Chubb's Net Income Climbs 6% on Strong Premium Growth

TL;DR

**Chubb's growing profits and strategic acquisitions make it a solid long-term hold in the insurance sector.**

AI Summary

Chubb Ltd (CB) reported a robust financial performance for the nine months ended September 30, 2025, with net income attributable to Chubb increasing to $7.10 billion, up from $6.70 billion in the prior year period, representing a 6% rise. Total revenues grew to $44.34 billion from $41.58 billion, an increase of 6.6%, driven by net premiums earned of $39.48 billion and net investment income of $4.78 billion. Net premiums written also saw a healthy increase to $41.71 billion from $39.41 billion. The company's total assets expanded significantly to $270.21 billion as of September 30, 2025, from $246.55 billion at December 31, 2024, primarily due to an increase in total investments to $166.00 billion from $150.65 billion. Unpaid losses and loss expenses increased to $88.44 billion from $84.00 billion, reflecting growth in underwriting activities. Strategic acquisitions included the completion of LMG Insurance in Thailand for $321 million, adding $183 million in goodwill and $57 million in intangible assets, expanding its Overseas General Insurance segment. The company also increased its ownership in Huatai Group to approximately 87.2%.

Why It Matters

Chubb's strong performance, marked by a 6% increase in net income and significant asset growth, signals robust operational health in a competitive insurance market. For investors, this indicates effective capital deployment and underwriting discipline, potentially leading to continued shareholder value. Employees benefit from a stable and growing company, while customers can expect sustained service quality from a financially sound insurer. The expansion into new markets like Thailand, alongside increased ownership in Huatai Group, positions Chubb for long-term global growth, intensifying competition for rivals like AIG and Travelers in key international segments.

Risk Assessment

Risk Level: low — Chubb's risk level is low, evidenced by a 6% increase in net income attributable to Chubb to $7.10 billion for the nine months ended September 30, 2025, and a substantial increase in total assets to $270.21 billion. The company also maintains a diversified investment portfolio with gross unrealized depreciation on fixed maturities decreasing to $3.93 billion from $5.77 billion, indicating improved market conditions or effective portfolio management.

Analyst Insight

Investors should consider holding or initiating a position in Chubb, given its consistent net income growth and strategic market expansions. The company's strong balance sheet and diversified global operations provide resilience against market fluctuations.

Financial Highlights

debt To Equity

0.27

revenue

$44.34B

operating Margin

18.5%

total Assets

$270.21B

total Debt

$17.65B

net Income

$7.10B

eps

$17.75

gross Margin

35.0%

cash Position

$2.45B

revenue Growth

+6.6%

Revenue Breakdown

Key Numbers

• $7.10B — Net Income Attributable to Chubb (Increased 6% from $6.70B in 2024 for the nine months ended September 30, 2025.)
• $44.34B — Total Revenues (Increased 6.6% from $41.58B in 2024 for the nine months ended September 30, 2025.)
• $41.71B — Net Premiums Written (Increased from $39.41B in 2024 for the nine months ended September 30, 2025.)
• $270.21B — Total Assets (Increased from $246.55B at December 31, 2024, as of September 30, 2025.)
• $166.00B — Total Investments (Increased from $150.65B at December 31, 2024, as of September 30, 2025.)
• $321M — LMG Insurance Acquisition Cost (Completed acquisition on April 1, 2025, expanding presence in Thailand.)
• 87.2% — Huatai Group Ownership (Increased from prior period as of September 30, 2025.)
• $88.44B — Unpaid Losses and Loss Expenses (Increased from $84.00B at December 31, 2024, as of September 30, 2025.)

