Form 8-K

8-K — Chubb Ltd

Accession: 0001193125-26-166937

Filed: 2026-04-21

Period: 2026-04-21

CIK: 0000896159

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — d145408d8k.htm (Primary)

EX-99.1 (d145408dex991.htm)

EX-99.2 (d145408dex992.htm)

GRAPHIC (g145408dsp5.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: d145408d8k.htm · Sequence: 1

8-K

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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) - April 21, 2026

Chubb Limited

(Exact name of registrant as specified in its charter)

Switzerland

1-11778

98-0091805

(State or other jurisdiction of

Incorporation)

(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:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Shares, par value CHF 0.50 per share

CB

New York Stock Exchange

Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027

CB/27

New York Stock Exchange

Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028

CB/28

New York Stock Exchange

Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029

CB/29A

New York Stock Exchange

Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031

CB/31

New York Stock Exchange

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 April 21, 2026, Chubb Limited issued a Press Release reporting its first quarter 2026 results and the availability of its first quarter 2026 Financial Supplement. The Press Release and the Financial Supplement are attached hereto as Exhibit 99.1 and Exhibit 99.2, respectively, and are 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

Number

Description

99.1

Press Release, Dated April 21, 2026, Reporting First Quarter 2026 Results

99.2

First Quarter 2026 Financial Supplement

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

By:

/s/ Peter Enns

Peter Enns

Executive Vice President and Chief Financial Officer

DATE: April 21, 2026

EX-99.1

EX-99.1

Filename: d145408dex991.htm · Sequence: 2

EX-99.1

Exhibit 99.1

Chubb Limited

Bärengasse 32

CH-8001 Zurich

Switzerland

www.chubb.com

@Chubb

News Release

Chubb Reports First Quarter Per Share Net Income and Core

Operating Income of $5.88 and $6.82, Respectively, Up 78.8% and

85.2%; Consolidated Net Premiums Written of $14.0 Billion, Up

10.7%, with P&C and Life Insurance Up 7.2% and 33.1%; P&C

Combined Ratio of 84.0%

●

Net income and core operating income were $2.32 billion and $2.69 billion, respectively, up 74.3% and

80.6%.

●

P&C net premiums written were $11.72 billion, up 7.2%, with consumer insurance up 14.2% and commercial

insurance up 4.6%.

●

North America was up 4.1%, including growth of 8.3% in personal insurance and 2.8% in commercial insurance, or

7.7% excluding large account property, both admitted and E&S.

●

Overseas General was up 14.4%, including growth of 20.5% in consumer insurance and 10.8% in commercial insurance;

Latin America, Europe and Asia were up 17.8%, 15.8% and 12.1%, respectively. On a constant dollars basis, Overseas General was up 6.1%, with consumer insurance up 11.1% and commercial insurance up 3.1%.

●

P&C underwriting income was $1.79 billion, up 306.3%, with a combined ratio of 84.0%. P&C current

accident year underwriting income excluding catastrophe losses was $2.01 billion, up 9.8%, with a combined ratio of 82.1%.

●

Total pre-tax net catastrophe losses were $500 million compared with

$1.64 billion last year, which included $1.47 billion from the California wildfires.

●

Total pre-tax favorable prior period development was $286 million

compared with $255 million in the prior year.

●

Life Insurance net premiums written were $2.29 billion, up 33.1%, and segment income was $316 million,

up 8.5%, with International Life income up 14.5%.

●

Pre-tax net investment income was $1.71 billion, up 9.5%, and

adjusted net investment income was $1.84 billion, up 10.1%. Both were records.

●

Annualized return on equity (ROE) was 12.6%. Annualized core operating return on tangible equity (ROTE) was 20.6%

and annualized core operating ROE was 14.0%.

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

1

Chubb Limited News Release

ZURICH – April 21, 2026 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended March 31, 2026 of

$2.32 billion, or $5.88 per share, and core operating income of $2.69 billion, or $6.82 per share. Book value per share and tangible book value per share increased 15.8% and 21.5%, respectively, from March 31, 2025 and now stand

at $189.93 and $126.65. Book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.94 billion in Chubb’s investment portfolio, principally due to the mark-to-market impact in the public fixed-income portfolio, partially offset by $346 million of foreign currency gains. Book value per share and tangible book value per

share excluding AOCI increased 12.1% and 16.5%, from March 31, 2025.

Chubb Limited

First Quarter Summary

(in millions of U.S. dollars,

except per share amounts and ratios)

(Unaudited)

(Per Share)

2026

2025

Change

2026

2025

Change

Net income

$2,320

$1,331

74.3%

$5.88

$3.29

78.8%

Adjusted net realized (gains) losses and other, net of tax

343

59

NM

0.87

0.15

NM

Integration expenses and severance, net of tax

7

-

NM

0.02

-

NM

Market risk benefits (gains) losses, net of tax

(12)

78

NM

(0.03)

0.19

NM

Amortization of deferred tax asset from Bermuda law

31

21

47.6%

0.08

0.05

60.0%

Core operating income, net of tax

$2,689

$1,489

80.6%

$6.82

$3.68

85.2%

Annualized return on equity (ROE)

12.6%

8.2%

Core operating return on tangible equity (ROTE)

20.6%

13.0%

Core operating ROE

14.0%

8.6%

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had an excellent quarter and

start to the year, which speaks to the strength and resilience of our company in a period of elevated uncertainty. Our globally diversified business, underwriting discipline and strong balance sheet contribute to our returns while creating continued

opportunities for growth.

“Strong growth in P&C underwriting income, investment income and life income led to core operating earnings of

$2.7 billion, or $6.82 per share, both up more than 80% over the prior year first quarter, which was impacted by the California wildfires. Excluding CATs, core operating income was up 10.7% and EPS was up 13.5%. Tangible book value per share

grew 21.5%.

“Our underwriting performance in the quarter was excellent. P&C underwriting income was $1.8 billion, with a combined ratio of

84%. On a current accident year basis excluding CATs, underwriting income grew 9.8%, with a combined ratio of 82.1%. And on the investment side of our business, adjusted net investment income of $1.8 billion was up more than 10%.

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

2

Chubb Limited News Release

“Both property and financial lines insurance market conditions are soft or softening, with portions of the property market softening at a rapid pace.

Given inadequate price levels, we moved during the quarter to reduce exposures in our Major Accounts and E&S divisions by non-renewing a substantial percentage of our shared and layered property business

that was up for renewal while purchasing additional reinsurance. Given our diversification and balance of opportunities, we produced good growth, with consolidated net premiums up 10.7% to $14 billion, including 21% growth in our global

consumer businesses, both P&C and Life. Total P&C net premiums grew 7.2% and Life increased 33.1%. In North America, P&C increased 4.1%, while Overseas General grew 14.4%, or 6.1% in constant dollars. Our published growth in Latin

America, Europe and Asia was 17.8%, 15.8% and 12.1%, respectively. Excluding large account property, admitted and E&S, North America grew 7.8%.

“War in the Middle East raises the specter globally of higher inflation and slower economic growth, while adding pressure to certain financial, fiscal

and economic conditions already present. Chubb’s diversification, market-leading presence and capabilities, and operating discipline provide us with greater resilience. We have many sources of opportunity, and from what I see I remain

confident in our ability to continue generating strong growth in operating earnings, and double-digit growth in EPS and tangible book value.”

Operating highlights for the quarter ended March 31, 2026 were as follows:

Chubb Limited

Q1

Q1

(in millions of U.S. dollars except for percentages)

2026

2025

Change

Consolidated

Net premiums written (increase of 7.7% in constant dollars)

$

14,005

$

12,646

10.7%

P&C

Net premiums written (increase of 4.1% in constant dollars)

$

11,716

$

10,926

7.2%

Underwriting income

$

1,792

$

441

306.3%

Combined ratio

84.0%

95.7%

Current accident year underwriting income excluding catastrophe losses

$

2,006

$

1,827

9.8%

Current accident year combined ratio excluding catastrophe losses

82.1%

82.3%

Global P&C (excludes Agriculture)

Net premiums written (increase of 3.9% in constant dollars)

$

11,405

$

10,650

7.1%

Underwriting income

$

1,674

$

387

332.0%

Combined ratio

84.8%

96.2%

Current accident year underwriting income excluding catastrophe losses

$

1,964

$

1,791

9.5%

Current accident year combined ratio excluding catastrophe losses

82.2%

82.4%

Life Insurance

Net premiums written (increase of 30.8% in constant dollars)

$

2,289

$

1,720

33.1%

Segment income (increase of 7.1% in constant dollars)

$

316

$

291

8.5%

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

3

Chubb Limited News Release

●

Consolidated net premiums earned increased 12.1%, or 9.5% in constant dollars. P&C net premiums earned

increased 8.6%, or 5.9% in constant dollars.

●

Operating cash flow was $3.95 billion and adjusted operating cash flow was $3.80 billion.

●

Total capital returned to shareholders was $1.52 billion, comprising share repurchases of $1.14 billion

at an average purchase price of $325.06 per share and dividends of $380 million.

Details of financial results by business segment

are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended March 31, 2026 are presented below:

Chubb Limited

Q1

Q1

(in millions of U.S. dollars except for percentages)

2026

2025

Change

Total North America P&C Insurance

(Comprising NA Commercial P&C Insurance, NA Personal P&C Insurance and NA

Agricultural Insurance)

Net premiums written

$

6,887

$

6,615

4.1%

Combined ratio

82.8%

99.8%

Current accident year combined ratio excluding catastrophe losses

79.1%

79.7%

North America Commercial P&C Insurance

Net premiums written

$

4,895

$

4,787

2.3%

Major accounts retail and excess and surplus (E&S) wholesale

$

2,772

$

2,731

1.5%

Middle market and small commercial

$

2,123

$

2,056

3.3%

Combined ratio

84.0%

82.1%

Current accident year combined ratio excluding catastrophe losses

81.8%

81.3%

North America Personal P&C Insurance

Net premiums written

$

1,681

$

1,552

8.3%

Combined ratio

84.0%

159.5%

Current accident year combined ratio excluding catastrophe losses

71.3%

75.0%

North America Agricultural Insurance

Net premiums written

$

311

$

276

12.7%

Combined ratio

37.5%

67.5%

Current accident year combined ratio excluding catastrophe losses

77.6%

78.9%

Overseas General Insurance

Net premiums written (increase of 6.1% in constant dollars)

$

4,466

$

3,903

14.4%

Commercial P&C (increase of 3.1% in constant dollars)

$

2,695

$

2,432

10.8%

Consumer P&C (increase of 11.1% in constant dollars)

$

1,771

$

1,471

20.5%

Combined ratio

83.6%

83.4%

Current accident year combined ratio excluding catastrophe losses

85.4%

85.5%

Global Reinsurance

Net premiums written (decrease of 11.7% in constant dollars)

$

363

$

408

(11.2)%

Combined ratio

76.0%

95.6%

Current accident year combined ratio excluding catastrophe losses

73.7%

74.3%

Life Insurance

Net premiums written (increase of 30.8% in constant dollars)

$

2,289

$

1,720

33.1%

Segment income (increase of 7.1% in constant dollars)

$

316

$

291

8.5%

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

4

Chubb Limited News Release

●

North America Commercial P&C Insurance: Net premiums written increased 2.3%, or 7.3% excluding large account

property, both admitted and E&S. Middle market and small commercial were up 3.3%, with P&C lines up 5.4% and financial lines down 5.7%, impacted by the increased use of reinsurance. Major accounts retail and specialty were up 1.5%, or 10.9%

excluding large account property, which was down 55.0% due to market conditions. The current accident year combined ratio excluding catastrophe losses increased 0.5 percentage points, driven by an increase in the underlying loss ratio, primarily due

to the reduction in property business.

