Chubb Ltd
For the period ended Mar 31, 2026. Filed Apr 28, 2026.
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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, 2026 · Filed Apr 28, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Unpaid losses and loss expenses
- Unpaid losses and loss expenses
The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:
| Three Months Ended | ||
|---|---|---|
| March 31 | ||
| (in millions of U.S. dollars) | 2026 | 2025 |
| Gross unpaid losses and loss expenses – beginning of period | $88,018 | $84,004 |
| Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1) | (18,346) | (17,734) |
| Net unpaid losses and loss expenses – beginning of period | 69,672 | 66,270 |
| Net losses and loss expenses incurred in respect of losses occurring in: | ||
| Current year | 6,419 | 7,133 |
| Prior years (2) | (288) | (237) |
| Total | 6,131 | 6,896 |
| Net losses and loss expenses paid in respect of losses occurring in: | ||
| Current year | 1,191 | 1,305 |
| Prior years | 4,140 | 4,699 |
| Total | 5,331 | 6,004 |
| Foreign currency revaluation and other | 190 | 228 |
| Net unpaid losses and loss expenses – end of period | 70,662 | 67,390 |
| Reinsurance recoverable on unpaid losses and loss expenses (1) | 18,253 | 18,081 |
| Gross unpaid losses and loss expenses – end of period | $88,915 | $85,471 |
(2)Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $2 million and $(18) million for the three months ended March 31, 2026 and 2025, respectively.
Net unpaid losses and loss expenses increased $990 million for the three months ended March 31, 2026, principally reflecting underlying exposure growth and the unfavorable impact of foreign currency movement, partially offset by the impact of favorable prior period development and crop activity.
Prior Period Development
Prior period development (PPD) arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:
| Three Months Ended March 31 | |||
|---|---|---|---|
| (in millions of U.S. dollars) | Long-tail | Short-tail | Total |
| North America Commercial P&C Insurance | $21 | $(110) | $(89) |
| North America Personal P&C Insurance | — | (1) | (1) |
| North America Agricultural Insurance | — | (80) | (80) |
| Overseas General Insurance | — | (131) | (131) |
| Global Reinsurance | — | — | — |
| Corporate | 15 | — | 15 |
| Total | $36 | $(322) | $(286) |
| North America Commercial P&C Insurance | $49 | $(163) | $(114) |
| North America Personal P&C Insurance | — | — | — |
| North America Agricultural Insurance | — | (33) | (33) |
| Overseas General Insurance | 1 | (122) | (121) |
| Global Reinsurance | (5) | 5 | — |
| Corporate | 13 | — | 13 |
| Total | $58 | $(313) | $(255) |
Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.
North America Commercial P&C Insurance. Net favorable development for thethree months ended March 31, 2026, included$110 million from short-tail lines, primarily from surety, due to lower-than-expected loss development. This favorable development was partially offset by net adverse development of$21 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines.
Net favorable development for thethree months ended March 31, 2025, included $163 million from short-tail lines, primarily from surety, due to lower-than-expected loss development. This favorable development was partially offset by net adverse development of $49 million from long-tail lines, primarily from general casualty partially offset by favorable development in workers' compensation and financial lines.
North America Agricultural Insurance. Net favorable development for thethree months ended March 31, 2026, was driven by multi-peril crop insurance results for the 2025 crop year.
Overseas General Insurance. Net favorable development for thethree months ended March 31, 2026, includes a$131 million release from short-tail lines, primarily property.
Net favorable development for the three months ended March 31, 2025, included a $122 million release from short-tail lines.
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