Chubb Ltd

Previous wording

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and six months ended June 30, 2025.

Current wording

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, 2025.

Previous wording

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 June 30, 2025, we had total assets of $262 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $69 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 2024 Form 10-K.

Current wording

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, 2025, we had total assets of $270 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $72 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 2024 Form 10-K.

Previous wording

Consolidated Operating Results – Three and Six Months Ended June 30, 2025 and 2024

Current wording

Consolidated Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

Previous wording

•Net income attributable to Chubb was $2.97 billion compared with $2.23 billion in the prior year period. Net income in the current year quarter was primarily driven by double-digit growth in both P&C underwriting income and Life segment income and higher income from our private equity investments.

Current wording

•Net income attributable to Chubb was $2.8 billion compared with $2.3 billion in the prior year period. Net income in the current year quarter was primarily driven by double-digit growth in both P&C underwriting income and Life segment income and higher net investment income.

Previous wording

•P&C net premiums written were $12.39 billion, up 5.2 percent, or 5.8 percent in constant dollars, with commercial insurance up 3.6 percent and consumer insurance up 11.9 percent in constant dollars. Overall growth in commercial lines reflects strong new business in casualty lines, continued strong middle market P&C growth, and acceleration of our excess and surplus (E&S) digital business. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases in all lines.

Current wording

•P&C net premiums written were $12.93 billion, up 5.3 percent, or 4.7 percent in constant dollars, with commercial insurance up 2.9 percent and consumer insurance up 10.1 percent in constant dollars. Overall growth in commercial lines reflects strong new business and retention highlighted by middle market and small commercial P&C, excess and surplus (E&S), crop insurance, large account casualty, and financial lines. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. The increase in P&C net premiums was partially offset by two non-recurring items that benefited the prior year quarter in the North America commercial P&C segment, which unfavorably impacted growth by 1.5 percentage points.

Previous wording

•Life Insurance net premiums written were $1.80 billion, up 14.1 percent, or 17.3 percent in constant dollars, due to growth in international life of 17.8 percent in constant dollars, predominantly in Asia, and Combined North America of 18.1 percent in constant dollars, primarily driven by worksite business. Life Insurance segment income was $305 million, up 10.4 percent, or 15.3 percent in constant dollars.

Current wording

•Life Insurance net premiums written were $1.9 billion, up 24.6 percent, or 23.5 percent in constant dollars, due to growth in international life of 25.1 percent in constant dollars, predominantly in North Asia, and Combined North America of 18.1 percent, primarily driven by worksite business. Growth includes $126 million from a one- time large transaction in New Zealand. Life Insurance segment income was $324 million, up 14.2 percent, or 13.9 percent in constant dollars.

Previous wording

•Pre-tax net investment income was $1.57 billion, up 6.8 percent compared to $1.47 billion in the prior year period, primarily due to higher average invested assets.

Current wording

•Pre-tax net investment income was $1.65 billion, up 9.3 percent compared to $1.5 billion in the prior year period, primarily due to higher average invested assets.

Previous wording

•Operating cash flow was $3.55 billion.

Current wording

•Operating cash flow was $3.6 billion.

Previous wording

Catastrophe losses through both June 30, 2025 and 2024 were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

Current wording

Catastrophe losses through September 30, 2025 and 2024, were primarily from the following events:

Previous wording

◦Total North America P&C Insurance catastrophe losses were $372 million and $1.88 billion for the three and six months ended June 30, 2025, respectively.

Current wording

◦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.

Previous wording

◦Total Overseas General catastrophe losses were $252 million and $307 million for the three and six months ended June 30, 2025, respectively.

Current wording

◦Total Overseas General catastrophe losses were $42 million and $349 million for the three and nine months ended September 30, 2025, respectively.

Previous wording

◦Total North America P&C Insurance catastrophe losses were $423 million and $832 million for the three and six months ended June 30, 2024, respectively.

Current wording

◦Total North America P&C Insurance catastrophe losses were $599 million and $1.4 billion for the three and nine months ended September 30, 2024, respectively.

Previous wording

◦Total Overseas General catastrophe losses were $157 million and $183 million for the three and six months ended June 30, 2024, respectively.

Current wording

◦Total Overseas General catastrophe losses were $103 million and $286 million for the three and nine months ended September 30, 2024, respectively.

Previous wording

Pre-tax net favorable PPD for the three months ended June 30, 2025, was $319 million in our active companies, including net favorable development of $279 million and $40 million in short-tail lines and long-tail lines, respectively. Net favorable development for short-tail lines primarily includes property, auto physical damage, and marine lines. Net favorable development for long-tail lines primarily relates to the Risk Management business with favorable development primarily in workers' compensation, partially offset by adverse development in general liability in the Risk Management business and adverse development from other commercial auto liability portfolios. Our corporate run-off portfolio had adverse development of $70 million, primarily driven by adverse development for molestation-related claims.

