Chubb Limited

04/28/2026 | Press release | Distributed by Public on 04/28/2026 13:43

Quarterly Report for Quarter Ending March 31, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three months ended March 31, 2026.
All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.
Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management's Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025 (2025 Form 10-K).
Other Information
We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.
MD&A Index Page
Forward-Looking Statements
Overview
Consolidated Operating Results
Segment Operating Results
Net Realized and Unrealized Gains (Losses)
Effective Income Tax Rate
Non-GAAP Reconciliation
Net Investment Income
Investments
Critical Accounting Estimates
Catastrophe Management
Global Property Catastrophe Reinsurance Program
Capital Resources
Liquidity
Information Provided In Connection With Outstanding Debt of Subsidiaries
Forward-Looking Statements
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to:
•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections, and changes in market conditions that could render our business strategies ineffective or obsolete;
•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;
•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;
•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions, the outbreak and effects of war, the occurrence of any terrorist attacks, and possible business disruption or economic contraction that may result from such events;
•the impact of changes in tax laws, guidance and interpretations, such as the implementation of the Organization for Economic Cooperation and Development international tax framework, or the increasing number of challenges from tax authorities in the current global tax environment;
•severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic;
•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;
•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries;
•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery;
•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;
•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;
•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, and the impact of acquisitions on our pre-existing organization;
•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;
•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;
•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and
•management's response to these factors and actual events (including, but not limited to, those described above).
The words "believe," "anticipate," "estimate," "project," "should," "plan," "expect," "intend," "hope," "feel," "foresee," "will likely result," "will continue," and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise.
Overview
Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At March 31, 2026, we had total assets of $275 billion and total Chubb shareholders' equity, which excludes noncontrolling interests, of $74 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to "Segment Information" under Item 1 in our 2025 Form 10-K.
Consolidated Operating Results - Three Months Ended March 31, 2026 and 2025
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs.
Q-25
Net premiums written $ 14,005 $ 12,646 10.7 %
Net premiums written - constant dollars (1)
7.7 %
Net premiums earned 13,457 12,000 12.1 %
Net investment income 1,709 1,561 9.5 %
Net realized gains (losses) (407) (116) NM
Market risk benefits gains (losses) 14 (92) NM
Total revenues 14,773 13,353 10.6 %
Losses and loss expenses 6,131 6,896 (11.1) %
Policy benefits 1,785 1,227 45.5 %
Policy acquisition costs 2,596 2,313 12.2 %
Administrative expenses 1,149 1,080 6.4 %
Interest expense 198 181 9.1 %
Other (income) expense (161) (83) 94.5 %
Amortization of purchased intangibles 73 75 (2.1) %
Integration expenses and severance 9 - NM
Total expenses 11,780 11,689 0.8 %
Income before income tax 2,993 1,664 79.9 %
Income tax expense 646 321 101.2 %
Net income $ 2,347 $ 1,343 74.8 %
Net income attributable to noncontrolling interests
27 12 131.3 %
Net income attributable to Chubb $ 2,320 $ 1,331 74.3 %
(1) On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.
NM - Not meaningful
Financial Highlights for the Three Months Ended March 31, 2026
•Net income attributable to Chubb was $2.3 billion compared with $1.3 billion in the prior year period, primarily due to lower catastrophe losses.
•Total pre-tax catastrophe losses were $500 million, compared with $1.64 billion in the prior year, which included $1.47 billion from the California wildfires.
•Consolidated net premiums written were $14.01 billion, up 10.7 percent.
•P&C net premiums written increased 7.2 percent, with consumer insurance up 14.2 percent and commercial insurance up 4.6 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines reflects continued growth primarily in casualty lines, middle market, and small commercial accounts. Growth was unfavorably impacted by reduced exposure and lower rates, in large account property lines, both admitted and E&S.
•Life Insurance segment net premiums written increased 33.1 percent, or 30.8 percent in constant dollars, due to growth in international life of 34.1 percent in constant dollars reflecting 15.7 percentage points of growth from traditional regular premium products, with the remaining growth from savings-oriented single premium business.
Additionally, our Chubb Benefits business grew 15.8 percent, primarily driven by worksite business.
•Pre-tax net investment income was $1.71 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets from strong operating cash flow.
•Operating cash flow was $3.95 billion.
Net Premiums Written
Three Months Ended
March 31
%
Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 C$
Q-26 vs. Q-25
Property and other short-tail lines $ 2,467 $ 2,489 (0.9) % (4.6) %
Commercial casualty 2,571 2,252 14.2 % 11.4 %
Financial lines 1,093 1,079 1.3 % (1.7) %
Workers' compensation 626 638 (1.9) % (1.9) %
Commercial multiple peril (1)
454 416 9.2 % 9.0 %
Surety 220 200 9.8 % 5.9 %
Total Commercial P&C lines 7,431 7,074 5.0 % 2.3 %
Agriculture 311 276 12.7 % 12.7 %
Personal homeowners 1,273 1,143 11.4 % 10.1 %
Personal automobile 855 691 23.8 % 15.6 %
Personal other 560 511 9.6 % 5.6 %
Total Personal lines (2)
2,688 2,345 14.7 % 10.8 %
Global A&H - P&C 923 823 12.2 % 6.2 %
Reinsurance lines 363 408 (11.2) % (11.7) %
Total Property and Casualty lines 11,716 10,926 7.2 % 4.1 %
Life Insurance 2,289 1,720 33.1 % 30.8 %
Total consolidated $ 14,005 $ 12,646 10.7 % 7.7 %
(1)Commercial multiple peril represents retail package business (property and general liability).
