# EDGAR Filing Document

**Accession Number:** 0000896159
**File Stem:** 0001193125-25-162607
**Filing Date:** 2025-7
**Character Count:** 212039
**Document Hash:** b4e6d00be687af8487db7109a0e5982f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-162607.hdr.sgml**: 20250722

**ACCESSION NUMBER**: 0001193125-25-162607

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20250722

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250722

**DATE AS OF CHANGE**: 20250722

**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:** 251140667

**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) - July 22, 2025

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 July 22, 2025, Chubb Limited issued a Press Release reporting its second quarter 2025 results and the availability of its second quarter 2025 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are hereby 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 July 22, 2025, Reporting Second Quarter 2025 Results](d59718dex991.htm) |
| 99.2 | [Second Quarter 2025 Financial Supplement](d59718dex992.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: July 22, 2025

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
| ![LOGO](g59718dsp1.jpg) | <br> Chubb Limited<br> Bärengasse 32<br> CH-8001 Zurich<br> Switzerland | <br> www.chubb.com<br> @Chubb |

---

## News Release
**Chubb Reports Second Quarter Per Share Net Income of $7.35, Up** 

**34.6%, and Record Per Share Core Operating Income of $6.14, Up** 

**14.1%; Consolidated Net Premiums Written of $14.2 Billion, Up** 

**6.3%, or 7.1% in Constant Dollars, with P&C and Life Insurance Up** 

**5.8% and 17.3%, Respectively; P&C Combined Ratio of 85.6%** 

● Net income was $2.97 billion, up 33.1%, and core operating income was a record $2.48 billion, up 12.9%.

● P&C net premiums written were $12.39 billion, up 5.2%, or 5.8% in constant dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Global P&C net premiums written, which exclude Agriculture, were up 5.8%, or 6.4% in constant

dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● North America was up 5.3%, including growth of 9.1% in personal insurance and 4.1% in

commercial insurance. Middle market and small commercial were up 8.5%, with P&C lines up 10.2%

and financial lines up 2.7%, and major accounts retail and specialty were up 1.5%, including property-

related lines down 4.2%, casualty up 12.0% and financial lines up 4.4%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Overseas General was up 8.5%, or 10.2% in constant dollars, including growth of 15.3% in consumer

insurance and 6.8% in commercial insurance; Latin America, Asia, and Europe, were up 17.3%,

12.7% and 8.2%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● North America Agriculture was down 3.3%, driven by lower commodity prices.

● P&C underwriting income was a record $1.63 billion, up 15.0%, with a combined ratio of 85.6%. P&C

current accident year underwriting income excluding catastrophe losses was a record $2.01 billion, up

11.4% over prior year, with a combined ratio of 82.3%.

● Life Insurance net premiums written were $1.80 billion, up 14.1%, or 17.3% in constant dollars, and

segment income was $305 million, up 10.4%, or 15.3% in constant dollars.

● Pre-tax net investment income was a record $1.57 billion, up 6.8%,
and adjusted net investment income

was $1.69 billion, up 7.9%.

● Annualized return on equity (ROE) was 17.6%. Annualized core operating return on tangible equity

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ROTE) was 21.0% and annualized core operating ROE was 13.9%.

**ZURICH – July 22, 2025 –** Chubb Limited (NYSE: CB) today reported net income for the quarter ended June

30, 2025 of $2.97 billion, or $7.35 per share, and core operating income of $2.48 billion, or $6.14 per share.

Book value per share and tangible book value per share increased 6.1% and 8.0%, respectively, from March

31, 2025 and now stand at $174.07 and $112.64. Book value was favorably impacted by after-tax net realized

and unrealized gains of $1.54 billion in Chubb's investment portfolio and $700 million of foreign currency

gains. Book value per share and tangible book value per share excluding AOCI increased 3.4% and 4.5%, from

March 31, 2025.

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

------

Chubb Limited News Release

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
**Chubb Limited** 

**Second Quarter Summary** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  | **2025** | **2024** |<br>**Change** | **2025** | **2024** | **Change** |
|  Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2230 | 33.1% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5.46 | 34.6% |
|  Adjusted net realized (gains) losses and other,<br> net of tax | (537) | (63) | NM | (1.33) | (0.15) | NM |
|  Market risk benefits (gains) losses, net of tax | 15 | 29 | (48.3)% | 0.04 | 0.07 | (42.9)% |
| Amortization of deferred tax asset from Bermuda<br> law | 34 | - | NM | 0.08 | - | NM |
|  Core operating income, net of tax | $2480 | $2196 | 12.9% | $6.14 | $5.38 | 14.1% |
|  Annualized return on equity (ROE) | 17.6% | 14.7% |  |  |  |  |
|  Core operating return on tangible equity (ROTE) | 21.0% | 21.1% |  |  |  |  |
|  Core operating ROE | 13.9% | 13.3% |  |  |  |  |

---

For the six months ended June 30, 2025, net income was $4.30 billion, or $10.63 per share, and core

operating income was $3.97 billion, or $9.82 per share. Book value per share and tangible book value per

share increased 9.0% and 12.2%, from December 31, 2024. Book value was favorably impacted by after-tax net

realized and unrealized gains of $2.37 billion in Chubb's investment portfolio and $1.00 billion of foreign

currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.4% and

6.1%, from December 31, 2024.

**Chubb Limited** 

**Six Months Ended Summary** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  | **2025** | **2024** |<br>**Change** | **2025** | **2024** | **Change** |
|  Net income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4373 | (1.7)% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10.68 | (0.5)% |
|  Adjusted net realized (gains) losses and other,<br> net of tax | (478) | 31 | NM | (1.18) | 0.08 | NM |
|  Market risk benefits (gains) losses, net of tax | 93 | 8 | NM | 0.23 | 0.02 | NM |
| Amortization of deferred tax asset (2025) and non-<br> recurring tax benefit (2024) from Bermuda law | 55 | (55) | NM | 0.14 | (0.13) | NM |
|  Core operating income, net of tax | $3969 | $4357 | (8.9)% | $9.82 | $10.65 | (7.8)% |
|  Annualized return on equity (ROE) | 12.9% | 14.5% |  |  |  |  |
|  Core operating return on tangible equity (ROTE) | 16.9% | 21.3% |  |  |  |  |
|  Core operating ROE | 11.2% | 13.4% |  |  |  |  |

---

*For the six months ended June 30, 2025 and 2024, the tax expenses (benefits) related to the table above were $55* 

*million and $(76) million, respectively, for adjusted net realized gains and losses and other; $(16) million and nil* 

*for market risk benefits gains and losses; and $937 million and $960 million for core operating income.* 

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

------

Chubb Limited News Release

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a great

second quarter. Most all of our businesses and regions of the world contributed to record quarterly results,

illustrating the distinctive, diversified nature of our company. Our balance of business, geographically by

customer segment and product, is a distinguishing feature of our company.

"We produced a record $2.5 billion in core operating income, up nearly 13% from a year ago, with operating

EPS up 14%, driven by record underwriting and strong investment income, and double-digit growth in life

income. In the quarter, tangible book value growth, our primary measure of shareholder wealth creation,

was 23.7% per share from a year ago, while our annualized core operating return on tangible equity was 21%

for the quarter.

"Record underwriting income on both a published and current accident year basis was supported by good

premium growth and underwriting margin improvement. We produced underwriting income of $1.6 billion,

up 15% from a year ago, leading to a combined ratio of 85.6%, more than a percentage point better than last

year and supported by a 1.5-point improvement in the current accident year loss ratio. Adjusted investment

income of nearly $1.7 billion was up almost 8%.

"Global P&C premiums grew 5.8%, or 6.4% in constant dollars. Premiums in North America were up 5.3%,

excluding agriculture, with 9.1% growth in personal insurance and 4.1% growth in commercial. In our

Overseas General division, premiums were up 10.2% in constant dollars, with commercial business up about

7% and consumer lines up more than 15%. Our international regions all performed well, with Asia up 12.7%,

Latin America up 17.3% and Europe up 8.2%.

"The commercial P&C underwriting environment for large account retail and E&S property-related business

has grown much more competitive with rates dropping though terms and conditions remain steady. On the

other hand, in the middle market and small commercial P&C segment, where we are a market leader, property

market conditions remain disciplined and orderly. Casualty continues to firm in all areas that require rate - retail

and E&S, both large account and middle-market. We are disciplined underwriters, and our growth patterns

reflect market conditions. As I observed at the beginning of the year, about 80% of our businesses globally

have good growth prospects, and we are capitalizing on a wide range of opportunities. I have great confidence

in our ability to grow revenue and operating income at a superior rate, CATs and FX notwithstanding.

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

------

Chubb Limited News Release

Operating highlights for the quarter ended June 30, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q2** | **Q2** | |
| (in millions of U.S. dollars except for percentages) | **2025** | **2024** | **Change** |
|  **<u>Consolidated</u>** |  |  |  |
|  Net premiums written (increase of 7.1% in constant dollars) | $14196 | $13360 | 6.3% |
|  **<u>P&C</u>** |  |  |  |
|  Net premiums written (increase of 5.8% in constant dollars) | $12394 | $11780 | 5.2% |
|  Underwriting income | $1631 | $1418 | 15.0% |
|  Combined ratio | 85.6% | 86.8% |  |
|  Current accident year underwriting income excluding catastrophe losses | $2012 | $1806 | 11.4% |
|  Current accident year combined ratio excluding catastrophe losses | 82.3% | 83.2% |  |
|  **<u>Global P&C (excludes Agriculture)</u>** |  |  |  |
|  Net premiums written (increase of 6.4% in constant dollars) | $11661 | $11022 | 5.8% |
|  Underwriting income | $1566 | $1383 | 13.2% |
|  Combined ratio | 85.4% | 86.3% |  |
|  Current accident year underwriting income excluding catastrophe losses | $1946 | $1738 | 12.0% |
|  Current accident year combined ratio excluding catastrophe losses | 81.9% | 82.8% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 17.3% in constant dollars) | $1802 | $1580 | 14.1% |
|  Segment income (increase of 15.3% in constant dollars) | $305 | $276 | 10.4% |

---

● Consolidated net premiums earned increased 6.8%, or 7.7% in constant dollars. P&C net premiums

earned increased 5.7%, or 6.3% in constant dollars.

● Operating cash flow was $3.55 billion and adjusted operating cash flow was $3.23 billion.

● Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,

were $630 million (5.5 percentage points of the combined ratio) and $510 million, compared with $580

million (5.4 percentage points of the combined ratio) and $482 million, last year. Total North America

P&C Insurance and Overseas General pre-tax catastrophe losses were $372 million and $252 million,

respectively, compared with $423 million and $157 million, last year.

● Total pre-tax and after-tax favorable prior period development were $249 million and $196 million,

compared with $192 million and $167 million, last year.

● Total capital returned to shareholders was $1.06 billion, comprising share repurchases of $676 million
at

an average purchase price of $289.12 per share and dividends of $388 million.

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

------

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.

Key segment items for the quarter ended June 30, 2025 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q2** | **Q2** | |
| (in millions of U.S. dollars except for percentages) | **2025** | **2024** | **Change** |
|  **<u>Total North America P&C Insurance</u>** |  |  |  |
|  *(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA Agricultural*<br> *Insurance)* |  |  |  |
|  Net premiums written | $8394 | $8035 | 4.5% |
|  Combined ratio | 81.7% | 84.0% |  |
|  Current accident year combined ratio excluding catastrophe losses | 79.7% | 81.0% |  |
| &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 | $5723 | $5501 | 4.1% |
| &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 | $3578 | $3524 | 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 | $2145 | $1977 | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 83.5% | 82.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 81.1% | 80.7% |  |
| &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 | $1938 | $1776 | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 73.5% | 83.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 72.2% | 78.6% |  |
| &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 | $733 | $758 | (3.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 89.1% | 94.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 88.8% | 89.1% |  |
|  **<u>Overseas General Insurance</u>** |  |  |  |
|  Net premiums written (increase of 10.2% in constant dollars) | $3620 | $3334 | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial P&C (increase of 6.8% in constant dollars) | $2077 | $1957 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer P&C (increase of 15.3% in constant dollars) | $1543 | $1377 | 12.2% |
|  Combined ratio | 90.3% | 88.2% |  |
|  Current accident year combined ratio excluding catastrophe losses | 85.4% | 85.3% |  |
|  **<u>Global Reinsurance</u>** |  |  |  |
|  Net premiums written (decrease of 7.8% in constant dollars) <sup>(1)</sup> | $380 | $411 | (7.6)% |
|  Combined ratio | 71.0% | 72.7% |  |
|  Current accident year combined ratio excluding catastrophe losses | 73.5% | 77.4% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 17.3% in constant dollars) | $1802 | $1580 | 14.1% |
|  Segment income (increase of 15.3% in constant dollars) | $305 | $276 | 10.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1)* *Net premiums written growth was adversely impacted by 9.1 percentage points from a large one-off structured transaction in the prior year.* 

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

------

Chubb Limited News Release

● North America Commercial P&C Insurance: The combined ratio and the current accident year combined

ratio excluding catastrophe losses increased 0.6 percentage points and 0.4 percentage points,

respectively, with the underlying loss ratio flat and an increase in the expense ratio primarily reflecting

one-off benefits in the prior year and a change in the mix of business.

● North America Personal P&C Insurance: The current accident year combined ratio excluding

catastrophe losses decreased 6.4 percentage points, including loss ratio improvement (5.4 points) and

expense ratio improvement (1.0 point).

● North America Agricultural Insurance: Net premiums written declined 3.3% due to lower commodity

prices in the company's crop insurance business.

● Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses was

relatively flat reflecting loss ratio improvement offset by changes in mix of business to higher consumer

lines.

● Life Insurance: Net premiums written were $1.80 billion, up 14.1%, or 17.3% in constant dollars, with

growth of 17.8% in International Life and 18.1% in Combined Insurance North America. International life

segment income was $239 million, up 3.2%, or 8.5% in constant dollars.

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

------

Chubb Limited News Release

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

Please refer to the Chubb Limited Financial Supplement, dated June 30, 2025, 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 second quarter earnings conference call on Wednesday, July 23, 2025, 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, please <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.

Prior period core operating income and related metrics have been redefined to reflect the definition of core

operating income adopted in Q1 2025, which excludes the non-recurring tax benefit related to the enactment

of Bermuda's income tax law in 2023. Refer to "Regulation G – Non-GAAP Financial Measures" below for

more information.

**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 43,000 people worldwide.

Additional information can be found at: <u>www.chubb.com</u>.

