10-K 0000896159-26-000005 (2026-02-27) vs 10-K 0000896159-25-000004 (2025-02-27)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 10,632 |
13.7% |
| MD&A | Item 7 | 24,242 |
10.7% |
| Legal Proceedings | Item 3, via Note 14 – Commitments, contingencies, and guarantees | 2,827 |
9.7% |
| Accounting Policies | 10-K text (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
The amount of capital that our insurance subsidiaries have and must hold to maintain their financial strength and credit ratings and meet other requirements can vary significantly from time to time and is sensitive to a number of factors, some of which are outside of our control.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
Capital requirements for our insurance subsidiaries are prescribed by the applicable insurance regulators, while rating agencies establish requirements that inform ratings for our insurance subsidiaries. Projecting surplus and the related capital requirements is complex and requires making assumptions regarding how our business will perform within the broader macroeconomic environment. Insurance regulators and rating agencies evaluate company capital through financial models that calculate minimum capitalization requirements based on risk-based capital formulas for property and casualty insurance groups and their subsidiaries. In any particular year, capital levels and risk-based capital requirements may increase or decrease depending on a variety of factors including the mix of business written by our insurance subsidiaries and correlation or diversification in the business profile, the amount of additional capital our insurance subsidiaries must hold to support business growth, the value of securities in our investment portfolio, changes in interest rates and foreign currency exchange rates, as well as changes to the regulatory and rating agency models used to determine our required capital.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
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
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedRisk Factors
not anticipate or keep pace with these technological and other changes impacting the insurance industry, it could adversely affect our business results of operations and financial condition.
Read it in 10-K 2026-02-27 at sec.gov ↗
RemovedRisk Factors
We could be adversely affected by certain features of the Inflation Reduction Act.
Read it in 10-K 2025-02-27 at sec.gov ↗
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 ↗
RewordedRisk Factors
Although we have implemented The administrative and technical controls and protective actions we have taken protective actions (including conducting due diligence security reviews and negotiating agreements with third-party service providers), which are designed to reduce the risk of cyber incidents and to protect our information technology and assets, including conducting due diligence security reviews and negotiating agreements with third-party service providers, and we additionally endeavor to modify such procedures and agreements as circumstances warrant, such measures may be insufficient to prevent cybersecurity events, which may include unauthorized access, computer viruses, malware or other malicious code or cyber-attack, ransomware, phishing scams, or similar attempts to fraudulently induce our employees employees, third party vendors or others to take actions that compromise our information or information systems, business compromise attacks, catastrophic events, system failures and disruptions, employee errors, negligence or malfeasance, loss of assets or data and other events that could have security consequences.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Although we attempt to manage our exposure to such events through the use of underwriting controls, risk models, and the purchase of third-party reinsurance, catastrophic Catastrophic events are inherently unpredictable and the actual nature of such events, when they occur, could be more frequent or severe than contemplated in our pricing and risk management expectations.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Despite the contingency plans and facilities we have in place and our efforts to observe the regulatory requirements surrounding information security, our Our ability to conduct business may be adversely affected by a disruption of the infrastructure that supports our business in the communities in which we are located, or of outsourced services or functions.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
While we have put in place procedures to monitor the credit risk and liquidity of our invested assets, it It is possible that, that in periods of economic weakness (such as recession), we may experience credit or default losses in our portfolio, which could adversely affect our results of operations and financial condition.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
The laws Applicable statutes, regulations and regulations of the jurisdictions in which our insurance and reinsurance subsidiaries are domiciled policies require, among other things, maintenance of minimum levels of statutory capital, surplus, and liquidity, various solvency standards, and periodic examinations of subsidiaries' financial condition.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Although we take measures to manage the risks of investing in a changing interest rate environment, we We may not be able to effectively mitigate interest rate sensitivity.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Although our investment guidelines stress diversification of risks and conservation of principal and liquidity, our Our investments are subject to market risks and risks inherent in individual securities.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
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.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Chubb also receives requests for information from investors, customers and other stakeholders from time to time on various aspects of its policies and strategies relating to climate change.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
Both current and future foreign operations could be adversely affected by unfavorable geopolitical developments, including law changes; tax changes; changes in trade policies; changes to visa or immigration policies; regulatory restrictions; government leadership changes; political events and upheaval; sociopolitical instability; social, political or economic instability resulting from climate change; and nationalization of our operations without compensation.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
The new Bermuda income tax CIT will be a covered tax under the OECD’s global minimum tax regime discussed in our Risk Factor below titled “The Organization for Economic Cooperation and Development (OECD), European Union (EU), Swiss Federal Council, and other jurisdictions are considering, have considered, or have passed measures that might change have changed long standing tax principles that could increase our taxes.
