Chubb Ltd

Segment Operating Results – Three and Six Months Ended June 30, 2026 and 2025

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).

Net premiums written decreased $129 million, or 2.3 percent, for the three months ended June 30, 2026, which includes a decline in P&C lines of 3.1 percent, and growth in financial lines of 2.1 percent. Middle market and small commercial grew 8.9 percent, with P&C lines up 12.0 percent and financial lines down 2.8 percent. Major accounts retail and specialty declined 9.0 percent, with property and other short-tail lines down 30.1 percent, casualty up 1.1 percent, and financial lines up 6.8 percent.

Net premiums written decreased $21 million, or 0.2 percent, for the six months ended June 30, 2026, which includes declines in P&C lines of 0.2 percent and in financial lines of 0.3 percent. Middle market and small commercial grew 6.2 percent, with P&C lines up 8.7 percent and financial lines down 4.2 percent. Major accounts retail and specialty declined 4.4 percent, with property and other short-tail lines down 26.9 percent, casualty up 9.7 percent, and financial lines up 4.0 percent.

The decrease in premiums is primarily due to a decline in our large account and E&S property, which reduced overall growth by approximately 6.4 and 5.8 percentage points, for the three and six months ended June 30, 2026, respectively, primarily due to underwriting actions.

Net premiums earned increased $37 million, or 0.7 percent, and $197 million, or 1.9 percent, for the three and six months ended June 30, 2026, respectively, reflecting the earning of premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.

The combined ratio increased for the three and six months ended June 30, 2026, reflecting higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.

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 $116 million, or 6.0 percent, and $245 million, or 7.0 percent, for the three and six months ended June 30, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.

Net premiums earned increased $136 million, or 8.1 percent, and $308 million, or 9.5 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

The combined ratio decreased for the three and six months ended June 30, 2026, reflecting lower catastrophe losses and higher favorable prior period development. The decrease in the combined ratio for the six months ended June 30, 2026, reflects the impact of the California wildfire catastrophe losses in the prior year, 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 six months ended June 30, 2026, due to improvement in homeowners and personal excess from lower underlying losses, a lower acquisition ratio resulting from a change in business mix, and a lower administrative ratio due to 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 $43 million, or 6.0 percent, and $78 million, or 7.8 percent, for the three and six months ended June 30, 2026, primarily driven by growth in MPCI and crop-hail. The six months ended June 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.

Net premiums earned increased $43 million, or 7.2 percent, and $67 million, or 8.8 percent, for the three and six months ended June 30, 2026, reflecting the growth in net premiums written described above.

The combined ratio increased for the three months ended June 30, 2026, reflecting higher catastrophe losses. The combined ratio decreased for the six months ended June 30, 2026, reflecting higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting lower underlying losses in the agriculture P&C business and a lower acquisition cost ratio. The CAY combined ratio excluding catastrophe losses for the six months ended June 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI 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 $370 million and $933 million, or $181 million and $438 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting growth in commercial lines of 8.8 percent and 9.9 percent, or 3.9 percent and 3.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 12.1 percent and 16.2 percent, or 5.8 percent and 8.4 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 30, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three and six months ended June 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand.

Latin America increased for the three and six months ended June 30, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $442 million and $1,013 million, or $250 million and $581 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively, reflecting the increase in net premiums written described above.

The combined ratio decreased for the three and six months ended June 30, 2026, primarily due to lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended June 30, 2026, reflecting mix shift and continued expense management.

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 $26 million and $71 million for the three and six months ended June 30, 2026, most notably in catastrophe exposed property and casualty lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms. The six months ended June 30, 2026, also included the impact of higher catastrophe reinstatement premiums in the prior year.

Net premiums earned decreased $39 million and $81 million for the three and six months ended June 30, 2026, reflecting the changes in net premiums written described above. The six months ended June 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written.

The combined ratio increased for the three months ended June 30, 2026, primarily due to higher catastrophe losses and lower favorable prior period development. The combined ratio decreased for the six months ended June 30, 2026, primarily due to lower catastrophe losses, partially offset by lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended June 30, 2026, primarily due to less premium from catastrophe exposed property lines. Additionally, the three months ended June 30, 2026, was negatively impacted by higher underlying loss expectations on property lines than in the prior year.

Life Insurance

The Life Insurance segment comprises our international life operations including the life and asset management business of Huatai Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits.

Net premiums written increased $135 million and $704 million, or$114 million and $653 million on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively.

For our international life operations, net premiums written increased 6.2 percent and 21.1 percent, or 4.9 percent and 19.2 percent on a constant-dollar basis, for the three and six months ended June 30, 2026, respectively. The increase for the three months ended June 30, 2026, reflected growth in traditional regular premium products of 12.4 percent, primarily in Taiwan and Hong Kong, partially offset by lower savings-oriented single premium business, primarily from Huatai Life bancassurance channels. The increase for the six months ended June 30, 2026, reflected growth in traditional regular premium products of 14.1 percent, primarily in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 14.0 percent and 14.9 percent for the three and six months ended June 30, 2026, respectively, due to 23.4 percent and 28.8 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 increased $197 million for the three months ended June 30, 2026, due to new higher single premium investment linked products in Taiwan and new participating product offerings in Hong Kong broker channels. Life deposits increased $191 million for the six months ended June 30, 2026, due to higher savings-oriented single premium sales in Hong Kong and Huatai Life, partially offset by lower single premium investment linked products in Taiwan.

Life Insurance segment income

Life Insurance segment income increased $27 million and $52 million, or 9.0 percent and 8.8 percent, for the three and six months ended June 30, 2026, respectively, reflecting underwriting profitability in our international life operations, which includes net investment income, and other income from asset management fees. The growth for the six months was driven by international life business growth mainly from Greater China, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

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.

Losses and loss expenses primarily includes unfavorable prior period development for molestation claims.

Integration expenses and severance principally comprised legal and professional fees and all other costs primarily related to acquisitions, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. 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 10 and 16 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.