**Investor Contact** 

Karen Beyer: (212) 827-4445; <u>karen.beyer@chubb.com</u>

**Media Contact** 

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

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

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Chubb Limited News Release

**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 $4 million in both Q2 2025 and Q2 2024, and including investment

income of $115 million and $91 million in Q2 2025 and Q2 2024, 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 amortization of the fair value adjustment on acquired invested assets was $6 million and $9 million for the six

months ended June 30, 2025 and 2024, and the investment income from private equity partnerships was $222 million

and $177 million for the six months ended June 30, 2025 and 2024. 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, net of tax</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 integration

expenses and the amortization of fair value adjustment of acquired invested assets and long-term debt related to certain

acquisitions. See <u>Core operating income, net of tax</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, 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" metrics exclude catastrophe losses and prior period development,

unless stated otherwise.

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

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Chubb Limited News Release

<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, which include legal and

professional fees and all other costs directly related to acquisition integration activities. The costs are not related to the

ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition

of segment income. We believe these integration expenses are not indicative of our underlying profitability, and

excluding these integration expenses facilitates the comparison of our financial results to our historical operating results.

Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic Transition Adjustment enacted in

2023 and adjusted in 2024 and subsequent years' amortization of the related deferred tax asset, which we believe

provides investors with a better view of our operating performance, enhances the understanding of the trends in the

underlying business, improves comparability between periods and provides increased transparency compared to the

prior presentation of the non-recurring tax benefit. References to core operating income measures mean net of tax,

whether or not noted.

<u>Core operating return on equity (ROE) and 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®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>9</sub>

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Chubb Limited News Release

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

<u>(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 27-33 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®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>10</sub>

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Chubb Limited News Release

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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)** |

---

---

| | | |
|:---|:---|:---|
|  | **June 30**<br>**2025** | **December 31<br>2024** |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp; Investments | $158314 | $150650 |
| &nbsp;&nbsp; Cash and restricted cash | 2371 | 2549 |
| &nbsp;&nbsp; Insurance and reinsurance balances receivable | 16778 | 14426 |
| &nbsp;&nbsp; Reinsurance recoverable on losses and loss expenses | 19595 | 19777 |
| &nbsp;&nbsp; Goodwill and other intangible assets ($25,908 and $25,219 represents<br> Chubb portion as of 6/30/2025 and 12/31/2024, respectively) | 26575 | 25956 |
| &nbsp;&nbsp; Other assets | 37930 | 33190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $261563 | $246548 |
| &nbsp;&nbsp; **Liabilities** |  |  |
| &nbsp;&nbsp; Unpaid losses and loss expenses | $86376 | $84004 |
| &nbsp;&nbsp; Unearned premiums | 26519 | 23504 |
| &nbsp;&nbsp; Other liabilities | 74221 | 70646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 187116 | 178154 |
| &nbsp;&nbsp; **Shareholders' equity** |  |  |
| &nbsp;&nbsp; Chubb shareholders' equity, excl. AOCI | 75453 | 72665 |
| &nbsp;&nbsp; Accumulated other comprehensive income (loss) (AOCI) | (6058) | (8644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | 69395 | 64021 |
| &nbsp;&nbsp; Noncontrolling interests | 5052 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 74447 | 68394 |
| &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;261563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246548 |
| &nbsp;&nbsp; Book value per common share | $174.07 | $159.77 |
| &nbsp;&nbsp; Tangible book value per common share | $112.64 | $100.38 |
| &nbsp;&nbsp; Book value per common share, excl. AOCI | $189.27 | $181.34 |
| &nbsp;&nbsp; Tangible book value per common share, excl. AOCI | $125.80 | $118.57 |

---

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

------

Chubb Limited News Release

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Chubb Limited** | &nbsp;&nbsp; **Chubb Limited** | &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; **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)** | &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)** | **(Unaudited)** | **(Unaudited)** |
|  | **Three Months Ended<br>June 30** | **Three Months Ended<br>June 30** | **Six Months Ended**<br>**June 30** | **Six Months Ended**<br>**June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30916 |
| &nbsp;&nbsp; Net premiums written | 14196 | 13360 | 26842 | 25581 |
| &nbsp;&nbsp; Net premiums earned | 13125 | 12292 | 25125 | 23875 |
| &nbsp;&nbsp; Losses and loss expenses | 6572 | 6431 | 13468 | 12158 |
| &nbsp;&nbsp; Policy benefits | 1406 | 1219 | 2633 | 2399 |
| &nbsp;&nbsp; Policy acquisition costs | 2415 | 2226 | 4728 | 4433 |
| &nbsp;&nbsp; Administrative expenses | 1125 | 1094 | 2205 | 2164 |
| &nbsp;&nbsp; Net investment income | 1568 | 1468 | 3129 | 2859 |
| &nbsp;&nbsp; Net realized gains (losses) | 160 | 104 | 44 | 3 |
| &nbsp;&nbsp; Market risk benefits gains (losses) | (17) | (29) | (109) | (8) |
| &nbsp;&nbsp; Interest expense | 181 | 182 | 362 | 360 |
| &nbsp;&nbsp; Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from separate account assets | (12) | 11 | (22) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 667 | 99 | 760 | 280 |
| &nbsp;&nbsp; Amortization of purchased intangibles | 74 | 80 | 149 | 160 |
| &nbsp;&nbsp; Integration expenses | 2 | 7 | 2 | 14 |
| &nbsp;&nbsp; Income tax expense | 717 | 490 | 1038 | 832 |
| &nbsp;&nbsp; Net income | $2999 | $2216 | $4342 | $4510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | 31 | (14) | 43 | 137 |
| &nbsp;&nbsp; Chubb net income | $2968 | $2230 | $4299 | $4373 |
| &nbsp;&nbsp; **Diluted earnings per share:** |  |  |  |  |
| &nbsp;&nbsp; Chubb net income | $7.35 | $5.46 | $10.63 | $10.68 |
| &nbsp;&nbsp; Core operating income | $6.14 | $5.38 | $9.82 | $10.65 |
| &nbsp;&nbsp; Weighted average shares outstanding | 403.8 | 408.6 | 404.3 | 409.3 |
| &nbsp;&nbsp; **<u>P&C combined ratio</u>** |  |  |  |  |
| &nbsp;&nbsp; Loss and loss expense ratio | 59.0% | 60.6% | 63.1% | 59.4% |
| &nbsp;&nbsp; Policy acquisition cost ratio | 18.5% | 18.0% | 18.9% | 18.6% |
| &nbsp;&nbsp; Administrative expense ratio | 8.1% | 8.2% | 8.4% | 8.4% |
| &nbsp;&nbsp; P&C combined ratio | 85.6% | 86.8% | 90.4% | 86.4% |
| &nbsp;&nbsp; P&C underwriting income | $1631 | $1418 | $2072 | $2818 |

---

Chubb®, Chubb logo® and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb.<sub>12</sub>

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g59718dsp5a.jpg)

## Chubb Limited

## Financial Supplement

## for the Quarter Ended June 30, 2025
**Investor Contact** 

Karen Beyer: (212) 827-4445

email: investorrelations@chubb.com

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

**<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.

------

**Chubb Limited** 

**Financial Supplement Table of Contents** 

---

| | | |
|:---|:---|:---|
|  |  | **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 - 8 |
| **III.** | **<u>Segment Results</u>** |  |
|  | - North America Commercial P&C Insurance | 9 |
|  | - North America Personal P&C Insurance | 10 |
|  | - North America Agricultural Insurance | 11 |
|  | - Overseas General Insurance | 12 |
|  | - Global Reinsurance | 13 |
|  | - Life Insurance | 14 |
|  | - Corporate | 15 |
| **IV.** | **<u>Balance Sheet Details</u>** |  |
|  | - Loss Reserve Rollforward | 16 |
|  | - Reinsurance Recoverable Analysis | 17 |
|  | - Investment Portfolio | 18 - 21 |
|  | - Net Realized and Unrealized Gains (Losses) | 22 - 23 |
|  | - Debt and Capital | 24 |
|  | - Computation of Basic and Diluted Earnings Per Share | 25 |
|  | - Book Value and Book Value per Common Share | 26 |
| **V.** | **<u>Other Disclosures</u>** |  |
|  | - Non-GAAP Financial Measures | 27 - 33 |
|  | - Glossary | 34 |

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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.

------

**Chubb Limited** 

**Consolidated Financial Highlights** 

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

**(Unaudited)** 

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30** | **Three months ended June 30** | | **Constant $** | **Constant $** | **Six months ended June 30** | **Six months ended June 30** | | **Constant $** | **Constant $** |
|  | **2025** | **2024** | **% Change** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2024** | **% Change** |
|  Gross premiums written | $17276 | $16491 | 4.8% | $16371 | 5.5% | $32381 | $30916 | 4.7% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30505 | 6.1% |
|  Net premiums written | $14196 | $13360 | 6.3% | $13254 | 7.1% | $26842 | $25581 | 4.9% | $25219 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&C net premiums written | $12394 | $11780 | 5.2% | $11718 | 5.8% | $23320 | $22368 | 4.3% | $22124 | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global P&C net premiums written | $11661 | $11022 | 5.8% | $10961 | 6.4% | $22311 | $21361 | 4.4% | $21118 | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance net premiums written | $1802 | $1580 | 14.1% | $1536 | 17.3% | $3522 | $3213 | 9.6% | $3095 | 13.8% |
|  Net premiums earned | $13125 | $12292 | 6.8% | $12187 | 7.7% | $25125 | $23875 | 5.2% | $23540 | 6.7% |
|  P&C underwriting income | $1631 | $1418 | 15.0% | $1416 | 15.2% | $2072 | $2818 | -26.5% | $2795 | -25.9% |
|  P&C CAY underwriting income ex Cats | $2012 | $1806 | 11.4% | $1804 | 11.6% | $3839 | $3434 | 11.8% | $3411 | 12.6% |
|  Adjusted net investment income | $1687 | $1563 | 7.9% | $1553 | 8.6% | $3357 | $3045 | 10.2% | $3018 | 11.2% |
|  Core operating income | $2480 | $2196 | 12.9% | $2181 | 13.7% | $3969 | $4357 | -8.9% | $4306 | -7.8% |
|  Adjusted operating cash flow | $3231 | $3566 |  |  |  | $5232 | $7190 |  |  |  |
|  Net investment income | $1568 | $1468 | 6.8% | $1458 | 7.5% | $3129 | $2859 | 9.4% | $2832 | 10.5% |
|  Chubb net income | $2968 | $2230 | 33.1% |  |  | $4299 | $4373 | -1.7% |  |  |
|  Operating cash flow | $3551 | $4079 |  |  |  | $5117 | $7299 |  |  |  |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 59.0% | 60.6% |  |  |  | 63.1% | 59.4% |  |  |  |
|  Policy acquisition cost and administrative expense ratio | 26.6% | 26.2% |  |  |  | 27.3% | 27.0% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 85.6% | 86.8% |  |  |  | 90.4% | 86.4% |  |  |  |
|  **P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)** |  |  |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 55.6% | 57.1% |  |  |  | 55.1% | 56.6% |  |  |  |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 26.7% | 26.1% |  |  |  | 27.2% | 26.8% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.3% | 83.2% |  |  |  | 82.3% | 83.4% |  |  |  |
|  ROE | 17.6% | 14.7% |  |  |  | 12.9% | 14.5% |  |  |  |
|  Core operating return on tangible equity (ROTE) | 21.0% | 21.1% |  |  |  | 16.9% | 21.3% |  |  |  |
|  Core operating return on equity (ROE) | 13.9% | 13.3% |  |  |  | 11.2% | 13.4% |  |  |  |
|  Effective tax rate | 19.4% | 18.0% |  |  |  | 19.4% | 15.9% |  |  |  |
|  Core operating effective tax rate | 19.1% | 18.8% |  |  |  | 19.1% | 18.0% |  |  |  |
|  **Diluted earnings per share** |  |  |  |  |  |  |  |  |  |  |
|  Chubb net income | $7.35 | $5.46 | 34.6% |  |  | $10.63 | $10.68 | -0.5% |  |  |
|  Core operating income | $6.14 | $5.38 | 14.1% |  |  | $9.82 | $10.65 | -7.8% |  |  |
|  Weighted average diluted common shares outstanding | 403.8 | 408.6 |  |  |  | 404.3 | 409.3 |  |  |  |
|  |  |  | **% Change** |  | **% Change** |  | **% Change** |  |  |  |
|  | **June 30 <br>2025** | **March 31 <br>2025** | **2Q-25 vs.<br>1Q-25** | **December 31<br>2024** | **2Q-25 vs.<br>4Q-24** | **June 30 <br>2024** | **2Q-25 vs.<br>2Q-24** |  |  |  |
|  Book value per common share | $174.07 | $164.01 | 6.1% | $159.77 | 9.0% | $151.05 | 15.2% |  |  |  |
|  Tangible book value per common share | $112.64 | $104.27 | 8.0% | $100.38 | 12.2% | $91.05 | 23.7% |  |  |  |
|  Book value per common share, excl. AOCI | $189.27 | $183.06 | 3.4% | $181.34 | 4.4% | $171.60 | 10.3% |  |  |  |
|  Tangible book value per common share, excl. AOCI | $125.80 | $120.44 | 4.5% | $118.57 | 6.1% | $109.08 | 15.3% |  |  |  |

