net gains (losses)
$
(88
)
$
(6
)
$
(94
)
$
(3,918
)
$
359
$
(3,559
)
$
(4,006
)
$
353
$
(3,653
)
(1) The quarter includes pre-tax realized gains on investment derivatives of $233 million, a net increase of the valuation allowance of
expected credit losses of $5 million, and impairments of $15 million.
(2) Partially-owned entities are investments where we hold more than an insignificant
percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Three months ended September 30, 2025
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments
(3)
$
(154
)
$
65
$
(89
)
$
884
$
(52
)
$
832
$
730
$
13
$
743
Public equity:
Realized gains (losses) on sales
53
(14
)
39
-
-
-
53
(14
)
39
Mark-to-market
197
(69
)
128
-
-
-
197
(69
)
128
Private equity: Mark-to-market
(36
)
10
(26
)
-
-
-
(36
)
10
(26
)
Total investment portfolio
60
(8
)
52
884
(52
)
832
944
(60
)
884
Foreign exchange
(115
)
14
(101
)
79
(17
)
62
(36
)
(3
)
(39
)
Partially-owned entities
(4)
1
-
1
-
-
-
1
-
1
Current discount rate on future policy benefits
-
-
-
258
26
284
258
26
284
Instrument-specific credit risk - market risk benefits
-
-
-
(9
)
2
(7
)
(9
)
2
(7
)
Other
-
-
-
(6
)
1
(5
)
(6
)
1
(5
)
Net gains (losses)
$
(54
)
$
6
$
(48
)
$
1,206
$
(40
)
$
1,166
$
1,152
$
(34
)
$
1,118
(3) The quarter includes pre-tax realized losses on investment derivatives of $84 million, a net decrease of the valuation allowance of
expected credit losses of $22 million, and impairments of $22 million.
(4) Partially-owned entities are investments where we hold more than an insignificant
percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Net Gains (Losses)
Page 22
Chubb Limited
Chubb Net Realized and Unrealized Gains (Losses)
(in millions of U.S. dollars)
(Unaudited)
Nine months ended September 30, 2026
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments
(1)
$
(196
)
$
8
$
(188
)
$
(6,320
)
$
560
$
(5,760
)
$
(6,516
)
$
568
$
(5,948
)
Public equity:
Realized gains (losses) on sales
159
(20
)
139
-
-
-
159
(20
)
139
Mark-to-market
(501
)
76
(425
)
-
-
-
(501
)
76
(425
)
Private equity: Mark-to-market
307
(101
)
206
-
-
-
307
(101
)
206
Total investment portfolio
(231
)
(37
)
(268
)
(6,320
)
560
(5,760
)
(6,551
)
523
(6,028
)
Foreign exchange
(137
)
25
(112
)
711
44
755
574
69
643
Partially-owned entities
(2)
(4
)
1
(3
)
-
-
-
(4
)
1
(3
)
Current discount rate on future policy benefits
-
-
-
571
(120
)
451
571
(120
)
451
Instrument-specific credit risk - market risk benefits
-
-
-
13
(2
)
11
13
(2
)
11
Other
(18
)
5
(13
)
40
(9
)
31
22
(4
)
18
Net gains (losses)
$
(390
)
$
(6
)
$
(396
)
$
(4,985
)
$
473
$
(4,512
)
$
(5,375
)
$
467
$
(4,908
)
(1) Year to date includes pre-tax realized gains on investment derivatives of $63 million, a net increase of the valuation allowance of
expected credit losses of $1 million, and impairments of $72 million.
(2) Partially-owned entities are investments where we hold more than an insignificant percentage
of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Nine months ended September 30, 2025
Realized Gains (Losses)
Unrealized Gains (Losses)
Realized and Unrealized Gains (Losses)
Gains
Tax
Gains
Gains
Tax
Gains
Gains
Tax
Gains
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
(Losses)
(Expense)
(Losses)
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Pre-Tax
Benefit
After-Tax
Fixed income investments
(3)
$
(140
)
$
63
$
(77
)
$
2,775
$
(163
)
$
2,612
$
2,635
$
(100
)
$
2,535
Public equity:
Realized gains (losses) on sales
70
(20
)
50
-
-
-
70
(20
)
50
Mark-to-market
357
(89
)
268
-
-
-
357
(89
)
268
Private equity: Mark-to-market
466
(67
)
399
-
-
-
466
(67
)
399
Total investment portfolio
753
(113
)
640
2,775
(163
)
2,612
3,528
(276
)
3,252
Foreign exchange
(269
)
64
(205
)
1,194
(26
)
1,168
925
38
963
Partially-owned entities
(4)
2
-
2
-
-
-
2
-
2
Current discount rate on future policy benefits
-
-
-
30
47
77
30
47
77
Instrument-specific credit risk - market risk benefits
-
-
-
(4
)
1
(3
)
(4
)
1
(3
)
Other
(11
)
2
(9
)
(127
)
25
(102
)
(138
)
27
(111
)
Net gains (losses)
$
475
$
(47
)
$
428
$
3,868
$
(116
)
$
3,752
$
4,343
$
(163
)
$
4,180
(3) Year to date includes pre-tax realized gains on investment derivatives of $46 million, a net decrease of the valuation allowance of
expected credit losses of $21 million, and impairments of $34 million.
(4) Partially-owned entities are investments where we hold more than an insignificant
percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.