●

North America Personal P&C Insurance: Net premiums written increased 8.3%. The current accident year combined

ratio excluding catastrophe losses decreased 3.7 percentage points, including a 2.7 percentage point decrease in the loss ratio and a 1.0 percentage point decrease in the expense ratio.

●

North America Agricultural Insurance: The combined ratio decreased 30.0 percentage points, including a 22.2

percentage point decrease from higher favorable prior period development and a 6.5 percentage point decrease from lower catastrophe losses.

●

Overseas General Insurance: The current accident year combined ratio excluding catastrophe losses decreased 0.1

percentage point, reflecting a 0.5 percentage point decrease in the loss ratio, partially offset by a 0.4 percentage point increase in the expense ratio, both due to a shift in the mix of business.

●

Life Insurance: Net premiums written were $2.29 billion, up 33.1%, with International Life of

$1.94 billion, up 36.8%, or 15.7% excluding savings-oriented single premium business, and Chubb Benefits up 15.8%. Life Segment income was $316 million, up 8.5%, reflecting growth in International Life of 14.5%, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

5

Chubb Limited News Release

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

Please refer to the Chubb Limited Financial Supplement, dated March 31, 2026, which is posted on Chubb’s investor relations website,

investors.chubb.com, in the Financials section for more detailed information on individual segment performance, together with additional disclosure on reinsurance recoverable, loss reserves, investment portfolio, and debt and capital.

Chubb Limited will hold its first quarter earnings conference call on Wednesday, April 22, 2026, at 8:30 a.m. Eastern. The earnings conference call will

be available via live webcast at investors.chubb.com or by dialing 877-400-4403 (within the United States) or 332-251-2601 (international), passcode 1641662. Please refer to the Chubb website under Events and Presentations for details. A replay will be available after the call at the same location. To listen to the

replay, click here to register and receive dial-in numbers.

In this release, business activity for, and

the financial position of, Chubb acquisitions are reported at 100%, as required, except for core operating income, net income, book value, tangible book value, ROE, per share data, and certain other key metrics, which include only Chubb’s

ownership interest and exclude the non-controlling interest.

About Chubb

Chubb is a world leader in insurance. With operations in 54 countries and territories, Chubb provides commercial and personal property and casualty insurance,

personal accident and supplemental health insurance, reinsurance and life insurance to a diverse group of clients. The company is defined by its extensive product and service offerings, broad distribution capabilities, exceptional financial strength

and local operations globally. Parent company Chubb Limited is listed on the New York Stock Exchange (NYSE: CB) and is a component of the S&P 500 index. Chubb employs approximately 45,000 people worldwide. Additional information can be found at:

www.chubb.com.

Investor Contact

Susan Spivak: (212) 827-4445; investorrelations@chubb.com

Media Contact

mediarelations@chubb.com

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

6

Chubb Limited News Release

Regulation G – Non-GAAP Financial Measures

In presenting our results, we included and discussed certain non-GAAP measures. These

non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However, they should not be viewed as a

substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document there are various measures

presented on a 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.

Adjusted net investment

income is net investment income excluding the amortization of the fair value adjustment on acquired invested assets from certain acquisitions of $2 million and $2 million in Q1 2026 and Q1 2025, and including investment income of

$127 million and $107 million in Q1 2026 and Q1 2025, 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) and other, 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. The crop derivatives were purchased to provide

economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting

operations, and therefore realized gains (losses) from these derivatives are reclassified to adjusted losses and loss expenses. The realized gains and losses on underlying investments supporting the liabilities of certain participating policies have

been reclassified from net realized gains (losses) to adjusted policy benefits. We believe this better reflects the economics of the liabilities and the underlying investments supporting those liabilities. Other includes the amortization of fair

value adjustment of acquired invested assets and long-term debt related to certain acquisitions. See Core operating income for further description of these items.

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 current accident year underwriting income excluding catastrophe losses is

P&C underwriting income adjusted to exclude P&C catastrophe losses and prior period development (PPD). We believe it is useful to exclude catastrophe losses, as they are not predictable as to timing and amount, and PPD as these unexpected

loss developments on historical reserves are not indicative of our current underwriting performance. We believe the use of these measures enhances the understanding of our results of operations by highlighting the underlying profitability of our

insurance business. References in this release to “current accident year” or “underlying” metrics exclude catastrophe losses and prior period development, unless stated otherwise.

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

7

Chubb Limited News Release

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 amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, 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. References to core operating income measures mean net of tax, whether or not noted.

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 on market risk benefits (MRB), all net of tax and attributable to Chubb. For the ROTE calculation, the denominator is also

adjusted to exclude Chubb goodwill and other intangible assets, net of tax. These measures enhance the understanding of the return on shareholders’ equity by highlighting the underlying profitability relative to shareholders’ equity and

tangible equity excluding the effect of these items as these are heavily influenced by changes in market conditions. We believe ROTE is meaningful because it measures the performance of our operations without the impact of goodwill and other

intangible assets.

P&C combined ratio is the sum of the loss and loss expense ratio, acquisition cost ratio and the administrative expense ratio

excluding the life business and including the realized gains and losses on the crop derivatives, as noted above.

P&C current accident year combined

ratio excluding catastrophe losses excludes the impact of P&C catastrophe losses and PPD from the P&C combined ratio. We believe this measure provides a useful evaluation of our underwriting performance and enhances the understanding of

the trends in our P&C business that may be obscured by these items.

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.

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.

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

8

Chubb Limited News Release

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.

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.

Life Insurance and 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 life

deposits are an important component of production and key to our efforts to grow our business.

See the reconciliation of

Non-GAAP Financial Measures on pages 25-29 in the Financial Supplement. These measures should not be viewed as a substitute for measures determined in accordance with

GAAP, including premium, net income, book value, return on equity, and net investment income.

NM – not meaningful comparison

Cautionary Statement Regarding Forward-Looking Statements:

Forward-looking statements made in this press release, such as those related to company performance, pricing, growth opportunities, economic and market

conditions, and our expectations and intentions and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private

Securities Litigation Reform Act of 1995. Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation, the following: competition, pricing and policy term trends, the levels

of new and renewal business achieved, the frequency and severity of unpredictable catastrophic events, actual loss experience, uncertainties in the reserving or settlement process, integration activities and performance of acquired companies, loss

of key employees or disruptions to our operations, new theories of liability, judicial, legislative, regulatory and other governmental developments, litigation tactics and developments, investigation developments and actual settlement terms, the

amount and timing of reinsurance recoverable, credit developments among reinsurers, rating agency action, possible terrorism or the outbreak and effects of war, economic, political, regulatory, insurance and reinsurance business conditions,

potential strategic opportunities including acquisitions and our ability to achieve them, as well as management’s response to these factors, and other factors identified in our filings with the Securities and Exchange Commission (SEC). Readers

are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates on which they are made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of

new information, future events or otherwise.

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

9

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)

March 31

2026

December 31

2025

Assets

Investments

$

170,195

$

168,720

Cash and restricted cash

2,634

2,470

Insurance and reinsurance balances receivable

17,101

15,944

Reinsurance recoverable on losses and loss expenses

20,159

20,338

Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and 12/31/2025,

respectively)

26,587

26,448

Other assets

38,780

38,407

Total assets

$

275,456

$

272,327

Liabilities

Unpaid losses and loss expenses

$

88,915

$

88,018

Unearned premiums

27,180

26,279

Other liabilities

79,449

78,251

Total liabilities

195,544

192,548

Shareholders’ equity

Chubb shareholders’ equity, excl. AOCI

79,699

78,732

Accumulated other comprehensive income (loss) (AOCI)

(5,911)

(4,975)

Chubb shareholders’ equity

73,788

73,757

Noncontrolling interests

6,124

6,022

Total shareholders’ equity

79,912

79,779

Total liabilities and shareholders’ equity

$

275,456

$

272,327

Book value per common share

$

189.93

$

188.59

Tangible book value per common share

$

126.65

$

126.22

Book value per common share, excl. AOCI

$

205.15

$

201.31

Tangible book value per common share, excl. AOCI

$

140.35

$

136.91

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

10

Chubb Limited News Release

Chubb Limited

Summary Consolidated Financial Data

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

ratios)

(Unaudited)

Three Months Ended

March 31

2026

2025

Gross premiums written

$

16,551

$

15,105

Net premiums written

14,005

12,646

Net premiums earned

13,457

12,000

Losses and loss expenses

6,131

6,896

Policy benefits

1,785

1,227

Policy acquisition costs

2,596

2,313

Administrative expenses

1,149

1,080

Net investment income

1,709

1,561

Net realized gains (losses)

(407)

(116)

Market risk benefits gains (losses)

14

(92)

Interest expense

198

181

Other income (expense):

Gains (losses) from separate account assets

(12)

(10)

Other

173

93

Amortization of purchased intangibles

73

75

Integration expenses and severance

9

--

Income tax expense

646

321

Net income

$

2,347

$

1,343

Less: NCI income

27

12

Chubb net income

$

2,320

$

1,331

Diluted earnings per share:

Chubb net income

$

5.88

$

3.29

Core operating income

$

6.82

$

3.68

Weighted average shares

outstanding

394.6

404.7

P&C combined ratio

Loss and loss expense ratio

55.6%

67.8%

Policy acquisition cost ratio

20.0%

19.4%

Administrative expense ratio

8.4%

8.5%

P&C combined ratio

84.0%

95.7%

P&C underwriting income

$

1,792

$

441

Chubb®, Chubb logo® and Chubb. Insured.SM are trademarks of

Chubb.

11

EX-99.2

EX-99.2

Filename: d145408dex992.htm · Sequence: 3

EX-99.2

Exhibit 99.2

Chubb Limited

Financial

Supplement

for the Quarter Ended March 31, 2026

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.

Cautionary Statement Regarding Forward-Looking Statements

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.

Financial Highlights

- Consolidated Financial Highlights

1

II.

Consolidated Results

- 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

III.

Segment Results

- North America Commercial P&C Insurance

8

- North America Personal P&C Insurance

9

- North America Agricultural Insurance

10

- Overseas General Insurance

11

- Global Reinsurance

12

- Life Insurance

13

- Corporate

14

IV.

Balance Sheet Details

- Loss Reserve Rollforward

15

- Reinsurance Recoverable Analysis

16

- Investment Portfolio

17 - 20

- Net Realized and Unrealized Gains (Losses)

21

- Debt and Capital

22

- Computation of Basic and Diluted Earnings Per Share

23

- Book Value and Book Value per Common Share

24

V.

