# EDGAR Filing Document

**Accession Number:** 0000896159
**File Stem:** 0001193125-26-166937
**Filing Date:** 2026-4
**Character Count:** 170139
**Document Hash:** 0e2a1504bf250ac4a9f0caf7a102e7b1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-166937.hdr.sgml**: 20260421

**ACCESSION NUMBER**: 0001193125-26-166937

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20260421

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260421

**DATE AS OF CHANGE**: 20260421

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chubb Ltd
- **CENTRAL INDEX KEY:** 0000896159
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 000000000
- **STATE OF INCORPORATION:** V8
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11778
- **FILM NUMBER:** 26879843

**BUSINESS ADDRESS:**
- **STREET 1:** BARENGASSE 32
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001
- **BUSINESS PHONE:** 41 0 43 456 7600

**MAIL ADDRESS:**
- **STREET 1:** BARENGASSE 32
- **CITY:** ZURICH
- **STATE:** V8
- **ZIP:** CH-8001

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CHUBB Ltd
- **DATE OF NAME CHANGE:** 20160115

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ACE Ltd
- **DATE OF NAME CHANGE:** 20091216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ACE LTD
- **DATE OF NAME CHANGE:** 19930122

?xml version='1.0' encoding='ASCII'? 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant To Section 13 or 15 (d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) - April 21, 2026

Chubb Limited

(Exact name of registrant as specified in its charter)

Switzerland 1-11778 98-0091805 <br> (State or other jurisdiction ofIncorporation) (Commission File Number) (I.R.S. Employer Identification No.)

Baerengasse 32

CH-8001 Zurich, Switzerland

(Address of principal executive offices)

Registrant's telephone number, including area code: +41 (0)43 456 76 00

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (*see* General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;<u>Title of each class</u> | <u>Trading Symbol(s)</u> | <u>Name of each exchange on which registered</u> |
| &nbsp;&nbsp;&nbsp;Common Shares, par value CHF 0.50 per share | CB | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027 | CB/27 | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028 | CB/28 | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029 | CB/29A | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031 | CB/31 | New York Stock Exchange |
| &nbsp;&nbsp;&nbsp;Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038 | CB/38A | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

---

| | |
|:---|:---|
| **Item 2.02.** | ***Results of Operations and Financial Condition***  |

---

On April 21, 2026, Chubb Limited issued a Press Release reporting its first quarter 2026 results and the availability of its first quarter 2026 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1 and Exhibit 99.2, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

---

| | |
|:---|:---|
| **Item 9.01.** | ***Financial Statements and Exhibits***  |

---

*(d) Exhibits* 

---

| | |
|:---|:---|
| Exhibit<br>Number | Description |
| 99.1 | [Press Release, Dated April 21, 2026, Reporting First Quarter 2026 Results](d145408dex991.htm) |
| 99.2 | [First Quarter 2026 Financial Supplement](d145408dex992.htm) |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document) |

---

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Chubb Limited | Chubb Limited |
| By: | /s/ Peter Enns |
|  | **Peter Enns** |
|  | Executive Vice President and Chief Financial Officer |

---

DATE: April 21, 2026

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g145408dsp5.jpg) | <br> Chubb Limited<br> Bärengasse 32<br> CH-8001 Zurich<br> Switzerland | <br> www.chubb.com<br> @Chubb |

---

## News Release
**Chubb Reports First Quarter Per Share Net Income and Core** 

**Operating Income of $5.88 and $6.82, Respectively, Up 78.8% and** 

**85.2%; Consolidated Net Premiums Written of $14.0 Billion, Up** 

**10.7%, with P&C and Life Insurance Up 7.2% and 33.1%; P&C** 

**Combined Ratio of 84.0%** 

● Net income and core operating income were $2.32 billion and $2.69 billion, respectively, up 74.3% and
80.6%.

● P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial
insurance up 4.6%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● North America was up 4.1%, including growth of 8.3% in personal insurance and 2.8% in commercial insurance, or
7.7% excluding large account property, both admitted and E&S.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Overseas General was up 14.4%, including growth of 20.5% in consumer insurance and 10.8% in commercial insurance;
Latin America, Europe and Asia were up 17.8%, 15.8% and 12.1%, respectively. On a constant dollars basis, Overseas General was up 6.1%, with consumer insurance up 11.1% and commercial insurance up 3.1%.

● P&C underwriting income was $1.79 billion, up 306.3%, with a combined ratio of 84.0%. P&C current
accident year underwriting income excluding catastrophe losses was $2.01 billion, up 9.8%, with a combined ratio of 82.1%.

● Total pre-tax net catastrophe losses were $500 million compared with
$1.64 billion last year, which included $1.47 billion from the California wildfires.

● Total pre-tax favorable prior period development was $286 million
compared with $255 million in the prior year.

● Life Insurance net premiums written were $2.29 billion, up 33.1%, and segment income was $316 million,
up 8.5%, with International Life income up 14.5%.

● Pre-tax net investment income was $1.71 billion, up 9.5%, and
adjusted net investment income was $1.84 billion, up 10.1%. Both were records.

● Annualized return on equity (ROE) was 12.6%. Annualized core operating return on tangible equity (ROTE) was 20.6%
and annualized core operating ROE was 14.0%.

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 1

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**ZURICH – April 21, 2026 –** Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2026 of $2.32 billion, or $5.88 per share, and core operating income of $2.69 billion, or $6.82 per share. Book value per share and tangible book value per share increased 15.8% and 21.5%, respectively, from March 31, 2025 and now stand at $189.93 and $126.65. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb's investment portfolio, principally due to the mark-to-market impact in the public fixed-income portfolio, partially offset by $346 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 12.1% and 16.5%, from March 31, 2025.

**Chubb Limited** 

**First Quarter Summary** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  | **2026** | **2025** |<br>**Change** | **2026** | **2025** | **Change** |
|  Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74.3% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78.8% |
|  Adjusted net realized (gains) losses and other, net of tax | 343 | 59 | NM | 0.87 | 0.15 | NM |
|  Integration expenses and severance, net of tax | 7 |  | NM | 0.02 |  | NM |
|  Market risk benefits (gains) losses, net of tax | (12) | 78 | NM | (0.03) | 0.19 | NM |
| Amortization of deferred tax asset from Bermuda law | 31 | 21 | 47.6% | 0.08 | 0.05 | 60.0% |
|  Core operating income, net of tax | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80.6% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85.2% |
|  Annualized return on equity (ROE) | 12.6% | 8.2% |  |  |  |  |
|  Core operating return on tangible equity (ROTE) | 20.6% | 13.0% |  |  |  |  |
|  Core operating ROE | 14.0% | 8.6% |  |  |  |  |

---

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had an excellent quarter and start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued opportunities for growth.

"Strong growth in P&C underwriting income, investment income and life income led to core operating earnings of $2.7 billion, or $6.82 per share, both up more than 80% over the prior year first quarter, which was impacted by the California wildfires. Excluding CATs, core operating income was up 10.7% and EPS was up 13.5%. Tangible book value per share grew 21.5%.

"Our underwriting performance in the quarter was excellent. P&C underwriting income was $1.8 billion, with a combined ratio of 84%. On a current accident year basis excluding CATs, underwriting income grew 9.8%, with a combined ratio of 82.1%. And on the investment side of our business, adjusted net investment income of $1.8 billion was up more than 10%.

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 2

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

"Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace. Given inadequate price levels, we moved during the quarter to reduce exposures in our Major Accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business that was up for renewal while purchasing additional reinsurance. Given our diversification and balance of opportunities, we produced good growth, with consolidated net premiums up 10.7% to $14 billion, including 21% growth in our global consumer businesses, both P&C and Life. Total P&C net premiums grew 7.2% and Life increased 33.1%. In North America, P&C increased 4.1%, while Overseas General grew 14.4%, or 6.1% in constant dollars. Our published growth in Latin America, Europe and Asia was 17.8%, 15.8% and 12.1%, respectively. Excluding large account property, admitted and E&S, North America grew 7.8%.

"War in the Middle East raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal and economic conditions already present. Chubb's diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see I remain confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value."

Operating highlights for the quarter ended March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q1** | **Q1** | |
| (in millions of U.S. dollars except for percentages) | **2026** | **2025** | **Change** |
|  **<u>Consolidated</u>** |  |  |  |
|  Net premiums written (increase of 7.7% in constant dollars) | $14005 | $12646 | 10.7% |
|  **<u>P&C</u>** |  |  |  |
|  Net premiums written (increase of 4.1% in constant dollars) | $11716 | $10926 | 7.2% |
|  Underwriting income | $1792 | $441 | 306.3% |
|  Combined ratio | 84.0% | 95.7% |  |
|  Current accident year underwriting income excluding catastrophe losses | $2006 | $1827 | 9.8% |
|  Current accident year combined ratio excluding catastrophe losses | 82.1% | 82.3% |  |
|  **<u>Global P&C (excludes Agriculture)</u>** |  |  |  |
|  Net premiums written (increase of 3.9% in constant dollars) | $11405 | $10650 | 7.1% |
|  Underwriting income | $1674 | $387 | 332.0% |
|  Combined ratio | 84.8% | 96.2% |  |
|  Current accident year underwriting income excluding catastrophe losses | $1964 | $1791 | 9.5% |
|  Current accident year combined ratio excluding catastrophe losses | 82.2% | 82.4% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 30.8% in constant dollars) | $2289 | $1720 | 33.1% |
|  Segment income (increase of 7.1% in constant dollars) | $316 | $291 | 8.5% |

---

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 3

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Consolidated net premiums earned increased 12.1%, or 9.5% in constant dollars. P&C net premiums earned
increased 8.6%, or 5.9% in constant dollars.

● Operating cash flow was $3.95 billion and adjusted operating cash flow was $3.80 billion.

● Total capital returned to shareholders was $1.52 billion, comprising share repurchases of $1.14 billion
at an average purchase price of $325.06 per share and dividends of $380 million.

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2026 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q1** | **Q1** | |
| (in millions of U.S. dollars except for percentages) | **2026** | **2025** | **Change** |
|  **<u>Total North America P&C Insurance</u>** |  |  |  |
|  *(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural Insurance)* |  |  |  |
|  Net premiums written | $6887 | $6615 | 4.1% |
|  Combined ratio | 82.8% | 99.8% |  |
|  Current accident year combined ratio excluding catastrophe losses | 79.1% | 79.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>**North America Commercial P&C Insurance**</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $4895 | $4787 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major accounts retail and excess and surplus (E&S) wholesale | $2772 | $2731 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Middle market and small commercial | $2123 | $2056 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.0% | 82.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 81.8% | 81.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>**North America Personal P&C Insurance**</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $1681 | $1552 | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.0% | 159.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 71.3% | 75.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>**North America Agricultural Insurance**</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | $311 | $276 | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 37.5% | 67.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 77.6% | 78.9% |  |
|  **<u>Overseas General Insurance</u>** |  |  |  |
|  Net premiums written (increase of 6.1% in constant dollars) | $4466 | $3903 | 14.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial P&C (increase of 3.1% in constant dollars) | $2695 | $2432 | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer P&C (increase of 11.1% in constant dollars) | $1771 | $1471 | 20.5% |
|  Combined ratio | 83.6% | 83.4% |  |
|  Current accident year combined ratio excluding catastrophe losses | 85.4% | 85.5% |  |
|  **<u>Global Reinsurance</u>** |  |  |  |
|  Net premiums written (decrease of 11.7% in constant dollars) | $363 | $408 | (11.2)% |
|  Combined ratio | 76.0% | 95.6% |  |
|  Current accident year combined ratio excluding catastrophe losses | 73.7% | 74.3% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 30.8% in constant dollars) | $2289 | $1720 | 33.1% |
|  Segment income (increase of 7.1% in constant dollars) | $316 | $291 | 8.5% |

---

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 4

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● North America Commercial P&C Insurance: Net premiums written increased 2.3%, or 7.3% excluding large account
property, both admitted and E&S. Middle market and small commercial were up 3.3%, with P&C lines up 5.4% and financial lines down 5.7%, impacted by the increased use of reinsurance. Major accounts retail and specialty were up 1.5%, or 10.9%
excluding large account property, which was down 55.0% due to market conditions. The current accident year combined ratio excluding catastrophe losses increased 0.5 percentage points, driven by an increase in the underlying loss ratio, primarily due
to the reduction in property business.

