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CBChubb Limited

Financials · Property & Casualty Insurance · NYSE
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The 10-K against last year's

164 changes: 14 added, 43 removed, 105 reworded, 2 quiet changes

10-K Feb 27, 2026 vs Feb 27, 2025
Risk FactorsRedline ↓
13.7%
of the text changed · 10,632 words now
MD&ARedline ↓
10.7%
of the text changed · 24,242 words now
Legal ProceedingsRedline ↓
9.7%
of the text changed · 2,827 words now

10-K 0000896159-26-000005 (2026-02-27) vs 10-K 0000896159-25-000004 (2025-02-27) Not compared: Accounting Policies.

The redline

The paragraph that changed most in each section

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

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of CB's Risk Factors and MD&A, 10-K 2026-02-27 against 10-K 2025-02-27. Each links to the text at sec.gov.

All 164 Added 14Removed 43Reworded 105Quiet changes 2
RemovedRisk Factors
On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) of 2022 (H.R. 5376). Key tax provisions included in the Inflation Reduction Act include a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion, and a 1 percent excise tax on repurchases of corporate stock. The CAMT and the excise tax on share repurchases are effective for tax years beginning after December 31, 2022. Since enactment, the IRS and U.S. Treasury Department have issued final and proposed regulations and notices, interpreting and implementing the new provisions. Guidance on rules implementing the Inflation Reduction Act is not yet final in some areas; there are many uncertainties relating to its ultimate application and effects on our company.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedRisk Factors
On January 20, 2025, President Trump issued a memorandum announcing that the OECD framework has “no force or effect in the United States” and disavowing any commitments previously made by the United States with respect to the framework. The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are “extraterritorial or disproportionately affect American companies.” The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States’ response to these rules could cause uncertainties to and increases in our income taxes.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedRisk Factors
Several multilateral organizations, including the EU and the OECD have, in recent years, expressed concern about some countries not participating in adequate tax information exchange arrangements and have threatened those that do not agree to cooperate with punitive sanctions by member countries. It is still unclear what all these sanctions might be, which countries might adopt them, and when or if they might be imposed. We cannot provide assurance that the Tax Information Exchange Agreements (TIEAs) that have been entered into by Switzerland and Bermuda will be sufficient to preclude the sanctions described above, which, if ultimately adopted, could adversely affect us.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
We have grown our business through increased premium volume, expansion of product offerings and geographic reach, and acquisitions of other companies. Refer to Note 2 to the Consolidated Financial Statements for our most recent acquisitions.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility. Our long-term business strategy focuses on sustained growth in book value achieved through a combination of underwriting and investment income. By doing so, we provide value to our clients and shareholders through use of our substantial capital base in the insurance and reinsurance markets.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
We are organized along a profit center structure by line of business and territory that does not necessarily correspond to corporate legal entities. Profit centers can access various legal entities subject to licensing and other regulatory rules. Profit centers are expected to generate P&C underwriting income, life segment income, and appropriate risk-adjusted returns. Our corporate structure has facilitated the development of management talent by giving each profit center's senior management team the necessary autonomy within underwriting authorities to make operating decisions and create products and coverages needed by its target customer base. We are focused on delivering P&C underwriting profit and life segment income by only writing policies which we believe adequately compensate us for the risk we accept.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
We generate gross revenues from three principal sources: P&C income, Life income, and investment income. Cash flow is generated from premiums collected and investment income received less paid losses and loss expenses, policy acquisition costs, and administrative expenses. Invested assets are substantially held in liquid, investment grade fixed income securities of relatively short duration. Claims payments in any short-term period are highly unpredictable due to the random nature of loss events and the timing of claims awards or settlements. The value of investments held to pay future claims is subject to market forces such as the level of interest rates, stock market volatility, and credit events such as corporate defaults. The actual cost of claims is also volatile based on loss trends, inflation rates, court awards, and catastrophes. We believe that our cash balance, our highly liquid investments, credit facilities, and reinsurance protection provide sufficient liquidity to meet unforeseen claim demands that might occur in the year ahead. Refer to “Liquidity” and “Capital Resources” for additional information.

Read it in 10-K 2025-02-27 at sec.gov ↗

Show the other 8
RemovedMD&A
2024 was a simply outstanding year, as our results, top and bottom line, continue to demonstrate the broad and diversified nature of our company and the consistency of contributions from our businesses around the world: North America, Asia, Europe, Latin America, both commercial and consumer. As we look forward to 2025, we have good momentum and are optimistic about the year ahead.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
The recent California wildfire disaster, which is a first quarter 2025 event, has an estimated net pre-tax cost of $1.5 billion and highlights our commitment to supporting our policyholders in times of need. Despite this, we expect continued strong performance across all business segments. Global P&C market conditions remain favorable, with significant growth opportunities across our operations, including commercial and consumer lines. We anticipate robust growth in operating earnings and earnings per share, driven by our key sources of income: P&C underwriting, investment income, and life insurance.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
While we acknowledge the challenges posed by natural disasters, we are well-positioned to continue delivering outstanding results in 2025. Our resilient business model and unwavering support for our policyholders will guide us as we move forward in the year ahead.

Read it in 10-K 2025-02-27 at sec.gov ↗

RemovedMD&A
•Financial lines declined due to lower renewal retention, including lower rates, due to a competitive market environment where pricing does not provide an adequate return.

Read it in 10-K 2025-02-27 at sec.gov ↗

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