EX-99.2 3 d59718dex992.htm EX-99.2 EX-99.2

Exhibit 99.2

 

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Chubb Limited

Financial Supplement

for the Quarter Ended June 30, 2025

Investor Contact

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

This report is for informational purposes only. It should be read in conjunction with documents filed by Chubb Limited with the Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

Cautionary Statement Regarding Forward-Looking Statements

Any forward-looking statements made in this financial supplement reflect Chubb Limited’s current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties which may cause actual results to differ materially from such statements. For example, forward-looking statements related to financial performance, including exposures, reserves and recoverables, could be affected by the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, currency exchange fluctuations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the amount and timing of reinsurance receivable and credit developments among reinsurers.

Our forward-looking statements could also be affected by, among other things, competition, pricing and policy term trends, market acceptance, changes in demand, actual market developments, rating agency action, possible terrorism or the outbreak and effects of war, and such other factors identified in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


Chubb Limited

Financial Supplement Table of Contents

 

         

Page

 
I.    Financial Highlights   
   - Consolidated Financial Highlights      1  
II.    Consolidated Results   
   - Consolidated Statement of Operations      2  
   - P&C Results - Consecutive Quarters      3  
   - Global P&C Results - Consecutive Quarters      4  
   - Summary Consolidated Balance Sheets      5  
   - Product Line      6  
   - Consolidated Results by Segment      7 - 8  
III.    Segment Results   
   - North America Commercial P&C Insurance      9  
   - North America Personal P&C Insurance      10  
   - North America Agricultural Insurance      11  
   - Overseas General Insurance      12  
   - Global Reinsurance      13  
   - Life Insurance      14  
   - Corporate      15  
IV.    Balance Sheet Details   
   - Loss Reserve Rollforward      16  
   - Reinsurance Recoverable Analysis      17  
   - Investment Portfolio      18 - 21  
   - Net Realized and Unrealized Gains (Losses)      22 - 23  
   - Debt and Capital      24  
   - Computation of Basic and Diluted Earnings Per Share      25  
   - Book Value and Book Value per Common Share      26  
V.    Other Disclosures   
   - Non-GAAP Financial Measures      27 - 33  
   - Glossary      34  

Note on Chubb Metrics:

In this financial supplement, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s ownership interest and exclude the non-controlling interest.


Chubb Limited

Consolidated Financial Highlights

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Note: All dollar amounts in the Financial Supplement are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

 

        Three months ended June 30                Constant $      Constant $         Six months ended June 30                Constant $      Constant $  
     2025      2024       % Change       2024      % Change      2025      2024       % Change       2024       % Change   
    

 

    

 

    

 

    

 

    

 

    

 

    

 

    

 

 

Gross premiums written

    $ 17,276       $ 16,491        4.8%      $ 16,371        5.5%       $ 32,381       $ 30,916        4.7%       $  30,505        6.1%  

Net premiums written

    $ 14,196       $ 13,360        6.3%      $ 13,254        7.1%       $ 26,842       $ 25,581        4.9%       $ 25,219        6.4%  

P&C net premiums written

    $ 12,394       $ 11,780        5.2%      $ 11,718        5.8%       $ 23,320       $ 22,368        4.3%       $ 22,124        5.4%  

Global P&C net premiums written

    $ 11,661       $ 11,022        5.8%      $ 10,961        6.4%       $ 22,311       $ 21,361        4.4%       $ 21,118        5.7%  

Life Insurance net premiums written

    $ 1,802       $ 1,580        14.1%      $ 1,536        17.3%       $ 3,522       $ 3,213        9.6%       $ 3,095        13.8%  

Net premiums earned

    $ 13,125       $ 12,292        6.8%      $ 12,187        7.7%       $ 25,125       $ 23,875        5.2%       $ 23,540        6.7%  

P&C underwriting income

    $ 1,631       $ 1,418        15.0%      $ 1,416        15.2%       $ 2,072       $ 2,818        -26.5%       $ 2,795        -25.9%  

P&C CAY underwriting income ex Cats

    $ 2,012       $ 1,806        11.4%      $ 1,804        11.6%       $ 3,839       $ 3,434        11.8%       $ 3,411        12.6%  

Adjusted net investment income

    $ 1,687       $ 1,563        7.9%      $ 1,553        8.6%       $ 3,357       $ 3,045        10.2%       $ 3,018        11.2%  

Core operating income

    $ 2,480       $ 2,196        12.9%      $ 2,181        13.7%       $ 3,969       $ 4,357        -8.9%       $ 4,306        -7.8%  

Adjusted operating cash flow

    $ 3,231       $ 3,566                $ 5,232       $ 7,190           

Net investment income

    $ 1,568       $ 1,468        6.8%      $ 1,458        7.5%       $ 3,129       $ 2,859        9.4%       $ 2,832        10.5%  

Chubb net income

    $ 2,968       $ 2,230        33.1%             $ 4,299       $ 4,373        -1.7%        

Operating cash flow

    $ 3,551       $ 4,079                $ 5,117       $ 7,299           

P&C combined ratio

                             

Loss and loss expense ratio

     59.0%        60.6%                 63.1%        59.4%           

Policy acquisition cost and administrative expense ratio

     26.6%        26.2%                 27.3%        27.0%           
  

 

 

    

 

 

             

 

 

    

 

 

          

Combined ratio

     85.6%        86.8%                 90.4%        86.4%           

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)

                             

CAY loss and loss expense ratio ex Cats

     55.6%        57.1%                 55.1%        56.6%           

CAY policy acquisition cost and administrative expense ratio ex Cats

     26.7%        26.1%                 27.2%        26.8%           
  

 

 

    

 

 

             

 

 

    

 

 

          

CAY combined ratio ex Cats

     82.3%        83.2%                 82.3%        83.4%           

ROE

     17.6%        14.7%                 12.9%        14.5%           

Core operating return on tangible equity (ROTE)

     21.0%        21.1%                 16.9%        21.3%           

Core operating return on equity (ROE)

     13.9%        13.3%                 11.2%        13.4%           

Effective tax rate

     19.4%        18.0%                 19.4%        15.9%           

Core operating effective tax rate

     19.1%        18.8%                 19.1%        18.0%           

Diluted earnings per share

                             

Chubb net income

    $ 7.35       $ 5.46        34.6%             $ 10.63       $ 10.68        -0.5%        

Core operating income

    $ 6.14       $ 5.38        14.1%             $ 9.82       $ 10.65        -7.8%        

Weighted average diluted common shares outstanding

     403.8        408.6                 404.3        409.3           
                                                                                  
                     % Change               % Change             % Change                       
       June 30  
2025
       March 31  
2025
     2Q-25 vs.
1Q-25
     December 31
2024
     2Q-25 vs.
4Q-24
       June 30  
2024
     2Q-25 vs.
2Q-24
                      
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

          

Book value per common share

    $ 174.07       $ 164.01        6.1%      $ 159.77        9.0%       $ 151.05        15.2%           

Tangible book value per common share

    $ 112.64       $ 104.27        8.0%      $ 100.38        12.2%       $ 91.05        23.7%           

Book value per common share, excl. AOCI

    $ 189.27       $ 183.06        3.4%      $ 181.34        4.4%       $ 171.60        10.3%           

Tangible book value per common share, excl. AOCI

    $ 125.80       $ 120.44        4.5%      $ 118.57        6.1%       $ 109.08        15.3%           

 

Financial Highlights    Page 1


Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

 

Consolidated Statements of Operations   2Q-25   1Q-25   4Q-24   3Q-24   2Q-24   YTD
2025
  YTD
2024
  Full Year
2024

Gross premiums written

   $   17,276      $   15,105      $   14,326      $   16,761      $   16,491      $   32,381      $   30,916      $   62,003  

Net premiums written

    14,196       12,646       12,058       13,829       13,360       26,842       25,581       51,468  

Net premiums earned

    13,125       12,000       12,598       13,373       12,292       25,125       23,875       49,846  

Adjusted losses and loss expenses (1)

    6,574       6,895       6,481       7,384       6,434       13,469       12,162       26,027  

Realized (gains) losses on crop derivatives

    2       (1     -       1       3       1       4       5  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Losses and loss expenses

    6,572       6,896       6,481       7,383       6,431       13,468       12,158       26,022  

Adjusted policy benefits (2)

    1,378       1,276       1,107       1,109       1,123       2,654       2,293       4,509  

Realized (gains) losses from investment portfolios supporting participating policies

    (40     39       (108     (20     (85     (1     (85     (213

(Gains) losses from fair value changes in separate account assets

    12       10       (1     30       (11     22       (21     8  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policy benefits

    1,406       1,227       1,216       1,099       1,219       2,633       2,399       4,714  

Policy acquisition costs

    2,415       2,313       2,345       2,324       2,226       4,728       4,433       9,102  

Administrative expenses

    1,125       1,080       1,122       1,094       1,094       2,205       2,164       4,380  

Adjusted net investment income (3)

    1,687       1,670       1,691       1,640       1,563       3,357       3,045       6,376  

Other (income) expense from private equity partnerships

    (115     (107     (126     (127     (91     (222     (177     (430

Amortization expense of fair value adjustment on acquired invested assets

    (4     (2     (2     (5     (4     (6     (9     (16
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net investment income

    1,568       1,561       1,563       1,508       1,468       3,129       2,859       5,930  

Adjusted realized gains (losses) (4)

    122       (78     (192     179       22       44       (78     (91

Realized gains (losses) from investment portfolios supporting participating policies

    40       (39     108       20       85       1       85       213  

Realized gains (losses) on crop derivatives

    (2     1       -       (1     (3     (1     (4     (5
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net realized gains (losses)

    160       (116     (84     198       104       44       3       117  

Market risk benefits gains (losses)

    (17     (92     98       (230     (29     (109     (8     (140

Adjusted interest expense (5)

    186       186       194       197       188       372       371       762  

Amortization benefit of fair value adjustment on acquired long term debt

    (5     (5     (5     (5     (6     (10     (11     (21
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense

    181       181       189       192       182       362       360       741  

Gains (losses) from fair value changes in separate account assets

    (12     (10     1       (30     11       (22     21       (8

Net realized gains (losses) related to unconsolidated entities

    540       (25     216       212       7       515       108       536  

Other income (expense) from private equity partnerships

    115       107       126       127       91       222       177       430  

Other income (expense) - operating

    12       11       54       16       1       23       (5     65  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other income (expense)

    655       83       397       325       110       738       301       1,023  

Amortization expense of purchased intangibles

    74       75       82       81       80       149       160       323  

Integration expenses

    2       -       18       7       7       2       14       39  

Income tax expense (benefit)

    717       321       479       504       490       1,038       832       1,815  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

   $ 2,999      $ 1,343      $ 2,640      $ 2,490      $ 2,216      $ 4,342      $ 4,510      $ 9,640  

Less: NCI income (loss)

    31       12       65       166       (14     43       137       368  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chubb net income

   $ 2,968      $ 1,331      $ 2,575      $ 2,324      $ 2,230      $ 4,299      $ 4,373      $ 9,272  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Adjusted losses and loss expenses used throughout this report includes realized gains and losses on crop derivatives.

(2) Adjusted policy benefits used throughout this report includes gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

(3) Adjusted net investment income used throughout this report excludes Amortization expense of fair value adjustment on acquired invested assets and includes income from private equity partnerships where we hold more than 3% ownership.

(4) Adjusted realized gains (losses) used throughout this report excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

(5) Adjusted interest expense used throughout this report excludes Amortization benefit of fair value adjustment on acquired long term debt.

 

Statement of Operations    Page 2


Chubb Limited

P&C Underwriting Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

Chubb Limited P&C Underwriting Results   2Q-25   1Q-25   4Q-24   3Q-24   2Q-24   YTD
2025
  YTD
2024
  Full Year
2024

P&C underwriting income

               

Gross premiums written

   $    15,410      $    13,327      $    12,696      $    15,143      $    14,845      $    28,737      $    27,569      $    55,408  

Net premiums written

    12,394       10,926       10,497       12,277       11,780       23,320       22,368       45,142  

Net premiums earned

    11,336       10,304       11,034       11,843       10,724       21,640       20,696       43,573  

Adjusted losses and loss expenses

    6,554       6,869       6,455       7,352       6,412       13,423       12,108       25,915  

Policy benefits

    129       113       96       120       92       242       192       408  

Policy acquisition costs

    2,096       2,003       2,028       2,033       1,926       4,099       3,839       7,900  

Administrative expenses

    926       878       880       881       876       1,804       1,739       3,500  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P&C underwriting income

   $ 1,631      $ 441      $ 1,575      $ 1,457      $ 1,418      $ 2,072      $ 2,818      $ 5,850  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P&C CAY underwriting income ex Cats

   $ 2,012      $ 1,827      $ 1,969      $ 1,978      $ 1,806      $ 3,839      $ 3,434      $ 7,381  

% Change versus prior year period

               

Net premiums written

    5.2%       3.2%       3.5%       5.4%       10.3%       4.3%       11.3%       7.7%  

Net premiums earned

    5.7%       3.3%       5.5%       5.4%       10.1%       4.6%       11.1%       8.1%  

Net premiums written constant $

    5.8%       5.0%       3.5%       6.1%       10.6%       5.4%       11.3%       8.0%  

Net premiums earned constant $

    6.3%       5.0%       5.5%       6.3%       10.4%       5.7%       11.3%       8.4%  

P&C combined ratio

               

Loss and loss expense ratio

    59.0%       67.8%       59.4%       63.1%       60.6%       63.1%       59.4%       60.4%  

Policy acquisition cost ratio

    18.5%       19.4%       18.4%       17.2%       18.0%       18.9%       18.6%       18.1%  

Administrative expense ratio

    8.1%       8.5%       7.9%       7.4%       8.2%       8.4%       8.4%       8.1%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio

    85.6%       95.7%       85.7%       87.7%       86.8%       90.4%       86.4%       86.6%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY P&C combined ratio ex Cats

               

CAY loss and loss expense ratio ex Cats

    55.6%       54.4%       55.7%       58.9%       57.1%       55.1%       56.6%       57.0%  

CAY policy acquisition cost and administrative expense ratio ex Cats

    26.7%       27.9%       26.5%       24.5%       26.1%       27.2%       26.8%       26.1%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

    82.3%       82.3%       82.2%       83.4%       83.2%       82.3%       83.4%       83.1%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other ratios

               

Net premiums written/gross premiums written

    80%       82%       83%       81%       79%       81%       81%       81%  

Expense ratio

    26.6%       27.9%       26.3%       24.6%       26.2%       27.3%       27.0%       26.2%  

Expense ratio excluding A&H

    25.1%       26.4%       24.7%       23.1%       24.5%       25.7%       25.3%       24.6%  