● North America Personal P&C Insurance: Net premiums written increased 8.3%. The current accident year combined
ratio excluding catastrophe losses decreased 3.7 percentage points, including a 2.7 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.

● North America Agricultural Insurance: The combined ratio decreased 30.0 percentage points, including a 22.2
percentage point decrease from higher favorable prior period development and a 6.5 percentage point decrease from lower catastrophe losses.

● Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 0.1
percentage point, reflecting a 0.5 percentage point decrease in the loss ratio, partially offset by a 0.4 percentage point increase in the expense ratio, both due to a shift in the mix of business.

● Life Insurance: Net premiums written were $2.29 billion, up 33.1%, with International Life of
$1.94 billion, up 36.8%, or 15.7% excluding savings-oriented single premium business, and Chubb Benefits up 15.8%. Life Segment income was $316 million, up 8.5%, reflecting growth in International Life of 14.5%, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 5

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**All comparisons are with the same period last year unless otherwise specifically stated.** 

Please refer to the Chubb Limited Financial Supplement, dated March 31, 2026, which is posted on Chubb's investor relations website, <u>investors.chubb.com</u>, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its first quarter earnings conference call on Wednesday, April 22, 2026, at 8:30 a.m. Eastern. The earnings conference call will be available via live webcast at <u>investors.chubb.com</u> or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the replay, <u>click here</u> to register and receive dial-in numbers.

In this release, 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.

**About Chubb** 

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance, personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at: <u>www.chubb.com</u>.

**Investor Contact** 

Susan Spivak: (212) 827-4445; <u>investorrelations@chubb.com</u>

**Media Contact** 

<u>mediarelations@chubb.com</u> 

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 6

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 <u>constant-dollar basis</u> (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.

<u>Adjusted net investment income</u> is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $2 million and $2 million in Q1 2026 and Q1 2025, and including investment income of $127 million and $107 million in Q1 2026 and Q1 2025, 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.

<u>Adjusted net realized gains (losses) and other</u><u>,</u> <u>net of tax</u><u>,</u> 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. The crop 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. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See <u>Core operating income</u> for further description of these items.

<u>P&C underwriting income (loss</u>) 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 and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

<u>P&C current accident year underwriting income excluding catastrophe losses</u> is P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, 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. References in this release to "current accident year" or "underlying" metrics exclude catastrophe losses and prior period development, unless stated otherwise.

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 7

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Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Core operating income</u> 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, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. 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 and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, 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. References to core operating income measures mean net of tax, whether or not noted.

<u>Core operating return on equity (ROE)</u> and <u>Core operating return on tangible equity (ROTE)</u> 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 on 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.

<u>P&C combined ratio</u> is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

<u>P&C current accident year combined ratio excluding catastrophe losses</u> excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. 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.

<u>Global P&C performance metrics</u> 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.

<u>Tangible book value per common share</u> 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.

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 8

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Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Book value per share and tangible book value per share excluding accumulated other comprehensive income (loss) (AOCI)</u>, 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.

<u>Adjusted operating cash flow</u> 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.

<u>Life Insurance and International life insurance net premiums written and deposits collected</u> 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 life deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

**Cautionary Statement Regarding Forward-Looking Statements:** 

*Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market conditions, and our expectations and intentions and other statements that are not historical facts, reflect our 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 that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss of key employees or disruptions to our operations, 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 recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities including acquisitions and our ability to achieve them, as well as management's response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). 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<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 9

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Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| |
|:---|
| &nbsp;&nbsp; **Chubb Limited** |
| &nbsp;&nbsp; **Summary Consolidated Balance Sheets** |
| &nbsp;&nbsp; **(in millions of U.S. dollars, except per share data)** |
| **(Unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | **March 31**<br>**2026** | **December 31**<br>**2025** |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp; Investments | $170195 | $168720 |
| &nbsp;&nbsp; Cash and restricted cash | 2634 | 2470 |
| &nbsp;&nbsp; Insurance and reinsurance balances receivable | 17101 | 15944 |
| &nbsp;&nbsp; Reinsurance recoverable on losses and loss expenses | 20159 | 20338 |
| &nbsp;&nbsp; Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and 12/31/2025, respectively) | 26587 | 26448 |
| &nbsp;&nbsp; Other assets | 38780 | 38407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $275456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272327 |
| &nbsp;&nbsp; **Liabilities** |  |  |
| &nbsp;&nbsp; Unpaid losses and loss expenses | $88915 | $88018 |
| &nbsp;&nbsp; Unearned premiums | 27180 | 26279 |
| &nbsp;&nbsp; Other liabilities | 79449 | 78251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 195544 | 192548 |
| &nbsp;&nbsp; **Shareholders' equity** |  |  |
| &nbsp;&nbsp; Chubb shareholders' equity, excl. AOCI | 79699 | 78732 |
| &nbsp;&nbsp; Accumulated other comprehensive income (loss) (AOCI) | (5911) | (4975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | 73788 | 73757 |
| &nbsp;&nbsp; Noncontrolling interests | 6124 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 79912 | 79779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275456 | $272327 |
| &nbsp;&nbsp; Book value per common share | $189.93 | $188.59 |
| &nbsp;&nbsp; Tangible book value per common share | $126.65 | $126.22 |
| &nbsp;&nbsp; Book value per common share, excl. AOCI | $205.15 | $201.31 |
| &nbsp;&nbsp; Tangible book value per common share, excl. AOCI | $140.35 | $136.91 |

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Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 10

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Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Chubb Limited** | &nbsp;&nbsp; **Chubb Limited** | &nbsp;&nbsp; **Chubb Limited** |
| &nbsp;&nbsp; **Summary Consolidated Financial Data** | &nbsp;&nbsp; **Summary Consolidated Financial Data** | &nbsp;&nbsp; **Summary Consolidated Financial Data** |
| &nbsp;&nbsp; **(in millions of U.S. dollars, except share, per share data, and ratios)** | &nbsp;&nbsp; **(in millions of U.S. dollars, except share, per share data, and ratios)** | &nbsp;&nbsp; **(in millions of U.S. dollars, except share, per share data, and ratios)** |
| **(Unaudited)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended<br>March 31** | **Three Months Ended<br>March 31** |
|  | **2026** | **2025** |
| &nbsp;&nbsp; Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105 |
| &nbsp;&nbsp; Net premiums written | 14005 | 12646 |
| &nbsp;&nbsp; Net premiums earned | 13457 | 12000 |
| &nbsp;&nbsp; Losses and loss expenses | 6131 | 6896 |
| &nbsp;&nbsp; Policy benefits | 1785 | 1227 |
| &nbsp;&nbsp; Policy acquisition costs | 2596 | 2313 |
| &nbsp;&nbsp; Administrative expenses | 1149 | 1080 |
| &nbsp;&nbsp; Net investment income | 1709 | 1561 |
| &nbsp;&nbsp; Net realized gains (losses) | (407) | (116) |
| &nbsp;&nbsp; Market risk benefits gains (losses) | 14 | (92) |
| &nbsp;&nbsp; Interest expense | 198 | 181 |
| &nbsp;&nbsp; Other income (expense): |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from separate account assets | (12) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 173 | 93 |
| &nbsp;&nbsp; Amortization of purchased intangibles | 73 | 75 |
| &nbsp;&nbsp; Integration expenses and severance | 9 |  |
| &nbsp;&nbsp; Income tax expense | 646 | 321 |
| &nbsp;&nbsp; Net income | $2347 | $1343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income | 27 | 12 |
| &nbsp;&nbsp; Chubb net income | $2320 | $1331 |
| &nbsp;&nbsp; **Diluted earnings per share:** |  |  |
| &nbsp;&nbsp; Chubb net income | $5.88 | $3.29 |
| &nbsp;&nbsp; Core operating income | $6.82 | $3.68 |
| &nbsp;&nbsp; Weighted average shares outstanding | 394.6 | 404.7 |
| &nbsp;&nbsp; **<u>P&C combined ratio</u>** |  |  |
| &nbsp;&nbsp; Loss and loss expense ratio | 55.6% | 67.8% |
| &nbsp;&nbsp; Policy acquisition cost ratio | 20.0% | 19.4% |
| &nbsp;&nbsp; Administrative expense ratio | 8.4% | 8.5% |
| &nbsp;&nbsp; P&C combined ratio | 84.0% | 95.7% |
| &nbsp;&nbsp; P&C underwriting income | $1792 | $441 |

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Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 11

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g145408dsp5.jpg)

## Chubb Limited

## Financial Supplement

## for the Quarter Ended March 31, 2026
**Investor Contact** 

Susan Spivak: (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.

**<u>Cautionary Statement Regarding Forward-Looking Statements</u>**

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.

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**Chubb Limited** 

**Financial Supplement Table of Contents** 

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| | | |
|:---|:---|:---|
|  |  | **Page** |
| **I.** | **<u>Financial Highlights</u>** |  |
|  | - Consolidated Financial Highlights | 1 |
| **II.** | **<u>Consolidated Results</u>** |  |
|  | - 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 |
| **III.** | **<u>Segment Results</u>** |  |
|  | - North America Commercial P&C Insurance | 8 |
|  | - North America Personal P&C Insurance | 9 |
|  | - North America Agricultural Insurance | 10 |
|  | - Overseas General Insurance | 11 |
|  | - Global Reinsurance | 12 |
|  | - Life Insurance | 13 |
|  | - Corporate | 14 |
| **IV.** | **<u>Balance Sheet Details</u>** |  |
|  | - Loss Reserve Rollforward | 15 |
|  | - Reinsurance Recoverable Analysis | 16 |
|  | - Investment Portfolio | 17 - 20 |
|  | - Net Realized and Unrealized Gains (Losses) | 21 |
|  | - Debt and Capital | 22 |
|  | - Computation of Basic and Diluted Earnings Per Share | 23 |
|  | - Book Value and Book Value per Common Share | 24 |
| **V.** | **<u>Other Disclosures</u>** |  |
|  | - Non-GAAP Financial Measures | 25 - 29 |
|  | - Glossary | 30 |

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**<u>Note on Chubb Metrics:</u>**

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.

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**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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Three months ended March 31** | **Three months ended March 31** | | **Constant $** | **Constant $** |
|  | **2026** | **2025** | **% Change** | **2025** | **% Change** |
|  Gross premiums written | $16551 | $15105 | 9.6% | $15535 | 6.5% |
|  Net premiums written | $14005 | $12646 | 10.7% | $13000 | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&C net premiums written | $11716 | $10926 | 7.2% | $11249 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global P&C net premiums written | $11405 | $10650 | 7.1% | $10973 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance net premiums written | $2289 | $1720 | 33.1% | $1751 | 30.8% |
|  Net premiums earned | $13457 | $12000 | 12.1% | $12287 | 9.5% |
|  P&C underwriting income | $1792 | $441 | 306.3% | $485 | 269.1% |
|  P&C CAY underwriting income ex Cats | $2006 | $1827 | 9.8% | $1865 | 7.5% |
|  Adjusted net investment income | $1838 | $1670 | 10.1% | $1686 | 9.0% |
|  Core operating income | $2689 | $1489 | 80.6% | $1534 | 75.3% |
|  Adjusted operating cash flow | $3803 | $2001 |  |  |  |
|  Net investment income | $1709 | $1561 | 9.5% | $1575 | 8.5% |
|  Chubb net income | $2320 | $1331 | 74.3% |  |  |
|  Operating cash flow | $3947 | $1566 |  |  |  |
|  **P&C combined ratio** |  |  |  |  |  |
|  Loss and loss expense ratio | 55.6% | 67.8% |  |  |  |
|  Policy acquisition cost and administrative expense ratio | 28.4% | 27.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.0% | 95.7% |  |  |  |
|  **P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)** |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 53.8% | 54.4% |  |  |  |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 28.3% | 27.9% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.1% | 82.3% |  |  |  |
|  ROE | 12.6% | 8.2% |  |  |  |
|  Core operating return on tangible equity (ROTE) | 20.6% | 13.0% |  |  |  |
|  Core operating return on equity (ROE) | 14.0% | 8.6% |  |  |  |
|  Effective tax rate | 21.7% | 19.3% |  |  |  |
|  Core operating effective tax rate | 19.3% | 19.1% |  |  |  |
|  **Diluted earnings per share** |  |  |  |  |  |
|  Chubb net income | $5.88 | $3.29 | 78.8% |  |  |
|  Core operating income | $6.82 | $3.68 | 85.2% |  |  |
|  Weighted average diluted common shares outstanding | 394.6 | 404.7 |  |  |  |
|  |  |  | **% Change** |  | **% Change** |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**March 31** <br> **2026** | **December 31**<br> **2025** | **1Q-26 vs.<br>4Q-25** | **March 31<br>2025** | **1Q-26 vs.**<br> **1Q-25** |
|  Book value per common share | $189.93 | $188.59 | 0.7% | $164.01 | 15.8% |
|  Tangible book value per common share | $126.65 | $126.22 | 0.3% | $104.27 | 21.5% |
|  Book value per common share, excl. AOCI | $205.15 | $201.31 | 1.9% | $183.06 | 12.1% |
|  Tangible book value per common share, excl. AOCI | $140.35 | $136.91 | 2.5% | $120.44 | 16.5% |