(2)For purposes of this schedule only, certain Q1 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.
For additional information on net premiums written, refer to the segment operating results discussions.
Catastrophe Losses and Prior Period Development
Three Months Ended
March 31
(in millions of U.S. dollars) 2026 2025
Net catastrophe losses $ 500 $ 1,641
Favorable prior period development $ 286 $ 255
Catastrophe losses through March 31, 2026 and 2025, were primarily from the following events:
•2026: Winter-related storms in the U.S., and other international weather-related events.
◦Total North America P&C Insurance catastrophe losses were $428 million.
◦Total Overseas General catastrophe losses were $64 million.
•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.
◦Total North America P&C Insurance catastrophe losses were $1.51 billion.
◦Total Overseas General catastrophe losses were $55 million.
Pre-tax net favorable PPD for the three months ended March 31, 2026, was $301 million in our active companies, including net favorable development of $322 million in short-tail lines and net unfavorable development of $21 million in long-tail lines. Net favorable development for short-tail lines is driven by surety and property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation and financial lines. Our corporate run-off portfolio had adverse development of $15 million.
Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property. Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business. Our corporate run-off portfolio had adverse development of $13 million.
Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.
P&C Combined Ratio
Three Months Ended
March 31
2026 2025
Combined ratio:
Loss and loss expense ratio 55.6 % 67.8 %
Policy acquisition cost ratio 20.0 % 19.4 %
Administrative expense ratio 8.4 % 8.5 %
P&C Combined ratio 84.0 % 95.7 %
Catastrophe losses (4.5) % (15.9) %
Prior period development 2.6 % 2.5 %
P&C CAY combined ratio excluding catastrophe losses 82.1 % 82.3 %
The P&C combined ratio decreased for the three months ended March 31, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three months ended March 31, 2026.
Segment Operating Results - Three Months Ended March 31, 2026 and 2025
North America Commercial P&C Insurance
The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts).
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Net premiums written $ 4,895 $ 4,787 2.3 %
Net premiums earned 5,148 4,988 3.2 %
Losses and loss expenses 3,220 3,031 6.2 %
Policy acquisition costs 752 719 4.6 %
Administrative expenses 354 344 3.1 %
Underwriting income 822 894 (8.0) %
Net investment income 971 929 4.5 %
Other (income) expense 14 8 (76.0) %
Amortization of purchased intangibles 1 1 -
Segment income $ 1,778 $ 1,814 (2.0) %
Combined ratio:
Loss and loss expense ratio 62.5 % 60.8 % 1.7 pts
Policy acquisition cost ratio 14.6 % 14.4 % 0.2 pts
Administrative expense ratio 6.9 % 6.9 % - pts
Combined ratio 84.0 % 82.1 % 1.9 pts
Catastrophe losses (3.9) % (3.1) % (0.8) pts
Prior period development 1.7 % 2.3 % (0.6) pts
CAY combined ratio excluding catastrophe losses 81.8 % 81.3 % 0.5 pts
Production by Size - Net premiums written Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Major Accounts & Specialty (large corporate accounts and wholesale business) $ 2,772 $ 2,731 1.5 %
Commercial (middle market and small commercial accounts) 2,123 2,056 3.3 %
Total $ 4,895 $ 4,787 2.3 %
Net Catastrophe Losses and Prior Period Development Three Months Ended
March 31
(in millions of U.S. dollars) 2026 2025
Net catastrophe losses $ 202 $ 154
Favorable prior period development $ 89 $ 114
Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $108 million, or 2.3 percent, for the three months ended March 31, 2026, which includes P&C lines growth of 3.2 percent and a decline in financial lines of 3.5 percent. Middle market and small commercial grew 3.3 percent, with P&C lines up 5.4 percent and financial lines down 5.7 percent. Major accounts retail and specialty grew 1.5 percent, with property and other short-tail lines down 21.9 percent, casualty up 20.3 percent, and financial lines down 0.4 percent.
Premium growth was broad-based, reflecting continued growth in large account primary and excess casualty, and in our small and mid-market commercial P&C lines, supported by new business and positive rate in most lines. This growth was partially offset by a decline in our large account property lines, both admitted and E&S, which reduced overall growth by approximately 5.0 percentage points, primarily due to reduced exposure and lower rates.
Net premiums earned increased $160 million, or 3.2 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.
Combined Ratio
The combined ratio increased for the three months ended March 31, 2026, reflecting higher catastrophe losses and lower favorable prior period development.
The CAY combined ratio excluding catastrophe losses increased for the three months ended March 31, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.
North America Personal P&C Insurance
The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Net premiums written $ 1,681 $ 1,552 8.3 %
Net premiums earned 1,746 1,574 10.9 %
Losses and loss expenses 1,034 2,093 (50.5) %
Policy acquisition costs 347 330 5.1 %
Administrative expenses 85 87 (2.7) %
Underwriting income (loss) 280 (936) 129.9 %
Net investment income 137 120 14.2 %
Other (income) expense 3 1 (198.5) %
Amortization of purchased intangibles 2 2 -
Segment income $ 412 $ (819) 150.3 %
Combined ratio:
Loss and loss expense ratio 59.3 % 133.0 % (73.7) pts
Policy acquisition cost ratio 19.9 % 21.0 % (1.1) pts
Administrative expense ratio 4.8 % 5.5 % (0.7) pts
Combined ratio 84.0 % 159.5 % (75.5) pts
Catastrophe losses (12.7) % (84.5) % 71.8 pts
Prior period development - - - pts
CAY combined ratio excluding catastrophe losses 71.3 % 75.0 % (3.7) pts
Net Catastrophe Losses and Prior Period Development
Three Months Ended
March 31
(in millions of U.S. dollars) 2026 2025
Net catastrophe losses $ 222 $ 1,342
Favorable prior period development $ 1 $ -
Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $129 million, or 8.3 percent, for the three months ended March 31, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners. Growth includes the favorable impact of $50 million of ceded reinstatement premiums related to the California wildfires in the prior year.