Net Gains (Losses) 2
Page 23
Chubb Limited
Debt and Capital
(in millions of U.S. dollars,
except ratios)
(Unaudited)
September 30
June 30
March 31
December 31
December 31
2026
2026
2026
2025
2024
Financial debt:
Total short-term debt
$
668
$
663
$
1,500
$
1,499
$
800
Total long-term debt
(1)
17,990
17,452
15,970
15,728
14,379
Total financial debt
$
18,658
$
18,115
$
17,470
$
17,227
$
15,179
Hybrid debt:
Total trust preferred securities
$
309
$
309
$
309
$
309
$
309
Total subordinated debt
(2)
119
118
116
113
110
Total hybrid debt
$
428
$
427
$
425
$
422
$
419
Total
$
19,086
$
18,542
$
17,895
$
17,649
$
15,598
Capitalization:
Chubb shareholders’ equity
$
73,227
$
75,372
$
73,788
$
73,757
$
64,021
Hybrid debt
428
427
425
422
419
Financial debt
18,658
18,115
17,470
17,227
15,179
Total capitalization
$
92,313
$
93,914
$
91,683
$
91,406
$
79,619
Less: Chubb unrealized gains (losses) on investments, net of deferred tax
(7,757
)
(3,282
)
(3,611
)
(1,997
)
(4,552
)
Total adjusted capitalization
$
100,070
$
97,196
$
95,294
$
93,403
$
84,171
Leverage ratios (based on total adjusted capital):
Hybrid debt
0.5%
0.5%
0.5%
0.4%
0.5%
Financial debt
18.6%
18.6%
18.3%
18.4%
18.0%
Total hybrid & financial debt
19.1%
19.1%
18.8%
18.8%
18.5%
(1) During Q3, the company issued CHF 400 million of senior unsecured notes (approximately $494 million) consisting of CHF
175 million in notes due 2029 and CHF 225 million in notes due 2033. The interest rates were 0.86% and 1.22%, respectively. The use of proceeds for these offerings was general corporate purposes, which may include the repayment and
refinancing of debt.
(2) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share
(excluding non-controlling interest).
Debt and Capital
Page 24
Chubb Limited
Computation of Basic and Diluted Earnings Per Share
(in millions of U.S. dollars, except share and per share data)
(Unaudited)
Year Ended
Three months ended September 30
Nine months ended September 30
December 31
2026
2025
2026
2025
2025
Numerator
Core operating income
$
2,980
$
3,048
$
8,597
$
7,106
$
10,133
Amortization of fair value adjustments of acquired invested assets, long-term debt,
and purchased
intangibles other than long-term distribution agreements, pre-tax
(50
)
(54
)
(152
)
(163
)
(216
)
Tax (expense) benefit on amortization adjustment
11
12
33
36
46
Integration expenses and severance, pre-tax
(11
)
(1
)
(28
)
(3
)
(78
)
Tax (expense) benefit on integration expenses and severance
3
-
7
-
17
Adjusted net realized gains (losses), pre-tax
(88
)
(54
)
(390
)
475
717
Tax (expense) benefit on adjusted net realized gains (losses)
(6
)
6
(6
)
(47
)
60
Market risk benefits gains (losses), pre-tax
(65
)
(142
)
(46
)
(251
)
(288
)
Tax (expense) benefit on market risk benefits gains (losses)
10
22
7
38
43
Amortization of deferred tax asset from Bermuda law
60
(36
)
(4
)
(91
)
(124
)
Chubb net income
$
2,844
$
2,801
$
8,018
$
7,100
$
10,310
Rollforward of Common Shares Outstanding
Shares - beginning of period
385,634,049
398,660,788
391,101,227
400,703,663
400,703,663
Repurchase of shares
(3,419,780
)
(4,436,315
)
(9,927,161
)
(8,121,824
)
(11,986,574
)
Shares issued (canceled), excluding option exercises
10,163
(33,632
)
39,903
581,712
683,260
Issued for option exercises
305,637
133,597
1,316,100
1,160,887
1,700,878
Shares - end of period
382,530,069
394,324,438
382,530,069
394,324,438
391,101,227
Denominator
Weighted average shares outstanding
(1)
385,554,748
397,336,568
387,800,016
399,289,363
397,611,884
Effect of other dilutive securities
3,816,275
3,532,323
4,034,183
3,902,807
3,901,454
Adj. wtd. avg. shares outstanding and assumed conversions
389,371,023
400,868,891
391,834,199
403,192,170
401,513,338
Basic earnings per share
Core operating income
$
7.73
$
7.67
$
22.17
$
17.80
$
25.48
Amortization of fair value adjustments of acquired invested assets, long-term debt,
and purchased
intangibles other than long-term distribution agreements, net of tax
(0.10
)
(0.10
)
(0.30
)
(0.32
)
(0.43
)
Integration expenses and severance, net of tax
(0.02
)
-
(0.06
)
(0.01
)
(0.15
)
Adjusted net realized gains (losses), net of tax
(0.24
)
(0.13
)
(1.02
)
1.07
1.96
Market risk benefits gains (losses), net of tax
(0.14
)
(0.30
)
(0.10
)
(0.53
)
(0.62
)
Amortization of deferred tax asset from Bermuda law
0.15
(0.09
)
(0.01
)
(0.23
)
(0.31
)
Chubb net income
$
7.38
$
7.05
$
20.68
$
17.78
$
25.93
Diluted earnings per share
Core operating income
$
7.66
$
7.60
$
21.94
$
17.62
$
25.24
Amortization of fair value adjustments of acquired invested assets, long-term debt,
and purchased
intangibles other than long-term distribution agreements, net of tax
(0.10
)
(0.10
)
(0.30
)
(0.31
)
(0.43
)
Integration expenses and severance, net of tax
(0.02
)
-
(0.05
)
(0.01
)
(0.15
)
Adjusted net realized gains (losses), net of tax
(0.25
)
(0.12
)
(1.02
)
1.06
1.94
Market risk benefits gains (losses), net of tax
(0.14
)
(0.30
)
(0.10
)
(0.53
)
(0.61
)
Amortization of deferred tax asset from Bermuda law
0.15
(0.09
)
(0.01
)
(0.22
)
(0.31
)
Chubb net income
$
7.30
$
6.99
$
20.46
$
17.61
$
25.68
(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time
of vesting, but are eligible to receive dividends (participating securities).
