Chubb Ltd

Capital resources consist of funds deployed or available to be deployed to support our business operations.

(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).

The ratios of financial debt to total capitalization in the table above are lower at December 31, 2024, compared to December 31, 2023, from the increase in shareholders' equity, principally reflecting strong net income.

In March 2024, Chubb INA issued $1.0 billion of 5.00 percent senior notes due March 2034. Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity. In July 2024, Chubb INA issued $700 million of 4.65 percent senior notes due August 2029 and $600 million of 5.00 percent senior notes due March 2034. In November 2024, Huatai Life issued 800 million Chinese yuan renminbi ($111 million based on the foreign exchange rate at the date of issuance) of 2.90 percent senior notes due November 2034. These notes are classified as regulatory capital for local statutory purposes. Chubb INA's €700 million of 0.3 percent Euro denominated senior notes due December 2024 was paid upon maturity. Refer to Note 13 to the Consolidated Financial Statements for details about debt issued and debt redeemed.

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.

We believe our financial strength provides us with the flexibility and capacity to obtain available funds externally through debt or equity financing on both a short-term and long-term basis. Our ability to access the capital markets is dependent on, among other things, market conditions and our perceived financial strength. We have accessed both the debt and equity markets from time to time. We generally maintain the ability to issue certain classes of debt and equity securities via an unlimited Securities and Exchange Commission (SEC) shelf registration which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. We also have a shelf registration statement which allows us to issue an unlimited amount of certain classes of debt and equity from time to time. This shelf registration statement expires in October 2027.

Securities Repurchases

From time to time, we repurchase shares as part of our capital management program. On July 19, 2021, the Board of Directors (Board) authorized a one-time incremental share repurchase program of up to $5.0 billion of Chubb Common Shares effective through June 30, 2022. In May 2022, the Board authorized the repurchase of up to $2.5 billion of Chubb Common Shares effective through June 30, 2023. In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb's Common Shares effective July 1, 2023, with no expiration date.

Share repurchases may be made in the open market, in privately negotiated transactions, block trades, accelerated repurchases and/or through option or other forward transactions. In 2024, 2023, and 2022 we repurchased $2.0 billion, $2.5 billion, and $3.0 billion, respectively, of Common Shares in a series of open market transactions under the Board share repurchase authorizations at an average per share price of $269.23, $209.52, and $201.96, respectively. For the period January 1, 2025, through February 26, 2025, we repurchased 543,782 Common Shares for a total of $148 million in a series of open market transactions under the share repurchase program authorization. At February 26, 2025, $1.5 billion in share repurchase authorization remained.

Common Shares

Our Common Shares had a par value of CHF 0.50 each at December 31, 2024.

As of December 31, 2024, there were 18,922,323 Common Shares in treasury with a weighted-average cost of $186.22 per share.

Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars.

At our May 2024 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.64 per share, expected to be paid in four quarterly installments of $0.91 per share after the annual general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board will determine the record and payment dates at which the annual dividend may be paid until the date of the 2025 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The first three quarterly installments each of $0.91 per share, have been distributed by the Board as expected.

At our May 2023 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.44 per share, which was paid in four quarterly installments of $0.86 per share at dates determined by the Board after the annual general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment.

Dividend distributions on Common Shares amounted to CHF 3.15 ($3.59) per share for the year ended December 31, 2024. Refer to Note 15 to the Consolidated Financial Statements for additional information on our dividends.

Cash Requirements

Our cash requirements within the next twelve months include claims payable to claimants and other routine obligations typical to our business, as well as commitments related to our limited partnerships. We expect the cash required to meet these obligations to be primarily generated through a combination of cash on hand, cash from operations, routine sales of investments, and financing arrangements. We believe these sources will be sufficient to meet our anticipated cash requirements for at least the next twelve months, while maintaining sufficient liquidity for normal operating purposes. We believe our financial strength provides us with the flexibility and capacity to obtain available funds externally through debt or equity financing on both a short-term and long-term basis, if necessary. At December 31, 2024, our long-term cash requirements under our various contractual obligations and commitments include:

•Gross loss payments under insurance and reinsurance contracts- We are obligated to pay claims under insurance and reinsurance contracts for specified covered loss events. Total cash requirements are not determinable from underlying contracts and must be estimated. Gross loss payments under insurance and reinsurance contracts are estimated at $84.1 billion with $23.8 billion estimated due over the next twelve months. These estimated gross loss payments are inherently uncertain and the amount and timing of actual loss payments are likely to differ from these estimates and the differences could be material. Given the numerous factors and assumptions involved in both estimates of loss reserves and related estimates as to the timing of future loss payments, differences between actual and estimated loss payments will not necessarily indicate a commensurate change in ultimate loss estimates. Refer to Note 8 to the Consolidated Financial Statements for additional information.

•Estimated payments for future policy benefits and market risk benefits - Total estimated payments for future policy benefits and market risk benefits are estimated at $77.9 billion and $1.6 billion, respectively, with $3.0 billion and $0.2 billion estimated due over the next twelve months, respectively. The total estimated payments are gross of fees or premiums due, while the liabilities presented on our Consolidated balance sheets are discounted and net of fees and premiums due. The timing and amount of actual payments may vary from the estimates. Refer to Note 1 l) and Note 9 for additional information on future policy benefits, and Note 1 m) and Note 11 for additional information on market risk benefits.

•Short-term, Long-term, and Hybrid debt, and related interest payments -Total obligations for short-term, long-term, and hybrid debt maturities are $15.4 billion with $0.8 billion due over the next twelve months. Interest payments related to these obligations total $6.6 billion with $0.5 billion due over the next twelve months. These estimates are based on current exchange rates. Refer to Note 13 to the Consolidated Financial Statements for additional information.

•Commitments on invested assets - Total obligations for commitments related to our invested assets are $7.7 billion with $2.2 billion due over the next twelve months. Refer to Note 14 to the Consolidated Financial Statements for additional information.

•Deposit liabilities - Total obligations for deposit liabilities, including contract holder deposit funds, are $14.5 billion with $0.8 billion due over the next twelve months. Refer to Note 1 o) to the Consolidated Financial Statements for additional information.

•Repurchase agreements - We use repurchase agreements as a low-cost funding alternative. At December 31, 2024, there were $2.7 billion in repurchase agreements outstanding with various maturities over the next five months. Refer to Note 13 to the Consolidated Financial Statements for additional information.

•Operating leases - Total obligations for operating leases are $1.4 billion with $0.2 billion estimated due over the next twelve months. Refer to Note 14 j) to the Consolidated Financial Statements for additional information. As of December 31, 2024, we have a lease commitment for office space that is not yet recorded on our Consolidated balance sheet and is not included in the total obligations referenced above. The lease is expected to commence in 2025 with an initial term of approximately 23 years. Total cash requirements are estimated at approximately $400 million over the term of the lease.