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Financial Highlights Page 1

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**Chubb Limited** 

**Statement of Operations - Consecutive Quarters** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Consolidated Statements of Operations</u>** | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year**<br>**2025** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16551 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65946 |
|  Net premiums written | 14005 | 13134 | 14866 | 14196 | 12646 | 54842 |
|  Net premiums earned | 13457 | 13530 | 14359 | 13125 | 12000 | 53014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses <sup>(1)</sup> | 6139 | 6289 | 6958 | 6574 | 6895 | 26716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives | 8 | 8 | 7 | 2 | (1) | 16 |
|  Losses and loss expenses | 6131 | 6281 | 6951 | 6572 | 6896 | 26700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted policy benefits <sup>(2)</sup> | 1813 | 1355 | 1422 | 1378 | 1276 | 5431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses from investment portfolios supporting participating policies | 16 | 27 | 41 | (40) | 39 | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses from fair value changes in separate account assets | 12 | (127) | 9 | 12 | 10 | (96) |
|  Policy benefits | 1785 | 1455 | 1372 | 1406 | 1227 | 5460 |
|  Policy acquisition costs | 2596 | 2556 | 2563 | 2415 | 2313 | 9847 |
|  Administrative expenses | 1149 | 1161 | 1138 | 1125 | 1080 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net investment income <sup>(3)</sup> | 1838 | 1814 | 1776 | 1687 | 1670 | 6947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (income) expense from private equity partnerships | (127) | (125) | (127) | (115) | (107) | (474) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense of fair value adjustment on acquired invested assets | (2) | (1) | (1) | (4) | (2) | (8) |
|  Net investment income | 1709 | 1688 | 1648 | 1568 | 1561 | 6465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted realized gains (losses) <sup>(4)</sup> | (383) | (81) | 331 | 122 | (78) | 294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) from investment portfolios supporting participating policies | (16) | (27) | (41) | 40 | (39) | (67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on crop derivatives | (8) | (8) | (7) | (2) | 1 | (16) |
|  Net realized gains (losses) | (407) | (116) | 283 | 160 | (116) | 211 |
|  Market risk benefits gains (losses) | 14 | (37) | (142) | (17) | (92) | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted interest expense <sup>(5)</sup> | 203 | 210 | 203 | 186 | 186 | 785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization benefit of fair value adjustment on acquired long term debt | (5) | (5) | (6) | (5) | (5) | (21) |
|  Interest expense | 198 | 205 | 197 | 181 | 181 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from fair value changes in separate account assets | (12) | 127 | (9) | (12) | (10) | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) related to unconsolidated entities | 27 | 282 | (84) | 540 | (25) | 713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) from private equity partnerships | 127 | 125 | 127 | 115 | 107 | 474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) - operating | 19 | (18) | 9 | 12 | 11 | 14 |
|  Other income (expense) | 161 | 516 | 43 | 655 | 83 | 1297 |
|  Amortization expense of purchased intangibles | 73 | 77 | 75 | 74 | 75 | 301 |
|  Integration expenses and severance | 9 | 76 | 1 | 2 |  | 79 |
|  Income tax expense (benefit) | 646 | 597 | 787 | 717 | 321 | 2422 |
|  Net income | $2347 | $3173 | $3107 | $2999 | $1343 | $10622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | 27 | (37) | 306 | 31 | 12 | 312 |
|  Chubb net income | $2320 | $3210 | $2801 | $2968 | $1331 | $10310 |

---

(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

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**Chubb Limited** 

**P&C Underwriting Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>P&C</u>** | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year<br>2025** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;14206 | $&nbsp;&nbsp;&nbsp;&nbsp;13612 | $&nbsp;&nbsp;&nbsp;&nbsp;16074 | $&nbsp;&nbsp;&nbsp;&nbsp;15410 | $&nbsp;&nbsp;&nbsp;&nbsp;13327 | $&nbsp;&nbsp;&nbsp;&nbsp;58423 |
|  Net premiums written | 11716 | 11309 | 12934 | 12394 | 10926 | 47563 |
|  Net premiums earned | 11189 | 11716 | 12434 | 11336 | 10304 | 45790 |
|  Adjusted losses and loss expenses | 6111 | 6257 | 6927 | 6554 | 6869 | 26607 |
|  Policy benefits | 113 | 109 | 119 | 129 | 113 | 470 |
|  Policy acquisition costs | 2234 | 2214 | 2204 | 2096 | 2003 | 8517 |
|  Administrative expenses | 939 | 939 | 925 | 926 | 878 | 3668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&C underwriting income | $1792 | $2197 | $2259 | $1631 | $441 | $6528 |
|  P&C CAY underwriting income ex Cats | $2006 | $2294 | $2183 | $2012 | $1827 | $8316 |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 7.2% | 7.7% | 5.3% | 5.2% | 3.2% | 5.4% |
|  Net premiums earned | 8.6% | 6.2% | 5.0% | 5.7% | 3.3% | 5.1% |
|  Net premiums written constant $ | 4.1% | 6.9% | 4.7% | 5.8% | 5.0% | 5.6% |
|  Net premiums earned constant $ | 5.9% | 5.3% | 4.2% | 6.3% | 5.0% | 5.2% |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 55.6% | 54.3% | 56.7% | 59.0% | 67.8% | 59.1% |
|  Policy acquisition cost ratio | 20.0% | 18.9% | 17.7% | 18.5% | 19.4% | 18.6% |
|  Administrative expense ratio | 8.4% | 8.0% | 7.4% | 8.1% | 8.5% | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.0% | 81.2% | 81.8% | 85.6% | 95.7% | 85.7% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 53.8% | 53.2% | 57.5% | 55.6% | 54.4% | 55.3% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 28.3% | 27.2% | 25.0% | 26.7% | 27.9% | 26.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.1% | 80.4% | 82.5% | 82.3% | 82.3% | 81.9% |
|  **Other ratios** |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 82% | 83% | 80% | 80% | 82% | 81% |
|  Expense ratio | 28.4% | 26.9% | 25.1% | 26.6% | 27.9% | 26.6% |
|  Expense ratio excluding A&H | 26.8% | 25.3% | 23.6% | 25.1% | 26.4% | 25.0% |
|  Net catastrophe losses - pre-tax | $500 | $365 | $285 | $630 | $1641 | $2921 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(286) | $(268) | $(361) | $(249) | $(255) | $(1133) |
|  Impact of catastrophe losses on combined ratio - Unfavorable (favorable) | 4.5% | 3.0% | 2.3% | 5.5% | 15.9% | 6.3% |
|  Impact of PPD on combined ratio - Unfavorable (favorable) | -2.6% | -2.3% | -3.0% | -2.2% | -2.5% | -2.5% |
|  Impact of Cats and PPD on combined ratio - Unfavorable (favorable) | 1.9% | 0.7% | -0.7% | 3.3% | 13.4% | 3.8% |

---

P&C Results Page 3

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**Chubb Limited** 

**Global P&C Underwriting Results - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Global P&C</u>** | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year<br> 2025** |
|  Gross premiums written | $13705 | $13005 | $13558 | $14300 | $12893 | $53756 |
|  Net premiums written | 11405 | 10850 | 11476 | 11661 | 10650 | 44637 |
|  Net premiums earned | 11000 | 11055 | 10939 | 10738 | 10139 | 42871 |
|  Adjusted losses and loss expenses | 6058 | 5817 | 5703 | 6071 | 6777 | 24368 |
|  Policy benefits | 113 | 109 | 119 | 129 | 113 | 470 |
|  Policy acquisition costs | 2210 | 2196 | 2118 | 2048 | 1986 | 8348 |
|  Administrative expenses | 945 | 954 | 920 | 924 | 876 | 3674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global P&C underwriting income | $1674 | $1979 | $2079 | $1566 | $387 | $6011 |
|  Global P&C CAY underwriting income ex Cats | $1964 | $2130 | $2029 | $1946 | $1791 | $7896 |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 7.1% | 6.6% | 5.3% | 5.8% | 3.0% | 5.2% |
|  Net premiums earned | 8.5% | 5.3% | 4.9% | 6.3% | 3.0% | 4.9% |
|  Net premiums written constant $ | 3.9% | 5.7% | 4.6% | 6.4% | 4.8% | 5.4% |
|  Net premiums earned constant $ | 5.8% | 4.4% | 4.1% | 7.0% | 4.7% | 5.0% |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 56.1% | 53.6% | 53.2% | 57.7% | 68.0% | 57.9% |
|  Policy acquisition cost ratio | 20.1% | 19.9% | 19.4% | 19.1% | 19.6% | 19.5% |
|  Administrative expense ratio | 8.6% | 8.6% | 8.4% | 8.6% | 8.6% | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.8% | 82.1% | 81.0% | 85.4% | 96.2% | 86.0% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 53.5% | 52.6% | 54.0% | 54.3% | 54.2% | 53.8% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 28.7% | 28.3% | 27.6% | 27.6% | 28.2% | 27.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.2% | 80.9% | 81.6% | 81.9% | 82.4% | 81.7% |
|  **Other ratios** |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 83% | 83% | 85% | 82% | 83% | 83% |
|  Expense ratio | 28.7% | 28.5% | 27.8% | 27.7% | 28.2% | 28.1% |
|  Expense ratio excluding A&H | 27.1% | 26.9% | 26.2% | 26.1% | 26.7% | 26.4% |
|  Net catastrophe losses - pre-tax | $496 | $361 | $281 | $629 | $1626 | $2897 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(206) | $(210) | $(331) | $(249) | $(222) | $(1012) |
|  Impact of catastrophe losses on combined ratio - Unfavorable (favorable) | 4.5% | 3.2% | 2.6% | 5.8% | 16.0% | 6.8% |
|  Impact of PPD on combined ratio - Unfavorable (favorable) | -1.9% | -2.0% | -3.2% | -2.3% | -2.2% | -2.5% |
|  Impact of Cats and PPD on combined ratio - Unfavorable (favorable) | 2.6% | 1.2% | -0.6% | 3.5% | 13.8% | 4.3% |