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedRisk Factors
We seek to manage our loss exposure by maintaining a disciplined underwriting process throughout our insurance operations. operations, including the use of underwriting controls and risk models.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
We will be at a competitive disadvantage if, over time, if our competitors are more effective than us in their utilization of technology and evolving data analytics.
Read it in 10-K 2026-02-27 at sec.gov ↗
Quiet changesRisk Factors
To date, many the EU and many other countries have enacted the 15 percent global minimum tax.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
The combined ratio increased in 2025, reflecting the California wildfire catastrophe losses, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
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 underlying total capital position.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
(3) Leverage ratios calculations have been redefined to exclude Chubb unrealized gains (losses) on investments, net of deferred tax, from total capitalization. Prior year has been updated to reflect current definition for better comparability.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
Chubb INA Holdings LLC (Chubb INA) completed the following debt transactions in 2025:
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•April 2025: Entered into a CNH1.8 billion term loan (approximately $249 million at the time of issuance) at 2.85 percent, due April 2028.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•July 2025: Entered into a CNH2.1 billion term loan (approximately $299 million at the time of issuance) at 2.75 percent, due July 2028.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
•August 2025: Issued CNH4.5 billion bonds (approximately $627 million at the time of issuance) in 5-year, 10-year, and 30-year tranches, with interest rates ranging from 2.5 percent to 3.05 percent.
Read it in 10-K 2026-02-27 at sec.gov ↗
AddedMD&A
We have the ability to borrow a total of $2.0 billion in commercial paper, supported by the $3.0 billion in group syndicated credit facility. At December 31, 2025, there were no commercial paper borrowings outstanding.
Read it in 10-K 2026-02-27 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 ↗
RemovedMD&A
•Total pre-tax catastrophe losses were $2.39 billion compared with $1.83 billion in 2023.
Read it in 10-K 2025-02-27 at sec.gov ↗
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
•Property and other short-tail lines grew globally due to strong new business and retention, including rate increases.
Read it in 10-K 2025-02-27 at sec.gov ↗
RemovedMD&A
•Commercial casualty grew globally due to strong retention, including both rate and exposure increases, and strong new business.
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 ↗
RemovedMD&A
•Commercial multiple peril grew due to strong new business and retention, including higher rates and exposure, in North America.
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RewordedMD&A
The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:North North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Corporate Total P&C Reinsurance For the Year Ended December 31, 2024 2025 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 12,737 12,313 $ 3,584 4,517 $ 2,170 2,239 $ 6,822 7,059 $ 711 640 $ 299 309 $ 26,323 27,077 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (1,103) (622) (60) (459) (143) (584) (1,721) (24) (505) (87) — (2,387) (2,921) Reinstatement premiums collected (expensed) on catastrophe losses (2) (53) — — — — (17) 14 — 14 (58) Catastrophe losses, gross of related adjustments (1,103) (622) (60) (459) (157) (582) (1,668) (24) (488) (101) — (2,401) (2,863) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 428 305 104 290 25 (296) 856 421 403 121 471 23 (306) 1,133 Net premiums earned adjustments on PPD - unfavorable (favorable) 70 86 — 63 (114) — — — 133 (28) Expense adjustments - unfavorable (favorable) (5) — 3 — 2 (20) — 1 — (16) PPD reinstatement premiums - unfavorable (favorable) 37 — — 6 — — 2 — 2 43 PPD, gross of related adjustments - favorable (unfavorable) 493 305 170 290 29 (296) 991 547 403 (13) 477 24 (306) 1,132 CAY loss and loss expense ex CATs B $ 12,127 12,278 $ 3,267 3,252 $ 2,280 2,202 $ 6,653 7,048 $ 583 563 $ 3 $ 24,913 25,346 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 4,055 4,285 $ 1,590 1,673 $ 181 163 $ 4,761 5,159 $ 381 433 $ 432 472 $ 11,400 12,185 Expense adjustments - favorable (unfavorable) 5 — (3) — (2) 20 — (1) — 16 Policy acquisition costs and administrative expenses, adjusted D $ 4,060 4,282 $ 1,590 1,673 $ 178 183 $ 4,761 $ 379 5,159 $ 432 $ 11,400 472 $ 12,201 Denominator Net premiums earned E $ 20,008 20,381 $ 6,188 6,763 $ 2,705 2,919 $ 13,400 14,374 $ 1,272 1,353 $ 43,573 45,790 Reinstatement premiums (collected) expensed on catastrophe losses 2 53 — — — — 17 (14) (14) 58 Net premiums earned adjustments on PPD - unfavorable (favorable) 70 86 — 63 (114) — — 133 (28) PPD reinstatement premiums - unfavorable (favorable) 37 — — 6 — — 2 2 43 Net premiums earned excluding adjustments F $ 20,078 20,506 $ 6,188 6,816 $ 2,768 2,805 $ 13,400 14,397 $ 1,260 1,339 $ 43,694 45,863 P&C Combined ratio Loss and loss expense ratio A/E 63.7 60.4 % 57.9 66.8 % 80.2 76.7 % 50.9 49.1 % 55.9 47.3 % 60.4 59.1 % Policy acquisition cost and administrative expense ratio C/E 20.2 21.0 % 25.7 24.7 % 6.7 5.6 % 35.5 35.9 % 30.0 32.0 % 26.2 26.6 % P&C Combined ratio 83.9 81.4 % 83.6 91.5 % 86.9 82.3 % 86.4 85.0 % 85.9 79.3 % 86.6 85.7 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 60.4 59.9 % 52.8 47.7 % 82.4 78.5 % 49.7 49.0 % 46.2 42.1 % 57.0 55.3 % Policy acquisition cost and administrative expense ratio, adjusted D/F 20.2 20.9 % 25.7 24.6 % 6.4 6.5 % 35.5 35.8 % 30.2 32.2 % 26.1 26.6 % CAY P&C Combined ratio ex CATs 80.6 80.8 % 78.5 72.3 % 88.8 85.0 % 85.2 84.8 % 76.4 74.3 % 83.1 81.9 % Combined ratio Combined ratio 86.6 85.7 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 86.6 85.7 % Note:
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Corporate Total P&C Reinsurance For the Year Ended December 31, 2022 2024 (in millions of U.S. dollars except for ratios) Numerator Losses and loss expenses/policy benefits A $ 10,828 12,737 $ 3,186 3,584 $ 2,557 2,170 $ 5,252 6,822 $ 670 711 $ 363 299 $ 22,856 26,323 Catastrophe losses and related adjustments Catastrophe losses, net of related adjustments (961) (631) (64) (365) (161) (1,103) (622) (60) (459) (143) — (2,182) (2,387) Reinstatement premiums collected (expensed) on catastrophe losses (1) (2) — (3) 55 — 49 — — 14 — 14 Catastrophe losses, gross of related adjustments (960) (629) (64) (362) (216) (1,103) (622) (60) (459) (157) — (2,231) (2,401) PPD and related adjustments PPD, net of related adjustments - favorable (unfavorable) 562 186 61 448 (22) (359) 876 428 305 104 290 25 (296) 856 Net premiums earned adjustments on PPD - unfavorable (favorable) 88 70 — 168 63 — — — 256 133 Expense adjustments - unfavorable (favorable) 24 (5) — (2) 3 — 1 2 — 23 — PPD reinstatement premiums - unfavorable (favorable) — — — — (2) 2 — (2) 2 PPD, gross of related adjustments - favorable (unfavorable) 674 186 227 448 (23) (359) 1,153 493 305 170 290 29 (296) 991 CAY loss and loss expense ex CATs B $ 10,542 12,127 $ 2,743 3,267 $ 2,720 2,280 $ 5,338 6,653 $ 431 583 $ 4 3 $ 