Current wording

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.

Previous wording

Pre-tax net favorable PPD for the six months ended June 30, 2025, was $587 million in our active companies, including net favorable development of $591 million in short-tail lines and net adverse development of $4 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 in workers' compensation and financial lines offset by adverse development in general casualty lines. Our corporate run-off portfolio had adverse development of $83 million, primarily driven by adverse development for molestation-related claims.

Current wording

Pre-tax net favorable PPD for the three months ended September 30, 2024, was $299 million in our active companies, including net favorable development of $358 million in short-tail lines and net adverse development of $59 million in long-tail lines. Net favorable development for short-tail lines primarily includes 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 $55 million, primarily driven by adverse development for environmental-related claims.

Previous wording

Pre-tax net favorable PPD for the six months ended June 30, 2024, was $501 million in our active companies, principally in short-tail surety and property and marine lines. Our corporate run-off portfolio had adverse development of $102 million, primarily for molestation-related claims development.

Current wording

Pre-tax net favorable PPD for the nine months ended September 30, 2024, was $800 million in our active companies, principally in short-tail property and marine lines. Our corporate run-off portfolio had adverse development of $157 million, primarily driven by adverse development for environmental and molestation-related claims.

Previous wording

The P&C combined ratio decreased for the three months ended June 30, 2025, reflecting higher favorable prior period development partially offset by higher catastrophe losses. The P&C combined ratio increased for the six months ended June 30, 2025, reflecting California wildfire losses of $1.47 billion, including the unfavorable impact of $37 million of net ceded reinstatement premiums on the expense ratio (i.e., lower premium resulting in a higher expense ratio). The increase was partially offset by higher favorable prior period development.

Current wording

The P&C combined ratio decreased for the three months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development, and the impact of a large structured transaction that had an unfavorable impact to the ratio in the prior year period. The P&C combined ratio increased for the nine months ended September 30, 2025, reflecting California wildfire losses of $1.47 billion, including the unfavorable impact of $37 million of net ceded reinstatement premiums on the expense ratio (i.e., lower premium resulting in a higher expense ratio). The increase was partially offset by higher favorable prior period development.

Previous wording

The P&C CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2025, reflecting lower losses, and the favorable impact of higher net premiums earned. This was partially offset by an increase in the underlying expense ratio from changes in the mix of business.

Current wording

The P&C CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting lower losses, partially offset by an increase in the policy acquisition cost ratio from changes in mix of business.

Previous wording

Segment Operating Results – Three and Six Months Ended June 30, 2025 and 2024

Current wording

Segment Operating Results – Three and Nine Months Ended September 30, 2025 and 2024

Previous wording

Net premiums written increased $320 million, or 3.1 percent, for the six months ended June 30, 2025, which includes P&C growth of 3.5 percent and financial lines growth of 1.4 percent. Middle market and small commercial grew 8.1 percent, with P&C lines up 10.1 percent and financial lines up 0.7 percent. Major accounts retail and specialty grew 0.1 percent, with property and other short-tail lines down 3.5 percent, casualty up 6.6 percent, and financial lines up 2.3 percent.

Current wording

Net premiums written increased $483 million, or 3.1 percent, for the nine months ended September 30, 2025, which includes P&C lines growth of 2.9 percent and financial lines growth of 3.9 percent. Middle market and small commercial grew 6.5 percent, with P&C lines up 8.1 percent and financial lines up 0.7 percent. Major accounts retail and specialty grew 0.9 percent, with property and other short-tail lines down 3.1 percent, casualty up 4.9 percent, and financial lines up 7.7 percent.

Previous wording

The increase in premiums was across a number of lines, most notably in primary and excess casualty and in our small and mid-market commercial E&S, reflecting new business and rate increases, and new business in surety. The increases were partially offset by rate decreases in our Large Risk and E&S brokerage property lines. The six months ended June 30, 2025, also declined from the impact of lower year-over-year large structured transactions.

Current wording

The increase in premiums was across a number of lines, most notably in primary and excess casualty and in our small and mid-market commercial E&S, reflecting new business and rate increases. The increases were partially offset by rate decreases in our Large Risk and E&S brokerage property lines.

Previous wording

The combined ratio increased for the three months ended June 30, 2025, reflecting lower favorable prior period development, partially offset by lower catastrophe losses. The CAY combined ratio excluding catastrophe losses increased for the three months ended June 30, 2025, with the underlying loss ratio flat and an increase in the expense ratio primarily reflecting one-off benefits in the prior year and a change in the mix of business.

