Chubb Limited

10/28/2026 | Press release | Distributed by Public on 10/28/2026 12:50

Quarterly Report for Quarter Ending September 30, 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 and nine months ended September 30, 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).
Effective for the quarter ending September 30, 2026, amortization expenses related to certain intangible assets acquired through business combinations (primarily agency distribution relationships and renewal rights) are excluded from reportable segment results and included in Corporate amortization of purchased intangibles. We believe that this presentation better reflects the operating results of the segments as such expenses are a result of our corporate mergers and acquisitions strategy and not indicative of segment operating performance. Prior-period segment results have been recast to conform to the current presentation.
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
Interest Expense
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 September 30, 2026, we had total assets of $284 billion and total Chubb shareholders' equity, which excludes noncontrolling interests, of $73 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 and Nine Months Ended September 30, 2026 and 2025
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs.
Q-25 		2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 15,143 $ 14,866 1.9 % $ 43,853 $ 41,708 5.1 %
Net premiums written - constant dollars (1)
1.8 % 3.7 %
Net premiums earned 14,924 14,359 3.9 % 42,270 39,484 7.1 %
Net investment income 1,791 1,648 8.6 % 5,260 4,777 10.1 %
Net realized gains (losses) (455) 283 NM (700) 327 NM
Market risk benefits gains (losses) (65) (142) (54.4) % (46) (251) (81.7) %
Total revenues 16,195 16,148 0.3 % 46,784 44,337 5.5 %
Losses and loss expenses 7,526 6,951 8.3 % 20,348 20,419 (0.3) %
Policy benefits 1,477 1,372 7.8 % 4,877 4,005 21.8 %
Policy acquisition costs 2,739 2,563 6.9 % 7,967 7,291 9.3 %
Administrative expenses 1,126 1,138 (1.2) % 3,443 3,343 3.0 %
Interest expense 204 197 3.7 % 602 559 7.8 %
Other (income) expense (364) (43) NM (721) (781) (7.6) %
Amortization of purchased intangibles 74 75 (0.8) % 221 224 (1.4) %
Integration expenses and severance 11 1 NM 28 3 NM
Total expenses 12,793 12,254 4.4 % 36,765 35,063 4.9 %
Income before income tax 3,402 3,894 (12.7) % 10,019 9,274 8.0 %
Income tax expense 666 787 (15.4) % 2,054 1,825 12.5 %
Net income $ 2,736 $ 3,107 (12.0) % $ 7,965 $ 7,449 6.9 %
Net income (loss) attributable to noncontrolling interests (108) 306 NM (53) 349 NM
Net income attributable to Chubb $ 2,844 $ 2,801 1.5 % $ 8,018 $ 7,100 12.9 %
(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 September 30, 2026
•Net income attributable to Chubb was $2.84 billion compared with $2.80 billion in the prior year period, reflecting higher net investment income and higher mark-to-market gains on private equity investments included in other income, partially offset by a decline in P&C underwriting income driven by higher catastrophe losses.
•Total pre-tax catastrophe losses were $705 million, compared with $285 million in the prior year.
•Consolidated net premiums written were $15.1 billion, up 1.9 percent.
•P&C net premiums written increased 1.9 percent, with consumer insurance up 6.2 percent and commercial insurance up 0.4 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines net growth was unfavorably impacted from North America large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance.
•Life Insurance segment net premiums written increased 1.4 percent, as growth in international life from both traditional regular premium products and savings-oriented single premium business was offset by the impact of a
one-time large transaction in New Zealand for $126 million in the third quarter of 2025. International life insurance deposits collected increased $341 million, up 68.7 percent. Additionally, net premiums written in our Chubb Benefits business increased $37 million, up 11.7 percent, primarily driven by worksite business.
•Pre-tax net investment income was $1.8 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets and higher interest rates.
•Operating cash flow was $6.1 billion.
Net Premiums Written
Three Months Ended
September 30
%
Change
Nine Months Ended
September 30
%
Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 C$
Q-26 vs. Q-25 		2026 2025 YTD-26 vs. YTD-25 C$
YTD-26 vs. YTD-25
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 Property and Casualty lines 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.
For additional information on net premiums written, refer to the segment operating results discussions.
Catastrophe Losses and Prior Period Development
Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Net catastrophe losses $ 705 $ 285 $ 1,680 $ 2,556
Favorable prior period development $ 511 $ 361 $ 1,080 $ 865
Catastrophe losses through September 30, 2026 and 2025, were primarily from the following events:
•2026: Flooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and international weather-related events and earthquakes.
◦Total North America P&C Insurance catastrophe losses were $445 million and $1.3 billion for the three and nine months ended September 30, 2026, respectively.
◦Total Overseas General catastrophe losses were $249 million and $338 million for the three and nine months ended September 30, 2026, respectively.
•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events; global earthquakes, principally in Thailand; and winter storm losses.
◦Total North America P&C Insurance catastrophe losses were $237 million and $2.1 billion for the three and nine months ended September 30, 2025, respectively.
◦Total Overseas General catastrophe losses were $42 million and $349 million for the three and nine months ended September 30, 2025, respectively.
Pre-tax net favorable PPD for the three months ended September 30, 2026, was $562 million in our active companies, including net favorable development of $575 million in short-tail lines and net unfavorable development of $13 million in long-tail lines. Net favorable development for short-tail lines is primarily property related lines. Net unfavorable development for long-tail lines primarily relates to general casualty, partially offset by favorable development in financial lines. Our corporate run-off portfolio had adverse development of $51 million, primarily driven by adverse development for environmental-related claims.