Net premiums earned increased $172 million, or 10.9 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.
Combined Ratio
The combined ratio decreased for the three months ended March 31, 2026, reflecting the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.
The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to an improvement in homeowners and personal excess from lower underlying losses, and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.
North America Agricultural Insurance
The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Net premiums written $ 311 $ 276 12.7 %
Net premiums earned 189 165 14.6 %
Losses and loss expenses 53 92 (42.9) %
Policy acquisition costs 24 17 39.1 %
Administrative expenses (6) 2 NM
Underwriting income 118 54 120.0 %
Net investment income 26 24 7.8 %
Other (income) expense - 1 NM
Amortization of purchased intangibles 6 6 -
Segment income $ 138 $ 71 92.9 %
Combined ratio:
Loss and loss expense ratio 27.9 % 55.9 % (28.0) pts
Policy acquisition cost ratio 12.6 % 10.4 % 2.2 pts
Administrative expense ratio (3.0) % 1.2 % (4.2) pts
Combined ratio 37.5 % 67.5 % (30.0) pts
Catastrophe losses (2.4) % (8.9) % 6.5 pts
Prior period development 42.5 % 20.3 % 22.2 pts
CAY combined ratio excluding catastrophe losses 77.6 % 78.9 % (1.3) pts
NM - Not meaningful
Net Catastrophe Losses and Prior Period Development Three Months Ended
March 31
(in millions of U.S. dollars) 2026 2025
Net catastrophe losses $ 4 $ 15
Favorable prior period development $ 80 $ 33
Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $35 million, or 12.7 percent, for the three months ended March 31, 2026, primarily due to growth in Livestock driven by lower reinsurance cessions, and growth in MPCI.
Net premiums earned increased $24 million, or 14.6 percent, for the three months ended March 31, 2026, reflecting the growth in net premiums written described above.
Combined Ratio
The combined ratio decreased for the three months ended March 31, 2026, reflecting higher favorable prior period development and lower catastrophe losses.
The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, reflecting a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business, partially offset by a higher loss ratio reflecting a change in the mix of business.
Overseas General Insurance
Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. The Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand and Liberty Insurance in Vietnam, effective April 1, 2025, and February 2, 2026, respectively.
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Net premiums written $ 4,466 $ 3,903 14.4 %
Net premiums written - constant dollars 6.1 %
Net premiums earned 3,780 3,209 17.8 %
Losses and loss expenses 1,652 1,397 18.3 %
Policy benefits 113 113 -
Policy acquisition costs 1,009 837 20.5 %
Administrative expenses 387 330 17.3 %
Underwriting income 619 532 16.3 %
Net investment income 300 281 6.9 %
Other (income) expense 6 6 -
Amortization of purchased intangibles 22 19 (14.2) %
Segment income $ 891 $ 788 13.0 %
Segment income - constant dollars 6.5 %
Combined ratio:
Loss and loss expense ratio 46.7 % 47.0 % (0.3) pts
Policy acquisition cost ratio 26.7 % 26.1 % 0.6 pts
Administrative expense ratio 10.2 % 10.3 % (0.1) pts
Combined ratio 83.6 % 83.4 % 0.2 pts
Catastrophe losses (1.7) % (1.7) % - pts
Prior period development 3.5 % 3.8 % (0.3) pts
CAY combined ratio excluding catastrophe losses 85.4 % 85.5 % (0.1) pts
Net Catastrophe Losses and Prior Period Development Three Months Ended
March 31
(in millions of U.S. dollars) 2026 2025
Net catastrophe losses $ 64 $ 55
Favorable prior period development $ 131 $ 121
Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Net Premiums Written by Region
Three Months Ended March 31
(in millions of U.S. dollars, except for percentages) 2026 2026
% of Total 		2025 2025
% of Total 		C$
2025 		Q-26 vs. Q-25 C$
Q-26 vs. Q-25
Region
Europe, Middle East, and Africa $ 2,217 50 % $ 1,915 49 % $ 2,095 15.8 % 5.8 %
Asia 1,344 30 % 1,198 31 % 1,251 12.1 % 7.4 %
Latin America 867 19 % 736 19 % 808 17.8 % 7.2 %
Other (1)
38 1 % 54 1 % 55 (28.9) % (30.6) %
Net premiums written $ 4,466 100 % $ 3,903 100 % $ 4,209 14.4 % 6.1 %
(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.
Premiums
Overall, net premiums written increased $563 million, or $257 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting growth in commercial lines of 10.8 percent, or 3.1 percent on a constant-dollar basis, and growth in consumer lines of 20.5 percent, or 11.1 percent on a constant-dollar basis.
Our European division increased for the three months ended March 31, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.
Asia increased for the three months ended March 31, 2026, reflecting growth primarily in consumer lines, including personal lines and A&H. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand and Vietnam.
Latin America increased for the three months ended March 31, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.
Net premiums earned increased $571 million, or $331 million on a constant-dollar basis, for the three months ended March 31, 2026, reflecting the increase in net premiums written described above.
Combined Ratio
The combined ratio and CAY combined ratio excluding catastrophe losses were relatively flat for the three months ended March 31, 2026, reflecting an increase in acquisition expense ratio, offset by underlying loss ratio improvement driven by mix shift.