Current wording

The combined ratio decreased for the three and nine months ended September 30, 2025, reflecting lower catastrophe losses. The CAY combined ratio excluding catastrophe losses was relatively flat for the three and nine months ended September 30, 2025, reflecting a change in the mix of business and earned rate exceeding loss trends in certain lines, partially offset by higher loss trends relative to earned rate growth in financial lines, and an increase in the expense ratio reflecting one-off benefits in the prior year. The ratio was also favorably impacted from lower year-over-year large structured transactions as described above.

Previous wording

Net premiums written increased $162 million, or 9.1 percent, and $258 million, or 8.0 percent, for the three and six months ended June 30, 2025, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines. The growth in premiums for the six months ended June 30, 2025, was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires.

Current wording

Net premiums written increased $135 million, or 8.1 percent, and $393 million, or 8.0 percent, for the three and nine months ended September 30, 2025, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines. The growth in premiums for the nine months ended September 30, 2025, was partially offset by $50 million of ceded reinstatement premiums related to the California wildfires.

Previous wording

The combined ratio decreased for the three months ended June 30, 2025, reflecting higher favorable prior period development and a lower impact from catastrophe losses. The combined ratio increased for the six months ended June 30, 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

Current wording

The combined ratio decreased for the three months ended September 30, 2025, reflecting higher favorable prior period development and a lower impact from catastrophe losses. The combined ratio increased for the nine months ended September 30, 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

Previous wording

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2025, primarily due to an improvement in homeowners and auto from earned rate and exposure exceeding loss trends, and a lower administrative expense ratio primarily due to the impact of higher net premiums earned and expense management.

Current wording

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, primarily due to an improvement in homeowners and auto from lower underlying losses and a lower administrative expense ratio resulting from the impact of higher net premiums earned and expense management.

Previous wording

Net premiums written decreased $25 million, or 3.3 percent, for the three months ended June 30, 2025, primarily due to lower commodity prices in the current year. Net premiums written for the six months ended June 30, 2025, were relatively flat, reflecting a ceded premium increase of $41 million to the U.S. Government under the profit-sharing formula in the prior year, mostly offset by lower commodity prices in the current year.

Current wording

Net premiums written increased $79 million, or 5.6 percent, and $81 million, or 3.4 percent, for the three and nine months ended September 30, 2025, respectively, primarily due to higher reported acreage from policyholders, and policy count growth, partially offset by lower commodity prices in the current year. Net premiums written for the nine months ended September 30, 2025, also reflects a ceded premium increase of $41 million to the U.S. Government under the profit-sharing formula in the prior year, mostly offset by lower commodity prices in the current year.

Previous wording

Net premiums earned increased $277 million, or 5.7 percent, and $385 million, or 3.9 percent, for the three and six months ended June 30, 2025, respectively, reflecting the growth in net premiums written described above.

Current wording

Net premiums earned increased $76 million, or 5.4 percent, and $85 million, or 3.9 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in net premiums written described above.

Previous wording

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2025, respectively, reflecting earned rate exceeding loss trend in our Agriculture P&C business, and the favorable impact of our crop commodity price hedge activity, which produced a higher loss in the prior year.

Current wording

The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2025, which contemplates a lower underwriting gain for the first nine months of the current crop year, partially offset by earned rate exceeding loss trend in our Agriculture P&C business.

Previous wording

Overall, net premiums written increased $286 million and $354 million, or $336 million and $573 million on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively, reflecting growth in commercial lines of 6.0 percent and 4.7 percent, or 6.8 percent and 7.1 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.2 percent and 5.2 percent, or 15.3 percent and 10.1 percent on a constant-dollar basis, respectively.

Current wording

Overall, net premiums written increased $328 million and $682 million, or $257 million and $830 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively, reflecting growth in commercial lines of 5.8 percent and 5.1 percent, or 3.9 percent and 6.0 percent on a constant-dollar basis, respectively, and growth in consumer lines of 15.5 percent and 8.6 percent, or 12.6 percent and 10.9 percent on a constant-dollar basis, respectively.

Previous wording

Our European division increased for the three and six months ended June 30, 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property, casualty, and cyber lines due to higher new business.

Current wording

Our European division increased for the three and nine months ended September 30, 2025, supported by both our wholesale and retail divisions primarily from growth in commercial property in our retail and wholesale business, casualty, and cyber lines due to higher new business.

Previous wording

Asia increased for the three and six months ended June 30, 2025, reflecting growth primarily in consumer lines, including personal lines and A&H, and growth in commercial lines due to higher new business. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand effective April 1, 2025.

Current wording

Asia increased for the three and nine months ended September 30, 2025, reflecting growth primarily in consumer lines, including personal lines and A&H. Commercial lines growth reflects higher new business in property. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand effective April 1, 2025.

Previous wording

Latin America increased for the three and six months ended June 30, 2025, reflecting growth in personal lines business, including automobile in Mexico. Commercial lines increased primarily from new business growth.

