# EDGAR Filing Document

**Accession Number:** 0000896159
**File Stem:** 0001193125-26-035589
**Filing Date:** 2026-2
**Character Count:** 218013
**Document Hash:** 963a13a299f5a60ea2a2496e16a0190f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-035589.hdr.sgml**: 20260203

**ACCESSION NUMBER**: 0001193125-26-035589

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260203

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

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260203

**DATE AS OF CHANGE**: 20260203

**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:** 26593190

**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) - February 3, 2026

Chubb Limited

(Exact name of registrant as specified in its charter)

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

Baerengasse 32

CH-8001 Zurich, Switzerland

(Address of principal executive offices)

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

Not applicable

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

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

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

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

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

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

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

---

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

---

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

Emerging growth company ☐

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

------

---

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

---

On February 3, 2026, Chubb Limited issued a Press Release reporting its fourth quarter and year-end 2025 results and the availability of its fourth quarter and year-end 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 February 3, 2026, Reporting Fourth Quarter and Year-End 2025 Results](d812920dex991.htm) |
| 99.2 | [Fourth Quarter and Year-End 2025 Financial Supplement](d812920dex992.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: February 3, 2026

## Exhibit 99.1

**Exhibit 99.1** 

---

| | | |
|:---|:---|:---|
|  ![LOGO](g812920g23c17.jpg)  | Chubb Limited<br> Bärengasse 32<br> CH-8001 Zurich <br> Switzerland | www.chubb.com <br> @Chubb |

---

&nbsp;&nbsp;&nbsp; News Release<br>**Chubb Reports Fourth Quarter Net Income of $3.21 Billion, Up<br>24.7%, and Core Operating Income of $2.98 Billion, Up 21.7%;<br>Consolidated Net Premiums Written of $13.1 Billion, Up 8.9%, with<br>P&C and Life Insurance Up 7.7% and 16.9%; Record P&C Combined<br>Ratio of 81.2%;**<br> **Full-Year Record Net Income of $10.31 Billion, Up 11.2%, and<br>Record Core Operating Income of $9.95 Billion, Up 8.9%;<br>Consolidated Net Premiums Written of $54.8 Billion, Up 6.6%, with<br>P&C and Life Insurance Up 5.4% and 15.1%; Record P&C Combined<br>Ratio of 85.7%**<br>**QUARTER**<br>• Net income per share was $8.10, up 28.0%, and core operating income per share was $7.52, up 24.9%.<br>Both were records.<br>• P&C net premiums written were $11.31 billion, up 7.7%. North America was up 6.6%, including growth of<br>6.7% in commercial insurance and 6.1% in personal insurance. Overseas General was up 10.8%, including<br>growth of 18.7% in consumer insurance and 5.6% in commercial insurance; Latin America, Asia, and<br>Europe were up 14.7%, 13.0%, and 7.2%, respectively.<br>• P&C underwriting income was $2.20 billion, up 39.6%, with a record low combined ratio of 81.2%. P&C<br>current accident year underwriting income excluding catastrophe losses was a record $2.29 billion, up<br>16.5%, with a record low combined ratio of 80.4%.<br>• Total pre-tax catastrophe losses were $365 million compared with $607 million last year. Total pre-tax<br>favorable prior period development was $268 million compared with $213 million last year.<br>• Life Insurance net premiums written were $1.83 billion, up 16.9%, and segment income was $322 million,<br>up 19.3%.<br>• Pre-tax net investment income was $1.69 billion, up 8.0%, and adjusted net investment income was $1.81<br>billion, up 7.3%. Both were records.<br>• Annualized return on equity (ROE) was 17.6%. Annualized core operating return on tangible equity<br>(ROTE) was 23.5% and annualized core operating ROE was 15.9%.<br>**YEAR**<br>• Net income per share was $25.68, up 13.1%, and core operating income per share was $24.79, up 10.8%.<br>Both were records.<br>

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

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • P&C net premiums written were $47.56 billion, up 5.4%. North America was up 4.7%, including growth of<br>7.5% in personal insurance and 3.9% in commercial insurance. Overseas General was up 7.5%, including<br>growth of 11.0% in consumer insurance and 5.2% in commercial insurance; Asia, Latin America, and<br>Europe were up 10.7%, 6.3%, and 5.9%, respectively.<br>• P&C underwriting income was a record $6.53 billion, up 11.6%, with a record low combined ratio of<br>85.7%. P&C current accident year underwriting income excluding catastrophe losses was a record $8.32<br>billion, up 12.7%, with a record low combined ratio of 81.9%.<br>• Total pre-tax catastrophe losses were $2.92 billion compared with $2.39 billion last year. Total pre-tax<br>favorable prior period development was $1.13 billion compared with $856 million last year.<br>• Life Insurance net premiums written were $7.28 billion, up 15.1%, and segment income was a record $1.24<br>billion, up 13.1%.<br>• Pre-tax net investment income was $6.47 billion, up 9.0%, and adjusted net investment income was $6.95<br>billion, up 9.0%. Both were records.<br>• ROE was 15.0%. Core operating ROTE was 20.5% and core operating ROE was 13.7%.<br>**ZURICH – February 3, 2026 –** Chubb Limited (NYSE: CB) today reported net income for the quarter ended<br>December 31, 2025 of $3.21 billion, or $8.10 per share, and core operating income of $2.98 billion, or $7.52 per<br>share. Book value per share and tangible book value per share increased 3.5% and 5.1%, respectively, from<br>September 30, 2025 and now stand at $188.59 and $126.22. Book value was favorably impacted by after-tax<br>net realized and unrealized gains of $288 million in Chubb's investment portfolio. Book value per share and<br>tangible book value per share excluding AOCI increased 3.4% and 4.8%, from September 30, 2025.<br>

**Chubb Limited** 

**Fourth Quarter Summary** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  |<br>**Q4**<br> **2025** |<br>**Q4**<br> **2024** |<br>**Change** | **2025** | **2024** | **Change** |
| Net income | $3210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.7% | $8.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.0% |
| Adjusted net realized (gains) losses and other,<br>net of tax | (351) | (41) | NM | (0.89) | (0.11) | NM |
| Integration expenses and severance, net of tax | 58 | 15 | NM | 0.15 | 0.04 | NM |
| Market risk benefits (gains) losses, net of tax | 32 | (98) | NM | 0.08 | (0.24) | NM |
| Amortization of deferred tax asset from Bermuda law | 33 | - | NM | 0.08 | - | NM |
| Core operating income, net of tax | $2982 | $2451 | 21.7% | $7.52 | $6.02 | 24.9% |
| Annualized return on equity (ROE) | 17.6% | 15.9% |  |  |  |  |
| Core operating return on tangible equity (ROTE) | 23.5% | 22.0% |  |  |  |  |
| Core operating ROE | 15.9% | 14.3% |  |  |  |  |

---

For the year ended December 31, 2025, net income was $10.31 billion, or $25.68 per share, and core operating<br>income was $9.95 billion, or $24.79 per share. Book value per share and tangible book value per share<br>increased 18.0% and 25.7%, from December 31, 2024. Book value was favorably impacted by after-tax net<br>realized and unrealized gains of $3.54 billion in Chubb's investment portfolio and $724 million of foreign

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

------

Chubb Limited News Release

currency gains. Book value per share and tangible book value per share excluding AOCI increased 11.0% and<br>15.5%, from December 31, 2024.

**Chubb Limited** 

**Full Year Summary** 

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

**(Unaudited)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **(Per Share)** | **(Per Share)** | **(Per Share)** |
|  | <br>**FY**<br> **2025** | <br>**FY**<br> **2024** | <br>**Change** | **2025** | **2024** | **Change** |
| Net income | $10310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9272 | 11.2% | $25.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22.70 | 13.1% |
| Adjusted net realized (gains) losses and other,<br>net of tax | (786) | (247) | NM | (1.96) | (0.61) | NM |
| Integration expenses and severance, net of tax | 61 | 32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90.6% | 0.15 | 0.08 | 87.5% |
| Market risk benefits (gains) losses, net of tax | 245 | 140 | 75.0% | 0.61 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.4% |
| Amortization of deferred tax asset (2025) and non-<br>recurring tax benefit (2024) from Bermuda law | 124 | (55) | NM | 0.31 | (0.13) | NM |
| Core operating income, net of tax | $9954 | $9142 | 8.9% | $24.79 | $22.38 | 10.8% |
| Annualized return on equity (ROE) | 15.0% | 15.0% |  |  |  |  |
| Core operating return on tangible equity (ROTE) | 20.5% | 21.5% |  |  |  |  |
| Core operating ROE | 13.7% | 13.8% |  |  |  |  |

---

*For the years ended December 31, 2025 and 2024, the tax expenses (benefits) related to the table above were $(54)<br>million and $(141) million, respectively for adjusted net realized gains and losses and other; $(17) million and $(7)<br>million for integration expenses and severance; $(43) million and nil for market risk benefits gains and losses,<br>and $2.40 billion and $2.01 billion for core operating income.*<br>Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: "We had a great<br>quarter and a great year, with very strong contributions from all areas of the company. Our consistent and<br>enduring performance speaks to the broadly diversified global nature of our company.<br>"For the quarter, double-digit growth in underwriting and life income, together with record investment<br>income, led to operating income increasing 21.7% and on a per share basis up almost 25%. Total company net<br>premiums grew nearly 9%, with P&C up 7.7% and Life up about 17%. This was, in fact, a faster growth rate<br>than our full-year average of 6.6%. P&C underwriting income was up 40% to $2.2 billion with a record<br>combined ratio of 81.2%, supported by low CATs, strong prior period reserve development and a record low<br>current accident year combined ratio of 80.4%, reflecting the strength of our businesses from around the<br>globe. Adjusted investment income was up 7.3% to $1.8 billion, and life income was up 19.3%.<br>"Our full-year results in virtually every category were the best in our company's history. Record operating<br>income was just shy of $10 billion, or $24.79 per share, up about 9% and 11%, respectively. All three major<br>sources of income for our company produced record results last year: P&C underwriting income was up<br>

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

------

Chubb Limited News Release

11.6% with an all-time-low combined ratio of 85.7%. Adjusted investment income rose 9%, with strong returns<br>in both our public fixed income and private portfolios. Life insurance income was up over 13%. Notably,<br>these results were achieved in spite of full-year CAT losses being modestly higher than prior year,<br>substantially driven by the California wildfires in the first quarter.<br>"For the year, again, we grew total company premiums over 6.5%, with P&C up about 5.5%, including growth<br>of 9.2% in personal insurance and 4.0% in commercial insurance, and life up over 15%. Our core operating<br>ROE was 13.7% and our return on tangible equity was 20.5%. Per-share book and tangible book value, our<br>most important measures of wealth creation, grew 18% and 25.7%, respectively.<br>"While commercial insurance market conditions continue to grow incrementally more competitive, we see<br>many opportunities for growth given our broad diversification by geography, product, commercial and<br>consumer customer segments and distribution channel. In fact, at January 1, conditions were a bit more<br>favorable than we had anticipated, and while early, we've had a good start to the year. We anticipate an<br>excellent '26 with strong growth in operating earnings and double-digit growth in EPS and tangible book<br>value, macro conditions notwithstanding."<br>

Operating highlights for the quarter ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q4** | **Q4** | |
| (in millions of U.S. dollars except for percentages) | **2025** | **2024** | **Change** |
|  **<u>Consolidated</u>** |  |  |  |
|  Net premiums written (increase of 8.3% in constant dollars) | $13134 | $12058 | 8.9% |
|  **<u>P&C</u>** |  |  |  |
|  Net premiums written (increase of 6.9% in constant dollars) | $11309 | $10497 | 7.7% |
|  Underwriting income | $2197 | $1575 | 39.6% |
|  Combined ratio | 81.2% | 85.7% |  |
|  Current accident year underwriting income excluding catastrophe losses | $2294 | $1969 | 16.5% |
|  Current accident year combined ratio excluding catastrophe losses | 80.4% | 82.2% |  |
|  **<u>Global P&C (excludes Agriculture)</u>** |  |  |  |
|  Net premiums written (increase of 5.7% in constant dollars) | $10850 | $10180 | 6.6% |
|  Underwriting income | $1979 | $1448 | 36.8% |
|  Combined ratio | 82.1% | 86.2% |  |
|  Current accident year underwriting income excluding catastrophe losses | $2130 | $1917 | 11.2% |
|  Current accident year combined ratio excluding catastrophe losses | 80.9% | 81.7% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 18.3% in constant dollars) | $1825 | $1561 | 16.9% |
|  Segment income (increase of 22.1% in constant dollars) | $322 | $270 | 19.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Consolidated net premiums earned increased 7.4%, or 6.8% in constant dollars. P&C net premiums<br>earned increased 6.2% or 5.3% in constant dollars.<br>

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

------

Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Operating cash flow was $4.06 billion and adjusted operating cash flow was $4.17 billion.<br>• Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,<br>were $365 million (3.0 percentage points of the combined ratio) and $292 million, compared with $607<br>million (5.5 percentage points of the combined ratio) and $515 million, last year.<br>• Total pre-tax and after-tax favorable prior period development were $268 million and $220 million,<br>compared with $213 million and $196 million, last year.<br>• Total capital returned to shareholders was $1.48 billion, comprising share repurchases of $1.10 billion at<br>an average purchase price of $282.96 per share and dividends of $381 million.<br>

Operating highlights for the year ended December 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **FY** | **FY** | |
| (in millions of U.S. dollars except for percentages) | **2025** | **2024** | **Change** |
|  **<u>Consolidated</u>** |  |  |  |
|  Net premiums written (increase of 7.0% in constant dollars) | $54842 | $51468 | 6.6% |
|  **<u>P&C</u>** |  |  |  |
|  Net premiums written (increase of 5.6% in constant dollars) | $47563 | $45142 | 5.4% |
|  Underwriting income | $6528 | $5850 | 11.6% |
|  Combined ratio | 85.7% | 86.6% |  |
|  Current accident year underwriting income excluding catastrophe losses | $8316 | $7381 | 12.7% |
|  Current accident year combined ratio excluding catastrophe losses | 81.9% | 83.1% |  |
|  **<u>Global P&C (excludes Agriculture)</u>** |  |  |  |
|  Net premiums written (increase of 5.4% in constant dollars) | $44637 | $42439 | 5.2% |
|  Underwriting income | $6011 | $5496 | 9.4% |
|  Combined ratio | 86.0% | 86.6% |  |
|  Current accident year underwriting income excluding catastrophe losses | $7896 | $7071 | 11.7% |
|  Current accident year combined ratio excluding catastrophe losses | 81.7% | 82.7% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 17.3% in constant dollars) | $7279 | $6326 | 15.1% |
|  Segment income (increase of 16.7% in constant dollars) | $1242 | $1098 | 13.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Consolidated net premiums earned increased 6.4%, or 6.7% in constant dollars. P&C net premiums<br>earned increased 5.1%, or 5.2% in constant dollars.<br>• Operating cash flow was $12.82 billion and adjusted operating cash flow was $13.91 billion.<br>• Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums,<br>were $2.92 billion (6.3 percentage points of the combined ratio) and $2.33 billion, compared with $2.39<br>billion (5.5 percentage points of the combined ratio) and $1.97 billion, last year.<br>• Total pre-tax and after-tax favorable prior period development were $1.13 billion and $858 million,<br>compared with $856 million and $712 million, last year.<br>• Total capital returned to shareholders was $4.91 billion, comprising share repurchases of $3.39 billion at<br>an average purchase price of $282.57 per share and dividends of $1.52 billion.<br>

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

------

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.<br>Key segment items for the quarter ended December 31, 2025 are presented below:

---

| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **Q4** | **Q4** | |
| (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 | $7286 | $6837 | 6.6% |
|  Combined ratio | 76.7% | 80.7% |  |
|  Current accident year combined ratio excluding catastrophe losses | 76.8% | 79.5% |  |
| &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 | $5107 | $4899 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major accounts retail and excess and surplus (E&S) wholesale | $3003 | $2915 | 3.0% |
| &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 | $2104 | $1984 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 78.8% | 80.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 79.9% | 79.0% |  |
| &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 | $1720 | $1621 | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 74.1% | 82.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 69.9% | 77.4% |  |
| &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 | $459 | $317 | 45.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 67.0% | 76.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 70.0% | 90.5% |  |
|  **<u>Overseas General Insurance</u>** |  |  |  |
|  Net premiums written (increase of 8.1% in constant dollars) | $3806 | $3436 | 10.8% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial P&C (increase of 3.3% in constant dollars) | $2183 | $2068 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer P&C (increase of 15.4% in constant dollars) | $1623 | $1368 | 18.7% |
|  Combined ratio | 83.0% | 87.6% |  |
|  Current accident year combined ratio excluding catastrophe losses | 84.0% | 84.9% |  |
|  **<u>Global Reinsurance</u>** |  |  |  |
|  Net premiums written (decrease of 4.2% in constant dollars) | $217 | $224 | (3.9)% |
|  Combined ratio | 71.6% | 99.9% |  |
|  Current accident year combined ratio excluding catastrophe losses | 73.9% | 75.8% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 18.3% in constant dollars) | $1825 | $1561 | 16.9% |
|  Segment income (increase of 22.1% in constant dollars) | $322 | $270 | 19.3% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • North America Commercial P&C Insurance: The combined ratio decreased 1.8 percentage points,<br>including a 2.9 percentage point decrease from lower catastrophe losses, partially offset by a 0.9<br>percentage point increase in the underlying policy acquisition cost ratio, primarily reflecting mix of<br>business within major accounts and E&S and increased middle market business. The current accident<br>year loss ratio excluding catastrophe losses was flat.<br>