---

Global P&C Page 4

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**Chubb Limited** 

**Summary Consolidated Balance Sheets** 

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

**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **March 31**<br>**2026** | **December 31<br>2025** |
|  **Assets** |  |  |
|  Short-term investments, at fair value | $5067 | $4840 |
|  Fixed maturities available for sale, at fair value | 123433 | 122680 |
|  Private debt held-for-investment, at amortized cost | 2477 | 2411 |
|  Equity securities, at fair value | 10916 | 10801 |
|  Private equities | 17132 | 17239 |
|  Other investments | 11170 | 10749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168720 |
|  Cash and restricted cash | 2634 | 2470 |
|  Securities lending collateral | 2277 | 2500 |
|  Insurance and reinsurance balances receivable | 17101 | 15944 |
|  Reinsurance recoverable on losses and loss expenses | 20159 | 20338 |
|  Deferred policy acquisition costs | 10452 | 10008 |
|  Value of business acquired (VOBA) | 2926 | 2975 |
|  Prepaid reinsurance premiums | 4105 | 3874 |
|  Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and 12/31/2025, respectively) | 26587 | 26448 |
|  Deferred tax assets | 1315 | 1312 |
|  Separate account assets | 6718 | 6925 |
|  Other assets | 10987 | 10813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $275456 | $272327 |
|  **Liabilities** |  |  |
|  Unpaid losses and loss expenses | $88915 | $88018 |
|  Unearned premiums | 27180 | 26279 |
|  Future policy benefits | 19273 | 18420 |
|  Market risk benefits | 642 | 659 |
|  Policyholder account balances | 8782 | 8576 |
|  Separate account liabilities | 6718 | 6925 |
|  Insurance and reinsurance balances payable | 8486 | 8349 |
|  Securities lending payable | 2277 | 2500 |
|  Accounts payable, accrued expenses, and other liabilities | 13617 | 13432 |
|  Deferred tax liabilities | 1759 | 1741 |
|  Short-term and long-term debt | 17470 | 17227 |
|  Hybrid debt | 425 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 195544 | 192548 |
|  **Shareholders' equity** |  |  |
|  Chubb shareholders' equity, excl. AOCI | 79699 | 78732 |
|  Accumulated other comprehensive income (loss) (AOCI) | (5911) | (4975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | 73788 | 73757 |
|  Noncontrolling interests | 6124 | 6022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 79912 | 79779 |
|  Total liabilities and shareholders' equity | $275456 | $272327 |
|  **Book value per common share** | $189.93 | $188.59 |
|  % change over prior quarter | 0.7% | 3.5% |
|  **Tangible book value per common share <sup>(1)</sup>** | $126.65 | $126.22 |
|  % change over prior quarter | 0.3% | 5.1% |
|  **Book value per common share, excl. AOCI** | $205.15 | $201.31 |
|  % change over prior quarter | 1.9% | 3.4% |
|  **Tangible book value per common share, excl. AOCI** | $140.35 | $136.91 |
|  % change over prior quarter | 2.5% | 4.8% |

---

(1) Refer to page 24 in this financial supplement for more details.

Consol Bal Sheet Page 5

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**Chubb Limited** 

**Consolidated Net Premiums Written by Product Line** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |<br>**1Q-26** |<br>**1Q-25** |<br> **% Change** | **Constant $**<br>**% Change** |
| **<u>Net premiums written</u>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and other short-tail lines | $2467 | $2489 | -0.9% | -4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial casualty | 2571 | 2252 | 14.2% | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial lines | 1093 | 1079 | 1.3% | -1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Workers' compensation | 626 | 638 | -1.9% | -1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial multiple peril <sup>(1)</sup> | 454 | 416 | 9.2% | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Surety | 220 | 200 | 9.8% | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial P&C lines | 7431 | 7074 | 5.0% | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | 311 | 276 | 12.7% | 12.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal homeowners | 1273 | 1143 | 11.4% | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal automobile | 855 | 691 | 23.8% | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal other | 560 | 511 | 9.6% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Personal lines <sup>(2)</sup> | 2688 | 2345 | 14.7% | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global A&H - P&C | 923 | 823 | 12.2% | 6.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance lines | 363 | 408 | -11.2% | -11.7% |
| **Total P&C** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11716 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10926 | 7.2% | 4.1% |
| **Life Insurance** | 2289 | 1720 | 33.1% | 30.8% |
| **Total Consolidated** | $14005 | $12646 | 10.7% | 7.7% |

---

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

(2) For purposes of this schedule only, certain Q1 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results.

Product Line Page 6

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**Chubb Limited** 

**Consolidated Results** 

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
|  | North<br> America<br>Commercial P&C | North<br> America<br>Personal P&C | North<br> America<br>Agricultural | Overseas<br>General | Global | | Total | Life | Total |
| **<u>Q1 2026</u>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance | Reinsurance | Corporate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P&C | &nbsp;&nbsp;&nbsp;&nbsp;Insurance | Consolidated |
|  Net premiums written | $4895 | $1681 | $311 | $4466 | $363 | $- | $11716 | $2289 | $14005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 35% | 12% | 2% | 32% | 3% | 0% | 84% | 16% | 100% |
|  Net premiums earned | 5148 | 1746 | 189 | 3780 | 326 |  | 11189 | 2268 | 13457 |
|  Adjusted losses and loss expenses | 3220 | 1034 | 53 | 1652 | 137 | 15 | 6111 | 28 | 6139 |
|  Adjusted policy benefits |  |  |  | 113 |  |  | 113 | 1700 | 1813 |
|  Policy acquisition costs | 752 | 347 | 24 | 1009 | 102 |  | 2234 | 362 | 2596 |
|  Administrative expenses | 354 | 85 | (6) | 387 | 9 | 110 | 939 | 210 | 1149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 822 | 280 | 118 | 619 | 78 | (125) | 1792 | (32) | 1760 |
|  Adjusted net investment income | 971 | 137 | 26 | 300 | 108 | (9) | 1533 | 305 | 1838 |
|  Other income (expense) - operating | (14) | (3) |  | (6) |  | (9) | (32) | 51 | 19 |
|  Amortization expense of purchased intangibles | (1) | (2) | (6) | (22) |  | (34) | (65) | (8) | (73) |
|  Segment income (loss) | $1778 | $412 | $138 | $891 | $186 | $(177) | $3228 | $316 | $3544 |
|  Combined ratio | 84.0% | 84.0% | 37.5% | 83.6% | 76.0% |  | 84.0% |  |  |
|  CAY combined ratio ex Cats | 81.8% | 71.3% | 77.6% | 85.4% | 73.7% |  | 82.1% |  |  |
|  | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
|  | North<br> America<br>Commercial P&C | North<br> America<br>Personal P&C | North<br> America<br>Agricultural | Overseas<br>General | Global |  | Total | Life | Total |
| **<u>Q1 2025</u>** | Insurance | Insurance | Insurance | Insurance | Reinsurance | Corporate | P&C | Insurance | Consolidated |
|  Net premiums written | $4787 | $1552 | $276 | $3903 | $408 | $- | $10926 | $1720 | $12646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 38% | 12% | 2% | 31% | 3% | 0% | 86% | 14% | 100% |
|  Net premiums earned | 4988 | 1574 | 165 | 3209 | 368 |  | 10304 | 1696 | 12000 |
|  Adjusted losses and loss expenses | 3031 | 2093 | 92 | 1397 | 242 | 14 | 6869 | 26 | 6895 |
|  Adjusted policy benefits |  |  |  | 113 |  |  | 113 | 1163 | 1276 |
|  Policy acquisition costs | 719 | 330 | 17 | 837 | 100 |  | 2003 | 310 | 2313 |
|  Administrative expenses | 344 | 87 | 2 | 330 | 10 | 105 | 878 | 202 | 1080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 894 | (936) | 54 | 532 | 16 | (119) | 441 | (5) | 436 |
|  Adjusted net investment income | 929 | 120 | 24 | 281 | 70 | (25) | 1399 | 271 | 1670 |
|  Other income (expense) - operating | (8) | (1) | (1) | (6) |  | (8) | (24) | 35 | 11 |
|  Amortization expense of purchased intangibles | (1) | (2) | (6) | (19) |  | (37) | (65) | (10) | (75) |
|  Segment income (loss) | $1814 | $(819) | $71 | $788 | $86 | $(189) | $1751 | $291 | $2042 |
|  Combined ratio | 82.1% | 159.5% | 67.5% | 83.4% | 95.6% |  | 95.7% |  |  |
|  CAY combined ratio ex Cats | 81.3% | 75.0% | 78.9% | 85.5% | 74.3% |  | 82.3% |  |  |

---

Consol Results - QTD Page 7

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**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

**<u>North America Commercial P&C Insurance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **1Q-26** |<br> **4Q-25** |<br> **3Q-25** |<br> **2Q-25** |<br> **1Q-25** | **Full Year**<br> **2025** |
|  Gross premiums written | $5890 | $6177 | $6652 | $7038 | $5696 | $25563 |
|  Net premiums written | 4895 | 5107 | 5663 | 5723 | 4787 | 21280 |
|  Net premiums earned | 5148 | 5136 | 5080 | 5177 | 4988 | 20381 |
|  Losses and loss expenses | 3220 | 2941 | 3083 | 3258 | 3031 | 12313 |
|  Policy acquisition costs | 752 | 759 | 708 | 705 | 719 | 2891 |
|  Administrative expenses | 354 | 345 | 348 | 357 | 344 | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 822 | 1091 | 941 | 857 | 894 | 3783 |
|  Adjusted net investment income | 971 | 995 | 978 | 938 | 929 | 3840 |
|  Other income (expense) - operating | (14) | (33) | (10) | (8) | (8) | (59) |
|  Amortization expense of purchased intangibles | (1) | (1) | (1) | (2) | (1) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559 |
|  CAY underwriting income ex Cats | $935 | $1045 | $987 | $980 | $934 | $3946 |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 62.5% | 57.2% | 60.7% | 62.9% | 60.8% | 60.4% |
|  Policy acquisition cost ratio | 14.6% | 14.8% | 13.9% | 13.7% | 14.4% | 14.2% |
|  Administrative expense ratio | 6.9% | 6.8% | 6.9% | 6.9% | 6.9% | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.0% | 78.8% | 81.5% | 83.5% | 82.1% | 81.4% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 60.4% | 58.6% | 60.4% | 60.6% | 59.9% | 59.9% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 21.4% | 21.3% | 20.4% | 20.5% | 21.4% | 20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 81.8% | 79.9% | 80.8% | 81.1% | 81.3% | 80.8% |
|  Net catastrophe losses - pre-tax | $202 | $129 | $72 | $229 | $154 | $584 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(89) | $(175) | $(26) | $(106) | $(114) | $(421) |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 2.3% | 4.3% | 2.9% | 4.1% | 2.1% | 3.4% |
|  Net premiums earned | 3.2% | 0.4% | -0.6% | 5.7% | 2.2% | 1.9% |
|  **Other ratios** |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 83% | 83% | 85% | 81% | 84% | 83% |
|  **Production by Size - Net premiums written <sup>(1)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Accounts & Specialty | $2772 | $3003 | $3379 | $3578 | $2731 | $12691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 2123 | 2104 | 2284 | 2145 | 2056 | 8589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $4895 | $5107 | $5663 | $5723 | $4787 | $21280 |

---

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

NA Commercial Page 8

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

**<u>North America Personal P&C Insurance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **1Q-26** |<br> **4Q-25** |<br> **3Q-25** |<br> **2Q-25** |<br> **1Q-25** | **Full Year**<br> **2025** |
|  Gross premiums written | $1934 | $1984 | $2078 | $2208 | $1840 | $8110 |
|  Net premiums written | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 | 7024 |
|  Net premiums earned | 1746 | 1767 | 1741 | 1681 | 1574 | 6763 |
|  Losses and loss expenses | 1034 | 889 | 713 | 822 | 2093 | 4517 |
|  Policy acquisition costs | 347 | 336 | 339 | 332 | 330 | 1337 |
|  Administrative expenses | 85 | 85 | 82 | 82 | 87 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 280 | 457 | 607 | 445 | (936) | 573 |
|  Net investment income | 137 | 125 | 123 | 118 | 120 | 486 |
|  Other income (expense) - operating | (3) | (1) | (1) |  | (1) | (3) |
|  Amortization expense of purchased intangibles | (2) | (2) | (2) | (2) | (2) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income (loss) | $412 | $579 | $727 | $561 | $(819) | $1048 |
|  CAY underwriting income ex Cats | $501 | $533 | $486 | $466 | $406 | $1891 |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 59.3% | 50.4% | 41.0% | 48.9% | 133.0% | 66.8% |
|  Policy acquisition cost ratio | 19.9% | 18.9% | 19.4% | 19.7% | 21.0% | 19.7% |
|  Administrative expense ratio | 4.8% | 4.8% | 4.7% | 4.9% | 5.5% | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 84.0% | 74.1% | 65.1% | 73.5% | 159.5% | 91.5% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 46.6% | 46.2% | 48.0% | 47.6% | 49.3% | 47.7% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 24.7% | 23.7% | 24.1% | 24.6% | 25.7% | 24.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 71.3% | 69.9% | 72.1% | 72.2% | 75.0% | 72.3% |
|  Net catastrophe losses - pre-tax | $222 | $76 | $161 | $142 | $1342 | $1721 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(1) | $- | $(282) | $(121) | $- | $(403) |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 8.3% | 6.1% | 8.1% | 9.1% | 6.6% | 7.5% |
|  Net premiums earned | 10.9% | 8.5% | 10.5% | 11.1% | 7.0% | 9.3% |
|  **Other ratios** |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 87% | 87% | 87% | 88% | 84% | 87% |