Earnings per share
Page 25
Chubb Limited
Book Value and Book Value per Common Share
(in
millions of U.S. dollars, except share and per share data)
(Unaudited)
Reconciliation of Book Value per Common Share
September 30
June 30
March 31
December 31
September 30
2026
2026
2026
2025
2025
Chubb shareholders’ equity
$
73,227
$
75,372
$
73,788
$
73,757
$
71,855
Less: Chubb goodwill and other intangible assets, net of tax
24,661
24,495
24,584
24,391
24,485
Numerator for tangible book value per share
$
48,566
$
50,877
$
49,204
$
49,366
$
47,370
Book value - % change over prior quarter
-2.8%
2.1%
0.0%
2.6%
3.5%
Tangible book value - % change over prior quarter
-4.5%
3.4%
-0.3%
4.2%
5.5%
Book value - % change over prior year
1.9%
8.6%
12.3%
15.2%
9.3%
Tangible book value - % change over prior year
2.5%
13.3%
17.8%
22.7%
14.5%
Denominator: shares outstanding
382,530,069
385,634,049
388,495,580
391,101,227
394,324,438
Book value per common share
$
191.43
$
195.45
$
189.93
$
188.59
$
182.22
Tangible book value per common share
$
126.96
$
131.93
$
126.65
$
126.22
$
120.13
Reconciliation of Book Value
Chubb shareholders’ equity, beginning of quarter
$
75,372
$
73,788
$
73,757
$
71,855
$
69,395
Core operating income
2,980
2,885
2,732
3,027
3,048
Amortization of fair value adjustments of acquired invested assets, long-term debt,
and purchased intangibles other than long-term distribution agreements
(39
)
(39
)
(41
)
(43
)
(42
)
Integration expenses and severance
(8
)
(6
)
(7
)
(58
)
(1
)
Adjusted net realized gains (losses)
(1)
(94
)
43
(345
)
349
(48
)
Market risk benefits gains (losses)
(55
)
4
12
(32
)
(120
)
Amortization of deferred tax asset from Bermuda law
60
(33
)
(31
)
(33
)
(36
)
Net unrealized gains (losses) on investments
(4,475
)
329
(1,614
)
(68
)
832
Repurchase of shares
(1,177
)
(979
)
(1,143
)
(1,094
)
(1,232
)
Dividend declared on common shares
(393
)
(395
)
(380
)
(381
)
(385
)
Cumulative translation gains (losses)
639
(237
)
353
(274
)
62
Postretirement benefit liability
(4
)
(2
)
(3
)
153
(2
)
Current discount rate on future policy benefits
271
(137
)
317
149
284
Instrument-specific credit risk - market risk benefits
-
1
10
(4
)
(7
)
Other
(2)
150
150
171
211
107
Chubb shareholders’ equity, end of quarter
$
73,227
$
75,372
$
73,788
$
73,757
$
71,855
(1) Includes net realized gains (losses) related to unconsolidated entities.
(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting
taxes.
Reconciliation Book Value
Page 26
Chubb Limited
Non-GAAP Financial Measures
(Unaudited)
Regulation G - Non-GAAP Financial Measures
In presenting
our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However,
they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).
Throughout this document
there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S.
dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange
rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.
P&C underwriting
income (loss)
excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting
income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration
expenses and severance, amortization of fair value adjustments of acquired invested assets and long-term debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).
P&C CAY underwriting income excluding catastrophe losses (Cats)
is P&C underwriting income (loss) adjusted to exclude P&C Cats and prior period
development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We
believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.
Adjusted losses and loss expenses
include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a
manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore
realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.
Adjusted policy benefits
include gains and losses from
fair value changes in separate account liabilities, as well as the offsetting movement in separate account assets that do not qualify for separate account reporting under U.S. GAAP, for purposes of reporting Life Insurance underwriting income. We
view gains and losses from fair value changes in both non-qualified separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified from Other (income) expense to
adjusted policy benefits. In addition, adjusted policy benefits includes the impact of realized gains and losses on underlying investments supporting the liabilities of certain participating policies for the portion that are shared with
policyholders. These realized gains and losses on underlying investments have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this presentation better reflects the economics of the liabilities and the
underlying investments supporting those liabilities.
Adjusted net investment income
is net investment income excluding the amortization of the fair value
adjustment on acquired invested assets from certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under
the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our
invested assets and portfolio management in support of our lines of business.
Adjusted net realized gains (losses), net of tax
, includes net realized gains
(losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the
liabilities of certain participating policies related to the policyholders’ share of gains and losses.
Adjusted interest expense
is interest expense
excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.
Other income (expense) - operating
excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated
entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP. Net realized gains (losses) related to
unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other
income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a U.S. GAAP basis.
P&C combined ratio
excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss
expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio
is provided on pages 30 - 33.
CAY P&C combined ratio excluding catastrophe losses
excludes Cats and PPD from the P&C combined ratio. We exclude Cats
as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, PPD and
expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are
excluded from both losses and loss expenses and net premiums earned when calculating the ratios. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C
business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a useful comparison.