---

Financial Highlights Page 1

------

**Chubb Limited** 

**Statement of Operations - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Consolidated Statements of Operations</u>** | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **YTD**<br>**2025** | **YTD**<br>**2024** | **Full Year<br>2024** |
|  Gross premiums written | $&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;14326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16761 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16491 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32381 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30916 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62003 |
|  Net premiums written | 14196 | 12646 | 12058 | 13829 | 13360 | 26842 | 25581 | 51468 |
|  Net premiums earned | 13125 | 12000 | 12598 | 13373 | 12292 | 25125 | 23875 | 49846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses <sup>(1)</sup> | 6574 | 6895 | 6481 | 7384 | 6434 | 13469 | 12162 | 26027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives | 2 | (1) |  | 1 | 3 | 1 | 4 | 5 |
|  Losses and loss expenses | 6572 | 6896 | 6481 | 7383 | 6431 | 13468 | 12158 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted policy benefits <sup>(2)</sup> | 1378 | 1276 | 1107 | 1109 | 1123 | 2654 | 2293 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses from investment portfolios supporting participating policies | (40) | 39 | (108) | (20) | (85) | (1) | (85) | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses from fair value changes in separate account assets | 12 | 10 | (1) | 30 | (11) | 22 | (21) | 8 |
|  Policy benefits | 1406 | 1227 | 1216 | 1099 | 1219 | 2633 | 2399 | 4714 |
|  Policy acquisition costs | 2415 | 2313 | 2345 | 2324 | 2226 | 4728 | 4433 | 9102 |
|  Administrative expenses | 1125 | 1080 | 1122 | 1094 | 1094 | 2205 | 2164 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net investment income <sup>(3)</sup> | 1687 | 1670 | 1691 | 1640 | 1563 | 3357 | 3045 | 6376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (income) expense from private equity partnerships | (115) | (107) | (126) | (127) | (91) | (222) | (177) | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense of fair value adjustment on acquired invested assets | (4) | (2) | (2) | (5) | (4) | (6) | (9) | (16) |
|  Net investment income | 1568 | 1561 | 1563 | 1508 | 1468 | 3129 | 2859 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted realized gains (losses) <sup>(4)</sup> | 122 | (78) | (192) | 179 | 22 | 44 | (78) | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) from investment portfolios supporting participating policies | 40 | (39) | 108 | 20 | 85 | 1 | 85 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on crop derivatives | (2) | 1 |  | (1) | (3) | (1) | (4) | (5) |
|  Net realized gains (losses) | 160 | (116) | (84) | 198 | 104 | 44 | 3 | 117 |
|  Market risk benefits gains (losses) | (17) | (92) | 98 | (230) | (29) | (109) | (8) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted interest expense <sup>(5)</sup> | 186 | 186 | 194 | 197 | 188 | 372 | 371 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization benefit of fair value adjustment on acquired long term debt | (5) | (5) | (5) | (5) | (6) | (10) | (11) | (21) |
|  Interest expense | 181 | 181 | 189 | 192 | 182 | 362 | 360 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from fair value changes in separate account assets | (12) | (10) | 1 | (30) | 11 | (22) | 21 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) related to unconsolidated entities | 540 | (25) | 216 | 212 | 7 | 515 | 108 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) from private equity partnerships | 115 | 107 | 126 | 127 | 91 | 222 | 177 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) - operating | 12 | 11 | 54 | 16 | 1 | 23 | (5) | 65 |
|  Other income (expense) | 655 | 83 | 397 | 325 | 110 | 738 | 301 | 1023 |
|  Amortization expense of purchased intangibles | 74 | 75 | 82 | 81 | 80 | 149 | 160 | 323 |
|  Integration expenses | 2 |  | 18 | 7 | 7 | 2 | 14 | 39 |
|  Income tax expense (benefit) | 717 | 321 | 479 | 504 | 490 | 1038 | 832 | 1815 |
|  Net income | $2999 | $1343 | $2640 | $2490 | $2216 | $4342 | $4510 | $9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | 31 | 12 | 65 | 166 | (14) | 43 | 137 | 368 |
|  Chubb net income | $2968 | $1331 | $2575 | $2324 | $2230 | $4299 | $4373 | $9272 |

---

(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>Chubb Limited P&C Underwriting Results</u>** | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **YTD**<br>**2025** | **YTD**<br>**2024** | **Full Year<br>2024** |
|  **P&C underwriting income** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;15410 | $&nbsp;&nbsp;&nbsp;&nbsp;13327 | $&nbsp;&nbsp;&nbsp;&nbsp;12696 | $&nbsp;&nbsp;&nbsp;&nbsp;15143 | $&nbsp;&nbsp;&nbsp;&nbsp;14845 | $&nbsp;&nbsp;&nbsp;&nbsp;28737 | $&nbsp;&nbsp;&nbsp;&nbsp;27569 | $&nbsp;&nbsp;&nbsp;&nbsp;55408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | 12394 | 10926 | 10497 | 12277 | 11780 | 23320 | 22368 | 45142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 11336 | 10304 | 11034 | 11843 | 10724 | 21640 | 20696 | 43573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses | 6554 | 6869 | 6455 | 7352 | 6412 | 13423 | 12108 | 25915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy benefits | 129 | 113 | 96 | 120 | 92 | 242 | 192 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | 2096 | 2003 | 2028 | 2033 | 1926 | 4099 | 3839 | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 926 | 878 | 880 | 881 | 876 | 1804 | 1739 | 3500 |
|  P&C underwriting income | $1631 | $441 | $1575 | $1457 | $1418 | $2072 | $2818 | $5850 |
|  P&C CAY underwriting income ex Cats | $2012 | $1827 | $1969 | $1978 | $1806 | $3839 | $3434 | $7381 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written | 5.2% | 3.2% | 3.5% | 5.4% | 10.3% | 4.3% | 11.3% | 7.7% |
|  Net premiums earned | 5.7% | 3.3% | 5.5% | 5.4% | 10.1% | 4.6% | 11.1% | 8.1% |
|  Net premiums written constant $ | 5.8% | 5.0% | 3.5% | 6.1% | 10.6% | 5.4% | 11.3% | 8.0% |
|  Net premiums earned constant $ | 6.3% | 5.0% | 5.5% | 6.3% | 10.4% | 5.7% | 11.3% | 8.4% |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 59.0% | 67.8% | 59.4% | 63.1% | 60.6% | 63.1% | 59.4% | 60.4% |
|  Policy acquisition cost ratio | 18.5% | 19.4% | 18.4% | 17.2% | 18.0% | 18.9% | 18.6% | 18.1% |
|  Administrative expense ratio | 8.1% | 8.5% | 7.9% | 7.4% | 8.2% | 8.4% | 8.4% | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 85.6% | 95.7% | 85.7% | 87.7% | 86.8% | 90.4% | 86.4% | 86.6% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 55.6% | 54.4% | 55.7% | 58.9% | 57.1% | 55.1% | 56.6% | 57.0% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 26.7% | 27.9% | 26.5% | 24.5% | 26.1% | 27.2% | 26.8% | 26.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 82.3% | 82.3% | 82.2% | 83.4% | 83.2% | 82.3% | 83.4% | 83.1% |
|  **Other ratios** |  |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 80% | 82% | 83% | 81% | 79% | 81% | 81% | 81% |
|  Expense ratio | 26.6% | 27.9% | 26.3% | 24.6% | 26.2% | 27.3% | 27.0% | 26.2% |
|  Expense ratio excluding A&H | 25.1% | 26.4% | 24.7% | 23.1% | 24.5% | 25.7% | 25.3% | 24.6% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(5) | $(37) | $10 | $4 | $- | $(42) | $- | $14 |
|  Catastrophe losses - pre-tax | $625 | $1604 | $617 | $769 | $580 | $2229 | $1015 | $2401 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(249) | $(255) | $(213) | $(244) | $(192) | $(504) | $(399) | $(856) |
|  Impact of catastrophe losses on P&C combined ratio - Unfavorable | 5.5% | 15.9% | 5.5% | 6.4% | 5.4% | 10.5% | 4.9% | 5.5% |
|  Impact of PPD on P&C combined ratio - Favorable | -2.2% | -2.5% | -2.0% | -2.1% | -1.8% | -2.4% | -1.9% | -2.0% |
|  Impact of Cats and PPD on P&C combined ratio - Unfavorable | 3.3% | 13.4% | 3.5% | 4.3% | 3.6% | 8.1% | 3.0% | 3.5% |

---

P&C Results Page 3

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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>** | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **YTD**<br> **2025** | **YTD**<br> **2024** | **Full Year<br> 2024** |
|  **Global P&C underwriting income** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums written | $14300 | $12893 | $12192 | $12992 | $13734 | $27193 | $26030 | $51214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | 11661 | 10650 | 10180 | 10898 | 11022 | 22311 | 21361 | 42439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 10738 | 10139 | 10502 | 10424 | 10098 | 20877 | 19942 | 40868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses | 6071 | 6777 | 6070 | 6159 | 5869 | 12848 | 11516 | 23745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy benefits | 129 | 113 | 96 | 120 | 92 | 242 | 192 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | 2048 | 1986 | 1991 | 1945 | 1881 | 4034 | 3773 | 7709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 924 | 876 | 897 | 879 | 873 | 1800 | 1734 | 3510 |
|  Global P&C underwriting income | $1566 | $387 | $1448 | $1321 | $1383 | $1953 | $2727 | $5496 |
|  Global P&C CAY underwriting income ex Cats | $1946 | $1791 | $1917 | $1819 | $1738 | $3737 | $3335 | $7071 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written | 5.8% | 3.0% | 6.7% | 7.6% | 11.2% | 4.4% | 12.2% | 9.6% |
|  Net premiums earned | 6.3% | 3.0% | 9.1% | 7.5% | 10.9% | 4.7% | 11.9% | 10.0% |
|  Net premiums written constant $ | 6.4% | 4.8% | 6.7% | 8.5% | 11.5% | 5.7% | 12.2% | 9.9% |
|  Net premiums earned constant $ | 7.0% | 4.7% | 9.1% | 8.5% | 11.2% | 5.8% | 12.0% | 10.3% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 57.7% | 68.0% | 58.7% | 60.2% | 59.0% | 62.7% | 58.7% | 59.1% |
|  Policy acquisition cost ratio | 19.1% | 19.6% | 19.0% | 18.7% | 18.6% | 19.3% | 18.9% | 18.9% |
|  Administrative expense ratio | 8.6% | 8.6% | 8.5% | 8.4% | 8.7% | 8.6% | 8.7% | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 85.4% | 96.2% | 86.2% | 87.3% | 86.3% | 90.6% | 86.3% | 86.6% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 54.3% | 54.2% | 54.1% | 55.7% | 55.5% | 54.3% | 55.7% | 55.3% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 27.6% | 28.2% | 27.6% | 26.9% | 27.3% | 27.8% | 27.6% | 27.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 81.9% | 82.4% | 81.7% | 82.6% | 82.8% | 82.1% | 83.3% | 82.7% |
|  **Other ratios** |  |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 82% | 83% | 84% | 84% | 80% | 82% | 82% | 83% |
|  Expense ratio | 27.7% | 28.2% | 27.5% | 27.1% | 27.3% | 27.9% | 27.6% | 27.5% |
|  Expense ratio excluding A&H | 26.1% | 26.7% | 25.9% | 25.6% | 25.7% | 26.4% | 26.0% | 25.8% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(5) | $(37) | $10 | $4 | $- | $(42) | $- | $14 |
|  Catastrophe losses - pre-tax | $624 | $1589 | $622 | $740 | $547 | $2213 | $979 | $2341 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(249) | $(222) | $(143) | $(238) | $(192) | $(471) | $(371) | $(752) |
|  Impact of catastrophe losses on combined ratio - Unfavorable | 5.8% | 16.0% | 5.8% | 7.0% | 5.4% | 10.7% | 4.9% | 5.7% |
|  Impact of PPD on combined ratio - Favorable | -2.3% | -2.2% | -1.3% | -2.3% | -1.9% | -2.2% | -1.9% | -1.8% |
|  Impact of Cats and PPD on combined ratio - Unfavorable | 3.5% | 13.8% | 4.5% | 4.7% | 3.5% | 8.5% | 3.0% | 3.9% |

---

Global P&C Page 4

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**Chubb Limited** 

**Summary Consolidated Balance Sheets** 

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

**(Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30**<br>**2025** | **March 31**<br>**2025** | **December 31<br>2024** |
|  **Assets** |  |  |  |
|  Short-term investments, at fair value | $4508 | $4432 | $5142 |
|  Fixed maturities available for sale, at fair value | 116119 | 111123 | 110363 |
|  Private debt held-for-investment, at amortized cost | 2429 | 2460 | 2628 |
|  Equity securities, at fair value | 9913 | 9556 | 9151 |
|  Private equities | 16313 | 15506 | 14769 |
|  Other investments | 9032 | 9224 | 8597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150650 |
|  Cash and restricted cash | 2371 | 2250 | 2549 |
|  Securities lending collateral | 1941 | 1909 | 1445 |
|  Insurance and reinsurance balances receivable | 16778 | 15358 | 14426 |
|  Reinsurance recoverable on losses and loss expenses | 19595 | 20015 | 19777 |
|  Deferred policy acquisition costs | 9437 | 8775 | 8358 |
|  Value of business acquired (VOBA) | 3245 | 3134 | 3223 |
|  Prepaid reinsurance premiums | 4294 | 3681 | 3378 |
|  Goodwill and other intangible assets ($25,908 and $25,219 represents Chubb portion as of 6/30/2025 and 12/31/2024, respectively) | 26575 | 26079 | 25956 |
|  Deferred tax assets | 1621 | 1798 | 1603 |
|  Separate account assets | 6481 | 6285 | 6231 |
|  Other assets | 10911 | 10167 | 8952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $261563 | $251752 | $246548 |
|  **Liabilities** |  |  |  |
|  Unpaid losses and loss expenses | $86376 | $85471 | $84004 |
|  Unearned premiums | 26519 | 24487 | 23504 |
|  Future policy benefits | 18018 | 16690 | 16121 |
|  Market risk benefits | 609 | 708 | 607 |
|  Policyholder account balances | 8344 | 8129 | 8016 |
|  Separate account liabilities | 6481 | 6285 | 6231 |
|  Insurance and reinsurance balances payable | 9232 | 8446 | 8121 |
|  Securities lending payable | 1941 | 1909 | 1445 |
|  Accounts payable, accrued expenses, and other liabilities | 12509 | 12337 | 12923 |
|  Deferred tax liabilities | 1691 | 1608 | 1584 |
|  Short-term and long-term debt | 14976 | 14508 | 15179 |
|  Hybrid debt | 420 | 419 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 187116 | 180997 | 178154 |
|  **Shareholders' equity** |  |  |  |
|  Chubb shareholders' equity, excl. AOCI | 75453 | 73361 | 72665 |
|  Accumulated other comprehensive income (loss) (AOCI) | (6058) | (7635) | (8644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | 69395 | 65726 | 64021 |
|  Noncontrolling interests | 5052 | 5029 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 74447 | 70755 | 68394 |
|  Total liabilities and shareholders' equity | $261563 | $251752 | $246548 |
|  **Book value per common share** | $174.07 | $164.01 | $159.77 |
|  % change over prior quarter | 6.1% | 2.7% | -2.1% |
|  **Tangible book value per common share <sup>(1)</sup>** | $112.64 | $104.27 | $100.38 |
|  % change over prior quarter | 8.0% | 3.9% | -2.2% |
|  **Book value per common share, excl. AOCI** | $189.27 | $183.06 | $181.34 |
|  % change over prior quarter | 3.4% | 0.9% | 2.9% |
|  **Tangible book value per common share, excl. AOCI** | $125.80 | $120.44 | $118.57 |
|  % change over prior quarter | 4.5% | 1.6% | 4.3% |