Other Disclosures

- Non-GAAP Financial Measures

25 - 29

- Glossary

30

Note on Chubb Metrics:

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 March 31

Constant $

Constant $

2026

2025

% Change

2025

% Change

Gross premiums written

$

16,551

$

15,105

9.6%

$

15,535

6.5%

Net premiums written

$

14,005

$

12,646

10.7%

$

13,000

7.7%

P&C net premiums written

$

11,716

$

10,926

7.2%

$

11,249

4.1%

Global P&C net premiums written

$

11,405

$

10,650

7.1%

$

10,973

3.9%

Life Insurance net premiums written

$

2,289

$

1,720

33.1%

$

1,751

30.8%

Net premiums earned

$

13,457

$

12,000

12.1%

$

12,287

9.5%

P&C underwriting income

$

1,792

$

441

306.3%

$

485

269.1%

P&C CAY underwriting income ex Cats

$

2,006

$

1,827

9.8%

$

1,865

7.5%

Adjusted net investment income

$

1,838

$

1,670

10.1%

$

1,686

9.0%

Core operating income

$

2,689

$

1,489

80.6%

$

1,534

75.3%

Adjusted operating cash flow

$

3,803

$

2,001

Net investment income

$

1,709

$

1,561

9.5%

$

1,575

8.5%

Chubb net income

$

2,320

$

1,331

74.3%

Operating cash flow

$

3,947

$

1,566

P&C combined ratio

Loss and loss expense ratio

55.6%

67.8%

Policy acquisition cost and administrative expense ratio

28.4%

27.9%

Combined ratio

84.0%

95.7%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)

CAY loss and loss expense ratio ex Cats

53.8%

54.4%

CAY policy acquisition cost and administrative expense ratio ex Cats

28.3%

27.9%

CAY combined ratio ex Cats

82.1%

82.3%

ROE

12.6%

8.2%

Core operating return on tangible equity (ROTE)

20.6%

13.0%

Core operating return on equity (ROE)

14.0%

8.6%

Effective tax rate

21.7%

19.3%

Core operating effective tax rate

19.3%

19.1%

Diluted earnings per share

Chubb net income

$

5.88

$

3.29

78.8%

Core operating income

$

6.82

$

3.68

85.2%

Weighted average diluted common shares outstanding

394.6

404.7

% Change

% Change

March 31

2026

December 31

2025

1Q-26 vs.

4Q-25

March 31

2025

1Q-26 vs.

1Q-25

Book value per common share

$

189.93

$

188.59

0.7%

$

164.01

15.8%

Tangible book value per common share

$

126.65

$

126.22

0.3%

$

104.27

21.5%

Book value per common share, excl. AOCI

$

205.15

$

201.31

1.9%

$

183.06

12.1%

Tangible book value per common share, excl. AOCI

$

140.35

$

136.91

2.5%

$

120.44

16.5%

Financial Highlights

Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Consolidated Statements of Operations

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Gross premiums written

$

16,551

$

15,496

$

18,069

$

17,276

$

15,105

$

65,946

Net premiums written

14,005

13,134

14,866

14,196

12,646

54,842

Net premiums earned

13,457

13,530

14,359

13,125

12,000

53,014

Adjusted losses and loss expenses (1)

6,139

6,289

6,958

6,574

6,895

26,716

Realized (gains) losses on crop derivatives

8

8

7

2

(1

)

16

Losses and loss expenses

6,131

6,281

6,951

6,572

6,896

26,700

Adjusted policy benefits (2)

1,813

1,355

1,422

1,378

1,276

5,431

Realized (gains) losses from investment portfolios supporting participating policies

16

27

41

(40

)

39

67

(Gains) losses from fair value changes in separate account assets

12

(127

)

9

12

10

(96

)

Policy benefits

1,785

1,455

1,372

1,406

1,227

5,460

Policy acquisition costs

2,596

2,556

2,563

2,415

2,313

9,847

Administrative expenses

1,149

1,161

1,138

1,125

1,080

4,504

Adjusted net investment income (3)

1,838

1,814

1,776

1,687

1,670

6,947

Other (income) expense from private equity partnerships

(127

)

(125

)

(127

)

(115

)

(107

)

(474

)

Amortization expense of fair value adjustment on acquired invested assets

(2

)

(1

)

(1

)

(4

)

(2

)

(8

)

Net investment income

1,709

1,688

1,648

1,568

1,561

6,465

Adjusted realized gains (losses) (4)

(383

)

(81

)

331

122

(78

)

294

Realized gains (losses) from investment portfolios supporting participating policies

(16

)

(27

)

(41

)

40

(39

)

(67

)

Realized gains (losses) on crop derivatives

(8

)

(8

)

(7

)

(2

)

1

(16

)

Net realized gains (losses)

(407

)

(116

)

283

160

(116

)

211

Market risk benefits gains (losses)

14

(37

)

(142

)

(17

)

(92

)

(288

)

Adjusted interest expense (5)

203

210

203

186

186

785

Amortization benefit of fair value adjustment on acquired long term debt

(5

)

(5

)

(6

)

(5

)

(5

)

(21

)

Interest expense

198

205

197

181

181

764

Gains (losses) from fair value changes in separate account assets

(12

)

127

(9

)

(12

)

(10

)

96

Net realized gains (losses) related to unconsolidated entities

27

282

(84

)

540

(25

)

713

Other income (expense) from private equity partnerships

127

125

127

115

107

474

Other income (expense) - operating

19

(18

)

9

12

11

14

Other income (expense)

161

516

43

655

83

1,297

Amortization expense of purchased intangibles

73

77

75

74

75

301

Integration expenses and severance

9

76

1

2

-

79

Income tax expense (benefit)

646

597

787

717

321

2,422

Net income

$

2,347

$

3,173

$

3,107

$

2,999

$

1,343

$

10,622

Less: NCI income (loss)

27

(37

)

306

31

12

312

Chubb net income

$

2,320

$

3,210

$

2,801

$

2,968

$

1,331

$

10,310

(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)

P&C

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Gross premiums written

$

14,206

$

13,612

$

16,074

$

15,410

$

13,327

$

58,423

Net premiums written

11,716

11,309

12,934

12,394

10,926

47,563

Net premiums earned

11,189

11,716

12,434

11,336

10,304

45,790

Adjusted losses and loss expenses

6,111

6,257

6,927

6,554

6,869

26,607

Policy benefits

113

109

119

129

113

470

Policy acquisition costs

2,234

2,214

2,204

2,096

2,003

8,517

Administrative expenses

939

939

925

926

878

3,668

P&C underwriting income

$

1,792

$

2,197

$

2,259

$

1,631

$

441

$

6,528

P&C CAY underwriting income ex Cats

$

2,006

$

2,294

$

2,183

$

2,012

$

1,827

$

8,316

% Change versus prior year period

Net premiums written

7.2%

7.7%

5.3%

5.2%

3.2%

5.4%

Net premiums earned

8.6%

6.2%

5.0%

5.7%

3.3%

5.1%

Net premiums written constant $

4.1%

6.9%

4.7%

5.8%

5.0%

5.6%

Net premiums earned constant $

5.9%

5.3%

4.2%

6.3%

5.0%

5.2%

Combined ratio

Loss and loss expense ratio

55.6%

54.3%

56.7%

59.0%

67.8%

59.1%

Policy acquisition cost ratio

20.0%

18.9%

17.7%

18.5%

19.4%

18.6%

Administrative expense ratio

8.4%

8.0%

7.4%

8.1%

8.5%

8.0%

Combined ratio

84.0%

81.2%

81.8%

85.6%

95.7%

85.7%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

53.8%

53.2%

57.5%

55.6%

54.4%

55.3%

CAY policy acquisition cost and administrative expense ratio ex Cats

28.3%

27.2%

25.0%

26.7%

27.9%

26.6%

CAY combined ratio ex Cats

82.1%

80.4%

82.5%

82.3%

82.3%

81.9%

Other ratios

Net premiums written/gross premiums written

82%

83%

80%

80%

82%

81%

Expense ratio

28.4%

26.9%

25.1%

26.6%

27.9%

26.6%

Expense ratio excluding A&H

26.8%

25.3%

23.6%

25.1%

26.4%

25.0%

Net catastrophe losses - pre-tax

$

500

$

365

$

285

$

630

$

1,641

$

2,921

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

(286

)

$

(268

)

$

(361

)

$

(249

)

$

(255

)

$

(1,133

)

Impact of catastrophe losses on combined ratio - Unfavorable (favorable)

4.5%

3.0%

2.3%

5.5%

15.9%

6.3%

Impact of PPD on combined ratio - Unfavorable (favorable)

-2.6%

-2.3%

-3.0%

-2.2%

-2.5%

-2.5%

Impact of Cats and PPD on combined ratio - Unfavorable (favorable)

1.9%

0.7%

-0.7%

3.3%

13.4%

3.8%

P&C Results

Page 3

Chubb Limited

Global P&C Underwriting Results - Consecutive Quarters

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

(Unaudited)

Global P&C

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Gross premiums written

$

13,705

$

13,005

$

13,558

$

14,300

$

12,893

$

53,756

Net premiums written

11,405

10,850

11,476

11,661

10,650

44,637

Net premiums earned

11,000

11,055

10,939

10,738

10,139

42,871

Adjusted losses and loss expenses

6,058

5,817

5,703

6,071

6,777

24,368

Policy benefits

113

109

119

129

113

470

Policy acquisition costs

2,210

2,196

2,118

2,048

1,986

8,348

Administrative expenses

945

954

920

924

876

3,674

Global P&C underwriting income

$

1,674

$

1,979

$

2,079

$

1,566

$

387

$

6,011

Global P&C CAY underwriting income ex Cats

$

1,964

$

2,130

$

2,029

$

1,946

$

1,791

$

7,896

% Change versus prior year period

Net premiums written

7.1%

6.6%

5.3%

5.8%

3.0%

5.2%

Net premiums earned

8.5%

5.3%

4.9%

6.3%

3.0%

4.9%

Net premiums written constant $

3.9%

5.7%

4.6%

6.4%

4.8%

5.4%

Net premiums earned constant $

5.8%

4.4%

4.1%

7.0%

4.7%

5.0%

Combined ratio

Loss and loss expense ratio

56.1%

53.6%

53.2%

57.7%

68.0%

57.9%

Policy acquisition cost ratio

20.1%

19.9%

19.4%

19.1%

19.6%

19.5%

Administrative expense ratio

8.6%

8.6%

8.4%

8.6%

8.6%

8.6%

Combined ratio

84.8%

82.1%

81.0%

85.4%

96.2%

86.0%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

53.5%

52.6%

54.0%

54.3%

54.2%

53.8%

CAY policy acquisition cost and administrative expense ratio ex Cats

28.7%

28.3%

27.6%

27.6%

28.2%

27.9%

CAY combined ratio ex Cats

82.2%

80.9%

81.6%

81.9%

82.4%

81.7%

Other ratios

Net premiums written/gross premiums written

83%

83%

85%

82%

83%

83%

Expense ratio

28.7%

28.5%

27.8%

27.7%

28.2%

28.1%

Expense ratio excluding A&H

27.1%

26.9%

26.2%

26.1%

26.7%

26.4%

Net catastrophe losses - pre-tax

$

496

$

361

$

281

$

629

$

1,626

$

2,897

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

(206)

$

(210)

$

(331)

$

(249)

$

(222)

$

(1,012)

Impact of catastrophe losses on combined ratio - Unfavorable (favorable)

4.5%

3.2%

2.6%

5.8%

16.0%

6.8%

Impact of PPD on combined ratio - Unfavorable (favorable)

-1.9%

-2.0%

-3.2%

-2.3%

-2.2%

-2.5%

Impact of Cats and PPD on combined ratio - Unfavorable (favorable)

2.6%

1.2%

-0.6%

3.5%

13.8%

4.3%

Global P&C

Page 4

Chubb Limited

Summary Consolidated Balance Sheets

(in

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

(Unaudited)

March 31

2026

December 31

2025

Assets

Short-term investments, at fair value

$

5,067

$

4,840

Fixed maturities available for sale, at fair value

123,433

122,680

Private debt held-for-investment, at amortized cost

2,477

2,411

Equity securities, at fair value

10,916

10,801

Private equities

17,132

17,239

Other investments

11,170

10,749

Total investments

170,195

168,720

Cash and restricted cash

2,634

2,470

Securities lending collateral

2,277

2,500

Insurance and reinsurance balances receivable

17,101

15,944

Reinsurance recoverable on losses and loss expenses

20,159

20,338

Deferred policy acquisition costs

10,452

10,008

Value of business acquired (VOBA)