Global Reinsurance
The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Net premiums written $ 363 $ 408 (11.2) %
Net premiums written - constant dollars (11.7) %
Net premiums earned 326 368 (11.4) %
Losses and loss expenses 137 242 (43.6) %
Policy acquisition costs 102 100 2.3 %
Administrative expenses 9 10 (8.2) %
Underwriting income 78 16 NM
Net investment income 108 70 54.4 %
Segment income $ 186 $ 86 116.4 %
Combined ratio:
Loss and loss expense ratio 41.9 % 65.8 % (23.9) pts
Policy acquisition cost ratio 31.3 % 27.1 % 4.2 pts
Administrative expense ratio 2.8 % 2.7 % 0.1 pts
Combined ratio 76.0 % 95.6 % (19.6) pts
Catastrophe losses (2.3) % (21.3) % 19.0 pts
Prior period development - - - pts
CAY combined ratio excluding catastrophe losses 73.7 % 74.3 % (0.6) pts
NM - Not meaningful
Net Catastrophe Losses and Prior Period Development Three Months Ended
March 31
(in millions of U.S. dollars) 2026 2025
Net catastrophe losses $ 8 $ 75
Favorable prior period development $ - $ -
Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written decreased $45 million for the three months ended March 31, 2026, primarily reflecting a decrease in property lines due to increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms, as well as the favorable impact of higher catastrophe reinstatement premiums in the prior year. This decrease was partially offset by growth in casualty business due to higher underlying rates favorably impacting the renewal portfolio.
Net premiums earned decreased $42 million for the three months ended March 31, 2026, reflecting the changes in net premiums written described above, including catastrophe reinstatement premiums in the prior year which were fully earned when written.
Combined Ratio
The combined ratio decreased for the three months ended March 31, 2026, primarily due to lower catastrophe losses. The CAY combined ratio excluding catastrophe losses decreased for the three months ended March 31, 2026, primarily due to lower loss expectations in property lines, offset by a shift in mix of business from property to casualty lines.
Life Insurance
The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Net premiums written $ 2,289 $ 1,720 33.1 %
Net premiums written - constant dollars 30.8 %
Net premiums earned 2,268 1,696 33.7 %
Losses and loss expenses 28 26 6.5 %
Policy benefits 1,700 1,163 46.2 %
Policy acquisition costs 362 310 16.8 %
Administrative expenses 210 202 3.7 %
Net investment income 305 271 12.6 %
Other (income) expense (51) (35) 48.0 %
Amortization of purchased intangibles 8 10 9.0 %
Segment income $ 316 $ 291 8.5 %
Segment income - constant dollars 7.1 %
Premiums
Net premiums written increased $569 million, or $539 million on a constant-dollar basis, for the three months ended March 31, 2026.
For our international life operations, net premiums written increased 36.8 percent, or 34.1 percent on a constant-dollar basis, for the three months ended March 31, 2026. This increase included 15.7 percentage points of growth primarily driven by our traditional regular premium products in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.
Net premiums written in our Chubb Benefits business increased 15.8 percent for the three months ended March 31, 2026, due to 34.6 percent growth in worksite business.
Deposits
The following table presents deposits collected on universal life and investment contracts:
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 C$
2025 		Q-26 vs. Q-25 C$
Q-26 vs. Q-25
Deposits collected on universal life and investment contracts $ 749 $ 755 $ 781 (0.8) % (4.1) %
Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative
services. Life deposits collected decreased $6 million for the three months ended March 31, 2026, due to lower investment linked products in Taiwan, offset by higher savings-oriented single premium sales in Huatai Life and Hong Kong.
Life Insurance segment income
Life Insurance segment income increased $25 million, or 8.5 percent for the three months ended March 31, 2026, reflecting the growth in our international life operations, higher net investment income from asset growth, and higher other income from Huatai. This growth was partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.
Corporate
Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, loss and loss expenses of asbestos and environmental (A&E) liabilities, certain other non-A&E run-off exposures including molestation, and Huatai Group's non-insurance operations results, comprising real estate and holding company activity.
Three Months Ended
March 31 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25
Losses and loss expenses $ 15 $ 14 10.3 %
Administrative expenses 110 105 4.3 %
Underwriting loss (125) (119) 5.0 %
Net investment income (loss) (11) (27) (58.9) %
Other income (expense) 18 (33) NM
Amortization of purchased intangibles 34 37 (8.5) %
Net realized gains (losses) (383) (78) NM
Market risk benefits gains (losses) 14 (92) NM
Interest expense 198 181 9.1 %
Integration expenses and severance 9 - NM
Income tax expense 646 321 101.2 %
Net loss $ (1,374) $ (888) 54.4 %
Net income attributable to noncontrolling interests 27 12 131.3 %
Net loss attributable to Chubb $ (1,401) $ (900) 55.4 %
NM - Not meaningful
Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.
Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), and Income tax expense (benefit). Refer to Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.
Net Realized and Unrealized Gains (Losses)
We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value.
The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses
and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2025 Form 10-K. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders' equity in the Consolidated balance sheets.