Pre-tax net favorable PPD for the nine months ended September 30, 2026 was $1.3 billion in our active companies, including net favorable development of $1.29 billion in short-tail lines and net favorable development of $14 million in long-tail lines. Net favorable development for short-tail lines primarily includes property, auto physical damage and surety lines. Net favorable development for long-tail lines is driven by workers' compensation, partially offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $224 million, primarily driven by adverse development for environmental and molestation-related claims.
Pre-tax net favorable PPD for the three months ended September 30, 2025 was $422 million in our active companies, including net favorable development of $460 million in short-tail lines and net unfavorable development of $38 million in long-tail lines. Net favorable development for short-tail lines is driven by property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation. Our corporate run-off portfolio had adverse development of $61 million, primarily driven by adverse development for environmental-related claims.
Pre-tax net favorable PPD for the nine months ended September 30, 2025, was $1.0 billion in our active companies, including net favorable development of $1.05 billion in short-tail lines and net adverse development of $42 million in long-tail lines. Net favorable development for short-tail lines primarily includes surety, property, and marine lines. Net adverse development for long-tail lines reflects favorable development primarily in workers' compensation offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $144 million, primarily driven by adverse development for environmental and molestation-related claims.
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 7 to the Consolidated Financial Statements for additional information.
P&C Combined Ratio
Three Months Ended Nine Months Ended
September 30 September 30
2026 2025 2026 2025
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 %
Catastrophe losses (5.4) % (2.3) % (4.7) % (7.4) %
Prior period development 3.9 % 3.0 % 3.0 % 2.5 %
P&C CAY combined ratio excluding catastrophe losses 82.6 % 82.5 % 82.3 % 82.4 %
The P&C combined ratio increased for the three months ended September 30, 2026, reflecting higher catastrophe losses. The P&C combined ratio decreased for the nine months ended September 30, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and nine months ended September 30, 2026.
Segment Operating Results - Three and Nine Months Ended September 30, 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 Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 5,512 $ 5,663 (2.7) % $ 16,001 $ 16,173 (1.1) %
Net premiums earned 5,222 5,080 2.8 % 15,584 15,245 2.2 %
Losses and loss expenses 3,422 3,083 11.0 % 10,014 9,372 6.8 %
Policy acquisition costs 750 708 5.9 % 2,232 2,132 4.7 %
Administrative expenses 333 348 (4.5) % 1,038 1,049 (1.1) %
Underwriting income 717 941 (23.9) % 2,300 2,692 (14.6) %
Net investment income 985 978 0.7 % 2,938 2,845 3.3 %
Other (income) expense 17 10 59.1 % 46 26 72.6 %
Segment income $ 1,685 $ 1,909 (11.7) % $ 5,192 $ 5,511 (5.8) %
Combined ratio:
Loss and loss expense ratio 65.5 % 60.7 % 4.8 pts 64.3 % 61.5 % 2.8 pts
Policy acquisition cost ratio 14.4 % 13.9 % 0.5 pts 14.2 % 14.0 % 0.2 pts
Administrative expense ratio 6.4 % 6.9 % (0.5) pts 6.7 % 6.8 % (0.1) pts
Combined ratio 86.3 % 81.5 % 4.8 pts 85.2 % 82.3 % 2.9 pts
Catastrophe losses (4.5) % (1.4) % (3.1) pts (4.8) % (2.9) % (1.9) pts
Prior period development 0.3 % 0.7 % (0.4) pts 1.5 % 1.7 % (0.2) pts
CAY combined ratio excluding catastrophe losses 82.1 % 80.8 % 1.3 pts 81.9 % 81.1 % 0.8 pts
Production by Size - Net premiums written Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Major Accounts & Specialty (large corporate accounts and wholesale business) $ 3,210 $ 3,379 (5.0) % $ 9,239 $ 9,688 (4.6) %
Commercial (middle market and small commercial accounts) 2,302 2,284 0.8 % 6,762 6,485 4.3 %
Total $ 5,512 $ 5,663 (2.7) % $ 16,001 $ 16,173 (1.1) %
Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Net catastrophe losses $ 237 $ 72 $ 741 $ 455
Favorable prior period development $ 14 $ 26 $ 214 $ 246
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written decreased $151 million, or 2.7 percent, for the three months ended September 30, 2026, which includes declines in P&C lines of 1.5 percent and in financial lines of 8.4 percent. Middle market and small commercial grew 0.8 percent, with P&C lines up 2.6 percent and financial lines down 5.9 percent. Major accounts retail and specialty declined 5.0 percent, with property and other short-tail lines down 23.8 percent, financial lines down 11.0 percent, and casualty up 3.0 percent.
Net premiums written decreased $172 million, or 1.1 percent, for the nine months ended September 30, 2026, which includes declines in P&C lines of 0.6 percent and in financial lines of 3.4 percent. Middle market and small commercial grew 4.3 percent, with P&C lines up 6.6 percent and financial lines down 4.8 percent. Major accounts retail and specialty declined 4.6 percent, with property and other short-tail lines down 26.0 percent, casualty up 7.0 percent, and financial lines down 1.8 percent.