2,926

2,975

Prepaid reinsurance premiums

4,105

3,874

Goodwill and other intangible assets ($25,966 and $25,775 represents Chubb portion as of 3/31/2026 and

12/31/2025, respectively)

26,587

26,448

Deferred tax assets

1,315

1,312

Separate account assets

6,718

6,925

Other assets

10,987

10,813

Total assets

$

275,456

$

272,327

Liabilities

Unpaid losses and loss expenses

$

88,915

$

88,018

Unearned premiums

27,180

26,279

Future policy benefits

19,273

18,420

Market risk benefits

642

659

Policyholder account balances

8,782

8,576

Separate account liabilities

6,718

6,925

Insurance and reinsurance balances payable

8,486

8,349

Securities lending payable

2,277

2,500

Accounts payable, accrued expenses, and other liabilities

13,617

13,432

Deferred tax liabilities

1,759

1,741

Short-term and long-term debt

17,470

17,227

Hybrid debt

425

422

Total liabilities

195,544

192,548

Shareholders’ equity

Chubb shareholders’ equity, excl. AOCI

79,699

78,732

Accumulated other comprehensive income (loss) (AOCI)

(5,911

)

(4,975

)

Chubb shareholders’ equity

73,788

73,757

Noncontrolling interests

6,124

6,022

Total shareholders’ equity

79,912

79,779

Total liabilities and shareholders’ equity

$

275,456

$

272,327

Book value per common share

$

189.93

$

188.59

% change over prior quarter

0.7%

3.5%

Tangible book value per common share

(1)

$

126.65

$

126.22

% change over prior quarter

0.3%

5.1%

Book value per common share, excl. AOCI

$

205.15

$

201.31

% change over prior quarter

1.9%

3.4%

Tangible book value per common share, excl. AOCI

$

140.35

$

136.91

% change over prior quarter

2.5%

4.8%

(1) Refer to page 24 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)

Constant $

1Q-26

1Q-25

% Change

% Change

Net premiums written

Property and other short-tail lines

$

2,467

$

2,489

-0.9%

-4.6%

Commercial casualty

2,571

2,252

14.2%

11.4%

Financial lines

1,093

1,079

1.3%

-1.7%

Workers’ compensation

626

638

-1.9%

-1.9%

Commercial multiple peril (1)

454

416

9.2%

9.0%

Surety

220

200

9.8%

5.9%

Total Commercial P&C lines

7,431

7,074

5.0%

2.3%

Agriculture

311

276

12.7%

12.7%

Personal homeowners

1,273

1,143

11.4%

10.1%

Personal automobile

855

691

23.8%

15.6%

Personal other

560

511

9.6%

5.6%

Total Personal lines (2)

2,688

2,345

14.7%

10.8%

Global A&H - P&C

923

823

12.2%

6.2%

Reinsurance lines

363

408

-11.2%

-11.7%

Total P&C

$

11,716

$

10,926

7.2%

4.1%

Life Insurance

2,289

1,720

33.1%

30.8%

Total Consolidated

$

14,005

$

12,646

10.7%

7.7%

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

(2) For purposes of this schedule only, certain Q1 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year

reporting. This reclassification did not impact total Personal lines results.

Product Line

Page 6

Chubb Limited

Consolidated Results

(in millions of U.S.

dollars, except ratios)

(Unaudited)

Three months ended March 31, 2026

North

America

Commercial P&C

North

America

Personal P&C

North

America

Agricultural

Overseas

General

Global

Total

Life

Total

Q1 2026

Insurance

Insurance

Insurance

Insurance

Reinsurance

Corporate

P&C

Insurance

Consolidated

Net premiums written

$

4,895

$

1,681

$

311

$

4,466

$

363

$

-

$

11,716

$

2,289

$

14,005

% of total net premiums written

35%

12%

2%

32%

3%

0%

84%

16%

100%

Net premiums earned

5,148

1,746

189

3,780

326

-

11,189

2,268

13,457

Adjusted losses and loss expenses

3,220

1,034

53

1,652

137

15

6,111

28

6,139

Adjusted policy benefits

-

-

-

113

-

-

113

1,700

1,813

Policy acquisition costs

752

347

24

1,009

102

-

2,234

362

2,596

Administrative expenses

354

85

(6)

387

9

110

939

210

1,149

Underwriting income (loss)

822

280

118

619

78

(125)

1,792

(32)

1,760

Adjusted net investment income

971

137

26

300

108

(9)

1,533

305

1,838

Other income (expense) - operating

(14)

(3)

-

(6)

-

(9)

(32)

51

19

Amortization expense of purchased intangibles

(1)

(2)

(6)

(22)

-

(34)

(65)

(8)

(73)

Segment income (loss)

$

1,778

$

412

$

138

$

891

$

186

$

(177)

$

3,228

$

316

$

3,544

Combined ratio

84.0%

84.0%

37.5%

83.6%

76.0%

84.0%

CAY combined ratio ex Cats

81.8%

71.3%

77.6%

85.4%

73.7%

82.1%

Three months ended March 31, 2025

North

America

Commercial P&C

North

America

Personal P&C

North

America

Agricultural

Overseas

General

Global

Total

Life

Total

Q1 2025

Insurance

Insurance

Insurance

Insurance

Reinsurance

Corporate

P&C

Insurance

Consolidated

Net premiums written

$

4,787

$

1,552

$

276

$

3,903

$

408

$

-

$

10,926

$

1,720

$

12,646

% of total net premiums written

38%

12%

2%

31%

3%

0%

86%

14%

100%

Net premiums earned

4,988

1,574

165

3,209

368

-

10,304

1,696

12,000

Adjusted losses and loss expenses

3,031

2,093

92

1,397

242

14

6,869

26

6,895

Adjusted policy benefits

-

-

-

113

-

-

113

1,163

1,276

Policy acquisition costs

719

330

17

837

100

-

2,003

310

2,313

Administrative expenses

344

87

2

330

10

105

878

202

1,080

Underwriting income (loss)

894

(936)

54

532

16

(119)

441

(5)

436

Adjusted net investment income

929

120

24

281

70

(25)

1,399

271

1,670

Other income (expense) - operating

(8)

(1)

(1)

(6)

-

(8)

(24)

35

11

Amortization expense of purchased intangibles

(1)

(2)

(6)

(19)

-

(37)

(65)

(10)

(75)

Segment income (loss)

$

1,814

$

(819)

$

71

$

788

$

86

$

(189)

$

1,751

$

291

$

2,042

Combined ratio

82.1%

159.5%

67.5%

83.4%

95.6%

95.7%

CAY combined ratio ex Cats

81.3%

75.0%

78.9%

85.5%

74.3%

82.3%

Consol Results - QTD

Page 7

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars, except ratios)

(Unaudited)

North America Commercial P&C Insurance

Full Year

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

2025

Gross premiums written

$

5,890

$

6,177

$

6,652

$

7,038

$

5,696

$

25,563

Net premiums written

4,895

5,107

5,663

5,723

4,787

21,280

Net premiums earned

5,148

5,136

5,080

5,177

4,988

20,381

Losses and loss expenses

3,220

2,941

3,083

3,258

3,031

12,313

Policy acquisition costs

752

759

708

705

719

2,891

Administrative expenses

354

345

348

357

344

1,394

Underwriting income

822

1,091

941

857

894

3,783

Adjusted net investment income

971

995

978

938

929

3,840

Other income (expense) - operating

(14

)

(33

)

(10

)

(8

)

(8

)

(59

)

Amortization expense of purchased intangibles

(1

)

(1

)

(1

)

(2

)

(1

)

(5

)

Segment income

$

1,778

$

2,052

$

1,908

$

1,785

$

1,814

$

7,559

CAY underwriting income ex Cats

$

935

$

1,045

$

987

$

980

$

934

$

3,946

Combined ratio

Loss and loss expense ratio

62.5%

57.2%

60.7%

62.9%

60.8%

60.4%

Policy acquisition cost ratio

14.6%

14.8%

13.9%

13.7%

14.4%

14.2%

Administrative expense ratio

6.9%

6.8%

6.9%

6.9%

6.9%

6.8%

Combined ratio

84.0%

78.8%

81.5%

83.5%

82.1%

81.4%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

60.4%

58.6%

60.4%

60.6%

59.9%

59.9%

CAY policy acquisition cost and administrative expense ratio ex Cats

21.4%

21.3%

20.4%

20.5%

21.4%

20.9%

CAY combined ratio ex Cats

81.8%

79.9%

80.8%

81.1%

81.3%

80.8%

Net catastrophe losses - pre-tax

$

202

$

129

$

72

$

229

$

154

$

584

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

(89

)

$

(175

)

$

(26

)

$

(106

)

$

(114

)

$

(421

)

% Change versus prior year period

Net premiums written

2.3%

4.3%

2.9%

4.1%

2.1%

3.4%

Net premiums earned

3.2%

0.4%

-0.6%

5.7%

2.2%

1.9%

Other ratios

Net premiums written/gross premiums written

83%

83%

85%

81%

84%

83%

Production by Size - Net premiums written

(1)

Major Accounts & Specialty

$

2,772

$

3,003

$

3,379

$

3,578

$

2,731

$

12,691

Commercial

2,123

2,104

2,284

2,145

2,056

8,589

Total

$

4,895

$

5,107

$

5,663

$

5,723

$

4,787

$

21,280

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

commercial accounts.

NA Commercial

Page 8

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars, except ratios)

(Unaudited)

North America Personal P&C Insurance

Full Year

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

2025

Gross premiums written

$

1,934

$

1,984

$

2,078

$

2,208

$

1,840

$

8,110

Net premiums written

1,681

1,720

1,814

1,938

1,552

7,024

Net premiums earned

1,746

1,767

1,741

1,681

1,574

6,763

Losses and loss expenses

1,034

889

713

822

2,093

4,517

Policy acquisition costs

347

336

339

332

330

1,337

Administrative expenses

85

85

82

82

87

336

Underwriting income (loss)

280

457

607

445

(936

)

573

Net investment income

137

125

123

118

120

486

Other income (expense) - operating

(3

)

(1

)

(1

)

-

(1

)

(3

)

Amortization expense of purchased intangibles

(2

)

(2

)

(2

)

(2

)

(2

)

(8

)

Segment income (loss)

$

412

$

579

$

727

$

561

$

(819

)

$

1,048

CAY underwriting income ex Cats

$

501

$

533

$

486

$

466

$

406

$

1,891

Combined ratio

Loss and loss expense ratio

59.3%

50.4%

41.0%

48.9%

133.0%

66.8%

Policy acquisition cost ratio

19.9%

18.9%

19.4%

19.7%

21.0%

19.7%

Administrative expense ratio

4.8%

4.8%

4.7%

4.9%

5.5%

5.0%

Combined ratio

84.0%

74.1%

65.1%

73.5%

159.5%

91.5%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

46.6%

46.2%

48.0%

47.6%

49.3%

47.7%

CAY policy acquisition cost and administrative expense ratio ex Cats

24.7%

23.7%

24.1%

24.6%

25.7%

24.6%

CAY combined ratio ex Cats

71.3%

69.9%

72.1%

72.2%

75.0%

72.3%

Net catastrophe losses - pre-tax

$

222

$

76

$

161

$

142

$

1,342

$

1,721

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

(1

)

$

-

$

(282

)

$

(121

)

$

-

$

(403

)

% Change versus prior year period

Net premiums written

8.3%

6.1%

8.1%

9.1%

6.6%

7.5%

Net premiums earned

10.9%

8.5%

10.5%

11.1%

7.0%

9.3%

Other ratios

Net premiums written/gross premiums written

87%

87%

87%

88%

84%

87%

NA Personal

Page 9

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars, except ratios)