---

NA Personal Page 9

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

**<u>North America Agricultural Insurance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **1Q-26** |<br> **4Q-25** |<br> **3Q-25** |<br> **2Q-25** |<br> **1Q-25** | **Full Year**<br> **2025** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2516 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4667 |
|  Net premiums written | 311 | 459 | 1458 | 733 | 276 | 2926 |
|  Net premiums earned | 189 | 661 | 1495 | 598 | 165 | 2919 |
|  Adjusted losses and loss expenses | 53 | 440 | 1224 | 483 | 92 | 2239 |
|  Policy acquisition costs | 24 | 18 | 86 | 48 | 17 | 169 |
|  Administrative expenses | (6) | (15) | 5 | 2 | 2 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 118 | 218 | 180 | 65 | 54 | 517 |
|  Net investment income | 26 | 23 | 20 | 19 | 24 | 86 |
|  Other income (expense) - operating |  | (1) |  |  | (1) | (2) |
|  Amortization expense of purchased intangibles | (6) | (6) | (6) | (6) | (6) | (24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $138 | $234 | $194 | $78 | $71 | $577 |
|  CAY underwriting income ex Cats | $42 | $164 | $154 | $66 | $36 | $420 |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 27.9% | 66.5% | 81.9% | 80.8% | 55.9% | 76.7% |
|  Policy acquisition cost ratio | 12.6% | 2.8% | 5.8% | 7.9% | 10.4% | 5.8% |
|  Administrative expense ratio | -3.0% | -2.3% | 0.3% | 0.4% | 1.2% | -0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 37.5% | 67.0% | 88.0% | 89.1% | 67.5% | 82.3% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 68.0% | 66.2% | 83.6% | 80.5% | 65.8% | 78.5% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 9.6% | 3.8% | 6.1% | 8.3% | 13.1% | 6.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 77.6% | 70.0% | 89.7% | 88.8% | 78.9% | 85.0% |
|  Net catastrophe losses - pre-tax | $4 | $4 | $4 | $1 | $15 | $24 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(80) | $(58) | $(30) | $- | $(33) | $(121) |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 12.7% | 45.1% | 5.6% | -3.3% | 11.0% | 8.2% |
|  Net premiums earned | 14.6% | 24.0% | 5.4% | -4.3% | 28.6% | 7.9% |
|  **Other ratios** |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 62% | 76% | 58% | 66% | 64% | 63% |

---

NA Agriculture Page 10

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

**<u>Overseas General Insurance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year <br>2025** |
|  Gross premiums written | $5478 | $4608 | $4496 | $4588 | $4904 | $18596 |
|  Net premiums written | 4466 | 3806 | 3695 | 3620 | 3903 | 15024 |
|  Net premiums earned | 3780 | 3820 | 3803 | 3542 | 3209 | 14374 |
|  Losses and loss expenses | 1652 | 1696 | 1707 | 1789 | 1397 | 6589 |
|  Policy benefits | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;470 |
|  Policy acquisition costs | 1009 | 999 | 975 | 913 | 837 | 3724 |
|  Administrative expenses | 387 | 368 | 368 | 369 | 330 | 1435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 619 | 648 | 634 | 342 | 532 | 2156 |
|  Adjusted net investment income | 300 | 292 | 288 | 278 | 281 | 1139 |
|  Other income (expense) - operating | (6) | (31) | (8) | (5) | (6) | (50) |
|  Amortization expense of purchased intangibles | (22) | (20) | (20) | (19) | (19) | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $891 | $889 | $894 | $596 | $788 | $3167 |
|  CAY underwriting income ex Cats | $552 | $615 | $592 | $517 | $466 | $2190 |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 46.7% | 47.3% | 48.0% | 54.2% | 47.0% | 49.1% |
|  Policy acquisition cost ratio | 26.7% | 26.1% | 25.6% | 25.7% | 26.1% | 25.9% |
|  Administrative expense ratio | 10.2% | 9.6% | 9.7% | 10.4% | 10.3% | 10.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 83.6% | 83.0% | 83.3% | 90.3% | 83.4% | 85.0% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 48.6% | 48.4% | 49.1% | 49.3% | 49.1% | 49.0% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 36.8% | 35.6% | 35.3% | 36.1% | 36.4% | 35.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 85.4% | 84.0% | 84.4% | 85.4% | 85.5% | 84.8% |
|  Net catastrophe losses - pre-tax | $64 | $156 | $42 | $252 | $55 | $505 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(131) | $(189) | $(84) | $(77) | $(121) | $(471) |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 14.4% | 10.8% | 9.7% | 8.5% | 1.8% | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 10.8% | 5.6% | 5.8% | 6.0% | 3.6% | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 20.5% | 18.7% | 15.5% | 12.2% | -1.1% | 11.0% |
|  Net premiums earned | 17.8% | 11.3% | 11.2% | 5.8% | 0.3% | 7.3% |
|  Net premiums written constant $ | 6.1% | 8.1% | 7.4% | 10.2% | 6.5% | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 3.1% | 3.3% | 3.9% | 6.8% | 7.3% | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 11.1% | 15.4% | 12.6% | 15.3% | 5.0% | 12.0% |
|  Net premiums earned constant $ | 9.6% | 8.4% | 8.4% | 7.4% | 5.0% | 7.4% |
|  **Other ratios:** Net premiums written/gross premiums written | 82% | 83% | 82% | 79% | 80% | 81% |
| **Production by Region - Net premiums written** | **1Q-26** | **1Q-25** | **% Change** | **Constant $% Change** |  |  |
|  Europe, Middle East and Africa | $2217 | $1915 | 15.8% | 5.8% |  |  |
|  Latin America | 867 | 736 | 17.8% | 7.2% |  |  |
|  Asia | 1344 | 1198 | 12.1% | 7.4% |  |  |
|  Other <sup>(1)</sup> | 38 | 54 | -28.9% | -30.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $4466 | $3903 | 14.4% | 6.1% |  |  |

---

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

Overseas General Insurance Page 11

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

**<u>Global Reinsurance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year** <br>**2025** |
|  Gross premiums written | $403 | $236 | $332 | $466 | $453 | $1487 |
|  Net premiums written | 363 | 217 | 304 | 380 | 408 | 1309 |
|  Net premiums earned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1353 |
|  Losses and loss expenses | 137 | 127 | 139 | 132 | 242 | 640 |
|  Policy acquisition costs | 102 | 102 | 96 | 98 | 100 | 396 |
|  Administrative expenses | 9 | 8 | 9 | 10 | 10 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 78 | 95 | 71 | 98 | 16 | 280 |
|  Adjusted net investment income | 108 | 99 | 100 | 85 | 70 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $186 | $194 | $171 | $183 | $86 | $634 |
|  CAY underwriting income ex Cats | $86 | $87 | $77 | $89 | $91 | $344 |
|  **Combined ratio** |  |  |  |  |  |  |
|  Loss and loss expense ratio | 41.9% | 38.5% | 43.8% | 39.0% | 65.8% | 47.3% |
|  Policy acquisition cost ratio | 31.3% | 30.9% | 30.5% | 29.1% | 27.1% | 29.3% |
|  Administrative expense ratio | 2.8% | 2.2% | 3.1% | 2.9% | 2.7% | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 76.0% | 71.6% | 77.4% | 71.0% | 95.6% | 79.3% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 40.1% | 41.4% | 42.0% | 41.5% | 43.2% | 42.1% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 33.6% | 32.5% | 33.6% | 32.0% | 31.1% | 32.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 73.7% | 73.9% | 75.6% | 73.5% | 74.3% | 74.3% |
|  Net catastrophe losses - pre-tax | $8 | $- | $6 | $6 | $75 | $87 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $- | $(8) | $- | $(15) | $- | $(23) |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | -11.2% | -3.9% | -13.5% | -7.6% | 13.7% | -2.8% |
|  Net premiums earned | -11.4% | 3.2% | -0.5% | -0.3% | 24.8% | 6.4% |
|  Net premiums written constant $ | -11.7% | -4.2% | -13.8% | -7.8% | 14.0% | -3.0% |
|  Net premiums earned constant $ | -12.1% | 2.9% | -0.9% | -0.6% | 25.3% | 6.2% |
|  **Other ratios** |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 90% | 91% | 92% | 82% | 90% | 88% |

---

Global Reinsurance Page 12

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Life Insurance</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year** <br>**2025** |
|  Gross premiums written | $2345 | $1884 | $1995 | $1866 | $1778 | $7523 |
|  Net premiums written | 2289 | 1825 | 1932 | 1802 | 1720 | 7279 |
|  Net premiums earned | 2268 | 1814 | 1925 | 1789 | 1696 | 7224 |
|  Losses and loss expenses | 28 | 32 | 31 | 20 | 26 | 109 |
|  Adjusted policy benefits | 1700 | 1246 | 1303 | 1249 | 1163 | 4961 |
|  Policy acquisition costs | 362 | 342 | 359 | 319 | 310 | 1330 |
|  Administrative expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 |
|  Adjusted net investment income | 305 | 298 | 284 | 274 | 271 | 1127 |
|  Other income (expense) - operating <sup>(1)</sup> | 51 | 62 | 31 | 37 | 35 | 165 |
|  Amortization expense of purchased intangibles | (8) | (10) | (10) | (8) | (10) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $316 | $322 | $324 | $305 | $291 | $1242 |
|  **% Change versus prior year period** |  |  |  |  |  |  |
|  Net premiums written | 33.1% | 16.9% | 24.6% | 14.1% | 5.3% | 15.1% |
|  Net premiums earned | 33.7% | 15.9% | 25.8% | 14.2% | 5.3% | 15.1% |
|  Net premiums written constant $ | 30.8% | 18.3% | 23.5% | 17.3% | 10.3% | 17.3% |
|  Net premiums earned constant $ | 31.5% | 17.3% | 24.7% | 17.5% | 10.2% | 17.4% |

---

International life insurance net premiums written and deposits breakdown (excludes Chubb Benefits and Life reinsurance businesses):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1Q-26** | **1Q-25** | **% Change** | **Constant $ % Change** |
|  International life insurance net premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;1944 | $&nbsp;&nbsp;&nbsp;&nbsp;1421 | 36.8% | 34.1% |
|  International life insurance deposits <sup>(2)</sup> | 749 | 755 | -0.8% | -4.1% |
|  Total international life insurance net premiums written and deposits | $2693 | $2176 | 23.7% | 20.7% |
|  International life insurance segment income | $263 | $230 | 14.5% | 12.8% |

---

(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 13

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Corporate</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **Full Year** <br>**2025** |
|  Adjusted loss and loss expenses | $15 | $164 | $61 | $70 | $14 | $309 |
|  Administrative expenses | 110 | 148 | 113 | 106 | 105 | 472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting loss | (125) | (312) | (174) | (176) | (119) | (781) |
|  Adjusted net investment income | (9) | (18) | (17) | (25) | (25) | (85) |
|  Other income (expense) - operating | (9) | (14) | (3) | (12) | (8) | (37) |
|  Adjusted interest expense | (203) | (210) | (203) | (186) | (186) | (785) |
|  Amortization expense of purchased intangibles | (34) | (38) | (36) | (37) | (37) | (148) |
|  Integration expenses and severance | (9) | (76) | (1) | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (79) |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | 4 | 5 | 1 | 3 | 13 |
|  Adjusted net realized gains (losses) | (356) | 201 | 247 | 662 | (103) | 1007 |
|  Market risk benefits gains (losses) | 14 | (37) | (142) | (17) | (92) | (288) |
|  Income tax expense | (646) | (597) | (787) | (717) | (321) | (2422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | 27 | (37) | 306 | 31 | 12 | 312 |
|  Net loss | $(1401) | $(1060) | $(1417) | $(540) | $(900) | $(3917) |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $15 | $162 | $61 | $70 | $13 | $306 |

