Chubb Ltd

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

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.

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).

The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts.

Net premiums written increased $163 million, or 2.9 percent, for the three months ended September 30, 2025, and includes a 3.4 percentage point unfavorable impact of two non-recurring items that benefited the prior year quarter. Middle market and small commercial grew 3.6 percent, including a 3.3 percentage point unfavorable impact of lower workers’ compensation annual payroll-related audit premium adjustments, which are made in the third quarter every year. Major accounts and specialty were up 2.5 percent, and includes a 3.4 percent unfavorable impact from a one-off structured transaction which occurred in 2024, with E&S up 6.6 percent.

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.

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.

Net premiums earned decreased $30 million, or 0.6 percent, for the three months ended September 30, 2025, and increased $355 million, or 2.4 percent, for the nine months ended September 30, 2025, both reflecting the growth in net premiums written described above. The growth for the three months ended September 30, 2025 was unfavorably impacted by the one-off structured transaction described above and lower workers' compensation annual payroll-related audit premium adjustments that were fully earned when written.

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.

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.

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.

Net premiums earned increased $164 million, or 10.5 percent, and $436 million, or 9.6 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in net premiums written described above.

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.

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.

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.

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.

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.

The combined ratio decreased for the three and nine months ended September 30, 2025, reflecting lower catastrophe losses and higher favorable prior period development.

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.

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.

(1)Includes the international supplemental A&H business of Combined Insurance and other international operations.

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.

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.

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.

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.

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.

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.

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.

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.

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.

The combined ratio decreased for the three months ended September 30, 2025, primarily due to lower catastrophe losses. The combined ratio increased for the nine months ended September 30, 2025, primarily reflecting higher catastrophe losses and lower favorable prior period development.

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.

Life Insurance

The Life Insurance segment comprises our international life operations, the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance.

Net premiums written increased $380 million and $689 million, or $367 million and $794 million on a constant-dollar basis, for the three and nine months ended September 30, 2025, respectively.

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.

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.

Deposits

The following table presents deposits collected on universal life and investment contracts:

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.

Life Insurance segment income

Life Insurance segment income increased $40 million, or 14.2 percent, and $92 million, or 11.1 percent, for the three and nine months ended September 30, 2025, respectively, reflecting the growth in premiums described above, expense leverage and higher net investment income from asset growth.

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.

Integration expenses principally comprised legal and professional fees and all other costs primarily related to acquisitions. 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 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.