---

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

Consol Bal Sheet Page 5

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**Chubb Limited** 

**Consolidated Net Premiums Written by Product Line** 

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

**(Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br>**2Q-25** |<br>**2Q-24** |<br> **% Change** | **Constant $**<br> **% Change** | **YTD**<br>**2025** | **YTD**<br>**2024** |<br> **% Change** | **Constant $**<br> **% Change** |
| **<u>Net premiums written</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and other short-tail lines | $2766 | $2715 | 1.9% | 2.2% | $5255 | $5075 | 3.5% | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial casualty | 2389 | 2155 | 10.9% | 11.0% | 4641 | 4365 | 6.3% | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial lines | 1278 | 1237 | 3.3% | 3.5% | 2357 | 2345 | 0.5% | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Workers' compensation | 547 | 559 | -2.1% | -2.1% | 1185 | 1188 | -0.3% | -0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial multiple peril <sup>(1)</sup> | 481 | 428 | 12.1% | 12.1% | 897 | 796 | 12.6% | 12.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Surety | 225 | 200 | 12.4% | 17.2% | 425 | 384 | 10.7% | 15.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial P&C lines | 7686 | 7294 | 5.4% | 5.7% | 14760 | 14153 | 4.3% | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | 733 | 758 | -3.3% | -3.3% | 1009 | 1007 | 0.2% | 0.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal homeowners | 1466 | 1355 | 8.1% | 8.5% | 2555 | 2420 | 5.5% | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal automobile | 756 | 614 | 23.3% | 30.8% | 1412 | 1256 | 12.5% | 20.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal other | 567 | 520 | 9.1% | 8.9% | 1167 | 1085 | 7.6% | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Personal lines | 2789 | 2489 | 12.1% | 13.8% | 5134 | 4761 | 7.8% | 10.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global A&H - P&C | 806 | 828 | -2.6% | -2.2% | 1629 | 1677 | -2.8% | -1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance lines | 380 | 411 | -7.6% | -7.8% | 788 | 770 | 2.4% | 2.3% |
| **Total P&C** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12394 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11780 | 5.2% | 5.8% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22368 | 4.3% | 5.4% |
| **Life Insurance** | 1802 | 1580 | 14.1% | 17.3% | 3522 | 3213 | 9.6% | 13.8% |
| **Total Consolidated** | $14196 | $13360 | 6.3% | 7.1% | $26842 | $25581 | 4.9% | 6.4% |

---

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

Product Line Page 6

------

**Chubb Limited** 

**Consolidated Results** 

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 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>Q2 2025</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 | $5723 | $1938 | $733 | $3620 | $380 | $- | $12394 | $1802 | $14196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 39% | 14% | 5% | 26% | 3% |  | 87% | 13% | 100% |
|  Net premiums earned | 5177 | 1681 | 598 | 3542 | 338 |  | 11336 | 1789 | 13125 |
|  Adjusted losses and loss expenses | 3258 | 822 | 483 | 1789 | 132 | 70 | 6554 | 20 | 6574 |
|  Adjusted policy benefits |  |  |  | 129 |  |  | 129 | 1249 | 1378 |
|  Policy acquisition costs | 705 | 332 | 48 | 913 | 98 |  | 2096 | 319 | 2415 |
|  Administrative expenses | 357 | 82 | 2 | 369 | 10 | 106 | 926 | 199 | 1125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 857 | 445 | 65 | 342 | 98 | (176) | 1631 | 2 | 1633 |
|  Adjusted net investment income | 938 | 118 | 19 | 278 | 85 | (25) | 1413 | 274 | 1687 |
|  Other income (expense) - operating | (8) |  |  | (5) |  | (12) | (25) | 37 | 12 |
|  Amortization expense of purchased intangibles | (2) | (2) | (6) | (19) |  | (37) | (66) | (8) | (74) |
|  Segment income (loss) | $1785 | $561 | $78 | $596 | $183 | $(250) | $2953 | $&nbsp;&nbsp;&nbsp;&nbsp;305 | $3258 |
|  Combined ratio | 83.5% | 73.5% | 89.1% | 90.3% | 71.0% |  | 85.6% |  |  |
|  CAY combined ratio ex Cats | 81.1% | 72.2% | 88.8% | 85.4% | 73.5% |  | 82.3% |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
|  | 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>Q2 2024</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 | $5501 | $1776 | $758 | $3334 | $411 | $- | $11780 | $1580 | $13360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 41% | 13% | 6% | 25% | 3% |  | 88% | 12% | 100% |
|  Net premiums earned | 4900 | 1512 | 626 | 3347 | 339 |  | 10724 | 1568 | 12292 |
|  Adjusted losses and loss expenses | 3074 | 876 | 543 | 1671 | 155 | 93 | 6412 | 22 | 6434 |
|  Adjusted policy benefits |  |  |  | 92 |  |  | 92 | 1031 | 1123 |
|  Policy acquisition costs | 660 | 299 | 45 | 842 | 80 |  | 1926 | 300 | 2226 |
|  Administrative expenses | 327 | 88 | 3 | 348 | 11 | 99 | 876 | 218 | 1094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 839 | 249 | 35 | 394 | 93 | (192) | 1418 | (3) | 1415 |
|  Adjusted net investment income | 863 | 108 | 21 | 283 | 58 | (28) | 1305 | 258 | 1563 |
|  Other income (expense) - operating | (15) | 2 |  | (4) |  | (14) | (31) | 32 | 1 |
|  Amortization expense of purchased intangibles |  | (2) | (7) | (20) |  | (40) | (69) | (11) | (80) |
|  Segment income (loss) | $1687 | $357 | $49 | $653 | $151 | $(274) | $2623 | $276 | $2899 |
|  Combined ratio | 82.9% | 83.5% | 94.4% | 88.2% | 72.7% |  | 86.8% |  |  |
|  CAY combined ratio ex Cats | 80.7% | 78.6% | 89.1% | 85.3% | 77.4% |  | 83.2% |  |  |

---

Consol Results - QTD Page 7

------

**Chubb Limited** 

**Consolidated Results** 

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 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>YTD 2025</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 | $10510 | $3490 | $1009 | $7523 | $788 | $- | $23320 | $3522 | $26842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 39% | 13% | 4% | 28% | 3% |  | 87% | 13% | 100% |
|  Net premiums earned | 10165 | 3255 | 763 | 6751 | 706 |  | 21640 | 3485 | 25125 |
|  Adjusted losses and loss expenses | 6289 | 2915 | 575 | 3186 | 374 | 84 | 13423 | 46 | 13469 |
|  Adjusted policy benefits |  |  |  | 242 |  |  | 242 | 2412 | 2654 |
|  Policy acquisition costs | 1424 | 662 | 65 | 1750 | 198 |  | 4099 | 629 | 4728 |
|  Administrative expenses | 701 | 169 | 4 | 699 | 20 | 211 | 1804 | 401 | 2205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 1751 | (491) | 119 | 874 | 114 | (295) | 2072 | (3) | 2069 |
|  Adjusted net investment income | 1867 | 238 | 43 | 559 | 155 | (50) | 2812 | 545 | 3357 |
|  Other income (expense) - operating | (16) | (1) | (1) | (11) |  | (20) | (49) | 72 | 23 |
|  Amortization expense of purchased intangibles | (3) | (4) | (12) | (38) |  | (74) | (131) | (18) | (149) |
|  Segment income (loss) | $3599 | $(258) | $149 | $1384 | $269 | $(439) | $4704 | $596 | $5300 |
|  Combined ratio | 82.8% | 115.1% | 84.4% | 87.0% | 83.8% |  | 90.4% |  |  |
|  CAY combined ratio ex Cats | 81.2% | 73.6% | 86.7% | 85.5% | 73.9% |  | 82.3% |  |  |
|  | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
|  | 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>YTD 2024</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 | $10190 | $3232 | $1007 | $7169 | $770 | $- | $22368 | $3213 | $25581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 39% | 13% | 4% | 28% | 3% |  | 87% | 13% | 100% |
|  Net premiums earned | 9780 | 2983 | 754 | 6545 | 634 |  | 20696 | 3179 | 23875 |
|  Adjusted losses and loss expenses | 6249 | 1775 | 592 | 3097 | 292 | 103 | 12108 | 54 | 12162 |
|  Adjusted policy benefits |  |  |  | 192 |  |  | 192 | 2101 | 2293 |
|  Policy acquisition costs | 1348 | 599 | 66 | 1665 | 161 |  | 3839 | 594 | 4433 |
|  Administrative expenses | 655 | 174 | 5 | 679 | 20 | 206 | 1739 | 425 | 2164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 1528 | 435 | 91 | 912 | 161 | (309) | 2818 | 5 | 2823 |
|  Adjusted net investment income | 1689 | 210 | 42 | 550 | 115 | (49) | 2557 | 488 | 3045 |
|  Other income (expense) - operating | (22) | 1 |  | (9) |  | (47) | (77) | 72 | (5) |
|  Amortization expense of purchased intangibles |  | (4) | (13) | (40) |  | (82) | (139) | (21) | (160) |
|  Segment income (loss) | $3195 | $642 | $120 | $1413 | $276 | $(487) | $5159 | $544 | $5703 |
|  Combined ratio | 84.4% | 85.4% | 87.9% | 86.1% | 74.6% |  | 86.4% |  |  |
|  CAY combined ratio ex Cats | 81.4% | 79.0% | 87.5% | 85.6% | 77.0% |  | 83.4% |  |  |

---

Consol Results - YTD Page 8

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **2Q-25** |<br> **1Q-25** |<br> **4Q-24** |<br> **3Q-24** |<br> **2Q-24** | **YTD**<br> **2025** | **YTD**<br> **2024** | **Full Year**<br> **2024** |
|  Gross premiums written | $7038 | $5696 | $5873 | $6511 | $6915 | $12734 | $12346 | $24730 |
|  Net premiums written | 5723 | 4787 | 4899 | 5500 | 5501 | 10510 | 10190 | 20589 |
|  Net premiums earned | 5177 | 4988 | 5118 | 5110 | 4900 | 10165 | 9780 | 20008 |
|  Losses and loss expenses | 3258 | 3031 | 3097 | 3391 | 3074 | 6289 | 6249 | 12737 |
|  Policy acquisition costs | 705 | 719 | 681 | 689 | 660 | 1424 | 1348 | 2718 |
|  Administrative expenses | 357 | 344 | 344 | 338 | 327 | 701 | 655 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 857 | 894 | 996 | 692 | 839 | 1751 | 1528 | 3216 |
|  Adjusted net investment income | 938 | 929 | 936 | 931 | 863 | 1867 | 1689 | 3556 |
|  Other income (expense) - operating | (8) | (8) | (4) | (6) | (15) | (16) | (22) | (32) |
|  Amortization expense of purchased intangibles | (2) | (1) | (1) | (2) |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $&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;1927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1687 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737 |
|  CAY underwriting income ex Cats | $980 | $934 | $1074 | $993 | $947 | $1914 | $1824 | $3891 |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 62.9% | 60.8% | 60.5% | 66.4% | 62.7% | 61.9% | 63.9% | 63.7% |
|  Policy acquisition cost ratio | 13.7% | 14.4% | 13.3% | 13.5% | 13.5% | 14.0% | 13.8% | 13.6% |
|  Administrative expense ratio | 6.9% | 6.9% | 6.8% | 6.6% | 6.7% | 6.9% | 6.7% | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 83.5% | 82.1% | 80.6% | 86.5% | 82.9% | 82.8% | 84.4% | 83.9% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 60.6% | 59.9% | 58.6% | 61.0% | 60.6% | 60.3% | 61.0% | 60.4% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 20.5% | 21.4% | 20.4% | 19.8% | 20.1% | 20.9% | 20.4% | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 81.1% | 81.3% | 79.0% | 80.8% | 80.7% | 81.2% | 81.4% | 80.6% |
|  Catastrophe losses - pre-tax | $229 | $154 | $275 | $340 | $252 | $383 | $488 | $1103 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(106) | $(114) | $(197) | $(39) | $(144) | $(220) | $(192) | $(428) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written | 4.1% | 2.1% | 5.1% | 7.2% | 6.7% | 3.1% | 7.9% | 7.0% |
|  Net premiums earned | 5.7% | 2.2% | 8.8% | 7.9% | 6.4% | 3.9% | 9.0% | 8.6% |
|  **Other ratios** |  |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 81% | 84% | 83% | 84% | 80% | 83% | 83% | 83% |
|  **Production by Size - Net premiums written <sup>(1)</sup>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Accounts & Specialty | $3578 | $2731 | $2915 | $3296 | $3524 | $6309 | $6303 | $12514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 2145 | 2056 | 1984 | 2204 | 1977 | 4201 | 3887 | 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $5723 | $4787 | $4899 | $5500 | $5501 | $10510 | $10190 | $20589 |

---

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

NA Commercial Page 9

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **2Q-25** |<br> **1Q-25** |<br> **4Q-24** |<br> **3Q-24** |<br> **2Q-24** | **YTD**<br>**2025** | **YTD**<br>**2024** | **Full Year**<br> **2024** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2208 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1949 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2029 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3708 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7531 |
|  Net premiums written | 1938 | 1552 | 1621 | 1679 | 1776 | 3490 | 3232 | 6532 |
|  Net premiums earned | 1681 | 1574 | 1628 | 1577 | 1512 | 3255 | 2983 | 6188 |
|  Losses and loss expenses | 822 | 2093 | 930 | 879 | 876 | 2915 | 1775 | 3584 |
|  Policy acquisition costs | 332 | 330 | 325 | 315 | 299 | 662 | 599 | 1239 |
|  Administrative expenses | 82 | 87 | 89 | 88 | 88 | 169 | 174 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 445 | (936) | 284 | 295 | 249 | (491) | 435 | 1014 |
|  Net investment income | 118 | 120 | 111 | 112 | 108 | 238 | 210 | 433 |
|  Other income (expense) - operating |  | (1) | (1) | (1) | 2 | (1) | 1 | (1) |
|  Amortization expense of purchased intangibles | (2) | (2) | (2) | (3) | (2) | (4) | (4) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income (loss) | $561 | $(819) | $392 | $403 | $357 | $(258) | $642 | $1437 |
|  CAY underwriting income ex Cats | $466 | $406 | $368 | $336 | $323 | $872 | $627 | $1331 |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 48.9% | 133.0% | 57.1% | 55.8% | 57.9% | 89.5% | 59.5% | 57.9% |
|  Policy acquisition cost ratio | 19.7% | 21.0% | 20.0% | 20.0% | 19.8% | 20.4% | 20.1% | 20.0% |
|  Administrative expense ratio | 4.9% | 5.5% | 5.5% | 5.5% | 5.8% | 5.2% | 5.8% | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 73.5% | 159.5% | 82.6% | 81.3% | 83.5% | 115.1% | 85.4% | 83.6% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 47.6% | 49.3% | 51.9% | 53.1% | 53.0% | 48.4% | 53.1% | 52.8% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 24.6% | 25.7% | 25.5% | 25.6% | 25.6% | 25.2% | 25.9% | 25.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 72.2% | 75.0% | 77.4% | 78.7% | 78.6% | 73.6% | 79.0% | 78.5% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $- | $(50) | $- | $- | $- | $(50) | $- | $- |
|  Catastrophe losses - pre-tax | $142 | $1292 | $84 | $230 | $138 | $1434 | $308 | $622 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(121) | $- | $- | $(189) | $(64) | $(121) | $(116) | $(305) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written | 9.1% | 6.6% | 10.0% | 10.0% | 12.3% | 8.0% | 12.3% | 11.1% |
|  Net premiums earned | 11.1% | 7.0% | 12.1% | 12.0% | 11.5% | 9.1% | 11.5% | 11.8% |
|  **Other ratios** |  |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 88% | 84% | 87% | 86% | 87% | 86% | 87% | 87% |