The decrease in premiums is primarily due to the impact from large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance, which reduced overall growth by 4.4 and 5.7 percentage points for the three and nine months ended September 30, 2026, respectively. Within middle market and small commercial, P&C lines growth was impacted by workers' compensation payroll-related premium adjustments which reduced growth by 1.4 and 0.5 percentage points, and financial lines was impacted by underwriting related exposure changes including additional reinsurance, which reduced growth by 7.7 and 5.4 percentage points for the three and nine months ended September 30, 2026, respectively. Within major accounts retail and specialty, growth was impacted by large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance, which reduced growth by 6.2 and 8.6 percentage points for the three and nine months ended September 30, 2026, respectively.
Net premiums earned increased $142 million, or 2.8 percent, and $339 million, or 2.2 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.
Combined Ratio
The combined ratio increased for the three and nine months ended September 30, 2026, reflecting higher catastrophe losses and lower favorable prior period development.
The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 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 Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 1,909 $ 1,814 5.3 % $ 5,644 $ 5,304 6.4 %
Net premiums earned 1,846 1,741 6.0 % 5,409 4,996 8.3 %
Losses and loss expenses 668 713 (6.4) % 2,493 3,628 (31.3) %
Policy acquisition costs 359 339 5.8 % 1,053 1,001 5.2 %
Administrative expenses 87 82 5.9 % 258 251 2.5 %
Underwriting income 732 607 20.7 % 1,605 116 NM
Net investment income 143 123 16.1 % 420 361 16.4 %
Other (income) expense 3 1 198.8 % 9 2 NM
Segment income $ 872 $ 729 19.7 % $ 2,016 $ 475 NM
Combined ratio:
Loss and loss expense ratio 36.2 % 41.0 % (4.8) pts 46.1 % 72.6 % (26.5) pts
Policy acquisition cost ratio 19.4 % 19.4 % - pts 19.4 % 20.1 % (0.7) pts
Administrative expense ratio 4.7 % 4.7 % - pts 4.8 % 5.0 % (0.2) pts
Combined ratio 60.3 % 65.1 % (4.8) pts 70.3 % 97.7 % (27.4) pts
Catastrophe losses (10.9) % (9.2) % (1.7) pts (10.2) % (32.6) % 22.4 pts
Prior period development 20.5 % 16.2 % 4.3 pts 10.3 % 8.0 % 2.3 pts
CAY combined ratio excluding catastrophe losses 69.9 % 72.1 % (2.2) pts 70.4 % 73.1 % (2.7) pts
NM - Not meaningful
Net Catastrophe Losses and Prior Period Development
Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Net catastrophe losses $ 203 $ 161 $ 551 $ 1,645
Favorable prior period development $ 379 $ 282 $ 553 $ 403
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $95 million, or 5.3 percent, and $340 million, or 6.4 percent, for the three and nine months ended September 30, 2026, respectively, driven by strong new business and retention, including positive rate and broad exposure in most lines, including homeowners.
Net premiums earned increased $105 million, or 6.0 percent, and $413 million, or 8.3 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the growth in net premiums written described above.
Combined Ratio
The combined ratio decreased for the three and nine months ended September 30, 2026, reflecting higher favorable prior period development. For the three months ended September 30, 2026, the decrease was partially offset by higher catastrophe losses. For the nine months ended September 30, 2026, the decrease also reflected lower catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio relating to prior year California wildfire losses, which are fully earned and carry no expenses.
The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2026, due to improvement in homeowners and personal excess from lower underlying losses. For the nine months ended September 30, 2026, the ratio also benefitted from a lower acquisition ratio resulting from a change in business mix, and a lower administrative ratio due to 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 Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 1,532 $ 1,458 5.1 % $ 2,619 $ 2,467 6.2 %
Net premiums earned 1,559 1,495 4.3 % 2,389 2,258 5.8 %
Losses and loss expenses 1,306 1,224 6.7 % 1,885 1,799 4.8 %
Policy acquisition costs 84 86 (2.9) % 153 151 1.7 %
Administrative expenses 2 5 (42.6) % - 9 (97.9) %
Underwriting income 167 180 (7.4) % 351 299 17.3 %
Net investment income 21 20 4.3 % 68 63 7.6 %
Other (income) expense 1 - NM 3 1 132.3 %
Segment income $ 187 $ 200 (6.3) % $ 416 $ 361 15.2 %
Combined ratio:
Loss and loss expense ratio 83.8 % 81.9 % 1.9 pts 78.9 % 79.7 % (0.8) pts
Policy acquisition cost ratio 5.3 % 5.8 % (0.5) pts 6.4 % 6.7 % (0.3) pts
Administrative expense ratio 0.2 % 0.3 % (0.1) pts - 0.4 % (0.4) pts
Combined ratio 89.3 % 88.0 % 1.3 pts 85.3 % 86.8 % (1.5) pts
Catastrophe losses (0.4) % (0.3) % (0.1) pts (1.0) % (0.9) % (0.1) pts
Prior period development 0.1 % 2.0 % (1.9) pts 3.4 % 2.8 % 0.6 pts
CAY combined ratio excluding catastrophe losses 89.0 % 89.7 % (0.7) pts 87.7 % 88.7 % (1.0) pts
NM - Not meaningful
Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Net catastrophe losses $ 5 $ 4 $ 23 $ 20
Favorable prior period development $ 2 $ 30 $ 82 $ 63
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written increased $74 million, or 5.1 percent, and $152 million, or 6.2 percent, for the three and nine months ended September 30, 2026, respectively, primarily driven by growth in MPCI. The nine months ended September 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.
Net premiums earned increased $64 million, or 4.3 percent, and $131 million, or 5.8 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the growth in net premiums written described above.