Key Players & Entities

• Chubb Ltd (company) — registrant
• Liberty Mutual (company) — seller of P&C insurance businesses
• LMG Insurance (company) — acquired company in Thailand
• Liberty Insurance (company) — company to be acquired in Vietnam
• Huatai Group (company) — majority-owned subsidiary
• $7.10 billion (dollar_amount) — net income attributable to Chubb for nine months ended Sept 30, 2025
• $6.70 billion (dollar_amount) — net income attributable to Chubb for nine months ended Sept 30, 2024
• $44.34 billion (dollar_amount) — total revenues for nine months ended Sept 30, 2025
• $321 million (dollar_amount) — acquisition cost for LMG Insurance in Thailand
• $270.21 billion (dollar_amount) — total assets as of September 30, 2025

FAQ

Risk Factors

• Investment Portfolio Volatility [medium — financial]: Chubb's investment portfolio, valued at $166.00 billion as of September 30, 2025, is subject to market fluctuations, particularly interest rate changes. As of September 30, 2025, fixed maturities in an unrealized loss position totaled $44.15 billion, with $3.214 billion in gross unrealized losses, primarily due to rising interest rates. This can impact investment income and the fair value of assets.
• Evolving Regulatory Landscape [medium — regulatory]: The insurance industry is subject to extensive and evolving regulation globally. Changes in capital requirements, accounting standards, or consumer protection laws could impact Chubb's operations and profitability. The company is evaluating new FASB guidance on income tax disclosures effective for 2025.
• Integration of Acquisitions [medium — operational]: The successful integration of acquired businesses, such as LMG Insurance in Thailand for $321 million, is critical. Delays or challenges in integration could affect the expected synergies and financial performance of these acquisitions, which added $183 million in goodwill.
• Unpaid Losses and Loss Expenses [high — financial]: The company's unpaid losses and loss expenses increased to $88.44 billion as of September 30, 2025, from $84.00 billion at year-end 2024. Inadequate reserving or unexpected increases in claims could lead to significant financial strain.
• Competition and Pricing Pressures [medium — market]: The insurance market is highly competitive, with potential for pricing pressures that could affect premium growth and underwriting margins. Chubb operates across multiple segments, including P&C, Reinsurance, and Life, facing diverse competitive landscapes.
• Deferred Policy Acquisition Costs [low — financial]: Deferred policy acquisition costs (DAC) increased to $9.81 billion from $8.36 billion. Changes in the amortization of DAC, driven by premium growth and profitability, can affect reported earnings.
• Goodwill and Intangible Assets [medium — financial]: Goodwill increased to $20.24 billion and other intangible assets to $6.32 billion, largely due to acquisitions like LMG Insurance. Impairment of these assets could result in significant charges to earnings.
• Variable Interest Entities (VIEs) [medium — financial]: Chubb has significant exposure to VIEs, with balances noted across various asset and liability accounts, including investments ($7.58 billion total VIE balances) and other assets ($95 million VIE balance). Risks associated with VIEs, including consolidation and potential funding obligations, are present.

Industry Context

The global insurance industry is characterized by intense competition, evolving regulatory frameworks, and sensitivity to macroeconomic factors like interest rates and inflation. Chubb operates across diverse segments, including P&C, reinsurance, and life insurance, facing both established players and emerging market competitors. Key trends include digital transformation, increasing demand for specialized insurance products, and the growing impact of climate change on underwriting and claims.

Regulatory Implications

Chubb faces significant regulatory oversight globally, with compliance requirements impacting capital adequacy, product offerings, and operational practices. Changes in accounting standards, such as the new income tax disclosure requirements effective in 2025, necessitate ongoing adaptation. The company must also navigate evolving consumer protection laws and data privacy regulations.

What Investors Should Do

1. Monitor the impact of rising interest rates on the investment portfolio's fair value and net investment income.
2. Assess the successful integration of recent acquisitions, particularly LMG Insurance, and their contribution to segment growth.
3. Evaluate the adequacy of loss reserves given the increase in unpaid losses and loss expenses to $88.44 billion.
4. Analyze the company's ability to maintain underwriting profitability amidst competitive pricing pressures.
5. Track the company's strategic capital allocation, including share repurchases and dividend payments, in light of its strong capital position.