---

NA Personal Page 10

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **2Q-25** |<br> **1Q-25** |<br> **4Q-24** |<br> **3Q-24** |<br> **2Q-24** | **YTD**<br>**2025** | **YTD**<br>**2024** | **Full Year**<br>**2024** |
|  Gross premiums written | $&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;504 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2151 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1111 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1539 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4194 |
|  Net premiums written | 733 | 276 | 317 | 1379 | 758 | 1009 | 1007 | 2703 |
|  Net premiums earned | 598 | 165 | 532 | 1419 | 626 | 763 | 754 | 2705 |
|  Adjusted losses and loss expenses | 483 | 92 | 385 | 1193 | 543 | 575 | 592 | 2170 |
|  Policy acquisition costs | 48 | 17 | 37 | 88 | 45 | 65 | 66 | 191 |
|  Administrative expenses | 2 | 2 | (17) | 2 | 3 | 4 | 5 | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 65 | 54 | 127 | 136 | 35 | 119 | 91 | 354 |
|  Net investment income | 19 | 24 | 22 | 20 | 21 | 43 | 42 | 84 |
|  Other income (expense) - operating |  | (1) |  | (1) |  | (1) |  | (1) |
|  Amortization expense of purchased intangibles | (6) | (6) | (7) | (5) | (7) | (12) | (13) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $78 | $71 | $142 | $150 | $49 | $149 | $120 | $412 |
|  CAY underwriting income ex Cats | $66 | $36 | $52 | $159 | $68 | $102 | $99 | $310 |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 80.8% | 55.9% | 72.2% | 84.1% | 86.8% | 75.4% | 78.6% | 80.2% |
|  Policy acquisition cost ratio | 7.9% | 10.4% | 7.1% | 6.1% | 7.1% | 8.5% | 8.7% | 7.1% |
|  Administrative expense ratio | 0.4% | 1.2% | -3.2% | 0.2% | 0.5% | 0.5% | 0.6% | -0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 89.1% | 67.5% | 76.1% | 90.4% | 94.4% | 84.4% | 87.9% | 86.9% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 80.5% | 65.8% | 86.8% | 82.5% | 81.5% | 77.3% | 79.0% | 82.4% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 8.3% | 13.1% | 3.7% | 6.4% | 7.6% | 9.4% | 8.5% | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 88.8% | 78.9% | 90.5% | 88.9% | 89.1% | 86.7% | 87.5% | 88.8% |
|  Unfavorable (favorable) Catastrophe losses - pre-tax | $1 | $15 | $(5) | $29 | $33 | $16 | $36 | $60 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $- | $(33) | $(70) | $(6) | $- | $(33) | $(28) | $(104) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written | -3.3% | 11.0% | -47.8% | -9.3% | -1.2% | 0.2% | -5.0% | -15.2% |
|  Net premiums earned | -4.3% | 28.6% | -36.2% | -7.9% | -1.5% | 1.2% | -5.1% | -14.6% |
|  **Other ratios** |  |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 66% | 64% | 63% | 64% | 68% | 65% | 65% | 64% |

---

NA Agriculture Page 11

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **YTD**<br>**2025** | **YTD**<br>**2024** | **Full Year <br>2024** |
|  Gross premiums written | $4588 | $4904 | $4199 | $4150 | $4262 | $9492 | $9037 | $17386 |
|  Net premiums written | 3620 | 3903 | 3436 | 3367 | 3334 | 7523 | 7169 | 13972 |
|  Net premiums earned | 3542 | 3209 | 3434 | 3421 | 3347 | 6751 | 6545 | 13400 |
|  Losses and loss expenses | 1789 | 1397 | 1686 | 1631 | 1671 | 3186 | 3097 | 6414 |
|  Policy benefits | 129 | 113 | 96 | 120 | 92 | 242 | 192 | 408 |
|  Policy acquisition costs | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3410 |
|  Administrative expenses | 369 | 330 | 332 | 340 | 348 | 699 | 679 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 342 | 532 | 427 | 478 | 394 | 874 | 912 | 1817 |
|  Adjusted net investment income | 278 | 281 | 300 | 286 | 283 | 559 | 550 | 1136 |
|  Other income (expense) - operating | (5) | (6) |  | (5) | (4) | (11) | (9) | (14) |
|  Amortization expense of purchased intangibles | (19) | (19) | (20) | (21) | (20) | (38) | (40) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $596 | $788 | $707 | $738 | $653 | $1384 | $1413 | $2858 |
|  CAY underwriting income ex Cats | $517 | $466 | $520 | $521 | $490 | $983 | $945 | $1986 |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 54.2% | 47.0% | 51.9% | 51.2% | 52.7% | 50.8% | 50.3% | 50.9% |
|  Policy acquisition cost ratio | 25.7% | 26.1% | 26.0% | 24.9% | 25.1% | 25.9% | 25.4% | 25.4% |
|  Administrative expense ratio | 10.4% | 10.3% | 9.7% | 9.9% | 10.4% | 10.3% | 10.4% | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 90.3% | 83.4% | 87.6% | 86.0% | 88.2% | 87.0% | 86.1% | 86.4% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 49.3% | 49.1% | 49.2% | 49.9% | 49.8% | 49.2% | 49.7% | 49.7% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 36.1% | 36.4% | 35.7% | 34.9% | 35.5% | 36.3% | 35.9% | 35.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 85.4% | 85.5% | 84.9% | 84.8% | 85.3% | 85.5% | 85.6% | 85.2% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(5) | $- | $- | $- | $- | $(5) | $- | $- |
|  Catastrophe losses - pre-tax | $247 | $55 | $173 | $103 | $157 | $302 | $183 | $459 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(77) | $(121) | $(80) | $(60) | $(61) | $(198) | $(150) | $(290) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written | 8.5% | 1.8% | 6.8% | 4.9% | 15.6% | 4.9% | 16.6% | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 6.0% | 3.6% | 8.2% | 5.1% | 13.3% | 4.7% | 12.7% | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 12.2% | -1.1% | 4.7% | 4.5% | 19.1% | 5.2% | 23.1% | 13.3% |
|  Net premiums earned | 5.8% | 0.3% | 6.4% | 3.3% | 15.1% | 3.1% | 14.9% | 9.6% |
|  Net premiums written constant $ | 10.2% | 6.5% | 6.8% | 7.5% | 16.6% | 8.2% | 16.6% | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 6.8% | 7.3% | 7.4% | 6.7% | 13.9% | 7.1% | 12.5% | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 15.3% | 5.0% | 6.0% | 8.5% | 20.7% | 10.1% | 23.5% | 15.0% |
|  Net premiums earned constant $ | 7.4% | 5.0% | 6.4% | 5.9% | 16.2% | 6.3% | 15.3% | 10.4% |
|  **Other ratios:** Net premiums written/gross<br>premiums written | 79% | 80% | 82% | 81% | 78% | 79% | 79% | 80% |
| **Production by Region - Net premiums written** | **2Q-25** | **2Q-24** | **% Change** | **Constant $% Change** | **YTD**<br>**2025** | **YTD**<br>**2024** | **% Change** | **Constant $% Change** |
|  Europe, Middle East and Africa | $1548 | $1409 | 9.9% | 8.2% | $3463 | $3278 | 5.6% | 6.7% |
|  Latin America | 743 | 697 | 6.6% | 17.3% | 1479 | 1474 | 0.3% | 11.4% |
|  Asia | 1316 | 1177 | 11.8% | 12.7% | 2514 | 2338 | 7.5% | 9.5% |
|  Other <sup>(1)</sup> | 13 | 51 | -76.0% | -76.1% | 67 | 79 | -16.1% | -15.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3620 | $3334 | 8.5% | 10.2% | $7523 | $7169 | 4.9% | 8.2% |

---

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

Overseas General Insurance Page 12

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **YTD** <br>**2025** | **YTD** <br>**2024** | **Full Year <br>2024** |
|  Gross premiums written | $466 | $453 | $246 | $382 | $528 | $919 | $939 | $1567 |
|  Net premiums written | 380 | 408 | 224 | 352 | 411 | 788 | 770 | 1346 |
|  Net premiums earned | 338 | 368 | 322 | 316 | 339 | 706 | 634 | 1272 |
|  Losses and loss expenses | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 |
|  Policy acquisition costs | 98 | 100 | 92 | 89 | 80 | 198 | 161 | 342 |
|  Administrative expenses | 10 | 10 | 10 | 9 | 11 | 20 | 20 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 98 | 16 | 1 | 18 | 93 | 114 | 161 | 180 |
|  Adjusted net investment income | 85 | 70 | 74 | 64 | 58 | 155 | 115 | 253 |
|  Other income (expense) - operating |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $183 | $86 | $75 | $82 | $151 | $269 | $276 | $433 |
|  CAY underwriting income ex Cats | $89 | $91 | $76 | $76 | $77 | $180 | $146 | $298 |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 39.0% | 65.8% | 68.1% | 63.3% | 45.7% | 53.0% | 46.0% | 55.9% |
|  Policy acquisition cost ratio | 29.1% | 27.1% | 28.7% | 28.0% | 23.8% | 28.0% | 25.5% | 26.9% |
|  Administrative expense ratio | 2.9% | 2.7% | 3.1% | 3.1% | 3.2% | 2.8% | 3.1% | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 71.0% | 95.6% | 99.9% | 94.4% | 72.7% | 83.8% | 74.6% | 85.9% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 41.5% | 43.2% | 43.7% | 44.4% | 50.4% | 42.4% | 48.3% | 46.2% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 32.0% | 31.1% | 32.1% | 31.4% | 27.0% | 31.5% | 28.7% | 30.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 73.5% | 74.3% | 75.8% | 75.8% | 77.4% | 73.9% | 77.0% | 76.4% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $- | $13 | $10 | $4 | $- | $13 | $- | $14 |
|  Catastrophe losses - pre-tax | $6 | $88 | $90 | $67 | $- | $94 | $- | $157 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(15) | $- | $(5) | $(5) | $(16) | $(15) | $(15) | $(25) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |
|  Net premiums written as reported <sup>(1)</sup> | -7.6% | 13.7% | 19.9% | 34.8% | 40.3% | 2.4% | 35.1% | 32.2% |
|  Net premiums earned as reported | -0.3% | 24.8% | 32.6% | 32.3% | 43.4% | 11.4% | 31.9% | 32.2% |
|  Net premiums written constant $ | -7.8% | 14.0% | 19.6% | 34.8% | 40.5% | 2.3% | 35.2% | 32.2% |
|  Net premiums earned constant $ | -0.6% | 25.3% | 32.5% | 32.9% | 43.6% | 11.4% | 32.0% | 32.4% |
|  **Other ratios** |  |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 82% | 90% | 91% | 92% | 78% | 86% | 82% | 86% |

---

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

Global Reinsurance Page 13

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**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q-25** | **1Q-25** | **4Q-24** | **4Q-24** | **3Q-24** | **3Q-24** | **2Q-24** | **YTD <br>2025** | **YTD** <br>**2024** | **YTD** <br>**2024** | **Full Year <br>2024** | **Full Year <br>2024** |
|  Gross premiums written | $1866 | $1778 | $| 1630 | $| 1618 | $1646 | $3644 | $| 3347 | $| 6595 |
|  Net premiums written | 1802 | 1720 |  | 1561 |  | 1552 | 1580 | 3522 |  | 3213 |  | 6326 |
|  Net premiums earned | 1789 | 1696 |  | 1564 |  | 1530 | 1568 | 3485 |  | 3179 |  | 6273 |
|  Losses and loss expenses | 20 | 26 |  | 26 |  | 32 | 22 | 46 |  | 54 |  | 112 |
|  Adjusted policy benefits | 1249 | 1163 |  | 1011 |  | 989 | 1031 | 2412 |  | 2101 |  | 4101 |
|  Policy acquisition costs | 319 | 310 |  | 317 |  | 291 | 300 | 629 |  | 594 |  | 1202 |
|  Administrative expenses | &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;242 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 |
|  Adjusted net investment income | 274 | 271 |  | 265 |  | 250 | 258 | 545 |  | 488 |  | 1003 |
|  Other income (expense) - operating <sup>(1)</sup> | 37 | 35 |  | 48 |  | 39 | 32 | 72 |  | 72 |  | 159 |
|  Amortization expense of purchased intangibles | (8) | (10) |  | (11) |  | (10) | (11) | (18) |  | (21) |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $305 | $291 | $| 270 | $| 284 | $276 | $596 | $| 544 | $| 1098 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |  |  |  |  |  |
|  Net premiums written | 14.1% | 5.3% |  | 7.6% |  | 6.8% | 24.5% | 9.6% |  | 25.4% |  | 15.7% |
|  Net premiums earned | 14.2% | 5.3% |  | 9.0% |  | 6.1% | 24.7% | 9.6% |  | 26.1% |  | 16.2% |
|  Net premiums written constant $ | 17.3% | 10.3% |  | 8.5% |  | 10.6% | 27.6% | 13.8% |  | 28.7% |  | 18.5% |
|  Net premiums earned constant $ | 17.5% | 10.2% |  | 9.9% |  | 9.9% | 27.7% | 13.8% |  | 29.4% |  | 19.0% |
| <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): | <br> International life insurance net premiums written and deposits breakdown (excludes Combined North America and Life reinsurance businesses): |
|  | **2Q-25** | **2Q-24** | **% Change** | **% Change** | **Constant $ % Change** | **Constant $ % Change** | **YTD** <br>**2025** | **YTD** <br>**2024** | **% Change** | **% Change** | **Constant $ % Change** | **Constant $ % Change** |
|  International life insurance net premiums written | $1499 | $1315 |  | 14.0% |  | 17.8% | $2920 | $2689 |  | 8.6% |  | 13.4% |
|  International life insurance deposits <sup>(2)</sup> | 518 | 547 |  | -5.4% |  | -4.5% | 1273 | 1147 |  | 10.9% |  | 13.3% |
|  Total international life insurance net premiums written and deposits | $2017 | $1862 |  | 8.3% |  | 11.1% | $4193 | $3836 |  | 9.3% |  | 13.4% |
|  International life insurance segment income | $239 | $232 |  | 3.2% |  | 8.5% | $469 | $457 |  | 2.6% |  | 9.0% |