Combined Ratio
The combined ratio increased for the three months ended September 30, 2026, reflecting lower favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2026, reflecting higher favorable prior period development.
The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2026, reflecting favorable year-over-year crop hedge activity and lower acquisition cost ratio resulting from a change in business mix. The CAY combined ratio excluding catastrophe losses for the nine months ended September 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI 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. Effective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand.
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 3,943 $ 3,695 6.7 % $ 12,399 $ 11,218 10.5 %
Net premiums written - constant dollars 5.2 % 5.4 %
Net premiums earned 4,053 3,803 6.6 % 11,817 10,554 12.0 %
Losses and loss expenses 1,910 1,707 11.9 % 5,271 4,893 7.7 %
Policy benefits 124 119 4.4 % 343 361 (5.1) %
Policy acquisition costs 1,085 975 11.3 % 3,154 2,725 15.7 %
Administrative expenses 383 368 3.9 % 1,169 1,067 9.6 %
Underwriting income 551 634 (13.0) % 1,880 1,508 24.7 %
Net investment income 318 288 9.9 % 931 847 9.8 %
Other (income) expense 14 8 78.9 % 26 19 36.2 %
Amortization of purchased intangibles 15 13 9.8 % 43 39 10.6 %
Segment income $ 840 $ 901 (6.8) % $ 2,742 $ 2,297 19.4 %
Segment income - constant dollars (6.8) % 14.8 %
Combined ratio:
Loss and loss expense ratio 50.2 % 48.0 % 2.2 pts 47.5 % 49.8 % (2.3) pts
Policy acquisition cost ratio 26.8 % 25.6 % 1.2 pts 26.7 % 25.8 % 0.9 pts
Administrative expense ratio 9.4 % 9.7 % (0.3) pts 9.9 % 10.1 % (0.2) pts
Combined ratio 86.4 % 83.3 % 3.1 pts 84.1 % 85.7 % (1.6) pts
Catastrophe losses (6.1) % (1.1) % (5.0) pts (2.9) % (3.3) % 0.4 pts
Prior period development 4.0 % 2.2 % 1.8 pts 3.8 % 2.7 % 1.1 pts
CAY combined ratio excluding catastrophe losses 84.3 % 84.4 % (0.1) pts 85.0 % 85.1 % (0.1) pts
Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Net catastrophe losses $ 249 $ 42 $ 338 $ 349
Favorable prior period development $ 162 $ 84 $ 439 $ 282
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.
Net Premiums Written by Region
Three Months Ended September 30
(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 $ 1,508 38 % $ 1,412 38 % $ 1,402 6.8 % 7.5 %
Asia 1,569 40 % 1,462 40 % 1,478 7.5 % 6.3 %
Latin America 866 22 % 775 21 % 822 11.7 % 5.5 %
Other (1)
- - 46 1 % 46 NM NM
Net premiums written $ 3,943 100 % $ 3,695 100 % $ 3,748 6.7 % 5.2 %
Nine Months Ended September 30
(in millions of U.S. dollars, except for percentages) 2026 2026
% of Total 		2025 2025
% of Total 		C$
2025 		YTD-26 vs. YTD-25 C$
YTD-26 vs. YTD-25
Region
Europe, Middle East, and Africa $ 5,353 43 % $ 4,875 44 % $ 5,107 9.8 % 4.8 %
Asia 4,386 35 % 3,976 35 % 4,102 10.4 % 7.0 %
Latin America 2,592 21 % 2,254 20 % 2,442 15.0 % 6.2 %
Other (1)
68 1 % 113 1 % 115 (41.0) % (42.3) %
Net premiums written $ 12,399 100 % $ 11,218 100 % $ 11,766 10.5 % 5.4 %
(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.
NM - not meaningful
Premiums
Overall, net premiums written increased $248 million and $1,181 million, or $195 million and $633 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively, reflecting growth in commercial lines of 6.3 percent and 8.7 percent, or 4.9 percent and 3.9 percent on a constant-dollar basis, respectively, and growth in consumer lines of 7.2 percent and 13.1 percent, or 5.5 percent and 7.5 percent on a constant-dollar basis, respectively.
Our European division increased for the three and nine months ended September 30, 2026, supported primarily from growth in our retail business in commercial property, marine, and cyber driven by new business.
Asia increased for the three and nine months ended September 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H.
Latin America increased for the three and nine months ended September 30, 2026, reflecting growth in commercial lines, particularly property and marine, and in consumer lines.
Net premiums earned increased $250 million and $1,263 million, or $213 million and $794 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively, reflecting the increase in net premiums written described above.
Combined Ratio
The combined ratio increased for the three months ended September 30, 2026, primarily due to higher catastrophe losses, partially offset by higher favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2026, primarily due to higher favorable prior period development and lower catastrophe losses. The CAY combined ratio excluding catastrophe losses improved slightly for the three and nine months ended September 30, 2026, reflecting continued administrative expense management.