The following table presents our net realized and unrealized gains (losses):
Three Months Ended March 31
2026 2025
(in millions of U.S. dollars) Net
Realized
Gains
(Losses) 		Net
Unrealized
Gains
(Losses) 		Net
Impact 		Net
Realized
Gains
(Losses) 		Net
Unrealized
Gains
(Losses) 		Net
Impact
Fixed maturities $ (121) $ (1,826) $ (1,947) $ (97) $ 901 $ 804
Investment and embedded derivative instruments (115) - (115) (23) - (23)
Public equity
Sales 94 - 94 (12) - (12)
Mark-to-market (243) - (243) 75 - 75
Private equity (less than 3 percent ownership)
Mark-to-market 16 - 16 11 - 11
Total investment portfolio (369) (1,826) (2,195) (46) 901 855
Other derivative instruments (9) - (9) (3) - (3)
Foreign exchange (8) 528 520 (65) 359 294
Current discount rate on future policy benefits - 386 386 - (122) (122)
Instrument-specific credit risk on market risk benefits - 12 12 - 4 4
Other (21) (6) (27) (2) (95) (97)
Net gains (losses), pre-tax $ (407) $ (906) $ (1,313) $ (116) $ 1,047 $ 931
Pre-tax net unrealized losses of $1,826 million in our investment portfolio for the three months ended March 31, 2026, were primarily driven by higher interest rates.
Pre-tax net realized losses of $407 million for the three months ended March 31, 2026, were primarily driven by mark-to-market losses on equity securities, net realized losses on fixed maturities, and losses on investment derivatives.
Effective Income Tax Rate
Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR.
For the three months ended March 31, 2026, our ETR was 21.6 percent compared to an ETR of 19.3 percent in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items.
Non-GAAP Reconciliation
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 GAAP.
We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. 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 performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company's P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.
P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the 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.
CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (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 PPD and net premiums earned when calculating the ratios. We believe this measure provides a better 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 better comparison.
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 PPD 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 adjustable 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.
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 underlying total capital position.
The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:
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
Three Months Ended
March 31, 2026
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits A $ 3,220 $ 1,034 $ 53 $ 1,765 $ 137 $ 15 $ 6,224
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments (202) (222) (4) (64) (8) - (500)
Reinstatement premiums collected (expensed) on catastrophe losses - - - - - - -
Catastrophe losses, gross of related adjustments (202) (222) (4) (64) (8) - (500)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable) 89 1 80 131 - (15) 286
Expense adjustments - unfavorable (favorable) 2 - - - 2 - 4
PPD reinstatement premiums - unfavorable (favorable) - - - 7 - - 7
PPD, gross of related adjustments - favorable (unfavorable) 91 1 80 138 2 (15) 297
CAY loss and loss expense ex CATs B $ 3,109 $ 813 $ 129 $ 1,839 $ 131 $ - $ 6,021
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses C $ 1,106 $ 432 $ 18 $ 1,396 $ 111 $ 110 $ 3,173
Expense adjustments - favorable (unfavorable) (2) - - - (2) - (4)
Policy acquisition costs and administrative expenses, adjusted D $ 1,104 $ 432 $ 18 $ 1,396 $ 109 $ 110 $ 3,169
Denominator
Net premiums earned E $ 5,148 $ 1,746 $ 189 $ 3,780 $ 326 $ 11,189
PPD reinstatement premiums - unfavorable (favorable) - - - 7 - 7
Net premiums earned excluding adjustments F $ 5,148 $ 1,746 $ 189 $ 3,787 $ 326 $ 11,196
P&C Combined ratio
Loss and loss expense ratio A/E 62.5 % 59.3 % 27.9 % 46.7 % 41.9 % 55.6 %
Policy acquisition cost and administrative expense ratio C/E 21.5 % 24.7 % 9.6 % 36.9 % 34.1 % 28.4 %
P&C Combined ratio 84.0 % 84.0 % 37.5 % 83.6 % 76.0 % 84.0 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted B/F 60.4 % 46.6 % 68.0 % 48.6 % 40.1 % 53.8 %
Policy acquisition cost and administrative expense ratio, adjusted D/F 21.4 % 24.7 % 9.6 % 36.8 % 33.6 % 28.3 %
CAY P&C Combined ratio ex CATs 81.8 % 71.3 % 77.6 % 85.4 % 73.7 % 82.1 %
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.
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
Three Months Ended
March 31, 2025
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits A $ 3,031 $ 2,093 $ 92 $ 1,510 $ 242 $ 14 $ 6,982
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments (154) (1,342) (15) (55) (75) - (1,641)
Reinstatement premiums collected (expensed) on catastrophe losses - (50) - - 13 - (37)
Catastrophe losses, gross of related adjustments (154) (1,292) (15) (55) (88) - (1,604)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable) 114 - 33 121 - (13) 255
Net premiums earned adjustments on PPD - unfavorable (favorable) (1) - - - - - (1)
Expense adjustments - unfavorable (favorable) (2) - (3) - (1) - (6)
PPD, gross of related adjustments - favorable (unfavorable) 111 - 30 121 (1) (13) 248
CAY loss and loss expense ex CATs B $ 2,988 $ 801 $ 107 $ 1,576 $ 153 $ 1 $ 5,626
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses C $ 1,063 $ 417 $ 19 $ 1,167 $ 110 $ 105 $ 2,881
Expense adjustments - favorable (unfavorable) 2 - 3 - 1 - 6
Policy acquisition costs and administrative expenses, adjusted D $ 1,065 $ 417 $ 22 $ 1,167 $ 111 $ 105 $ 2,887
Denominator
Net premiums earned E $ 4,988 $ 1,574 $ 165 $ 3,209 $ 368 $ 10,304
Reinstatement premiums (collected) expensed on catastrophe losses - 50 - - (13) 37
Net premiums earned adjustments on PPD - unfavorable (favorable) (1) - - - - (1)
Net premiums earned excluding adjustments F $ 4,987 $ 1,624 $ 165 $ 3,209 $ 355 $ 10,340
P&C Combined ratio
Loss and loss expense ratio A/E 60.8 % 133.0 % 55.9 % 47.0 % 65.8 % 67.8 %
Policy acquisition cost and administrative expense ratio C/E 21.3 % 26.5 % 11.6 % 36.4 % 29.8 % 27.9 %
P&C Combined ratio 82.1 % 159.5 % 67.5 % 83.4 % 95.6 % 95.7 %
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted B/F 59.9 % 49.3 % 65.8 % 49.1 % 43.2 % 54.4 %
Policy acquisition cost and administrative expense ratio, adjusted D/F 21.4 % 25.7 % 13.1 % 36.4 % 31.1 % 27.9 %
CAY P&C Combined ratio ex CATs 81.3 % 75.0 % 78.9 % 85.5 % 74.3 % 82.3 %
Combined ratio
Combined ratio 95.7 %
Add: impact of gains and losses on crop derivatives -
P&C Combined ratio 95.7 %
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.