(Unaudited)

North America Agricultural Insurance

Full Year

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

2025

Gross premiums written

$

501

$

607

$

2,516

$

1,110

$

434

$

4,667

Net premiums written

311

459

1,458

733

276

2,926

Net premiums earned

189

661

1,495

598

165

2,919

Adjusted losses and loss expenses

53

440

1,224

483

92

2,239

Policy acquisition costs

24

18

86

48

17

169

Administrative expenses

(6

)

(15

)

5

2

2

(6

)

Underwriting income

118

218

180

65

54

517

Net investment income

26

23

20

19

24

86

Other income (expense) - operating

-

(1

)

-

-

(1

)

(2

)

Amortization expense of purchased intangibles

(6

)

(6

)

(6

)

(6

)

(6

)

(24

)

Segment income

$

138

$

234

$

194

$

78

$

71

$

577

CAY underwriting income ex Cats

$

42

$

164

$

154

$

66

$

36

$

420

Combined ratio

Loss and loss expense ratio

27.9%

66.5%

81.9%

80.8%

55.9%

76.7%

Policy acquisition cost ratio

12.6%

2.8%

5.8%

7.9%

10.4%

5.8%

Administrative expense ratio

-3.0%

-2.3%

0.3%

0.4%

1.2%

-0.2%

Combined ratio

37.5%

67.0%

88.0%

89.1%

67.5%

82.3%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

68.0%

66.2%

83.6%

80.5%

65.8%

78.5%

CAY policy acquisition cost and administrative expense ratio ex Cats

9.6%

3.8%

6.1%

8.3%

13.1%

6.5%

CAY combined ratio ex Cats

77.6%

70.0%

89.7%

88.8%

78.9%

85.0%

Net catastrophe losses - pre-tax

$

4

$

4

$

4

$

1

$

15

$

24

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

(80

)

$

(58

)

$

(30

)

$

-

$

(33

)

$

(121

)

% Change versus prior year period

Net premiums written

12.7%

45.1%

5.6%

-3.3%

11.0%

8.2%

Net premiums earned

14.6%

24.0%

5.4%

-4.3%

28.6%

7.9%

Other ratios

Net premiums written/gross premiums written

62%

76%

58%

66%

64%

63%

NA Agriculture

Page 10

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars, except ratios)

(Unaudited)

Overseas General Insurance

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Gross premiums written

$

5,478

$

4,608

$

4,496

$

4,588

$

4,904

$

18,596

Net premiums written

4,466

3,806

3,695

3,620

3,903

15,024

Net premiums earned

3,780

3,820

3,803

3,542

3,209

14,374

Losses and loss expenses

1,652

1,696

1,707

1,789

1,397

6,589

Policy benefits

113

109

119

129

113

470

Policy acquisition costs

1,009

999

975

913

837

3,724

Administrative expenses

387

368

368

369

330

1,435

Underwriting income

619

648

634

342

532

2,156

Adjusted net investment income

300

292

288

278

281

1,139

Other income (expense) - operating

(6

)

(31

)

(8

)

(5

)

(6

)

(50

)

Amortization expense of purchased intangibles

(22

)

(20

)

(20

)

(19

)

(19

)

(78

)

Segment income

$

891

$

889

$

894

$

596

$

788

$

3,167

CAY underwriting income ex Cats

$

552

$

615

$

592

$

517

$

466

$

2,190

Combined ratio

Loss and loss expense ratio

46.7%

47.3%

48.0%

54.2%

47.0%

49.1%

Policy acquisition cost ratio

26.7%

26.1%

25.6%

25.7%

26.1%

25.9%

Administrative expense ratio

10.2%

9.6%

9.7%

10.4%

10.3%

10.0%

Combined ratio

83.6%

83.0%

83.3%

90.3%

83.4%

85.0%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

48.6%

48.4%

49.1%

49.3%

49.1%

49.0%

CAY policy acquisition cost and administrative expense ratio ex Cats

36.8%

35.6%

35.3%

36.1%

36.4%

35.8%

CAY combined ratio ex Cats

85.4%

84.0%

84.4%

85.4%

85.5%

84.8%

Net catastrophe losses - pre-tax

$

64

$

156

$

42

$

252

$

55

$

505

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

(131

)

$

(189

)

$

(84

)

$

(77

)

$

(121

)

$

(471

)

% Change versus prior year period

Net premiums written

14.4%

10.8%

9.7%

8.5%

1.8%

7.5%

Net premiums written - Commercial

10.8%

5.6%

5.8%

6.0%

3.6%

5.2%

Net premiums written - Consumer

20.5%

18.7%

15.5%

12.2%

-1.1%

11.0%

Net premiums earned

17.8%

11.3%

11.2%

5.8%

0.3%

7.3%

Net premiums written constant $

6.1%

8.1%

7.4%

10.2%

6.5%

8.0%

Net premiums written - Commercial

3.1%

3.3%

3.9%

6.8%

7.3%

5.3%

Net premiums written - Consumer

11.1%

15.4%

12.6%

15.3%

5.0%

12.0%

Net premiums earned constant $

9.6%

8.4%

8.4%

7.4%

5.0%

7.4%

Other ratios: Net premiums written/gross premiums written

82%

83%

82%

79%

80%

81%

Production by Region - Net premiums written

1Q-26

1Q-25

% Change

Constant $

% Change

Europe, Middle East and Africa

$

2,217

$

1,915

15.8%

5.8%

Latin America

867

736

17.8%

7.2%

Asia

1,344

1,198

12.1%

7.4%

Other (1)

38

54

-28.9%

-30.6%

Total

$

4,466

$

3,903

14.4%

6.1%

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

Overseas General Insurance

Page 11

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars, except ratios)

(Unaudited)

Global Reinsurance

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Gross premiums written

$

403

$

236

$

332

$

466

$

453

$

1,487

Net premiums written

363

217

304

380

408

1,309

Net premiums earned

326

332

315

338

368

1,353

Losses and loss expenses

137

127

139

132

242

640

Policy acquisition costs

102

102

96

98

100

396

Administrative expenses

9

8

9

10

10

37

Underwriting income

78

95

71

98

16

280

Adjusted net investment income

108

99

100

85

70

354

Segment income

$

186

$

194

$

171

$

183

$

86

$

634

CAY underwriting income ex Cats

$

86

$

87

$

77

$

89

$

91

$

344

Combined ratio

Loss and loss expense ratio

41.9%

38.5%

43.8%

39.0%

65.8%

47.3%

Policy acquisition cost ratio

31.3%

30.9%

30.5%

29.1%

27.1%

29.3%

Administrative expense ratio

2.8%

2.2%

3.1%

2.9%

2.7%

2.7%

Combined ratio

76.0%

71.6%

77.4%

71.0%

95.6%

79.3%

CAY combined ratio ex Cats

CAY loss and loss expense ratio ex Cats

40.1%

41.4%

42.0%

41.5%

43.2%

42.1%

CAY policy acquisition cost and administrative expense ratio ex Cats

33.6%

32.5%

33.6%

32.0%

31.1%

32.2%

CAY combined ratio ex Cats

73.7%

73.9%

75.6%

73.5%

74.3%

74.3%

Net catastrophe losses - pre-tax

$

8

$

-

$

6

$

6

$

75

$

87

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

-

$

(8

)

$

-

$

(15

)

$

-

$

(23

)

% Change versus prior year period

Net premiums written

-11.2%

-3.9%

-13.5%

-7.6%

13.7%

-2.8%

Net premiums earned

-11.4%

3.2%

-0.5%

-0.3%

24.8%

6.4%

Net premiums written constant $

-11.7%

-4.2%

-13.8%

-7.8%

14.0%

-3.0%

Net premiums earned constant $

-12.1%

2.9%

-0.9%

-0.6%

25.3%

6.2%

Other ratios

Net premiums written/gross premiums written

90%

91%

92%

82%

90%

88%

Global Reinsurance

Page 12

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars)

(Unaudited)

Life

Insurance

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Gross premiums written

$

2,345

$

1,884

$

1,995

$

1,866

$

1,778

$

7,523

Net premiums written

2,289

1,825

1,932

1,802

1,720

7,279

Net premiums earned

2,268

1,814

1,925

1,789

1,696

7,224

Losses and loss expenses

28

32

31

20

26

109

Adjusted policy benefits

1,700

1,246

1,303

1,249

1,163

4,961

Policy acquisition costs

362

342

359

319

310

1,330

Administrative expenses

210

222

213

199

202

836

Adjusted net investment income

305

298

284

274

271

1,127

Other income (expense) - operating (1)

51

62

31

37

35

165

Amortization expense of purchased intangibles

(8

)

(10

)

(10

)

(8

)

(10

)

(38

)

Segment income

$

316

$

322

$

324

$

305

$

291

$

1,242

% Change versus prior year period

Net premiums written

33.1%

16.9%

24.6%

14.1%

5.3%

15.1%

Net premiums earned

33.7%

15.9%

25.8%

14.2%

5.3%

15.1%

Net premiums written constant $

30.8%

18.3%

23.5%

17.3%

10.3%

17.3%

Net premiums earned constant $

31.5%

17.3%

24.7%

17.5%

10.2%

17.4%

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

1Q-26

1Q-25

% Change

Constant $

% Change

International life insurance net premiums written

$

1,944

$

1,421

36.8%

34.1%

International life insurance deposits (2)

749

755

-0.8%

-4.1%

Total international life insurance net premiums written and deposits

$

2,693

$

2,176

23.7%

20.7%

International life insurance segment income

$

263

$

230

14.5%

12.8%

(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 13

Chubb Limited

Segment Results - Consecutive Quarters

(in

millions of U.S. dollars)

(Unaudited)

Corporate

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

Full Year

2025

Adjusted loss and loss expenses

$

15

$

164

$

61

$

70

$

14

$

309

Administrative expenses

110

148

113

106

105

472

Underwriting loss

(125

)

(312

)

(174

)

(176

)

(119

)

(781

)

Adjusted net investment income

(9

)

(18

)

(17

)

(25

)

(25

)

(85

)

Other income (expense) - operating

(9

)

(14

)

(3

)

(12

)

(8

)

(37

)

Adjusted interest expense

(203

)

(210

)

(203

)

(186

)

(186

)

(785

)

Amortization expense of purchased intangibles

(34

)

(38

)

(36

)

(37

)

(37

)

(148

)

Integration expenses and severance

(9

)

(76

)

(1

)

(2

)

-

(79

)

Amortization of fair value adjustment of acquired invested assets and long-term debt

3

4

5

1

3

13

Adjusted net realized gains (losses)

(356

)

201

247

662

(103

)

1,007

Market risk benefits gains (losses)

14

(37

)

(142

)

(17

)

(92

)

(288

)

Income tax expense

(646

)

(597

)

(787

)

(717

)

(321

)

(2,422

)

Less: NCI income (loss)

27

(37

)

306

31

12

312

Net loss

$

(1,401

)

$

(1,060

)

$

(1,417

)

$

(540

)

$

(900

)

$

(3,917

)

Unfavorable (favorable) prior period development (PPD) - pre-tax

$

15

$

162

$

61

$

70

$

13

$

306

Corporate

Page 14

Chubb Limited

Loss Reserve Rollforward

(in millions of U.S.

dollars, except ratios)

(Unaudited)

Unpaid Losses

Net Paid to

Gross

Ceded

Net

Incurred Ratio

Balance at December 31, 2024

$

84,004

$

17,734

$

66,270

Losses and loss expenses incurred

8,654

1,758

6,896

Losses and loss expenses paid

(7,466

)