Expense ratio
excluding accident and health (A&H)
excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure
provides better comparison to our peer companies that may not have a significant A&H block of business.
Global P&C
performance metrics comprise
consolidated operating results (including corporate) and exclude the operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a
public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to
investors as they are used by management to assess Chubb’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these
businesses do not always correlate with the results of our global P&C operations.
Core operating income
relates only to Chubb income, which excludes
noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses), market risk benefits gains (losses), amortization of fair value adjustments of acquired invested assets, long-term debt, and
purchased intangibles other than long-term distribution agreements, and other items described in this paragraph. We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our
insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market
opportunities. In addition, we believe that amortization of certain fair value adjustments arising from the application of acquisition method accounting to acquired businesses does not represent the associated true economic costs and also affects
comparability of our operating results to peers. We therefore exclude amortization expenses of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business combinations (primarily
agency distribution relationships and renewal rights); in contrast, amortization expenses associated with value of business acquired (VOBA) and unearned premium reserves (UPR) intangible assets are included in core operating income as they are
generally comparable to underwriting expenses recognized by peers. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses
associated with transformation initiatives to enhance operational efficiency. These costs, as well as the amortization of fair value adjustments on purchased invested assets, long-term debt, and certain intangible assets acquired through business
combinations, are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of
our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related
to the tax benefit from the Bermuda Economic Transition Adjustment, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability
between periods and provides increased transparency. References to core operating income measures mean net of tax, whether or not noted.
Chubb core operating
effective tax rate
is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax expense (benefit) on market risk benefits gains (losses), tax expense (benefit) on amortization of fair value
adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements, tax expense (benefit) on integration expenses and severance, and the amortization of the deferred tax asset related to
the tax benefit from the Bermuda Economic Transition Adjustment, all attributable to Chubb, divided by Chubb income before tax excluding adjusted net realized gains (losses) before tax, market risk benefit gains (losses) before tax, amortization of
fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements before tax, and integration expenses and severance before tax, all attributable to Chubb. We believe the use
of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments
related to acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements, integration expenses and severance, and the amortization of the deferred tax asset related to the tax benefit from the
Bermuda Economic Transition Adjustment. Due to fluctuations in our income before taxes during the year, on a quarterly basis these exclusions may not annualize to the full year forecasted expense or (benefit), if applicable. Refer to the definition
of core operating income (loss), net of tax above for more information on these adjustments.
Tangible book value per common share
is Chubb
shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make
book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates
the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.
International life insurance net premiums written and deposits collected
includes deposits collected on universal life and investment contracts (life deposits).
Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important
component of production and key to our efforts to grow our business.
Adjusted operating cash flow
is Operating cash flow excluding the operating cash flow
related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required
to retain the investment company presentation in our consolidated results, which means we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of
consolidated investment companies from our operating cash flow as they may distort a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more
appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.
Total adjusted capitalization
is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity less Chubb unrealized gains
(losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better
highlight our company’s underlying total capital position.
Reconciliation Non-GAAP
Page 27
Chubb Limited
Non-GAAP Financial Measures - 2
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Chubb
core operating effective tax rate
The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Tax expense, as reported
$
663
$
741
$
644
$
592
$
784
$
2,048
$
1,815
$
2,407
Less: tax expense (benefit) on amortization of fair value adjustments of acquired invested assets,
long-term debt, and purchased intangibles other than long-term distribution agreements