---

Corporate Page 14

------

**Chubb Limited** 

**Loss Reserve Rollforward** 

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

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unpaid Losses** | **Unpaid Losses** | **Unpaid Losses** | **Net Paid to** |
|  | **Gross** | **Ceded** | **Net** | **Incurred Ratio** |
| **Balance at December 31, 2024** | $**84004** | $**17734** | $**66270** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 8654 | 1758 | 6896 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (7466) | (1462) | (6004) | 87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 279 | 51 | 228 |  |
| **Balance at March 31, 2025** | $**85471** | $**18081** | $**67390** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 7661 | 1089 | 6572 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (7620) | (1682) | (5938) | 90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 864 | 203 | 661 |  |
| **Balance at June 30, 2025** | $**86376** | $**17691** | $**68685** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 8827 | 1876 | 6951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (6934) | (1190) | (5744) | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 170 | 44 | 126 |  |
| **Balance at September 30, 2025** | $**88439** | $**18421** | $**70018** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 8168 | 1887 | 6281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (8555) | (1948) | (6607) | 105% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (34) | (14) | (20) |  |
| **Balance at December 31, 2025** | $**88018** | $**18346** | $**69672** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 7481 | 1350 | 6131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (6822) | (1491) | (5331) | 87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 238 | 48 | 190 |  |
| **Balance at March 31, 2026** | $**88915** | $**18253** | $**70662** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Add net recoverable on paid losses |  | 1906 | (1906) |  |
| **Balance including net recoverable on paid losses** | $**88915** | $**20159** | $**68756** |  |

---

Loss Reserve Rollforward Page 15

------

**Chubb Limited** 

**Reinsurance Recoverable Analysis** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Net Reinsurance Recoverable by Division</u>**

---

| | | |
|:---|:---|:---|
|  | **March 31**<br>**2026** | **December 31**<br>**2025** |
| **Reinsurance recoverable on paid losses and loss expenses** |  |  |
|  Active operations | $1484 | $1570 |
|  Brandywine and Other Run-off | 486 | 494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1970 | $2064 |
| **Reinsurance recoverable on unpaid losses and loss expenses** |  |  |
|  Active operations | $17445 | $17503 |
|  Brandywine and Other Run-off | 1064 | 1091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18509 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18594 |
| **Gross reinsurance recoverable** |  |  |
|  Active operations | $18929 | $19073 |
|  Brandywine and Other Run-off | 1550 | 1585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $20479 | $20658 |
| **Provision for uncollectible reinsurance <sup>(1)</sup>** |  |  |
|  Active operations | $(225) | $(229) |
|  Brandywine and Other Run-off | (95) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(320) | $(320) |
| **Net reinsurance recoverable** |  |  |
|  Active operations | $18704 | $18844 |
|  Brandywine and Other Run-off | 1455 | 1494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $20159 | $20338 |

---

(1) The provision for uncollectible reinsurance is based on a default analysis applied to gross reinsurance, net of usable collateral of approximately $3.8 billion.

Reinsurance Recoverable Page 16

------

**Chubb Limited** 

**Investment Portfolio** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31** | **March 31** | **December 31** | **December 31** |
|  | **2026** | **2026** | **2025** | **2025** |
|  **Market Value** |  |  |  |  |
|  Fixed maturities available for sale | $123433 |  | $122680 |  |
|  Other investments-fixed maturities | 8433 |  | 8091 |  |
|  Short-term investments | 5067 |  | 4840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $136933 |  | $135611 |  |
|  **Asset Allocation by Market Value** |  |  |  |  |
|  U.S. and local government securities | $3697 | 3% | $3714 | 3% |
|  Corporate and asset-backed securities | 47832 | 35% | 47886 | 35% |
|  Mortgage-backed securities | 31322 | 23% | 30724 | 23% |
|  Non-U.S. | 49015 | 35% | 48447 | 35% |
|  Short-term investments | 5067 | 4% | 4840 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $136933 | 100% | $135611 | 100% |
|  **Credit Quality by Market Value** |  |  |  |  |
|  AAA | $13258 | 10% | $13313 | 10% |
|  AA | 41208 | 30% | 40720 | 30% |
|  A | 36350 | 27% | 35184 | 26% |
|  BBB | 24376 | 18% | 23584 | 17% |
|  BB | 12576 | 9% | 12948 | 10% |
|  B | 8766 | 6% | 9469 | 7% |
|  Other | 399 | 0% | 393 | 0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $136933 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $135611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
|  **Cost/Amortized Cost, net** |  |  |  |  |
|  Fixed maturities available for sale | $127251 |  | $124674 |  |
|  Other investments-fixed maturities | 8433 |  | 8091 |  |
|  Short-term investments | 5067 |  | 4840 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal fixed maturities <sup>(1)</sup> | 140751 |  | 137605 |  |
|  Equity securities | 10916 |  | 10801 |  |
|  Private debt held-for-investment <sup>(1)</sup> | 2477 |  | 2411 |  |
|  Private equities and other | 19869 |  | 19897 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | $174013 |  | $170714 |  |
|  Avg. duration of fixed maturities <sup>(2)</sup> | 4.7 years |  | 4.7 years |  |
|  Avg. market yield of fixed income investments <sup>(3)</sup> | 5.5% |  | 5.2% |  |
|  Avg. credit quality | A/A |  | A/A |  |
|  Avg. book yield of fixed income investments <sup>(3)</sup> | 5.1% |  | 5.1% |  |

---

(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 17

------

**Chubb Limited** 

**Investment Portfolio - 2** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Mortgage-backed Fixed Income Portfolio</u>**

**Mortgage-backed securities** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** |
|  | **AAA** | **AA** | **A** | **BBB** | **BB and below** | **Total** |
|  **Market Value at March 31, 2026** |  |  |  |  |  |  |
|  Agency residential mortgage-backed securities (RMBS) | $55 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27818 | $- | $- | $- | $27873 |
|  Non-agency RMBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2111 | 208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | 46 | 2 | 2550 |
|  Commercial mortgage-backed securities | 727 | 108 | 57 | 5 | 2 | 899 |
|  **Total mortgage-backed securities at market value** | $2893 | $28134 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31322 |
|  **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** |  |  |  |  |  |  |
| **Market Value at March 31, 2026** |  | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** |
|  |  | **Investment Grade** | **Investment Grade** | **Investment Grade** | **Investment Grade** | **Investment Grade** |
|  |  | **AAA** | **AA** | **A** | **BBB** | **Total** |
|  Asset-backed |  | $3822 | $726 | $325 | $248 | $5121 |
|  Banks |  |  | 10 | 2627 | 2073 | 4710 |
|  Basic Materials |  |  |  | 88 | 246 | 334 |
|  Communications |  |  | 353 | 602 | 1421 | 2376 |
|  Consumer, Cyclical |  | 8 | 178 | 635 | 1007 | 1828 |
|  Consumer, Non-Cyclical |  | 67 | 529 | 3041 | 1863 | 5500 |
|  Diversified Financial Services |  |  | 133 | 514 | 268 | 915 |
|  Energy |  |  | 114 | 547 | 1665 | 2326 |
|  Industrial |  |  | 16 | 732 | 1396 | 2144 |
|  Utilities |  | 282 | 13 | 1549 | 1494 | 3338 |
|  All Others |  | 102 | 388 | 1488 | 1800 | 3778 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4281 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | $&nbsp;&nbsp;&nbsp;&nbsp;12148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13481 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32370 |
| **Market Value at March 31, 2026** |  |  | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** | **S&P Credit Rating** |
|  |  |  | **Below Investment Grade** | **Below Investment Grade** | **Below Investment Grade** | **Below Investment Grade** |
|  |  |  | **BB** | **B** | **CCC** | **Total** |
|  Asset-backed |  |  | $9 | $145 | $1 | $155 |
|  Banks |  |  |  |  |  |  |
|  Basic Materials |  |  | 505 | 295 | 13 | 813 |
|  Communications |  |  | 698 | 775 | 39 | 1512 |
|  Consumer, Cyclical |  |  | 1598 | 897 | 58 | 2553 |
|  Consumer, Non-Cyclical |  |  | 1733 | 1317 | 33 | 3083 |
|  Diversified Financial Services |  |  | 551 | 345 | 5 | 901 |
|  Energy |  |  | 809 | 484 |  | 1293 |
|  Industrial |  |  | 1282 | 855 | 37 | 2174 |
|  Utilities |  |  | 360 | 123 |  | 483 |
|  All Others |  |  | 1028 | 1405 | 62 | 2495 |
|  **Total** |  |  | $8573 | $6641 | $248 | $15462 |

---

Investments 2 Page 18

------

**Chubb Limited** 

**Investment Portfolio - 3** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Non-U.S. Fixed Income Portfolio</u>**

**March 31, 2026** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Non-U.S. Government Securities** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** |
|  | **AAA** | **AA** | **A** | **BBB** | **BB and below** | **Total** |
|  People's Republic of China | $- | $170 | $2087 | $- | $- | $2257 |
|  Republic of Korea |  | 1626 |  |  |  | 1626 |
|  Kingdom of Thailand |  |  | 1076 |  |  | 1076 |
|  Canada | 849 |  |  |  |  | 849 |
|  United Mexican States |  |  |  | 750 |  | 750 |
|  Taiwan |  | 730 |  |  |  | 730 |
|  Federative Republic of Brazil |  |  |  |  | 629 | 629 |
|  Commonwealth of Australia | 614 |  |  |  |  | 614 |
|  Province of Ontario |  | 555 |  |  |  | 555 |
|  Province of Hunan China |  |  | 551 |  |  | 551 |
|  Other Non-U.S. Government Securities | 661 | 2129 | 2983 | 1162 | 1420 | 8355 |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6697 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17992 |
| **Non-U.S. Corporate Securities** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** | **Market Value by S&P Credit Rating** |
|  | **AAA** | **AA** | **A** | **BBB** | **BB and below** | **Total** |
|  China | $- | $- | $8328 | $649 | $11 | $8988 |
|  United Kingdom | 7 | 38 | 1239 | 1011 | 481 | 2776 |
|  Canada | 271 | 50 | 1031 | 880 | 532 | 2764 |
|  France | 7 | 3 | 927 | 665 | 251 | 1853 |
|  United States <sup>(1)</sup> | 8 | 138 | 384 | 511 | 554 | 1595 |
|  Australia | 54 | 306 | 470 | 479 | 52 | 1361 |
|  South Korea |  | 414 | 392 | 512 | 1 | 1319 |
|  Japan |  |  | 878 | 190 | 97 | 1165 |
|  Chile |  |  | 213 | 468 |  | 681 |
|  Germany | 66 | 90 | 107 | 331 | 66 | 660 |
|  Other Non-U.S. Corporate Securities | 595 | 691 | 1941 | 2944 | 1690 | 7861 |
| **Total** | $1008 | $1730 | $15910 | $8640 | $3735 | $31023 |

---

(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 19

------

**Chubb Limited** 

**Investment Portfolio - 4** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

**<u>Fixed Maturity Investment Portfolio</u>**

**<u>Top 10 Global Corporate Exposures</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31, 2026** | **Market Value** | **Rating** |
| 1 | Bank of America Corp | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | A- |
| 2 | Morgan Stanley | 769 | A- |
| 3 | JP Morgan Chase & Co | 694 | A |
| 4 | Goldman Sachs Group Inc | 577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB+ |
| 5 | Wells Fargo & Co | 562 | BBB+ |
| 6 | Citigroup Inc | 509 | BBB+ |
| 7 | Verizon Communications Inc | 438 | BBB+ |
| 8 | AT&T Inc | 368 | BBB |
| 9 | UBS Group AG | 366 | A- |
| 10 | Comcast Corp | 365 | A- |