Catastrophe reinstatement premiums (expensed) collected - pre-tax

   $ (5    $ (37    $ 10      $ 4      $ -      $ (42    $ -      $ 14  

Catastrophe losses - pre-tax

   $ 625      $ 1,604      $ 617      $ 769      $ 580      $ 2,229      $ 1,015      $ 2,401  

Unfavorable (favorable) prior period development (PPD) - pre-tax

   $ (249    $ (255    $ (213    $ (244    $ (192    $ (504    $ (399    $ (856

Impact of catastrophe losses on P&C combined ratio - Unfavorable

    5.5%       15.9%       5.5%       6.4%       5.4%       10.5%       4.9%       5.5%  

Impact of PPD on P&C combined ratio - Favorable

    -2.2%       -2.5%       -2.0%       -2.1%       -1.8%       -2.4%       -1.9%       -2.0%  

Impact of Cats and PPD on P&C combined ratio - Unfavorable

    3.3%       13.4%       3.5%       4.3%       3.6%       8.1%       3.0%       3.5%  

 

P&C Results    Page 3


Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

Global P&C      2Q-25         1Q-25         4Q-24         3Q-24         2Q-24      YTD
   2025   
  YTD
   2024   
  Full Year
   2024   

Global P&C underwriting income

               

Gross premiums written

   $  14,300       $  12,893      $  12,192       $  12,992       $  13,734       $  27,193       $  26,030       $  51,214   

Net premiums written

    11,661        10,650       10,180        10,898        11,022        22,311        21,361        42,439   

Net premiums earned

    10,738        10,139       10,502        10,424        10,098        20,877        19,942        40,868   

Adjusted losses and loss expenses

    6,071        6,777       6,070        6,159        5,869        12,848        11,516        23,745   

Policy benefits

    129        113       96        120        92        242        192        408   

Policy acquisition costs

    2,048        1,986       1,991        1,945        1,881        4,034        3,773        7,709   

Administrative expenses

    924        876       897        879        873        1,800        1,734        3,510   
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global P&C underwriting income

   $ 1,566       $ 387      $ 1,448       $ 1,321       $ 1,383       $ 1,953       $ 2,727       $ 5,496   
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Global P&C CAY underwriting income ex Cats

   $ 1,946       $ 1,791      $ 1,917       $ 1,819       $ 1,738       $ 3,737       $ 3,335       $ 7,071   

% Change versus prior year period

               

Net premiums written

    5.8%       3.0%       6.7%       7.6%       11.2%       4.4%       12.2%       9.6%  

Net premiums earned

    6.3%       3.0%       9.1%       7.5%       10.9%       4.7%       11.9%       10.0%  

Net premiums written constant $

    6.4%       4.8%       6.7%       8.5%       11.5%       5.7%       12.2%       9.9%  

Net premiums earned constant $

    7.0%       4.7%       9.1%       8.5%       11.2%       5.8%       12.0%       10.3%  

Combined ratio

               

Loss and loss expense ratio

    57.7%       68.0%       58.7%       60.2%       59.0%       62.7%       58.7%       59.1%  

Policy acquisition cost ratio

    19.1%       19.6%       19.0%       18.7%       18.6%       19.3%       18.9%       18.9%  

Administrative expense ratio

    8.6%       8.6%       8.5%       8.4%       8.7%       8.6%       8.7%       8.6%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio

    85.4%       96.2%       86.2%       87.3%       86.3%       90.6%       86.3%       86.6%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

               

CAY loss and loss expense ratio ex Cats

    54.3%       54.2%       54.1%       55.7%       55.5%       54.3%       55.7%       55.3%  

CAY policy acquisition cost and administrative expense ratio ex Cats

    27.6%       28.2%       27.6%       26.9%       27.3%       27.8%       27.6%       27.4%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

    81.9%       82.4%       81.7%       82.6%       82.8%       82.1%       83.3%       82.7%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other ratios

               

Net premiums written/gross premiums written

    82%       83%       84%       84%       80%       82%       82%       83%  

Expense ratio

    27.7%       28.2%       27.5%       27.1%       27.3%       27.9%       27.6%       27.5%  

Expense ratio excluding A&H

    26.1%       26.7%       25.9%       25.6%       25.7%       26.4%       26.0%       25.8%  

Catastrophe reinstatement premiums (expensed) collected - pre-tax

   $ (5    $ (37 )      $ 10      $ 4      $ -      $ (42    $ -      $ 14  

Catastrophe losses - pre-tax

   $ 624      $ 1,589      $ 622      $ 740      $ 547      $ 2,213      $ 979      $ 2,341  

Unfavorable (favorable) prior period development (PPD) - pre-tax

   $ (249    $ (222    $ (143    $ (238    $ (192    $ (471    $ (371    $ (752

Impact of catastrophe losses on combined ratio - Unfavorable

    5.8%       16.0%       5.8%       7.0%       5.4%       10.7%       4.9%       5.7%  

Impact of PPD on combined ratio - Favorable

    -2.3%       -2.2%       -1.3%       -2.3%       -1.9%       -2.2%       -1.9%       -1.8%  

Impact of Cats and PPD on combined ratio -Unfavorable

    3.5%       13.8%       4.5%       4.7%       3.5%       8.5%       3.0%       3.9%  

 

Global P&C    Page 4


Chubb Limited

Summary Consolidated Balance Sheets

(in millions of U.S. dollars, except per share data)

(Unaudited)

 

     June 30
2025
  March 31
2025
    December 31
2024
 

Assets

      

Short-term investments, at fair value

    $ 4,508      $ 4,432      $ 5,142  

Fixed maturities available for sale, at fair value

     116,119       111,123       110,363  

Private debt held-for-investment, at amortized cost

     2,429       2,460       2,628  

Equity securities, at fair value

     9,913       9,556       9,151  

Private equities

     16,313       15,506       14,769  

Other investments

     9,032       9,224       8,597  
  

 

 

 

 

 

 

   

 

 

 

Total investments

         158,314           152,301           150,650  

Cash and restricted cash

     2,371       2,250       2,549  

Securities lending collateral

     1,941       1,909       1,445  

Insurance and reinsurance balances receivable

     16,778       15,358       14,426  

Reinsurance recoverable on losses and loss expenses

     19,595       20,015       19,777  

Deferred policy acquisition costs

     9,437       8,775       8,358  

Value of business acquired (VOBA)

     3,245       3,134       3,223  

Prepaid reinsurance premiums

     4,294       3,681       3,378  

Goodwill and other intangible assets ($25,908 and $25,219 represents Chubb portion as of 6/30/2025 and 12/31/2024, respectively)

     26,575       26,079       25,956  

Deferred tax assets

     1,621       1,798       1,603  

Separate account assets

     6,481       6,285       6,231  

Other assets

     10,911       10,167       8,952  
  

 

 

 

 

 

 

   

 

 

 

Total assets

    $ 261,563      $ 251,752      $ 246,548  
  

 

 

 

 

 

 

   

 

 

 

Liabilities

      

Unpaid losses and loss expenses

    $ 86,376      $ 85,471      $ 84,004  

Unearned premiums

     26,519       24,487       23,504  

Future policy benefits

     18,018       16,690       16,121  

Market risk benefits

     609       708       607  

Policyholder account balances

     8,344       8,129       8,016  

Separate account liabilities

     6,481       6,285       6,231  

Insurance and reinsurance balances payable

     9,232       8,446       8,121  

Securities lending payable

     1,941       1,909       1,445  

Accounts payable, accrued expenses, and other liabilities

     12,509       12,337       12,923  

Deferred tax liabilities

     1,691       1,608       1,584  

Short-term and long-term debt

     14,976       14,508       15,179  

Hybrid debt

     420       419       419  
  

 

 

 

 

 

 

   

 

 

 

Total liabilities

     187,116       180,997       178,154  

Shareholders’ equity

      

Chubb shareholders’ equity, excl. AOCI

     75,453       73,361       72,665  

Accumulated other comprehensive income (loss) (AOCI)

     (6,058     (7,635     (8,644
  

 

 

 

 

 

 

   

 

 

 

Chubb shareholders’ equity

     69,395       65,726       64,021  

Noncontrolling interests

     5,052       5,029       4,373  
  

 

 

 

 

 

 

   

 

 

 

Total shareholders’ equity

     74,447       70,755       68,394  
  

 

 

 

 

 

 

   

 

 

 

Total liabilities and shareholders’ equity

    $ 261,563      $ 251,752      $ 246,548  
  

 

 

 

 

 

 

   

 

 

 

Book value per common share

    $ 174.07      $ 164.01      $ 159.77  

% change over prior quarter

     6.1%       2.7%       -2.1%  

Tangible book value per common share (1)

    $ 112.64      $ 104.27      $ 100.38  

% change over prior quarter

     8.0%       3.9%       -2.2%  

Book value per common share, excl. AOCI

    $ 189.27      $ 183.06      $ 181.34  

% change over prior quarter

     3.4%       0.9%       2.9%  

Tangible book value per common share, excl. AOCI

    $ 125.80      $ 120.44      $ 118.57  

% change over prior quarter

     4.5%       1.6%       4.3%  

(1) Refer to page 26 in this financial supplement for more details.

 

Consol Bal Sheet   Page 5


Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)

 

                   Constant $      YTD   YTD          Constant $   
    2Q-25   2Q-24    % Change       % Change      2025   2024    % Change       % Change   
Net premiums written                

Property and other short-tail lines

   $ 2,766      $ 2,715       1.9%       2.2%      $ 5,255      $ 5,075       3.5%       4.6%  

Commercial casualty

    2,389       2,155       10.9%       11.0%       4,641       4,365       6.3%       6.9%  

Financial lines

    1,278       1,237       3.3%       3.5%       2,357       2,345       0.5%       1.3%  

Workers’ compensation

    547       559       -2.1%       -2.1%       1,185       1,188       -0.3%       -0.3%  

Commercial multiple peril (1)

    481       428       12.1%       12.1%       897       796       12.6%       12.6%  

Surety

    225       200       12.4%       17.2%       425       384       10.7%       15.6%  
 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

   

Total Commercial P&C lines

    7,686       7,294       5.4%       5.7%       14,760       14,153       4.3%       5.1%  

Agriculture

    733       758       -3.3%       -3.3%       1,009       1,007       0.2%       0.2%  

Personal homeowners

    1,466       1,355       8.1%       8.5%       2,555       2,420       5.5%       6.1%  

Personal automobile

    756       614       23.3%       30.8%       1,412       1,256       12.5%       20.3%  

Personal other

    567       520       9.1%       8.9%       1,167       1,085       7.6%       8.7%  
 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

   

Total Personal lines

    2,789       2,489       12.1%       13.8%       5,134       4,761       7.8%       10.3%  

Global A&H - P&C

    806       828       -2.6%       -2.2%       1,629       1,677       -2.8%       -1.1%  

Reinsurance lines

    380       411       -7.6%       -7.8%       788       770       2.4%       2.3%  
 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

   
Total P&C    $   12,394      $   11,780       5.2%       5.8%      $   23,320      $   22,368       4.3%       5.4%  
 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

   
Life Insurance     1,802       1,580       14.1%       17.3%       3,522       3,213       9.6%       13.8%  
 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

   
Total Consolidated    $ 14,196      $ 13,360       6.3%       7.1%      $ 26,842     $ 25,581       4.9%       6.4%  
 

 

 

 

 

 

 

 

     

 

 

 

 

 

 

 

   

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

 

Product Line    Page 6


Chubb Limited

Consolidated Results

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

 

 

         Three months ended June 30, 2025  
   

North

America

Commercial P&C

    

North

America

Personal P&C

    

North

America

Agricultural

    

Overseas

General

     Global             Total      Life      Total  
Q2 2025           Insurance          Insurance          Insurance          Insurance      Reinsurance       Corporate             P&C        Insurance      Consolidated  

Net premiums written

      $ 5,723         $ 1,938         $ 733         $ 3,620         $ 380         $ -         $ 12,394         $ 1,802         $ 14,196    

% of total net premiums written

       39%         14%         5%         26%         3%         -          87%         13%         100%   

Net premiums earned

       5,177          1,681          598          3,542          338          -          11,336          1,789          13,125    

Adjusted losses and loss expenses

       3,258          822          483          1,789          132          70          6,554          20          6,574    

Adjusted policy benefits

       -          -          -          129          -          -          129          1,249          1,378    

Policy acquisition costs

       705          332          48          913          98          -          2,096          319          2,415    

Administrative expenses

       357          82          2          369          10          106          926          199          1,125    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Underwriting income (loss)

       857          445          65          342          98          (176)         1,631          2          1,633    

Adjusted net investment income

       938          118          19          278          85          (25)         1,413          274          1,687    

Other income (expense) - operating

       (8)         -          -          (5)         -          (12)         (25)         37          12    

Amortization expense of purchased intangibles

       (2)         (2)         (6)         (19)         -          (37)         (66)         (8)         (74)   
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Segment income (loss)

      $ 1,785         $ 561         $ 78         $ 596         $ 183         $ (250)        $  2,953         $   305         $  3,258    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Combined ratio

       83.5%         73.5%         89.1%         90.3%         71.0%            85.6%         

CAY combined ratio ex Cats

       81.1%         72.2%         88.8%         85.4%         73.5%            82.3%         

 

         Three months ended June 30, 2024  
   

North

America

Commercial P&C

    

North

America
Personal P&C

    

North

America
Agricultural

    

Overseas

General

     Global             Total      Life      Total  
Q2 2024           Insurance          Insurance          Insurance          Insurance      Reinsurance       Corporate             P&C        Insurance      Consolidated  

Net premiums written

      $ 5,501         $ 1,776         $ 758         $ 3,334         $ 411         $ -         $ 11,780         $ 1,580         $ 13,360    

% of total net premiums written

       41%         13%         6%         25%         3%         -          88%         12%         100%   

Net premiums earned

       4,900          1,512          626          3,347          339          -          10,724          1,568          12,292    

Adjusted losses and loss expenses

       3,074          876          543          1,671          155          93          6,412          22          6,434    

Adjusted policy benefits

       -          -          -          92          -          -          92          1,031          1,123    

Policy acquisition costs

       660          299          45          842          80          -          1,926          300          2,226    

Administrative expenses

       327          88          3          348          11          99          876          218          1,094    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Underwriting income (loss)

       839          249          35          394          93          (192)         1,418          (3)         1,415    

Adjusted net investment income

       863          108          21          283          58          (28)         1,305          258          1,563    

Other income (expense) - operating

       (15)         2          -          (4)         -          (14)         (31)         32          1    

Amortization expense of purchased intangibles

       -          (2)         (7)         (20)         -          (40)         (69)         (11)         (80)   
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Segment income (loss)

      $ 1,687         $ 357         $ 49         $ 653         $ 151         $ (274)         $ 2,623         $ 276         $ 2,899    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Combined ratio