(11
)
(11
)
(11
)
(10
)
(12
)
(33
)
(36
)
(46
)
Less: tax expense (benefit) on integration expenses and severance
(3
)
(2
)
(2
)
(17
)
-
(7
)
-
(17
)
Less: tax expense (benefit) on adjusted net realized gains (losses)
6
32
(32
)
(107
)
(6
)
6
47
(60
)
Less: tax expense (benefit) on market risk benefits gains (losses)
(10
)
1
2
(5
)
(22
)
(7
)
(38
)
(43
)
Less: amortization of deferred tax asset from Bermuda law
(60
)
33
31
33
36
4
91
124
Tax expense, adjusted
$
741
$
688
$
656
$
698
$
788
$
2,085
$
1,751
$
2,449
Income before tax, as reported
$
3,507
$
3,595
$
2,964
$
3,802
$
3,585
$
10,066
$
8,915
$
12,717
Less: amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased
intangibles other than long-term distribution agreements
(50
)
(50
)
(52
)
(53
)
(54
)
(152
)
(163
)
(216
)
Less: integration expenses and severance
(11
)
(8
)
(9
)
(75
)
(1
)
(28
)
(3
)
(78
)
Less: adjusted realized gains (losses)
(368
)
73
(394
)
(39
)
29
(689
)
38
(1
)
Less: realized gains (losses) related to unconsolidated entities
280
2
17
281
(83
)
299
437
718
Less: market risk benefits gains (losses)
(65
)
5
14
(37
)
(142
)
(46
)
(251
)
(288
)
Core operating income before tax
$
3,721
$
3,573
$
3,388
$
3,725
$
3,836
$
10,682
$
8,857
$
12,582
Effective tax rate
18.9%
20.6%
21.7%
15.5%
21.9%
20.3%
20.4%
18.9%
Adjustment for tax impact of amortization of fair value adjustments of acquired invested assets, long-term
debt, and purchased intangibles other than long-term distribution agreements
0.0%
0.1%
0.0%
-0.1%
0.0%
0.0%
0.1%
0.1%
Adjustment for tax impact of integration expenses and severance
0.0%
0.0%
0.0%
0.1%
0.0%
0.0%
0.0%
0.0%
Adjustment for tax impact of adjusted net realized gains (losses)
-0.5%
-0.5%
-1.5%
4.2%
-0.2%
-0.8%
0.4%
1.6%
Adjustment for tax impact of market risk benefits gains (losses)
-0.1%
0.0%
0.0%
-0.1%
-0.2%
0.0%
-0.1%
-0.1%
Adjustment for amortization of deferred tax asset from Bermuda law
1.6%
-0.9%
-0.9%
-0.9%
-1.0%
0.0%
-1.0%
-1.0%
Core operating effective tax rate
19.9%
19.3%
19.3%
18.7%
20.5%
19.5%
19.8%
19.5%
Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Chubb net income
$
2,844
$
2,854
$
2,320
$
3,210
$
2,801
$
8,018
$
7,100
$
10,310
Amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased
intangibles other than long-term distribution agreements, pre-tax
(50
)
(50
)
(52
)
(53
)
(54
)
(152
)
(163
)
(216
)
Tax (expense) benefit on amortization adjustment
11
11
11
10
12
33
36
46
Integration expenses and severance, pre-tax
(11
)
(8
)
(9
)
(75
)
(1
)
(28
)
(3
)
(78
)
Tax (expense) benefit on integration expenses and severance
3
2
2
17
-
7
-
17
Adjusted realized gains (losses), pre-tax
(368
)
73
(394
)
(39
)
29
(689
)
38
(1
)
Net realized gains (losses) related to unconsolidated entities, pre-tax
(1)
280
2
17
281
(83
)
299
437
718
Tax (expense) benefit on adjusted net realized gains (losses)
(6
)
(32
)
32
107
6
(6
)
(47
)
60
Market risk benefits gains (losses), pre-tax
(65
)
5
14
(37
)
(142
)
(46
)
(251
)
(288
)
Tax (expense) benefit on market risk benefits gains (losses)
10
(1
)
(2
)
5
22
7
38
43
Amortization of deferred tax asset from Bermuda law
60
(33
)
(31
)
(33
)
(36
)
(4
)
(91
)
(124
)
Core operating income
$
2,980
$
2,885
$
2,732
$
3,027
$
3,048
$
8,597
$
7,106
$
10,133
Catastrophe losses - after-tax
$
562
$
375
$
397
$
292
$
226
$
1,334
$
2,036
$
2,328
Unfavorable (favorable) prior period development (PPD) - after-tax
$
(394
)
$
(216
)
$
(231
)
$
(220
)
$
(238
)
$
(841
)
$
(638
)
$
(858
)
P&C underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:
YTD
YTD
Full Year
3Q-26
2Q-26
1Q-26
4Q-25
3Q-25
2026
2025
2025
Net income
$
2,736
$
2,882
$
2,347
$
3,173
$
3,107
$
7,965
$
7,449
$
10,622
Less: Income tax expense
(666
)
(742
)
(646
)
(597
)
(787
)
(2,054
)
(1,825
)
(2,422
)
Amortization expense of purchased intangibles
(74
)
(74
)
(73
)
(77
)
(75
)
(221
)
(224
)
(301
)
Other income (expense)
364
196
161
516
43
721
781
1,297
Interest expense
(204
)
(200
)
(198
)
(205
)
(197
)
(602
)
(559
)
(764
)
Net investment income
1,791
1,760
1,709
1,688
1,648
5,260
4,777
6,465
Net realized gains (losses)
(455
)
162
(407
)
(116
)
283
(700
)
327
211
Market risk benefits gains (losses)
(65
)
5
14
(37
)
(142
)
(46
)
(251
)
(288
)
Integration expenses and severance
(11
)
(8
)
(9
)
(76
)
(1
)
(28
)
(3
)
(79
)
Life Insurance underlying income (loss)
(2)
-
(162
)
(4
)
(128
)
69
(166
)
87
(41
)
Add: Realized gains (losses) on crop derivatives
5
(8
)
(8
)
(8
)
(7
)
(11
)
(8
)
(16
)
P&C underwriting income
$
2,061
$
1,937
$
1,792
$
2,197
$
2,259
$
5,790
$
4,331
$
6,528
Add: Catastrophe losses (including reinstatement premiums) - pre-tax
705
475
500
365
285
1,680
2,556
2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax
(511
)
(283
)
(286
)
(268
)
(361
)
(1,080
)
(865
)
(1,133
)
P&C CAY underwriting income ex Cats
$
2,255
$
2,129
$
2,006
$
2,294
$
2,183
$
6,390
$
6,022
$
8,316
(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of
the investee’s shares. The net realized gain or loss is included in other income (expense) under U.S. GAAP.
(2) Life Insurance underlying income (loss) is
calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.
Reconciliation Non-GAAP 2
Page 28
Chubb Limited
Non-GAAP Financial Measures - 3
(in millions
of U.S. dollars, except share, per share data, and ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
Core
operating ROE and Core operating ROTE
Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP
financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount
rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other
intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these
items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.