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 Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 287 $ 304 (5.6) % $ 1,004 $ 1,092 (8.1) %
Net premiums written - constant dollars (5.6) % (8.2) %
Net premiums earned 287 315 (8.9) % 912 1,021 (10.7) %
Losses and loss expenses 130 139 (6.1) % 388 513 (24.3) %
Policy acquisition costs 93 96 (3.0) % 293 294 (0.3) %
Administrative expenses 9 9 - 26 29 (11.0) %
Underwriting income 55 71 (22.1) % 205 185 10.6 %
Net investment income 114 100 13.7 % 332 255 30.1 %
Segment income $ 169 $ 171 (1.2) % $ 537 $ 440 21.9 %
Combined ratio:
Loss and loss expense ratio 45.2 % 43.8 % 1.4 pts 42.5 % 50.1 % (7.6) pts
Policy acquisition cost ratio 32.4 % 30.5 % 1.9 pts 32.1 % 28.8 % 3.3 pts
Administrative expense ratio 3.1 % 3.1 % - pts 2.9 % 3.0 % (0.1) pts
Combined ratio 80.7 % 77.4 % 3.3 pts 77.5 % 81.9 % (4.4) pts
Catastrophe losses (3.8) % (1.8) % (2.0) pts (3.0) % (8.9) % 5.9 pts
Prior period development 1.8 % - 1.8 pts 1.8 % 1.5 % 0.3 pts
CAY combined ratio excluding catastrophe losses 78.7 % 75.6 % 3.1 pts 76.3 % 74.5 % 1.8 pts
Net Catastrophe Losses and Prior Period Development Three Months Ended Nine Months Ended
September 30 September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Net catastrophe losses $ 11 $ 6 $ 27 $ 87
Favorable prior period development $ 5 $ - $ 16 $ 15
Refer to Note 7 to the Consolidated Financial Statements for detail on prior period development.
Premiums
Net premiums written decreased $17 million and $88 million for the three and nine months ended September 30, 2026, most notably in property lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms. The nine months ended September 30, 2026, also included the year-over-year unfavorable impact of higher catastrophe reinstatement premiums received in the prior year.
Net premiums earned decreased $28 million and $109 million for the three and nine months ended September 30, 2026, reflecting the changes in net premiums written described above. The nine months ended September 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written.
Combined Ratio
The combined ratio increased for the three months ended September 30, 2026, primarily due to softer property reinsurance market conditions compared to the prior year. The combined ratio decreased for the nine months ended September 30, 2026, primarily due to lower catastrophe losses. The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2026, primarily due to softer property reinsurance market conditions compared to the prior year.
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 Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Net premiums written $ 1,960 $ 1,932 1.4 % $ 6,186 $ 5,454 13.4 %
Net premiums written - constant dollars 3.7 % 13.2 %
Net premiums earned 1,957 1,925 1.7 % 6,159 5,410 13.9 %
Losses and loss expenses 34 31 10.4 % 84 77 8.2 %
Policy benefits 1,355 1,303 4.0 % 4,429 3,715 19.2 %
Policy acquisition costs 368 359 2.8 % 1,082 988 9.6 %
Administrative expenses 202 213 (5.8) % 625 614 1.7 %
Net investment income 321 284 13.0 % 949 829 14.5 %
Other (income) expense (52) (31) 69.4 % (148) (103) 44.3 %
Amortization of purchased intangibles 2 2 - 8 7 12.8 %
Segment income $ 369 $ 332 11.4 % $ 1,028 $ 941 9.3 %
Segment income - constant dollars 14.7 % 10.0 %
Premiums
Net premiums written increased $28 million and $732 million, or $70 million and $723 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively.
For our international life operations, net premiums written were relatively flat and increased 13.4 percent, or 2.0 percent and 13.2 percent on a constant dollar basis for the three and nine months ended September 30, 2026, respectively. The increase for the three and nine months ended September 30, 2026, reflected growth in traditional regular premium products of 7.9 percent and 12.0 percent, respectively, primarily in North Asia, partially offset by the impact of a one-time large transaction in New Zealand in the prior year third quarter for $126 million, which reduced growth by 8.5 percentage points and 3.2 percentage points, respectively. Single premium business increased by 20.9 percent for the nine months ended September 30, 2026, primarily in Hong Kong and Taiwan.
Net premiums written in our Chubb Benefits business increased 11.7 percent and 13.8 percent for the three and nine months ended September 30, 2026, respectively, due to 19.3 percent and 25.5 percent growth in worksite business.
Deposits
The following table presents deposits collected on universal life and investment contracts:
Three Months Ended Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 C$
2025 		Q-26 vs. Q-25 C$
Q-26 vs. Q-25 		2026 2025 C$ 2025 Y-26 vs. Y-25 C$
Y-26 vs.
Y-25
Deposits collected on universal life and investment contracts $ 837 $ 496 $ 486 68.7 % 72.2 % $ 2,301 $ 1,769 $ 1,794 30.1 % 28.3 %
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 increased $341 million and $532 million for the three and nine months ended September 30, 2026, respectively, due to higher savings-oriented single premium sales in Hong Kong and investment linked products in Taiwan. Life deposits for the nine months ended September 30, 2026 also increased due to higher savings-oriented single premium sales in Huatai Life.
Life Insurance segment income
Life Insurance segment income increased $37 million and $87 million, or 11.4 percent and 9.3 percent, for the three and nine months ended September 30, 2026, respectively, reflecting growth in net investment income, higher fee and other income from growth in assets under management, and higher favorable loss reserve development related to our Chubb Benefits supplemental A&H business, partially offset by an unfavorable foreign exchange impact.