       82.9%         83.5%         94.4%         88.2%         72.7%            86.8%         

CAY combined ratio ex Cats

       80.7%         78.6%         89.1%         85.3%         77.4%            83.2%         

 

Consol Results - QTD    Page 7


Chubb Limited

Consolidated Results

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

 

         Six months ended June 30, 2025  
   

North

America

Commercial P&C

    

North

America

Personal P&C

    

North

America

Agricultural

     Overseas
General
     Global             Total      Life      Total  
YTD 2025           Insurance          Insurance          Insurance          Insurance      Reinsurance       Corporate             P&C        Insurance      Consolidated  

Net premiums written

      $ 10,510         $ 3,490         $ 1,009        $ 7,523         $ 788         $ -         $ 23,320         $ 3,522         $ 26,842    

% of total net premiums written

       39%         13%         4%         28%         3%         -          87%         13%         100%   

Net premiums earned

       10,165          3,255          763          6,751          706          -          21,640          3,485          25,125    

Adjusted losses and loss expenses

       6,289          2,915          575          3,186          374          84          13,423          46          13,469    

Adjusted policy benefits

       -          -          -          242          -          -          242          2,412          2,654    

Policy acquisition costs

       1,424          662          65          1,750          198          -          4,099          629          4,728    

Administrative expenses

       701          169          4          699          20          211          1,804          401          2,205    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Underwriting income (loss)

       1,751          (491)         119          874          114          (295)         2,072          (3)         2,069    

Adjusted net investment income

       1,867          238          43          559          155          (50)         2,812          545          3,357    

Other income (expense) - operating

       (16)         (1)         (1)         (11)         -          (20)         (49)         72          23    

Amortization expense of purchased intangibles

       (3)         (4)         (12)         (38)         -          (74)         (131)         (18)         (149)   
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Segment income (loss)

      $ 3,599         $ (258)        $ 149        $ 1,384         $ 269         $ (439)        $ 4,704         $ 596         $ 5,300    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Combined ratio

       82.8%         115.1%         84.4%         87.0%         83.8%            90.4%         

CAY combined ratio ex Cats

       81.2%         73.6%         86.7%         85.5%         73.9%            82.3%         
         Six months ended June 30, 2024  
   

North

America

Commercial P&C

    

North

America

Personal P&C

    

North

America

Agricultural

     Overseas
General
     Global             Total      Life      Total  
YTD 2024           Insurance          Insurance          Insurance          Insurance      Reinsurance       Corporate             P&C        Insurance      Consolidated  

Net premiums written

      $ 10,190         $ 3,232         $ 1,007         $ 7,169         $ 770         $ -         $ 22,368         $ 3,213         $ 25,581    

% of total net premiums written

       39%         13%         4%         28%         3%         -          87%         13%         100%   

Net premiums earned

       9,780          2,983          754          6,545          634          -          20,696          3,179          23,875    

Adjusted losses and loss expenses

       6,249          1,775          592          3,097          292          103          12,108          54          12,162    

Adjusted policy benefits

       -          -          -          192          -          -          192          2,101          2,293    

Policy acquisition costs

       1,348          599          66          1,665          161                    3,839          594          4,433    

Administrative expenses

       655          174          5          679          20          206          1,739          425          2,164    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Underwriting income (loss)

       1,528          435          91          912          161          (309)         2,818          5          2,823    

Adjusted net investment income

       1,689          210          42          550          115          (49)         2,557          488          3,045    

Other income (expense) - operating

       (22)         1          -          (9)                   (47)         (77)         72          (5)   

Amortization expense of purchased intangibles

       -          (4)         (13)         (40)         -          (82)         (139)         (21)         (160)   
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Segment income (loss)

      $ 3,195         $ 642         $ 120         $ 1,413         $ 276         $ (487)        $ 5,159         $ 544         $ 5,703    
    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Combined ratio

       84.4%         85.4%         87.9%         86.1%         74.6%            86.4%         

CAY combined ratio ex Cats

       81.4%         79.0%         87.5%         85.6%         77.0%            83.4%         

 

Consol Results - YTD    Page 8


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

North America Commercial P&C Insurance

 

                         YTD     YTD     Full Year 
     2Q-25     1Q-25     4Q-24     3Q-24     2Q-24     2025     2024     2024 
                                 

Gross premiums written

   $ 7,038      $ 5,696      $ 5,873      $ 6,511      $ 6,915      $ 12,734      $ 12,346      $ 24,730  

Net premiums written

    5,723       4,787       4,899       5,500       5,501       10,510       10,190       20,589  

Net premiums earned

    5,177       4,988       5,118       5,110       4,900       10,165       9,780       20,008  

Losses and loss expenses

    3,258       3,031       3,097       3,391       3,074       6,289       6,249       12,737  

Policy acquisition costs

    705       719       681       689       660       1,424       1,348       2,718  

Administrative expenses

    357       344       344       338       327       701       655       1,337  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income

    857       894       996       692       839       1,751       1,528       3,216  

Adjusted net investment income

    938       929       936       931       863       1,867       1,689       3,556  

Other income (expense) - operating

    (8     (8     (4     (6     (15     (16     (22     (32

Amortization expense of purchased intangibles

    (2     (1     (1     (2     -       (3     -       (3
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income

   $   1,785      $   1,814      $   1,927      $   1,615      $   1,687      $   3,599      $   3,195      $   6,737  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY underwriting income ex Cats

   $ 980      $ 934      $ 1,074      $ 993      $ 947      $ 1,914      $ 1,824      $ 3,891  

Combined ratio

               

Loss and loss expense ratio

    62.9%       60.8%       60.5%       66.4%       62.7%       61.9%       63.9%       63.7%  

Policy acquisition cost ratio

    13.7%       14.4%       13.3%       13.5%       13.5%       14.0%       13.8%       13.6%  

Administrative expense ratio

    6.9%       6.9%       6.8%       6.6%       6.7%       6.9%       6.7%       6.6%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio

    83.5%       82.1%       80.6%       86.5%       82.9%       82.8%       84.4%       83.9%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

               

CAY loss and loss expense ratio ex Cats

    60.6%       59.9%       58.6%       61.0%       60.6%       60.3%       61.0%       60.4%  

CAY policy acquisition cost and administrative expense ratio ex Cats

    20.5%       21.4%       20.4%       19.8%       20.1%       20.9%       20.4%       20.2%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

    81.1%       81.3%       79.0%       80.8%       80.7%       81.2%       81.4%       80.6%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe losses - pre-tax

   $ 229      $ 154      $ 275      $ 340      $ 252      $ 383      $ 488      $ 1,103  

Unfavorable (favorable) prior period development (PPD) - pre-tax

   $ (106    $ (114    $ (197    $ (39    $ (144    $ (220    $ (192    $ (428

% Change versus prior year period

               

Net premiums written

    4.1%       2.1%       5.1%       7.2%       6.7%       3.1%       7.9%       7.0%  

Net premiums earned

    5.7%       2.2%       8.8%       7.9%       6.4%       3.9%       9.0%       8.6%  

Other ratios

               

Net premiums written/gross premiums written

    81%       84%       83%       84%       80%       83%       83%       83%  

Production by Size - Net premiums written (1)

               

Major Accounts & Specialty

   $ 3,578      $ 2,731      $ 2,915      $ 3,296      $ 3,524      $ 6,309      $ 6,303      $ 12,514  

Commercial

    2,145       2,056       1,984       2,204       1,977       4,201       3,887       8,075  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

   $ 5,723      $ 4,787      $ 4,899      $ 5,500      $ 5,501      $ 10,510      $ 10,190      $ 20,589  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Major Accounts & Specialty: large corporate accounts and wholesale business. Commercial: principally middle market and small commercial accounts.

 

NA Commercial    Page 9


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

North America Personal P&C Insurance

 

                                   YTD     YTD      Full Year   
      2Q-25       1Q-25       4Q-24       3Q-24       2Q-24      2025     2024      2024   

Gross premiums written

    $    2,208      $    1,840      $    1,874      $    1,949      $    2,029      $    4,048      $    3,708      $    7,531  

Net premiums written

     1,938       1,552       1,621       1,679       1,776       3,490       3,232       6,532  

Net premiums earned

     1,681       1,574       1,628       1,577       1,512       3,255       2,983       6,188  

Losses and loss expenses

     822       2,093       930       879       876       2,915       1,775       3,584  

Policy acquisition costs

     332       330       325       315       299       662       599       1,239  

Administrative expenses

     82       87       89       88       88       169       174       351  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Underwriting income (loss)

     445       (936     284       295       249       (491     435       1,014  

Net investment income

     118       120       111       112       108       238       210       433  

Other income (expense) - operating

     -       (1     (1     (1     2       (1     1       (1

Amortization expense of purchased intangibles

     (2     (2     (2     (3     (2     (4     (4     (9
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment income (loss)

    $ 561      $ (819    $ 392      $ 403      $ 357      $ (258    $ 642      $ 1,437  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAY underwriting income ex Cats

    $ 466      $ 406      $ 368      $ 336      $ 323      $ 872      $ 627      $ 1,331  

Combined ratio

                

Loss and loss expense ratio

     48.9%       133.0%       57.1%       55.8%       57.9%       89.5%       59.5%       57.9%  

Policy acquisition cost ratio

     19.7%       21.0%       20.0%       20.0%       19.8%       20.4%       20.1%       20.0%  

Administrative expense ratio

     4.9%       5.5%       5.5%       5.5%       5.8%       5.2%       5.8%       5.7%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined ratio

     73.5%       159.5%       82.6%       81.3%       83.5%       115.1%       85.4%       83.6%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAY combined ratio ex Cats

                

CAY loss and loss expense ratio ex Cats

     47.6%       49.3%       51.9%       53.1%       53.0%       48.4%       53.1%       52.8%  

CAY policy acquisition cost and administrative expense ratio ex Cats

     24.6%       25.7%       25.5%       25.6%       25.6%       25.2%       25.9%       25.7%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAY combined ratio ex Cats

     72.2%       75.0%       77.4%       78.7%       78.6%       73.6%       79.0%       78.5%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Catastrophe reinstatement premiums (expensed) collected - pre-tax

    $ -      $ (50    $ -      $ -      $ -      $ (50    $ -      $ -  

Catastrophe losses - pre-tax

    $ 142      $ 1,292      $ 84      $ 230      $ 138      $ 1,434      $ 308      $ 622  

Unfavorable (favorable) prior period development (PPD) - pre-tax

    $ (121    $ -      $ -      $ (189    $ (64    $ (121    $ (116    $ (305

% Change versus prior year period

                

Net premiums written

     9.1%       6.6%       10.0%       10.0%       12.3%       8.0%       12.3%       11.1%  

Net premiums earned

     11.1%       7.0%       12.1%       12.0%       11.5%       9.1%       11.5%       11.8%  

Other ratios

                

Net premiums written/gross premiums written

     88%       84%       87%       86%       87%       86%       87%       87%  

 

NA Personal   Page 10


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

North America Agricultural Insurance

 

                                   YTD     YTD      Full Year   
      2Q-25       1Q-25       4Q-24       3Q-24       2Q-24      2025     2024     2024  

Gross premiums written

    $    1,110      $    434      $    504      $    2,151      $    1,111      $    1,544      $    1,539      $    4,194  

Net premiums written

     733       276       317       1,379       758       1,009       1,007       2,703  

Net premiums earned

     598       165       532       1,419       626       763       754       2,705  

Adjusted losses and loss expenses

     483       92       385       1,193       543       575       592       2,170  

Policy acquisition costs

     48       17       37       88       45       65       66       191  

Administrative expenses

     2       2       (17     2       3       4       5       (10
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Underwriting income

     65       54       127       136       35       119       91       354  

Net investment income

     19       24       22       20       21       43       42       84  

Other income (expense) - operating

     -       (1     -       (1     -       (1     -       (1

Amortization expense of purchased intangibles

     (6     (6     (7     (5     (7     (12     (13     (25
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment income

    $ 78      $ 71      $ 142      $ 150      $ 49      $ 149      $ 120      $ 412  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAY underwriting income ex Cats

    $ 66      $ 36      $ 52      $ 159      $ 68      $ 102      $ 99      $ 310  

Combined ratio

                

Loss and loss expense ratio

     80.8%       55.9%       72.2%       84.1%       86.8%       75.4%       78.6%       80.2%  

Policy acquisition cost ratio

     7.9%       10.4%       7.1%       6.1%       7.1%       8.5%       8.7%       7.1%  

Administrative expense ratio

     0.4%       1.2%       -3.2%       0.2%       0.5%       0.5%       0.6%       -0.4%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Combined ratio

     89.1%       67.5%       76.1%       90.4%       94.4%       84.4%       87.9%       86.9%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAY combined ratio ex Cats

                

CAY loss and loss expense ratio ex Cats

     80.5%       65.8%       86.8%       82.5%       81.5%       77.3%       79.0%       82.4%  

CAY policy acquisition cost and administrative expense ratio ex Cats

     8.3%       13.1%       3.7%       6.4%       7.6%       9.4%       8.5%       6.4%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

CAY combined ratio ex Cats

     88.8%       78.9%       90.5%       88.9%       89.1%       86.7%       87.5%       88.8%  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Unfavorable (favorable) Catastrophe losses - pre-tax

    $ 1      $ 15      $ (5    $ 29      $ 33      $ 16      $ 36      $ 60  

Unfavorable (favorable) prior period development (PPD) - pre-tax

    $ -      $ (33    $ (70    $ (6    $ -      $ (33    $ (28    $ (104

% Change versus prior year period

                

Net premiums written

     -3.3%       11.0%       -47.8%       -9.3%       -1.2%       0.2%       -5.0%       -15.2%  

Net premiums earned

     -4.3%       28.6%       -36.2%       -7.9%       -1.5%       1.2%       -5.1%       -14.6%  

Other ratios

                

Net premiums written/gross premiums written

     66%       64%       63%       64%       68%       65%       65%       64%  

 

NA Agriculture    Page 11


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

Overseas General Insurance

 

             2Q-25       1Q-25       4Q-24       3Q-24       2Q-24      YTD
2025
    YTD
2024
     Full Year 
2024
       

Gross premiums written

       $ 4,588      $ 4,904      $ 4,199      $ 4,150      $ 4,262      $ 9,492      $ 9,037      $ 17,386    

Net premiums written

        3,620       3,903       3,436       3,367       3,334       7,523       7,169       13,972    

Net premiums earned

        3,542       3,209       3,434       3,421       3,347       6,751       6,545       13,400    

Losses and loss expenses

        1,789       1,397       1,686       1,631       1,671       3,186       3,097       6,414    

Policy benefits

        129       113       96       120       92       242       192       408    

Policy acquisition costs

            913           837           893           852           842           1,750           1,665           3,410    

Administrative expenses

        369       330       332       340       348       699       679       1,351    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