21,778 24,913 Policy acquisition costs and administrative expenses Policy acquisition costs and administrative expenses C $ 3,426 4,055 $ 1,348 1,590 $ 116 181 $ 3,888 4,761 $ 276 381 $ 385 432 $ 9,439 11,400 Expense adjustments - favorable (unfavorable) (24) 5 — 2 (3) — (1) (2) — (23) — Policy acquisition costs and administrative expenses, adjusted D $ 3,402 4,060 $ 1,348 1,590 $ 118 178 $ 3,888 4,761 $ 275 379 $ 385 432 $ 9,416 11,400 Denominator Net premiums earned E $ 17,107 20,008 $ 5,180 6,188 $ 2,838 2,705 $ 10,803 13,400 $ 922 1,272 $ 36,850 43,573 Reinstatement premiums (collected) expensed on catastrophe losses 1 2 — 3 (55) (49) — — — (14) (14) Net premiums earned adjustments on PPD - unfavorable (favorable) 88 70 — 168 63 — — 256 133 PPD reinstatement premiums - unfavorable (favorable) — — — — (2) (2) 2 2 Net premiums earned excluding adjustments F $ 17,196 20,078 $ 5,182 6,188 $ 3,006 2,768 $ 10,806 13,400 $ 865 1,260 $ 37,055 43,694 P&C Combined ratio Loss and loss expense ratio A/E 63.3 63.7 % 61.5 57.9 % 90.1 80.2 % 48.6 50.9 % 72.6 55.9 % 62.0 60.4 % Policy acquisition cost and administrative expense ratio C/E 20.0 20.2 % 26.0 25.7 % 4.1 6.7 % 36.0 35.5 % 30.0 % 25.6 26.2 % P&C Combined ratio 83.3 83.9 % 87.5 83.6 % 94.2 86.9 % 84.6 86.4 % 102.6 85.9 % 87.6 86.6 % CAY P&C Combined ratio ex CATs Loss and loss expense ratio, adjusted B/F 61.3 60.4 % 52.9 52.8 % 90.5 % 49.4 82.4 % 49.7 % 58.8 46.2 % 57.0 % Policy acquisition cost and administrative expense ratio, adjusted D/F 19.8 20.2 % 26.0 25.7 % 3.9 6.4 % 36.0 35.5 % 31.8 30.2 % 25.4 26.1 % CAY P&C Combined ratio ex CATs 81.1 80.6 % 78.9 78.5 % 94.4 88.8 % 85.4 85.2 % 81.5 76.4 % 84.2 83.1 % Combined ratio Combined ratio 87.6 86.6 % Add: impact of gains and losses on crop derivatives — P&C Combined ratio 87.6 86.6 %
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
We previously included The Life Insurance segment comprises our share international life operations including the life and asset management business of Huatai results based on our equity method investment within Other (income) expense.% Group, Chubb Tempest Life Re (Chubb Life Re), and the supplemental accident, health, disability, and life business of Chubb Benefits. % Change (in millions of U.S. dollars, except for percentages) 2025 2024 2023 2022 2025 vs. 2024 2024 vs. 2023 2023 vs. 2022 Net premiums written $ 7,279 $ 6,326 $ 5,465 $ 3,608 15.1% 15.7% 51.5% Net premiums written - constant dollars 17.3% 18.5% 50.9% Net premiums earned 7,224 6,273 5,398 3,510 15.1% 16.2% 53.8% Losses and loss expenses 109 112 114 85 (2.7)% (1.8)% 34.1% Policy benefits 4,961 4,101 3,216 1,998 21.0% 27.5% 60.9% Policy acquisition costs 1,330 1,202 1,089 785 10.7% 10.3% 38.8% Administrative expenses 836 880 771 510 (5.1)% 14.3% 51.0% Net investment income 1,127 1,003 756 509 12.4% 32.7% 48.5% Other (income) expense (165) (159) (115) (30) 3.8% 39.7% NM Amortization of purchased intangibles 38 42 30 10 (10.4)% 40.5% NM Segment income $ 1,242 $ 1,098 $ 1,049 $ 661 13.1% 4.6% 58.8% Segment income - constant dollars 16.7% 7.3% 58.4%
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RewordedMD&A
The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.% Change (in millions of U.S. dollars, except for percentages) 2025 2024 2023 2022 2025 vs. 2024 2024 vs. 2023 2023 vs. 2022 Net premiums written $ 7,024 $ 6,532 $ 5,878 $ 5,313 7.5 % 11.1 % 10.6 % Net premiums earned 6,763 6,188 5,536 5,180 9.3 % 11.8 % 6.9 % Losses and loss expenses 4,517 3,584 3,511 3,186 26.0 % 2.1 % 10.2 % Policy acquisition costs 1,337 1,239 1,128 1,057 7.8 % 9.9 % Administrative expenses 336 351 329 (4.2) % 6.7 % Administrative expenses 351 329 291 6.7 % 12.9 % Underwriting income 573 1,014 568 646 (43.4) % 78.5 % (12.2) % Net investment income 486 433 358 283 12.2 % 20.9 % 27.0 % Other (income) expense 3 1 3 4 158.6 % (59.3) % (35.2) % Amortization of purchased intangibles 8 9 9 10 (5.4) % — (5.3) % Segment income $ 1,048 $ 1,437 $ 914 $ 915 (27.0) % 57.2 % (0.1) % Combined ratio:
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RewordedMD&A
Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.% Change (in millions of U.S. dollars, except for percentages) 2025 2024 2023 2022 2025 vs. 2024 2024 vs. 2023 2023 vs. 2022 Net premiums written $ 1,309 $ 1,346 $ 1,018 $ 943 (2.8) % 32.2 % 8.0 % Net premiums written - constant dollars (3.0) % 32.2 % 8.2 % Net premiums earned 1,353 1,272 962 922 6.4 % 32.2 % 4.3 % Losses and loss expenses 640 711 426 670 (10.0) % 66.9 % (36.4) % Policy acquisition costs 396 342 264 240 15.8 % 29.7 % 9.9 % Administrative expenses 37 39 37 36 (6.3) % 7.5 % 1.6 % Underwriting income (loss) 280 180 235 (24) 56.2 % (24.0) % NM Net investment income 354 253 208 281 39.8 % 22.1 % (26.0) % Other (income) expense — — (2) 1 NM — NM Segment income $ 634 $ 433 $ 445 $ 256 46.5 % (2.8) % 74.0 % Combined ratio:
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RewordedMD&A
Chubb Limited Chubb INA Holdings LLC (Parent Guarantor) (Subsidiary Issuer) December 31 December 31 December 31 December 31 (in millions of U.S. dollars) 2025 2024 2023 2025 2024 2023 Assets Investments $ — $ — $ 535 $ 436 $ 103 Cash 313 383 77 584 1,002 3 Due from parent guarantor/subsidiary issuer 733 396 441 — — Due from subsidiaries that are not issuers or guarantors 470 464 539 662 592 571 Other assets 379 13 12 3,575 3,062 2,785 Total assets $ 1,895 $ 1,256 $ 1,069 5,356 $ 5,092 $ 3,462 Liabilities Due to parent guarantor/subsidiary issuer $ — $ — $ 733 $ 396 $ 441 Due to subsidiaries that are not issuers or guarantors 339 231 263 120 105 593 Affiliated notional cash pooling programs — 277 594 — 455 — Short-term debt — — 1,499 800 1,460 Long-term debt — — 15,728 14,379 13,035 Hybrid debt — — 309 308 309 Other liabilities 647 868 657 1,809 1,577 1,496 Total liabilities 986 1,376 1,514 20,198 17,566 17,788 Total equity 909 (120) (445) (14,842) (12,474) (14,326) Total liabilities and equity $ 1,895 $ 1,256 $ 1,069 5,356 $ 5,092 $ 3,462
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
Liability for Future Policy Benefits Life Insurance (in millions of U.S. dollars) Term Life Whole Life A&H Other Total Discount rate +100 basis points (increase)/decrease in OCI $ (33) (39) $ (2,030) (2,336) $ (345) (322) $ (82) (152) $ (2,490) (2,849) - 100 basis points (increase)/decrease in OCI 33 2,030 345 82 2,490 39 2,336 322 152 2,849 Mortality +10% (increase)/decrease in net income 23 46 29 60 (1) — — 69 88 - 10% (increase)/decrease in net income (22) (49) (26) (64) 1 — (70) (89) Morbidity +10% (increase)/decrease in net income 3 28 261 43 304 — 292 350 - 10% (increase)/decrease in net income (3) (29) (255) (43) (287) — (287) (333) Persistency +10% (increase)/decrease in net income (7) (16) (21) (2) (46) (7) (27) (1) (42) - 10% (increase)/decrease in net income 7 17 21 6 6 27 2 47 41
Read it in 10-K 2026-02-27 at sec.gov ↗
RewordedMD&A
(in millions of U.S. dollars) Fair Value Amortized Cost, Net People's Republic of China $ 1,899 1,952 $ 1,832 1,987 Republic of Korea 1,844 1,717 Canada 843 863 Taiwan 782 781 1,772 1,779 Kingdom of Thailand 718 652 1,145 1,016 Canada 840 860 United Mexican States 628 655 Commonwealth of Australia 547 623 Province of Ontario 519 529 811 811 Taiwan 776 755 Federative Republic of Brazil 495 518 United Kingdom 434 467 651 662 Commonwealth of Australia 573 660 Province of Ontario 559 563 Province of Hunan China 556 550 Other Non-U.S.