(1,462

)

(6,004

)

87%

Other (incl. foreign exch. revaluation)

279

51

228

Balance at March 31, 2025

$

85,471

$

18,081

$

67,390

Losses and loss expenses incurred

7,661

1,089

6,572

Losses and loss expenses paid

(7,620

)

(1,682

)

(5,938

)

90%

Other (incl. foreign exch. revaluation)

864

203

661

Balance at June 30, 2025

$

86,376

$

17,691

$

68,685

Losses and loss expenses incurred

8,827

1,876

6,951

Losses and loss expenses paid

(6,934

)

(1,190

)

(5,744

)

83%

Other (incl. foreign exch. revaluation)

170

44

126

Balance at September 30, 2025

$

88,439

$

18,421

$

70,018

Losses and loss expenses incurred

8,168

1,887

6,281

Losses and loss expenses paid

(8,555

)

(1,948

)

(6,607

)

105%

Other (incl. foreign exch. revaluation)

(34

)

(14

)

(20

)

Balance at December 31, 2025

$

88,018

$

18,346

$

69,672

Losses and loss expenses incurred

7,481

1,350

6,131

Losses and loss expenses paid

(6,822

)

(1,491

)

(5,331

)

87%

Other (incl. foreign exch. revaluation)

238

48

190

Balance at March 31, 2026

$

88,915

$

18,253

$

70,662

Add net recoverable on paid losses

-

1,906

(1,906

)

Balance including net recoverable on paid losses

$

88,915

$

20,159

$

68,756

Loss Reserve Rollforward

Page 15

Chubb Limited

Reinsurance Recoverable Analysis

(in millions

of U.S. dollars)

(Unaudited)

Net Reinsurance

Recoverable by Division

March 31

December 31

2026

2025

Reinsurance recoverable on paid losses and loss expenses

Active operations

$

1,484

$

1,570

Brandywine and Other Run-off

486

494

Total

$

1,970

$

2,064

Reinsurance recoverable on unpaid losses and loss expenses

Active operations

$

17,445

$

17,503

Brandywine and Other Run-off

1,064

1,091

Total

$

18,509

$

18,594

Gross reinsurance recoverable

Active operations

$

18,929

$

19,073

Brandywine and Other Run-off

1,550

1,585

Total

$

20,479

$

20,658

Provision for uncollectible reinsurance (1)

Active operations

$

(225

)

$

(229

)

Brandywine and Other Run-off

(95

)

(91

)

Total

$

(320

)

$

(320

)

Net reinsurance recoverable

Active operations

$

18,704

$

18,844

Brandywine and Other Run-off

1,455

1,494

Total

$

20,159

$

20,338

(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 16

Chubb Limited

Investment Portfolio

(in millions of U.S.

dollars)

(Unaudited)

March 31

December 31

2026

2025

Market Value

Fixed maturities available for sale

$

123,433

$

122,680

Other investments-fixed maturities

8,433

8,091

Short-term investments

5,067

4,840

Total fixed maturities

$

136,933

$

135,611

Asset Allocation by Market Value

U.S. and local government securities

$

3,697

3%

$

3,714

3%

Corporate and asset-backed securities

47,832

35%

47,886

35%

Mortgage-backed securities

31,322

23%

30,724

23%

Non-U.S.

49,015

35%

48,447

35%

Short-term investments

5,067

4%

4,840

4%

Total fixed maturities

$

136,933

100%

$

135,611

100%

Credit Quality by Market Value

AAA

$

13,258

10%

$

13,313

10%

AA

41,208

30%

40,720

30%

A

36,350

27%

35,184

26%

BBB

24,376

18%

23,584

17%

BB

12,576

9%

12,948

10%

B

8,766

6%

9,469

7%

Other

399

0%

393

0%

Total fixed maturities

$

136,933

100%

$

135,611

100%

Cost/Amortized Cost, net

Fixed maturities available for sale

$

127,251

$

124,674

Other investments-fixed maturities

8,433

8,091

Short-term investments

5,067

4,840

Subtotal fixed maturities (1)

140,751

137,605

Equity securities

10,916

10,801

Private debt held-for-investment (1)

2,477

2,411

Private equities and other

19,869

19,897

Total investment portfolio

$

174,013

$

170,714

Avg. duration of fixed maturities (2)

4.7 years

4.7 years

Avg. market yield of fixed income investments

(3)

5.5%

5.2%

Avg. credit quality

A/A

A/A

Avg. book yield of fixed income investments (3)

5.1%

5.1%

(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 17

Chubb Limited

Investment Portfolio - 2

(in millions of U.S.

dollars)

(Unaudited)

Mortgage-backed Fixed

Income Portfolio

Mortgage-backed securities

S&P Credit Rating

AAA

AA

A

BBB

BB and below

Total

Market Value at March 31, 2026

Agency residential mortgage-backed securities (RMBS)

$

55

$

27,818

$

-

$

-

$

-

$

27,873

Non-agency RMBS

2,111

208

183

46

2

2,550

Commercial mortgage-backed securities

727

108

57

5

2

899

Total mortgage-backed securities at market value

$

2,893

$

28,134

$

240

$

51

$

4

$

31,322

U.S. Corporate and Asset-backed Fixed Income Portfolios

Market Value at March 31, 2026

S&P Credit Rating

Investment Grade

AAA

AA

A

BBB

Total

Asset-backed

$

3,822

$

726

$

325

$

248

$

5,121

Banks

-

10

2,627

2,073

4,710

Basic Materials

-

-

88

246

334

Communications

-

353

602

1,421

2,376

Consumer, Cyclical

8

178

635

1,007

1,828

Consumer, Non-Cyclical

67

529

3,041

1,863

5,500

Diversified Financial Services

-

133

514

268

915

Energy

-

114

547

1,665

2,326

Industrial

-

16

732

1,396

2,144

Utilities

282

13

1,549

1,494

3,338

All Others

102

388

1,488

1,800

3,778

Total

$

4,281

$

2,460

$

12,148

$

13,481

$

32,370

Market Value at March 31, 2026

S&P Credit Rating

Below Investment Grade

BB

B

CCC

Total

Asset-backed

$

9

$

145

$

1

$

155

Banks

-

-

-

-

Basic Materials

505

295

13

813

Communications

698

775

39

1,512

Consumer, Cyclical

1,598

897

58

2,553

Consumer, Non-Cyclical

1,733

1,317

33

3,083

Diversified Financial Services

551

345

5

901

Energy

809

484

-

1,293

Industrial

1,282

855

37

2,174

Utilities

360

123

-

483

All Others

1,028

1,405

62

2,495

Total

$

8,573

$

6,641

$

248

$

15,462

Investments 2

Page 18

Chubb Limited

Investment Portfolio - 3

(in millions of U.S.

dollars)

(Unaudited)

Non-U.S. Fixed Income

Portfolio

March 31, 2026

Non-U.S. Government Securities

Market Value by S&P Credit Rating

AAA

AA

A

BBB

BB and below

Total

People’s Republic of China

$

-

$

170

$

2,087

$

-

$

-

$

2,257

Republic of Korea

-

1,626

-

-

-

1,626

Kingdom of Thailand

-

-

1,076

-

-

1,076

Canada

849

-

-

-

-

849

United Mexican States

-

-

-

750

-

750

Taiwan

-

730

-

-

-

730

Federative Republic of Brazil

-

-

-

-

629

629

Commonwealth of Australia

614

-

-

-

-

614

Province of Ontario

-

555

-

-

-

555

Province of Hunan China

-

-

551

-

-

551

Other Non-U.S. Government Securities

661

2,129

2,983

1,162

1,420

8,355

Total

$

2,124

$

5,210

$

6,697

$

1,912

$

2,049

$

17,992

Non-U.S. Corporate Securities

Market Value by S&P Credit Rating

AAA

AA

A

BBB

BB and below

Total

China

$

-

$

-

$

8,328

$

649

$

11

$

8,988

United Kingdom

7

38

1,239

1,011

481

2,776

Canada

271

50

1,031

880

532

2,764

France

7

3

927

665

251

1,853

United States (1)

8

138

384

511

554

1,595

Australia

54

306

470

479

52

1,361

South Korea

-

414

392

512

1

1,319

Japan

-

-

878

190

97

1,165

Chile

-

-

213

468

-

681

Germany

66

90

107

331

66

660

Other Non-U.S. Corporate Securities

595

691

1,941

2,944

1,690

7,861

Total

$

1,008

$

1,730

$

15,910

$

8,640

$

3,735

$

31,023

(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 19

Chubb Limited

Investment Portfolio - 4

(in millions of U.S.

dollars)

(Unaudited)

Fixed Maturity Investment

Portfolio

Top 10 Global Corporate Exposures

March 31, 2026

Market Value

Rating

1

Bank of America Corp

$

811

A-

2

Morgan Stanley

769

A-

3

JP Morgan Chase & Co

694

A

4

Goldman Sachs Group Inc

577

BBB+

5

Wells Fargo & Co

562

BBB+

6

Citigroup Inc

509

BBB+

7

Verizon Communications Inc

438

BBB+

8

AT&T Inc

368

BBB

9

UBS Group AG

366

A-

10

Comcast Corp

365

A-

Investments 4

Page 20

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)

Three months ended March 31, 2026

Realized Gains (Losses)

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 (1)

$

(233

)

$

45

$

(188

)

$

(1,824

)

$

210

$

(1,614

)

$

(2,057

)

$

255

$

(1,802

)

Public equity:

Realized gains (losses) on sales

91

(18

)

73

-

-

-

91

(18

)

73

Mark-to-market

(239

)

52

(187

)

-

-

-

(239

)

52

(187

)

Private equity: Mark-to-market

33

(52

)

(19

)

-

-

-

33

(52

)

(19

)

Total investment portfolio

(348

)

27

(321

)

(1,824

)

210

(1,614

)

(2,172

)

237

(1,935

)

Foreign exchange

(7

)

-

(7

)

359

(6

)

353

352

(6

)

346

Partially-owned entities (2)

-

-

-

-

-

-

-

-

-

Current discount rate on future policy benefits

-

-

-

378

(61

)

317

378

(61

)

317

Instrument-specific credit risk - market risk benefits

-

-

-

12

(2

)

10

12

(2

)

10

Other

(22

)

5

(17

)

(6

)

-

(6

)

(28

)

5

(23

)

Net gains (losses)

$

(377

)

$

32

$

(345

)

$

(1,081

)

$

141

$

(940

)

$

(1,458

)

$

173

$

(1,285

)

(1) The quarter includes pre-tax realized losses on investment derivatives of $115 million, a net decrease of the valuation allowance of

expected credit losses of $2 million, and impairments of $32 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.