YTD
YTD
Full Year
3Q-26
3Q-25
2026
2025
2025
Chubb net income
$
2,844
$
2,801
$
8,018
$
7,100
$
10,310
Core operating income
$
2,980
$
3,048
$
8,597
$
7,106
$
10,133
Equity - beginning of period, as reported
$
75,372
$
69,395
$
73,757
$
64,021
$
64,021
Less: unrealized gains (losses) on investments, net of deferred tax
(3,282
)
(2,772
)
(1,997
)
(4,552
)
(4,552
)
Less: changes in current discount rate on FPB, net of deferred tax
(164
)
(746
)
(344
)
(539
)
(539
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(12
)
(12
)
(23
)
(16
)
(16
)
Equity - beginning of period, as adjusted
$
78,830
$
72,925
$
76,121
$
69,128
$
69,128
Less: Chubb goodwill and other intangible assets, net of tax
24,495
24,490
24,391
23,800
23,800
Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets
$
54,335
$
48,435
$
51,730
$
45,328
$
45,328
Equity - end of period, as reported
$
73,227
$
71,855
$
73,227
$
71,855
$
73,757
Less: unrealized gains (losses) on investments, net of deferred tax
(7,757
)
(1,940
)
(7,757
)
(1,940
)
(1,997
)
Less: changes in current discount rate on FPB, net of deferred tax
107
(462
)
107
(462
)
(344
)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax
(12
)
(19
)
(12
)
(19
)
(23
)
Equity - end of period, as adjusted
$
80,889
$
74,276
$
80,889
$
74,276
$
76,121
Less: Chubb goodwill and other intangible assets, net of tax
24,661
24,485
24,661
24,485
24,391
Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets
$
56,228
$
49,791
$
56,228
$
49,791
$
51,730
Weighted average equity, as reported
$
74,300
$
70,625
$
73,492
$
67,938
$
68,889
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets
$
55,282
$
49,113
$
53,979
$
47,560
$
48,529
Weighted average equity, as adjusted
$
79,860
$
73,601
$
78,505
$
71,702
$
72,625
ROE
15.3%
15.9%
14.5%
13.9%
15.0%
Core operating ROTE
21.6%
24.8%
21.2%
19.9%
20.9%
Core operating ROE
14.9%
16.6%
14.6%
13.2%
14.0%
Private equities realized gains (losses), after-tax
(1)
$
149
$
(26
)
$
206
$
399
$
817
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable)
(1)
0.8 pts
-0.2 pts
0.4 pts
0.8 pts
1.1 pts
Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
September 30
June 30
December 31
September 30
QTD
YTD
Year-over-Year
2026
2026
2025
2025
% Change
% Change
% Change
Book value
$
73,227
$
75,372
$
73,757
$
71,855
Less: AOCI
(9,483
)
(5,923
)
(4,975
)
(4,892
)
Book value excluding AOCI
82,710
81,295
78,732
76,747
Tangible book value
48,566
50,877
49,366
47,370
Less: Tangible AOCI
(9,080
)
(5,300
)
(4,181
)
(4,129
)
Tangible book value excluding tangible AOCI
$
57,646
$
56,177
$
53,547
$
51,499
Denominator: shares outstanding
382,530,069
385,634,049
391,101,227
394,324,438
Book value per share
$
191.43
$
195.45
$
188.59
$
182.22
-2.1%
1.5%
5.1%
Tangible book value per share
$
126.96
$
131.93
$
126.22
$
120.13
-3.8%
0.6%
5.7%
Book value per share excluding AOCI
$
216.22
$
210.81
$
201.31
$
194.63
2.6%
7.4%
11.1%
Tangible book value per share excluding tangible AOCI
$
150.70
$
145.67
$
136.91
$
130.60
3.5%
10.1%
15.4%
(1) We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead
of investment income.
Reconciliation Non-GAAP 3
Page 29
Chubb Limited
Non-GAAP Financial Measures - 4
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
P&C
combined ratio
The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to
provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our
underwriting operations.
The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for
catastrophe losses (Cats) and prior period development (PPD).
Q3 2026
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
3,422
$
668
$
1,311
$
2,034
$
130
$
51
$
7,616
Realized (gains) losses on crop derivatives
-
-
(5
)
-
-
-
(5
)
Adjusted losses and loss expenses/policy benefits
A
$
3,422
$
668
$
1,306
$
2,034
$
130
$
51
$
7,611
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(237
)
(203
)
(5
)
(249
)
(11
)
-
(705
)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
1
-
1
Catastrophe losses, gross of related adjustments
(237
)
(203
)
(5
)
(249
)
(12
)
-
(706
)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
14
379
2
162
5
(51
)
511
Net premiums earned adjustments on PPD - unfavorable (favorable)
14
2
-
-
(1
)
-
15
Expense adjustments - unfavorable (favorable)
(2
)
-
-
-
(2
)
-
(4
)
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
16
-
-
16
PPD, gross of related adjustments - favorable (unfavorable)
26
381
2
178
2
(51
)
538
CAY loss and loss expense ex Cats
B
$
3,211
$
846
$
1,303
$
1,963
$
120
$
-
$
7,443
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,083
$
446
$
86
$
1,468
$
102
$
110
$
3,295
Expense adjustments - favorable (unfavorable)
2
-
-
-
2
-
4
CAY policy acquisition costs and administrative expenses
D
$
1,085
$
446
$
86
$
1,468
$
104
$
110
$
3,299
Denominator
Net premiums earned
E
$
5,222
$
1,846
$
1,559
$
4,053
$
287
$
12,967
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
(1
)
(1
)
Net premiums earned adjustments on PPD - unfavorable (favorable)
14
2
-
-
(1
)
15
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
16
-
16
Net premiums earned excluding adjustments
F
$
5,236
$
1,848
$
1,559
$
4,069
$
285
$
12,997
P&C combined ratio
Loss and loss expense ratio
A/E
65.5%
36.2%
83.8%
50.2%
45.2%
58.7%
Policy acquisition cost and administrative expense ratio
C/E
20.8%
24.1%
5.5%
36.2%
35.5%
25.4%
P&C combined ratio
86.3%
60.3%
89.3%
86.4%
80.7%
84.1%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
61.4%
45.8%