Underwriting income

        342       532       427       478       394       874       912       1,817    

Adjusted net investment income

        278       281       300       286       283       559       550       1,136    

Other income (expense) - operating

        (5     (6     -       (5     (4     (11     (9     (14  

Amortization expense of purchased intangibles

        (19     (19     (20     (21     (20     (38     (40     (81  
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

Segment income

       $ 596      $ 788      $ 707      $ 738      $ 653      $ 1,384      $ 1,413      $ 2,858    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

CAY underwriting income ex Cats

       $ 517      $ 466      $ 520      $ 521      $ 490      $ 983      $ 945      $ 1,986    

Combined ratio

                     

Loss and loss expense ratio

        54.2%       47.0%       51.9%       51.2%       52.7%       50.8%       50.3%       50.9%    

Policy acquisition cost ratio

        25.7%       26.1%       26.0%       24.9%       25.1%       25.9%       25.4%       25.4%    

Administrative expense ratio

        10.4%       10.3%       9.7%       9.9%       10.4%       10.3%       10.4%       10.1%    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

Combined ratio

        90.3%       83.4%       87.6%       86.0%       88.2%       87.0%       86.1%       86.4%    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

CAY combined ratio ex Cats

                     

CAY loss and loss expense ratio ex Cats

        49.3%       49.1%       49.2%       49.9%       49.8%       49.2%       49.7%       49.7%    

CAY policy acquisition cost and administrative expense ratio ex Cats

        36.1%       36.4%       35.7%       34.9%       35.5%       36.3%       35.9%       35.5%    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

CAY combined ratio ex Cats

        85.4%       85.5%       84.9%       84.8%       85.3%       85.5%       85.6%       85.2%    
     

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

Catastrophe reinstatement premiums (expensed) collected - pre-tax

       $ (5    $ -      $ -      $ -      $ -      $ (5    $ -      $ -    

Catastrophe losses - pre-tax

       $ 247      $ 55      $ 173      $ 103      $ 157      $ 302      $ 183      $ 459    

Unfavorable (favorable) prior period development (PPD) - pre-tax

       $ (77    $ (121    $ (80    $ (60    $ (61    $ (198    $ (150    $ (290  

% Change versus prior year period

                     

Net premiums written

        8.5%       1.8%       6.8%       4.9%       15.6%       4.9%       16.6%       11.1%    

Net premiums written - Commercial

        6.0%       3.6%       8.2%       5.1%       13.3%       4.7%       12.7%       9.7%    

Net premiums written - Consumer

        12.2%       -1.1%       4.7%       4.5%       19.1%       5.2%       23.1%       13.3%    

Net premiums earned

        5.8%       0.3%       6.4%       3.3%       15.1%       3.1%       14.9%       9.6%    

Net premiums written constant $

        10.2%       6.5%       6.8%       7.5%       16.6%       8.2%       16.6%       11.8%    

Net premiums written - Commercial

        6.8%       7.3%       7.4%       6.7%       13.9%       7.1%       12.5%       9.8%    

Net premiums written - Consumer

        15.3%       5.0%       6.0%       8.5%       20.7%       10.1%       23.5%       15.0%    

Net premiums earned constant $

        7.4%       5.0%       6.4%       5.9%       16.2%       6.3%       15.3%       10.4%    

Other ratios: Net premiums written/gross
premiums written

        79%       80%       82%       81%       78%       79%       79%       80%    
Production by Region - Net premiums written           2Q-25     2Q-24     % Change     Constant $
% Change
    YTD
2025
    YTD
2024
    % Change     Constant $
% Change
       

Europe, Middle East and Africa

       $ 1,548      $ 1,409       9.9%        8.2%      $ 3,463      $ 3,278       5.6%       6.7%    

Latin America

        743       697       6.6%       17.3%       1,479       1,474       0.3%       11.4%    

Asia

        1,316       1,177       11.8%       12.7%       2,514       2,338       7.5%       9.5%    

Other (1)

        13       51       -76.0%       -76.1%       67       79       -16.1%       -15.5%    
     

 

 

   

 

 

       

 

 

   

 

 

       

Total

       $ 3,620      $ 3,334       8.5%       10.2%      $ 7,523      $ 7,169       4.9%       8.2%    
     

 

 

   

 

 

       

 

 

   

 

 

       

(1) Includes the international supplemental A&H business of Combined Insurance and other international operations.

 

Overseas General Insurance    Page 12


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

 

Global Reinsurance

 

      2Q-25     1Q-25      4Q-24     3Q-24     2Q-24     YTD 
2025
   YTD 
2024
   Full Year 
2024

Gross premiums written

    $ 466      $ 453       $ 246      $ 382      $ 528      $ 919      $ 939      $ 1,567  

Net premiums written

     380       408        224       352       411       788       770       1,346  

Net premiums earned

     338       368        322       316       339       706       634       1,272  

Losses and loss expenses

         132           242            219           200           155           374           292           711  

Policy acquisition costs

     98       100        92       89       80       198       161       342  

Administrative expenses

     10       10        10       9       11       20       20       39  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting income

     98       16        1       18       93       114       161       180  

Adjusted net investment income

     85       70        74       64       58       155       115       253  

Other income (expense) - operating

     -       -        -       -       -       -       -       -  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment income

    $ 183      $ 86       $ 75      $ 82      $ 151      $ 269      $ 276      $ 433  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY underwriting income ex Cats

    $ 89      $ 91       $ 76      $ 76      $ 77      $ 180      $ 146      $ 298  

Combined ratio

                 

Loss and loss expense ratio

     39.0%       65.8%        68.1%       63.3%       45.7%       53.0%       46.0%       55.9%  

Policy acquisition cost ratio

     29.1%       27.1%        28.7%       28.0%       23.8%       28.0%       25.5%       26.9%  

Administrative expense ratio

     2.9%       2.7%        3.1%       3.1%       3.2%       2.8%       3.1%       3.1%  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Combined ratio

     71.0%       95.6%        99.9%       94.4%       72.7%       83.8%       74.6%       85.9%  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

                 

CAY loss and loss expense ratio ex Cats

     41.5%       43.2%        43.7%       44.4%       50.4%       42.4%       48.3%       46.2%  

CAY policy acquisition cost and administrative expense ratio ex Cats

     32.0%       31.1%        32.1%       31.4%       27.0%       31.5%       28.7%       30.2%  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY combined ratio ex Cats

     73.5%       74.3%        75.8%       75.8%       77.4%       73.9%       77.0%       76.4%  
  

 

 

 

 

 

 

 

  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe reinstatement premiums (expensed) collected - pre-tax

    $ -      $ 13       $ 10      $ 4      $ -      $ 13      $ -      $ 14  

Catastrophe losses - pre-tax

    $ 6      $ 88       $ 90      $ 67      $ -      $ 94      $ -      $ 157  

Unfavorable (favorable) prior period development (PPD) - pre-tax

    $ (15    $ -       $ (5    $ (5    $ (16    $ (15    $ (15    $ (25

% Change versus prior year period

                 

Net premiums written as reported (1)

     -7.6%       13.7%        19.9%       34.8%       40.3%       2.4%       35.1%       32.2%  

Net premiums earned as reported

     -0.3%       24.8%        32.6%       32.3%       43.4%       11.4%       31.9%       32.2%  

Net premiums written constant $

     -7.8%       14.0%        19.6%       34.8%       40.5%       2.3%       35.2%       32.2%  

Net premiums earned constant $

     -0.6%       25.3%        32.5%       32.9%       43.6%       11.4%       32.0%       32.4%  

Other ratios

                 

Net premiums written/gross premiums written

     82%       90%        91%       92%       78%       86%       82%       86%  

(1) Q2 2025 net premiums written growth was adversely impacted by a $37 million large one-off structured transaction in the prior year. Excluding the large structured transaction in the prior year, net premiums written growth was 1.5%.

 

Global Reinsurance    Page 13


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

 

 

Life Insurance

 

      2Q-25       1Q-25       4Q-24       3Q-24       2Q-24       YTD 
2025
     YTD 
2024
     Full Year 
2024
 

Gross premiums written

    $ 1,866      $ 1,778      $ 1,630      $ 1,618      $ 1,646      $ 3,644      $ 3,347      $ 6,595  

Net premiums written

     1,802       1,720       1,561       1,552       1,580       3,522       3,213       6,326  

Net premiums earned

     1,789       1,696       1,564       1,530       1,568       3,485       3,179       6,273  

Losses and loss expenses

     20       26       26       32       22       46       54       112  

Adjusted policy benefits

     1,249       1,163       1,011       989       1,031       2,412       2,101       4,101  

Policy acquisition costs

     319       310       317       291       300       629       594       1,202  

Administrative expenses

         199           202           242           213           218           401           425           880  

Adjusted net investment income

     274       271       265       250       258       545       488       1,003  

Other income (expense) - operating (1)

     37       35       48       39       32       72       72       159  

Amortization expense of purchased intangibles

     (8     (10     (11     (10     (11     (18     (21     (42
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Segment income

    $ 305      $ 291      $ 270      $ 284      $ 276      $ 596      $ 544      $ 1,098  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

% Change versus prior year period

                

Net premiums written

     14.1%       5.3%       7.6%       6.8%       24.5%       9.6%       25.4%       15.7%  

Net premiums earned

     14.2%       5.3%       9.0%       6.1%       24.7%       9.6%       26.1%       16.2%  

Net premiums written constant $

     17.3%       10.3%       8.5%       10.6%       27.6%       13.8%       28.7%       18.5%  

Net premiums earned constant $

     17.5%       10.2%       9.9%       9.9%       27.7%       13.8%       29.4%       19.0%  

 

International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses):

 

 

      2Q-25       2Q-24       % Change      Constant $
 % Change 
     YTD 
2025
     YTD 
2024
     % Change      Constant $
 % Change 
 

International life insurance net premiums written

    $ 1,499      $ 1,315       14.0%       17.8%      $ 2,920      $ 2,689       8.6%       13.4%  

International life insurance deposits (2)

     518       547       -5.4%       -4.5%       1,273       1,147       10.9%       13.3%  
  

 

 

   

 

 

       

 

 

   

 

 

     

Total international life insurance net premiums written and deposits

    $ 2,017      $ 1,862       8.3%       11.1%      $ 4,193      $ 3,836       9.3%       13.4%  
  

 

 

   

 

 

       

 

 

   

 

 

     
                
  

 

 

   

 

 

       

 

 

   

 

 

     

International life insurance segment income

    $ 239      $ 232       3.2%       8.5%      $ 469      $ 457       2.6%       9.0%  
  

 

 

   

 

 

       

 

 

   

 

 

     

(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by Huatai’s asset management businesses.

(2) Includes deposits collected on universal life and investment contracts. Consistent with U.S. GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.

 

Life Insurance    Page 14


Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

 

 

Corporate

 

       2Q-25       1Q-25       4Q-24       3Q-24       2Q-24      YTD 
2025
   YTD 
2024
   Full Year 
2024

Adjusted loss and loss expenses

   $ 70     $ 14     $ 138     $ 58     $ 93     $ 84     $ 103     $ 299  

Administrative expenses

     106       105       122       104       99       211       206       432  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Underwriting loss

     (176     (119     (260     (162     (192     (295     (309     (731

Adjusted net investment income

     (25     (25     (17     (23     (28     (50     (49     (89

Other income (expense) - operating

     (12     (8     11       (10     (14     (20     (47     (46

Adjusted interest expense

     (186     (186     (194     (197     (188     (372     (371     (762

Amortization expense of purchased intangibles

     (37     (37     (41     (40     (40     (74     (82     (163

Integration expenses

     (2         -       (18     (7     (7     (2     (14     (39

Amortization of fair value adjustment of acquired invested assets and long-term debt

     1       3       3           -       2       4       2       5  

Adjusted net realized gains (losses)

     662       (103     24       391       29       559       30       445  

Market risk benefits gains (losses)

     (17     (92     98       (230     (29     (109     (8     (140

Income tax expense

     (717     (321     (479     (504     (490     (1,038     (832     (1,815

Less: NCI income (loss)

     31       12       65       166       (14     43       137       368  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

    $ (540    $ (900    $ (938    $ (948    $ (943    $ (1,440    $ (1,817    $ (3,703
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unfavorable (favorable) prior period development (PPD) - pre-tax

    $ 70      $ 13      $ 139      $ 55      $ 93      $ 83      $ 102      $ 296  

 

Corporate    Page 15


Chubb Limited

Loss Reserve Rollforward

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

 

     Unpaid Losses            Net Paid to  
     Gross     Ceded     Net            Incurred Ratio  
  

 

 

      

 

 

 
Balance at December 31, 2023     $      80,122      $       17,884      $       62,238        

Losses and loss expenses incurred

     6,603       876       5,727        

Losses and loss expenses paid

     (6,423     (1,601     (4,822)          84%  

Other (incl. foreign exch. revaluation)

     39       4       35               
  

 

 

      
Balance at March 31, 2024     $ 80,341      $ 17,163      $ 63,178        

Losses and loss expenses incurred

     7,819       1,388       6,431        

Losses and loss expenses paid

     (5,657     (1,069     (4,588)          71%  

Other (incl. foreign exch. revaluation)

     (312     (73     (239)       
  

 

 

      
Balance at June 30, 2024     $ 82,191      $ 17,409      $ 64,782        

Losses and loss expenses incurred

     9,737       2,354       7,383        

Losses and loss expenses paid

     (7,838     (2,169     (5,669)          77%  

Other (incl. foreign exch. revaluation)

     236       37       199        
  

 

 

      
Balance at September 30, 2024     $ 84,326      $ 17,631      $ 66,695        

Losses and loss expenses incurred

     8,375       1,894       6,481        

Losses and loss expenses paid

     (8,052     (1,628     (6,424)          99%  

Other (incl. foreign exch. revaluation)

     (645     (163     (482)       
  

 

 

      
Balance at December 31, 2024     $ 84,004      $ 17,734      $ 66,270        

Losses and loss expenses incurred

     8,654       1,758       6,896        

Losses and loss expenses paid

     (7,466     (1,462     (6,004)          87%  

Other (incl. foreign exch. revaluation)

     279       51       228        
  

 

 

      
Balance at March 31, 2025     $ 85,471      $ 18,081      $ 67,390        

Losses and loss expenses incurred

     7,661       1,089       6,572        

Losses and loss expenses paid

     (7,620     (1,682     (5,938)          90%  

Other (incl. foreign exch. revaluation)

     864       203       661        
  

 

 

      
Balance at June 30, 2025     $ 86,376      $ 17,691      $ 68,685        

Add net recoverable on paid losses

     -       1,904       (1,904)       
  

 

 

      
Balance including net recoverable on paid losses     $ 86,376      $ 19,595      $ 66,781        
  

 

 

      

 

Loss Reserve Rollforward    Page 16


Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division

 

     June 30   March 31   December 31
     2025   2025   2024
Reinsurance recoverable on paid losses and loss expenses       

Active operations

    $ 1,493      $ 1,533      $ 1,629  

Brandywine and Other Run-off

     473       467       482  
  

 

 

 

 

 

 

 

 

 

 

 

Total

    $ 1,966      $ 2,000      $ 2,111  
  

 

 

 

 

 

 

 

 

 

 

 

Reinsurance recoverable on unpaid losses and loss expenses       

Active operations

    $ 16,839      $ 17,180      $ 16,810  

Brandywine and Other Run-off

     1,113       1,155       1,166  
  

 

 

 

 

 

 

 

 

 

 

 

Total

    $ 17,952      $ 18,335      $ 17,976  
  

 

 

 

 

 

 

 

 

 

 

 

Gross reinsurance recoverable       

Active operations

    $ 18,332      $  18,713      $  18,439  

Brandywine and Other Run-off

     1,586       1,622       1,648  
  

 

 

 

 

 

 

 

 

 

 

 

Total

    $ 19,918      $ 20,335      $ 20,087  
  

 

 

 

 

 

 

 

 

 

 

 

Provision for uncollectible reinsurance (1)       

Active operations

    $ (233    $ (228    $ (228

Brandywine and Other Run-off

     (90     (92     (82
  

 

 

 

 

 

 

 

 

 

 

 

Total

    $ (323    $ (320    $ (310
  

 

 

 

 

 

 

 

 

 

 

 

Net reinsurance recoverable       

Active operations

    $  18,099      $ 18,485      $ 18,211  

Brandywine and Other Run-off

     1,496       1,530       1,566  
  

 

 

 

 

 

 

 

 

 

 

 

Total

    $ 19,595      $ 20,015      $ 19,777  
  

 

 

 

 

 

 

 

 

 

 

 

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $4.1 billion.