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 Nine Months Ended
September 30 % Change September 30 % Change
(in millions of U.S. dollars, except for percentages) 2026 2025 Q-26 vs. Q-25 2026 2025 YTD-26 vs. YTD-25
Losses and loss expenses $ 51 $ 61 (16.5) % $ 224 $ 145 53.9 %
Administrative expenses 110 113 (2.0) % 327 324 1.1 %
Underwriting loss (161) (174) (7.1) % (551) (469) 17.5 %
Net investment income (loss) (14) (18) (33.4) % (35) (74) (53.5) %
Other income (expense) 274 (87) NM 287 408 (29.8) %
Amortization of purchased intangibles 57 60 (3.4) % 170 178 (4.6) %
Net realized gains (losses) (482) 331 NM (767) 375 NM
Market risk benefits gains (losses) (65) (142) (54.4) % (46) (251) (81.7) %
Interest expense 204 197 3.7 % 602 559 7.8 %
Integration expenses and severance 11 1 NM 28 3 NM
Income tax expense 666 787 (15.4) % 2,054 1,825 12.5 %
Net loss $ (1,386) $ (1,135) 22.3 % $ (3,966) $ (2,576) 54.0 %
Net income (loss) attributable to noncontrolling interests (108) 306 NM (53) 349 NM
Net loss attributable to Chubb $ (1,278) $ (1,441) (11.2) % $ (3,913) $ (2,925) 33.8 %
NM - Not meaningful
Losses and loss expenses primarily includes unfavorable prior period development for legacy environmental claims for the three months ended September 30, 2026 and molestation claims for the nine months ended September 30, 2026.
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 10 and 16 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. For more information on the effect of market movements and their impact on Net income and Accumulated other comprehensive income, refer to Net Realized and Unrealized Gains (Losses) in Item 7 in our 2025 Form 10-K.
The following table presents our net realized and unrealized gains (losses):
Three Months Ended September 30
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 $ (145) $ (4,836) $ (4,981) $ 46 $ 868 $ 914
Investment and embedded derivative instruments 233 - 233 (85) - (85)
Public equity
Sales 29 - 29 59 - 59
Mark-to-market (358) - (358) 337 - 337
Private equity (less than 3 percent ownership)
Mark-to-market (105) - (105) 48 - 48
Total investment portfolio (346) (4,836) (5,182) 405 868 1,273
Other derivative instruments 5 - 5 (9) - (9)
Foreign exchange (112) 655 543 (115) 128 13
Current discount rate on future policy benefits - 300 300 - 305 305
Instrument-specific credit risk on market risk benefits - - - - (9) (9)
Other (2) 7 5 2 (6) (4)
Net gains (losses), pre-tax $ (455) $ (3,874) $ (4,329) $ 283 $ 1,286 $ 1,569
Nine Months Ended September 30
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 $ (248) $ (6,305) $ (6,553) $ (58) $ 2,755 $ 2,697
Investment and embedded derivative instruments 63 - 63 46 - 46
Public equity
Sales 169 - 169 79 - 79
Mark-to-market (521) - (521) 517 - 517
Private equity (less than 3 percent ownership)
Mark-to-market 4 - 4 31 - 31
Total investment portfolio (533) (6,305) (6,838) 615 2,755 3,370
Other derivative instruments (12) - (12) (14) - (14)
Foreign exchange (137) 1,025 888 (269) 1,283 1,014
Current discount rate on future policy benefits - 541 541 - 53 53
Instrument-specific credit risk on market risk benefits - 13 13 - (4) (4)
Other (18) 40 22 (5) (127) (132)
Net gains (losses), pre-tax $ (700) $ (4,686) $ (5,386) $ 327 $ 3,960 $ 4,287
Pre-tax net unrealized losses of $4,836 million and losses of $6,305 million in our investment portfolio for the three and nine months ended September 30, 2026, respectively, were primarily driven by changes in interest rates.
Pre-tax net realized losses of $455 million for the three months ended September 30, 2026, were primarily driven by mark-to-market losses on equities, net realized losses on fixed maturities, and foreign exchange losses, partially offset by gains on derivatives. Pre-tax net realized losses of $700 million for the nine months ended September 30, 2026, were primarily driven by mark-to-market losses on public equities, net realized losses on fixed maturities, and foreign exchange losses, partially offset by gains on sales of equities.
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 and nine months ended September 30, 2026, our ETR was 19.6 percent and 20.5 percent, respectively, compared to an ETR of 20.2 percent and 19.7 percent, respectively, 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
September 30, 2026
(in millions of U.S. dollars except for ratios)
Numerator
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
Policy acquisition costs and administrative expenses, adjusted 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 -
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.
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
September 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator
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, 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)
Policy acquisition costs and administrative expenses, adjusted 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
Net premiums earned adjustments on PPD - unfavorable (favorable) 68 - - - - 68
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.
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
Nine Months Ended
September 30, 2026
(in millions of U.S. dollars except for ratios)
Numerator
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)
Policy acquisition costs and administrative expenses, adjusted 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.
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
Nine Months Ended
September 30, 2025
(in millions of U.S. dollars except for ratios)
Numerator
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 - - - -
Policy acquisition costs and administrative expenses, adjusted 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 -
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.
Net Investment Income
Three Months Ended September 30 Nine Months Ended September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Fixed maturities (1)
$ 1,632 $ 1,508 $ 4,775 $ 4,333
Short-term investments 44 40 127 114
Other interest income 11 5 23 30
Equity securities 90 83 276 269
Private equities 38 39 129 109
Other investments 31 28 95 80
Gross investment income (1)
1,846 1,703 5,425 4,935
Investment expenses (55) (55) (165) (158)
Net investment income (1)
$ 1,791 $ 1,648 $ 5,260 $ 4,777
(1) Includes amortization expense related to fair value adjustment of acquired invested assets
$ - $ (1) $ (3) $ (7)
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 8.6 percent and 10.1 percent for the three and nine months ended September 30, 2026, respectively, primarily due to higher average invested assets and higher interest rates.
