Chubb Ltd

Consolidated Operating Results – Three Months Ended March 31, 2026 and 2025

(1)On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

Financial Highlights for the Three Months Ended March 31, 2026

•Net income attributable to Chubb was $2.3 billion compared with $1.3 billion in the prior year period, primarily due to lower catastrophe losses.

•Total pre-tax catastrophe losses were $500 million, compared with $1.64 billion in the prior year, which included $1.47 billion from the California wildfires.

•Consolidated net premiums written were $14.01 billion, up 10.7 percent.

•P&C net premiums written increased 7.2 percent, with consumer insurance up 14.2 percent and commercial insurance up 4.6 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines reflects continued growth primarily in casualty lines, middle market, and small commercial accounts. Growth was unfavorably impacted by reduced exposure and lower rates, in large account property lines, both admitted and E&S.

•Life Insurance segment net premiums written increased 33.1 percent, or 30.8 percent in constant dollars, due to growth in international life of 34.1 percent in constant dollars reflecting 15.7 percentage points of growth from traditional regular premium products, with the remaining growth from savings-oriented single premium business.

Additionally, our Chubb Benefits business grew 15.8 percent, primarily driven by worksite business.

•Pre-tax net investment income was $1.71 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets from strong operating cash flow.

•Operating cash flow was $3.95 billion.

(1)Commercial multiple peril represents retail package business (property and general liability).

(2)For purposes of this schedule only, certain Q1 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results.

For additional information on net premiums written, refer to the segment operating results discussions.

Catastrophe Losses and Prior Period Development

Catastrophe losses through March 31, 2026 and 2025, were primarily from the following events:

•2026: Winter-related storms in the U.S., and other international weather-related events.

◦Total North America P&C Insurance catastrophe losses were $428 million.

◦Total Overseas General catastrophe losses were $64 million.

•2025: California wildfire losses of $1.47 billion; flooding in the U.S., hail, tornadoes, wind events, and winter-related storms.

◦Total North America P&C Insurance catastrophe losses were $1.51 billion.

◦Total Overseas General catastrophe losses were $55 million.

Pre-tax net favorable PPD for the three months ended March 31, 2026, was $301 million in our active companies, including net favorable development of $322 million in short-tail lines and net unfavorable development of $21 million in long-tail lines. Net favorable development for short-tail lines is driven by surety and property lines. Net unfavorable development for long-tail lines primarily relates to casualty lines, partially offset by favorable development in workers' compensation and financial lines. Our corporate run-off portfolio had adverse development of $15 million.

Pre-tax net favorable PPD for the three months ended March 31, 2025, was $268 million in our active companies, including favorable development of $313 million in short-tail lines, principally in credit-related lines, A&H, and property. Favorable development was partially offset by net adverse development of $45 million in long-tail lines, with adverse and favorable updates across several lines of business. Our corporate run-off portfolio had adverse development of $13 million.

Refer to the catastrophe losses and prior period development discussion in Item 7 in our 2025 Form 10-K and the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.

P&C Combined Ratio

The P&C combined ratio decreased for the three months ended March 31, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three months ended March 31, 2026.