 

Reinsurance Recoverable    Page 17


Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)

 

    June 30   March 31   December 31
    2025   2025   2024

Market Value

           

Fixed maturities available for sale

   $ 116,119        $ 111,123        $ 110,363    

Other investments-fixed maturities

    6,441         6,799         6,265    

Short-term investments

    4,508         4,432         5,142    
 

 

 

 

   

 

 

 

   

 

 

 

 

Total fixed maturities

   $ 127,068        $ 122,354        $ 121,770    
 

 

 

 

   

 

 

 

   

 

 

 

 

Asset Allocation by Market Value

           

U.S. and local government securities

   $ 4,033       3%      $ 4,025       3%      $ 4,070       3%  

Corporate and asset-backed securities

    45,126       36%       43,280       36%       43,207       36%  

Mortgage-backed securities

    28,497       22%       27,516       22%       27,248       22%  

Non-U.S.

    44,904       35%       43,101       35%       42,103       35%  

Short-term investments

    4,508       4%       4,432       4%       5,142       4%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed maturities

   $ 127,068         100%      $ 122,354         100%      $ 121,770         100%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Credit Quality by Market Value

           

AAA

   $ 13,450       11%      $ 12,902       11%      $ 13,933       11%  

AA

    38,363       30%       37,662       30%       37,640       30%  

A

    31,633       25%       30,137       25%       28,882       24%  

BBB

    22,452       18%       21,798       18%       21,610       18%  

BB

    11,644       9%       10,705       9%       10,789       9%  

B

    9,114       7%       8,669       7%       8,279       7%  

Other

    412       0%       481       0%       637       1%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total fixed maturities

   $ 127,068       100%      $ 122,354       100%      $ 121,770       100%  
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost/Amortized Cost, net

           

Fixed maturities available for sale

   $ 118,876        $ 114,867        $ 115,013    

Other investments-fixed maturities

    6,441         6,799         6,265    

Short-term investments

    4,508         4,434         5,143    
 

 

 

 

   

 

 

 

   

 

 

 

 

Subtotal fixed maturities (1)

    129,825         126,100         126,421    

Equity securities

    9,913         9,556         9,151    

Private debt held-for-investment (1)

    2,429         2,460         2,628    

Private equities and other

    18,904         17,931         17,101    
 

 

 

 

   

 

 

 

   

 

 

 

 

Total investment portfolio

   $ 161,071        $ 156,047        $ 155,301    
 

 

 

 

   

 

 

 

   

 

 

 

 

Avg. duration of fixed maturities (2)

    4.8 years         4.8 years         4.8 years    

Avg. market yield of fixed income investments (3)

    5.3%         5.5%         5.6%    

Avg. credit quality

    A/A         A/A         A/A    

Avg. book yield of fixed income investments (3)

    5.1%         5.0%         5.0%    

(1) Net of valuation allowance for expected credit losses.

(2) Excludes Huatai.

(3) Includes fixed maturities and other debt investments and excludes Huatai.

 

Investments    Page 18


Chubb Limited

Investment Portfolio - 2

(in millions of U.S. dollars)

(Unaudited)

Mortgage-backed Fixed Income Portfolio

Mortgage-backed securities

 

 

     S&P Credit Rating  
     AAA      AA      A      BBB      BB and below      Total  
    

 

 

Market Value at June 30, 2025

                 

Agency residential mortgage-backed securities (RMBS)

    $ 4       $     24,702       $ -       $ -       $ -       $ 24,706  

Non-agency RMBS

         2,103        188        184        76        2        2,553  

Commercial mortgage-backed securities

     998        123        101        14        2        1,238  
  

 

 

 

Total mortgage-backed securities at market value

    $ 3,105       $ 25,013       $     285       $     90       $     4       $     28,497  
  

 

 

 

U.S. Corporate and Asset-backed Fixed Income Portfolios

                 
Market Value at June 30, 2025           S&P Credit Rating  
            Investment Grade  
            AAA      AA      A      BBB      Total  
           

 

 

Asset-backed

       $ 3,963       $ 648       $ 318       $ 241       $ 5,170  

Banks

        -        1        2,643        2,091        4,735  

Basic Materials

        -        -        87        257        344  

Communications

        -        250        492        1,321        2,063  

Consumer, Cyclical

        8        157        626        918        1,709  

Consumer, Non-Cyclical

        37        465        2,591        1,689        4,782  

Diversified Financial Services

        1        128        505        190        824  

Energy

        -        99        394        1,329        1,822  

Industrial

        -        9        746        1,290        2,045  

Utilities

        239        9        1,253        1,167        2,668  

All Others

        116        369        1,219        1,962        3,666  
     

 

 

 

Total

       $     4,364       $     2,135       $     10,874       $     12,455       $     29,828  
     

 

 

 
Market Value at June 30, 2025                  S&P Credit Rating  
                   Below Investment Grade  
                   BB      B      CCC      Total  
                  

 

 

Asset-backed

          $ 18       $ 103       $ 1       $ 122  

Banks

           -        -        -        -  

Basic Materials

           537        238        -        775  

Communications

           683        844        53        1,580  

Consumer, Cyclical

           1,428        991        41        2,460  

Consumer, Non-Cyclical

           1,706        1,322        49        3,077  

Diversified Financial Services

           444        261        -        705  

Energy

           740        577        1        1,318  

Industrial

           1,176        849        13        2,038  

Utilities

           346        190        -        536  

All Others

           888        1,725        74        2,687  
        

 

 

 

Total

          $ 7,966       $ 7,100       $ 232       $ 15,298  
        

 

 

 

 

Investments 2    Page 19


Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

June 30, 2025

 

Non-U.S. Government Securities    Market Value by S&P Credit Rating  
     AAA      AA      A      BBB      BB and below      Total  
    

 

 

People’s Republic of China

    $ -       $ 206       $ 1,905       $ -       $ -       $ 2,111  

Republic of Korea

     -        2,010        -        -        -        2,010  

Kingdom of Thailand

     -        -        1,005        -        -        1,005  

Canada

     936        -        -        -        -        936  

United Mexican States

     -        -        -        765        -        765  

Taiwan

     -        760        -        -        -        760  

Federative Republic of Brazil

     -        -        -        -        603        603  

Province of Ontario

     -        564        -        -        -        564  

Commonwealth of Australia

     552        -        -        -        -        552  

Province of Hunan China

     -        -        481        -        -        481  

Other Non-U.S. Government Securities

     658        2,181        2,863        939        1,424        8,065  
  

 

 

 
Total     $     2,146       $     5,721       $     6,254       $     1,704       $     2,027       $     17,852  
  

 

 

 
Non-U.S. Corporate Securities    Market Value by S&P Credit Rating  
     AAA      AA      A      BBB      BB and below      Total  
    

 

 

China

    $ -       $ -       $ 6,399       $ 377       $ 15       $ 6,791  

United Kingdom

     14        29        922        1,181        416        2,562  

Canada

     186        58        989        821        491        2,545  

United States (1)

     8        104        380        501        675        1,668  

France

     6        28        860        549        200        1,643  

South Korea

     -        509        456        621        8        1,594  

Australia

     59        298        412        396        31        1,196  

Japan

     -        -        577        190        18        785  

Germany

     77        99        112        322        67        677  

Chile

     -        -        168        373        -        541  

Other Non-U.S. Corporate Securities

     460        559        1,836        2,653        1,542        7,050  
  

 

 

 
Total     $ 810       $ 1,684       $ 13,111       $ 7,984       $ 3,463       $ 27,052  
  

 

 

 

(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

 

Investments 3   Page 20


Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures

 

     June 30, 2025          Market Value      Rating
    

 

        

 

1

  

Bank of America Corp

      $       809      A-

2

  

Morgan Stanley

       763      A-

3

  

JP Morgan Chase & Co

       713      A

4

  

Goldman Sachs Group Inc

       562       BBB+ 

5

  

Wells Fargo & Co

               555      BBB+

6

  

Citigroup Inc

       512      BBB+

7

  

AT&T Inc

       411      BBB

8

  

Verizon Communications Inc

       406      BBB+

9

  

UBS Group AG

       404      A-

10

  

HSBC Holdings PLC

       360      A-

 

Investments 4   Page 21


Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

 

     Three months ended June 30, 2025
     Realized Gains (Losses)   Unrealized Gains (Losses)   Realized and Unrealized Gains (Losses)
     Gains   Tax   Gains   Gains   Tax   Gains   Gains   Tax   Gains
     (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)
     Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax
  

 

 

 

 

 

 

 

 

 

 

 

Fixed income investments (1)

    $ 97      $ (21    $ 76      $ 982      $ (50    $ 932      $ 1,079      $ (71    $ 1,008  

Public equity:

                  

Realized gains (losses) on sales

     27       (9     18       -       -       -       27       (9     18  

Mark-to-market

     92       (10     82       -       -       -       92       (10     82  

Private equity: Mark-to-market

     513       (78     435       -       -       -       513       (78     435  
  

 

 

 

 

 

 

 

 

 

 

 

Total investment portfolio

     729       (118     611       982       (50     932       1,711       (168     1,543  

Foreign exchange

     (89     23       (66     763       3       766       674       26       700  

Partially-owned entities (2)

     (1     -       (1     -       -       -       (1     -       (1

Current discount rate on future policy benefits

     -       -       -       (110     9       (101     (110     9       (101

Instrument-specific credit risk - market risk benefits

     -       -       -       1       -       1       1       -       1  

Other

     (6     1       (5     (26     5       (21     (32     6       (26
  

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses)

    $ 633      $ (94    $ 539      $ 1,610      $ (33    $ 1,577      $ 2,243      $ (127    $ 2,116  
  

 

 

 

 

 

 

 

 

 

 

 

(1) The quarter includes pre-tax realized gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.

(2) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

 

 

     Three months ended June 30, 2024
     Realized Gains (Losses)   Unrealized Gains (Losses)   Realized and Unrealized Gains (Losses)
     Gains   Tax   Gains   Gains   Tax   Gains   Gains   Tax   Gains
     (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)
     Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax
  

 

 

 

 

 

 

 

 

 

 

 

Fixed income investments (3)

    $ (77    $ 22      $ (55    $ (483    $ 7      $ (476    $ (560    $ 29      $ (531

Public equity:

                  

Realized gains (losses) on sales

     13       (1     12       -       -       -       13       (1     12  

Mark-to-market

     23       3       26       -       -       -       23       3       26  

Private equity: Mark-to-market

     55       1       56       -       -       -       55       1       56  
  

 

 

 

 

 

 

 

 

 

 

 

Total investment portfolio

     14       25       39       (483     7       (476     (469     32       (437

Foreign exchange

     27       (6     21       (497     19       (478     (470     13       (457

Partially-owned entities (4)

     4       -       4       -       -       -       4       -       4  

Current discount rate on future policy benefits

     -       -       -       57       (2     55       57       (2     55  

Instrument-specific credit risk - market risk benefits

     -       -       -       5       (1     4       5       (1     4  

Other

     3       -       3       (29     6       (23     (26     6       (20
  

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses)

    $ 48      $ 19      $ 67      $ (947    $ 29      $ (918    $ (899    $ 48      $ (851
  

 

 

 

 

 

 

 

 

 

 

 

(3) The quarter includes pre-tax realized losses on investment derivatives of $17 million, a net increase of the valuation allowance of expected credit losses of $8 million on fixed maturities, and impairments of $28 million for fixed maturities.

(4) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

 

Net Gains (Losses)   Page 22


Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

 

     Six months ended June 30, 2025
     Realized Gains (Losses)   Unrealized Gains (Losses)   Realized and Unrealized Gains (Losses)
     Gains   Tax   Gains   Gains   Tax   Gains   Gains   Tax   Gains
     (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)
     Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax
  

 

 

 

 

 

 

 

 

 

 

 

Fixed income investments (1)

    $ 14      $ (2    $ 12      $ 1,891      $ (111    $ 1,780      $ 1,905      $ (113    $ 1,792  

Public equity:

                  

Realized gains (losses) on sales

     17       (6     11       -       -       -       17       (6     11  

Mark-to-market

     160       (20     140       -       -       -       160       (20     140  

Private equity: Mark-to-market

     502       (77     425       -       -       -       502       (77     425  
  

 

 

 

 

 

 

 

 

 

 

 

Total investment portfolio

     693       (105     588       1,891       (111     1,780       2,584       (216     2,368  

Foreign exchange

     (154     50       (104     1,115       (9     1,106       961       41       1,002  

Partially-owned entities (2)

     1       -       1       -       -       -       1       -       1  

Current discount rate on future policy benefits

     -       -       -       (228     21       (207     (228     21       (207

Instrument-specific credit risk - market risk benefits

     -       -       -       5       (1     4       5       (1     4  

Other

     (11     2       (9     (121     24       (97     (132     26       (106
  

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses)

    $ 529      $ (53    $ 476      $ 2,662      $ (76    $ 2,586      $ 3,191      $ (129    $ 3,062  
  

 

 

 

 

 

 

 

 

 

 

 

(1) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.

