Chubb Ltd
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Future policy benefits
- Future policy benefits
The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:
| Present Value of Expected Net Premiums | For the Year Ended December 31, 2025 | ||||
|---|---|---|---|---|---|
| (in millions of U.S. dollars) | Term Life | Whole Life | A&H | Other | Total |
| Balance – beginning of period | $1,523 | $4,405 | $11,626 | $125 | $17,679 |
| Beginning balance at original discount rate | 1,819 | 4,303 | 11,499 | 124 | 17,745 |
| Effect of changes in cash flow assumptions | (59) | (65) | (389) | 7 | (506) |
| Effect of actual variances from expected experience | 11 | (20) | (293) | 1 | (301) |
| Adjusted beginning of period balance | 1,771 | 4,218 | 10,817 | 132 | 16,938 |
| Issuances | 221 | 1,656 | 1,876 | 409 | 4,162 |
| Interest accrual | 61 | 154 | 568 | 11 | 794 |
| Net premiums collected (1) | (253) | (1,526) | (1,526) | (138) | (3,443) |
| Other (including foreign exchange) | 14 | 114 | (70) | 9 | 67 |
| Ending balance at original discount rate | 1,814 | 4,616 | 11,665 | 423 | 18,518 |
| Effect of changes in discount rate assumptions | (270) | 133 | 23 | 3 | (111) |
| Balance – end of period | $1,544 | $4,749 | $11,688 | $426 | $18,407 |
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
| Present Value of Expected Future Policy Benefits | For the Year Ended December 31, 2025 | ||||
|---|---|---|---|---|---|
| (in millions of U.S. dollars) | Term Life | Whole Life | A&H | Other | Total |
| Balance – beginning of period | $2,238 | $12,057 | $15,693 | $647 | $30,635 |
| Beginning balance at original discount rate | 2,647 | 11,242 | 15,652 | 601 | 30,142 |
| Effect of changes in cash flow assumptions | (60) | (93) | (434) | 13 | (574) |
| Effect of actual variances from expected experience | 19 | (21) | (291) | 1 | (292) |
| Adjusted beginning of period balance | 2,606 | 11,128 | 14,927 | 615 | 29,276 |
| Issuances | 221 | 1,656 | 1,876 | 409 | 4,162 |
| Interest accrual | 82 | 407 | 699 | 28 | 1,216 |
| Benefits payments | (231) | (333) | (1,770) | (17) | (2,351) |
| Other (including foreign exchange) | 37 | 275 | (87) | 23 | 248 |
| Ending balance at original discount rate | 2,715 | 13,133 | 15,645 | 1,058 | 32,551 |
| Effect of changes in discount rate assumptions | (402) | 658 | (58) | 26 | 224 |
| Balance – end of period | $2,313 | $13,791 | $15,587 | $1,084 | $32,775 |
| Liability for Future Policy Benefits, Life Insurance Segment | December 31, 2025 | ||||
|---|---|---|---|---|---|
| (in millions of U.S. dollars) | Term Life | Whole Life | A&H | Other | Total |
| Net liability for future policy benefits | $769 | $9,042 | $3,899 | $658 | $14,368 |
| Deferred profit liability | 319 | 1,922 | 234 | 77 | 2,552 |
| Net liability for future policy benefits, before reinsurance recoverable | 1,088 | 10,964 | 4,133 | 735 | 16,920 |
| Less: Reinsurance recoverable on future policy benefits | 106 | 48 | 121 | 1 | 276 |
| Net liability for future policy benefits, after reinsurance recoverable | $982 | $10,916 | $4,012 | $734 | $16,644 |
| Weighted average duration (years) | 11.0 | 26.5 | 10.0 | 26.0 | 21.6 |
| Present Value of Expected Net Premiums | For the Year Ended December 31, 2024 | ||||
|---|---|---|---|---|---|
| (in millions of U.S. dollars) | Term Life | Whole Life | A&H | Other | Total |
| Balance – beginning of period | $1,590 | $3,950 | $10,432 | $64 | $16,036 |
| Beginning balance at original discount rate | 1,992 | 3,945 | 10,692 | 64 | 16,693 |
| Effect of changes in cash flow assumptions | (141) | 178 | 417 | (4) | 450 |
| Effect of actual variances from expected experience | 11 | (2) | (139) | — | (130) |
| Adjusted beginning of period balance | 1,862 | 4,121 | 10,970 | 60 | 17,013 |
| Issuances | 221 | 1,211 | 2,162 | 86 | 3,680 |
| Interest accrual | 58 | 128 | 540 | 5 | 731 |
| Net premiums collected (1) | (242) | (1,086) | (1,483) | (40) | (2,851) |
| Other (including foreign exchange) | (80) | (71) | (690) | 13 | (828) |
| Ending balance at original discount rate | 1,819 | 4,303 | 11,499 | 124 | 17,745 |
| Effect of changes in discount rate assumptions | (296) | 102 | 127 | 1 | (66) |
| Balance – end of period | $1,523 | $4,405 | $11,626 | $125 | $17,679 |
(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefits.