---

Investments 4 Page 20

------

**Chubb Limited** 

**Chubb Net Realized and Unrealized Gains (Losses)** 

**(in millions of U.S. dollars)** 

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** | **Three months ended March 31, 2026** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and 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 <sup>(1)</sup> | $(233) | $45 | $(188) | $(1824) | $210 | $(1614) | $(2057) | $255 | $(1802) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 91 | (18) | 73 |  |  |  | 91 | (18) | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | (239) | 52 | (187) |  |  |  | (239) | 52 | (187) |
|  Private equity: Mark-to-market | 33 | (52) | (19) |  |  |  | 33 | (52) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | (348) | 27 | (321) | (1824) | 210 | (1614) | (2172) | 237 | (1935) |
|  Foreign exchange | (7) |  | (7) | 359 | (6) | 353 | 352 | (6) | 346 |
|  Partially-owned entities <sup>(2)</sup> |  |  |  |  |  |  |  |  |  |
|  Current discount rate on future policy benefits |  |  |  | 378 | (61) | 317 | 378 | (61) | 317 |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 12 | (2) | 10 | 12 | (2) | 10 |
|  Other | (22) | 5 | (17) | (6) |  | (6) | (28) | 5 | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $(377) | $32 | $(345) | $(1081) | $141 | $(940) | $(1458) | $173 | $(1285) |
| (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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. | (1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $32 million.<br> (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 March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** | **Three months ended March 31, 2025** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and 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 <sup>(3)</sup> | $(83) | $19 | $(64) | $909 | $(61) | $848 | $826 | $(42) | $784 |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | (10) | 3 | (7) |  |  |  | (10) | 3 | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 68 | (10) | 58 |  |  |  | 68 | (10) | 58 |
|  Private equity: Mark-to-market | (11) | 1 | (10) |  |  |  | (11) | 1 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | (36) | 13 | (23) | 909 | (61) | 848 | 873 | (48) | 825 |
|  Foreign exchange | (65) | 27 | (38) | 352 | (12) | 340 | 287 | 15 | 302 |
|  Partially-owned entities <sup>(4)</sup> | 2 |  | 2 |  |  |  | 2 |  | 2 |
|  Current discount rate on future policy benefits |  |  |  | (118) | 12 | (106) | (118) | 12 | (106) |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 4 | (1) | 3 | 4 | (1) | 3 |
|  Other | (5) | 1 | (4) | (95) | 19 | (76) | (100) | 20 | (80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $(104) | $41 | $(63) | $1052 | $(43) | $1009 | $948 | $(2) | $946 |

---

(3) The quarter includes pre-tax realized losses on investment derivatives of $23 million, a net decrease of the valuation allowance of expected credit losses of $8 million, and impairments of $7 million.

(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 21

------

**Chubb Limited** 

**Debt and Capital** 

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

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31** | **December 31** | **December 31** |
|  | **2026** | **2025** | **2024** |
| **Financial debt:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total short-term debt | $1500 | $1499 | $800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt <sup>(1)</sup> | 15970 | 15728 | 14379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial debt | $17470 | $17227 | $15179 |
| **Hybrid debt:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total trust preferred securities | $309 | $309 | $309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total subordinated debt <sup>(2)</sup> | 116 | 113 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid debt | $425 | $422 | $419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $17895 | $17649 | $15598 |
| **Capitalization:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | $73788 | $73757 | $64021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 425 | 422 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 17470 | 17227 | 15179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $91683 | $91406 | $79619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Chubb unrealized gains (losses) on investments, net of deferred tax | (3611) | (1997) | (4552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjusted capitalization | $95294 | $93403 | $84171 |
| **Leverage ratios (based on total adjusted capital):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 0.5% | 0.4% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 18.3% | 18.4% | 18.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid & financial debt | 18.8% | 18.8% | 18.5% |

---

Note: As of March 31, 2026, there was $1.0 billion usage of credit facilities on total capacity of $4.1 billion.

(1) In March 2026, the company issued CHF 200 million of 1.02% senior notes due 2032.

(2) 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 22

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**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 March 31** | **Three months ended March 31** |
|  | **2026** | **2025** |
|  **Numerator** |  |  |
|  Core operating income | $2689 | $1489 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (1) | 1 |
|  Integration expenses and severance, pre-tax | (9) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on integration expenses and severance | 2 |  |
|  Adjusted net realized gains (losses), pre-tax | (377) | (104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | 32 | 41 |
|  Market risk benefits gains (losses), pre-tax | 14 | (92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on market risk benefits gains (losses) | (2) | 14 |
|  Amortization of deferred tax asset from Bermuda law | (31) | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $2320 | $1331 |
|  **Rollforward of Common Shares Outstanding** |  |  |
|  Shares - beginning of period | 391101227 | 400703663 |
|  Repurchase of shares | (3517810) | (1345782) |
|  Shares issued (canceled), excluding option exercises | 144374 | 664912 |
|  Issued for option exercises | 767789 | 725692 |
|  Shares - end of period | &nbsp;&nbsp;&nbsp;&nbsp;388495580 | &nbsp;&nbsp;&nbsp;&nbsp;400748485 |
|  **Denominator** |  |  |
|  Weighted average shares outstanding <sup>(1)</sup> | 390485934 | 400681956 |
|  Effect of other dilutive securities | 4113570 | 3992395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adj. wtd. avg. shares outstanding and assumed conversions | 394599504 | 404674351 |
|  **Basic earnings per share** |  |  |
|  Core operating income | $6.89 | $3.72 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | 0.01 | 0.01 |
|  Integration expenses and severance, net of tax | (0.02) |  |
|  Adjusted net realized gains (losses), net of tax | (0.89) | (0.16) |
|  Market risk benefits gains (losses), net of tax | 0.03 | (0.20) |
|  Amortization of deferred tax asset from Bermuda law | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $5.94 | $3.32 |
|  **Diluted earnings per share** |  |  |
|  Core operating income | $6.82 | $3.68 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | 0.01 | 0.01 |
|  Integration expenses and severance, net of tax | (0.02) |  |
|  Adjusted net realized gains (losses), net of tax | (0.88) | (0.16) |
|  Market risk benefits gains (losses), net of tax | 0.03 | (0.19) |
|  Amortization of deferred tax asset from Bermuda law | (0.08) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $5.88 | $3.29 |

---

(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 23

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**Chubb Limited** 

**Book Value and Book Value per Common Share** 

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

**(Unaudited)** 

**<u>Reconciliation of Book Value per Common Share</u>**

---

| | | | |
|:---|:---|:---|:---|
|  | **March 31**<br>**2026** | **December 31**<br>**2025** | **March 31**<br>**2025** |
|  Chubb shareholders' equity | $73788 | $73757 | $65726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Chubb goodwill and other intangible assets, net of tax | 24584 | 24391 | 23940 |
|  Numerator for tangible book value per share | $49204 | $49366 | $41786 |
|  Book value - % change over prior quarter | 0.0% | 2.6% | 2.7% |
|  Tangible book value - % change over prior quarter | -0.3% | 4.2% | 3.9% |
|  Book value - % change over prior year | 12.3% | 15.2% | 8.6% |
|  Tangible book value - % change over prior year | 17.8% | 22.7% | 14.9% |
|  Denominator: shares outstanding | 388495580 | 391101227 | 400748485 |
|  Book value per common share | $189.93 | $188.59 | $164.01 |
|  Tangible book value per common share | $126.65 | $126.22 | $104.27 |
| **<u>Reconciliation of Book Value</u>** |  |  |  |
|  Chubb shareholders' equity, beginning of quarter | $73757 | $71855 | $64021 |
|  Core operating income | 2689 | 2982 | 1489 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt | 2 | 2 | 4 |
|  Integration expenses and severance | (7) | (58) |  |
|  Adjusted net realized gains (losses) <sup>(1)</sup> | (345) | 349 | (63) |
|  Market risk benefits gains (losses) | 12 | (32) | (78) |
|  Amortization of deferred tax asset from Bermuda law | (31) | (33) | (21) |
|  Net unrealized gains (losses) on investments | (1614) | (68) | 848 |
|  Repurchase of shares | (1143) | (1094) | (385) |
|  Dividend declared on common shares | (380) | (381) | (366) |
|  Cumulative translation gains (losses) | 353 | (274) | 340 |
|  Postretirement benefit liability | (3) | 153 | (4) |
|  Current discount rate on future policy benefits | 317 | 149 | (106) |
|  Instrument-specific credit risk - market risk benefits | 10 | (4) | 3 |
|  Other <sup>(2)</sup> | 171 | 211 | 44 |
|  Chubb shareholders' equity, end of quarter | $73788 | $73757 | $65726 |

---

(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 24

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**Chubb Limited** 

**Non-GAAP Financial Measures** 

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures</u>**

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 and severance, 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 28 - 29.

**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 both losses and loss expenses 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 useful 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, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. 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 and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, 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. References to core operating income measures mean net of tax, whether or not noted.

**Core operating income excluding catastrophe losses** excludes the impact of catastrophe losses due to the significant size and number of these events which could obscure the underlying operating results. We believe this measure provides more comparability between the current and prior period where catastrophes have had a significant impact, allowing a better evaluation of our operating performance and enhancing an understanding of the trends in our property and casualty business. Core operating income and Core operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP.

**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 and severance, tax expense (benefit) on market risk benefits gains (losses), the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, 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 and severance 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 and severance, the amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment. 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.

**Total adjusted capitalization** is the sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders' equity less Chubb unrealized gains (losses) on investments, net of deferred tax. This measure is meaningful as it eliminates the effect of after-tax unrealized mark-to-market movements on our investment portfolio, which can fluctuate significantly from period to period, to better highlight our company's underlying total capital position.

Reconciliation Non-GAAP Page 25

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**Chubb Limited** 

**Non-GAAP Financial Measures - 2** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>Chubb Core operating effective tax rate</u>** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: | The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate: |  |  |  | **Full Year** |
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **2025** |
|  Tax expense, as reported | $644 | $592 | $784 | $713 | $318 | $2407 |
|  Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt | 1 | 3 | 1 | 3 | (1) | 6 |
|  Less: tax expense (benefit) on integration expenses and severance | (2) | (17) |  |  |  | (17) |
|  Less: tax expense (benefit) on adjusted net realized gains (losses) | (32) | (107) | (6) | 94 | (41) | (60) |
|  Less: tax expense (benefit) on market risk benefits gains (losses) | 2 | (5) | (22) | (2) | (14) | (43) |
|  Less: amortization of deferred tax asset from Bermuda law | 31 | 33 | 36 | 34 | 21 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense, adjusted | $644 | $685 | $775 | $584 | $353 | $2397 |
|  Income before tax, as reported | $2964 | $3802 | $3585 | $3681 | $1649 | $12717 |
|  Less: amortization of fair value of acquired invested assets and debt | 3 | 5 | 4 | 3 | 3 | 15 |
|  Less: integration expenses and severance | (9) | (75) | (1) | (2) |  | (78) |
|  Less: adjusted realized gains (losses) | (394) | (39) | 29 | 93 | (84) | (1) |
|  Less: realized gains (losses) related to unconsolidated entities | 17 | 281 | (83) | 540 | (20) | 718 |
|  Less: market risk benefits gains (losses) | 14 | (37) | (142) | (17) | (92) | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating income before tax | $3333 | $3667 | $3778 | $3064 | $1842 | $12351 |
|  Effective tax rate | 21.7% | 15.5% | 21.9% | 19.4% | 19.3% | 18.9% |
|  Adjustment for tax impact of amortization of fair value of acquired invested assets and debt | 0.0% | -0.1% | 0.0% | -0.1% | 0.1% | 0.0% |
|  Adjustment for tax impact of integration expenses and severance | 0.0% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% |
|  Adjustment for tax impact of adjusted net realized gains (losses) | -1.5% | 4.2% | -0.2% | 0.9% | 1.0% | 1.6% |
|  Adjustment for tax impact of market risk benefits gains (losses) | 0.0% | -0.1% | -0.2% | 0.0% | -0.2% | -0.1% |
|  Adjustment for amortization of deferred tax asset from Bermuda law | -0.9% | -0.9% | -1.0% | -1.1% | -1.1% | -1.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating effective tax rate | 19.3% | 18.7% | 20.5% | 19.1% | 19.1% | 19.4% |
|  **<u>Core operating income</u>** |  |  |  |  |  |  |
| The following table presents the reconciliation of Chubb net income to Core operating income: | The following table presents the reconciliation of Chubb net income to Core operating income: |  |  |  |  | **Full Year** |
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **2025** |
|  Chubb net income | $2320 | $3210 | $2801 | $2968 | $1331 | $10310 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax | 3 | 5 | 4 | 3 | 3 | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (1) | (3) | (1) | (3) | 1 | (6) |
|  Integration expenses and severance, pre-tax | (9) | (75) | (1) | (2) |  | (78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on integration expenses and severance | 2 | 17 |  |  |  | 17 |
|  Adjusted realized gains (losses), pre-tax | (394) | (39) | 29 | 93 | (84) | (1) |
|  Net realized gains (losses) related to unconsolidated entities, pre-tax <sup>(1)</sup> | 17 | 281 | (83) | 540 | (20) | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | 32 | 107 | 6 | (94) | 41 | 60 |
|  Market risk benefits gains (losses), pre-tax | 14 | (37) | (142) | (17) | (92) | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on market risk benefits gains (losses) | (2) | 5 | 22 | 2 | 14 | 43 |
|  Amortization of deferred tax asset from Bermuda law | (31) | (33) | (36) | (34) | (21) | (124) |
|  Core operating income | $2689 | $2982 | $3003 | $2480 | $1489 | $9954 |
|  Catastrophe losses - after-tax | $397 | $292 | $226 | $510 | $1300 | $2328 |
|  Unfavorable (favorable) prior period development (PPD) - after-tax | $(231) | $(220) | $(238) | $(196) | $(204) | $(858) |
|  **<u>P&C Underwriting income and P&C CAY underwriting income ex Cats</u>** |  |  |  |  |  |  |
| The following table presents the reconciliation of Net income to 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: | The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats: |  |  |  | **Full Year** |
|  | **1Q-26** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **2025** |
|  Net income | $2347 | $3173 | $3107 | $2999 | $1343 | $10622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Income tax expense | (646) | (597) | (787) | (717) | (321) | (2422) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense of purchased intangibles | (73) | (77) | (75) | (74) | (75) | (301) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) | 161 | 516 | 43 | 655 | 83 | 1297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | (198) | (205) | (197) | (181) | (181) | (764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1709 | 1688 | 1648 | 1568 | 1561 | 6465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) | (407) | (116) | 283 | 160 | (116) | 211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Market risk benefits gains (losses) | 14 | (37) | (142) | (17) | (92) | (288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integration expenses and severance | (9) | (76) | (1) | (2) |  | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance underlying income (loss) <sup>(2)</sup> | (4) | (128) | 69 | (26) | 44 | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Realized gains (losses) on crop derivatives | (8) | (8) | (7) | (2) | 1 | (16) |
|  P&C underwriting income | $1792 | $2197 | $2259 | $1631 | $441 | $6528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Catastrophe losses (including reinstatement premiums) - pre-tax | 500 | 365 | 285 | 630 | 1641 | 2921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unfavorable (favorable) prior period development (PPD) - pre-tax | (286) | (268) | (361) | (249) | (255) | (1133) |
|  P&C CAY underwriting income ex Cats | $2006 | $2294 | $2183 | $2012 | $1827 | $8316 |