(2) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

 

 

     Six months ended June 30, 2024
     Realized Gains (Losses)   Unrealized Gains (Losses)   Realized and Unrealized Gains (Losses)
     Gains   Tax   Gains   Gains   Tax   Gains   Gains   Tax   Gains
     (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)   (Losses)   (Expense)   (Losses)
     Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax   Pre-Tax   Benefit   After-Tax
  

 

 

 

 

 

 

 

 

 

 

 

Fixed income investments (3)

    $ (239    $ 39      $ (200    $ (1,173    $ 49      $ (1,124    $ (1,412    $ 88      $ (1,324

Public equity:

                  

Realized gains (losses) on sales

     12       (1     11       -       -       -       12       (1     11  

Mark-to-market

     59       6       65       -       -       -       59       6       65  

Private equity: Mark-to-market

     182       7       189       -       -       -       182       7       189  
  

 

 

 

 

 

 

 

 

 

 

 

Total investment portfolio

     14       51       65       (1,173     49       (1,124     (1,159     100       (1,059

Foreign exchange

     (104     25       (79     (409     12       (397     (513     37       (476

Partially-owned entities (4)

     1       -       1       -       -       -       1       -       1  

Current discount rate on future policy benefits

     -       -       -       37       (22     15       37       (22     15  

Instrument-specific credit risk - market risk benefits

     -       -       -       10       (1     9       10       (1     9  

Other

     (7     (2     (9     2       -       2       (5     (2     (7
  

 

 

 

 

 

 

 

 

 

 

 

Net gains (losses)

    $ (96    $ 74      $ (22    $ (1,533    $ 38      $ (1,495    $ (1,629    $ 112      $ (1,517
  

 

 

 

 

 

 

 

 

 

 

 

(3) Year to date includes pre-tax realized losses on investment derivatives of $60 million, a net decrease of the valuation allowance of expected credit losses of $33 million on fixed maturities, and impairments of $62 million for fixed maturities.

(4) Partially-owned entities are investments where we hold more than an insignificant percentage of the investee’s shares. Refer to the Non-GAAP financial measures section for additional details.

 

Net Gains (Losses) 2   Page 23


Chubb Limited

Debt and Capital

(in millions of U.S. dollars, except ratios)

(Unaudited)

 

       June 30          March 31         December 31        December 31   
     2025      2025      2024      2023  
  

 

 

    

 

 

    

 

 

 
Financial debt:            

Total short-term debt (1)

    $ 1,499       $ -       $ 800       $ 1,460  

Total long-term debt (1) (2)

     13,477        14,508        14,379        13,035  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total financial debt

    $ 14,976       $ 14,508       $ 15,179       $ 14,495  
Hybrid debt:            

Total trust preferred securities

    $ 309       $ 309       $ 309       $ 308  

Total subordinated debt (3)

     111        110        110        -  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total hybrid debt

    $ 420       $ 419       $ 419       $ 308  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

    $ 15,396       $ 14,927       $ 15,598       $ 14,803  
  

 

 

    

 

 

    

 

 

    

 

 

 
Capitalization:            

Chubb shareholders’ equity

    $ 69,395       $ 65,726       $ 64,021       $ 59,507  

Hybrid debt

     420        419        419        308  

Financial debt

     14,976        14,508        15,179        14,495  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total capitalization

    $ 84,791       $ 80,653       $ 79,619       $ 74,310  
  

 

 

    

 

 

    

 

 

    

 

 

 
Leverage ratios (based on total capital) (2):            

Hybrid debt

     0.5%        0.5%        0.5%        0.4%  

Financial debt

     17.7%        18.0%        19.1%        19.5%  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total hybrid & financial debt

     18.2%        18.5%        19.6%        19.9%  

Note: As of June 30, 2025, there was $0.9 billion usage of credit facilities on total capacity of $4.1 billion.

(1) During Q2 2025, the $1.5 billion 3.35% senior notes due to mature in May 2026 were reclassified to short-term debt.

(2) In April 2025, the company entered into a 1.8 billion Chinese Yuan Renminbi term loan (approximately $249 million). The loan’s interest rate is 2.85% and matures in 2028.

(3) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share (excluding non-controlling interest).

 

Debt and Capital   Page 24


Chubb Limited

Computation of Basic and Diluted Earnings Per Share

(in millions of U.S. dollars, except share and per share data)

(Unaudited)

 

     Three months ended June 30   Six months ended June 30
     2025   2024   2025   2024
  

 

 

 

 

 

 

 

Numerator

        

Core operating income

    $ 2,480      $ 2,196      $ 3,969      $ 4,357  

Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax

     3       2       6       3  

 Tax (expense) benefit on amortization adjustment

     (3     4       (2     (1

Integration expenses, pre-tax

     (2     (7     (2     (14

 Tax (expense) benefit on integration expenses

     -       (3     -       3  

Adjusted net realized gains (losses), pre-tax

     633       48       529       (96

 Tax (expense) benefit on adjusted net realized gains (losses)

     (94     19       (53     74  

Market risk benefits gains (losses), pre-tax

     (17     (29     (109     (8

 Tax (expense) benefit on market risk benefits gains (losses)

     2       -       16       -  

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     (34     -       (55     55  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chubb net income

    $ 2,968      $ 2,230      $ 4,299      $ 4,373  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Rollforward of Common Shares Outstanding

        

Shares - beginning of period

     400,748,485       406,033,066       400,703,663       405,269,637  

Repurchase of shares

     (2,339,727     (2,254,236     (3,685,509     (3,474,357

Shares issued (canceled), excluding option exercises

     (49,568     (38,489     615,344       690,475  

Issued for option exercises

     301,598       333,154       1,027,290       1,587,740  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares - end of period

        398,660,788          404,073,495          398,660,788          404,073,495  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

        

Weighted average shares outstanding (1)

     399,886,323       404,615,765       400,281,946       405,139,228  

Effect of other dilutive securities

     3,960,707       3,990,902       4,012,933       4,138,555  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adj. wtd. avg. shares outstanding and assumed conversions

     403,847,030       408,606,667       404,294,879       409,277,783  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

        

Core operating income

    $ 6.20      $ 5.43      $ 9.92      $ 10.76  

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax

     -       0.01       0.01       -  

Integration expenses, net of tax

     -       (0.02     -       (0.03

Adjusted net realized gains (losses), net of tax

     1.34       0.16       1.18       (0.05

Market risk benefits gains (losses), net of tax

     (0.04     (0.07     (0.23     (0.02

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     (0.08     -       (0.14     0.13  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chubb net income

    $ 7.42      $ 5.51      $ 10.74      $ 10.79  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

        

Core operating income

    $ 6.14      $ 5.38      $ 9.82      $ 10.65  

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax

     -       0.01       0.01       -  

Integration expenses, net of tax

     -       (0.02     -       (0.03

Adjusted net realized gains (losses), net of tax

     1.33       0.16       1.17       (0.05

Market risk benefits gains (losses), net of tax

     (0.04     (0.07     (0.23     (0.02

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     (0.08     -       (0.14     0.13  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chubb net income

    $ 7.35      $ 5.46      $ 10.63      $ 10.68  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).

 

Earnings per share   Page 25


Chubb Limited

Book Value and Book Value per Common Share

(in millions of U.S. dollars, except share and per share data)

(Unaudited)

Reconciliation of Book Value per Common Share

 

     June 30   March 31   December 31   June 30
     2025   2025   2024   2024

Chubb shareholders’ equity

    $ 69,395      $ 65,726      $ 64,021      $ 61,038  

Less: Chubb goodwill and other intangible assets, net of tax

     24,490       23,940       23,800       24,246  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Numerator for tangible book value per share

    $ 44,905      $ 41,786      $ 40,221      $ 36,792  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value - % change over prior quarter

     5.6%       2.7%       -2.6%       0.8%  

Tangible book value - % change over prior quarter

     7.5%       3.9%       -2.8%       1.2%  

Denominator: shares outstanding

     398,660,788       400,748,485       400,703,663       404,073,495  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Book value per common share

    $ 174.07      $ 164.01      $ 159.77      $ 151.05  

Tangible book value per common share

    $ 112.64      $ 104.27      $ 100.38      $ 91.05  
Reconciliation of Book Value         

Chubb shareholders’ equity, beginning of quarter

    $ 65,726      $ 64,021      $ 65,757      $ 60,535  

Core operating income

     2,480       1,489       2,451       2,196  

Amortization of fair value adjustment of acquired invested assets and long-term debt

     -       4       -       6  

Integration expenses

     (2     -       (15     (10

Adjusted net realized gains (losses) (1)

     539       (63     41       67  

Market risk benefits gains (losses)

     (15     (78     98       (29

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     (34     (21     -       -  

Net unrealized gains (losses) on investments

     932       848       (2,510     (476

Repurchase of shares

     (676     (385     (725     (570

Dividend declared on common shares

     (388     (366     (367     (369

Cumulative translation gains (losses)

     766       340       (1,073     (478

Postretirement benefit liability

     (3     (4     142       1  

Current discount rate on future policy benefits

     (101     (106     (12     55  

Instrument-specific credit risk - market risk benefits

     1       3       4       4  

Other (2)

     170       44       230       106  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Chubb shareholders’ equity, end of quarter

    $ 69,395      $ 65,726      $ 64,021      $ 61,038  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Includes net realized gains (losses) related to unconsolidated entities.

(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.

 

Reconciliation Book Value   Page 26


Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

P&C CAY underwriting income excluding catastrophe losses (Cats) is P&C underwriting income (loss) adjusted to exclude P&C Cats and prior period development (PPD). We believe it is useful to exclude Cats, as they are not predictable as to timing and amount, and PPD, as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business.

Adjusted losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses.

Adjusted policy benefits include gains and losses from fair value changes in separate account liabilities, as well as the offsetting movement in separate account assets that do not qualify for separate account reporting under U.S. GAAP, for purposes of reporting Life Insurance underwriting income. We view gains and losses from fair value changes in both non-qualified separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified from Other (income) expense to adjusted policy benefits. In addition, adjusted policy benefits includes the impact of realized gains and losses on underlying investments supporting the liabilities of certain participating policies for the portion that are shared with policyholders. These realized gains and losses on underlying investments have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this presentation better reflects the economics of the liabilities and the underlying investments supporting those liabilities.

Adjusted net investment income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions, and including investment income from partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity method. The mark-to-market movement on these private equity partnerships are included in adjusted net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying performance of our invested assets and portfolio management in support of our lines of business.

Adjusted net realized gains (losses), net of tax, includes net realized gains (losses) and net realized gains (losses) recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating policies related to the policyholders’ share of gains and losses.

Adjusted interest expense is interest expense excluding the amortization of the fair value adjustment on acquired long-term debt, related to the Chubb Corp acquisition due to the size and complexity of this acquisition.

Other income (expense) - operating excludes from consolidated Other income (expense) the portion of net realized gains and losses related to unconsolidated entities, other income (expense) from private equity partnerships, and gains and losses from fair value changes in separate account assets that do not qualify for separate account reporting under U.S. GAAP. Net realized gains (losses) related to unconsolidated entities is excluded from core operating income (loss) in order to enhance the understanding of our results of underwriting operations as they are heavily influenced by, and fluctuate in part according to, market conditions. Other income (expense) from private equity partnerships and net realized gains and losses related to unconsolidated entities are recorded to Other income (expense) in our income statement on a U.S. GAAP basis.

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 30-33.

CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, PPD and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from PPD and net premiums earned when calculating the ratios. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of the trends in our P&C business that may be obscured by these items. This measure is commonly reported among our peer companies and allows for a better comparison.

Expense ratio excluding accident and health (A&H) excludes the impact of our A&H business from our expense ratio. The expense ratio for the A&H business is typically higher than our traditional P&C business, and we believe that this measure provides better comparison to our peer companies that may not have a significant A&H block of business.

Global P&C performance metrics comprise consolidated operating results (including corporate) and exclude the operating results of Chubb’s Life Insurance and North America Agricultural Insurance segments. The agriculture insurance business is a different business in that it is a public sector and private sector partnership in which insurance rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb’s P&C insurance business. We believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb’s global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance and Life Insurance segments because the results of these businesses do not always correlate with the results of our global P&C operations.

Core operating income relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, which include legal and professional fees and all other costs directly related to acquisition integration activities. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses are not indicative of our underlying profitability, and excluding these integration expenses facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent years’ amortization of the related deferred tax asset, which we believe provides investors with a better view of our operating performance, enhances the understanding of the trends in the underlying business, improves comparability between periods and provides increased transparency compared to the prior presentation of the non-recurring tax benefit. References to core operating income measures mean net of tax, whether or not noted.

Chubb core operating effective tax rate is income tax expense (benefit) excluding tax expense (benefit) on adjusted net realized gains (losses), tax expense (benefit) on amortization of fair value of acquired invested assets and debt, tax expense (benefit) on integration expenses, tax expense (benefit) on market risk benefits gains (losses), the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset, all attributable to Chubb, divided by Chubb income before tax excluding adjusted net realized gains (losses) before tax, market risk benefit gains (losses) before tax, amortization of fair value of acquired invested assets and debt before tax, and integration expenses before tax, all attributable to Chubb, before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt, integration expenses, the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in 2023 and subsequent years’ amortization of the related deferred tax asset. Due to fluctuations in our income before taxes during the year, on a quarterly basis these exclusions may not annualize to the full year forecasted expense or (benefit), if applicable. Refer to the definition of core operating income (loss), net of tax above for more information on these adjustments.

Tangible book value per common share is Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less meaningful. Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI), excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying growth in book and tangible book value.

International life insurance net premiums written and deposits collected includes deposits collected on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life insurance business because new life deposits are an important component of production and key to our efforts to grow our business.

Adjusted operating cash flow is Operating cash flow excluding the operating cash flow related to the net investing activities of Huatai’s asset management companies as it relates to the Consolidated Investment Products as required under consolidation accounting. Because these entities are investment companies, we are required to retain the investment company presentation in our consolidated results, which means, we include the net investing activities of these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of consolidated investment companies from our operating cash flow as they may distort a reader’s analysis of our underlying operating cash flow related to the core insurance company operations. These net investing activities are more appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly, we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.