83.5%
48.2%
42.1%
57.3%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.7%
24.1%
5.5%
36.1%
36.6%
25.3%
CAY P&C combined ratio ex Cats
82.1%
69.9%
89.0%
84.3%
78.7%
82.6%
Combined ratio
Combined ratio
84.1%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
84.1%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 4
Page 30
Chubb Limited
Non-GAAP Financial Measures - 5
(in millions
of U.S. dollars, except ratios)
(Unaudited)
Regulation G - Non-GAAP Financial Measures (continued)
P&C
combined ratio (continued)
YTD 2026
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
10,014
$
2,493
$
1,874
$
5,614
$
388
$
224
$
20,607
Realized (gains) losses on crop derivatives
-
-
11
-
-
-
11
Adjusted losses and loss expenses/policy benefits
A
$
10,014
$
2,493
$
1,885
$
5,614
$
388
$
224
$
20,618
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(741
)
(551
)
(23
)
(338
)
(27
)
-
(1,680
)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
1
-
1
Catastrophe losses, gross of related adjustments
(741
)
(551
)
(23
)
(338
)
(28
)
-
(1,681
)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
214
553
82
439
16
(224
)
1,080
Net premiums earned adjustments on PPD - unfavorable (favorable)
19
2
-
-
(1
)
-
20
Expense adjustments - unfavorable (favorable)
2
-
-
-
2
-
4
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
33
-
-
33
PPD, gross of related adjustments - favorable (unfavorable)
235
555
82
472
17
(224
)
1,137
CAY loss and loss expense ex Cats
B
$
9,508
$
2,497
$
1,944
$
5,748
$
377
$
-
$
20,074
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
3,270
$
1,311
$
153
$
4,323
$
319
$
327
$
9,703
Expense adjustments - favorable (unfavorable)
(2
)
-
-
-
(2
)
-
(4
)
CAY policy acquisition costs and administrative expenses
D
$
3,268
$
1,311
$
153
$
4,323
$
317
$
327
$
9,699
Denominator
Net premiums earned
E
$
15,584
$
5,409
$
2,389
$
11,817
$
912
$
36,111
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
(1
)
(1
)
Net premiums earned adjustments on PPD - unfavorable (favorable)
19
2
-
-
(1
)
20
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
33
-
33
Net premiums earned excluding adjustments
F
$
15,603
$
5,411
$
2,389
$
11,850
$
910
$
36,163
P&C combined ratio
Loss and loss expense ratio
A/E
64.3%
46.1%
78.9%
47.5%
42.5%
57.1%
Policy acquisition cost and administrative expense ratio
C/E
20.9%
24.2%
6.4%
36.6%
35.0%
26.9%
P&C combined ratio
85.2%
70.3%
85.3%
84.1%
77.5%
84.0%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.9%
46.2%
81.3%
48.5%
41.4%
55.5%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
21.0%
24.2%
6.4%
36.5%
34.9%
26.8%
CAY P&C combined ratio ex Cats
81.9%
70.4%
87.7%
85.0%
76.3%
82.3%
Combined ratio
Combined ratio
83.9%
Add: impact of gains and losses on crop derivatives
0.1%
P&C combined ratio
84.0%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 5
Page 31
Chubb Limited
Non-GAAP
Financial Measures - 6
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -
Non-GAAP
Financial Measures (continued)
P&C combined ratio (continued)
Q3 2025
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
3,083
$
713
$
1,217
$
1,826
$
139
$
61
$
7,039
Realized (gains) losses on crop derivatives
-
-
7
-
-
-
7
Adjusted losses and loss expenses/policy benefits
A
$
3,083
$
713
$
1,224
$
1,826
$
139
$
61
$
7,046
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(72)
(161)
(4)
(42)
(6)
-
(285)
Reinstatement premiums collected (expensed) on catastrophe losses
-
-
-
-
-
-
-
Catastrophe losses, gross of related adjustments
(72)
(161)
(4)
(42)
(6)
-
(285)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
26
282
30
84
-
(61)
361
Net premiums earned adjustments on PPD - unfavorable (favorable)
68
-
-
-
-
-
68
Expense adjustments - unfavorable (favorable)
3
-
-
-
-
-
3
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
-
-
-
PPD, gross of related adjustments - favorable (unfavorable)
97
282
30
84
-
(61)
432
CAY loss and loss expense ex Cats
B
$
3,108
$
834
$
1,250
$
1,868
$
133
$
-
$
7,193
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
1,056
$
421
$
91
$
1,343
$
105
$
113
$
3,129
Expense adjustments - favorable (unfavorable)
(3)
-
-
-
-
-
(3)
CAY policy acquisition costs and administrative expenses
D
$
1,053
$
421
$
91
$
1,343
$
105
$
113
$
3,126
Denominator
Net premiums earned
E
$
5,080
$
1,741
$
1,495
$
3,803
$
315
$
12,434
Reinstatement premiums (collected) expensed on catastrophe losses
-
-
-
-
-
-
Net premiums earned adjustments on PPD - unfavorable (favorable)
68
-
-
-
-
68
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
-
-
Net premiums earned excluding adjustments
F
$
5,148
$
1,741
$
1,495
$
3,803
$
315
$
12,502
P&C combined ratio
Loss and loss expense ratio
A/E
60.7%
41.0%
81.9%
48.0%
43.8%
56.7%
Policy acquisition cost and administrative expense ratio
C/E
20.8%
24.1%
6.1%
35.3%
33.6%
25.1%
P&C combined ratio
81.5%
65.1%
88.0%
83.3%
77.4%
81.8%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.4%
48.0%
83.6%
49.1%
42.0%
57.5%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.4%
24.1%
6.1%
35.3%
33.6%
25.0%
CAY P&C combined ratio ex Cats
80.8%
72.1%
89.7%
84.4%
75.6%
82.5%
Combined ratio
Combined ratio
81.7%
Add: impact of gains and losses on crop derivatives
0.1%
P&C combined ratio
81.8%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 6
Page 32
Chubb Limited
Non-GAAP
Financial Measures - 7
(in millions of U.S. dollars, except ratios)
(Unaudited)
Regulation G -
Non-GAAP
Financial Measures (continued)