Net Investment Income
Three Months Ended March 31
(in millions of U.S. dollars) 2026 2025
Fixed maturities (1)
$ 1,557 $ 1,401
Short-term investments 40 38
Other interest income 8 17
Equity securities 92 93
Private equities 39 35
Other investments 30 27
Gross investment income (1)
1,766 1,611
Investment expenses (57) (50)
Net investment income (1)
$ 1,709 $ 1,561
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$ (2) $ (2)
Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 9.5 percent for the three months ended March 31, 2026, primarily due to higher average invested assets.
For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:
Three Months Ended March 31
(in millions of U.S. dollars) 2026 2025
Total mark-to-market gain (loss) on private equity, pre-tax $ 43 $ (16)
Investments
Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor's (S&P)/Moody's Investors Service (Moody's) at March 31, 2026. The portfolio is primarily managed externally by independent, professional investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and closely monitor investment manager compliance with portfolio guidelines.
The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:
March 31, 2026 December 31, 2025
(in millions of U.S. dollars) Fair
Value 		Cost/
Amortized
Cost, Net 		Fair
Value 		Cost/
Amortized
Cost, Net
Short-term investments $ 5,067 $ 5,067 $ 4,840 $ 4,840
Other investments - Fixed maturities 8,433 8,433 8,091 8,091
Fixed maturities available-for-sale 123,433 127,251 122,680 124,674
Fixed income securities 136,933 140,751 135,611 137,605
Equity securities 10,916 10,916 10,801 10,801
Private debt held-for-investment 2,515 2,477 2,445 2,411
Private equities and other 19,869 19,869 19,897 19,897
Total investments $ 170,233 $ 174,013 $ 168,754 $ 170,714
The fair value of our total investments increased $1.5 billion during the three months ended March 31, 2026, mainly due to the investing of operating cash flow, partially offset by unrealized losses on fixed maturities mainly due to interest rate increases. The valuation of our fixed income portfolio is impacted by changes in interest rates.
The following tables present the fair value of our fixed income securities at March 31, 2026, and December 31, 2025. The first table lists investments according to type and second according to S&P credit rating:
March 31, 2026 December 31, 2025
(in millions of U.S. dollars, except for percentages) Fair
Value 		% of Total Fair
Value 		% of Total
U.S. and local government securities $ 3,697 3 % $ 3,714 3 %
Corporate and asset-backed securities 47,832 35 % 47,886 35 %
Mortgage-backed securities 31,322 23 % 30,724 23 %
Non-U.S. 49,015 35 % 48,447 35 %
Short-term investments 5,067 4 % 4,840 4 %
Total (1)
$ 136,933 100 % $ 135,611 100 %
AAA $ 13,258 10 % $ 13,313 10 %
AA 41,208 30 % 40,720 30 %
A 36,350 27 % 35,184 26 %
BBB 24,376 18 % 23,584 17 %
BB 12,576 9 % 12,948 10 %
B 8,766 6 % 9,469 7 %
Other 399 - % 393 - %
Total (1)
$ 136,933 100 % $ 135,611 100 %
(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $8.4 billion and $8.1 billion at March 31, 2026, and December 31, 2025, respectively.
Corporate and asset-backed securities
The following table presents our 10 largest global exposures to corporate bonds by fair value at March 31, 2026:
(in millions of U.S. dollars) Fair Value
Bank of America Corp $ 811
Morgan Stanley 769
JPMorgan Chase & Co 694
Goldman Sachs Group Inc 577
Wells Fargo & Co 562
Citigroup Inc 509
Verizon Communications Inc 438
AT&T Inc 368
UBS Group AG 366
Comcast Corp 365
Mortgage-backed securities
The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:
S&P Credit Rating Fair
Value 		Amortized Cost, Net
March 31, 2026
(in millions of U.S. dollars) 		AAA AA A BBB BB and
below 		Total Total
Agency residential mortgage-backed securities (RMBS)
$ 55 $ 27,818 $ - $ - $ - $ 27,873 $ 28,865
Non-agency RMBS 2,111 208 183 46 2 2,550 2,583
Commercial mortgage-backed securities 727 108 57 5 2 899 929
Total mortgage-backed securities $ 2,893 $ 28,134 $ 240 $ 51 $ 4 $ 31,322 $ 32,377
Non-U.S.
Chubb's local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines.
Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A/A and 39 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA-two percent, A-one percent, BBB-0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material.