 

Reconciliation Non-GAAP   Page 27


Chubb Limited

Non-GAAP Financial Measures - 2

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb Core operating effective tax rate

 

The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:                 YTD   YTD   Full Year
       2Q-25       1Q-25       4Q-24       3Q-24       2Q-24       2025       2024       2024  

Tax expense, as reported

    $ 713      $ 318      $ 475      $ 500      $ 489      $ 1,031      $ 829      $ 1,804  

Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt

     3       (1     2       2       (4     2       1       5  

Less: tax expense (benefit) on integration expenses

     -       -       (3     (1     3       -       (3     (7

Less: tax expense (benefit) on adjusted net realized gains (losses)

     94       (41     (71     (1     (19     53       (74     (146

Less: tax expense (benefit) on market risk benefits gains (losses)

     (2     (14     -       -       -       (16     -       -  

Less: amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     34       21       -       -       -       55       (55     (55
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tax expense, adjusted

    $ 584      $ 353      $ 547      $ 500      $ 509      $ 937      $ 960      $ 2,007  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before tax, as reported

    $ 3,681      $ 1,649      $ 3,050      $ 2,824      $ 2,719      $ 5,330      $ 5,202      $ 11,076  

Less: amortization of fair value of acquired invested assets and debt

     3       3       2       2       2       6       3       7  

Less: integration expenses

     (2     -       (18     (7     (7     (2     (14     (39

Less: adjusted realized gains (losses)

     93       (84     (246     32       39       9       (199     (413

Less: realized gains (losses) related to unconsolidated entities

     540       (20     216       193       9       520       103       512  

Less: market risk benefits gains (losses)

     (17     (92     98       (230     (29     (109     (8     (140
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core operating income before tax

    $ 3,064      $ 1,842      $ 2,998      $ 2,834      $ 2,705      $ 4,906      $ 5,317      $ 11,149  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Effective tax rate

     19.4%       19.3%       15.6%       17.7%       18.0%       19.4%       15.9%       16.3%  

Adjustment for tax impact of amortization of fair value of acquired invested assets and debt

     -0.1%       0.1%       -0.1%       -0.1%       0.2%       0.0%       0.0%       0.0%  

Adjustment for tax impact of integration expenses

     0.0%       0.0%       0.0%       0.0%       -0.2%       0.0%       0.0%       0.0%  

Adjustment for tax impact of adjusted net realized gains (losses)

     0.9%       1.0%       2.1%       1.7%       1.0%       0.9%       1.1%       1.4%  

Adjustment for tax impact of market risk benefits gains (losses)

     0.0%       -0.2%       0.6%       -1.6%       -0.2%       -0.1%       0.0%       -0.2%  

Adjustment for amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     -1.1%       -1.1%       0.0%       0.0%       0.0%       -1.1%       1.0%       0.5%  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core operating effective tax rate

     19.1%       19.1%       18.2%       17.7%       18.8%       19.1%       18.0%       18.0%  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core operating income

              
The following table presents the reconciliation of Chubb net income to Core operating income:                     YTD   YTD   Full Year
     2Q-25   1Q-25   4Q-24   3Q-24   2Q-24   2025   2024   2024

Net income, as reported

    $ 2,968      $ 1,331      $ 2,575      $ 2,324      $ 2,230      $ 4,299      $ 4,373      $ 9,272  

Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax

     3       3       2       2       2       6       3       7  

Tax (expense) benefit on amortization adjustment

     (3     1       (2     (2     4       (2     (1     (5

Integration expenses, pre-tax

     (2     -       (18     (7     (7     (2     (14     (39

Tax (expense) benefit on integration expenses

     -       -       3       1       (3     -       3       7  

Adjusted realized gains (losses), pre-tax

     93       (84     (246     32       39       9       (199     (413

Net realized gains (losses) related to unconsolidated entities, pre-tax (1)

     540       (20     216       193       9       520       103       512  

Tax (expense) benefit on adjusted net realized gains (losses)

     (94     41       71       1       19       (53     74       146  

Market risk benefits gains (losses), pre-tax

     (17     (92     98       (230     (29     (109     (8     (140

Tax (expense) benefit on market risk benefits gains (losses)

     2       14       -       -       -       16       -       -  

Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law

     (34     (21     -       -       -       (55     55       55  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Core operating income

    $ 2,480      $ 1,489      $ 2,451      $ 2,334      $ 2,196      $ 3,969      $ 4,357      $ 9,142  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe losses - after-tax

    $ 510      $ 1,300      $ 515      $ 629      $ 482      $ 1,810      $ 829      $ 1,973  

Unfavorable (favorable) prior period development (PPD) - after-tax

    $ (196    $ (204    $ (196    $ (181    $ (167    $ (400    $ (335    $ (712

P&C Underwriting income and P&C CAY underwriting income ex Cats

              
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex
Cats:
                YTD   YTD   Full Year
     2Q-25   1Q-25   4Q-24   3Q-24   2Q-24   2025   2024   2024

Net income, as reported

    $ 2,999      $ 1,343      $ 2,640      $ 2,490      $ 2,216      $ 4,342      $ 4,510      $ 9,640  

Less: Income tax expense

     (717     (321     (479     (504     (490     (1,038     (832     (1,815

Amortization expense of purchased intangibles

     (74     (75     (82     (81     (80     (149     (160     (323

Other income (expense)

     655       83       397       325       110       738       301       1,023  

Interest expense

     (181     (181     (189     (192     (182     (362     (360     (741

Net investment income

     1,568       1,561       1,563       1,508       1,468       3,129       2,859       5,930  

Net realized gains (losses)

     160       (116     (84     198       104       44       3       117  

Market risk benefits gains (losses)

     (17     (92     98       (230     (29     (109     (8     (140

Integration expenses

     (2     -       (18     (7     (7     (2     (14     (39

Life Insurance underlying income (loss) (2)

     (26     44       (141     15       (99     18       (101     (227

Add: Realized gains (losses) on crop derivatives

     (2     1       -       (1     (3     (1     (4     (5
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P&C underwriting income

    $ 1,631      $ 441      $ 1,575      $ 1,457      $ 1,418      $ 2,072      $ 2,818      $ 5,850  

Add: Catastrophe losses (including reinstatement premiums) - pre-tax

     630       1,641       607       765       580       2,271       1,015       2,387  

Unfavorable (favorable) prior period development (PPD) - pre-tax

     (249     (255     (213     (244     (192     (504     (399     (856
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

P&C CAY underwriting income ex Cats

    $ 2,012      $ 1,827      $ 1,969      $ 1,978      $ 1,806      $ 3,839      $ 3,434      $ 7,381  
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Realized gains (losses) on partially-owned entities, which are investments where we hold more than an insignificant percentage of the investee’s shares. The net realized gain or loss is included in other income (expense) under U.S. GAAP.

(2) Life Insurance underlying income (loss) is calculated by subtracting losses and loss expenses, policy benefits, policy acquisition costs and administrative expenses from net premiums earned related to the Life Insurance segment.

 

Reconciliation Non-GAAP 2   Page 28


Chubb Limited

Non-GAAP Financial Measures - 3

(in millions of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core operating ROE and Core operating ROTE

Core operating return on equity (ROE) and Core operating return on tangible equity (ROTE) are annualized non-GAAP financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the average Chubb shareholders’ equity for the period adjusted to exclude unrealized gains (losses) on investments, current discount rate on future policy benefits (FPB), and instrument-specific credit risk – market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other intangible assets.

 

             YTD   YTD   Full Year         
       2Q-25       2Q-24       2025       2024       2024           

Chubb net income

    $ 2,968      $ 2,230      $ 4,299      $ 4,373      $ 9,272       

Core operating income

    $ 2,480      $ 2,196      $ 3,969      $ 4,357      $ 9,142       

Equity - beginning of period, as reported

    $ 65,726      $ 60,535      $ 64,021      $ 59,507      $ 59,507       

Less: unrealized gains (losses) on investments, net of deferred tax

     (3,704     (4,825     (4,552     (4,177     (4,177     

Less: changes in current discount rate on FPB, net of deferred tax

     (645     11       (539     51       51       

Less: changes in instrument-specific credit risk on MRB, net of deferred tax

     (13     (17     (16     (22     (22     
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Equity - beginning of period, as adjusted

    $ 70,088      $ 65,366      $ 69,128      $ 63,655      $ 63,655       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Less: Chubb goodwill and other intangible assets, net of tax

     23,940       24,175       23,800       23,853       23,853       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets

    $ 46,148      $ 41,191      $ 45,328      $ 39,802      $ 39,802       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Equity - end of period, as reported

    $ 69,395      $ 61,038      $ 69,395      $ 61,038      $ 64,021       

Less: unrealized gains (losses) on investments, net of deferred tax

     (2,772     (5,301     (2,772     (5,301     (4,552     

Less: changes in current discount rate on FPB, net of deferred tax

     (746     66       (746     66       (539     

Less: changes in instrument-specific credit risk on MRB, net of deferred tax

     (12     (13     (12     (13     (16     
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Equity - end of period, as adjusted

    $ 72,925      $ 66,286      $ 72,925      $ 66,286      $ 69,128       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Less: Chubb goodwill and other intangible assets, net of tax

     24,490       24,246       24,490       24,246       23,800       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets

    $ 48,435      $ 42,040      $ 48,435      $ 42,040      $ 45,328       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Weighted average equity, as reported

    $ 67,561      $ 60,787      $ 66,708      $ 60,273      $ 61,764       

Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets

    $ 47,292      $ 41,616      $ 46,882      $ 40,921      $ 42,565       

Weighted average equity, as adjusted

    $ 71,507      $ 65,826      $ 71,027      $ 64,971      $ 66,392       

ROE

     17.6%       14.7%       12.9%       14.5%       15.0%       

Core operating ROTE

     21.0%       21.1%       16.9%       21.3%       21.5%       

Core operating ROE

     13.9%       13.3%       11.2%       13.4%       13.8%       

Private equities realized gains (losses), after-tax (1)

    $ 435      $ 56      $ 425      $ 189      $ 635       

Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)

     2.4 pts       0.3 pts       1.2 pts       0.6 pts       1.0 pt       

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures

 

     June 30   March 31   December 31   June 30   QTD   YTD    Year-over-Year
     2025   2025   2024   2024     % Change       % Change       % Change 

Book value

    $ 69,395      $ 65,726      $ 64,021      $ 61,038         

Less: AOCI

     (6,058     (7,635     (8,644     (8,304       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

Book value excluding AOCI

     75,453       73,361       72,665       69,342         

Tangible book value

     44,905       41,786       40,221       36,792         

Less: Tangible AOCI

     (5,248     (6,478     (7,292     (7,286       
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

Tangible book value excluding tangible AOCI

    $ 50,153      $ 48,264      $ 47,513      $ 44,078         
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

Denominator: shares outstanding

     398,660,788       400,748,485       400,703,663       404,073,495         
  

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      

Book value per share

    $ 174.07      $ 164.01      $ 159.77      $ 151.05       6.1%       9.0%        15.2%  

Tangible book value per share

    $ 112.64      $ 104.27      $ 100.38      $ 91.05       8.0%       12.2%        23.7%  

Book value per share excluding AOCI

    $ 189.27      $ 183.06      $ 181.34      $ 171.60       3.4%       4.4%        10.3%  

Tangible book value per share excluding tangible AOCI

    $ 125.80      $ 120.44      $ 118.57      $ 109.08       4.5%       6.1%        15.3%  

(1) We record the change in the fair value mark and gains (losses) on sales of private equity funds as realized gains (losses) instead of investment income.

 

Reconciliation Non-GAAP 3   Page 29


Chubb Limited

Non-GAAP Financial Measures - 4

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio

The P&C combined ratio includes the impact of realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing will impact underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations.

The following tables present the calculation of combined ratio, as reported, for each segment to P&C combined ratio, adjusted for catastrophe losses (Cats) and prior period development (PPD).

 

Q2 2025

          North
America
Commercial P&C
Insurance
  North
America
Personal P&C
Insurance
  North
America
Agricultural
Insurance
  Overseas
General
Insurance
  Global
Reinsurance
  Corporate   Total
P&C

Numerator

                 

Losses and loss expenses

                 

Losses and loss expenses/policy benefits

       $ 3,258       $ 822       $ 481      $ 1,918       $ 132       $ 70       $ 6,681   

Realized (gains) losses on crop derivatives

        -       -       2       -       -       -       2  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted losses and loss expenses/policy benefits

     A       $ 3,258      $ 822      $ 483      $ 1,918      $ 132      $ 70      $ 6,683  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe losses and related adjustments

                 

Catastrophe losses, net of related adjustments

        (229     (142     (1     (252     (6     -       (630

Reinstatement premiums collected (expensed) on catastrophe losses

        -       -       -       (5     -       -       (5
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Catastrophe losses, gross of related adjustments

        (229     (142     (1     (247     (6     -       (625
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPD and related adjustments

                 

PPD, net of related adjustments - favorable (unfavorable)

        106       121       -       77       15       (70     249  

Net premiums earned adjustments on PPD - unfavorable (favorable)

        6       -       -       -       -       -       6  

Expense adjustments - unfavorable (favorable)

        2       -       -       -       1       -       3  

PPD reinstatement premiums - unfavorable (favorable)

        -       -       -       -       (2     -       (2
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PPD, gross of related adjustments - favorable (unfavorable)

        114       121       -       77       14       (70     256  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY loss and loss expense ex Cats

     B       $ 3,143      $ 801      $ 482      $ 1,748      $ 140      $ -      $ 6,314  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Policy acquisition costs and administrative expenses

                 

Policy acquisition costs and administrative expenses

     C       $ 1,062      $ 414      $ 50      $ 1,282      $ 108      $ 106      $ 3,022  

Expense adjustments - favorable (unfavorable)

        (2     -       -       -       (1     -       (3
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

CAY policy acquisition costs and administrative expenses

     D       $ 1,060      $ 414      $ 50      $ 1,282      $ 107      $ 106      $ 3,019  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator

                 

Net premiums earned

     E       $ 5,177      $ 1,681      $ 598      $ 3,542      $ 338        $ 11,336  

Reinstatement premiums (collected) expensed on catastrophe losses

        -       -       -       5       -         5  

Net premiums earned adjustments on PPD - unfavorable (favorable)

        6       -       -       -       -         6  

PPD reinstatement premiums - unfavorable (favorable)

        -       -       -       -       (2       (2
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

Net premiums earned excluding adjustments

     F       $    5,183      $    1,681      $    598      $    3,547      $    336        $    11,345  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

P&C combined ratio

                 

Loss and loss expense ratio

     A/E        62.9%       48.9%       80.8%       54.2%       39.0%         59.0%  

Policy acquisition cost and administrative expense ratio

     C/E        20.6%       24.6%       8.3%       36.1%       32.0%         26.6%  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

P&C combined ratio

        83.5%       73.5%       89.1%       90.3%       71.0%         85.6%  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

CAY P&C combined ratio ex Cats

                 

Loss and loss expense ratio, adjusted

     B/F        60.6%       47.6%       80.5%       49.3%       41.5%         55.6%  

Policy acquisition cost and administrative expense ratio, adjusted

     D/F        20.5%       24.6%       8.3%       36.1%       32.0%         26.7%  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