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 September 30 Nine Months Ended September 30
(in millions of U.S. dollars) 2026 2025 2026 2025
Total mark-to-market gain (loss) on private equity, pre-tax $ 177 $ (35) $ 319 $ 461
Interest Expense
Interest expense for the nine months ended September 30, 2026 was $602 million. Based on projected variable expenses and our existing debt obligations, including recent issuances, we expect pre-tax interest expense to be approximately $206 million for the remainder of 2026, or $808 million for the full year. For more information on our debt obligations, refer to Note 11 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2025 Form 10-K.
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 September 30, 2026. For further information on the management of our investment portfolio, please refer to Investments within Item 7 in our 2025 Form 10-K.
The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:
September 30, 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 $ 5,293 $ 5,295 $ 4,840 $ 4,840
Other investments - Fixed maturities 7,495 7,495 8,091 8,091
Fixed maturities available-for-sale 125,804 134,093 122,680 124,674
Fixed income securities 138,592 146,883 135,611 137,605
Equity securities 10,760 10,760 10,801 10,801
Private debt held-for-investment 2,292 2,261 2,445 2,411
Private equities and other 20,894 20,894 19,897 19,897
Total investments $ 172,538 $ 180,798 $ 168,754 $ 170,714
The fair value of our total investments increased $3.8 billion during the nine months ended September 30, 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 September 30, 2026, and December 31, 2025. The first table lists investments according to type and second according to S&P credit rating:
September 30, 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 $ 3,387 2 % $ 3,714 3 %
Corporate and asset-backed securities 47,142 34 % 47,886 35 %
Mortgage-backed securities 32,809 24 % 30,724 23 %
Non-U.S. 49,961 36 % 48,447 35 %
Short-term investments 5,293 4 % 4,840 4 %
Total (1)
$ 138,592 100 % $ 135,611 100 %
AAA $ 13,218 10 % $ 13,313 10 %
AA 42,527 31 % 40,720 30 %
A 37,099 26 % 35,184 26 %
BBB 25,712 19 % 23,584 17 %
BB 11,553 8 % 12,948 10 %
B 8,115 6 % 9,469 7 %
Other 368 - 393 -
Total (1)
$ 138,592 100 % $ 135,611 100 %
(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $7.5 billion and $8.1 billion at September 30, 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 September 30, 2026:
(in millions of U.S. dollars) Fair Value
Bank of America Corp $ 824
Morgan Stanley 711
JPMorgan Chase & Co 684
Goldman Sachs Group Inc 548
Wells Fargo & Co 530
Citigroup Inc 496
AT&T Inc 394
Verizon Communications Inc 388
T-Mobile USA Inc 387
Sempra 379
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
September 30, 2026
(in millions of U.S. dollars) 		AAA AA A BBB BB and
below 		Total Total
Agency residential mortgage-backed securities (RMBS)
$ 52 $ 29,111 $ - $ - $ - $ 29,163 $ 31,846
Non-agency RMBS 2,294 204 175 36 7 2,716 2,810
Commercial mortgage-backed securities 782 102 41 3 2 930 979
Total mortgage-backed securities $ 3,128 $ 29,417 $ 216 $ 39 $ 9 $ 32,809 $ 35,635
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 40 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 September 30, 2026:
(in millions of U.S. dollars) Fair Value Amortized Cost, Net
People's Republic of China $ 3,000 $ 2,974
Republic of Korea 1,684 1,988
Kingdom of Thailand 1,005 1,002
Canada 861 905
United Mexican States 809 831
Taiwan 683 717
Commonwealth of Australia
674 789
Federative Republic of Brazil 664 674
Province of Hunan China 589 566
United Kingdom 581 621
Other Non-U.S. Government Securities 8,723 9,053
Total $ 19,273 $ 20,120
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 September 30, 2026:
(in millions of U.S. dollars) Fair Value Amortized Cost, Net
China $ 7,869 $ 7,851
United Kingdom 2,858 3,014
Canada 2,755 2,841
France
2,061 2,137
United States (1)
1,628 1,716
South Korea 1,480 1,540
Australia 1,372 1,437
Japan 1,273 1,335
Chile 702 742
Germany 695 734
Other Non-U.S. Corporate Securities 7,995 8,331
Total $ 30,688 $ 31,678
(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 September 30, 2026, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 12 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,700 issuers, with the greatest single exposure being $186 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. Sixteen 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 25,094 4,746 20,348
Losses and loss expenses paid (21,683) (4,278) (17,405)
Other (including foreign exchange translation) 400 105 295
Balance at September 30, 2026 $ 91,829 $ 18,919 $ 72,910
(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 7 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 September 30, 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 $ 2,826 3.9 % $ 1,501 2.0 % $ 147 0.2 %
1-in-100 $ 5,458 7.5 % $ 3,601 4.9 % $ 1,758 2.4 %
1-in-250 $ 8,795 12.0 % $ 6,120 8.4 % $ 2,094 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 July 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 $3,601 million (or 4.9 percent of total Chubb shareholders' equity at September 30, 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.