| Present Value of Expected Future Policy Benefits | For the Year Ended December 31, 2024 | ||||
|---|---|---|---|---|---|
| (in millions of U.S. dollars) | Term Life | Whole Life | A&H | Other | Total |
| Balance – beginning of period | $2,254 | $10,063 | $14,650 | $495 | $27,462 |
| Beginning balance at original discount rate | 2,749 | 9,991 | 15,071 | 492 | 28,303 |
| Effect of changes in cash flow assumptions | (141) | 205 | 373 | (5) | 432 |
| Effect of actual variances from expected experience | 20 | 11 | (141) | — | (110) |
| Adjusted beginning of period balance | 2,628 | 10,207 | 15,303 | 487 | 28,625 |
| Issuances | 221 | 1,211 | 2,162 | 86 | 3,680 |
| Interest accrual | 76 | 331 | 668 | 17 | 1,092 |
| Benefits payments | (224) | (340) | (1,594) | (18) | (2,176) |
| Other (including foreign exchange) | (54) | (167) | (887) | 29 | (1,079) |
| Ending balance at original discount rate | 2,647 | 11,242 | 15,652 | 601 | 30,142 |
| Effect of changes in discount rate assumptions | (409) | 815 | 41 | 46 | 493 |
| Balance – end of period | $2,238 | $12,057 | $15,693 | $647 | $30,635 |
| Liability for Future Policy Benefits, Life Insurance Segment | December 31, 2024 | ||||
|---|---|---|---|---|---|
| (in millions of U.S. dollars, except for years) | Term Life | Whole Life | A&H | Other | Total |
| Net liability for future policy benefits | $715 | $7,652 | $4,067 | $522 | $12,956 |
| Deferred profit liability | 279 | 1,210 | 196 | 39 | 1,724 |
| Net liability for future policy benefits, before reinsurance recoverable | 994 | 8,862 | 4,263 | 561 | 14,680 |
| Less: Reinsurance recoverable on future policy benefits | 108 | 47 | 113 | 1 | 269 |
| Net liability for future policy benefits, after reinsurance recoverable | $886 | $8,815 | $4,150 | $560 | $14,411 |
| Weighted average duration (years) | 10.4 | 27.8 | 9.8 | 18.6 | 21.3 |
The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.
| December 31 | ||
|---|---|---|
| (in millions of U.S. dollars) | 2025 | 2024 |
| Net liability for future policy benefits, Life Insurance segment | $14,368 | $12,956 |
| Other (1) | 1,500 | 1,441 |
| Deferred profit liability | 2,552 | 1,724 |
| Liability for future policy benefits, per consolidated balance sheet | $18,420 | $16,121 |
(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.
In the third quarter of 2025 and 2024, we completed our annual actuarial assumptions review and made immaterial changes to the liability for future policy benefits.
The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:
| December 31 | December 31 | |
|---|---|---|
| (in millions of U.S. dollars) | 2025 | 2024 |
| Term Life | ||
| Undiscounted expected future benefit payments | $4,486 | $4,141 |
| Undiscounted expected future gross premiums | 6,789 | 6,508 |
| Discounted expected future benefit payments | 2,313 | 2,238 |
| Discounted expected future gross premiums | 4,556 | 4,400 |
| Whole Life | ||
| Undiscounted expected future benefit payments | 32,438 | 28,263 |
| Undiscounted expected future gross premiums | 11,033 | 10,346 |
| Discounted expected future benefit payments | 13,791 | 12,057 |
| Discounted expected future gross premiums | 9,152 | 8,452 |
| A&H | ||
| Undiscounted expected future benefit payments | 26,331 | 26,584 |
| Undiscounted expected future gross premiums | 38,881 | 38,826 |
| Discounted expected future benefit payments | 15,587 | 15,693 |
| Discounted expected future gross premiums | 23,445 | 23,133 |
| Other | ||
| Undiscounted expected future benefit payments | 1,989 | 1,126 |
| Undiscounted expected future gross premiums | 639 | 242 |
| Discounted expected future benefit payments | 1,084 | 647 |
| Discounted expected future gross premiums | $600 | $216 |
The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:
| Gross Premiums or Assessments · Interest Accretion | ||||||
|---|---|---|---|---|---|---|
| For the Years Ended · For the Years Ended | ||||||
| December 31 | December 31 | |||||
| (in millions of U.S. dollars) | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
| Life Insurance | ||||||
| Term Life | $734 | $684 | $641 | $21 | $18 | $19 |
| Whole Life | 2,674 | 1,962 | 1,259 | 253 | 203 | 165 |
| A&H | 3,109 | 3,016 | 2,918 | 131 | 128 | 141 |
| Other | 193 | 67 | 28 | 17 | 12 | 7 |
| Total | $6,710 | $5,729 | $4,846 | $422 | $361 | $332 |
The following table presents the weighted-average interest rates for the Life Insurance segment:
| Interest Accretion Rate · Current Discount Rate | ||||||
|---|---|---|---|---|---|---|
| December 31 | December 31 | |||||
| 2025 | 2024 | 2023 | 2025 | 2024 | 2023 | |
| Life Insurance | ||||||
| Term Life | 3.1% | 3.0% | 2.8% | 5.4% | 5.4% | 5.2% |
| Whole Life | 3.4% | 3.3% | 3.2% | 4.2% | 4.1% | 4.6% |
| A&H | 4.3% | 3.9% | 3.7% | 5.9% | 5.8% | 6.2% |
| Other | 3.3% | 2.8% | 2.6% | 3.5% | 3.8% | 4.1% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.