---

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

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

Life Insurance Page 14

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **YTD <br>2025** | **YTD <br>2024** | **Full Year <br>2024** |
|  Adjusted loss and loss expenses | $70 | $14 | $138 | $58 | $93 | $84 | $103 | $299 |
|  Administrative expenses | 106 | 105 | 122 | 104 | 99 | 211 | 206 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting loss | (176) | (119) | (260) | (162) | (192) | (295) | (309) | (731) |
|  Adjusted net investment income | (25) | (25) | (17) | (23) | (28) | (50) | (49) | (89) |
|  Other income (expense) - operating | (12) | (8) | 11 | (10) | (14) | (20) | (47) | (46) |
|  Adjusted interest expense | (186) | (186) | (194) | (197) | (188) | (372) | (371) | (762) |
|  Amortization expense of purchased intangibles | (37) | (37) | (41) | (40) | (40) | (74) | (82) | (163) |
|  Integration expenses | (2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | (18) | (7) | (7) | (2) | (14) | (39) |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt | 1 | 3 | 3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | 2 | 4 | 2 | 5 |
|  Adjusted net realized gains (losses) | 662 | (103) | 24 | 391 | 29 | 559 | 30 | 445 |
|  Market risk benefits gains (losses) | (17) | (92) | 98 | (230) | (29) | (109) | (8) | (140) |
|  Income tax expense | (717) | (321) | (479) | (504) | (490) | (1038) | (832) | (1815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | 31 | 12 | 65 | 166 | (14) | 43 | 137 | 368 |
|  Net loss | $(540) | $(900) | $(938) | $(948) | $(943) | $(1440) | $(1817) | $(3703) |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $70 | $13 | $139 | $55 | $93 | $83 | $102 | $296 |

---

Corporate Page 15

------

**Chubb Limited** 

**Loss Reserve Rollforward** 

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

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unpaid Losses** | **Unpaid Losses** | **Unpaid Losses** | **Net Paid to** |
|  | **Gross** | **Ceded** | **Net** | **Incurred Ratio** |
| **Balance at December 31, 2023** | $**80122** | $**17884** | $**62238** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 6603 | 876 | 5727 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (6423) | (1601) | (4822) | 84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 39 | 4 | 35 |  |
| **Balance at March 31, 2024** | $**80341** | $**17163** | $**63178** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 7819 | 1388 | 6431 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (5657) | (1069) | (4588) | 71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (312) | (73) | (239) |  |
| **Balance at June 30, 2024** | $**82191** | $**17409** | $**64782** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 9737 | 2354 | 7383 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (7838) | (2169) | (5669) | 77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 236 | 37 | 199 |  |
| **Balance at September 30, 2024** | $**84326** | $**17631** | $**66695** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 8375 | 1894 | 6481 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (8052) | (1628) | (6424) | 99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (645) | (163) | (482) |  |
| **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; Add net recoverable on paid losses |  | 1904 | (1904) |  |
| **Balance including net recoverable on paid losses** | $**86376** | $**19595** | $**66781** |  |

---

Loss Reserve Rollforward Page 16

------

**Chubb Limited** 

**Reinsurance Recoverable Analysis** 

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

**(Unaudited)** 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30**<br>**2025** | **March 31**<br>**2025** | **December 31**<br>**2024** |
| **Reinsurance recoverable on paid losses and loss expenses** |  |  |  |
|  Active operations | $1493 | $1533 | $1629 |
|  Brandywine and Other Run-off | 473 | 467 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $1966 | $2000 | $2111 |
| **Reinsurance recoverable on unpaid losses and loss expenses** |  |  |  |
|  Active operations | $16839 | $17180 | $16810 |
|  Brandywine and Other Run-off | 1113 | 1155 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $17952 | $18335 | $17976 |
| **Gross reinsurance recoverable** |  |  |  |
|  Active operations | $18332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18439 |
|  Brandywine and Other Run-off | 1586 | 1622 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $19918 | $20335 | $20087 |
| **Provision for uncollectible reinsurance <sup>(1)</sup>** |  |  |  |
|  Active operations | $(233) | $(228) | $(228) |
|  Brandywine and Other Run-off | (90) | (92) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(323) | $(320) | $(310) |
| **Net reinsurance recoverable** |  |  |  |
|  Active operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18099 | $18485 | $18211 |
|  Brandywine and Other Run-off | 1496 | 1530 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $19595 | $20015 | $19777 |

---

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

Reinsurance Recoverable Page 17

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**Chubb Limited** 

**Investment Portfolio** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **June 30** | **June 30** | **March 31** | **March 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
|  **Market Value** |  |  |  |  |  |  |
|  Fixed maturities available for sale | $116119 |  | $111123 |  | $110363 |  |
|  Other investments-fixed maturities | 6441 |  | 6799 |  | 6265 |  |
|  Short-term investments | 4508 |  | 4432 |  | 5142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $127068 |  | $122354 |  | $121770 |  |
|  **Asset Allocation by Market Value** |  |  |  |  |  |  |
|  U.S. and local government securities | $4033 | 3% | $4025 | 3% | $4070 | 3% |
|  Corporate and asset-backed securities | 45126 | 36% | 43280 | 36% | 43207 | 36% |
|  Mortgage-backed securities | 28497 | 22% | 27516 | 22% | 27248 | 22% |
|  Non-U.S. | 44904 | 35% | 43101 | 35% | 42103 | 35% |
|  Short-term investments | 4508 | 4% | 4432 | 4% | 5142 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $127068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $122354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $121770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% |
|  **Credit Quality by Market Value** |  |  |  |  |  |  |
|  AAA | $13450 | 11% | $12902 | 11% | $13933 | 11% |
|  AA | 38363 | 30% | 37662 | 30% | 37640 | 30% |
|  A | 31633 | 25% | 30137 | 25% | 28882 | 24% |
|  BBB | 22452 | 18% | 21798 | 18% | 21610 | 18% |
|  BB | 11644 | 9% | 10705 | 9% | 10789 | 9% |
|  B | 9114 | 7% | 8669 | 7% | 8279 | 7% |
|  Other | 412 | 0% | 481 | 0% | 637 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $127068 | 100% | $122354 | 100% | $121770 | 100% |
|  **Cost/Amortized Cost, net** |  |  |  |  |  |  |
|  Fixed maturities available for sale | $118876 |  | $114867 |  | $115013 |  |
|  Other investments-fixed maturities | 6441 |  | 6799 |  | 6265 |  |
|  Short-term investments | 4508 |  | 4434 |  | 5143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal fixed maturities <sup>(1)</sup> | 129825 |  | 126100 |  | 126421 |  |
|  Equity securities | 9913 |  | 9556 |  | 9151 |  |
|  Private debt held-for-investment <sup>(1)</sup> | 2429 |  | 2460 |  | 2628 |  |
|  Private equities and other | 18904 |  | 17931 |  | 17101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | $161071 |  | $156047 |  | $155301 |  |
|  Avg. duration of fixed maturities <sup>(2)</sup> | 4.8 years |  | 4.8 years |  | 4.8 years |  |
|  Avg. market yield of fixed income investments <sup>(3)</sup> | 5.3% |  | 5.5% |  | 5.6% |  |
|  Avg. credit quality | A/A |  | A/A |  | A/A |  |
|  Avg. book yield of fixed income investments <sup>(3)</sup> | 5.1% |  | 5.0% |  | 5.0% |  |

---

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

(2) Excludes Huatai.

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

Investments Page 18

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**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 June 30, 2025** |  |  |  |  |  |  |
|  Agency residential mortgage-backed securities (RMBS) | $4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24702 | $- | $- | $- | $24706 |
|  Non-agency RMBS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2103 | 188 | 184 | 76 | 2 | 2553 |
|  Commercial mortgage-backed securities | 998 | 123 | 101 | 14 | 2 | 1238 |
|  **Total mortgage-backed securities at market value** | $3105 | $25013 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28497 |
|  **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** |  |  |  |  |  |  |
| **Market Value at June 30, 2025** |  | **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 |  | $3963 | $648 | $318 | $241 | $5170 |
|  Banks |  |  | 1 | 2643 | 2091 | 4735 |
|  Basic Materials |  |  |  | 87 | 257 | 344 |
|  Communications |  |  | 250 | 492 | 1321 | 2063 |
|  Consumer, Cyclical |  | 8 | 157 | 626 | 918 | 1709 |
|  Consumer, Non-Cyclical |  | 37 | 465 | 2591 | 1689 | 4782 |
|  Diversified Financial Services |  | 1 | 128 | 505 | 190 | 824 |
|  Energy |  |  | 99 | 394 | 1329 | 1822 |
|  Industrial |  |  | 9 | 746 | 1290 | 2045 |
|  Utilities |  | 239 | 9 | 1253 | 1167 | 2668 |
|  All Others |  | 116 | 369 | 1219 | 1962 | 3666 |
|  **Total** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12455 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29828 |
| **Market Value at June 30, 2025** |  |  | **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 |  |  | $18 | $103 | $1 | $122 |
|  Banks |  |  |  |  |  |  |
|  Basic Materials |  |  | 537 | 238 |  | 775 |
|  Communications |  |  | 683 | 844 | 53 | 1580 |
|  Consumer, Cyclical |  |  | 1428 | 991 | 41 | 2460 |
|  Consumer, Non-Cyclical |  |  | 1706 | 1322 | 49 | 3077 |
|  Diversified Financial Services |  |  | 444 | 261 |  | 705 |
|  Energy |  |  | 740 | 577 | 1 | 1318 |
|  Industrial |  |  | 1176 | 849 | 13 | 2038 |
|  Utilities |  |  | 346 | 190 |  | 536 |
|  All Others |  |  | 888 | 1725 | 74 | 2687 |
|  **Total** |  |  | $7966 | $7100 | $232 | $15298 |

---

Investments 2 Page 19

------

**Chubb Limited** 

**Investment Portfolio - 3** 

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

**(Unaudited)** 

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

**June 30, 2025** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $- | $206 | $1905 | $- | $- | $2111 |
|  Republic of Korea |  | 2010 |  |  |  | 2010 |
|  Kingdom of Thailand |  |  | 1005 |  |  | 1005 |
|  Canada | 936 |  |  |  |  | 936 |
|  United Mexican States |  |  |  | 765 |  | 765 |
|  Taiwan |  | 760 |  |  |  | 760 |
|  Federative Republic of Brazil |  |  |  |  | 603 | 603 |
|  Province of Ontario |  | 564 |  |  |  | 564 |
|  Commonwealth of Australia | 552 |  |  |  |  | 552 |
|  Province of Hunan China |  |  | 481 |  |  | 481 |
|  Other Non-U.S. Government Securities | 658 | 2181 | 2863 | 939 | 1424 | 8065 |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5721 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6254 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17852 |
| **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 | $- | $- | $6399 | $377 | $15 | $6791 |
|  United Kingdom | 14 | 29 | 922 | 1181 | 416 | 2562 |
|  Canada | 186 | 58 | 989 | 821 | 491 | 2545 |
|  United States <sup>(1)</sup> | 8 | 104 | 380 | 501 | 675 | 1668 |
|  France | 6 | 28 | 860 | 549 | 200 | 1643 |
|  South Korea |  | 509 | 456 | 621 | 8 | 1594 |
|  Australia | 59 | 298 | 412 | 396 | 31 | 1196 |
|  Japan |  |  | 577 | 190 | 18 | 785 |
|  Germany | 77 | 99 | 112 | 322 | 67 | 677 |
|  Chile |  |  | 168 | 373 |  | 541 |
|  Other Non-U.S. Corporate Securities | 460 | 559 | 1836 | 2653 | 1542 | 7050 |
| **Total** | $810 | $1684 | $13111 | $7984 | $3463 | $27052 |

---

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

Investments 3 Page 20

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**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>**

---

| | | | |
|:---|:---|:---|:---|
|  | **June 30, 2025** | **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;809 | A- |
| 2 | Morgan Stanley | 763 | A- |
| 3 | JP Morgan Chase & Co | 713 | A |
| 4 | Goldman Sachs Group Inc | 562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB+ |
| 5 | Wells Fargo & Co | 555 | BBB+ |
| 6 | Citigroup Inc | 512 | BBB+ |
| 7 | AT&T Inc | 411 | BBB |
| 8 | Verizon Communications Inc | 406 | BBB+ |
| 9 | UBS Group AG | 404 | A- |
| 10 | HSBC Holdings PLC | 360 | A- |

---

Investments 4 Page 21

------

**Chubb Limited** 

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

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 2025** | **Three months ended June 30, 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>(1)</sup> | $97 | $(21) | $76 | $982 | $(50) | $932 | $1079 | $(71) | $1008 |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 27 | (9) | 18 |  |  |  | 27 | (9) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 92 | (10) | 82 |  |  |  | 92 | (10) | 82 |
|  Private equity: Mark-to-market | 513 | (78) | 435 |  |  |  | 513 | (78) | 435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 729 | (118) | 611 | 982 | (50) | 932 | 1711 | (168) | 1543 |
|  Foreign exchange | (89) | 23 | (66) | 763 | 3 | 766 | 674 | 26 | 700 |
|  Partially-owned entities <sup>(2)</sup> | (1) |  | (1) |  |  |  | (1) |  | (1) |
|  Current discount rate on future policy benefits |  |  |  | (110) | 9 | (101) | (110) | 9 | (101) |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 1 |  | 1 | 1 |  | 1 |
|  Other | (6) | 1 | (5) | (26) | 5 | (21) | (32) | 6 | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $633 | $(94) | $539 | $1610 | $(33) | $1577 | $2243 | $(127) | $2116 |
| (1) The quarter includes pre-tax realized gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 gains on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $9 million on fixed maturities, and impairments of $5 million for fixed maturities.<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 June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** | **Three months ended June 30, 2024** |
|  | **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> | $(77) | $22 | $(55) | $(483) | $7 | $(476) | $(560) | $29 | $(531) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 13 | (1) | 12 |  |  |  | 13 | (1) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 23 | 3 | 26 |  |  |  | 23 | 3 | 26 |
|  Private equity: Mark-to-market | 55 | 1 | 56 |  |  |  | 55 | 1 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 14 | 25 | 39 | (483) | 7 | (476) | (469) | 32 | (437) |
|  Foreign exchange | 27 | (6) | 21 | (497) | 19 | (478) | (470) | 13 | (457) |
|  Partially-owned entities <sup>(4)</sup> | 4 |  | 4 |  |  |  | 4 |  | 4 |
|  Current discount rate on future policy benefits |  |  |  | 57 | (2) | 55 | 57 | (2) | 55 |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 5 | (1) | 4 | 5 | (1) | 4 |
|  Other | 3 |  | 3 | (29) | 6 | (23) | (26) | 6 | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $48 | $19 | $67 | $(947) | $29 | $(918) | $(899) | $48 | $(851) |

