Chubb Ltd
For the period ended Mar 31, 2025. Filed Apr 28, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed Apr 28, 2025
Contents
Shareholders' equity
- Shareholders’ equity
All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At March 31, 2025, our Common Shares had a par value of CHF 0.50 per share.
At our May 2024 and 2023 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.64 per share and $3.44 per share, respectively, which were paid in four quarterly installments of $0.91 per share and $0.86 per share, respectively, at dates determined by the Board of Directors (Board) after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.
Dividend distributions per Common Share for the three months ended March 31, 2025, and 2024, were $0.91 (CHF 0.81) and $0.86 (CHF 0.75), respectively.
Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations.
On March 7, 2025, Chubb completed a share capital reduction by means of cancellation of 7,518,565 Common Shares purchased under our share repurchase program during 2024. The capital reduction was completed in accordance with the capital band provision for authorized share capital increases and reductions by the Board set forth in the Articles of Association. During the three months ended March 31, 2025,1,345,782 shares were repurchased,7,518,565 shares were canceled, and
1,390,604 net shares were issued under employee share-based compensation plans. At March 31, 2025,11,358,936 Common Shares remain in treasury.
Chubb Limited securities repurchase authorization
In June 2023, the Board authorized the repurchase of up to $5.0 billion of Chubb Common Shares effective July 1, 2023, with no expiration date. The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorization:
| Three Months Ended · April 1, 2025 through April 25, 2025 | |||
|---|---|---|---|
| (in millions of U.S. dollars, except share data) · 2025 · 2024 | |||
| Number of shares repurchased | 1,345,782 | 1,220,121 | 511,000 |
| Cost of shares repurchased | $385 | $316 | $143 |
| Repurchase authorization remaining at end of period | $1,300 | $3,373 | $1,157 |
The following table presents changes in accumulated other comprehensive income (loss):
| Three Months Ended | ||
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2025 | 2024 |
| Accumulated other comprehensive income (loss) (AOCI) | ||
| Net unrealized appreciation (depreciation) on investments | ||
| Balance – beginning of period, net of tax | $(4,552) | $(4,177) |
| Change in period, before reclassification from AOCI (before tax) | 843 | (796) |
| Amounts reclassified from AOCI (before tax) | 58 | 119 |
| Change in period, before tax | 901 | (677) |
| Income tax (expense) benefit | (61) | 42 |
| Total other comprehensive income (loss) | 840 | (635) |
| Noncontrolling interests, net of tax | (8) | 13 |
| Balance – end of period, net of tax | (3,704) | (4,825) |
| Current discount rate on liability for future policy benefits | ||
| Balance – beginning of period, net of tax | (539) | 51 |
| Change in period, before tax | (122) | (53) |
| Income tax (expense) benefit | 12 | (20) |
| Total other comprehensive loss | (110) | (73) |
| Noncontrolling interests, net of tax | (4) | (33) |
| Balance – end of period, net of tax | (645) | 11 |
| Instrument-specific credit risk on market risk benefits | ||
| Balance – beginning of period, net of tax | (16) | (22) |
| Change in period, before tax | 4 | 5 |
| Income tax expense | (1) | — |
| Total other comprehensive income | 3 | 5 |
| Noncontrolling interests, net of tax | — | — |
| Balance – end of period, net of tax | (13) | (17) |
| Three Months Ended | ||
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2025 | 2024 |
| Accumulated other comprehensive income (loss) (AOCI) - continued | ||
| Cumulative foreign currency translation adjustment | ||
| Balance – beginning of period, net of tax | (4,025) | (2,945) |
| Change in period, before reclassification from AOCI (before tax) | 367 | 83 |
| Amounts reclassified from AOCI (before tax) | (8) | (3) |
| Change in period, before tax | 359 | 80 |
| Income tax expense | (12) | (7) |
| Total other comprehensive income | 347 | 73 |
| Noncontrolling interests, net of tax | 7 | (8) |
| Balance – end of period, net of tax | (3,685) | (2,864) |
| Fair value hedging instruments | ||
| Balance – beginning of period, net of tax | 50 | (13) |
| Change in period, before reclassification from AOCI (before tax) | (26) | (8) |
| Amounts reclassified from AOCI (before tax) | (65) | 41 |
| Change in period, before tax | (91) | 33 |
| Income tax (expense) benefit | 19 | (7) |
| Total other comprehensive income (loss) | (72) | 26 |
| Noncontrolling interests, net of tax | — | — |
| Balance – end of period, net of tax | (22) | 13 |
| Postretirement benefit liability adjustment | ||
| Balance – beginning of period, net of tax | 438 | 297 |
| Change in period, before tax | (4) | (2) |
| Income tax benefit | — | 1 |
| Total other comprehensive loss | (4) | (1) |
| Noncontrolling interests, net of tax | — | — |
| Balance – end of period, net of tax | 434 | 296 |
| Accumulated other comprehensive loss | $(7,635) | $(7,386) |
The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:
| Three Months Ended · Consolidated Statement of Operations Location | |||
|---|---|---|---|
| (in millions of U.S. dollars) · 2025 · 2024 | |||
| Fixed maturities available-for-sale | $(58) | $(119) | Net realized gains (losses) |
| Income tax benefit | 25 | 12 | Income tax expense |
| $(33) | $(107) | Net income | |
| Cumulative foreign currency translation adjustment | |||
| Cross-currency swaps | $8 | $3 | Interest expense |
| Income tax expense | (2) | (1) | Income tax expense |
| $6 | $2 | Net income | |
| Net gains (losses) of fair value hedging instruments | |||
| Cross-currency swaps | $69 | $(37) | Net realized gains (losses) |
| Cross-currency swaps | (4) | (4) | Interest expense |
| Income tax (expense) benefit | (14) | 9 | Income tax expense |
| $51 | $(32) | Net income | |
| Total amounts reclassified from AOCI | $24 | $(137) | |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.