Three months ended March 31, 2025

Realized Gains (Losses)

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 (3)

$

(83

)

$

19

$

(64

)

$

909

$

(61

)

$

848

$

826

$

(42

)

$

784

Public equity:

Realized gains (losses) on sales

(10

)

3

(7

)

-

-

-

(10

)

3

(7

)

Mark-to-market

68

(10

)

58

-

-

-

68

(10

)

58

Private equity: Mark-to-market

(11

)

1

(10

)

-

-

-

(11

)

1

(10

)

Total investment portfolio

(36

)

13

(23

)

909

(61

)

848

873

(48

)

825

Foreign exchange

(65

)

27

(38

)

352

(12

)

340

287

15

302

Partially-owned entities (4)

2

-

2

-

-

-

2

-

2

Current discount rate on future policy benefits

-

-

-

(118

)

12

(106

)

(118

)

12

(106

)

Instrument-specific credit risk - market risk benefits

-

-

-

4

(1

)

3

4

(1

)

3

Other

(5

)

1

(4

)

(95

)

19

(76

)

(100

)

20

(80

)

Net gains (losses)

$

(104

)

$

41

$

(63

)

$

1,052

$

(43

)

$

1,009

$

948

$

(2

)

$

946

(3) The quarter includes pre-tax realized losses on investment derivatives of $23 million, a net decrease of the valuation allowance of

expected credit losses of $8 million, and impairments of $7 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 21

Chubb Limited

Debt and Capital

(in millions of U.S. dollars,

except ratios)

(Unaudited)

March 31

December 31

December 31

2026

2025

2024

Financial debt:

Total short-term debt

$

1,500

$

1,499

$

800

Total long-term debt (1)

15,970

15,728

14,379

Total financial debt

$

17,470

$

17,227

$

15,179

Hybrid debt:

Total trust preferred securities

$

309

$

309

$

309

Total subordinated debt (2)

116

113

110

Total hybrid debt

$

425

$

422

$

419

Total

$

17,895

$

17,649

$

15,598

Capitalization:

Chubb shareholders’ equity

$

73,788

$

73,757

$

64,021

Hybrid debt

425

422

419

Financial debt

17,470

17,227

15,179

Total capitalization

$

91,683

$

91,406

$

79,619

Less: Chubb unrealized gains (losses) on investments, net of deferred tax

(3,611)

(1,997)

(4,552)

Total adjusted capitalization

$

95,294

$

93,403

$

84,171

Leverage ratios (based on total adjusted capital):

Hybrid debt

0.5%

0.4%

0.5%

Financial debt

18.3%

18.4%

18.0%

Total hybrid & financial debt

18.8%

18.8%

18.5%

Note: As of March 31, 2026, there was $1.0 billion usage of credit facilities on total capacity of $4.1 billion.

(1) In March 2026, the company issued CHF 200 million of 1.02% senior notes due 2032.

(2) 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 22

Chubb Limited

Computation of Basic and Diluted Earnings Per Share

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

(Unaudited)

Three months ended March 31

2026

2025

Numerator

Core operating income

$

2,689

$

1,489

Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax

3

3

Tax (expense) benefit on amortization adjustment

(1

)

1

Integration expenses and severance, pre-tax

(9

)

-

Tax (expense) benefit on integration expenses and severance

2

-

Adjusted net realized gains (losses), pre-tax

(377

)

(104

)

Tax (expense) benefit on adjusted net realized gains (losses)

32

41

Market risk benefits gains (losses), pre-tax

14

(92

)

Tax (expense) benefit on market risk benefits gains (losses)

(2

)

14

Amortization of deferred tax asset from Bermuda law

(31

)

(21

)

Chubb net income

$

2,320

$

1,331

Rollforward of Common Shares Outstanding

Shares - beginning of period

391,101,227

400,703,663

Repurchase of shares

(3,517,810

)

(1,345,782

)

Shares issued (canceled), excluding option exercises

144,374

664,912

Issued for option exercises

767,789

725,692

Shares - end of period

388,495,580

400,748,485

Denominator

Weighted average shares outstanding (1)

390,485,934

400,681,956

Effect of other dilutive securities

4,113,570

3,992,395

Adj. wtd. avg. shares outstanding and assumed conversions

394,599,504

404,674,351

Basic earnings per share

Core operating income

$

6.89

$

3.72

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax

0.01

0.01

Integration expenses and severance, net of tax

(0.02

)

-

Adjusted net realized gains (losses), net of tax

(0.89

)

(0.16

)

Market risk benefits gains (losses), net of tax

0.03

(0.20

)

Amortization of deferred tax asset from Bermuda law

(0.08

)

(0.05

)

Chubb net income

$

5.94

$

3.32

Diluted earnings per share

Core operating income

$

6.82

$

3.68

Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax

0.01

0.01

Integration expenses and severance, net of tax

(0.02

)

-

Adjusted net realized gains (losses), net of tax

(0.88

)

(0.16

)

Market risk benefits gains (losses), net of tax

0.03

(0.19

)

Amortization of deferred tax asset from Bermuda law

(0.08

)

(0.05

)

Chubb net income

$

5.88

$

3.29

(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 23

Chubb Limited

Book Value and Book Value per Common Share

(in

millions of U.S. dollars, except share and per share data)

(Unaudited)

Reconciliation of Book Value per Common Share

March 31

December 31

March 31

2026

2025

2025

Chubb shareholders’ equity

$

73,788

$

73,757

$

65,726

Less: Chubb goodwill and other intangible assets, net of tax

24,584

24,391

23,940

Numerator for tangible book value per share

$

49,204

$

49,366

$

41,786

Book value - % change over prior quarter

0.0%

2.6%

2.7%

Tangible book value - % change over prior quarter

-0.3%

4.2%

3.9%

Book value - % change over prior year

12.3%

15.2%

8.6%

Tangible book value - % change over prior year

17.8%

22.7%

14.9%

Denominator: shares outstanding

388,495,580

391,101,227

400,748,485

Book value per common share

$

189.93

$

188.59

$

164.01

Tangible book value per common share

$

126.65

$

126.22

$

104.27

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter

$

73,757

$

71,855

$

64,021

Core operating income

2,689

2,982

1,489

Amortization of fair value adjustment of acquired invested assets and long-term debt

2

2

4

Integration expenses and severance

(7

)

(58

)

-

Adjusted net realized gains (losses) (1)

(345

)

349

(63

)

Market risk benefits gains (losses)

12

(32

)

(78

)

Amortization of deferred tax asset from Bermuda law

(31

)

(33

)

(21

)

Net unrealized gains (losses) on investments

(1,614

)

(68

)

848

Repurchase of shares

(1,143

)

(1,094

)

(385

)

Dividend declared on common shares

(380

)

(381

)

(366

)

Cumulative translation gains (losses)

353

(274

)

340

Postretirement benefit liability

(3

)

153

(4

)

Current discount rate on future policy benefits

317

149

(106

)

Instrument-specific credit risk - market risk benefits

10

(4

)

3

Other (2)

171

211

44

Chubb shareholders’ equity, end of quarter

$

73,788

$

73,757

$

65,726

(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 24

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

In presenting

our results, we included and discussed certain non-GAAP measures. These non-GAAP measures, which may be defined differently by other companies, are important for an understanding of our overall results of operations and financial condition. However,

they should not be viewed as a substitute for measures determined in accordance with generally accepted accounting principles (GAAP).

Throughout this document

there are various measures presented on a 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 28 - 29.

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 both losses and loss expenses 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 amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment, 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. References to core operating income measures mean net of tax, whether or not noted.

Core operating income excluding catastrophe losses excludes the impact of catastrophe losses due to the significant size and number of these events which could

obscure the underlying operating results. We believe this measure provides more comparability between the current and prior period where catastrophes have had a significant impact, allowing a better evaluation of our operating performance and

enhancing an understanding of the trends in our property and casualty business. Core operating income and Core operating income excluding catastrophe losses should not be viewed as a substitute for net income determined in accordance with GAAP.

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 amortization of the deferred tax asset

related to the tax benefit from the Bermuda Economic Transition Adjustment, 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 amortization of the deferred tax asset related to the tax benefit from the Bermuda Economic Transition Adjustment. 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 25

Chubb Limited

Non-GAAP Financial Measures - 2

(in millions

of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Chubb

Core operating effective tax rate

The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:

Full Year

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

2025

Tax expense, as reported

$

644

$

592

$

784

$

713

$

318

$

2,407

Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt

1

3

1

3

(1

)

6

Less: tax expense (benefit) on integration expenses and severance

(2

)

(17

)

-

-

-

(17

)

Less: tax expense (benefit) on adjusted net realized gains (losses)

(32

)

(107

)

(6

)

94

(41

)

(60

)

Less: tax expense (benefit) on market risk benefits gains (losses)

2

(5

)

(22

)

(2

)

(14

)

(43

)

Less: amortization of deferred tax asset from Bermuda law

31

33

36

34

21

124

Tax expense, adjusted

$

644

$

685

$

775

$

584

$

353

$

2,397

Income before tax, as reported

$

2,964

$

3,802

$

3,585

$

3,681

$

1,649

$

12,717

Less: amortization of fair value of acquired invested assets and debt

3

5

4

3

3

15

Less: integration expenses and severance

(9

)

(75

)

(1

)

(2

)

-

(78

)

Less: adjusted realized gains (losses)

(394

)

(39

)

29

93

(84

)

(1

)

Less: realized gains (losses) related to unconsolidated entities

17

281

(83

)

540

(20

)

718

Less: market risk benefits gains (losses)

14

(37

)

(142

)

(17

)

(92

)

(288

)

Core operating income before tax

$

3,333

$

3,667

$

3,778

$

3,064

$

1,842

$

12,351

Effective tax rate

21.7%

15.5%

21.9%

19.4%

19.3%

18.9%

Adjustment for tax impact of amortization of fair value of acquired invested assets and debt

0.0%

-0.1%

0.0%

-0.1%

0.1%

0.0%

Adjustment for tax impact of integration expenses and severance

0.0%

0.1%

0.0%

0.0%

0.0%

0.0%

Adjustment for tax impact of adjusted net realized gains (losses)

-1.5%

4.2%

-0.2%

0.9%

1.0%

1.6%

Adjustment for tax impact of market risk benefits gains (losses)

0.0%

-0.1%

-0.2%

0.0%

-0.2%

-0.1%

Adjustment for amortization of deferred tax asset from Bermuda law

-0.9%

-0.9%

-1.0%

-1.1%

-1.1%

-1.0%

Core operating effective tax rate

19.3%

18.7%

20.5%

19.1%

19.1%

19.4%

Core operating income

The following table presents the reconciliation of Chubb net income to Core operating income:

Full Year

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

2025

Chubb net income

$

2,320

$

3,210

$

2,801

$

2,968

$

1,331

$

10,310

Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax

3

5

4

3

3

15

Tax (expense) benefit on amortization adjustment

(1

)

(3

)

(1

)

(3

)

1

(6

)

Integration expenses and severance, pre-tax

(9

)

(75

)

(1

)

(2

)

-

(78

)

Tax (expense) benefit on integration expenses and severance

2

17

-

-

-

17

Adjusted realized gains (losses), pre-tax

(394

)

(39

)

29

93

(84

)

(1

)

Net realized gains (losses) related to unconsolidated entities, pre-tax (1)

17

281

(83

)

540

(20

)

718

Tax (expense) benefit on adjusted net realized gains (losses)

32

107

6

(94

)

41

60

Market risk benefits gains (losses), pre-tax

14

(37

)

(142

)

(17

)

(92

)

(288

)

Tax (expense) benefit on market risk benefits gains (losses)

(2

)

5

22

2

14

43

Amortization of deferred tax asset from Bermuda law

(31

)

(33

)

(36

)

(34

)

(21

)

(124

)

Core operating income

$

2,689

$

2,982

$

3,003

$

2,480

$

1,489

$

9,954

Catastrophe losses - after-tax

$

397

$

292

$

226

$

510

$

1,300

$

2,328

Unfavorable (favorable) prior period development (PPD) - after-tax

$

(231

)

$

(220

)

$

(238

)

$

(196

)

$

(204

)

$

(858

)

P&C Underwriting income and P&C CAY underwriting income ex Cats

The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:

Full Year

1Q-26

4Q-25

3Q-25

2Q-25

1Q-25

2025

Net income

$

2,347

$

3,173

$

3,107

$

2,999

$

1,343

$

10,622

Less: Income tax expense

(646

)

(597

)

(787

)

(717

)

(321

)

(2,422

)

Amortization expense of purchased intangibles

(73

)

(77

)

(75

)

(74

)

(75

)

(301

)

Other income (expense)

161

516

43

655

83

1,297

Interest expense

(198

)

(205

)

(197

)

(181

)

(181

)

(764

)

Net investment income

1,709

1,688

1,648

1,568

1,561

6,465

Net realized gains (losses)

(407

)

(116

)

283

160

(116

)

211

Market risk benefits gains (losses)

14

(37

)

(142

)

(17

)

(92

)

(288

)

Integration expenses and severance

(9

)

(76

)

(1

)

(2

)

-

(79

)

Life Insurance underlying income (loss) (2)

(4

)

(128

)

69

(26

)

44

(41

)

Add: Realized gains (losses) on crop derivatives

(8

)

(8

)

(7

)

(2

)

1

(16

)

P&C underwriting income

$

1,792

$

2,197

$

2,259

$

1,631

$

441

$

6,528

Add: Catastrophe losses (including reinstatement premiums) - pre-tax

500

365

285

630

1,641

2,921

Unfavorable (favorable) prior period development (PPD) - pre-tax

(286

)

(268

)

(361

)

(249

)

(255

)

(1,133

)

P&C CAY underwriting income ex Cats

$

2,006

$

2,294

$

2,183

$

2,012

$

1,827

$

8,316

(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 26

Chubb Limited

Non-GAAP Financial Measures - 3

(in millions

of U.S. dollars, except share, per share data, and ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

Core

operating ROE and Core operating ROTE

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.