The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at March 31, 2026:
(in millions of U.S. dollars) Fair Value Amortized Cost, Net
People's Republic of China $ 2,257 $ 2,305
Republic of Korea 1,626 1,764
Kingdom of Thailand 1,076 1,058
Canada 849 872
United Mexican States 750 758
Taiwan 730 724
Federative Republic of Brazil
629 639
Commonwealth of Australia 614 716
Province of Ontario 555 562
Province of Hunan China 551 547
Other Non-U.S. Government Securities 8,355 8,581
Total $ 17,992 $ 18,526
The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at March 31, 2026:
(in millions of U.S. dollars) Fair Value Amortized Cost, Net
China $ 8,988 $ 8,975
United Kingdom 2,776 2,867
Canada 2,764 2,785
France
1,853 1,870
United States (1)
1,595 1,630
Australia 1,361 1,401
South Korea 1,319 1,330
Japan 1,165 1,185
Chile 681 698
Germany 660 684
Other Non-U.S. Corporate Securities 7,861 8,013
Total $ 31,023 $ 31,438
(1) The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.
Below-investment grade corporate fixed income portfolio
Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At March 31, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $198 million.
We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit
as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.
Critical Accounting Estimates
Refer to Item 7 in our 2025 Form 10-K for a description of our critical accounting estimates. Except as shown in the table below, there have been no material changes to our critical accounting estimates since December 31, 2025.
Unpaid losses and loss expenses
As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money. The net undiscounted reserves related to structured settlements and certain reserves for unsettled claims are immaterial.
The following table presents a roll-forward of our unpaid losses and loss expenses:
(in millions of U.S. dollars) Gross
Losses
Reinsurance
Recoverable (1)
Net
Losses
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)
Other (including foreign exchange translation) 238 48 190
Balance at March 31, 2026 $ 88,915 $ 18,253 $ 70,662
(1)Net of valuation allowance for uncollectible reinsurance.
The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses).
Refer to Note 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.
Catastrophe Management
We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at March 31, 2026, and does not represent our expected catastrophe losses for any one year.
Modeled Net Probable Maximum Loss (PML) Pre-tax
Worldwide (1)
U.S. Hurricane (2)
California Earthquake (3)
Annual Aggregate Annual Aggregate Single Occurrence
(in millions of U.S. dollars, except for percentages) Chubb % of Total Chubb
Shareholders'
Equity 		Chubb % of Total Chubb
Shareholders'
Equity 		Chubb % of Total Chubb
Shareholders'
Equity
1-in-10 $ 2,972 4.0 % $ 1,644 2.2 % $ 168 0.2 %
1-in-100 $ 5,766 7.8 % $ 3,823 5.2 % $ 1,866 2.5 %
1-in-250 $ 9,166 12.4 % $ 6,392 8.7 % $ 2,119 2.9 %
(1) Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.
(2) U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding.
(3) California earthquake modeled losses include the fire-following sub-peril.
The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at January 1, 2026, and reflect the April 1, 2026, reinsurance program, as well as inuring reinsurance protection coverage. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible.
According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,823 million (or 5.2 percent of total Chubb shareholders' equity at March 31, 2026).
The above estimates of Chubb's loss profile are inherently uncertain for many reasons, including the following:
•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;
•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;
•The potential effects of climate change add to modeling complexity; and
•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2026. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.
Refer to Item 7 in our 2025 Form 10-K for more information on man-made and other catastrophes.
Global Property Catastrophe Reinsurance Program
Chubb's core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).
We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program's renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.
Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2026, through March 31, 2027. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Terrorism is covered in all three layers (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) in the United States on an aggregate basis above our retentions without a reinstatement.
Loss Location Layer of Loss Comments Notes
United States
(excluding Alaska and Hawaii)
$0 million -
$1.75 billion
Losses retained by Chubb (a)
United States
(excluding Alaska and Hawaii)
$1.75 billion -
$2.85 billion
All natural perils and terrorism (b)
United States
(excluding Alaska and Hawaii)
$2.85 billion -
$4.0 billion
All natural perils and terrorism (c)
United States
(excluding Alaska and Hawaii) 		$4.0 billion -
$5.7 billion 		All natural perils and terrorism
International
(including Alaska and Hawaii)
$0 million -
$225 million
Losses retained by Chubb
 		(a)
International
(including Alaska and Hawaii)
$225 million -
$1.325 billion
All natural perils and terrorism (b)
Alaska, Hawaii, and Canada
$1.325 billion -
$2.475 billion
All natural perils and terrorism (c)
(a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.
(b) These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.
(c) These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.
Capital Resources
Capital resources consist of funds deployed or available to be deployed to support our business operations.
March 31 December 31
(in millions of U.S. dollars, except for ratios) 2026 2025
Short-term debt $ 1,500 $ 1,499
Long-term debt 15,970 15,728
Total financial debt 17,470 17,227
Trust preferred securities 309 309
Subordinated debt (1)
116 113
Total hybrid debt 425 422
Total Chubb shareholders' equity 73,788 73,757
Total capitalization 91,683 91,406
Less: Chubb unrealized gains (losses) on investments, net of deferred tax (3,611) (1,997)
Total adjusted capitalization $ 95,294 $ 93,403
Ratio of financial debt to total adjusted capitalization (2)
18.3 % 18.4 %
Ratio of financial debt and hybrid debt to total adjusted capitalization (2)
18.8 % 18.8 %
(1) Capital Supplementary Bonds issued by Huatai Life.
(2) For purposes of calculating leverage ratios, Huatai debt is based on Chubb's share (excluding noncontrolling interest).
Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.
On March 17, 2026, Chubb INA issued CHF 200 million (approximately $254 million based on the foreign exchange rate at the date of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032. Refer to Note 12 to the Consolidated Financial Statements for additional details.