P&C combined ratio (continued)
YTD 2025
North
America
Commercial P&C
Insurance
North
America
Personal P&C
Insurance
North
America
Agricultural
Insurance
Overseas
General
Insurance
Global
Reinsurance
Corporate
Total
P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits
$
9,372
$
3,628
$
1,791
$
5,254
$
513
$
145
$
20,703
Realized (gains) losses on crop derivatives
-
-
8
-
-
-
8
Adjusted losses and loss expenses/policy benefits
A
$
9,372
$
3,628
$
1,799
$
5,254
$
513
$
145
$
20,711
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments
(455)
(1,645)
(20)
(349)
(87)
-
(2,556)
Reinstatement premiums collected (expensed) on catastrophe losses
-
(50)
-
(5)
13
-
(42)
Catastrophe losses, gross of related adjustments
(455)
(1,595)
(20)
(344)
(100)
-
(2,514)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)
246
403
63
282
15
(144)
865
Net premiums earned adjustments on PPD - unfavorable (favorable)
73
-
-
-
-
-
73
Expense adjustments - unfavorable (favorable)
3
-
(3)
-
-
-
-
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
-
(2)
PPD, gross of related adjustments - favorable (unfavorable)
322
403
60
282
13
(144)
936
CAY loss and loss expense ex Cats
B
$
9,239
$
2,436
$
1,839
$
5,192
$
426
$
1
$
19,133
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses
C
$
3,181
$
1,252
$
160
$
3,792
$
323
$
324
$
9,032
Expense adjustments - favorable (unfavorable)
(3)
-
3
-
-
-
-
CAY policy acquisition costs and administrative expenses
D
$
3,178
$
1,252
$
163
$
3,792
$
323
$
324
$
9,032
Denominator
Net premiums earned
E
$
15,245
$
4,996
$
2,258
$
10,554
$
1,021
$
34,074
Reinstatement premiums (collected) expensed on catastrophe losses
-
50
-
5
(13)
42
Net premiums earned adjustments on PPD - unfavorable (favorable)
73
-
-
-
-
73
PPD reinstatement premiums - unfavorable (favorable)
-
-
-
-
(2)
(2)
Net premiums earned excluding adjustments
F
$
15,318
$
5,046
$
2,258
$
10,559
$
1,006
$
34,187
P&C combined ratio
Loss and loss expense ratio
A/E
61.5%
72.6%
79.7%
49.8%
50.1%
60.8%
Policy acquisition cost and administrative expense ratio
C/E
20.8%
25.1%
7.1%
35.9%
31.8%
26.5%
P&C combined ratio
82.3%
97.7%
86.8%
85.7%
81.9%
87.3%
CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted
B/F
60.3%
48.3%
81.5%
49.2%
42.3%
56.0%
Policy acquisition cost and administrative expense ratio, adjusted
D/F
20.8%
24.8%
7.2%
35.9%
32.2%
26.4%
CAY P&C combined ratio ex Cats
81.1%
73.1%
88.7%
85.1%
74.5%
82.4%
Combined ratio
Combined ratio
87.3%
Add: impact of gains and losses on crop derivatives
0.0%
P&C combined ratio
87.3%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A,
B, C, D, E, and F included in the table are references for calculating the ratios above.
Reconciliation Non-GAAP 7
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Chubb Limited
Glossary
Chubb Limited Consolidated
comprises all
segments including Corporate.
Total P&C
comprises all segments (including Corporate) except the Life Insurance segment.
Global P&C
comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.
P&C combined ratio:
The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life
Insurance segment and including the realized gains and losses on the crop derivatives.
Book value per common share:
Chubb shareholders’ equity divided
by the shares outstanding.
Tangible book value per common share:
Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of
tax, divided by the shares outstanding.
Average market yield of fixed income investments:
Weighted average yield based on the current market value of our
fixed maturities and other debt investments.
Average book yield of fixed income investments:
Weighted average yield based on the amortized cost of our fixed
maturities and other debt investments.
Total capitalization:
The sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’
equity.
Integration expenses and severance:
Integration expenses comprise legal and professional fees and all other costs directly related to the integration
activities primarily of the Cigna acquisition, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. Integration expenses and severance are incurred by Chubb and are included in Corporate.
These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.
Catastrophe
losses (Cats):
We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in
insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe
loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered prior period development.
Prior
period development (PPD)
arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from
previous accident years.
Reinstatement premiums
are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been
exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.
Net premiums earned adjustments
within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual
claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.
Prior period expense adjustments
typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that
develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.
Segment income (loss)
includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and adjusted amortization expense of purchased intangibles.
Non-premium revenues and expenses
included in Other income and expense, principally pertain to the management of third-party assets by Huatai Asset Management
Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.
NM:
Not meaningful.
Glossary
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