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Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • North America Personal P&C Insurance: The combined ratio decreased 8.5 percentage points, including<br>a 5.7 percentage point decrease in the current accident year loss ratio excluding catastrophe losses, a 1.8<br>percentage point decrease in the underlying expense ratio, and a 1.0 percentage point decrease from<br>lower catastrophe losses.<br>• North America Agricultural Insurance: Net premiums written were up 45.1%, or 1.4% adjusted for the<br>favorable year-over-year impact of premium adjustments related to the federal government profit-share<br>agreement. The combined ratio decreased 9.1 percentage points, which primarily included a 20.6<br>percentage point decrease in the current accident year loss ratio excluding catastrophe losses, primarily<br>reflecting the estimated underwriting gain for the current crop year, partially offset by the adverse<br>impact of a 10.0 percentage point increase from lower favorable prior period development.<br>• Overseas General Insurance: The combined ratio decreased 4.6 percentage points, including a 2.7<br>percentage point decrease from higher favorable prior period development, a 1.0 percentage point<br>decrease from lower catastrophe losses, and a 0.8 percentage point decrease in the current accident<br>year loss ratio excluding catastrophe losses.<br>• Life Insurance: Net premiums written were $1.83 billion, up 16.9%, or 18.3% in constant dollars, with<br>growth of 17.8% in International Life and 17.0% in Chubb Benefits.<br>

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

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Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement.<br>Key segment items for the year ended December 31, 2025 are presented below:

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| | | | |
|:---|:---|:---|:---|
| **Chubb Limited** | **FY** | **FY** | |
| (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 | $31230 | $29824 | 4.7% |
|  Combined ratio | 83.8% | 84.1% |  |
|  Current accident year combined ratio excluding catastrophe losses | 79.2% | 80.9% |  |
| &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 | $21280 | $20589 | 3.4% |
| &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 | $12691 | $12514 | 1.4% |
| &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 | $8589 | $8075 | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 81.4% | 83.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 80.8% | 80.6% |  |
| &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 | $7024 | $6532 | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 91.5% | 83.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 72.3% | 78.5% |  |
| &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 | $2926 | $2703 | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 82.3% | 86.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current accident year combined ratio excluding catastrophe losses | 85.0% | 88.8% |  |
|  **<u>Overseas General Insurance</u>** |  |  |  |
|  Net premiums written (increase of 8.0% in constant dollars) | $15024 | $13972 | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial P&C (increase of 5.3% in constant dollars) | $8806 | $8372 | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer P&C (increase of 12.0% in constant dollars) | $6218 | $5600 | 11.0% |
|  Combined ratio | 85.0% | 86.4% |  |
|  Current accident year combined ratio excluding catastrophe losses | 84.8% | 85.2% |  |
|  **<u>Global Reinsurance</u>** |  |  |  |
|  Net premiums written (decrease of 3.0% in constant dollars) | $1309 | $1346 | (2.8)% |
|  Combined ratio | 79.3% | 85.9% |  |
|  Current accident year combined ratio excluding catastrophe losses | 74.3% | 76.4% |  |
|  **<u>Life Insurance</u>** |  |  |  |
|  Net premiums written (increase of 17.3% in constant dollars) | $7279 | $6326 | 15.1% |
|  Segment income (increase of 16.7% in constant dollars) | $1242 | $1098 | 13.1% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • North America Commercial P&C Insurance: The combined ratio decreased 2.5 percentage points,<br>including a 2.7 percentage point decrease due to lower catastrophe losses.<br>

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Chubb Limited News Release

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • North America Personal P&C Insurance: The combined ratio increased 7.9 percentage points, including a<br>15.2 percentage point increase due to higher catastrophe losses, primarily from California wildfires in the<br>first quarter, partially offset by a 5.1 percentage point decrease in the current accident year loss ratio<br>excluding catastrophe losses, a 1.1 percentage point decrease in the underlying expense ratio, and a 1.1<br>percentage point decrease due to higher favorable prior period development.<br>• North America Agricultural Insurance: The combined ratio decreased 4.6 percentage points, including a<br>3.9 percentage point decrease in the current accident year loss ratio excluding catastrophe losses,<br>primarily reflecting an improved year-over-year underwriting gain in the current year, and a 1.4<br>percentage point decrease due to lower catastrophe losses, partially offset by a 0.6 percentage point<br>increase due to less favorable year-over-year prior period development.<br>• Overseas General Insurance: The combined ratio decreased 1.4 percentage points, including a 1.1<br>percentage point decrease due to higher favorable prior period development and a 0.7 percentage point<br>decrease in the current accident year loss ratio excluding catastrophe losses, partially offset by a 0.3<br>percentage point increase in the underlying expense ratio reflecting business mix.<br>• Life Insurance: Net premiums written were $7.28 billion, up 15.1%, or 17.3% in constant dollars, with<br>growth of 17.4% in International Life and 17.9% in Chubb Benefits.<br>

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Chubb Limited News Release

**All comparisons are with the same period last year unless otherwise specifically stated.** <br> Please refer to the Chubb Limited Financial Supplement, dated December 31, 2025, which is posted on<br>Chubb's investor relations website, <u>investors.chubb.com</u>, in the Financials section for more detailed<br>information on individual segment performance, together with additional disclosure on reinsurance<br>recoverable, loss reserves, investment portfolio, and debt and capital.<br>Chubb Limited will hold its fourth quarter earnings conference call on Wednesday, February 4, 2026, at 8:30<br>a.m. Eastern. The earnings conference call will be available via live webcast at <u>investors.chubb.com</u> or by<br>dialing 888-596-4244 (within the United States) or 646-968-2727 (international), passcode 1641662. Please<br>refer to the Chubb website under Events and Presentations for details. A replay will be available after the call<br>at the same location. To listen to the replay, please <u>click here</u> to register and receive dial-in numbers.<br>In this release, business activity for, and the financial position of, Chubb acquisitions are reported at 100%, as<br>required, except for core operating income, net income, book value, tangible book value, ROE, per share<br>data, and certain other key metrics, which include only Chubb's ownership interest and exclude the non-<br>controlling interest.<br>Prior period core operating income and related metrics have been redefined to reflect the definition of core<br>operating income adopted in Q1 2025, which excludes the non-recurring tax benefit related to the enactment<br>of Bermuda's income tax law in 2023. Refer to "Regulation G – Non-GAAP Financial Measures" below for<br>more information.<br>**About Chubb**<br> Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides<br>commercial and personal property and casualty insurance, personal accident and supplemental health<br>insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its<br>extensive product and service offerings, broad distribution capabilities, exceptional financial strength and<br>local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE:<br>CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide.<br>Additional information can be found at: <u>www.chubb.com</u>. <br>**Investor Contact**<br> Susan Spivak: (212) 827-4445; <u>investorrelations@chubb.com</u><br>**Media Contact**<br> <u>mediarelations@chubb.com</u><br>

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

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Chubb Limited News Release

**Regulation G – Non-GAAP Financial Measures**<br>In presenting our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which<br>may be defined differently by other companies, are important for an understanding of our overall results of operations<br>and financial condition. However, they should not be viewed as a substitute for measures determined in accordance with<br>generally accepted accounting principles (GAAP).<br>Throughout this document there are various measures presented on a <u>constant-dollar basis</u> (i.e., excludes the impact of<br>foreign exchange). We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in<br>exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these<br>exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined<br>by assuming constant foreign exchange rates between periods by translating prior period results using the same local<br>currency exchange rates as the comparable current period.<br><u>Adjusted net investment income</u> is net investment income excluding the amortization of the fair value adjustment on<br>acquired invested assets from certain acquisitions of $1 million and $2 million in Q4 2025 and Q4 2024, and including<br>investment income of $125 million and $126 million in Q4 2025 and Q4 2024, from partially owned investment companies<br>(private equity partnerships) where our ownership interest is in excess of 3% that are accounted for under the equity<br>method. The amortization of the fair value adjustment on acquired invested assets was $8 million and $16 million for full-<br>year 2025 and 2024, and the investment income from private equity partnerships was $474 million and $430 million for<br>full-year 2025 and 2024. The mark-to-market movement on these private equity partnerships are included in adjusted<br>net realized gains (losses) as described below. We believe this measure is meaningful as it highlights the underlying<br>performance of our invested assets and portfolio management in support of our lines of business.<br><u>Adjusted net realized gains (losses) and other</u><u>,</u> <u>net of tax</u><u>,</u> includes net realized gains (losses) and net realized gains (losses)<br>recorded in other income (expense) related to unconsolidated subsidiaries, and excludes realized gains and losses on<br>crop derivatives and realized gains and losses on underlying investments supporting the liabilities of certain participating<br>policies related to the policyholders' share of gains and losses. The crop derivatives were purchased to provide economic<br>benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing<br>impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting<br>operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss<br>expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating<br>policies have been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects<br>the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the<br>amortization of fair value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See<br><u>Core operating income</u> for further description of these items.<br><u>P&C underwriting income (loss</u>) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and<br> loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned.<br>We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of<br> certain factors, including net investment income, other income (expense), interest expense, amortization expense of<br>purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and<br>debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).<br><u>P&C current accident year underwriting income excluding catastrophe losses</u> is P&C underwriting income adjusted to<br>exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe<br>losses, as they are not predictable as to timing and amount, and PPD as these unexpected loss developments on historical<br>reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the<br>understanding of our results of operations by highlighting the underlying profitability of our insurance business.<br>References in this release to "current accident year" metrics exclude catastrophe losses and prior period development,<br>unless stated otherwise.<br>

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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<br>net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this<br>paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our<br>results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net<br>realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily<br>influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the<br>amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions<br>due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and<br>professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses<br>associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing<br>activities of the individual segments and are therefore included in Corporate and excluded from our definition of<br>segment income. We believe these integration expenses and severance are not indicative of our underlying profitability,<br>and excluding these integration expenses and severance facilitates the comparison of our financial results to our<br>historical operating results. Additionally, we exclude the non-recurring tax benefit from the Bermuda Economic<br>Transition Adjustment enacted in 2023 and adjusted in 2024 and subsequent years' amortization of the related deferred<br>tax asset, which we believe provides investors with a better view of our operating performance, enhances the<br>understanding of the trends in the underlying business, improves comparability between periods and provides<br>increased transparency compared to the prior presentation of the non-recurring tax benefit. References to core<br>operating income measures mean net of tax, whether or not noted.<br><u>Core operating return on equity (ROE)</u> and <u>Core operating return on tangible equity (ROTE)</u> are annualized non-GAAP<br>financial measures. The numerator includes core operating income (loss), net of tax. The denominator includes the<br>average Chubb shareholders' equity for the period adjusted to exclude unrealized gains (losses) on investments, current<br>discount rate on future policy benefits (FPB), and instrument-specific credit risk on market risk benefits (MRB), all net of<br>tax and attributable to Chubb. For the ROTE calculation, the denominator is also adjusted to exclude Chubb goodwill<br>and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders' equity<br>by highlighting the underlying profitability relative to shareholders' equity and tangible equity excluding the effect of<br>these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it<br>measures the performance of our operations without the impact of goodwill and other intangible assets.<br><u>P&C combined ratio</u> is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense<br>ratio excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.<br><u>P&C current accident year combined ratio excluding catastrophe losses</u> excludes the impact of P&C catastrophe losses<br>and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting<br>performance and enhances the understanding of the trends in our P&C business that may be obscured by these items.<br><u>Global P&C performance metrics</u> comprise consolidated operating results (including corporate) and exclude the<br>operating results of Chubb's Life Insurance and North America Agricultural Insurance segments. The agriculture<br>insurance business is a different business in that it is a public sector and private sector partnership in which insurance<br>rates, premium growth, and risk-sharing is not market-driven like the remainder of Chubb's P&C insurance business. We<br>believe that these measures are useful and meaningful to investors as they are used by management to assess Chubb's<br>global P&C operations which are the most economically similar. We exclude the North America Agricultural Insurance<br>and Life Insurance segments because the results of these businesses do not always correlate with the results of our global<br>P&C operations.<br><u>Tangible book value per common share</u> is Chubb shareholders' equity less Chubb goodwill and other intangible assets,<br>net of tax, divided by the shares outstanding. We believe that goodwill and other intangible assets are not indicative of<br>our underlying insurance results or trends and make book value comparisons to less acquisitive peer companies less<br>meaningful.<br>

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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)<br>(AOCI)</u>, excludes AOCI from the numerator because it eliminates the effect of items that can fluctuate significantly from<br>period to period, primarily based on changes in interest rates and foreign currency movement, to highlight underlying<br>growth in book and tangible book value.<br><u>Adjusted operating cash flow</u> is Operating cash flow excluding the operating cash flow related to the net investing<br>activities of Huatai's asset management companies as it relates to the Consolidated Investment Products as required<br>under consolidation accounting. Because these entities are investment companies, we are required to retain the<br>investment company presentation in our consolidated results, which means, we include the net investing activities of<br>these entities in our operating cash flows. Chubb has elected to remove the impact of net investing activities of<br>consolidated investment companies from our operating cash flow as they may distort a reader's analysis of our<br>underlying operating cash flow related to the core insurance company operations. These net investing activities are more<br>appropriately classified outside of operating cash flows, consistent with our consolidated investing activities. Accordingly,<br>we believe that it is appropriate to adjust operating cash flow for the impact of consolidated investment products.<br><u>Life Insurance and International life insurance net premiums written and deposits collected</u> includes deposits collected<br>on universal life and investment contracts (life deposits). Life deposits are not reflected as revenues in our consolidated<br>statements of operations in accordance with U.S. GAAP. However, we include life deposits in presenting growth in our life<br>insurance business because life deposits are an important component of production and key to our efforts to grow our<br>business.<br>See the reconciliation of Non-GAAP Financial Measures on pages 27-33 in the Financial Supplement. These measures<br>should not be viewed as a substitute for measures determined in accordance with GAAP, including premium, net income,<br>book value, return on equity, and net investment income.<br>NM – not meaningful comparison<br>**Cautionary Statement Regarding Forward-Looking Statements:**<br> *Forward-looking statements made in this press release, such as those related to company performance, pricing,<br>growth opportunities, economic and market conditions, and our expectations and intentions and other<br>statements that are not historical facts, reflect our current views with respect to future events and financial<br>performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act<br>of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially,<br>including without limitation, the following: competition, pricing and policy term trends, the levels of new and<br>renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss<br>experience, uncertainties in the reserving or settlement process, integration activities and performance of<br>acquired companies, loss of key employees or disruptions to our operations, new theories of liability, judicial,<br>legislative, regulatory and other governmental developments, litigation tactics and developments, investigation<br>developments and actual settlement terms, the amount and timing of reinsurance recoverable, credit<br>developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war,<br>economic, political, regulatory, insurance and reinsurance business conditions, potential strategic opportunities<br>including acquisitions and our ability to achieve them, as well as management's response to these factors, and<br>other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers are cautioned<br>not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they<br>are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a<br>result of new information, future events or otherwise.*<br>

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 13

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Chubb Limited News Release

**Chubb Limited** 

**Summary Consolidated Balance Sheets** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **December 31**<br>**2025** | **December 31**<br>**2024** |
| &nbsp;&nbsp; **Assets** |  |  |
| &nbsp;&nbsp; Investments | $168720 | $150650 |
| &nbsp;&nbsp; Cash and restricted cash | 2470 | 2549 |
| &nbsp;&nbsp; Insurance and reinsurance balances receivable | 15944 | 14426 |
| &nbsp;&nbsp; Reinsurance recoverable on losses and loss expenses | 20338 | 19777 |
| &nbsp;&nbsp; Goodwill and other intangible assets ($25,775 and $25,219 represents<br>Chubb portion as of 12/31/2025 and 12/31/2024, respectively) | 26448 | 25956 |
| &nbsp;&nbsp; Other assets | 38407 | 33190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272327 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246548 |
| &nbsp;&nbsp; **Liabilities** |  |  |
| &nbsp;&nbsp; Unpaid losses and loss expenses | $88018 | $84004 |
| &nbsp;&nbsp; Unearned premiums | 26279 | 23504 |
| &nbsp;&nbsp; Other liabilities | 78251 | 70646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 192548 | 178154 |
| &nbsp;&nbsp; **Shareholders' equity** |  |  |
| &nbsp;&nbsp; Chubb shareholders' equity, excl. AOCI | 78732 | 72665 |
| &nbsp;&nbsp; Accumulated other comprehensive income (loss) (AOCI) | (4975) | (8644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | 73757 | 64021 |
| &nbsp;&nbsp; Noncontrolling interests | 6022 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 79779 | 68394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and shareholders' equity | $272327 | $246548 |
| &nbsp;&nbsp; Book value per common share | $188.59 | $159.77 |
| &nbsp;&nbsp; Tangible book value per common share | $126.22 | $100.38 |
| &nbsp;&nbsp; Book value per common share, excl. AOCI | $201.31 | $181.34 |
| &nbsp;&nbsp; Tangible book value per common share, excl. AOCI | $136.91 | $118.57 |

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Chubb Limited News Release

**Chubb Limited** 

**Summary Consolidated Financial Data** 

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

&nbsp;&nbsp;&nbsp;&nbsp;**(Unaudited)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>December 31** | **Three Months Ended<br>December 31** | **Year Ended**<br>**December 31** | **Year Ended**<br>**December 31** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62003 |
| &nbsp;&nbsp; Net premiums written | 13134 | 12058 | 54842 | 51468 |
| &nbsp;&nbsp; Net premiums earned | 13530 | 12598 | 53014 | 49846 |
| &nbsp;&nbsp; Losses and loss expenses | 6281 | 6481 | 26700 | 26022 |
| &nbsp;&nbsp; Policy benefits | 1455 | 1216 | 5460 | 4714 |
| &nbsp;&nbsp; Policy acquisition costs | 2556 | 2345 | 9847 | 9102 |
| &nbsp;&nbsp; Administrative expenses | 1161 | 1122 | 4504 | 4380 |
| &nbsp;&nbsp; Net investment income | 1688 | 1563 | 6465 | 5930 |
| &nbsp;&nbsp; Net realized gains (losses) | (116) | (84) | 211 | 117 |
| &nbsp;&nbsp; Market risk benefits gains (losses) | (37) | 98 | (288) | (140) |
| &nbsp;&nbsp; Interest expense | 205 | 189 | 764 | 741 |
| &nbsp;&nbsp; Other income (expense): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from separate account assets | 127 | 1 | 96 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 389 | 396 | 1201 | 1031 |
| &nbsp;&nbsp; Amortization of purchased intangibles | 77 | 82 | 301 | 323 |
| &nbsp;&nbsp; Integration expenses and severance | 76 | 18 | 79 | 39 |
| &nbsp;&nbsp; Income tax expense | 597 | 479 | 2422 | 1815 |
| &nbsp;&nbsp; Net income | $3173 | $2640 | $10622 | $9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | (37) | 65 | 312 | 368 |
| &nbsp;&nbsp; Chubb net income | $3210 | $2575 | $10310 | $9272 |
| &nbsp;&nbsp; **Diluted earnings per share:** |  |  |  |  |
| &nbsp;&nbsp; Chubb net income | $8.10 | $6.33 | $25.68 | $22.70 |
| &nbsp;&nbsp; Core operating income | $7.52 | $6.02 | $24.79 | $22.38 |
| &nbsp;&nbsp; Weighted average shares outstanding | 396.5 | 406.9 | 401.5 | 408.5 |
| &nbsp;&nbsp; **<u>P&C combined ratio</u>** |  |  |  |  |
| &nbsp;&nbsp; Loss and loss expense ratio | 54.3% | 59.4% | 59.1% | 60.4% |
| &nbsp;&nbsp; Policy acquisition cost ratio | 18.9% | 18.4% | 18.6% | 18.1% |
| &nbsp;&nbsp; Administrative expense ratio | 8.0% | 7.9% | 8.0% | 8.1% |
| &nbsp;&nbsp; P&C combined ratio | 81.2% | 85.7% | 85.7% | 86.6% |
| &nbsp;&nbsp; P&C underwriting income | $2197 | $1575 | $6528 | $5850 |

---

Chubb<sup>®</sup>, Chubb logo<sup>®</sup> and Chubb. Insured.<sup>SM</sup> are trademarks of Chubb. 15

## Exhibit 99.2

**Exhibit 99.2**![LOGO](g812920dsp5a.jpg)

## Chubb Limited

## Financial Supplement

## for the Quarter and Year Ended December 31, 2025
**Investor Contact** 

Susan Spivak: (212) 827-4445

email: investorrelations@chubb.com

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

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

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

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

------

**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 |

---

**<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 December 31** | **Three months ended December 31** | | **Constant $** | **Constant $** | **Year ended December 31** | **Year ended December 31** | | **Constant $** | **Constant $** |
|  | **2025** | **2024** | **% Change** | **2024** | **% Change** | **2025** | **2024** | **% Change** | **2024** | **% Change** |
|  Gross premiums written | $15496 | $14326 | 8.2% | $14400 | 7.6% | $65946 | $62003 | 6.4% | $61770 | 6.8% |
|  Net premiums written | $13134 | $12058 | 8.9% | $12123 | 8.3% | $54842 | $51468 | 6.6% | $51258 | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; P&C net premiums written | $11309 | $10497 | 7.7% | $10580 | 6.9% | $47563 | $45142 | 5.4% | $45054 | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global P&C net premiums written | $10850 | $10180 | 6.6% | $10263 | 5.7% | $44637 | $42439 | 5.2% | $42351 | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Insurance net premiums written | $1825 | $1561 | 16.9% | $1543 | 18.3% | $7279 | $6326 | 15.1% | $6204 | 17.3% |
|  Net premiums earned | $13530 | $12598 | 7.4% | $12668 | 6.8% | $53014 | $49846 | 6.4% | $49682 | 6.7% |
|  P&C underwriting income | $2197 | $1575 | 39.6% | $1583 | 38.8% | $6528 | $5850 | 11.6% | $5857 | 11.5% |
|  P&C CAY underwriting income ex Cats | $2294 | $1969 | 16.5% | $1981 | 15.8% | $8316 | $7381 | 12.7% | $7386 | 12.6% |
|  Adjusted net investment income | $1814 | $1691 | 7.3% | $1691 | 7.3% | $6947 | $6376 | 9.0% | $6352 | 9.4% |
|  Core operating income | $2982 | $2451 | 21.7% | $2454 | 21.5% | $9954 | $9142 | 8.9% | $9111 | 9.2% |
|  Adjusted operating cash flow | $4165 | $4163 |  |  |  | $13906 | $15904 |  |  |  |
|  Net investment income | $1688 | $1563 | 8.0% | $1563 | 8.0% | $6465 | $5930 | 9.0% | $5906 | 9.5% |
|  Chubb net income | $3210 | $2575 | 24.7% |  |  | $10310 | $9272 | 11.2% |  |  |
|  Operating cash flow | $4060 | $4565 |  |  |  | $12816 | $16182 |  |  |  |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 54.3% | 59.4% |  |  |  | 59.1% | 60.4% |  |  |  |
|  Policy acquisition cost and administrative expense ratio | 26.9% | 26.3% |  |  |  | 26.6% | 26.2% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 81.2% | 85.7% |  |  |  | 85.7% | 86.6% |  |  |  |
|  **P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)** |  |  |  |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 53.2% | 55.7% |  |  |  | 55.3% | 57.0% |  |  |  |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 27.2% | 26.5% |  |  |  | 26.6% | 26.1% |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 80.4% | 82.2% |  |  |  | 81.9% | 83.1% |  |  |  |
|  ROE | 17.6% | 15.9% |  |  |  | 15.0% | 15.0% |  |  |  |
|  Core operating return on tangible equity (ROTE) | 23.5% | 22.0% |  |  |  | 20.5% | 21.5% |  |  |  |
|  Core operating return on equity (ROE) | 15.9% | 14.3% |  |  |  | 13.7% | 13.8% |  |  |  |
|  Effective tax rate | 15.5% | 15.6% |  |  |  | 18.9% | 16.3% |  |  |  |
|  Core operating effective tax rate | 18.7% | 18.2% |  |  |  | 19.4% | 18.0% |  |  |  |
|  **Diluted earnings per share** |  |  |  |  |  |  |  |  |  |  |
|  Chubb net income | $8.10 | $6.33 | 28.0% |  |  | $25.68 | $22.70 | 13.1% |  |  |
|  Core operating income | $7.52 | $6.02 | 24.9% |  |  | $24.79 | $22.38 | 10.8% |  |  |
|  Weighted average diluted common shares outstanding | 396.5 | 406.9 |  |  |  | 401.5 | 408.5 |  |  |  |
|  |  |  | **% Change** |  | **% Change** |  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;**December 31** <br> **2025** | **September 30**<br> **2025** | **4Q-25 vs.<br>3Q-25** | **December 31<br>2024** | **4Q-25 vs.**<br> **4Q-24** |  |  |  |  |  |
|  Book value per common share | $188.59 | $182.22 | 3.5% | $159.77 | 18.0% |  |  |  |  |  |
|  Tangible book value per common share | $126.22 | $120.13 | 5.1% | $100.38 | 25.7% |  |  |  |  |  |
|  Book value per common share, excl. AOCI | $201.31 | $194.63 | 3.4% | $181.34 | 11.0% |  |  |  |  |  |
|  Tangible book value per common share, excl. AOCI | $136.91 | $130.60 | 4.8% | $118.57 | 15.5% |  |  |  |  |  |

---

Financial Highlights Page 1

------

**Chubb Limited** 

**Statement of Operations - Consecutive Quarters** 

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Consolidated Statements of Operations</u>** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year<br>2025** | **Full Year<br>2024** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15496 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18069 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62003 |
|  Net premiums written | 13134 | 14866 | 14196 | 12646 | 12058 | 54842 | 51468 |
|  Net premiums earned | 13530 | 14359 | 13125 | 12000 | 12598 | 53014 | 49846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses <sup>(1)</sup> | 6289 | 6958 | 6574 | 6895 | 6481 | 26716 | 26027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives | 8 | 7 | 2 | (1) |  | 16 | 5 |
|  Losses and loss expenses | 6281 | 6951 | 6572 | 6896 | 6481 | 26700 | 26022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted policy benefits <sup>(2)</sup> | 1355 | 1422 | 1378 | 1276 | 1107 | 5431 | 4509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses from investment portfolios supporting participating policies | 27 | 41 | (40) | 39 | (108) | 67 | (213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Gains) losses from fair value changes in separate account assets | (127) | 9 | 12 | 10 | (1) | (96) | 8 |
|  Policy benefits | 1455 | 1372 | 1406 | 1227 | 1216 | 5460 | 4714 |
|  Policy acquisition costs | 2556 | 2563 | 2415 | 2313 | 2345 | 9847 | 9102 |
|  Administrative expenses | 1161 | 1138 | 1125 | 1080 | 1122 | 4504 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted net investment income <sup>(3)</sup> | 1814 | 1776 | 1687 | 1670 | 1691 | 6947 | 6376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other (income) expense from private equity partnerships | (125) | (127) | (115) | (107) | (126) | (474) | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization expense of fair value adjustment on acquired invested assets | (1) | (1) | (4) | (2) | (2) | (8) | (16) |
|  Net investment income | 1688 | 1648 | 1568 | 1561 | 1563 | 6465 | 5930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted realized gains (losses) <sup>(4)</sup> | (81) | 331 | 122 | (78) | (192) | 294 | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) from investment portfolios supporting participating policies | (27) | (41) | 40 | (39) | 108 | (67) | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on crop derivatives | (8) | (7) | (2) | 1 |  | (16) | (5) |
|  Net realized gains (losses) | (116) | 283 | 160 | (116) | (84) | 211 | 117 |
|  Market risk benefits gains (losses) | (37) | (142) | (17) | (92) | 98 | (288) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted interest expense <sup>(5)</sup> | 210 | 203 | 186 | 186 | 194 | 785 | 762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization benefit of fair value adjustment on acquired long term debt | (5) | (6) | (5) | (5) | (5) | (21) | (21) |
|  Interest expense | 205 | 197 | 181 | 181 | 189 | 764 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains (losses) from fair value changes in separate account assets | 127 | (9) | (12) | (10) | 1 | 96 | (8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains (losses) related to unconsolidated entities | 282 | (84) | 540 | (25) | 216 | 713 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) from private equity partnerships | 125 | 127 | 115 | 107 | 126 | 474 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income (expense) - operating | (18) | 9 | 12 | 11 | 54 | 14 | 65 |
|  Other income (expense) | 516 | 43 | 655 | 83 | 397 | 1297 | 1023 |
|  Amortization expense of purchased intangibles | 77 | 75 | 74 | 75 | 82 | 301 | 323 |
|  Integration expenses and severance | 76 | 1 | 2 |  | 18 | 79 | 39 |
|  Income tax expense | 597 | 787 | 717 | 321 | 479 | 2422 | 1815 |
|  Net income | $3173 | $3107 | $2999 | $1343 | $2640 | $10622 | $9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | (37) | 306 | 31 | 12 | 65 | 312 | 368 |
|  Chubb net income | $3210 | $2801 | $2968 | $1331 | $2575 | $10310 | $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

------

**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>** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year<br>2025** | **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;13612 | $&nbsp;&nbsp;&nbsp;&nbsp;16074 | $&nbsp;&nbsp;&nbsp;&nbsp;15410 | $&nbsp;&nbsp;&nbsp;&nbsp;13327 | $&nbsp;&nbsp;&nbsp;&nbsp;12696 | $&nbsp;&nbsp;&nbsp;&nbsp;58423 | $&nbsp;&nbsp;&nbsp;&nbsp;55408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | 11309 | 12934 | 12394 | 10926 | 10497 | 47563 | 45142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 11716 | 12434 | 11336 | 10304 | 11034 | 45790 | 43573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses | 6257 | 6927 | 6554 | 6869 | 6455 | 26607 | 25915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy benefits | 109 | 119 | 129 | 113 | 96 | 470 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | 2214 | 2204 | 2096 | 2003 | 2028 | 8517 | 7900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 939 | 925 | 926 | 878 | 880 | 3668 | 3500 |
|  P&C underwriting income | $2197 | $2259 | $1631 | $441 | $1575 | $6528 | $5850 |
|  P&C CAY underwriting income ex Cats | $2294 | $2183 | $2012 | $1827 | $1969 | $8316 | $7381 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 7.7% | 5.3% | 5.2% | 3.2% | 3.5% | 5.4% | 7.7% |
|  Net premiums earned | 6.2% | 5.0% | 5.7% | 3.3% | 5.5% | 5.1% | 8.1% |
|  Net premiums written constant $ | 6.9% | 4.7% | 5.8% | 5.0% | 3.5% | 5.6% | 8.0% |
|  Net premiums earned constant $ | 5.3% | 4.2% | 6.3% | 5.0% | 5.5% | 5.2% | 8.4% |
|  **P&C combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 54.3% | 56.7% | 59.0% | 67.8% | 59.4% | 59.1% | 60.4% |
|  Policy acquisition cost ratio | 18.9% | 17.7% | 18.5% | 19.4% | 18.4% | 18.6% | 18.1% |
|  Administrative expense ratio | 8.0% | 7.4% | 8.1% | 8.5% | 7.9% | 8.0% | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 81.2% | 81.8% | 85.6% | 95.7% | 85.7% | 85.7% | 86.6% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 53.2% | 57.5% | 55.6% | 54.4% | 55.7% | 55.3% | 57.0% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 27.2% | 25.0% | 26.7% | 27.9% | 26.5% | 26.6% | 26.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 80.4% | 82.5% | 82.3% | 82.3% | 82.2% | 81.9% | 83.1% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 83% | 80% | 80% | 82% | 83% | 81% | 81% |
|  Expense ratio | 26.9% | 25.1% | 26.6% | 27.9% | 26.3% | 26.6% | 26.2% |
|  Expense ratio excluding A&H | 25.3% | 23.6% | 25.1% | 26.4% | 24.7% | 25.0% | 24.6% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(16) | $- | $(5) | $(37) | $10 | $(58) | $14 |
|  Catastrophe losses - pre-tax | $349 | $285 | $625 | $1604 | $617 | $2863 | $2401 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(268) | $(361) | $(249) | $(255) | $(213) | $(1133) | $(856) |
|  Impact of catastrophe losses on P&C combined ratio - Unfavorable | 3.0% | 2.3% | 5.5% | 15.9% | 5.5% | 6.3% | 5.5% |
|  Impact of PPD on P&C combined ratio - Favorable | -2.3% | -3.0% | -2.2% | -2.5% | -2.0% | -2.5% | -2.0% |
|  Impact of Cats and PPD on P&C combined ratio - Unfavorable | 0.7% | -0.7% | 3.3% | 13.4% | 3.5% | 3.8% | 3.5% |

---

P&C Results Page 3

------

**Chubb Limited** 

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

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

**(Unaudited)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **<u>Global P&C</u>** | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year<br> 2025** | **Full Year<br> 2024** |
|  **Global P&C underwriting income** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gross premiums written | $13005 | $13558 | $14300 | $12893 | $12192 | $53756 | $51214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written | 10850 | 11476 | 11661 | 10650 | 10180 | 44637 | 42439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned | 11055 | 10939 | 10738 | 10139 | 10502 | 42871 | 40868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjusted losses and loss expenses | 5817 | 5703 | 6071 | 6777 | 6070 | 24368 | 23745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy benefits | 109 | 119 | 129 | 113 | 96 | 470 | 408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs | 2196 | 2118 | 2048 | 1986 | 1991 | 8348 | 7709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative expenses | 954 | 920 | 924 | 876 | 897 | 3674 | 3510 |
|  Global P&C underwriting income | $1979 | $2079 | $1566 | $387 | $1448 | $6011 | $5496 |
|  Global P&C CAY underwriting income ex Cats | $2130 | $2029 | $1946 | $1791 | $1917 | $7896 | $7071 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 6.6% | 5.3% | 5.8% | 3.0% | 6.7% | 5.2% | 9.6% |
|  Net premiums earned | 5.3% | 4.9% | 6.3% | 3.0% | 9.1% | 4.9% | 10.0% |
|  Net premiums written constant $ | 5.7% | 4.6% | 6.4% | 4.8% | 6.7% | 5.4% | 9.9% |
|  Net premiums earned constant $ | 4.4% | 4.1% | 7.0% | 4.7% | 9.1% | 5.0% | 10.3% |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 53.6% | 53.2% | 57.7% | 68.0% | 58.7% | 57.9% | 59.1% |
|  Policy acquisition cost ratio | 19.9% | 19.4% | 19.1% | 19.6% | 19.0% | 19.5% | 18.9% |
|  Administrative expense ratio | 8.6% | 8.4% | 8.6% | 8.6% | 8.5% | 8.6% | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 82.1% | 81.0% | 85.4% | 96.2% | 86.2% | 86.0% | 86.6% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 52.6% | 54.0% | 54.3% | 54.2% | 54.1% | 53.8% | 55.3% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 28.3% | 27.6% | 27.6% | 28.2% | 27.6% | 27.9% | 27.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 80.9% | 81.6% | 81.9% | 82.4% | 81.7% | 81.7% | 82.7% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 83% | 85% | 82% | 83% | 84% | 83% | 83% |
|  Expense ratio | 28.5% | 27.8% | 27.7% | 28.2% | 27.5% | 28.1% | 27.5% |
|  Expense ratio excluding A&H | 26.9% | 26.2% | 26.1% | 26.7% | 25.9% | 26.4% | 25.8% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(16) | $- | $(5) | $(37) | $10 | $(58) | $14 |
|  Catastrophe losses - pre-tax | $345 | $281 | $624 | $1589 | $622 | $2839 | $2341 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(210) | $(331) | $(249) | $(222) | $(143) | $(1012) | $(752) |
|  Impact of catastrophe losses on combined ratio - Unfavorable | 3.2% | 2.6% | 5.8% | 16.0% | 5.8% | 6.8% | 5.7% |
|  Impact of PPD on combined ratio - Favorable | -2.0% | -3.2% | -2.3% | -2.2% | -1.3% | -2.5% | -1.8% |
|  Impact of Cats and PPD on combined ratio - Unfavorable | 1.2% | -0.6% | 3.5% | 13.8% | 4.5% | 4.3% | 3.9% |

---

Global P&C Page 4

------

**Chubb Limited** 

**Summary Consolidated Balance Sheets** 

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

**(Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31<br>2025** | **September 30<br>2025** | **June 30<br>2025** | **March 31<br>2025** | **December 31<br>2024** |
|  **Assets** |  |  |  |  |  |
|  Short-term investments, at fair value | $4840 | $4380 | $4508 | $4432 | $5142 |
|  Fixed maturities available for sale, at fair value | 122680 | 121788 | 116119 | 111123 | 110363 |
|  Private debt held-for-investment, at amortized cost | 2411 | 2535 | 2429 | 2460 | 2628 |
|  Equity securities, at fair value | 10801 | 10377 | 9913 | 9556 | 9151 |
|  Private equities | 17239 | 16734 | 16313 | 15506 | 14769 |
|  Other investments | 10749 | 10182 | 9032 | 9224 | 8597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165996 | &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 | 2470 | 2454 | 2371 | 2250 | 2549 |
|  Securities lending collateral | 2500 | 1899 | 1941 | 1909 | 1445 |
|  Insurance and reinsurance balances receivable | 15944 | 16305 | 16778 | 15358 | 14426 |
|  Reinsurance recoverable on losses and loss expenses | 20338 | 20227 | 19595 | 20015 | 19777 |
|  Deferred policy acquisition costs | 10008 | 9809 | 9437 | 8775 | 8358 |
|  Value of business acquired (VOBA) | 2975 | 3144 | 3245 | 3134 | 3223 |
|  Prepaid reinsurance premiums | 3874 | 4174 | 4294 | 3681 | 3378 |
|  Goodwill and other intangible assets ($25,775 and $25,219 represents Chubb portion as of 12/31/2025 and 12/31/2024, respectively) | 26448 | 26555 | 26575 | 26079 | 25956 |
|  Deferred tax assets | 1312 | 1413 | 1621 | 1798 | 1603 |
|  Separate account assets | 6925 | 6810 | 6481 | 6285 | 6231 |
|  Other assets | 10813 | 11424 | 10911 | 10167 | 8952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | $272327 | $270210 | $261563 | $251752 | $246548 |
|  **Liabilities** |  |  |  |  |  |
|  Unpaid losses and loss expenses | $88018 | $88439 | $86376 | $85471 | $84004 |
|  Unearned premiums | 26279 | 26961 | 26519 | 24487 | 23504 |
|  Future policy benefits | 18420 | 18288 | 18018 | 16690 | 16121 |
|  Market risk benefits | 659 | 666 | 609 | 708 | 607 |
|  Policyholder account balances | 8576 | 8539 | 8344 | 8129 | 8016 |
|  Separate account liabilities | 6925 | 6810 | 6481 | 6285 | 6231 |
|  Insurance and reinsurance balances payable | 8349 | 8475 | 9232 | 8446 | 8121 |
|  Securities lending payable | 2500 | 1899 | 1941 | 1909 | 1445 |
|  Accounts payable, accrued expenses, and other liabilities | 13432 | 12942 | 12509 | 12337 | 12923 |
|  Deferred tax liabilities | 1741 | 1733 | 1691 | 1608 | 1584 |
|  Short-term and long-term debt | 17227 | 17226 | 14976 | 14508 | 15179 |
|  Hybrid debt | 422 | 421 | 420 | 419 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 192548 | 192399 | 187116 | 180997 | 178154 |
|  **Shareholders' equity** |  |  |  |  |  |
|  Chubb shareholders' equity, excl. AOCI | 78732 | 76747 | 75453 | 73361 | 72665 |
|  Accumulated other comprehensive income (loss) (AOCI) | (4975) | (4892) | (6058) | (7635) | (8644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | 73757 | 71855 | 69395 | 65726 | 64021 |
|  Noncontrolling interests | 6022 | 5956 | 5052 | 5029 | 4373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total shareholders' equity | 79779 | 77811 | 74447 | 70755 | 68394 |
|  Total liabilities and shareholders' equity | $272327 | $270210 | $261563 | $251752 | $246548 |
|  **Book value per common share** | $188.59 | $182.22 | $174.07 | $164.01 | $159.77 |
|  % change over prior quarter | 3.5% | 4.7% | 6.1% | 2.7% | -2.1% |
|  **Tangible book value per common share <sup>(1)</sup>** | $126.22 | $120.13 | $112.64 | $104.27 | $100.38 |
|  % change over prior quarter | 5.1% | 6.6% | 8.0% | 3.9% | -2.2% |
|  **Book value per common share, excl. AOCI** | $201.31 | $194.63 | $189.27 | $183.06 | $181.34 |
|  % change over prior quarter | 3.4% | 2.8% | 3.4% | 0.9% | 2.9% |
|  **Tangible book value per common share, excl. AOCI** | $136.91 | $130.60 | $125.80 | $120.44 | $118.57 |
|  % change over prior quarter | 4.8% | 3.8% | 4.5% | 1.6% | 4.3% |

---

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

Consol Bal Sheet Page 5

------

**Chubb Limited** 

**Consolidated Net Premiums Written by Product Line** 

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

**(Unaudited)** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **4Q-24** | **% Change** | **Constant $% Change** | **Full Year<br>2025** | **Full Year<br>2024** | **% Change** | **Constant $% Change** |
| **<u>Net premiums written</u>** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Property and other short-tail lines | $2183 | $2154 | 1.3% | 0.3% | $9866 | $9543 | 3.4% | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial casualty | 2423 | 2253 | 7.6% | 7.0% | 9691 | 9166 | 5.7% | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial lines | 1392 | 1313 | 6.0% | 5.4% | 5098 | 4907 | 3.9% | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Workers' compensation | 530 | 511 | 3.6% | 3.6% | 2252 | 2238 | 0.6% | 0.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial multiple peril <sup>(1)</sup> | 428 | 402 | 6.6% | 6.6% | 1787 | 1631 | 9.6% | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Surety | 211 | 213 | -0.9% | -2.2% | 839 | 785 | 6.8% | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Commercial P&C lines | 7167 | 6846 | 4.7% | 4.0% | 29533 | 28270 | 4.5% | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp; Agriculture | 459 | 317 | 45.1% | 45.1% | 2926 | 2703 | 8.2% | 8.2% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal homeowners | 1347 | 1264 | 6.6% | 6.6% | 5305 | 4971 | 6.7% | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal automobile | 786 | 611 | 28.8% | 25.5% | 2978 | 2491 | 19.6% | 22.9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal other | 526 | 482 | 9.1% | 7.0% | 2231 | 2076 | 7.5% | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Personal lines | 2659 | 2357 | 12.9% | 11.6% | 10514 | 9538 | 10.2% | 11.0% |
| &nbsp;&nbsp;&nbsp;&nbsp; Global A&H - P&C | 807 | 753 | 7.1% | 5.5% | 3281 | 3285 | -0.1% | -0.3% |
| &nbsp;&nbsp;&nbsp;&nbsp; Reinsurance lines | 217 | 224 | -3.9% | -4.2% | 1309 | 1346 | -2.8% | -3.0% |
| **Total P&C** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11309 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10497 | 7.7% | 6.9% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45142 | 5.4% | 5.6% |
| **Life Insurance** | 1825 | 1561 | 16.9% | 18.3% | 7279 | 6326 | 15.1% | 17.3% |
| **Total Consolidated** | $13134 | $12058 | 8.9% | 8.3% | $54842 | $51468 | 6.6% | 7.0% |

---

(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 December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** |
|  | North<br> America<br>Commercial P&C | North<br>America<br>Personal P&C | North<br>America<br>Agricultural | Overseas<br>General | Global | | Total | Life | Total |
| **<u>Q4 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 | $5107 | $1720 | $459 | $3806 | $217 | $- | $11309 | $1825 | $13134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 39% | 13% | 3% | 29% | 2% |  | 86% | 14% | 100% |
|  Net premiums earned | 5136 | 1767 | 661 | 3820 | 332 |  | 11716 | 1814 | 13530 |
|  Adjusted losses and loss expenses | 2941 | 889 | 440 | 1696 | 127 | 164 | 6257 | 32 | 6289 |
|  Adjusted policy benefits |  |  |  | 109 |  |  | 109 | 1246 | 1355 |
|  Policy acquisition costs | 759 | 336 | 18 | 999 | 102 |  | 2214 | 342 | 2556 |
|  Administrative expenses | 345 | 85 | (15) | 368 | 8 | 148 | 939 | 222 | 1161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 1091 | 457 | 218 | 648 | 95 | (312) | 2197 | (28) | 2169 |
|  Adjusted net investment income | 995 | 125 | 23 | 292 | 99 | (18) | 1516 | 298 | 1814 |
|  Other income (expense) - operating | (33) | (1) | (1) | (31) |  | (14) | (80) | 62 | (18) |
|  Amortization expense of purchased intangibles | (1) | (2) | (6) | (20) |  | (38) | (67) | (10) | (77) |
|  Segment income (loss) | $2052 | $579 | $234 | $889 | $194 | $(382) | $3566 | $322 | $3888 |
|  Combined ratio | 78.8% | 74.1% | 67.0% | 83.0% | 71.6% |  | 81.2% |  |  |
|  CAY combined ratio ex Cats | 79.9% | 69.9% | 70.0% | 84.0% | 73.9% |  | 80.4% |  |  |
|  | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 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>Q4 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 | $4899 | $1621 | $317 | $3436 | $224 | $- | $10497 | $1561 | $12058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 41% | 13% | 3% | 28% | 2% |  | 87% | 13% | 100% |
|  Net premiums earned | 5118 | 1628 | 532 | 3434 | 322 |  | 11034 | 1564 | 12598 |
|  Adjusted losses and loss expenses | 3097 | 930 | 385 | 1686 | 219 | 138 | 6455 | 26 | 6481 |
|  Adjusted policy benefits |  |  |  | 96 |  |  | 96 | 1011 | 1107 |
|  Policy acquisition costs | 681 | 325 | 37 | 893 | 92 |  | 2028 | 317 | 2345 |
|  Administrative expenses | 344 | 89 | (17) | 332 | 10 | 122 | 880 | 242 | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 996 | 284 | 127 | 427 | 1 | (260) | 1575 | (32) | 1543 |
|  Adjusted net investment income | 936 | 111 | 22 | 300 | 74 | (17) | 1426 | 265 | 1691 |
|  Other income (expense) - operating | (4) | (1) |  |  |  | 11 | 6 | 48 | 54 |
|  Amortization expense of purchased intangibles | (1) | (2) | (7) | (20) |  | (41) | (71) | (11) | (82) |
|  Segment income (loss) | $1927 | $392 | $142 | $707 | $75 | $(307) | $2936 | $270 | $3206 |
|  Combined ratio | 80.6% | 82.6% | 76.1% | 87.6% | 99.9% |  | 85.7% |  |  |
|  CAY combined ratio ex Cats | 79.0% | 77.4% | 90.5% | 84.9% | 75.8% |  | 82.2% |  |  |

---

Consol Results - QTD Page 7

------

**Chubb Limited** 

**Consolidated Results** 

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | North<br> America<br>Commercial P&C | North<br> America<br>Personal P&C | North<br> America<br>Agricultural | Overseas<br>General | Global | | Total | Life | Total |
| **<u>Full Year 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;P&C | &nbsp;&nbsp;&nbsp;&nbsp;Insurance | Consolidated |
|  Net premiums written | $21280 | $7024 | $2926 | $15024 | $1309 | $- | $47563 | $7279 | $54842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 40% | 13% | 5% | 27% | 2% |  | 87% | 13% | 100% |
|  Net premiums earned | 20381 | 6763 | 2919 | 14374 | 1353 |  | 45790 | 7224 | 53014 |
|  Adjusted losses and loss expenses | 12313 | 4517 | 2239 | 6589 | 640 | 309 | 26607 | 109 | 26716 |
|  Adjusted policy benefits |  |  |  | 470 |  |  | 470 | 4961 | 5431 |
|  Policy acquisition costs | 2891 | 1337 | 169 | 3724 | 396 |  | 8517 | 1330 | 9847 |
|  Administrative expenses | 1394 | 336 | (6) | 1435 | 37 | 472 | 3668 | 836 | 4504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 3783 | 573 | 517 | 2156 | 280 | (781) | 6528 | (12) | 6516 |
|  Adjusted net investment income | 3840 | 486 | 86 | 1139 | 354 | (85) | 5820 | 1127 | 6947 |
|  Other income (expense) - operating | (59) | (3) | (2) | (50) |  | (37) | (151) | 165 | 14 |
|  Amortization expense of purchased intangibles | (5) | (8) | (24) | (78) |  | (148) | (263) | (38) | (301) |
|  Segment income (loss) | $7559 | $1048 | $577 | $3167 | $634 | $(1051) | $11934 | $1242 | $13176 |
|  Combined ratio | 81.4% | 91.5% | 82.3% | 85.0% | 79.3% |  | 85.7% |  |  |
|  CAY combined ratio ex Cats | 80.8% | 72.3% | 85.0% | 84.8% | 74.3% |  | 81.9% |  |  |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 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>Full Year 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;P&C | &nbsp;&nbsp;&nbsp;&nbsp;Insurance | Consolidated |
|  Net premiums written | $20589 | $6532 | $2703 | $13972 | $1346 | $- | $45142 | $6326 | $51468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; % of total net premiums written | 40% | 13% | 5% | 27% | 3% |  | 88% | 12% | 100% |
|  Net premiums earned | 20008 | 6188 | 2705 | 13400 | 1272 |  | 43573 | 6273 | 49846 |
|  Adjusted losses and loss expenses | 12737 | 3584 | 2170 | 6414 | 711 | 299 | 25915 | 112 | 26027 |
|  Adjusted policy benefits |  |  |  | 408 |  |  | 408 | 4101 | 4509 |
|  Policy acquisition costs | 2718 | 1239 | 191 | 3410 | 342 |  | 7900 | 1202 | 9102 |
|  Administrative expenses | 1337 | 351 | (10) | 1351 | 39 | 432 | 3500 | 880 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 3216 | 1014 | 354 | 1817 | 180 | (731) | 5850 | (22) | 5828 |
|  Adjusted net investment income | 3556 | 433 | 84 | 1136 | 253 | (89) | 5373 | 1003 | 6376 |
|  Other income (expense) - operating | (32) | (1) | (1) | (14) |  | (46) | (94) | 159 | 65 |
|  Amortization expense of purchased intangibles | (3) | (9) | (25) | (81) |  | (163) | (281) | (42) | (323) |
|  Segment income (loss) | $6737 | $1437 | $412 | $2858 | $433 | $(1029) | $10848 | $1098 | $11946 |
|  Combined ratio | 83.9% | 83.6% | 86.9% | 86.4% | 85.9% |  | 86.6% |  |  |
|  CAY combined ratio ex Cats | 80.6% | 78.5% | 88.8% | 85.2% | 76.4% |  | 83.1% |  |  |

---

Consol Results - FY 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> **4Q-25** |<br> **3Q-25** |<br> **2Q-25** |<br> **1Q-25** |<br> **4Q-24** | **Full Year**<br> **2025** | **Full Year**<br> **2024** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6177 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6652 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7038 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5696 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25563 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24730 |
|  Net premiums written | 5107 | 5663 | 5723 | 4787 | 4899 | 21280 | 20589 |
|  Net premiums earned | 5136 | 5080 | 5177 | 4988 | 5118 | 20381 | 20008 |
|  Losses and loss expenses | 2941 | 3083 | 3258 | 3031 | 3097 | 12313 | 12737 |
|  Policy acquisition costs | 759 | 708 | 705 | 719 | 681 | 2891 | 2718 |
|  Administrative expenses | 345 | 348 | 357 | 344 | 344 | 1394 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 1091 | 941 | 857 | 894 | 996 | 3783 | 3216 |
|  Adjusted net investment income | 995 | 978 | 938 | 929 | 936 | 3840 | 3556 |
|  Other income (expense) - operating | (33) | (10) | (8) | (8) | (4) | (59) | (32) |
|  Amortization expense of purchased intangibles | (1) | (1) | (2) | (1) | (1) | (5) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1908 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1814 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7559 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6737 |
|  CAY underwriting income ex Cats | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1045 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 57.2% | 60.7% | 62.9% | 60.8% | 60.5% | 60.4% | 63.7% |
|  Policy acquisition cost ratio | 14.8% | 13.9% | 13.7% | 14.4% | 13.3% | 14.2% | 13.6% |
|  Administrative expense ratio | 6.8% | 6.9% | 6.9% | 6.9% | 6.8% | 6.8% | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 78.8% | 81.5% | 83.5% | 82.1% | 80.6% | 81.4% | 83.9% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 58.6% | 60.4% | 60.6% | 59.9% | 58.6% | 59.9% | 60.4% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 21.3% | 20.4% | 20.5% | 21.4% | 20.4% | 20.9% | 20.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 79.9% | 80.8% | 81.1% | 81.3% | 79.0% | 80.8% | 80.6% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&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;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
|  Catastrophe losses - pre-tax | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(114) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(197) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(421) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(428) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 4.3% | 2.9% | 4.1% | 2.1% | 5.1% | 3.4% | 7.0% |
|  Net premiums earned | 0.4% | -0.6% | 5.7% | 2.2% | 8.8% | 1.9% | 8.6% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 83% | 85% | 81% | 84% | 83% | 83% | 83% |
|  **Production by Size - Net premiums written <sup>(1)</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Major Accounts & Specialty | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3003 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3379 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2731 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2915 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12691 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial | 2104 | 2284 | 2145 | 2056 | 1984 | 8589 | 8075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5107 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5663 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5723 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21280 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20589 |

---

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

NA Commercial Page 9

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**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |<br> **4Q-25** |<br> **3Q-25** |<br> **2Q-25** |<br> **1Q-25** |<br> **4Q-24** | **Full Year**<br> **2025** | **Full Year**<br> **2024** |
|  Gross premiums written | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1984 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | $&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;8110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7531 |
|  Net premiums written | 1720 | 1814 | 1938 | 1552 | 1621 | 7024 | 6532 |
|  Net premiums earned | 1767 | 1741 | 1681 | 1574 | 1628 | 6763 | 6188 |
|  Losses and loss expenses | 889 | 713 | 822 | 2093 | 930 | 4517 | 3584 |
|  Policy acquisition costs | 336 | 339 | 332 | 330 | 325 | 1337 | 1239 |
|  Administrative expenses | 85 | 82 | 82 | 87 | 89 | 336 | 351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income (loss) | 457 | 607 | 445 | (936) | 284 | 573 | 1014 |
|  Net investment income | 125 | 123 | 118 | 120 | 111 | 486 | 433 |
|  Other income (expense) - operating | (1) | (1) |  | (1) | (1) | (3) | (1) |
|  Amortization expense of purchased intangibles | (2) | (2) | (2) | (2) | (2) | (8) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income (loss) | $579 | $727 | $561 | $(819) | $392 | $1048 | $1437 |
|  CAY underwriting income ex Cats | $533 | $486 | $466 | $406 | $368 | $1891 | $1331 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 50.4% | 41.0% | 48.9% | 133.0% | 57.1% | 66.8% | 57.9% |
|  Policy acquisition cost ratio | 18.9% | 19.4% | 19.7% | 21.0% | 20.0% | 19.7% | 20.0% |
|  Administrative expense ratio | 4.8% | 4.7% | 4.9% | 5.5% | 5.5% | 5.0% | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 74.1% | 65.1% | 73.5% | 159.5% | 82.6% | 91.5% | 83.6% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 46.2% | 48.0% | 47.6% | 49.3% | 51.9% | 47.7% | 52.8% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 23.7% | 24.1% | 24.6% | 25.7% | 25.5% | 24.6% | 25.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 69.9% | 72.1% | 72.2% | 75.0% | 77.4% | 72.3% | 78.5% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(3) | $- | $- | $(50) | $- | $(53) | $- |
|  Catastrophe losses - pre-tax | $73 | $161 | $142 | $1292 | $84 | $1668 | $622 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $- | $(282) | $(121) | $- | $- | $(403) | $(305) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 6.1% | 8.1% | 9.1% | 6.6% | 10.0% | 7.5% | 11.1% |
|  Net premiums earned | 8.5% | 10.5% | 11.1% | 7.0% | 12.1% | 9.3% | 11.8% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 87% | 87% | 88% | 84% | 87% | 87% | 87% |

---

NA Personal Page 10

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**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year <br>2025** | **Full Year <br>2024** |
|  Gross premiums written | $607 | $2516 | $1110 | $434 | $504 | $4667 | $4194 |
|  Net premiums written | 459 | 1458 | 733 | 276 | 317 | 2926 | 2703 |
|  Net premiums earned | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2705 |
|  Adjusted losses and loss expenses | 440 | 1224 | 483 | 92 | 385 | 2239 | 2170 |
|  Policy acquisition costs | 18 | 86 | 48 | 17 | 37 | 169 | 191 |
|  Administrative expenses | (15) | 5 | 2 | 2 | (17) | (6) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 218 | 180 | 65 | 54 | 127 | 517 | 354 |
|  Net investment income | 23 | 20 | 19 | 24 | 22 | 86 | 84 |
|  Other income (expense) - operating | (1) |  |  | (1) |  | (2) | (1) |
|  Amortization expense of purchased intangibles | (6) | (6) | (6) | (6) | (7) | (24) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $234 | $194 | $78 | $71 | $142 | $577 | $412 |
|  CAY underwriting income ex Cats | $164 | $154 | $66 | $36 | $52 | $420 | $310 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 66.5% | 81.9% | 80.8% | 55.9% | 72.2% | 76.7% | 80.2% |
|  Policy acquisition cost ratio | 2.8% | 5.8% | 7.9% | 10.4% | 7.1% | 5.8% | 7.1% |
|  Administrative expense ratio | -2.3% | 0.3% | 0.4% | 1.2% | -3.2% | -0.2% | -0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 67.0% | 88.0% | 89.1% | 67.5% | 76.1% | 82.3% | 86.9% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 66.2% | 83.6% | 80.5% | 65.8% | 86.8% | 78.5% | 82.4% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 3.8% | 6.1% | 8.3% | 13.1% | 3.7% | 6.5% | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 70.0% | 89.7% | 88.8% | 78.9% | 90.5% | 85.0% | 88.8% |
|  Unfavorable (favorable) Catastrophe losses - pre-tax | $4 | $4 | $1 | $15 | $(5) | $24 | $60 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(58) | $(30) | $- | $(33) | $(70) | $(121) | $(104) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 45.1% | 5.6% | -3.3% | 11.0% | -47.8% | 8.2% | -15.2% |
|  Net premiums earned | 24.0% | 5.4% | -4.3% | 28.6% | -36.2% | 7.9% | -14.6% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 76% | 58% | 66% | 64% | 63% | 63% | 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>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year<br>2025** | **Full Year<br>2024** |
|  Gross premiums written | $4608 | $4496 | $4588 | $4904 | $4199 | $18596 | $17386 |
|  Net premiums written | 3806 | 3695 | 3620 | 3903 | 3436 | 15024 | 13972 |
|  Net premiums earned | 3820 | 3803 | 3542 | 3209 | 3434 | 14374 | 13400 |
|  Losses and loss expenses | 1696 | 1707 | 1789 | 1397 | 1686 | 6589 | 6414 |
|  Policy benefits | 109 | 119 | 129 | 113 | 96 | 470 | 408 |
|  Policy acquisition costs | 999 | 975 | 913 | 837 | 893 | 3724 | 3410 |
|  Administrative expenses | 368 | 368 | 369 | 330 | 332 | 1435 | 1351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 648 | 634 | 342 | 532 | 427 | 2156 | 1817 |
|  Adjusted net investment income | 292 | 288 | 278 | 281 | 300 | 1139 | 1136 |
|  Other income (expense) - operating | (31) | (8) | (5) | (6) |  | (50) | (14) |
|  Amortization expense of purchased intangibles | (20) | (20) | (19) | (19) | (20) | (78) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $889 | $894 | $596 | $788 | $707 | $3167 | $2858 |
|  CAY underwriting income ex Cats | $615 | $592 | $517 | $466 | $520 | $2190 | $1986 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 47.3% | 48.0% | 54.2% | 47.0% | 51.9% | 49.1% | 50.9% |
|  Policy acquisition cost ratio | 26.1% | 25.6% | 25.7% | 26.1% | 26.0% | 25.9% | 25.4% |
|  Administrative expense ratio | 9.6% | 9.7% | 10.4% | 10.3% | 9.7% | 10.0% | 10.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 83.0% | 83.3% | 90.3% | 83.4% | 87.6% | 85.0% | 86.4% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 48.4% | 49.1% | 49.3% | 49.1% | 49.2% | 49.0% | 49.7% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 35.6% | 35.3% | 36.1% | 36.4% | 35.7% | 35.8% | 35.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 84.0% | 84.4% | 85.4% | 85.5% | 84.9% | 84.8% | 85.2% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $(12) | $- | $(5) | $- | $- | $(17) | $- |
|  Catastrophe losses - pre-tax | $144 | $42 | $247 | $55 | $173 | $488 | $459 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(189) | $(84) | $(77) | $(121) | $(80) | $(471) | $(290) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 10.8% | 9.7% | 8.5% | 1.8% | 6.8% | 7.5% | 11.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 5.6% | 5.8% | 6.0% | 3.6% | 8.2% | 5.2% | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 18.7% | 15.5% | 12.2% | -1.1% | 4.7% | 11.0% | 13.3% |
|  Net premiums earned | 11.3% | 11.2% | 5.8% | 0.3% | 6.4% | 7.3% | 9.6% |
|  Net premiums written constant $ | 8.1% | 7.4% | 10.2% | 6.5% | 6.8% | 8.0% | 11.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Commercial | 3.3% | 3.9% | 6.8% | 7.3% | 7.4% | 5.3% | 9.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums written - Consumer | 15.4% | 12.6% | 15.3% | 5.0% | 6.0% | 12.0% | 15.0% |
|  Net premiums earned constant $ | 8.4% | 8.4% | 7.4% | 5.0% | 6.4% | 7.4% | 10.4% |
|  **Other ratios:** Net premiums written/gross premiums written | 83% | 82% | 79% | 80% | 82% | 81% | 80% |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Production by Region - Net premiums written** | **4Q-25** | **4Q-24** | **% Change** | **Constant $% Change** | **Full Year<br>2025** | **Full Year<br>2024** | **% Change** | **Constant $% Change** |
|  Europe, Middle East and Africa | $1616 | $1507 | 7.2% | 3.1% | $6491 | $6132 | 5.9% | 4.3% |
|  Latin America | 805 | 701 | 14.7% | 9.9% | 3059 | 2876 | 6.3% | 11.3% |
|  Asia | &nbsp;&nbsp;&nbsp;&nbsp;1361 | 1205 | 13.0% | 13.5% | 5337 | 4822 | 10.7% | 11.3% |
|  Other <sup>(1)</sup> | 24 | 23 | 8.3% | 6.4% | 137 | 142 | -3.4% | -3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $3806 | $3436 | 10.8% | 8.1% | $15024 | $13972 | 7.5% | 8.0% |

---

(1) Includes the international supplemental A&H run-off 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>**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year<br>2025** | **Full Year<br>2024** |
|  Gross premiums written | $236 | $332 | $466 | $453 | $246 | $1487 | $1567 |
|  Net premiums written | 217 | 304 | 380 | 408 | 224 | 1309 | 1346 |
|  Net premiums earned | 332 | 315 | 338 | 368 | 322 | 1353 | 1272 |
|  Losses and loss expenses | 127 | 139 | 132 | 242 | 219 | 640 | 711 |
|  Policy acquisition costs | 102 | 96 | 98 | 100 | 92 | 396 | 342 |
|  Administrative expenses | 8 | 9 | 10 | 10 | 10 | 37 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting income | 95 | 71 | 98 | 16 | 1 | 280 | 180 |
|  Adjusted net investment income | 99 | 100 | 85 | 70 | 74 | 354 | 253 |
|  Other income (expense) - operating |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $194 | $171 | $183 | $86 | $75 | $634 | $433 |
|  CAY underwriting income ex Cats | $87 | $77 | $89 | $91 | $76 | $344 | $298 |
|  **Combined ratio** |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | 38.5% | 43.8% | 39.0% | 65.8% | 68.1% | 47.3% | 55.9% |
|  Policy acquisition cost ratio | 30.9% | 30.5% | 29.1% | 27.1% | 28.7% | 29.3% | 26.9% |
|  Administrative expense ratio | 2.2% | 3.1% | 2.9% | 2.7% | 3.1% | 2.7% | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Combined ratio | 71.6% | 77.4% | 71.0% | 95.6% | 99.9% | 79.3% | 85.9% |
|  **CAY combined ratio ex Cats** |  |  |  |  |  |  |  |
|  CAY loss and loss expense ratio ex Cats | 41.4% | 42.0% | 41.5% | 43.2% | 43.7% | 42.1% | 46.2% |
|  CAY policy acquisition cost and administrative expense ratio ex Cats | 32.5% | 33.6% | 32.0% | 31.1% | 32.1% | 32.2% | 30.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CAY combined ratio ex Cats | 73.9% | 75.6% | 73.5% | 74.3% | 75.8% | 74.3% | 76.4% |
|  Catastrophe reinstatement premiums (expensed) collected - pre-tax | $1 | $- | $- | $13 | $10 | $14 | $14 |
|  Catastrophe losses - pre-tax | $1 | $6 | $6 | $88 | $90 | $101 | $157 |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $(8) | $- | $(15) | $- | $(5) | $(23) | $(25) |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written as reported | -3.9% | -13.5% | -7.6% | 13.7% | 19.9% | -2.8% | 32.2% |
|  Net premiums earned as reported | 3.2% | -0.5% | -0.3% | 24.8% | 32.6% | 6.4% | 32.2% |
|  Net premiums written constant $ | -4.2% | -13.8% | -7.8% | 14.0% | 19.6% | -3.0% | 32.2% |
|  Net premiums earned constant $ | 2.9% | -0.9% | -0.6% | 25.3% | 32.5% | 6.2% | 32.4% |
|  **Other ratios** |  |  |  |  |  |  |  |
|  Net premiums written/gross premiums written | 91% | 92% | 82% | 90% | 91% | 88% | 86% |

---

Global Reinsurance Page 13

------

**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year<br>2025** | **Full Year<br>2024** |
|  Gross premiums written | $1884 | $1995 | $1866 | $1778 | $1630 | $7523 | $6595 |
|  Net premiums written | 1825 | 1932 | 1802 | 1720 | 1561 | 7279 | 6326 |
|  Net premiums earned | 1814 | 1925 | 1789 | 1696 | 1564 | 7224 | 6273 |
|  Losses and loss expenses | 32 | 31 | 20 | 26 | 26 | 109 | 112 |
|  Adjusted policy benefits | 1246 | 1303 | 1249 | 1163 | 1011 | 4961 | 4101 |
|  Policy acquisition costs | 342 | 359 | 319 | 310 | 317 | 1330 | 1202 |
|  Administrative expenses | 222 | 213 | 199 | 202 | 242 | 836 | 880 |
|  Adjusted net investment income | 298 | 284 | 274 | 271 | 265 | 1127 | 1003 |
|  Other income (expense) - operating <sup>(1)</sup> | 62 | 31 | 37 | 35 | 48 | 165 | 159 |
|  Amortization expense of purchased intangibles | (10) | (10) | (8) | (10) | (11) | (38) | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Segment income | $322 | $324 | $305 | $291 | $270 | $1242 | $1098 |
|  **% Change versus prior year period** |  |  |  |  |  |  |  |
|  Net premiums written | 16.9% | 24.6% | 14.1% | 5.3% | 7.6% | 15.1% | 15.7% |
|  Net premiums earned | 15.9% | 25.8% | 14.2% | 5.3% | 9.0% | 15.1% | 16.2% |
|  Net premiums written constant $ | 18.3% | 23.5% | 17.3% | 10.3% | 8.5% | 17.3% | 18.5% |
|  Net premiums earned constant $ | 17.3% | 24.7% | 17.5% | 10.2% | 9.9% | 17.4% | 19.0% |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **4Q-24** | **% Change** | **Constant $% Change** | **Full Year<br>2025** | **Full Year<br>2024** | **% Change** | **Constant $% Change** |
|  International life insurance net premiums written | $1495 | $1287 | 16.2% | 17.8% | $6028 | $5251 | 14.8% | 17.4% |
|  International life insurance deposits <sup>(2)</sup> | 458 | 838 | -45.3% | -46.7% | 2227 | 2571 | -13.4% | -14.3% |
|  Total international life insurance net premiums written and deposits | $1953 | $2125 | -8.0% | -8.3% | $8255 | $7822 | 5.5% | 6.7% |
|  International life insurance segment income | $265 | $223 | 19.4% | 22.7% | $987 | $903 | 9.4% | 13.5% |

---

(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

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**Chubb Limited** 

**Segment Results - Consecutive Quarters** 

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

**(Unaudited)** 

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **Full Year <br>2025** | **Full Year <br>2024** |
|  Adjusted loss and loss expenses | $164 | $61 | $70 | $14 | $138 | $309 | $299 |
|  Administrative expenses | 148 | 113 | 106 | 105 | 122 | 472 | 432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Underwriting loss | (312) | (174) | (176) | (119) | (260) | (781) | (731) |
|  Adjusted net investment income | (18) | (17) | (25) | (25) | (17) | (85) | (89) |
|  Other income (expense) - operating | (14) | (3) | (12) | (8) | 11 | (37) | (46) |
|  Adjusted interest expense | (210) | (203) | (186) | (186) | (194) | (785) | (762) |
|  Amortization expense of purchased intangibles | (38) | (36) | (37) | (37) | (41) | (148) | (163) |
|  Integration expenses and severance | (76) | (1) | (2) |  | (18) | (79) | (39) |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 |
|  Adjusted net realized gains (losses) | 201 | 247 | 662 | (103) | 24 | 1007 | 445 |
|  Market risk benefits gains (losses) | (37) | (142) | (17) | (92) | 98 | (288) | (140) |
|  Income tax expense | (597) | (787) | (717) | (321) | (479) | (2422) | (1815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: NCI income (loss) | (37) | 306 | 31 | 12 | 65 | 312 | 368 |
|  Net loss | $(1060) | $(1417) | $(540) | $(900) | $(938) | $(3917) | $(3703) |
|  Unfavorable (favorable) prior period development (PPD) - pre-tax | $162 | $61 | $70 | $13 | $139 | $306 | $296 |

---

Corporate Page 15

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**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**<br>|
| **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; Losses and loss expenses incurred | 8827 | 1876 | 6951 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (6934) | (1190) | (5744) | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | 170 | 44 | 126 |  |
| **Balance at September 30, 2025** | $**88439** | $**18421** | $**70018** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses incurred | 8168 | 1887 | 6281 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Losses and loss expenses paid | (8555) | (1948) | (6607) | 105% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other (incl. foreign exch. revaluation) | (34) | (14) | (20) |  |
| **Balance at December 31, 2025** | $**88018** | $**18346** | $**69672** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Add net recoverable on paid losses |  | 1992 | (1992) |  |
| **Balance including net recoverable on paid losses** | $**88018** | $**20338** | $**67680** |  |

---

Loss Reserve Rollforward Page 16

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**Chubb Limited** 

**Reinsurance Recoverable Analysis** 

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

**(Unaudited)** 

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31<br>2025** | **September 30<br>2025** | **June 30<br>2025** | **March 31<br>2025** | **December 31<br>2024** |
| **Reinsurance recoverable on paid losses and loss expenses** |  |  |  |  |  |
|  Active operations | $1570 | $1411 | $1493 | $1533 | $1629 |
|  Brandywine and Other Run-off | 494 | 456 | 473 | 467 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $2064 | $1867 | $1966 | $2000 | $2111 |
| **Reinsurance recoverable on unpaid losses and loss expenses** |  |  |  |  |  |
|  Active operations | $17504 | $17566 | $16839 | $17180 | $16810 |
|  Brandywine and Other Run-off | 1091 | 1120 | 1113 | 1155 | 1166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $18595 | $18686 | $17952 | $18335 | $17976 |
| **Gross reinsurance recoverable** |  |  |  |  |  |
|  Active operations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19074 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18977 | $18332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18713 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18439 |
|  Brandywine and Other Run-off | 1585 | 1576 | 1586 | 1622 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $20659 | $20553 | $19918 | $20335 | $20087 |
| **Provision for uncollectible reinsurance <sup>(1)</sup>** |  |  |  |  |  |
|  Active operations | $(230) | $(233) | $(233) | $(228) | $(228) |
|  Brandywine and Other Run-off | (91) | (93) | (90) | (92) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $(321) | $(326) | $(323) | $(320) | $(310) |
| **Net reinsurance recoverable** |  |  |  |  |  |
|  Active operations | $18844 | $18744 | $18099 | $18485 | $18211 |
|  Brandywine and Other Run-off | 1494 | 1483 | 1496 | 1530 | 1566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $20338 | $20227 | $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 $3.8 billion.

Reinsurance Recoverable Page 17

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**Chubb Limited** 

**Investment Portfolio** 

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

**(Unaudited)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31** | **December 31** | **September 30** | **September 30** | **June 30** | **June 30** | **March 31** | **March 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2024** | **2024** |
|  **Market Value** |  |  |  |  |  |  |  |  |  |  |
|  Fixed maturities available for sale | $122680 |  | $121788 |  | $116119 |  | $111123 |  | $110363 |  |
|  Other investments-fixed maturities | 8091 |  | 7522 |  | 6441 |  | 6799 |  | 6265 |  |
|  Short-term investments | 4840 |  | 4380 |  | 4508 |  | 4432 |  | 5142 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $135611 |  | $133690 |  | $127068 |  | $122354 |  | $121770 |  |
|  **Asset Allocation by Market Value** |  |  |  |  |  |  |  |  |  |  |
|  U.S. and local government securities | $3714 | 3% | $3846 | 3% | $4033 | 3% | $4025 | 3% | $4070 | 3% |
|  Corporate and asset-backed securities | 47886 | 35% | 47451 | 35% | 45126 | 36% | 43280 | 36% | 43207 | 36% |
|  Mortgage-backed securities | 30724 | 23% | 30160 | 23% | 28497 | 22% | 27516 | 22% | 27248 | 22% |
|  Non-U.S. | 48447 | 35% | 47853 | 36% | 44904 | 35% | 43101 | 35% | 42103 | 35% |
|  Short-term investments | 4840 | 4% | 4380 | 3% | 4508 | 4% | 4432 | 4% | 5142 | 4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $135611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $133690 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100% | $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 | $13313 | 10% | $13471 | 11% | $13450 | 11% | $12902 | 11% | $13933 | 11% |
|  AA | 40720 | 30% | 40254 | 30% | 38363 | 30% | 37662 | 30% | 37640 | 30% |
|  A | 35184 | 26% | 33847 | 25% | 31633 | 25% | 30137 | 25% | 28882 | 24% |
|  BBB | 23584 | 17% | 23207 | 17% | 22452 | 18% | 21798 | 18% | 21610 | 18% |
|  BB | 12948 | 10% | 12748 | 10% | 11644 | 9% | 10705 | 9% | 10789 | 9% |
|  B | 9469 | 7% | 9762 | 7% | 9114 | 7% | 8669 | 7% | 8279 | 7% |
|  Other | 393 | 0% | 401 | 0% | 412 | 0% | 481 | 0% | 637 | 1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total fixed maturities | $135611 | 100% | $133690 | 100% | $127068 | 100% | $122354 | 100% | $121770 | 100% |
|  **Cost/Amortized Cost, net** |  |  |  |  |  |  |  |  |  |  |
|  Fixed maturities available for sale | $124674 |  | $123676 |  | $118876 |  | $114867 |  | $115013 |  |
|  Other investments-fixed maturities | 8091 |  | 7522 |  | 6441 |  | 6799 |  | 6265 |  |
|  Short-term investments | 4840 |  | 4381 |  | 4508 |  | 4434 |  | 5143 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subtotal fixed maturities <sup>(1)</sup> | 137605 |  | 135579 |  | 129825 |  | 126100 |  | 126421 |  |
|  Equity securities | 10801 |  | 10377 |  | 9913 |  | 9556 |  | 9151 |  |
|  Private debt held-for-investment <sup>(1)</sup> | 2411 |  | 2535 |  | 2429 |  | 2460 |  | 2628 |  |
|  Private equities and other | 19897 |  | 19394 |  | 18904 |  | 17931 |  | 17101 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | $170714 |  | $167885 |  | $161071 |  | $156047 |  | $155301 |  |
|  Avg. duration of fixed maturities <sup>(2)</sup> | 4.7 years |  | 4.8 years |  | 4.8 years |  | 4.8 years |  | 4.8 years |  |
|  Avg. market yield of fixed income investments <sup>(3)</sup> | 5.2% |  | 5.2% |  | 5.3% |  | 5.5% |  | 5.6% |  |
|  Avg. credit quality | A/A |  | A/A |  | A/A |  | A/A |  | A/A |  |
|  Avg. book yield of fixed income investments <sup>(3)</sup> | 5.1% |  | 5.1% |  | 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 December 31, 2025** |  |  |  |  |  |  |
|  Agency residential mortgage-backed securities (RMBS) | $16 | $&nbsp;&nbsp;&nbsp;&nbsp;27250 | $- | $- | $- | $27266 |
|  Non-agency RMBS | &nbsp;&nbsp;&nbsp;&nbsp;2079 | 198 | 165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | 2 | 2513 |
|  Commercial mortgage-backed securities | 774 | 112 | 51 | 6 | 2 | 945 |
|  **Total mortgage-backed securities at market value** | $2869 | $27560 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | $75 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;30724 |
|  **<u>U.S. Corporate and Asset-backed Fixed Income Portfolios</u>** |  |  |  |  |  |  |
| **Market Value at December 31, 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 |  | $3848 | $707 | $327 | $242 | $5124 |
|  Banks |  |  | 2 | 2582 | 2073 | 4657 |
|  Basic Materials |  |  |  | 88 | 222 | 310 |
|  Communications |  |  | 305 | 594 | 1365 | 2264 |
|  Consumer, Cyclical |  | 9 | 179 | 624 | 909 | 1721 |
|  Consumer, Non-Cyclical |  | 56 | 513 | 2883 | 1833 | 5285 |
|  Diversified Financial Services |  | 1 | 113 | 521 | 205 | 840 |
|  Energy |  |  | 117 | 495 | 1461 | 2073 |
|  Industrial |  |  | 9 | 764 | 1278 | 2051 |
|  Utilities |  | 284 | 11 | 1431 | 1363 | 3089 |
|  All Others |  | 104 | 415 | 1445 | 1904 | 3868 |
|  **Total** |  | $4302 | $2371 | $11754 | $12855 | $31282 |
| **Market Value at December 31, 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 |  |  | $10 | $140 | $1 | $151 |
|  Banks |  |  |  |  |  |  |
|  Basic Materials |  |  | 508 | 322 | 12 | 842 |
|  Communications |  |  | 841 | 887 | 44 | 1772 |
|  Consumer, Cyclical |  |  | 1586 | 1026 | 62 | 2674 |
|  Consumer, Non-Cyclical |  |  | 1837 | 1362 | 41 | 3240 |
|  Diversified Financial Services |  |  | 575 | 397 |  | 972 |
|  Energy |  |  | 907 | 465 | 1 | 1373 |
|  Industrial |  |  | 1271 | 848 | 32 | 2151 |
|  Utilities |  |  | 429 | 195 |  | 624 |
|  All Others |  |  | 993 | 1743 | 69 | 2805 |
|  **Total** |  |  | $8957 | $7385 | $262 | $16604 |

---

Investments 2 Page 19

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**Chubb Limited** 

**Investment Portfolio - 3** 

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

**(Unaudited)** 

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

**December 31, 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 | $- | $212 | $1740 | $- | $- | $1952 |
|  Republic of Korea |  | 1772 |  |  |  | 1772 |
|  Kingdom of Thailand |  |  | 1145 |  |  | 1145 |
|  Canada | 840 |  |  |  |  | 840 |
|  United Mexican States |  |  |  | 811 |  | 811 |
|  Taiwan |  | 776 |  |  |  | 776 |
|  Federative Republic of Brazil |  |  |  |  | 651 | 651 |
|  Commonwealth of Australia | 573 |  |  |  |  | 573 |
|  Province of Ontario |  | 559 |  |  |  | 559 |
|  Province of Hunan China |  |  | 556 |  |  | 556 |
|  Other Non-U.S. Government Securities | 653 | 2107 | 3193 | 1198 | 1426 | 8577 |
| **Total** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6634 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2009 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2077 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18212 |
| **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 | $- | $- | $8002 | $494 | $11 | $8507 |
|  United Kingdom | 18 | 38 | 1194 | 1037 | 504 | 2791 |
|  Canada | 264 | 50 | 1031 | 859 | 510 | 2714 |
|  France | 7 | 24 | 877 | 594 | 252 | 1754 |
|  United States <sup>(1)</sup> | 8 | 137 | 377 | 508 | 601 | 1631 |
|  South Korea |  | 437 | 398 | 564 | 1 | 1400 |
|  Australia | 52 | 299 | 475 | 439 | 52 | 1317 |
|  Japan |  |  | 800 | 190 | 91 | 1081 |
|  Germany | 104 | 104 | 119 | 317 | 66 | 710 |
|  Chile |  |  | 197 | 425 |  | 622 |
|  Other Non-U.S. Corporate Securities | 611 | 625 | 1834 | 2955 | 1683 | 7708 |
| **Total** | $1064 | $1714 | $15304 | $8382 | $3771 | $30235 |

---

(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>** 

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| | | | |
|:---|:---|:---|:---|
|  | **December 31, 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;786 | A- |
| 2 | Morgan Stanley | 745 | A- |
| 3 | JP Morgan Chase & Co | 698 | A |
| 4 | Goldman Sachs Group Inc | 569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BBB+ |
| 5 | Wells Fargo & Co | 564 | BBB+ |
| 6 | Citigroup Inc | 501 | BBB+ |
| 7 | Verizon Communications Inc | 429 | BBB+ |
| 8 | AT&T Inc | 372 | BBB |
| 9 | UBS Group AG | 370 | A- |
| 10 | Comcast Corp | 363 | A- |

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Investments 4 Page 21

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**Chubb Limited** 

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

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** | **Three months ended December 31, 2025** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** |
|  | **Gains** | **Tax** | **Gains** | **Gains** | **Tax** | **Gains** | **Gains** | **Tax** | **Gains** |
|  | **(Losses)** | **(Expense)** | **(Losses)** | **(Losses)** | **(Expense)** | **(Losses)** | **(Losses)** | **(Expense)** | **(Losses)** |
|  | **Pre-Tax** | **Benefit** | **After-Tax** | **Pre-Tax** | **Benefit** | **After-Tax** | **Pre-Tax** | **Benefit** | **After-Tax** |
|  Fixed income investments <sup>(1)</sup> | $(135) | $42 | $(93) | $(98) | $30 | $(68) | $(233) | $72 | $(161) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 101 | (23) | 78 |  |  |  | 101 | (23) | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | (59) | 12 | (47) |  |  |  | (59) | 12 | (47) |
|  Private equity: Mark-to-market | 348 | 70 | 418 |  |  |  | 348 | 70 | 418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 255 | 101 | 356 | (98) | 30 | (68) | 157 | 131 | 288 |
|  Foreign exchange | 46 | (11) | 35 | (280) | 6 | (274) | (234) | (5) | (239) |
|  Partially-owned entities <sup>(2)</sup> | 1 |  | 1 |  |  |  | 1 |  | 1 |
|  Current discount rate on future policy benefits |  |  |  | 180 | (31) | 149 | 180 | (31) | 149 |
|  Instrument-specific credit risk - market risk benefits |  |  |  | (4) |  | (4) | (4) |  | (4) |
|  Other | (60) | 17 | (43) | 176 | (38) | 138 | 116 | (21) | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $242 | $107 | $349 | $(26) | $(33) | $(59) | $216 | $74 | $290 |
| (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. | (1) The quarter includes pre-tax realized losses on investment derivatives of $83 million, a net increase of the valuation allowance of expected credit losses of $2 million, and impairments of $14 million. |
| (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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. | (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 December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 2024** | **Three months ended December 31, 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> | $(325) | $99 | $(226) | $(2549) | $39 | $(2510) | $(2874) | $138 | $(2736) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 18 | (3) | 15 |  |  |  | 18 | (3) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 2 | (14) | (12) |  |  |  | 2 | (14) | (12) |
|  Private equity: Mark-to-market | 304 | (15) | 289 |  |  |  | 304 | (15) | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | (1) | 67 | 66 | (2549) | 39 | (2510) | (2550) | 106 | (2444) |
|  Foreign exchange | (62) | 4 | (58) | (1093) | 20 | (1073) | (1155) | 24 | (1131) |
|  Partially-owned entities <sup>(4)</sup> | (3) |  | (3) |  |  |  | (3) |  | (3) |
|  Current discount rate on future policy benefits |  |  |  | (6) | (6) | (12) | (6) | (6) | (12) |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 5 | (1) | 4 | 5 | (1) | 4 |
|  Other | 36 |  | 36 | 274 | (57) | 217 | 310 | (57) | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $(30) | $71 | $41 | $(3369) | $(5) | $(3374) | $(3399) | $66 | $(3333) |

---

(3) The quarter includes pre-tax realized losses on investment derivatives of $195 million, a net decrease of the valuation allowance of expected credit losses of $6 million, and impairments of $13 million.

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

Net Gains (Losses) Page 22

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**Chubb Limited** 

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

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

**(Unaudited)** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** | **Year ended December 31, 2025** |
|  | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Realized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** | **Realized and Unrealized Gains (Losses)** |
|  | **Gains** | **Tax** | **Gains** | **Gains** | **Tax** | **Gains** | **Gains** | **Tax** | **Gains** |
|  | **(Losses)** | **(Expense)** | **(Losses)** | **(Losses)** | **(Expense)** | **(Losses)** | **(Losses)** | **(Expense)** | **(Losses)** |
|  | **Pre-Tax** | **Benefit** | **After-Tax** | **Pre-Tax** | **Benefit** | **After-Tax** | **Pre-Tax** | **Benefit** | **After-Tax** |
|  Fixed income investments <sup>(1)</sup> | $(275) | $105 | $(170) | $2677 | $(133) | $2544 | $2402 | $(28) | $2374 |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 171 | (43) | 128 |  |  |  | 171 | (43) | 128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 298 | (77) | 221 |  |  |  | 298 | (77) | 221 |
|  Private equity: Mark-to-market | 814 | 3 | 817 |  |  |  | 814 | 3 | 817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 1008 | (12) | 996 | 2677 | (133) | 2544 | 3685 | (145) | 3540 |
|  Foreign exchange | (223) | 53 | (170) | 914 | (20) | 894 | 691 | 33 | 724 |
|  Partially-owned entities <sup>(2)</sup> | 3 |  | 3 |  |  |  | 3 |  | 3 |
|  Current discount rate on future policy benefits |  |  |  | 210 | 16 | 226 | 210 | 16 | 226 |
|  Instrument-specific credit risk - market risk benefits |  |  |  | (8) | 1 | (7) | (8) | 1 | (7) |
|  Other | (71) | 19 | (52) | 49 | (13) | 36 | (22) | 6 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $717 | $60 | $777 | $3842 | $(149) | $3693 | $4559 | $(89) | $4470 |

---

(1) Full year includes pre-tax realized losses on investment derivatives of $37 million, a net decrease of the valuation allowance of expected credit losses of $20 million, and impairments of $48 million.

(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.

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 2024** | **Year ended December 31, 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> | $(538) | $140 | $(398) | $(265) | $(110) | $(375) | $(803) | $30 | $(773) |
|  Public equity: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized gains (losses) on sales | 26 | (3) | 23 |  |  |  | 26 | (3) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mark-to-market | 172 | (30) | 142 |  |  |  | 172 | (30) | 142 |
|  Private equity: Mark-to-market | 637 | (2) | 635 |  |  |  | 637 | (2) | 635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment portfolio | 297 | 105 | 402 | (265) | (110) | (375) | 32 | (5) | 27 |
|  Foreign exchange | (223) | 40 | (183) | (1119) | 39 | (1080) | (1342) | 79 | (1263) |
|  Partially-owned entities <sup>(4)</sup> | (1) |  | (1) |  |  |  | (1) |  | (1) |
|  Current discount rate on future policy benefits |  |  |  | (598) | 8 | (590) | (598) | 8 | (590) |
|  Instrument-specific credit risk - market risk benefits |  |  |  | 7 | (1) | 6 | 7 | (1) | 6 |
|  Other | 26 | 1 | 27 | 257 | (53) | 204 | 283 | (52) | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net gains (losses) | $99 | $146 | $245 | $(1718) | $(117) | $(1835) | $(1619) | $29 | $(1590) |

---

(3) Full year includes pre-tax realized losses on investment derivatives of $189 million, a net decrease of the valuation allowance of expected credit losses of $86 million, and impairments of $94 million.

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

Net Gains (Losses) 2 Page 23

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**Chubb Limited** 

**Debt and Capital** 

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

**(Unaudited)** 

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **December 31** | **September 30** | **June 30** | **March 31** | **December 31** | **December 31** |
|  | **2025** | **2025** | **2025** | **2025** | **2024** | **2023** |
| **Financial debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total short-term debt | $1499 | $1499 | $1499 | $- | $800 | $1460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total long-term debt | 15728 | 15727 | 13477 | 14508 | 14379 | 13035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total financial debt | $17227 | $17226 | $14976 | $14508 | $15179 | $14495 |
| **Hybrid debt:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total trust preferred securities | $309 | $309 | $309 | $309 | $309 | $308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total subordinated debt <sup>(1)</sup> | 113 | 112 | 111 | 110 | 110 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid debt | $422 | $421 | $420 | $419 | $419 | $308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total | $17649 | $17647 | $15396 | $14927 | $15598 | $14803 |
| **Capitalization:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb shareholders' equity | $73757 | $71855 | $69395 | $65726 | $64021 | $59507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 422 | 421 | 420 | 419 | 419 | 308 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 17227 | 17226 | 14976 | 14508 | 15179 | 14495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total capitalization | $91406 | $89502 | $84791 | $80653 | $79619 | $74310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Chubb unrealized gains<br>(losses) on investments,<br>net of deferred tax | (1997) | (1940) | (2772) | (3704) | (4552) | (4177) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total adjusted capitalization | $93403 | $91442 | $87563 | $84357 | $84171 | $78487 |
| **Leverage ratios (based on total adjusted capital)\* <sup>(1)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hybrid debt | 0.4% | 0.4% | 0.5% | 0.5% | 0.5% | 0.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial debt | 18.4% | 18.8% | 17.1% | 17.2% | 18.0% | 18.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total hybrid & financial debt | 18.8% | 19.2% | 17.6% | 17.7% | 18.5% | 18.9% |

---

\* Leverage ratios calculations have been redefined to exclude Chubb unrealized gains (losses) on investments, net of deferred tax, from total capitalization. Prior periods have been updated to reflect current definition for better comparability.

Note: As of December 31, 2025, there was $0.9 billion usage of credit facilities on total capacity of $4.1 billion.

(1) 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)** 

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended December 31** | **Three months ended December 31** | **Year ended December 31** | **Year ended December 31** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Numerator** |  |  |  |  |
|  Core operating income | $2982 | $2451 | $9954 | $9142 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax | 5 | 2 | 15 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (3) | (2) | (6) | (5) |
|  Integration expenses and severance, pre-tax | (75) | (18) | (78) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on integration expenses and severance | 17 | 3 | 17 | 7 |
|  Adjusted net realized gains (losses), pre-tax | 242 | (30) | 717 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | 107 | 71 | 60 | 146 |
|  Market risk benefits gains (losses), pre-tax | (37) | 98 | (288) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on market risk benefits gains (losses) | 5 |  | 43 |  |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (33) |  | (124) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $3210 | $2575 | $10310 | $9272 |
|  **Rollforward of Common Shares Outstanding** |  |  |  |  |
|  Shares - beginning of period | 394324438 | 403033421 | 400703663 | 405269637 |
|  Repurchase of shares | (3864750) | (2602601) | (11986574) | (7518565) |
|  Shares issued (canceled), excluding option exercises | 101548 | 113254 | 683260 | 778923 |
|  Issued for option exercises | 539991 | 159589 | 1700878 | 2173668 |
|  Shares - end of period | 391101227 | 400703663 | 391101227 | 400703663 |
|  **Denominator** |  |  |  |  |
|  Weighted average shares outstanding <sup>(1)</sup> | 392634142 | 402669754 | 397611884 | 404189749 |
|  Effect of other dilutive securities | 3894888 | 4195890 | 3901454 | 4296686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adj. wtd. avg. shares outstanding and assumed conversions | 396529030 | 406865644 | 401513338 | 408486435 |
|  **Basic earnings per share** |  |  |  |  |
|  Core operating income | $7.59 | $6.09 | $25.03 | $22.62 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | 0.01 |  | 0.02 | 0.01 |
|  Integration expenses and severance, net of tax | (0.15) | (0.04) | (0.15) | (0.08) |
|  Adjusted net realized gains (losses), net of tax | 0.89 | 0.10 | 1.96 | 0.61 |
|  Market risk benefits gains (losses), net of tax | (0.08) | 0.24 | (0.62) | (0.35) |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (0.08) |  | (0.31) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $8.18 | $6.39 | $25.93 | $22.94 |
|  **Diluted earnings per share** |  |  |  |  |
|  Core operating income | $7.52 | $6.02 | $24.79 | $22.38 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax | 0.01 |  | 0.02 | 0.01 |
|  Integration expenses and severance, net of tax | (0.15) | (0.04) | (0.15) | (0.08) |
|  Adjusted net realized gains (losses), net of tax | 0.88 | 0.11 | 1.94 | 0.60 |
|  Market risk benefits gains (losses), net of tax | (0.08) | 0.24 | (0.61) | (0.34) |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (0.08) |  | (0.31) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chubb net income | $8.10 | $6.33 | $25.68 | $22.70 |

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(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>**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **December 31<br>2025** | **September 30<br>2025** | **June 30**<br>**2025** | **March 31<br>2025** | **December 31<br>2024** |
|  Chubb shareholders' equity | $73757 | $71855 | $69395 | $65726 | $64021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Chubb goodwill and other intangible assets, net of tax | 24391 | 24485 | 24490 | 23940 | 23800 |
|  Numerator for tangible book value per share | $49366 | $47370 | $44905 | $41786 | $40221 |
|  Book value - % change over prior quarter | 2.6% | 3.5% | 5.6% | 2.7% | -2.6% |
|  Tangible book value - % change over prior quarter | 4.2% | 5.5% | 7.5% | 3.9% | -2.8% |
|  Denominator: shares outstanding | 391101227 | 394324438 | 398660788 | 400748485 | 400703663 |
|  Book value per common share | $188.59 | $182.22 | $174.07 | $164.01 | $159.77 |
|  Tangible book value per common share | $126.22 | $120.13 | $112.64 | $104.27 | $100.38 |
| **<u>Reconciliation of Book Value</u>** |  |  |  |  |  |
|  Chubb shareholders' equity, beginning of quarter | $71855 | $69395 | $65726 | $64021 | $65757 |
|  Core operating income | 2982 | 3003 | 2480 | 1489 | 2451 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt | 2 | 3 |  | 4 |  |
|  Integration expenses and severance | (58) | (1) | (2) |  | (15) |
|  Adjusted net realized gains (losses) <sup>(1)</sup> | 349 | (48) | 539 | (63) | 41 |
|  Market risk benefits gains (losses) | (32) | (120) | (15) | (78) | 98 |
|  Amortization of deferred tax asset (2025) and non-recurring<br>tax benefit (2024) from Bermuda law | (33) | (36) | (34) | (21) |  |
|  Net unrealized gains (losses) on investments | (68) | 832 | 932 | 848 | (2510) |
|  Repurchase of shares | (1094) | (1232) | (676) | (385) | (725) |
|  Dividend declared on common shares | (381) | (385) | (388) | (366) | (367) |
|  Cumulative translation gains (losses) | (274) | 62 | 766 | 340 | (1073) |
|  Postretirement benefit liability | 153 | (2) | (3) | (4) | 142 |
|  Current discount rate on future policy benefits | 149 | 284 | (101) | (106) | (12) |
|  Instrument-specific credit risk - market risk benefits | (4) | (7) | 1 | 3 | 4 |
|  Other <sup>(2)</sup> | 211 | 107 | 170 | 44 | 230 |
|  Chubb shareholders' equity, end of quarter | $73757 | $71855 | $69395 | $65726 | $64021 |

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

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

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

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

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

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

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

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

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

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

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

**Core operating income** relates only to Chubb income, which excludes noncontrolling interests. It excludes from Chubb net income the after-tax impact of adjusted net realized gains (losses) and other, which include items described in this paragraph, and market risk benefits gains (losses). We believe this presentation enhances the understanding of our results of operations by highlighting the underlying profitability of our insurance business. We exclude adjusted net realized gains (losses) and market risk benefits gains (losses) because the amount of these gains (losses) is heavily influenced by, and fluctuates in part according to, the availability of market opportunities. In addition, we exclude the amortization of fair value adjustments on purchased invested assets and long-term debt related to certain acquisitions due to the size and complexity of these acquisitions. We also exclude integration expenses, including legal and professional fees and all other costs directly related to acquisition integration activities, as well as severance expenses associated with transformation initiatives to enhance operational efficiency. The costs are not related to the ongoing activities of the individual segments and are therefore included in Corporate and excluded from our definition of segment income. We believe these integration expenses and severance are not indicative of our underlying profitability, and excluding these integration expenses and severance facilitates the comparison of our financial results to our historical operating results. Additionally, we exclude the 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 and severance, 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 and severance before tax, all attributable to Chubb, before tax. We believe the use of this measure is meaningful to show the tax on the underlying performance of our insurance business, by excluding the taxes on adjusted net realized gains (losses), market risk benefit gains (losses), amortization of the fair value adjustments related to purchased invested assets and long-term debt, integration expenses and severance, the 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.

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

Reconciliation Non-GAAP Page 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: |  |  |  | **Full Year** | **Full Year** |
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **2025** | **2024** |
|  Tax expense, as reported | $592 | $784 | $713 | $318 | $475 | $2407 | $1804 |
|  Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt | 3 | 1 | 3 | (1) | 2 | 6 | 5 |
|  Less: tax expense (benefit) on integration expenses and severance | (17) |  |  |  | (3) | (17) | (7) |
|  Less: tax expense (benefit) on adjusted net realized gains (losses) | (107) | (6) | 94 | (41) | (71) | (60) | (146) |
|  Less: tax expense (benefit) on market risk benefits gains (losses) | (5) | (22) | (2) | (14) |  | (43) |  |
|  Less: amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | 33 | 36 | 34 | 21 |  | 124 | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax expense, adjusted | $685 | $775 | $584 | $353 | $547 | $2397 | $2007 |
|  Income before tax, as reported | $3802 | $3585 | $3681 | $1649 | $3050 | $12717 | $11076 |
|  Less: amortization of fair value of acquired invested assets and debt | 5 | 4 | 3 | 3 | 2 | 15 | 7 |
|  Less: integration expenses and severance | (75) | (1) | (2) |  | (18) | (78) | (39) |
|  Less: adjusted realized gains (losses) | (39) | 29 | 93 | (84) | (246) | (1) | (413) |
|  Less: realized gains (losses) related to unconsolidated entities | 281 | (83) | 540 | (20) | 216 | 718 | 512 |
|  Less: market risk benefits gains (losses) | (37) | (142) | (17) | (92) | 98 | (288) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating income before tax | $3667 | $3778 | $3064 | $1842 | $2998 | $12351 | $11149 |
|  Effective tax rate | 15.5% | 21.9% | 19.4% | 19.3% | 15.6% | 18.9% | 16.3% |
|  Adjustment for tax impact of amortization of fair value of acquired invested assets and debt | -0.1% | 0.0% | -0.1% | 0.1% | -0.1% | 0.0% | 0.0% |
|  Adjustment for tax impact of integration expenses and severance | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
|  Adjustment for tax impact of adjusted net realized gains (losses) | 4.2% | -0.2% | 0.9% | 1.0% | 2.1% | 1.6% | 1.4% |
|  Adjustment for tax impact of market risk benefits gains (losses) | -0.1% | -0.2% | 0.0% | -0.2% | 0.6% | -0.1% | -0.2% |
|  Adjustment for amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | -0.9% | -1.0% | -1.1% | -1.1% | 0.0% | -1.0% | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Core operating effective tax rate | 18.7% | 20.5% | 19.1% | 19.1% | 18.2% | 19.4% | 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: |  |  |  |  | **Full Year** | **Full Year** |
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **2025** | **2024** |
|  Net income, as reported | $3210 | $2801 | $2968 | $1331 | $2575 | $10310 | $9272 |
|  Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax | 5 | 4 | 3 | 3 | 2 | 15 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on amortization adjustment | (3) | (1) | (3) | 1 | (2) | (6) | (5) |
|  Integration expenses and severance, pre-tax | (75) | (1) | (2) |  | (18) | (78) | (39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on integration expenses and severance | 17 |  |  |  | 3 | 17 | 7 |
|  Adjusted realized gains (losses), pre-tax | (39) | 29 | 93 | (84) | (246) | (1) | (413) |
|  Net realized gains (losses) related to unconsolidated entities, pre-tax <sup>(1)</sup> | 281 | (83) | 540 | (20) | 216 | 718 | 512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on adjusted net realized gains (losses) | 107 | 6 | (94) | 41 | 71 | 60 | 146 |
|  Market risk benefits gains (losses), pre-tax | (37) | (142) | (17) | (92) | 98 | (288) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax (expense) benefit on market risk benefits gains (losses) | 5 | 22 | 2 | 14 |  | 43 |  |
|  Amortization of deferred tax asset (2025) and non-recurring tax benefit (2024) from Bermuda law | (33) | (36) | (34) | (21) |  | (124) | 55 |
|  Core operating income | $2982 | $3003 | $2480 | $1489 | $2451 | $9954 | $9142 |
|  Catastrophe losses - after-tax | $292 | $226 | $510 | $1300 | $515 | $2328 | $1973 |
|  Unfavorable (favorable) prior period development (PPD) - after-tax | $(220) | $(238) | $(196) | $(204) | $(196) | $(858) | $(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: |  |  |  |  | **Full Year** | **Full Year** |
|  | **4Q-25** | **3Q-25** | **2Q-25** | **1Q-25** | **4Q-24** | **2025** | **2024** |
|  Net income, as reported | $3173 | $3107 | $2999 | $1343 | $2640 | $10622 | $9640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Income tax expense | (597) | (787) | (717) | (321) | (479) | (2422) | (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 | (77) | (75) | (74) | (75) | (82) | (301) | (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) | 516 | 43 | 655 | 83 | 397 | 1297 | 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 | (205) | (197) | (181) | (181) | (189) | (764) | (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 | 1688 | 1648 | 1568 | 1561 | 1563 | 6465 | 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) | (116) | 283 | 160 | (116) | (84) | 211 | 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) | (37) | (142) | (17) | (92) | 98 | (288) | (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 and severance | (76) | (1) | (2) |  | (18) | (79) | (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> | (128) | 69 | (26) | 44 | (141) | (41) | (227) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Realized gains (losses) on crop derivatives | (8) | (7) | (2) | 1 |  | (16) | (5) |
|  P&C underwriting income | $2197 | $2259 | $1631 | $441 | $1575 | $6528 | $5850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Catastrophe losses (including reinstatement premiums) - pre-tax | 365 | 285 | 630 | 1641 | 607 | 2921 | 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 | (268) | (361) | (249) | (255) | (213) | (1133) | (856) |
|  P&C CAY underwriting income ex Cats | $2294 | $2183 | $2012 | $1827 | $1969 | $8316 | $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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |<br>**4Q-25** |<br>**4Q-24** | **Full Year**<br>**2025** | **Full Year**<br>**2024** | |
|  Chubb net income | $3210 | $2575 | $10310 | $9272 |  |
|  Core operating income | $2982 | $2451 | $9954 | $9142 |  |
|  Equity - beginning of period, as reported | $71855 | $65757 | $64021 | $59507 |  |
|  Less: unrealized gains (losses) on investments, net of deferred tax | (1940) | (2042) | (4552) | (4177) |  |
|  Less: changes in current discount rate on FPB, net of deferred tax | (462) | (527) | (539) | 51 |  |
|  Less: changes in instrument-specific credit risk on MRB, net of deferred tax | (19) | (20) | (16) | (22) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted | $74276 | $68346 | $69128 | $63655 |  |
|  Less: Chubb goodwill and other intangible assets, net of tax | 24485 | 24376 | 23800 | 23853 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets | $49791 | $43970 | $45328 | $39802 |  |
|  Equity - end of period, as reported | $73757 | $64021 | $73757 | $64021 |  |
|  Less: unrealized gains (losses) on investments, net of deferred tax | (1997) | (4552) | (1997) | (4552) |  |
|  Less: changes in current discount rate on FPB, net of deferred tax | (344) | (539) | (344) | (539) |  |
|  Less: changes in instrument-specific credit risk on MRB, net of deferred tax | (23) | (16) | (23) | (16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted | $76121 | $69128 | $76121 | $69128 |  |
|  Less: Chubb goodwill and other intangible assets, net of tax | 24391 | 23800 | 24391 | 23800 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets | $51730 | $45328 | $51730 | $45328 |  |
|  Weighted average equity, as reported | $72806 | $64889 | $68889 | $61764 |  |
|  Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets | $50761 | $44649 | $48529 | $42565 |  |
|  Weighted average equity, as adjusted | $75199 | $68737 | $72625 | $66392 |  |
|  ROE | 17.6% | 15.9% | 15.0% | 15.0% |  |
|  Core operating ROTE | 23.5% | 22.0% | 20.5% | 21.5% |  |
|  Core operating ROE | 15.9% | 14.3% | 13.7% | 13.8% |  |
|  Private equities realized gains (losses), after-tax <sup>(1)</sup> | $418 | $289 | $817 | $635 |  |
|  Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) <sup>(1)</sup> | 2.2 pts | 1.7 pts | 1.1 pts | 1.0 pt |  |
| **<u>Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures</u>** |  |  |  |  |  |
|  | **December 31<br>2025** | **September 30<br>2025** | **December 31<br>2024** | **QTD% Change** | **Full Year% Change** |
|  Book value | $73757 | $71855 | $64021 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: AOCI | (4975) | (4892) | (8644) |  |  |
|  Book value excluding AOCI | 78732 | 76747 | 72665 |  |  |
|  Tangible book value | 49366 | 47370 | 40221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Tangible AOCI | (4181) | (4129) | (7292) |  |  |
|  Tangible book value excluding tangible AOCI | $53547 | $51499 | $47513 |  |  |
|  Denominator: shares outstanding | 391101227 | 394324438 | 400703663 |  |  |
|  Book value per share | $188.59 | $182.22 | $159.77 | 3.5% | 18.0% |
|  Tangible book value per share | $126.22 | $120.13 | $100.38 | 5.1% | 25.7% |
|  Book value per share excluding AOCI | $201.31 | $194.63 | $181.34 | 3.4% | 11.0% |
|  Tangible book value per share excluding tangible AOCI | $136.91 | $130.60 | $118.57 | 4.8% | 15.5% |

---

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

Reconciliation Non-GAAP 3 Page 29

------

**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).

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q4 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 |  | $2941 | $889 | $432 | $1805 | $127 | $164 | $6358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 8 |  |  |  | 8 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $2941 | $889 | $440 | $1805 | $127 | $164 | $6366 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (129) | (76) | (4) | (156) |  |  | (365) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  | (2) | (3) |  | (12) | 1 |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (127) | (73) | (4) | (144) | (1) |  | (349) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 175 |  | 58 | 189 | 8 | (162) | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 13 |  | (114) |  |  |  | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  |  |  | (17) |  | 1 |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  | 37 |  |  | 6 | 2 |  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 225 |  | (73) | 195 | 11 | (162) | 196 |
|  **CAY loss and loss expense ex Cats** | **B** | $3039 | $816 | $363 | $1856 | $137 | $2 | $6213 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $1104 | $421 | $3 | $1367 | $110 | $148 | $3153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  |  |  | 17 |  | (1) |  | 16 |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $1104 | $421 | $20 | $1367 | $109 | $148 | $3169 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $5136 | $1767 | $661 | $3820 | $332 |  | $11716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  | 2 | 3 |  | 12 | (1) |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 13 |  | (114) |  |  |  | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  | 37 |  |  | 6 | 2 |  | 45 |
|  **Net premiums earned excluding adjustments** | **F** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5188 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11676 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 57.2% | 50.4% | 66.5% | 47.3% | 38.5% |  | 54.3% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 21.6% | 23.7% | 0.5% | 35.7% | 33.1% |  | 26.9% |
|  P&C combined ratio |  | 78.8% | 74.1% | 67.0% | 83.0% | 71.6% |  | 81.2% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 58.6% | 46.2% | 66.2% | 48.4% | 41.4% |  | 53.2% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 21.3% | 23.7% | 3.8% | 35.6% | 32.5% |  | 27.2% |
|  CAY P&C combined ratio ex Cats |  | 79.9% | 69.9% | 70.0% | 84.0% | 73.9% |  | 80.4% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 81.1% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.1% |
|  P&C combined ratio |  |  |  |  |  |  |  | 81.2% |

---

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>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Full Year 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 |  | $12313 | $4517 | $2223 | $7059 | $640 | $309 | $27061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 16 |  |  |  | 16 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $12313 | $4517 | $2239 | $7059 | $640 | $309 | $27077 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (584) | (1721) | (24) | (505) | (87) |  | (2921) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  | (2) | (53) |  | (17) | 14 |  | (58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (582) | (1668) | (24) | (488) | (101) |  | (2863) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 421 | 403 | 121 | 471 | 23 | (306) | 1133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 86 |  | (114) |  |  |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | 3 |  | (20) |  | 1 |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  | 37 |  |  | 6 |  |  | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, gross of related adjustments - favorable (unfavorable) |  | 547 | 403 | (13) | 477 | 24 | (306) | 1132 |
|  **CAY loss and loss expense ex Cats** | **B** | $12278 | $3252 | $2202 | $7048 | $563 | $3 | $25346 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $4285 | $1673 | $163 | $5159 | $433 | $472 | $12185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | (3) |  | 20 |  | (1) |  | 16 |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $4282 | $1673 | $183 | $5159 | $432 | $472 | $12201 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $20381 | $6763 | $2919 | $14374 | $1353 |  | $45790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  | 2 | 53 |  | 17 | (14) |  | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 86 |  | (114) |  |  |  | (28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  | 37 |  |  | 6 |  |  | 43 |
|  **Net premiums earned excluding adjustments** | **F** | $20506 | $6816 | $2805 | $14397 | $1339 |  | $45863 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 60.4% | 66.8% | 76.7% | 49.1% | 47.3% |  | 59.1% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 21.0% | 24.7% | 5.6% | 35.9% | 32.0% |  | 26.6% |
|  P&C combined ratio |  | 81.4% | 91.5% | 82.3% | 85.0% | 79.3% |  | 85.7% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 59.9% | 47.7% | 78.5% | 49.0% | 42.1% |  | 55.3% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.9% | 24.6% | 6.5% | 35.8% | 32.2% |  | 26.6% |
|  CAY P&C combined ratio ex Cats |  | 80.8% | 72.3% | 85.0% | 84.8% | 74.3% |  | 81.9% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 85.7% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 85.7% |

---

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

Reconciliation Non-GAAP 5 Page 31

------

**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>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Q4 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 |  | $3097 | $930 | $385 | $1782 | $219 | $138 | $6551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  |  |  |  |  |  |
|  Adjusted losses and loss expenses/policy benefits | **A** | $3097 | $930 | $385 | $1782 | $219 | $138 | $6551 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (275) | (84) | 5 | (173) | (80) |  | (607) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  |  |  |  | 10 |  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (275) | (84) | 5 | (173) | (90) |  | (617) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 197 |  | 70 | 80 | 5 | (139) | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | (7) |  | 24 |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | (14) |  |  |  | 2 |  | (12) |
| &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) |  | 176 |  | 94 | 80 | 8 | (139) | 219 |
|  **CAY loss and loss expense ex Cats** | **B** | $2998 | $846 | $484 | $1689 | $137 | $(1) | $6153 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $1025 | $414 | $20 | $1225 | $102 | $122 | $2908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | 14 |  |  |  | (2) |  | 12 |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $1039 | $414 | $20 | $1225 | $100 | $122 | $2920 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $5118 | $1628 | $532 | $3434 | $322 |  | $11034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  |  |  |  | (10) |  | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | (7) |  | 24 |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | 1 |  | 1 |
|  **Net premiums earned excluding adjustments** | **F** | $5111 | $1628 | $556 | $3434 | $313 |  | $11042 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 60.5% | 57.1% | 72.2% | 51.9% | 68.1% |  | 59.4% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.1% | 25.5% | 3.9% | 35.7% | 31.8% |  | 26.3% |
|  P&C combined ratio |  | 80.6% | 82.6% | 76.1% | 87.6% | 99.9% |  | 85.7% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 58.6% | 51.9% | 86.8% | 49.2% | 43.7% |  | 55.7% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.4% | 25.5% | 3.7% | 35.7% | 32.1% |  | 26.5% |
|  CAY P&C combined ratio ex Cats |  | 79.0% | 77.4% | 90.5% | 84.9% | 75.8% |  | 82.2% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 85.7% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 85.7% |

---

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

Reconciliation Non-GAAP 6 Page 32

------

**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>** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Full Year 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 |  | $12737 | $3584 | $2165 | $6822 | $711 | $299 | $26318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realized (gains) losses on crop derivatives |  |  |  | 5 |  |  |  | 5 |
|  Adjusted losses and loss expenses/policy benefits | **A** | $12737 | $3584 | $2170 | $6822 | $711 | $299 | $26323 |
|  Catastrophe losses and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, net of related adjustments |  | (1103) | (622) | (60) | (459) | (143) |  | (2387) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums collected (expensed) on catastrophe losses |  |  |  |  |  | 14 |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catastrophe losses, gross of related adjustments |  | (1103) | (622) | (60) | (459) | (157) |  | (2401) |
|  PPD and related adjustments |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD, net of related adjustments - favorable (unfavorable) |  | 428 | 305 | 104 | 290 | 25 | (296) | 856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 70 |  | 63 |  |  |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - unfavorable (favorable) |  | (5) |  | 3 |  | 2 |  |  |
| &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) |  | 493 | 305 | 170 | 290 | 29 | (296) | 991 |
|  **CAY loss and loss expense ex Cats** | **B** | $12127 | $3267 | $2280 | $6653 | $583 | $3 | $24913 |
|  **Policy acquisition costs and administrative expenses** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Policy acquisition costs and administrative expenses | **C** | $4055 | $1590 | $181 | $4761 | $381 | $432 | $11400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense adjustments - favorable (unfavorable) |  | 5 |  | (3) |  | (2) |  |  |
|  **CAY policy acquisition costs and administrative expenses** | **D** | $4060 | $1590 | $178 | $4761 | $379 | $432 | $11400 |
|  **Denominator** |  |  |  |  |  |  |  |  |
|  **Net premiums earned** | **E** | $20008 | $6188 | $2705 | $13400 | $1272 |  | $43573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reinstatement premiums (collected) expensed on catastrophe losses |  |  |  |  |  | (14) |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums earned adjustments on PPD - unfavorable (favorable) |  | 70 |  | 63 |  |  |  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PPD reinstatement premiums - unfavorable (favorable) |  |  |  |  |  | 2 |  | 2 |
|  **Net premiums earned excluding adjustments** | **F** | $20078 | $6188 | $2768 | $13400 | $1260 |  | $43694 |
|  **P&C combined ratio** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio | **A/E** | 63.7% | 57.9% | 80.2% | 50.9% | 55.9% |  | 60.4% |
|  Policy acquisition cost and administrative expense ratio | **C/E** | 20.2% | 25.7% | 6.7% | 35.5% | 30.0% |  | 26.2% |
|  P&C combined ratio |  | 83.9% | 83.6% | 86.9% | 86.4% | 85.9% |  | 86.6% |
|  **CAY P&C combined ratio ex Cats** |  |  |  |  |  |  |  |  |
|  Loss and loss expense ratio, adjusted | **B/F** | 60.4% | 52.8% | 82.4% | 49.7% | 46.2% |  | 57.0% |
|  Policy acquisition cost and administrative expense ratio, adjusted | **D/F** | 20.2% | 25.7% | 6.4% | 35.5% | 30.2% |  | 26.1% |
|  CAY P&C combined ratio ex Cats |  | 80.6% | 78.5% | 88.8% | 85.2% | 76.4% |  | 83.1% |
|  **Combined ratio** |  |  |  |  |  |  |  |  |
|  Combined ratio |  |  |  |  |  |  |  | 86.6% |
|  Add: impact of gains and losses on crop derivatives |  |  |  |  |  |  |  | 0.0% |
|  P&C combined ratio |  |  |  |  |  |  |  | 86.6% |

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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, hybrid debt, and Chubb shareholders' equity.

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

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

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

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

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

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

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

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

**NM:** Not meaningful.

Glossary Page 34