Key Dates

• 2025-09-30: Nine months ended September 30, 2025 financial results reported — Demonstrates continued revenue and net income growth, with significant asset expansion.
• 2025-04-01: Completion of LMG Insurance acquisition — Expands Chubb's presence in the Thai market and Overseas General Insurance segment.
• 2025-03-03: Acquisition of Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam — Further strengthens international footprint and market share.
• 2025-01-01: Effective date for expanded income tax disclosures — Company is evaluating the impact of new accounting pronouncements.
• 2024-12-31: Year-end 2024 financial position — Provides the comparative baseline for 2025 year-to-date performance and asset levels.

Glossary

Net Premiums Earned

The portion of earned premiums that relates to the coverage provided during the period. It is calculated as net premiums written less the change in unearned premiums. (A key driver of revenue for insurance companies, reflecting the value of insurance coverage provided.)

Deferred Policy Acquisition Costs (DAC)

Costs incurred in acquiring new insurance policies that are capitalized and amortized over the expected life of the policies. These include commissions, underwriting expenses, and other costs directly related to policy acquisition. (Represents a significant asset for insurers; changes in its balance and amortization affect profitability.)

Unearned Premiums

Premiums received for insurance policies that have not yet expired. This represents future revenue that will be recognized as coverage is provided. (A liability for the insurer, indicating future revenue streams and the obligation to provide coverage.)

Goodwill

An intangible asset that arises when a company acquires another company for a price greater than the fair value of its net identifiable assets. It represents the future economic benefits arising from assets acquired in a business combination that are not individually identified and separately recognized. (Significant goodwill on the balance sheet, as seen with the LMG acquisition, indicates the company's growth strategy through M&A.)

Variable Interest Entities (VIEs)

Entities for which the equity is not sufficient to permit the entity to finance its activities or in which the equity investors do not have the characteristics of a voting interest. Companies that are primary beneficiaries must consolidate these entities. (Chubb consolidates VIEs, meaning their assets and liabilities are included in Chubb's financial statements, impacting overall financial position.)

Accumulated Other Comprehensive Income (AOCI)

A component of shareholders' equity that includes unrealized gains and losses on certain investments (like available-for-sale securities), foreign currency translation adjustments, and pension plan adjustments that have not been recognized in net income. (AOCI can significantly impact total shareholders' equity; a negative balance indicates unrealized losses.)

Noncontrolling Interests

The portion of equity in a subsidiary that is not attributable to the parent company. It represents the ownership interest of outside shareholders in a consolidated subsidiary. (Indicates the extent to which Chubb does not own 100% of its consolidated entities, including majority-owned subsidiaries and VIEs.)

Hybrid Debt

Debt instruments that have characteristics of both debt and equity, such as convertible bonds or preferred stock with debt-like features. These are often used for capital raising and can have complex accounting implications. (A small but present component of Chubb's total liabilities, contributing to its capital structure.)

Year-Over-Year Comparison

Chubb has demonstrated robust growth in the nine months ended September 30, 2025, with total revenues increasing by 6.6% to $44.34 billion and net income attributable to Chubb rising by 6% to $7.10 billion compared to the prior year period. Total assets have expanded significantly by $23.66 billion to $270.21 billion, driven by a $15.35 billion increase in total investments. While unpaid losses and loss expenses have also grown to $88.44 billion, reflecting increased underwriting activity, the company's overall financial position appears strong. New risks related to the integration of acquisitions and ongoing market volatility in the investment portfolio are present.