CAY P&C combined ratio ex Cats

        81.1%       72.2%       88.8%       85.4%       73.5%         82.3%  
     

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   

 

 

 

Combined ratio

                 

Combined ratio

                    85.6%  

Add: impact of gains and losses on crop derivatives

                    0.0%  
                 

 

 

 

P&C combined ratio

                    85.6%  
                 

 

 

 

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

 

Reconciliation Non-GAAP 4   Page 30


Chubb Limited

Non-GAAP Financial Measures - 5

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

 

YTD 2025

          North
America
Commercial P&C
Insurance
   North
America
Personal P&C
Insurance
   North
America
Agricultural
Insurance
   Overseas
General
Insurance
   Global
Reinsurance
   Corporate    Total
P&C

Numerator

                       

Losses and loss expenses

                       

Losses and loss expenses/policy benefits

       $ 6,289        $ 2,915        $ 574        $ 3,428        $ 374        $ 84        $ 13,664   

Realized (gains) losses on crop derivatives

        -         -         1         -         -         -         1   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Adjusted losses and loss expenses/policy benefits

     A       $ 6,289        $ 2,915        $ 575        $ 3,428        $ 374        $ 84        $ 13,665   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Catastrophe losses and related adjustments

                       

Catastrophe losses, net of related adjustments

        (383)        (1,484)        (16)        (307)        (81)        -         (2,271)  

Reinstatement premiums collected (expensed) on catastrophe losses

        -         (50)        -          (5)        13         -         (42)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Catastrophe losses, gross of related adjustments

        (383)        (1,434)        (16)        (302)        (94)        -         (2,229)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

PPD and related adjustments

                       

PPD, net of related adjustments - favorable (unfavorable)

        220         121         33         198         15         (83)        504   

Net premiums earned adjustments on PPD - unfavorable (favorable)

        5         -         -         -         -         -         5   

Expense adjustments - unfavorable (favorable)

        -         -         (3)        -         -         -         (3)  

PPD reinstatement premiums - unfavorable (favorable)

        -         -         -         -         (2)        -         (2)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

PPD, gross of related adjustments - favorable (unfavorable)

        225         121         30         198         13         (83)        504   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

CAY loss and loss expense ex Cats

     B       $ 6,131        $ 1,602        $ 589        $ 3,324        $ 293        $ 1        $ 11,940   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Policy acquisition costs and administrative expenses

                       

Policy acquisition costs and administrative expenses

     C       $ 2,125        $ 831        $ 69        $ 2,449        $ 218        $ 211        $ 5,903   

Expense adjustments - favorable (unfavorable)

        -         -         3         -         -         -         3   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

CAY policy acquisition costs and administrative expenses

     D       $ 2,125        $ 831        $ 72        $ 2,449        $ 218        $ 211        $ 5,906   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Denominator

                       

Net premiums earned

     E       $ 10,165        $ 3,255        $ 763        $ 6,751        $ 706           $ 21,640   

Reinstatement premiums (collected) expensed on catastrophe losses

        -         50         -         5         (13)           42   

Net premiums earned adjustments on PPD - unfavorable (favorable)

        5         -         -         -         -            5   

PPD reinstatement premiums - unfavorable (favorable)

        -         -         -         -         (2)           (2)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

Net premiums earned excluding adjustments

     F       $ 10,170       $ 3,305       $ 763        $ 6,756        $ 691           $ 21,685   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

P&C combined ratio

                       

Loss and loss expense ratio

     A/E        61.9%        89.5%        75.4%        50.8%        53.0%           63.1%  

Policy acquisition cost and administrative expense ratio

     C/E        20.9%        25.6%        9.0%        36.2%        30.8%           27.3%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

P&C combined ratio

        82.8%        115.1%        84.4%        87.0%        83.8%           90.4%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

CAY P&C combined ratio ex Cats

                       

Loss and loss expense ratio, adjusted

     B/F        60.3%        48.4%        77.3%        49.2%        42.4%           55.1%  

Policy acquisition cost and administrative expense ratio, adjusted

     D/F        20.9%        25.2%        9.4%        36.3%        31.5%           27.2%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

CAY P&C combined ratio ex Cats

        81.2%        73.6%        86.7%        85.5%        73.9%           82.3%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

Combined ratio

                       

Combined ratio

                          90.4%  

Add: impact of gains and losses on crop derivatives

                          0.0%  
                       

 

 

 

P&C combined ratio

                          90.4%  
                       

 

 

 

 

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

 

Reconciliation Non-GAAP 5   Page 31


Chubb Limited

Non-GAAP Financial Measures - 6

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

 

Q2 2024

          North
America
Commercial P&C
Insurance
   North
America
Personal P&C
Insurance
   North
America
Agricultural
Insurance
   Overseas
General
Insurance
   Global
Reinsurance
   Corporate    Total
P&C

Numerator

                       

Losses and loss expenses

                       

Losses and loss expenses/policy benefits

       $ 3,074        $ 876        $ 540        $ 1,763        $ 155        $ 93        $ 6,501   

Realized (gains) losses on crop derivatives

        -         -         3         -         -         -         3   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Adjusted losses and loss expenses/policy benefits

     A       $ 3,074        $ 876        $ 543        $ 1,763        $ 155        $ 93        $ 6,504   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Catastrophe losses and related adjustments

                       

Catastrophe losses, net of related adjustments

        (252)        (138)        (33)        (157)        -         -         (580)  

Reinstatement premiums collected (expensed) on catastrophe losses

        -         -         -         -         -         -         -   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Catastrophe losses, gross of related adjustments

        (252)        (138)        (33)        (157)        -         -         (580)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

PPD and related adjustments

                       

PPD, net of related adjustments - favorable (unfavorable)

        144         64         -         61         16         (93)        192   

Net premiums earned adjustments on PPD - unfavorable (favorable)

        8         -         -         -         -         -         8   

Expense adjustments - unfavorable (favorable)

        (1)        -         -         -         -         -         (1)  

PPD reinstatement premiums - unfavorable (favorable)

        -         -         -         -         1         -         1   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

PPD, gross of related adjustments - favorable (unfavorable)

        151         64         -         61         17         (93)        200   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

CAY loss and loss expense ex Cats

     B       $ 2,973        $ 802        $ 510        $ 1,667        $ 172        $ -        $ 6,124   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Policy acquisition costs and administrative expenses

                       

Policy acquisition costs and administrative expenses

     C       $ 987        $ 387        $ 48        $ 1,190        $ 91        $ 99        $ 2,802   

Expense adjustments - favorable (unfavorable)

        1         -         -         -         -         -         1   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

CAY policy acquisition costs and administrative expenses

     D       $ 988        $ 387        $ 48        $ 1,190        $ 91        $ 99        $ 2,803   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Denominator

                       

Net premiums earned

     E       $ 4,900        $ 1,512        $ 626        $ 3,347        $ 339           $ 10,724   

Reinstatement premiums (collected) expensed on catastrophe losses

        -         -         -         -         -            -   

Net premiums earned adjustments on PPD - unfavorable (favorable)

        8         -         -         -         -            8   

PPD reinstatement premiums - unfavorable (favorable)

        -         -         -         -         1            1   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

Net premiums earned excluding adjustments

     F       $ 4,908        $ 1,512        $ 626        $ 3,347        $ 340           $ 10,733   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

P&C combined ratio

                       

Loss and loss expense ratio

     A/E        62.7%        57.9%        86.8%        52.7%        45.7%           60.6%  

Policy acquisition cost and administrative expense ratio

     C/E        20.2%        25.6%        7.6%        35.5%        27.0%           26.2%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

P&C combined ratio

        82.9%        83.5%        94.4%        88.2%        72.7%           86.8%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

CAY P&C combined ratio ex Cats

                       

Loss and loss expense ratio, adjusted

     B/F        60.6%        53.0%        81.5%        49.8%        50.4%           57.1%  

Policy acquisition cost and administrative expense ratio, adjusted

     D/F        20.1%        25.6%        7.6%        35.5%        27.0%           26.1%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

CAY P&C combined ratio ex Cats

        80.7%        78.6%        89.1%        85.3%        77.4%           83.2%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

Combined ratio

                       

Combined ratio

                          86.8%  

Add: impact of gains and losses on crop derivatives

                          0.0%  
                       

 

 

 

P&C combined ratio

                          86.8%  
                       

 

 

 

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

 

Reconciliation Non-GAAP 6   Page 32


Chubb Limited

Non-GAAP Financial Measures - 7

(in millions of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)

 

YTD 2024

          North
America
Commercial P&C
Insurance
   North
America
Personal P&C
Insurance
   North
America
Agricultural
Insurance
   Overseas
General
Insurance
   Global
Reinsurance
   Corporate    Total
P&C

Numerator

                       

Losses and loss expenses

                       

Losses and loss expenses/policy benefits

       $ 6,249        $ 1,775        $ 588        $ 3,289        $ 292        $ 103        $ 12,296   

Realized (gains) losses on crop derivatives

        -         -         4         -         -         -         4   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Adjusted losses and loss expenses/policy benefits

     A       $ 6,249        $ 1,775        $ 592        $ 3,289        $ 292        $ 103        $ 12,300   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Catastrophe losses and related adjustments

                       

Catastrophe losses, net of related adjustments

        (488)        (308)        (36)        (183)        -         -         (1,015)  

Reinstatement premiums collected (expensed) on catastrophe losses

        -         -         -         -         -         -         -   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Catastrophe losses, gross of related adjustments

        (488)        (308)        (36)        (183)        -         -         (1,015)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

PPD and related adjustments

                       

PPD, net of related adjustments-favorable (unfavorable)

        192         116         28         150         15         (102)        399   

Net premiums earned adjustments on PPD - unfavorable (favorable)

        8         -         39         -         -         -         47   

Expense adjustments - unfavorable (favorable)

        7         -         3         -         -         -         10   

PPD reinstatement premiums - unfavorable (favorable)

        -         -         -         -         1         -         1   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

PPD, gross of related adjustments - favorable (unfavorable)

        207         116         70         150         16         (102)        457   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

CAY loss and loss expense ex Cats

     B       $ 5,968        $ 1,583        $ 626        $ 3,256        $ 308        $ 1        $ 11,742   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Policy acquisition costs and administrative expenses

                       

Policy acquisition costs and administrative expenses

     C       $ 2,003        $ 773        $ 71        $ 2,344        $ 181        $ 206        $ 5,578   

Expense adjustments - favorable (unfavorable)

        (7)        -         (3)        -         -         -         (10)  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

CAY policy acquisition costs and administrative expenses

     D       $ 1,996        $ 773        $ 68        $ 2,344        $ 181        $ 206        $ 5,568   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Denominator

                       

Net premiums earned

     E       $ 9,780        $ 2,983        $ 754        $ 6,545        $ 634           $ 20,696   

Reinstatement premiums (collected) expensed on catastrophe losses

        -         -         -         -         -            -   

Net premiums earned adjustments on PPD - unfavorable (favorable)

        8         -         39         -         -            47   

PPD reinstatement premiums - unfavorable (favorable)

        -         -         -         -         1            1   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

Net premiums earned excluding adjustments

     F       $ 9,788        $ 2,983        $ 793        $ 6,545        $ 635           $ 20,744   
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

P&C combined ratio

                       

Loss and loss expense ratio

     A/E        63.9%        59.5%        78.6%        50.3%        46.0%           59.4%  

Policy acquisition cost and administrative expense ratio

     C/E        20.5%        25.9%        9.3%        35.8%        28.6%           27.0%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

P&C combined ratio

        84.4%        85.4%        87.9%        86.1%        74.6%           86.4%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

CAY P&C combined ratio ex Cats

                       

Loss and loss expense ratio, adjusted

     B/F        61.0%        53.1%        79.0%        49.7%        48.3%           56.6%  

Policy acquisition cost and administrative expense ratio, adjusted

     D/F        20.4%        25.9%        8.5%        35.9%        28.7%           26.8%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

CAY P&C combined ratio ex Cats

        81.4%        79.0%        87.5%        85.6%        77.0%           83.4%  
     

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     

 

 

 

Combined ratio

                       

Combined ratio

                          86.4%  

Add: impact of gains and losses on crop derivatives

                          0.0%  
                       

 

 

 

P&C combined ratio

                          86.4%  
                       

 

 

 

Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

 

Reconciliation Non-GAAP 7   Page 33


Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Total P&C comprises all segments (including Corporate) except the Life Insurance segment.

Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.

P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life Insurance segment and including the realized gains and losses on the crop derivatives.

Book value per common share: Chubb shareholders’ equity divided by the shares outstanding.

Tangible book value per common share: Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding.

Average market yield of fixed income investments: Weighted average yield based on the current market value of our fixed maturities and other debt investments.

Average book yield of fixed income investments: Weighted average yield based on the amortized cost of our fixed maturities and other debt investments.

Total capitalization: The sum of the short-term debt, long-term debt, trust preferreds, and Chubb shareholders’ equity.

Integration expenses: Integration expenses comprise legal and professional fees and all other costs directly related to the integration activities primarily of the Cigna acquisition. Integration expenses are incurred by Chubb and are included in Corporate. These costs are not related to the on-going business activities of the segments and are therefore excluded from our definition of segment income.

Catastrophe losses (Cats): We generally define catastrophe loss events consistent with the definition of the Property Claims Service (PCS) for events in the U.S. and Canada. PCS defines a catastrophe as an event that causes damage of $25 million or more in insured losses and affects a significant number of insureds. For events outside of the U.S. and Canada, we generally use a similar definition. Catastrophe loss events are events that occurred in the current calendar year only. Changes in catastrophe loss estimates in the current calendar year that relate to loss events that occurred in previous calendar years are considered 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.

Reinstatement premiums are additional premiums paid on certain reinsurance agreements in order to reinstate coverage that had been exhausted by loss occurrences. The reinstatement premium amount is typically a pro rata portion of the original ceded premium paid based on how much of the reinsurance limit had been exhausted.

Net premiums earned adjustments within prior period development are adjustments to the initial premium earned on retrospectively rated policies based on actual claim experience that develops after the policy period ends. The premium adjustments correlate to the prior period loss development on these same policies and are fully earned in the period the adjustments are recorded.

Prior period expense adjustments typically relate to either profit commission reserves or policyholder dividend reserves based on actual claim experience that develops after the policy period ends. The expense adjustments correlate to the prior period loss development on these same policies.

Segment income (loss) includes underwriting income (loss), adjusted net investment income, other income (expense) – operating, and amortization expense of purchased intangibles.

Non-premium revenues and expenses included in Other income and expense, principally pertain to the management of third-party assets by Huatai Asset Management Co., Ltd. (HAM) and Huatai Baoxing, which are unrelated to Huatai Group’s core insurance operations. These revenues and expenses are recognized in the period in which the services are performed.

NM: Not meaningful.

 

Glossary   Page 34