Chubb Ltd

Segment Operating Results – Three and Nine Months Ended September 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 $151 million, or 2.7 percent, for the three months ended September 30, 2026, which includes declines in P&C lines of 1.5 percent and in financial lines of 8.4 percent. Middle market and small commercial grew 0.8 percent, with P&C lines up 2.6 percent and financial lines down 5.9 percent. Major accounts retail and specialty declined 5.0 percent, with property and other short-tail lines down 23.8 percent, financial lines down 11.0 percent, and casualty up 3.0 percent.

Net premiums written decreased $172 million, or 1.1 percent, for the nine months ended September 30, 2026, which includes declines in P&C lines of 0.6 percent and in financial lines of 3.4 percent. Middle market and small commercial grew 4.3 percent, with P&C lines up 6.6 percent and financial lines down 4.8 percent. Major accounts retail and specialty declined 4.6 percent, with property and other short-tail lines down 26.0 percent, casualty up 7.0 percent, and financial lines down 1.8 percent.

The decrease in premiums is primarily due to the impact from large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance, which reduced overall growth by 4.4 and 5.7 percentage points for the three and nine months ended September 30, 2026, respectively. Within middle market and small commercial, P&C lines growth was impacted by workers' compensation payroll-related premium adjustments which reduced growth by 1.4 and 0.5 percentage points, and financial lines was impacted by underwriting related exposure changes including additional reinsurance, which reduced growth by 7.7 and 5.4 percentage points for the three and nine months ended September 30, 2026, respectively. Within major accounts retail and specialty, growth was impacted by large account property including E&S and financial lines underwriting related exposure changes including additional reinsurance, which reduced growth by 6.2 and 8.6 percentage points for the three and nine months ended September 30, 2026, respectively.

Net premiums earned increased $142 million, or 2.8 percent, and $339 million, or 2.2 percent, for the three and nine months ended September 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 nine months ended September 30, 2026, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 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 $95 million, or 5.3 percent, and $340 million, or 6.4 percent, for the three and nine months ended September 30, 2026, respectively, driven by strong new business and retention, including positive rate and broad exposure in most lines, including homeowners.

Net premiums earned increased $105 million, or 6.0 percent, and $413 million, or 8.3 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the growth in net premiums written described above.

The combined ratio decreased for the three and nine months ended September 30, 2026, reflecting higher favorable prior period development. For the three months ended September 30, 2026, the decrease was partially offset by higher catastrophe losses. For the nine months ended September 30, 2026, the decrease also reflected lower catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio relating to prior year California wildfire losses, 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, 2026, due to improvement in homeowners and personal excess from lower underlying losses. For the nine months ended September 30, 2026, the ratio also benefitted from 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 $74 million, or 5.1 percent, and $152 million, or 6.2 percent, for the three and nine months ended September 30, 2026, respectively, primarily driven by growth in MPCI. The nine months ended September 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions.

Net premiums earned increased $64 million, or 4.3 percent, and $131 million, or 5.8 percent, for the three and nine months ended September 30, 2026, respectively, reflecting the growth in net premiums written described above.

The combined ratio increased for the three months ended September 30, 2026, reflecting lower favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2026, reflecting higher favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2026, reflecting favorable year-over-year crop hedge activity andlower acquisition cost ratio resulting from a change in business mix. The CAY combined ratio excluding catastrophe losses for the nine months ended September 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.

NM – not meaningful

Overall, net premiums written increased $248 million and $1,181 million, or $195 million and $633 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively, reflecting growth in commercial lines of 6.3 percent and 8.7 percent, or 4.9 percent and 3.9 percent on a constant-dollar basis, respectively, and growth in consumer lines of 7.2 percent and 13.1 percent, or 5.5 percent and 7.5 percent on a constant-dollar basis, respectively.

Our European division increased for the three and nine months ended September 30, 2026, supported primarily from growth in our retail business in commercial property, marine, and cyber driven by new business.

Asia increased for the three and nine months ended September 30, 2026, reflecting growth in commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H.

Latin America increased for the three and nine months ended September 30, 2026, reflecting growth in commercial lines, particularly property and marine, and in consumer lines.

Net premiums earned increased $250 million and $1,263 million, or $213 million and $794 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively, reflecting the increase in net premiums written described above.

The combined ratio increased for the three months ended September 30, 2026, primarily due to higher catastrophe losses, partially offset by higher favorable prior period development. The combined ratio decreased for the nine months ended September 30, 2026, primarily due to higher favorable prior period development and lower catastrophe losses. The CAY combined ratio excluding catastrophe losses improved slightly for the three and nine months ended September 30, 2026, reflecting continued administrative 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 $17 million and $88 million for the three and nine months ended September 30, 2026, most notably in property lines from increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms. The nine months ended September 30, 2026, also included the year-over-year unfavorable impact of higher catastrophe reinstatement premiums received in the prior year.

Net premiums earned decreased $28 million and $109 million for the three and nine months ended September 30, 2026, reflecting the changes in net premiums written described above. The nine months ended September 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 September 30, 2026, primarily due to softer property reinsurance market conditions compared to the prior year. The combined ratio decreased for the nine months ended September 30, 2026, primarily due to lower catastrophe losses. The CAY combined ratio excluding catastrophe losses increased for the three and nine months ended September 30, 2026, primarily due to softer property reinsurance market conditions compared to 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 $28 million and $732 million, or$70 million and $723 million on a constant-dollar basis, for the three and nine months ended September 30, 2026, respectively.

For our international life operations, net premiums written were relatively flat and increased 13.4 percent, or 2.0 percent and 13.2 percent on a constant dollar basis for the three and nine months ended September 30, 2026, respectively. The increase for the three and nine months ended September 30, 2026, reflected growth in traditional regular premium products of 7.9 percent and 12.0 percent, respectively, primarily in North Asia, partially offset by the impact of a one-time large transaction in New Zealand in the prior year third quarter for $126 million, which reduced growth by 8.5 percentage points and 3.2 percentage points, respectively. Single premium business increased by 20.9 percent for the nine months ended September 30, 2026, primarily in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 11.7 percent and 13.8 percent for the three and nine months ended September 30, 2026, respectively, due to 19.3 percent and 25.5 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 $341 million and $532 million for the three and nine months ended September 30, 2026, respectively, due to higher savings-oriented single premium sales in Hong Kong and investment linked products in Taiwan. Life deposits for the nine months ended September 30, 2026 also increased due to higher savings-oriented single premium sales in Huatai Life.

Life Insurance segment income

Life Insurance segment income increased $37 million and $87 million, or 11.4 percent and 9.3 percent, for the three and nine months ended September 30, 2026, respectively, reflecting growth in net investment income, higher fee and other income from growth in assets under management, and higher favorable loss reserve development related to our Chubb Benefits supplemental A&H business, partially offset by an unfavorable foreign exchange impact.

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 legacy environmental claims for the three months ended September 30, 2026 and molestation claims for the nine months ended September 30, 2026.

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.