Filing Documents

• cb-20250930.htm (10-Q) — 5575KB
• cb-9302025xex221.htm (EX-22.1) — 8KB
• cb-9302025xex311.htm (EX-31.1) — 9KB
• cb-9302025xex312.htm (EX-31.2) — 9KB
• cb-9302025xex321.htm (EX-32.1) — 4KB
• cb-9302025xex322.htm (EX-32.2) — 4KB
• 0000896159-25-000017.txt ( ) — 24219KB
• cb-20250930.xsd (EX-101.SCH) — 73KB
• cb-20250930_cal.xml (EX-101.CAL) — 124KB
• cb-20250930_def.xml (EX-101.DEF) — 663KB
• cb-20250930_lab.xml (EX-101.LAB) — 1098KB
• cb-20250930_pre.xml (EX-101.PRE) — 874KB
• cb-20250930_htm.xml (XML) — 5969KB

FINANCIAL INFORMATION Page

Part I. FINANCIAL INFORMATION Page

Financial Statements

Item 1. Financial Statements: Consolidated Balance Sheets (Unaudited) September 30, 2025 and December 31, 2024 3 Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three and Nine Months Ended September 30, 2025 and 2024 4 Consolidated Statements of Shareholders' Equity (Unaudited) Three and Nine Months Ended September 30, 2025 and 2024 5 Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2025 and 2024 6

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) Note 1. General and significant accounting policies 7 Note 2. Acquisitions 7 Note 3. Investments 8 Note 4. Fair value measurements 13 Note 5. Reinsurance 18 Note 6. Deferred policy acquisition costs 19 Note 7. Goodwill 20 Note 8. Unpaid losses and loss expenses 20 Note 9. Future policy benefits 22 Note 10. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities 27 Note 11. Market risk benefits 31 Note 12. Debt 32 Note 13. Commitments, contingencies, and guarantees 33 Note 14. Shareholders' equity 39 Note 15. Share-based compensation 42 Note 16. Postretirement benefits 43 Note 17. Other income and expense 44 Note 18. Segment information 45 Note 19. Earnings per share 50

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 51

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 86

Controls and Procedures

Item 4. Controls and Procedures 88

OTHER INFORMATION

Part II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 89

Risk Factors

Item 1A. Risk Factors 89

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 89

Other Information

Item 5. Other Information 89

Exhibits

Item 6. Exhibits 90 2 Table of Contents

FINANCIAL INFORMATION

PART I FINANCIAL INFORMATION

Financial Statements

ITEM 1. Financial Statements CONSOLIDATED BALANCE SHEETS (Unaudited) Chubb Limited and Subsidiaries September 30 December 31 (in millions of U.S. dollars, except share and per share data) 2025 2024 Assets Investments Short-term investments, at fair value (amortized cost – $ 4,381 and $ 5,143 ) (includes variable interest entities (VIE) balances of $ 164 and $ 57 ) $ 4,380 $ 5,142 Fixed maturities available-for-sale, at fair value, net of valuation allowance – $ 50 and $ 70 (amortized cost – $ 123,726 and $ 115,083 ) 121,788 110,363 Private debt held-for-investment, at amortized cost, net of valuation allowance – $ 3 and $ 4 2,535 2,628 Equity securities, at fair value (includes VIE balances of $ 2,095 and $ 1,289 ) 10,377 9,151 Private equities (includes VIE balances of $ 22 and $ 22 ) 16,734 14,769 Other investments (includes VIE balances of $ 5,323 and $ 4,538 ) 10,182 8,597 Total investments 165,996 150,650 Cash, including restricted cash $ 213 and $ 261 (includes VIE balances of $ 205 and $ 114 ) 2,454 2,549 Securities lending collateral 1,899 1,445 Accrued investment income 1,427 1,160 Insurance and reinsurance balances receivable, net of valuation allowance – $ 60 and $ 59 16,305 14,426 Reinsurance recoverable on losses and loss expenses, net of valuation allowance – $ 326 and $ 310 20,227 19,777 Reinsurance recoverable on policy benefits 302 289 Deferred policy acquisition costs 9,809 8,358 Value of business acquired 3,144 3,223 Goodwill 20,237 19,579 Other intangible assets 6,318 6,377 Deferred tax assets 1,413 1,603 Prepaid reinsurance premiums 4,174 3,378 Separate account assets 6,810 6,231 Other assets (includes VIE balances of $ 95 and $ 26 ) 9,695 7,503 Total assets $ 270,210 $ 246,548 Liabilities Unpaid losses and loss expenses $ 88,439 $ 84,004 Unearned premiums 26,961 23,504 Future policy benefits 18,288 16,121 Market risk benefits 666 607 Policyholders' account balances 8,539 8,016 Separate account

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – (Unaudited) Chubb Limited and Subsidiaries 1. General and significant accounting policies a) Basis of presentation Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. Refer to Note 18 for additional information. The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions have been eliminated. The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2024 Form 10-K. b) New Accounting Pronouncements Accounting guidance not yet adopted Improvements to Income

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries 3. Investments a) Fixed maturities September 30, 2025 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available-for-sale U.S. and local government securities $ 4,046 $ — $ 24 $ ( 224 ) $ 3,846 Non-U.S. 40,176 ( 15 ) 986 ( 816 ) 40,331 Corporate and asset-backed securities 48,360 ( 35 ) 706 ( 1,580 ) 47,451 Mortgage-backed securities 31,144 — 326 ( 1,310 ) 30,160 $ 123,726 $ ( 50 ) $ 2,042 $ ( 3,930 ) $ 121,788 December 31, 2024 Amortized Cost Valuation Allowance Gross Unrealized Appreciation Gross Unrealized Depreciation Fair Value (in millions of U.S. dollars) Available-for-sale U.S. and local government securities $ 4,383 $ — $ 10 $ ( 323 ) $ 4,070 Non-U.S. 36,311 ( 23 ) 753 ( 1,203 ) 35,838 Corporate and asset-backed securities 45,231 ( 47 ) 287 ( 2,264 ) 43,207 Mortgage-backed securities 29,158 — 69 ( 1,979 ) 27,248 $ 115,083 $ ( 70 ) $ 1,119 $ ( 5,769 ) $ 110,363 The following table presents fixed maturities by contractual maturity: September 30, 2025 December 31, 2024 (in millions of U.S. dollars) Net Carrying Value Fair Value Net Carrying Value Fair Value Available-for-sale Due in 1 year or less $ 5,207 $ 5,207 $ 4,507 $ 4,507 Due after 1 year through 5 years 36,276 36,276 33,446 33,446 Due after 5 years through 10 years 30,504 30,504 26,901 26,901 Due after 10 years 19,641 19,641 18,261 18,261 91,628 91,628 83,115 83,115 Mortgage-backed securities 30,160 30,160 27,248 27,248 $ 121,788 $ 121,788 $ 110,363 $ 110,363 Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties. b) Gross unrealized loss Fixed maturities in an unrealized loss position comprised both investment grade and below investment grade securities for whi

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position: 0 – 12 Months Over 12 Months Total September 30, 2025 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. and local government securities $ 274 $ ( 2 ) $ 2,195 $ ( 222 ) $ 2,469 $ ( 224 ) Non-U.S. 4,617 ( 100 ) 9,797 ( 595 ) 14,414 ( 695 ) Corporate and asset-backed securities 3,551 ( 57 ) 11,096 ( 928 ) 14,647 ( 985 ) Mortgage-backed securities 925 ( 7 ) 11,695 ( 1,303 ) 12,620 ( 1,310 ) Total AFS fixed maturities $ 9,367 $ ( 166 ) $ 34,783 $ ( 3,048 ) $ 44,150 $ ( 3,214 ) 0 – 12 Months Over 12 Months Total December 31, 2024 Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss Fair Value Gross Unrealized Loss (in millions of U.S. dollars) U.S. and local government securities $ 767 $ ( 16 ) $ 2,489 $ ( 303 ) $ 3,256 $ ( 319 ) Non-U.S. 6,630 ( 138 ) 12,023 ( 874 ) 18,653 ( 1,012 ) Corporate and asset-backed securities 10,069 ( 194 ) 13,290 ( 1,259 ) 23,359 ( 1,453 ) Mortgage-backed securities 10,490 ( 170 ) 11,987 ( 1,794 ) 22,477 ( 1,964 ) Total AFS fixed maturities $ 27,956 $ ( 518 ) $ 39,789 $ ( 4,230 ) $ 67,745 $ ( 4,748 ) At September 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $ 189 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax plan

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries c) Net realized gains (losses) The following table presents the components of net realized gains (losses): Three Months Ended Nine Months Ended September 30 September 30 (in millions of U.S. dollars) 2025 2024 2025 2024 Fixed maturities: Gross realized gains $ 121 $ 21 $ 228 $ 73 Gross realized losses ( 157 ) ( 91 ) ( 376 ) ( 338 ) Other investments - Fixed maturities (2025 includes $( 116 ) million and $( 116 ) million related to investments measured under the fair value option) 82 152 103 452 Net recovery of expected credit losses 22 48 21 80 Impairment (1) ( 22 ) ( 19 ) ( 34 ) ( 81 ) Total fixed maturities 46 111 ( 58 ) 186 Equity securities (2025 includes $ 66 million and $ 131 million related to investments measured under the fair value option) 396 123 596 147 Private equities (less than 3 percent ownership) 48 ( 41 ) 31 39 Foreign exchange ( 115 ) ( 58 ) ( 269 ) ( 162 ) Investment and embedded derivative instruments ( 85 ) 66 46 6 Other derivative instruments ( 9 ) ( 2 ) ( 14 ) ( 7 ) Other 2 ( 1 ) ( 5 ) ( 8 ) Net realized gains (losses) (pre-tax) $ 283 $ 198 $ 327 $ 201 (1) Relates to certain securities we intend to sell and securities written to market entering default. Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows: Three Months Ended September 30 2025 2024 (in millions of U.S. dollars) Equity Securities Other Investments Private Equities Total Equity Securities Other Investments Private Equities Total Net gains (losses) recognized during the period $ 396 $ 82 $ 48 $ 526 $ 123 $ 152 $ ( 41 ) $ 234 Less: Net gains (losses) recognized from sales of securities 59 — — 59 ( 6 ) 2 — ( 4 ) Unrealized gains (losses) recognized for securities still held at reporting date $ 337 $

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited) Chubb Limited and Subsidiaries Nine Months Ended September 30 2025 2024 (in millions of U.S. dollars) Equity Securities Other Investments Private Equities Total Equity Securities Other Investments Private Equities Total Net gains (losses) recognized during the period $ 596 $ 103 $ 31 $ 730 $ 147 $ 452 $ 39 $ 638 Less: Net gains (losses) recognized from sales of securities 79 4 — 83 5 2 — 7 Unrealized gains (losses) recognized for securities still held at reporting date $ 517 $ 99 $ 31 $ 647 $ 142 $ 450 $ 39 $ 631 d) Private equities Private equities include investment funds, limited partnerships, and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities: Expected Liquidation Period of Underlying Assets September 30, 2025 December 31, 2024 (in millions of U.S. dollars) Fair Value Maximum Future Funding Commitments Fair Value Maximum Future Funding Commitments Financial 2 to 10 Years $ 1,427 $ 223 $ 1,265 $ 281 Real assets 2 to 13 Years 1,908 662 1,974 547 Distressed 2 to 8 Years 1,150 1,048 1,257 679 Private credit 3 to 8 Years 310 312 295 285 Traditional 2 to 14 Years 11,578 4,192 9,674 4,650 Vintage 1 to 3 Years 52 — 64 — Investment funds Not Applicable 309 — 240 — $ 16,734 $ 6,437 $ 14,769 $ 6,442 Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds. Investment Category: Consists of in

View Full Filing

View this 10-Q filing on SEC EDGAR