---

(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 26

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**Chubb Limited** 

**Non-GAAP Financial Measures - 3** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>** 

**<u>Core operating ROE and Core operating ROTE</u>** 

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**1Q-26** |<br>**1Q-25** | **Full Year**<br>**2025** | | |
|  Chubb net income | $2320 | $1331 | $10310 |  |  |
|  Core operating income | $2689 | $1489 | $9954 |  |  |
|  Equity - beginning of period, as reported | $73757 | $64021 | $64021 |  |  |
|  Less: unrealized gains (losses) on investments, net of deferred tax | (1997) | (4552) | (4552) |  |  |
|  Less: changes in current discount rate on FPB, net of deferred tax | (344) | (539) | (539) |  |  |
|  Less: changes in instrument-specific credit risk on MRB, net of deferred tax | (23) | (16) | (16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted | $76121 | $69128 | $69128 |  |  |
|  Less: Chubb goodwill and other intangible assets, net of tax | 24391 | 23800 | 23800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets | $51730 | $45328 | $45328 |  |  |
|  Equity - end of period, as reported | $73788 | $65726 | $73757 |  |  |
|  Less: unrealized gains (losses) on investments, net of deferred tax | (3611) | (3704) | (1997) |  |  |
|  Less: changes in current discount rate on FPB, net of deferred tax | (27) | (645) | (344) |  |  |
|  Less: changes in instrument-specific credit risk on MRB, net of deferred tax | (13) | (13) | (23) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted | $77439 | $70088 | $76121 |  |  |
|  Less: Chubb goodwill and other intangible assets, net of tax | 24584 | 23940 | 24391 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets | $52855 | $46148 | $51730 |  |  |
|  Weighted average equity, as reported | $73772 | $64874 | $68889 |  |  |
|  Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets | $52293 | $45738 | $48529 |  |  |
|  Weighted average equity, as adjusted | $76780 | $69608 | $72625 |  |  |
|  ROE | 12.6% | 8.2% | 15.0% |  |  |
|  Core operating ROTE | 20.6% | 13.0% | 20.5% |  |  |
|  Core operating ROE | 14.0% | 8.6% | 13.7% |  |  |
|  Private equities realized gains (losses), after-tax <sup>(1)</sup> | $(19) | $(10) | $817 |  |  |
|  Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) <sup>(1)</sup> | -0.1 pts | -0.1 pts | 1.1 pts |  |  |
|  **<u>Reconciliation of Core operating income to Core operating income excluding Catastrophe losses</u>** |  |  |  |  |  |
|  | **1Q-26** | **1Q-25** | **% Change** |  |  |
|  Core operating income | $2689 | $1489 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: catastrophe losses, after-tax | (397) | (1300) |  |  |  |
|  Core operating income ex Cats | $3086 | $2789 | 10.7% |  |  |
|  **Diluted earnings per share** |  |  |  |  |  |
|  Weighted average diluted common shares outstanding | 394.6 | 404.7 |  |  |  |
|  Core operating income ex Cats | $7.82 | $6.89 | 13.5% |  |  |
|  **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** |  |  |  |  |  |
|  | **March 31** | **December 31** | **March 31** | **QTD** | **Year-over-Year** |
|  | **2026** | **2025** | **2025** | **% Change** | **% Change** |
|  Book value | $73788 | $73757 | $65726 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: AOCI | (5911) | (4975) | (7635) |  |  |
|  Book value excluding AOCI | 79699 | 78732 | 73361 |  |  |
|  Tangible book value | 49204 | 49366 | 41786 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Tangible AOCI | (5320) | (4181) | (6478) |  |  |
|  Tangible book value excluding tangible AOCI | $54524 | $53547 | $48264 |  |  |
|  Denominator: shares outstanding | 388495580 | 391101227 | 400748485 |  |  |
|  Book value per share | $189.93 | $188.59 | $164.01 | 0.7% | 15.8% |
|  Tangible book value per share | $126.65 | $126.22 | $104.27 | 0.3% | 21.5% |
|  Book value per share excluding AOCI | $205.15 | $201.31 | $183.06 | 1.9% | 12.1% |
|  Tangible book value per share excluding tangible AOCI | $140.35 | $136.91 | $120.44 | 2.5% | 16.5% |

---

(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 27

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**Chubb Limited** 

**Non-GAAP Financial Measures - 4** 

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

**(Unaudited)** 

<u>**Regulation G - Non-GAAP Financial Measures (continued)**</u>

**<u>P&C combined ratio</u>** 

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).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q1 2026** |  | North<br>America<br>Commercial P&C<br>Insurance | North<br>America<br>Personal P&C<br>Insurance | North<br>America<br>Agricultural<br>Insurance | Overseas<br>General<br>Insurance | Global<br>Reinsurance | Corporate | Total<br>P&C |
|  **Numerator** |  |  |  |  |  |  |  |  |
|  **Losses and loss expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses/policy benefits |  | $3220 | $1034 | $45 | $1765 | $137 | $15 | $6216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 8 |  |  |  | 8 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $3220 | $1034 | $53 | $1765 | $137 | $15 | $6224 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (202) | (222) | (4) | (64) | (8) |  | (500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (202) | (222) | (4) | (64) | (8) |  | (500) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 89 | 1 | 80 | 131 |  | (15) | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | 2 |  |  |  | 2 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  | 7 |  |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 91 | 1 | 80 | 138 | 2 | (15) | 297 |
|  **CAY loss and loss expense ex Cats** | **B** | $3109 | $813 | $129 | $1839 | $131 | $- | $6021 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $1106 | $432 | $18 | $1396 | $111 | $110 | $3173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | (2) |  |  |  | (2) |  | (4) |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $1104 | $432 | $18 | $1396 | $109 | $110 | $3169 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $5148 | $1746 | $189 | $3780 | $326 |  | $11189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  | 7 |  |  | 7 |
|  **Net premiums earned excluding adjustments** | **F** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5148 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1746 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11196 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 62.5% | 59.3% | 27.9% | 46.7% | 41.9% |  | 55.6% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 21.5% | 24.7% | 9.6% | 36.9% | 34.1% |  | 28.4% |
|  P&C combined ratio |  | 84.0% | 84.0% | 37.5% | 83.6% | 76.0% |  | 84.0% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 60.4% | 46.6% | 68.0% | 48.6% | 40.1% |  | 53.8% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 21.4% | 24.7% | 9.6% | 36.8% | 33.6% |  | 28.3% |
|  CAY P&C combined ratio ex Cats |  | 81.8% | 71.3% | 77.6% | 85.4% | 73.7% |  | 82.1% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 83.9% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.1% |
|  P&C combined ratio |  |  |  |  |  |  |  | 84.0% |

---

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 28

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**Chubb Limited** 

**Non-GAAP Financial Measures - 5** 

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

**(Unaudited)** 

**<u>Regulation G - Non-GAAP Financial Measures (continued)</u>**

**<u>P&C combined ratio (continued)</u>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q1 2025** |  | North<br>America<br>Commercial P&C<br>Insurance | North<br>America<br>Personal P&C<br>Insurance | North<br>America<br>Agricultural<br>Insurance | Overseas<br>General<br>Insurance | Global<br>Reinsurance | Corporate | Total<br>P&C |
|  **Numerator** |  |  |  |  |  |  |  |  |
|  **Losses and loss expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses/policy benefits |  | $3031 | $2093 | $93 | $1510 | $242 | $14 | $6983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | (1) |  |  |  | (1) |
|  Adjusted losses and loss expenses/policy benefits | **A** | $3031 | $2093 | $92 | $1510 | $242 | $14 | $6982 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (154) | (1342) | (15) | (55) | (75) |  | (1641) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  | (50) |  |  | 13 |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (154) | (1292) | (15) | (55) | (88) |  | (1604) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 114 |  | 33 | 121 |  | (13) | 255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | (1) |  |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | (2) |  | (3) |  | (1) |  | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 111 |  | 30 | 121 | (1) | (13) | 248 |
|  **CAY loss and loss expense ex Cats** | **B** | $2988 | $801 | $107 | $1576 | $153 | $1 | $5626 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $1063 | $417 | $19 | $1167 | $110 | $105 | $2881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | 2 |  | 3 |  | 1 |  | 6 |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $1065 | $417 | $22 | $1167 | $111 | $105 | $2887 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $4988 | $1574 | $165 | $3209 | $368 |  | $10304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  | 50 |  |  | (13) |  | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | (1) |  |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  |  |  |  |
|  **Net premiums earned excluding adjustments** | **F** | $4987 | $1624 | $165 | $3209 | $355 |  | $10340 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 60.8% | 133.0% | 55.9% | 47.0% | 65.8% |  | 67.8% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 21.3% | 26.5% | 11.6% | 36.4% | 29.8% |  | 27.9% |
|  P&C combined ratio |  | 82.1% | 159.5% | 67.5% | 83.4% | 95.6% |  | 95.7% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 59.9% | 49.3% | 65.8% | 49.1% | 43.2% |  | 54.4% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 21.4% | 25.7% | 13.1% | 36.4% | 31.1% |  | 27.9% |
|  CAY P&C combined ratio ex Cats |  | 81.3% | 75.0% | 78.9% | 85.5% | 74.3% |  | 82.3% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 95.7% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 95.7% |

---

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 29

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**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, hybrid debt, and Chubb shareholders' equity.

**Integration expenses and severance**: Integration expenses comprise legal and professional fees and all other costs directly related to the integration activities primarily of the Cigna acquisition, as well as severance expenses incurred as part of transformation initiatives to enhance operational efficiency. Integration expenses and severance 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 30