---

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

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

Net Gains (Losses) Page 22

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**Chubb Limited** 

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

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 2025** | **Six months ended June 30, 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>(1)</sup> | $14 | $(2) | $12 | $1891 | $(111) | $1780 | $1905 | $(113) | $1792 |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 17 | (6) | 11 |  |  |  | 17 | (6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 160 | (20) | 140 |  |  |  | 160 | (20) | 140 |
|  Private equity: Mark-to-market | 502 | (77) | 425 |  |  |  | 502 | (77) | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 693 | (105) | 588 | 1891 | (111) | 1780 | 2584 | (216) | 2368 |
|  Foreign exchange | (154) | 50 | (104) | 1115 | (9) | 1106 | 961 | 41 | 1002 |
|  Partially-owned entities <sup>(2)</sup> | 1 |  | 1 |  |  |  | 1 |  | 1 |
|  Current discount rate on future policy benefits |  |  |  | (228) | 21 | (207) | (228) | 21 | (207) |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 5 | (1) | 4 | 5 | (1) | 4 |
|  Other | (11) | 2 | (9) | (121) | 24 | (97) | (132) | 26 | (106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $529 | $(53) | $476 | $2662 | $(76) | $2586 | $3191 | $(129) | $3062 |
| (1) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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) Year to date includes pre-tax realized gains on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $2 million on fixed maturities, and impairments of $12 million for fixed maturities.<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. |
|  | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** | **Six months ended June 30, 2024** |
|  | **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> | $(239) | $39 | $(200) | $(1173) | $49 | $(1124) | $(1412) | $88 | $(1324) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 12 | (1) | 11 |  |  |  | 12 | (1) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 59 | 6 | 65 |  |  |  | 59 | 6 | 65 |
|  Private equity: Mark-to-market | 182 | 7 | 189 |  |  |  | 182 | 7 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 14 | 51 | 65 | (1173) | 49 | (1124) | (1159) | 100 | (1059) |
|  Foreign exchange | (104) | 25 | (79) | (409) | 12 | (397) | (513) | 37 | (476) |
|  Partially-owned entities <sup>(4)</sup> | 1 |  | 1 |  |  |  | 1 |  | 1 |
|  Current discount rate on future policy benefits |  |  |  | 37 | (22) | 15 | 37 | (22) | 15 |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 10 | (1) | 9 | 10 | (1) | 9 |
|  Other | (7) | (2) | (9) | 2 |  | 2 | (5) | (2) | (7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $(96) | $74 | $(22) | $(1533) | $38 | $(1495) | $(1629) | $112 | $(1517) |

---

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

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

Net Gains (Losses) 2 Page 23

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**Chubb Limited** 

**Debt and Capital** 

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

**(Unaudited)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30** | **March 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2024** | **2023** |
| **Financial debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total short-term debt <sup>(1)</sup> | $1499 | $- | $800 | $1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt <sup>(1) (2)</sup> | 13477 | 14508 | 14379 | 13035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial debt | $14976 | $14508 | $15179 | $14495 |
| **Hybrid debt:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total trust preferred securities | $309 | $309 | $309 | $308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total subordinated debt <sup>(3)</sup> | 111 | 110 | 110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid debt | $420 | $419 | $419 | $308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $15396 | $14927 | $15598 | $14803 |
| **Capitalization:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | $69395 | $65726 | $64021 | $59507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 420 | 419 | 419 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 14976 | 14508 | 15179 | 14495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $84791 | $80653 | $79619 | $74310 |
| **Leverage ratios (based on total capital) <sup>(2)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 0.5% | 0.5% | 0.5% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 17.7% | 18.0% | 19.1% | 19.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid & financial debt | 18.2% | 18.5% | 19.6% | 19.9% |

---

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

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

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

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

Debt and Capital Page 24

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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 June 30** | **Three months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Numerator** |  |  |  |  |
|  Core operating income | $2480 | $2196 | $3969 | $4357 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax | 3 | 2 | 6 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (3) | 4 | (2) | (1) |
|  Integration expenses, pre-tax | (2) | (7) | (2) | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on integration expenses |  | (3) |  | 3 |
|  Adjusted net realized gains (losses), pre-tax | 633 | 48 | 529 | (96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | (94) | 19 | (53) | 74 |
|  Market risk benefits gains (losses), pre-tax | (17) | (29) | (109) | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on market risk benefits gains (losses) | 2 |  | 16 |  |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (34) |  | (55) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $2968 | $2230 | $4299 | $4373 |
|  **Rollforward of Common Shares Outstanding** |  |  |  |  |
|  Shares - beginning of period | 400748485 | 406033066 | 400703663 | 405269637 |
|  Repurchase of shares | (2339727) | (2254236) | (3685509) | (3474357) |
|  Shares issued (canceled), excluding option exercises | (49568) | (38489) | 615344 | 690475 |
|  Issued for option exercises | 301598 | 333154 | 1027290 | 1587740 |
|  Shares - end of period | &nbsp;&nbsp;&nbsp;&nbsp;398660788 | &nbsp;&nbsp;&nbsp;&nbsp;404073495 | &nbsp;&nbsp;&nbsp;&nbsp;398660788 | &nbsp;&nbsp;&nbsp;&nbsp;404073495 |
|  **Denominator** |  |  |  |  |
|  Weighted average shares outstanding <sup>(1)</sup> | 399886323 | 404615765 | 400281946 | 405139228 |
|  Effect of other dilutive securities | 3960707 | 3990902 | 4012933 | 4138555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adj. wtd. avg. shares outstanding and assumed conversions | 403847030 | 408606667 | 404294879 | 409277783 |
|  **Basic earnings per share** |  |  |  |  |
|  Core operating income | $6.20 | $5.43 | $9.92 | $10.76 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax |  | 0.01 | 0.01 |  |
|  Integration expenses, net of tax |  | (0.02) |  | (0.03) |
|  Adjusted net realized gains (losses), net of tax | 1.34 | 0.16 | 1.18 | (0.05) |
|  Market risk benefits gains (losses), net of tax | (0.04) | (0.07) | (0.23) | (0.02) |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (0.08) |  | (0.14) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $7.42 | $5.51 | $10.74 | $10.79 |
|  **Diluted earnings per share** |  |  |  |  |
|  Core operating income | $6.14 | $5.38 | $9.82 | $10.65 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax |  | 0.01 | 0.01 |  |
|  Integration expenses, net of tax |  | (0.02) |  | (0.03) |
|  Adjusted net realized gains (losses), net of tax | 1.33 | 0.16 | 1.17 | (0.05) |
|  Market risk benefits gains (losses), net of tax | (0.04) | (0.07) | (0.23) | (0.02) |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (0.08) |  | (0.14) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $7.35 | $5.46 | $10.63 | $10.68 |

---

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

Earnings per share Page 25

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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>**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30**<br>**2025** | **March 31**<br>**2025** | **December 31**<br>**2024** | **June 30**<br>**2024** |
|  Chubb shareholders' equity | $69395 | $65726 | $64021 | $61038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Chubb goodwill and other intangible assets, net of tax | 24490 | 23940 | 23800 | 24246 |
|  Numerator for tangible book value per share | $44905 | $41786 | $40221 | $36792 |
|  Book value - % change over prior quarter | 5.6% | 2.7% | -2.6% | 0.8% |
|  Tangible book value - % change over prior quarter | 7.5% | 3.9% | -2.8% | 1.2% |
|  Denominator: shares outstanding | 398660788 | 400748485 | 400703663 | 404073495 |
|  Book value per common share | $174.07 | $164.01 | $159.77 | $151.05 |
|  Tangible book value per common share | $112.64 | $104.27 | $100.38 | $91.05 |
| **<u>Reconciliation of Book Value</u>** |  |  |  |  |
|  Chubb shareholders' equity, beginning of quarter | $65726 | $64021 | $65757 | $60535 |
|  Core operating income | 2480 | 1489 | 2451 | 2196 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt |  | 4 |  | 6 |
|  Integration expenses | (2) |  | (15) | (10) |
|  Adjusted net realized gains (losses) <sup>(1)</sup> | 539 | (63) | 41 | 67 |
|  Market risk benefits gains (losses) | (15) | (78) | 98 | (29) |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (34) | (21) |  |  |
|  Net unrealized gains (losses) on investments | 932 | 848 | (2510) | (476) |
|  Repurchase of shares | (676) | (385) | (725) | (570) |
|  Dividend declared on common shares | (388) | (366) | (367) | (369) |
|  Cumulative translation gains (losses) | 766 | 340 | (1073) | (478) |
|  Postretirement benefit liability | (3) | (4) | 142 | 1 |
|  Current discount rate on future policy benefits | (101) | (106) | (12) | 55 |
|  Instrument-specific credit risk - market risk benefits | 1 | 3 | 4 | 4 |
|  Other <sup>(2)</sup> | 170 | 44 | 230 | 106 |
|  Chubb shareholders' equity, end of quarter | $69395 | $65726 | $64021 | $61038 |

---

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

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

Reconciliation Book Value Page 26

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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, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Reconciliation Non-GAAP Page 27

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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: |  |  |  | **YTD** | **YTD** | **Full Year** |
|  | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **2025** | **2024** | **2024** |
|  Tax expense, as reported | $713 | $318 | $475 | $500 | $489 | $1031 | $829 | $1804 |
|  Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt | 3 | (1) | 2 | 2 | (4) | 2 | 1 | 5 |
|  Less: tax expense (benefit) on integration expenses |  |  | (3) | (1) | 3 |  | (3) | (7) |
|  Less: tax expense (benefit) on adjusted net realized gains (losses) | 94 | (41) | (71) | (1) | (19) | 53 | (74) | (146) |
|  Less: tax expense (benefit) on market risk benefits gains (losses) | (2) | (14) |  |  |  | (16) |  |  |
|  Less: amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | 34 | 21 |  |  |  | 55 | (55) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense, adjusted | $584 | $353 | $547 | $500 | $509 | $937 | $960 | $2007 |
|  Income before tax, as reported | $3681 | $1649 | $3050 | $2824 | $2719 | $5330 | $5202 | $11076 |
|  Less: amortization of fair value of acquired invested assets and debt | 3 | 3 | 2 | 2 | 2 | 6 | 3 | 7 |
|  Less: integration expenses | (2) |  | (18) | (7) | (7) | (2) | (14) | (39) |
|  Less: adjusted realized gains (losses) | 93 | (84) | (246) | 32 | 39 | 9 | (199) | (413) |
|  Less: realized gains (losses) related to unconsolidated entities | 540 | (20) | 216 | 193 | 9 | 520 | 103 | 512 |
|  Less: market risk benefits gains (losses) | (17) | (92) | 98 | (230) | (29) | (109) | (8) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating income before tax | $3064 | $1842 | $2998 | $2834 | $2705 | $4906 | $5317 | $11149 |
|  Effective tax rate | 19.4% | 19.3% | 15.6% | 17.7% | 18.0% | 19.4% | 15.9% | 16.3% |
|  Adjustment for tax impact of amortization of fair value of acquired invested assets and debt | -0.1% | 0.1% | -0.1% | -0.1% | 0.2% | 0.0% | 0.0% | 0.0% |
|  Adjustment for tax impact of integration expenses | 0.0% | 0.0% | 0.0% | 0.0% | -0.2% | 0.0% | 0.0% | 0.0% |
|  Adjustment for tax impact of adjusted net realized gains (losses) | 0.9% | 1.0% | 2.1% | 1.7% | 1.0% | 0.9% | 1.1% | 1.4% |
|  Adjustment for tax impact of market risk benefits gains (losses) | 0.0% | -0.2% | 0.6% | -1.6% | -0.2% | -0.1% | 0.0% | -0.2% |
|  Adjustment for amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | -1.1% | -1.1% | 0.0% | 0.0% | 0.0% | -1.1% | 1.0% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating effective tax rate | 19.1% | 19.1% | 18.2% | 17.7% | 18.8% | 19.1% | 18.0% | 18.0% |
|  **<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: |  |  |  |  | **YTD** | **YTD** | **Full Year** |
|  | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **2025** | **2024** | **2024** |
|  Net income, as reported | $2968 | $1331 | $2575 | $2324 | $2230 | $4299 | $4373 | $9272 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax | 3 | 3 | 2 | 2 | 2 | 6 | 3 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (3) | 1 | (2) | (2) | 4 | (2) | (1) | (5) |
|  Integration expenses, pre-tax | (2) |  | (18) | (7) | (7) | (2) | (14) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on integration expenses |  |  | 3 | 1 | (3) |  | 3 | 7 |
|  Adjusted realized gains (losses), pre-tax | 93 | (84) | (246) | 32 | 39 | 9 | (199) | (413) |
|  Net realized gains (losses) related to unconsolidated entities, pre-tax <sup>(1)</sup> | 540 | (20) | 216 | 193 | 9 | 520 | 103 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | (94) | 41 | 71 | 1 | 19 | (53) | 74 | 146 |
|  Market risk benefits gains (losses), pre-tax | (17) | (92) | 98 | (230) | (29) | (109) | (8) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on market risk benefits gains (losses) | 2 | 14 |  |  |  | 16 |  |  |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (34) | (21) |  |  |  | (55) | 55 | 55 |
|  Core operating income | $2480 | $1489 | $2451 | $2334 | $2196 | $3969 | $4357 | $9142 |
|  Catastrophe losses - after-tax | $510 | $1300 | $515 | $629 | $482 | $1810 | $829 | $1973 |
|  Unfavorable (favorable) prior period development (PPD) - after-tax | $(196) | $(204) | $(196) | $(181) | $(167) | $(400) | $(335) | $(712) |
|  **<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<br>Cats: | The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex<br>Cats: | The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex<br>Cats: |  |  |  | **YTD** | **YTD** | **Full Year** |
|  | **2Q-25** | **1Q-25** | **4Q-24** | **3Q-24** | **2Q-24** | **2025** | **2024** | **2024** |
|  Net income, as reported | $2999 | $1343 | $2640 | $2490 | $2216 | $4342 | $4510 | $9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Income tax expense | (717) | (321) | (479) | (504) | (490) | (1038) | (832) | (1815) |
| &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 | (74) | (75) | (82) | (81) | (80) | (149) | (160) | (323) |
| &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) | 655 | 83 | 397 | 325 | 110 | 738 | 301 | 1023 |
| &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 | (181) | (181) | (189) | (192) | (182) | (362) | (360) | (741) |
| &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 | 1568 | 1561 | 1563 | 1508 | 1468 | 3129 | 2859 | 5930 |
| &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) | 160 | (116) | (84) | 198 | 104 | 44 | 3 | 117 |
| &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) | (17) | (92) | 98 | (230) | (29) | (109) | (8) | (140) |
| &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 | (2) |  | (18) | (7) | (7) | (2) | (14) | (39) |
| &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> | (26) | 44 | (141) | 15 | (99) | 18 | (101) | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Realized gains (losses) on crop derivatives | (2) | 1 |  | (1) | (3) | (1) | (4) | (5) |
|  P&C underwriting income | $1631 | $441 | $1575 | $1457 | $1418 | $2072 | $2818 | $5850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Catastrophe losses (including reinstatement premiums) - pre-tax | 630 | 1641 | 607 | 765 | 580 | 2271 | 1015 | 2387 |
| &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 | (249) | (255) | (213) | (244) | (192) | (504) | (399) | (856) |
|  P&C CAY underwriting income ex Cats | $2012 | $1827 | $1969 | $1978 | $1806 | $3839 | $3434 | $7381 |

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

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

Reconciliation Non-GAAP 2 Page 28

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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> **2Q-25** |<br> **2Q-24** | **YTD**<br> **2025** | **YTD**<br> **2024** | **Full Year**<br> **2024** | | |
|  Chubb net income | $2968 | $2230 | $4299 | $4373 | $9272 |  |  |
|  Core operating income | $2480 | $2196 | $3969 | $4357 | $9142 |  |  |
|  Equity - beginning of period, as reported | $65726 | $60535 | $64021 | $59507 | $59507 |  |  |
|  Less: unrealized gains (losses) on investments, net of deferred tax | (3704) | (4825) | (4552) | (4177) | (4177) |  |  |
|  Less: changes in current discount rate on FPB, net of deferred tax | (645) | 11 | (539) | 51 | 51 |  |  |
|  Less: changes in instrument-specific credit risk on MRB, net of deferred tax | (13) | (17) | (16) | (22) | (22) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted | $70088 | $65366 | $69128 | $63655 | $63655 |  |  |
|  Less: Chubb goodwill and other intangible assets, net of tax | 23940 | 24175 | 23800 | 23853 | 23853 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets | $46148 | $41191 | $45328 | $39802 | $39802 |  |  |
|  Equity - end of period, as reported | $69395 | $61038 | $69395 | $61038 | $64021 |  |  |
|  Less: unrealized gains (losses) on investments, net of deferred tax | (2772) | (5301) | (2772) | (5301) | (4552) |  |  |
|  Less: changes in current discount rate on FPB, net of deferred tax | (746) | 66 | (746) | 66 | (539) |  |  |
|  Less: changes in instrument-specific credit risk on MRB, net of deferred tax | (12) | (13) | (12) | (13) | (16) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted | $72925 | $66286 | $72925 | $66286 | $69128 |  |  |
|  Less: Chubb goodwill and other intangible assets, net of tax | 24490 | 24246 | 24490 | 24246 | 23800 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets | $48435 | $42040 | $48435 | $42040 | $45328 |  |  |
|  Weighted average equity, as reported | $67561 | $60787 | $66708 | $60273 | $61764 |  |  |
|  Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets | $47292 | $41616 | $46882 | $40921 | $42565 |  |  |
|  Weighted average equity, as adjusted | $71507 | $65826 | $71027 | $64971 | $66392 |  |  |
|  ROE | 17.6% | 14.7% | 12.9% | 14.5% | 15.0% |  |  |
|  Core operating ROTE | 21.0% | 21.1% | 16.9% | 21.3% | 21.5% |  |  |
|  Core operating ROE | 13.9% | 13.3% | 11.2% | 13.4% | 13.8% |  |  |
|  Private equities realized gains (losses), after-tax <sup>(1)</sup> | $435 | $56 | $425 | $189 | $635 |  |  |
|  Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) <sup>(1)</sup> | 2.4 pts | 0.3 pts | 1.2 pts | 0.6 pts | 1.0 pt |  |  |
|  **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** | **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** |
|  | **June 30** | **March 31** | **December 31** | **June 30** | **QTD** | **YTD** | **Year-over-Year** |
|  | **2025** | **2025** | **2024** | **2024** | **% Change** | **% Change** | **% Change** |
|  Book value | $69395 | $65726 | $64021 | $61038 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: AOCI | (6058) | (7635) | (8644) | (8304) |  |  |  |
|  Book value excluding AOCI | 75453 | 73361 | 72665 | 69342 |  |  |  |
|  Tangible book value | 44905 | 41786 | 40221 | 36792 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Tangible AOCI | (5248) | (6478) | (7292) | (7286) |  |  |  |
|  Tangible book value excluding tangible AOCI | $50153 | $48264 | $47513 | $44078 |  |  |  |
|  Denominator: shares outstanding | 398660788 | 400748485 | 400703663 | 404073495 |  |  |  |
|  Book value per share | $174.07 | $164.01 | $159.77 | $151.05 | 6.1% | 9.0% | 15.2% |
|  Tangible book value per share | $112.64 | $104.27 | $100.38 | $91.05 | 8.0% | 12.2% | 23.7% |
|  Book value per share excluding AOCI | $189.27 | $183.06 | $181.34 | $171.60 | 3.4% | 4.4% | 10.3% |
|  Tangible book value per share excluding tangible AOCI | $125.80 | $120.44 | $118.57 | $109.08 | 4.5% | 6.1% | 15.3% |

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

Reconciliation Non-GAAP 3 Page 29

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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).

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q2 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 |  | $3258 | $822 | $481 | $1918 | $132 | $70 | $6681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 2 |  |  |  | 2 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $3258 | $822 | $483 | $1918 | $132 | $70 | $6683 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (229) | (142) | (1) | (252) | (6) |  | (630) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  |  |  | (5) |  |  | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (229) | (142) | (1) | (247) | (6) |  | (625) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 106 | 121 |  | 77 | 15 | (70) | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 6 |  |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | 2 |  |  |  | 1 |  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 114 | 121 |  | 77 | 14 | (70) | 256 |
|  **CAY loss and loss expense ex Cats** | **B** | $3143 | $801 | $482 | $1748 | $140 | $- | $6314 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $1062 | $414 | $50 | $1282 | $108 | $106 | $3022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | (2) |  |  |  | (1) |  | (3) |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $1060 | $414 | $50 | $1282 | $107 | $106 | $3019 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $5177 | $1681 | $598 | $3542 | $338 |  | $11336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  |  |  | 5 |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 6 |  |  |  |  |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (2) |  | (2) |
|  **Net premiums earned excluding adjustments** | **F** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5183 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1681 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11345 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 62.9% | 48.9% | 80.8% | 54.2% | 39.0% |  | 59.0% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.6% | 24.6% | 8.3% | 36.1% | 32.0% |  | 26.6% |
|  P&C combined ratio |  | 83.5% | 73.5% | 89.1% | 90.3% | 71.0% |  | 85.6% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 60.6% | 47.6% | 80.5% | 49.3% | 41.5% |  | 55.6% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.5% | 24.6% | 8.3% | 36.1% | 32.0% |  | 26.7% |
|  CAY P&C combined ratio ex Cats |  | 81.1% | 72.2% | 88.8% | 85.4% | 73.5% |  | 82.3% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 85.6% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 85.6% |

---

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

Reconciliation Non-GAAP 4 Page 30

------

**Chubb Limited** 

**Non-GAAP Financial Measures - 5** 

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

**(Unaudited)** 

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

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **YTD 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 |  | $6289 | $2915 | $574 | $3428 | $374 | $84 | $13664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 1 |  |  |  | 1 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $6289 | $2915 | $575 | $3428 | $374 | $84 | $13665 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (383) | (1484) | (16) | (307) | (81) |  | (2271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  | (50) |  | (5) | 13 |  | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (383) | (1434) | (16) | (302) | (94) |  | (2229) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 220 | 121 | 33 | 198 | 15 | (83) | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 5 |  |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  |  |  | (3) |  |  |  | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (2) |  | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 225 | 121 | 30 | 198 | 13 | (83) | 504 |
|  **CAY loss and loss expense ex Cats** | **B** | $6131 | $1602 | $589 | $3324 | $293 | $1 | $11940 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $2125 | $831 | $69 | $2449 | $218 | $211 | $5903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  |  |  | 3 |  |  |  | 3 |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $2125 | $831 | $72 | $2449 | $218 | $211 | $5906 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $10165 | $3255 | $763 | $6751 | $706 |  | $21640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  | 50 |  | 5 | (13) |  | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 5 |  |  |  |  |  | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | (2) |  | (2) |
|  **Net premiums earned excluding adjustments** | **F** | $10170 | $3305 | $763 | $6756 | $691 |  | $21685 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 61.9% | 89.5% | 75.4% | 50.8% | 53.0% |  | 63.1% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.9% | 25.6% | 9.0% | 36.2% | 30.8% |  | 27.3% |
|  P&C combined ratio |  | 82.8% | 115.1% | 84.4% | 87.0% | 83.8% |  | 90.4% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 60.3% | 48.4% | 77.3% | 49.2% | 42.4% |  | 55.1% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.9% | 25.2% | 9.4% | 36.3% | 31.5% |  | 27.2% |
|  CAY P&C combined ratio ex Cats |  | 81.2% | 73.6% | 86.7% | 85.5% | 73.9% |  | 82.3% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 90.4% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 90.4% |

---

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

Reconciliation Non-GAAP 5 Page 31

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**Chubb Limited** 

**Non-GAAP Financial Measures - 6** 

**(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>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q2 2024** |  | 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 |  | $3074 | $876 | $540 | $1763 | $155 | $93 | $6501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 3 |  |  |  | 3 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $3074 | $876 | $543 | $1763 | $155 | $93 | $6504 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (252) | (138) | (33) | (157) |  |  | (580) |
| &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 |  | (252) | (138) | (33) | (157) |  |  | (580) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 144 | 64 |  | 61 | 16 | (93) | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 8 |  |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | (1) |  |  |  |  |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 151 | 64 |  | 61 | 17 | (93) | 200 |
|  **CAY loss and loss expense ex Cats** | **B** | $2973 | $802 | $510 | $1667 | $172 | $- | $6124 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $987 | $387 | $48 | $1190 | $91 | $99 | $2802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | 1 |  |  |  |  |  | 1 |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $988 | $387 | $48 | $1190 | $91 | $99 | $2803 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $4900 | $1512 | $626 | $3347 | $339 |  | $10724 |
| &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) |  | 8 |  |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | 1 |  | 1 |
|  **Net premiums earned excluding adjustments** | **F** | $4908 | $1512 | $626 | $3347 | $340 |  | $10733 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 62.7% | 57.9% | 86.8% | 52.7% | 45.7% |  | 60.6% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.2% | 25.6% | 7.6% | 35.5% | 27.0% |  | 26.2% |
|  P&C combined ratio |  | 82.9% | 83.5% | 94.4% | 88.2% | 72.7% |  | 86.8% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 60.6% | 53.0% | 81.5% | 49.8% | 50.4% |  | 57.1% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.1% | 25.6% | 7.6% | 35.5% | 27.0% |  | 26.1% |
|  CAY P&C combined ratio ex Cats |  | 80.7% | 78.6% | 89.1% | 85.3% | 77.4% |  | 83.2% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 86.8% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 86.8% |

---

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

Reconciliation Non-GAAP 6 Page 32

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**Chubb Limited** 

**Non-GAAP Financial Measures - 7** 

**(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>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **YTD 2024** |  | 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 |  | $6249 | $1775 | $588 | $3289 | $292 | $103 | $12296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 4 |  |  |  | 4 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $6249 | $1775 | $592 | $3289 | $292 | $103 | $12300 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (488) | (308) | (36) | (183) |  |  | (1015) |
| &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 |  | (488) | (308) | (36) | (183) |  |  | (1015) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments-favorable (unfavorable) |  | 192 | 116 | 28 | 150 | 15 | (102) | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 8 |  | 39 |  |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | 7 |  | 3 |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 207 | 116 | 70 | 150 | 16 | (102) | 457 |
|  **CAY loss and loss expense ex Cats** | **B** | $5968 | $1583 | $626 | $3256 | $308 | $1 | $11742 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $2003 | $773 | $71 | $2344 | $181 | $206 | $5578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | (7) |  | (3) |  |  |  | (10) |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $1996 | $773 | $68 | $2344 | $181 | $206 | $5568 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $9780 | $2983 | $754 | $6545 | $634 |  | $20696 |
| &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) |  | 8 |  | 39 |  |  |  | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | 1 |  | 1 |
|  **Net premiums earned excluding adjustments** | **F** | $9788 | $2983 | $793 | $6545 | $635 |  | $20744 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 63.9% | 59.5% | 78.6% | 50.3% | 46.0% |  | 59.4% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.5% | 25.9% | 9.3% | 35.8% | 28.6% |  | 27.0% |
|  P&C combined ratio |  | 84.4% | 85.4% | 87.9% | 86.1% | 74.6% |  | 86.4% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 61.0% | 53.1% | 79.0% | 49.7% | 48.3% |  | 56.6% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.4% | 25.9% | 8.5% | 35.9% | 28.7% |  | 26.8% |
|  CAY P&C combined ratio ex Cats |  | 81.4% | 79.0% | 87.5% | 85.6% | 77.0% |  | 83.4% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 86.4% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 86.4% |

---

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

Reconciliation Non-GAAP 7 Page 33

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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, trust preferreds, and Chubb shareholders' equity.

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

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

**Prior period development (PPD)** arises from changes to loss estimates recognized in the current year that relate to loss events that occurred in previous calendar years and excludes the effect of losses from the development of earned premium from previous accident years.

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

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

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

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

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

**NM:** Not meaningful.

Glossary Page 34