Chubb Ltd

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 12.2 percent for the three months ended March 31, 2025, primarily due to higher average invested assets and higher reinvestment rates on fixed maturities. Dividend income increased primarily due to the placement of existing investment grade fixed income securities into a fund structure in December 2024, which pays a quarterly dividend instead of interest.

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: