Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 174 words changed in this paragraph; it is 36% similar to last year's version.
Regulators in countries where we have operations continue to work with the International Association of Insurance Supervisors (IAIS) to consider changes to insurance company supervision, including with respect to group supervision and solvency requirements. The IAIS has developed a Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), which is focused on the effective group-wide supervision of international active insurance groups (IAIGs), such as Chubb. The IAIS also implements the Holistic Framework for the assessment and mitigation of systemic risk. As part of ComFrame, in December 2024, the IAIS adopted an international capital standard (ICS) for such IAIGs and concluded that the Aggregation Method developed by the U.S. provides a basis for implementation of the ICS to produce comparable outcomes. Starting in 2027, the IAIS will initiate detailed jurisdictional assessments of ICS implementation. In addition, Chubb businesses across the European Union (EU) are subject to Solvency II, a capital and risk management regime, and our Bermuda businesses are subject to an equivalent of the EU's Solvency II regime. Also applicable to Chubb businesses are the requirements of the Swiss Financial Market Supervisory Authority (FINMA) whose regulations include Swiss Solvency Tests. There are also Risk Based Capital (RBC) requirements in the U.S., which are also subject to revision in response to global developments. The impact to Chubb of these developments remains uncertain.
Source: Item 1A, 10-K 0000896159-26-000005 vs Item 1A, 10-K 0000896159-25-000004
MD&A 138 words changed in this paragraph; it is 43% similar to last year's version.
Interest expense was $764 million, $741 million, and $672 million, and $570 million for the years ended December 31, 2025, 2024, and 2023, and 2022, respectively. Interest expense increased in 2024 2025 primarily due to newly issued debt, including the $1.0 billion 2025 issuances of 5.00 percent Chinese yuan renminbi term loans and bonds, and U.S. dollar senior notes issued on March 7, 2024, the $700 million of 4.65 percent senior notes issued on July 31, 2024, and the $600 million of 5.00 percent senior notes issued on July 31, 2024, notes. This increase was partially offset by the maturity of $700 $800 million senior notes in May 2024. The increase in interest expense also reflects the impact of higher March 2025, as well as lower interest rates on held collateral and funds. Pre-tax interest expense is expected to total $779 million for 2025, based on projected variable expenses and existing debt obligations as of December 31, 2024, at current foreign exchange rates. Interest expense in 2025 is expected to be higher primarily as a result of the debt issued throughout 2024. Refer to Note 13 to the Consolidated Financial Statements, under Item 8, for more information. funds held.
Source: Item 7, 10-K 0000896159-26-000005 vs Item 7, 10-K 0000896159-25-000004
Legal Proceedings 50 words changed in this paragraph; it is 56% similar to last year's version.
Chubb has executed repurchase agreements with certain counterparties under which Chubb agreed to sell securities and repurchase them at a future date for a predetermined price. Our repurchase agreement obligations are fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.
Source: Item 3, via Note 14 – Commitments, contingencies, and guarantees, 10-K 0000896159-26-000005 vs Item 3, via Note 14 – Commitments, contingencies, and guarantees, 10-K 0000896159-25-000004