For the three months ended March 31, 2026, we repurchased $1.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At March 31, 2026, there were 11,625,267 Common Shares in treasury with a weighted-average cost of $198.05 per share. For the period April 1, 2026, through April 27, 2026, we repurchased 1,029,374 Common Shares for a total of $340 million in a series of open market transactions under the share repurchase authorization. At April 27, 2026, $1.2 billion in share repurchase authorization remained.
We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs.
Dividends
We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 14 to the Consolidated Financial Statements for a discussion of our dividend methodology.
At our May 2025 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.88 per share, or CHF 3.24 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 15, 2025, expected to be paid in four quarterly installments of $0.97 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2026 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2025 represented a $0.24 per share increase ($0.06 per quarter) over the prior year dividend.
The following table represents dividends paid per Common Share to shareholders of record on each of the following dates:
Shareholders of record as of: Dividends paid as of:
December 12, 2025 January 2, 2026 $0.97 (CHF 0.78)
March 13, 2026 April 6, 2026 $0.97 (CHF 0.75)
Liquidity
We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to the long-term capital markets, credit facilities, and commercial paper.
Our group syndicated credit facility has capacity of $3.0 billion and expires in December 2030. Our total credit facility capacity is $4.1 billion, $3.0 billion of which can be used for revolving credit. At March 31, 2026, our letter of credit borrowings outstanding under these facilities was $980 million. Our access to credit under these facilities is dependent on the ability of the bank counterparties to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at March 31, 2026. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.
We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion group syndicated credit facility. At March 31, 2026, there were no commercial paper borrowings outstanding.
The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the three months ended March 31, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.
We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary's financial condition are paramount to the dividend decision. Chubb Limited received dividends of nil and $310 million from its Bermuda subsidiaries during the three months ended March 31, 2026 and 2025, respectively. Chubb Limited received dividends of $149 million and $207 million from its other international subsidiaries during the three months ended March 31, 2026, and 2025, respectively. During the three months ended March 31, 2026, and 2025, Chubb Limited received no redemptions from Chubb INA for the portion of its ownership interest in Chubb INA, in accordance with the plan of liquidation and conversion of Chubb INA to a limited liability company. Chubb INA is expected to fully redeem, by the end of 2027, Chubb Limited's ownership interest in Chubb INA.
The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary's domicile (or, if applicable, commercial domicile). Chubb INA's international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the three months ended March 31, 2026, and 2025. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA's insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received dividends of nil and $366 million from its subsidiaries during the three months ended March 31, 2026, and 2025, respectively.
Cash Flows
Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the three months ended March 31, 2026 and 2025.
Operating cash flows were $3.9 billion for the three months ended March 31, 2026, compared to $1.6 billion in the prior year period, primarily due to higher net premiums collected and lower net losses paid, partially offset by higher expenses paid.
Cash used for investing was $2.8 billion for the three months ended March 31, 2026, compared to $798 million in the prior year period, an increase of $2.0 billion, primarily due to higher net purchases of fixed maturities and short-term securities of $2.9 billion. This activity was partially offset by the impact of net private equity distributions of $80 million in the current year compared to net private equity contributions of $657 million in the prior year period.
Cash used for financing was $950 million for the three months ended March 31, 2026, compared to $1.1 billion in the prior year period, a decrease of $175 million. This decrease reflects a repayment of long term debt of $800 million in the prior year compared to an issuance of $254 million in the current year. This activity was partially offset by higher common shares repurchased of $483 million, higher net distributions from consolidated investment products of $322 million, and lower net repurchase agreement borrowings of $116 million.
We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At March 31, 2026, there were $3.7 billion in repurchase agreements outstanding with various maturities over the next two months.
Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss.
Information provided in connection with outstanding debt of subsidiaries
Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.
The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after elimination of investment in any non-guarantor subsidiary:
Chubb Limited
(Parent Guarantor) 		Chubb INA Holdings LLC
(Subsidiary Issuer)
March 31 December 31 March 31 December 31
(in millions of U.S. dollars) 2026 2025 2026 2025
Assets
Investments $ - $ - $ 455 $ 535
Cash 91 313 173 584
Due from parent guarantor/subsidiary issuer 5 733 25 -
Due from subsidiaries that are not issuers or guarantors 465 470 499 662
Other assets 18 379 3,737 3,575
Total assets $ 579 $ 1,895 $ 4,889 $ 5,356
Liabilities
Due to parent guarantor/subsidiary issuer $ 25 $ - $ 5 $ 733
Due to subsidiaries that are not issuers or guarantors 324 339 131 120
Affiliated notional cash pooling programs 72 - - -
Short-term debt - - 1,500 1,499
Long-term debt - - 15,970 15,728
Hybrid debt - - 309 309
Other liabilities 611 647 1,782 1,809
Total liabilities 1,032 986 19,697 20,198
Total equity (453) 909 (14,808) (14,842)
Total liabilities and equity $ 579 $ 1,895 $ 4,889 $ 5,356
The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:
Three Months Ended March 31, 2026 Chubb Limited
(Parent Guarantor) 		Chubb INA Holdings LLC
(Subsidiary Issuer)
(in millions of U.S. dollars)
Net investment income (expense) $ 7 $ 8
Net realized gains (losses) - 46
Administrative expenses 25 (16)
Interest (income) expense (7) 154
Other (income) expense (8) 13
Income tax expense (benefit) 12 (55)
Net loss $ (15) $ (42)
Comprehensive loss $ (15) $ (30)
Chubb Limited published this content on April 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on April 28, 2026 at 19:43 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]