September 30 December 31
(in millions of U.S. dollars, except for ratios) 2026 2025
Short-term debt $ 668 $ 1,499
Long-term debt 17,990 15,728
Total financial debt 18,658 17,227
Trust preferred securities 309 309
Subordinated debt (1)
119 113
Total hybrid debt 428 422
Total Chubb shareholders' equity 73,227 73,757
Total capitalization 92,313 91,406
Less: Chubb unrealized gains (losses) on investments, net of deferred tax (7,757) (1,997)
Total adjusted capitalization $ 100,070 $ 93,403
Ratio of financial debt to total adjusted capitalization (2)
18.6 % 18.4 %
Ratio of financial debt and hybrid debt to total adjusted capitalization (2)
19.1 % 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. In June 2026, the €575 million 0.875 percent senior unsecured notes due to mature in June 2027 were reclassified to short-term debt.
Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2026:
•March 2026: Issued CHF200 million (approximately $254 million at the time of issuance) aggregate principal amount of 1.02 percent senior unsecured notes due March 2032.
•May 2026: Repaid $1.5 billion of 3.35 percent senior unsecured notes upon maturity.
•May 2026: Issued $1.0 billion of 5.30 percent senior unsecured notes due May 2036.
•May 2026: Issued CNH4.0 billion senior unsecured notes (approximately $587 million at the time of issuance) in 5-year and 10-year tranches, at 2.40 percent and 2.85 percent, respectively.
•June 2026: Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively.
•August 2026: Issued CHF400 million senior unsecured notes (approximately $494 million at the time of issuance) in 3-year and 7-year tranches, at 0.86 percent and 1.22 percent, respectively.
Refer to Note 11 to the Consolidated Financial Statements for additional details.
For the nine months ended September 30, 2026, we repurchased $3.3 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At September 30, 2026, there were 17,590,778 Common Shares in treasury with a weighted-average cost of $251.22 per share. In May 2026, the Board authorized the repurchase of up to $7.5 billion of Chubb's Common Shares, effective July 1, 2026 with no expiration date. For the period October 1, 2026, through October 27, 2026, we repurchased 876,400 Common Shares for a total of $305 million in a series of open market transactions under the share repurchase authorization. At October 27, 2026, $6.0 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 13 to the Consolidated Financial Statements for a discussion of our dividend methodology.
At our May 2026 annual general meeting, our shareholders approved an annual dividend for the following year of up to $4.08 per share, or CHF 3.20 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 21, 2026, expected to be paid in four quarterly installments of $1.02 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 2027 annual general meeting and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2026 represented a $0.20 per share increase ($0.05 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)
June 12, 2026 July 2, 2026 $1.02 (CHF 0.80)
September 11, 2026 October 2, 2026 $1.02 (CHF 0.83)
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 $4.3 billion, $3.0 billion of which can be used for revolving credit. At September 30, 2026, our letter of credit borrowings outstanding under these facilities were $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 September 30, 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 availability under our $3.0 billion group syndicated credit facility. At September 30, 2026, there were no commercial paper borrowings outstanding.
We use repurchase agreements as a low-cost alternative source of liquidity within our operating subsidiaries. At September 30, 2026, there were $3.2 billion in repurchase agreements outstanding with various maturities over the next two months.
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 nine months ended September 30, 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. 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. The following table summarizes dividends paid to Chubb Limited and Chubb INA and redemptions of Chubb Limited's ownership interest in Chubb INA.
From Bermuda Subsidiaries From Chubb INA and Subsidiaries From Other International Subsidiaries From Swiss Subsidiaries
Nine Months Ended September 30 Nine Months Ended September 30 Nine Months Ended September 30 Nine Months Ended September 30
(in millions of U.S. dollars) 2026 2025 2026 2025 2026 2025 2026 2025
Dividends received by Chubb Limited $ - $ 1,260 $ - $ - $ 149 $ 207 $ 174 $ -
Dividends received by Chubb INA N/A N/A 1,605 1,850 N/A N/A N/A N/A
Chubb Ltd redemptions from Chubb INA (1)
N/A N/A 2,875 2,250 N/A N/A N/A N/A
(1) 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.
Cash Flows
Nine Months Ended
September 30
(in millions of U.S. dollars) 2026 2025
Net cash provided by operating activities $ 13,748 $ 8,756
Net cash used for investing activities (9,895) (8,928)
Net cash used for financing activities (3,390) (189)
Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements.
Net cash provided by operating activities increased $5.0 billion primarily due to higher net premiums collected, lower net losses paid, and higher net investment income collected. The increase also reflects $919 million net proceeds from sales of consolidated investment products (CIP) in the current year, compared to $985 million in net purchases of CIP in the prior year.
Cash used in investing increased $1.0 billion, primarily due to higher net purchases of fixed maturities and short-term investments of $1.9 billion and higher net use of cash for derivative settlements of $307 million. This activity was partially offset by lower net private equity contributions of $1.3 billion.
Cash used in financing increased $3.2 billion. This increase reflects higher common shares repurchases of $753 million, higher net repayment of repurchase agreements of $835 million, and higher net repayment of debt of $215 million. Additionally, the current year net capital distributed by consolidated investment products was $589 million compared to a prior year net third party capital invested in consolidated investment products of $1.0 billion. This activity was partially offset by higher net policyholder deposits of $264 million.
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 (Chubb INA or 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. Chubb Limited and Chubb INA act as holding companies within the Chubb Group and primarily hold investments in operating insurance subsidiaries. On a standalone basis, excluding investments in subsidiaries that are not issuers or guarantors, the combined assets, liabilities, and results of operations of Chubb Limited and Chubb INA are not material to investors' assessment of the guaranteed notes. The creditworthiness of the guaranteed securities depends on the underlying operating insurance subsidiaries.
Chubb Limited published this content on October 28, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on October 28, 2026 at 18:50 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]