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RewordedMD&A
Loss and loss expense ratio 66.8 % 57.9 % 63.4 % 61.5 % 8.9 pts (5.5) pts 1.9 pts Policy acquisition cost ratio 19.7 % 20.0 % 20.4 % 20.4 % (0.3) pts (0.4) pts — pts Administrative expense ratio 5.0 % 5.7 % 5.9 % 5.6 % (0.7) pts (0.2) pts 0.3 pts Combined ratio 91.5 % 83.6 % 89.7 % 87.5 % 7.9 pts (6.1) pts 2.2 pts Catastrophe losses (25.2) % (10.0) % (12.1) % (12.2) % (15.2) pts 2.1 pts 0.1 pts Prior period development 6.0 % 4.9 % 2.5 % 3.6 % 1.1 pts 2.4 pts (1.1) pts CAY combined ratio excluding catastrophe losses 72.3 % 78.5 % 80.1 % 78.9 % (6.2) pts (1.6) pts 1.2 pts
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RewordedMD&A
Loss and loss expense ratio 47.3 % 55.9 % 44.3 % 72.6 % (8.6) pts 11.6 pts (28.3) pts Policy acquisition cost ratio 29.3 % 26.9 % 27.4 % 26.1 % 2.4 pts (0.5) pts 1.3 pts Administrative expense ratio 2.7 % 3.1 % 3.8 % 3.9 % (0.4) pts (0.7) pts (0.1) pts Combined ratio 79.3 % 85.9 % 75.5 % 102.6 % (6.6) pts 10.4 pts (27.1) pts Catastrophe losses (6.7) % (11.5) % (0.7) % (18.5) % 4.8 pts (10.8) pts 17.8 pts Prior period development 1.7 % 2.0 % 3.1 % (2.6) % (0.3) pts (1.1) pts 5.7 pts CAY combined ratio excluding catastrophe losses 74.3 % 76.4 % 77.9 % 81.5 % (2.1) pts (1.5) pts (3.6) pts
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RewordedMD&A
(in millions of U.S. dollars, except for percentages) December 31, 2024 2025 December 31, 2023 2024 Short-term debt $ 1,499 $ 800 $ 1,460 Long-term debt 15,728 14,379 13,035 Total financial debt 17,227 15,179 14,495 Trust preferred securities 309 308 309 Subordinated debt (1) 113 110 — Total hybrid debt 422 419 308 Total Chubb shareholders’ equity 73,757 64,021 59,507 Total capitalization $ 91,406 $ 79,619 $ 74,310 Ratio of financial debt to total capitalization (2) 19.1 % 19.5 % Ratio of financial debt and hybrid debt to total capitalization (2) 19.6 % 19.9 % Less:
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RewordedMD&A
(in millions of U.S. dollars) Fair Value Bank of America Corp $ 798 786 Morgan Stanley 683 745 JPMorgan Chase & Co 651 698 Goldman Sachs Group Inc 569 Wells Fargo & Co 540 Goldman Sachs Group Inc 536 564 Citigroup Inc 523 AT&T Inc 416 501 Verizon Communications Inc 388 429 AT&T Inc 372 UBS Group AG 383 HSBC Holdings PLC 354 370 Comcast Corp 363
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