Current wording

Latin America increased for the three and nine months ended September 30, 2025, reflecting growth in personal lines business, including automobile in Mexico. Commercial lines increased driven by growth across all lines.

Previous wording

Net premiums earned increased $195 million and $206 million, or $245 million and $398 million on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively, reflecting the increase in net premiums written described above.

Current wording

Net premiums earned increased $382 million and $588 million, or $295 million and $693 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively, reflecting the increase in net premiums written described above.

Previous wording

The combined ratio increased for the three and six months ended June 30, 2025, reflecting higher catastrophe losses, partially offset by higher favorable prior period development. The CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2025 reflecting loss ratio improvement offset by changes in mix of business, primarily higher consumer lines.

Current wording

The combined ratio decreased for the three months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2025, reflecting higher favorable prior period development, partially offset by higher catastrophe losses. The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2025, reflecting loss ratio improvement, primarily from commercial lines, offset by increase in expense ratio reflecting changes in mix of business, primarily higher consumer lines.

Previous wording

Net premiums written decreased $31 million for the three months ended June 30, 2025, primarily due to the impact of a large one-off structured transaction in the prior year. Excluding the effects of this transaction, net premiums written increased due to growth in casualty lines, partially offset by decreases in property, financial, and specialty lines. Net premiums written increased $18 million for the six months ended June 30, 2025, due to growth in casualty and property lines and catastrophe reinsurance premiums, partially offset by the impact of the large one-off structured transaction noted above and decreases in financial and specialty lines.

Current wording

Net premiums written decreased $48 million and $30 million for the three and nine months ended September 30, 2025, respectively, as growth in casualty lines was more than offset by decreases in property, financial, and specialty lines and by the impact of a large treaty in the prior year with a coverage term through 2026. The decrease in net premiums written for the nine months ended September 30, 2025, also includes the impact of a large one-off structured transaction in the second quarter of 2024.

Previous wording

Net premiums earned were relatively flat for the three months ended June 30, 2025, and increased $72 million for the six months ended June 30, 2025, reflecting the changes in net premiums written described above and the impact of higher new business written in the prior year for which premiums are earned in the current year.

Current wording

Net premiums earned were relatively flat for the three months ended September 30, 2025, and increased $71 million for the nine months ended September 30, 2025, reflecting the changes in net premiums written described above. Net premiums earned also includes the impact of new business written in the prior year for which premiums are earned in the current year.

Previous wording

The combined ratio decreased for the six months ended June 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the six months ended June 30, 2025, reflecting a higher percentage of net premiums earned from property lines, and earned rate exceeding loss trends in global casualty and property lines.

Current wording

The CAY combined ratio excluding catastrophe losses for the three months ended September 30, 2025, was relatively flat as lower loss expectations in property and casualty lines was mostly offset by a lower proportion of net premiums earned from property lines which carry a lower loss and expense ratio. The CAY combined ratio excluding catastrophe losses decreased for the nine months ended September 30, 2025, primarily due to lower loss expectations in property and casualty lines.

Previous wording

For our international life operations, net premiums written increased 14.0 percent and 8.6 percent, or 17.8 percent and 13.4 percent on a constant-dollar basis, for the three and six months ended June 30, 2025, respectively. This growth was primarily driven by strong new business in North Asia, notably in Huatai, Hong Kong, Taiwan, and Korea.

Current wording

For our international life operations, net premiums written increased 26.5 percent and 14.4 percent, or 25.1 percent and 17.3 percent on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively. Underlying growth was primarily driven by strong new business in North Asia, notably in Huatai, Hong Kong, Taiwan, and Korea. Growth for the three and nine months ended September 30, 2025, includes $126 million from a one-time large transaction in New Zealand.

Previous wording

Net premiums written in our Combined Insurance business increased 17.3 percent for both the three and six months ended June 30, 2025, or 18.1 percent and 18.4 percent on a constant-dollar basis, respectively, due to 36.7 percent and 35.7 percent growth in worksite business.

Current wording

Net premiums written in our Combined Insurance business increased 18.1 percent and 17.6 percent for the three and nine months ended September 30, 2025, or 18.1 percent and 18.3 percent on a constant-dollar basis, respectively, due to 29.8 percent and 33.6 percent growth in worksite business.

Previous wording

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected decreased $29 million for the three months ended June 30, 2025, reflecting a shift towards insurance products in Huatai and Taiwan, and increased $126 million for the six months ended June 30, 2025, primarily from investment linked products in Taiwan.

Current wording

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected decreased $90 million for the three months ended September 30, 2025, reflecting a shift towards insurance products in Taiwan and market volatility, and increased $36 million for the nine months ended September 30, 2025, primarily from investment linked product sales through the Taiwan broker channel.