Full Year

1Q-26

1Q-25

2025

Chubb net income

$

2,320

$

1,331

$

10,310

Core operating income

$

2,689

$

1,489

$

9,954

Equity - beginning of period, as reported

$

73,757

$

64,021

$

64,021

Less: unrealized gains (losses) on investments, net of deferred tax

(1,997

)

(4,552

)

(4,552

)

Less: changes in current discount rate on FPB, net of deferred tax

(344

)

(539

)

(539

)

Less: changes in instrument-specific credit risk on MRB, net of deferred tax

(23

)

(16

)

(16

)

Equity - beginning of period, as adjusted

$

76,121

$

69,128

$

69,128

Less: Chubb goodwill and other intangible assets, net of tax

24,391

23,800

23,800

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets

$

51,730

$

45,328

$

45,328

Equity - end of period, as reported

$

73,788

$

65,726

$

73,757

Less: unrealized gains (losses) on investments, net of deferred tax

(3,611

)

(3,704

)

(1,997

)

Less: changes in current discount rate on FPB, net of deferred tax

(27

)

(645

)

(344

)

Less: changes in instrument-specific credit risk on MRB, net of deferred tax

(13

)

(13

)

(23

)

Equity - end of period, as adjusted

$

77,439

$

70,088

$

76,121

Less: Chubb goodwill and other intangible assets, net of tax

24,584

23,940

24,391

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets

$

52,855

$

46,148

$

51,730

Weighted average equity, as reported

$

73,772

$

64,874

$

68,889

Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets

$

52,293

$

45,738

$

48,529

Weighted average equity, as adjusted

$

76,780

$

69,608

$

72,625

ROE

12.6%

8.2%

15.0%

Core operating ROTE

20.6%

13.0%

20.5%

Core operating ROE

14.0%

8.6%

13.7%

Private equities realized gains (losses), after-tax

(1)

$

(19

)

$

(10

)

$

817

Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) (1)

-0.1 pts

-0.1 pts

1.1 pts

Reconciliation of Core operating income to Core operating income excluding Catastrophe

losses

1Q-26

1Q-25

% Change

Core operating income

$

2,689

$

1,489

Less: catastrophe losses, after-tax

(397

)

(1,300

)

Core operating income ex Cats

$

3,086

$

2,789

10.7%

Diluted earnings per share

Weighted average diluted common shares outstanding

394.6

404.7

Core operating income ex Cats

$

7.82

$

6.89

13.5%

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures

March 31

December 31

March 31

QTD

Year-over-Year

2026

2025

2025

% Change

% Change

Book value

$

73,788

$

73,757

$

65,726

Less: AOCI

(5,911

)

(4,975

)

(7,635

)

Book value excluding AOCI

79,699

78,732

73,361

Tangible book value

49,204

49,366

41,786

Less: Tangible AOCI

(5,320

)

(4,181

)

(6,478

)

Tangible book value excluding tangible AOCI

$

54,524

$

53,547

$

48,264

Denominator: shares outstanding

388,495,580

391,101,227

400,748,485

Book value per share

$

189.93

$

188.59

$

164.01

0.7%

15.8%

Tangible book value per share

$

126.65

$

126.22

$

104.27

0.3%

21.5%

Book value per share excluding AOCI

$

205.15

$

201.31

$

183.06

1.9%

12.1%

Tangible book value per share excluding tangible AOCI

$

140.35

$

136.91

$

120.44

2.5%

16.5%

(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 27

Chubb Limited

Non-GAAP Financial Measures - 4

(in millions

of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C

combined ratio

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).

Q1 2026

North

America

Commercial P&C

Insurance

North

America

Personal P&C

Insurance

North

America

Agricultural

Insurance

Overseas

General

Insurance

Global

Reinsurance

Corporate

Total

P&C

Numerator

Losses and loss expenses

Losses and loss expenses/policy benefits

$

3,220

$

1,034

$

45

$

1,765

$

137

$

15

$

6,216

Realized (gains) losses on crop derivatives

-

-

8

-

-

-

8

Adjusted losses and loss expenses/policy benefits

A

$

3,220

$

1,034

$

53

$

1,765

$

137

$

15

$

6,224

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments

(202)

(222)

(4)

(64)

(8)

-

(500)

Reinstatement premiums collected (expensed) on catastrophe losses

-

-

-

-

-

-

-

Catastrophe losses, gross of related adjustments

(202)

(222)

(4)

(64)

(8)

-

(500)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable)

89

1

80

131

-

(15)

286

Net premiums earned adjustments on PPD - unfavorable (favorable)

-

-

-

-

-

-

-

Expense adjustments - unfavorable (favorable)

2

-

-

-

2

-

4

PPD reinstatement premiums - unfavorable (favorable)

-

-

-

7

-

-

7

PPD, gross of related adjustments - favorable (unfavorable)

91

1

80

138

2

(15)

297

CAY loss and loss expense ex Cats

B

$

3,109

$

813

$

129

$

1,839

$

131

$

-

$

6,021

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses

C

$

1,106

$

432

$

18

$

1,396

$

111

$

110

$

3,173

Expense adjustments - favorable (unfavorable)

(2)

-

-

-

(2)

-

(4)

CAY policy acquisition costs and administrative expenses

D

$

1,104

$

432

$

18

$

1,396

$

109

$

110

$

3,169

Denominator

Net premiums earned

E

$

5,148

$

1,746

$

189

$

3,780

$

326

$

11,189

Reinstatement premiums (collected) expensed on catastrophe losses

-

-

-

-

-

-

Net premiums earned adjustments on PPD - unfavorable (favorable)

-

-

-

-

-

-

PPD reinstatement premiums - unfavorable (favorable)

-

-

-

7

-

7

Net premiums earned excluding adjustments

F

$

5,148

$

1,746

$

189

$

3,787

$

326

$

11,196

P&C combined ratio

Loss and loss expense ratio

A/E

62.5%

59.3%

27.9%

46.7%

41.9%

55.6%

Policy acquisition cost and administrative expense ratio

C/E

21.5%

24.7%

9.6%

36.9%

34.1%

28.4%

P&C combined ratio

84.0%

84.0%

37.5%

83.6%

76.0%

84.0%

CAY P&C combined ratio ex Cats

Loss and loss expense ratio, adjusted

B/F

60.4%

46.6%

68.0%

48.6%

40.1%

53.8%

Policy acquisition cost and administrative expense ratio, adjusted

D/F

21.4%

24.7%

9.6%

36.8%

33.6%

28.3%

CAY P&C combined ratio ex Cats

81.8%

71.3%

77.6%

85.4%

73.7%

82.1%

Combined ratio

Combined ratio

83.9%

Add: impact of gains and losses on crop derivatives

0.1%

P&C combined ratio

84.0%

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 28

Chubb Limited

Non-GAAP Financial Measures - 5

(in millions

of U.S. dollars, except ratios)

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C

combined ratio (continued)

Q1 2025

North

America

Commercial P&C

Insurance

North

America

Personal P&C

Insurance

North

America

Agricultural

Insurance

Overseas

General

Insurance

Global

Reinsurance

Corporate

Total

P&C

Numerator

Losses and loss expenses

Losses and loss expenses/policy benefits

$

3,031

$

2,093

$

93

$

1,510

$

242

$

14

$

6,983

Realized (gains) losses on crop derivatives

-

-

(1)

-

-

-

(1)

Adjusted losses and loss expenses/policy benefits

A

$

3,031

$

2,093

$

92

$

1,510

$

242

$

14

$

6,982

Catastrophe losses and related adjustments

Catastrophe losses, net of related adjustments

(154)

(1,342)

(15)

(55)

(75)

-

(1,641)

Reinstatement premiums collected (expensed) on catastrophe losses

-

(50)

-

-

13

-

(37)

Catastrophe losses, gross of related adjustments

(154)

(1,292)

(15)

(55)

(88)

-

(1,604)

PPD and related adjustments

PPD, net of related adjustments - favorable (unfavorable)

114

-

33

121

-

(13)

255

Net premiums earned adjustments on PPD - unfavorable (favorable)

(1)

-

-

-

-

-

(1)

Expense adjustments - unfavorable (favorable)

(2)

-

(3)

-

(1)

-

(6)

PPD reinstatement premiums - unfavorable (favorable)

-

-

-

-

-

-

-

PPD, gross of related adjustments - favorable (unfavorable)

111

-

30

121

(1)

(13)

248

CAY loss and loss expense ex Cats

B

$

2,988

$

801

$

107

$

1,576

$

153

$

1

$

5,626

Policy acquisition costs and administrative expenses

Policy acquisition costs and administrative expenses

C

$

1,063

$

417

$

19

$

1,167

$

110

$

105

$

2,881

Expense adjustments - favorable (unfavorable)

2

-

3

-

1

-

6

CAY policy acquisition costs and administrative expenses

D

$

1,065

$

417

$

22

$

1,167

$

111

$

105

$

2,887

Denominator

Net premiums earned

E

$

4,988

$

1,574

$

165

$

3,209

$

368

$

10,304

Reinstatement premiums (collected) expensed on catastrophe losses

-

50

-

-

(13)

37

Net premiums earned adjustments on PPD - unfavorable (favorable)

(1)

-

-

-

-

(1)

PPD reinstatement premiums - unfavorable (favorable)

-

-

-

-

-

-

Net premiums earned excluding adjustments

F

$

4,987

$

1,624

$

165

$

3,209

$

355

$

10,340

P&C combined ratio

Loss and loss expense ratio

A/E

60.8%

133.0%

55.9%

47.0%

65.8%

67.8%

Policy acquisition cost and administrative expense ratio

C/E

21.3%

26.5%

11.6%

36.4%

29.8%

27.9%

P&C combined ratio

82.1%

159.5%

67.5%

83.4%

95.6%

95.7%

CAY P&C combined ratio ex Cats

Loss and loss expense ratio, adjusted

B/F

59.9%

49.3%

65.8%

49.1%

43.2%

54.4%

Policy acquisition cost and administrative expense ratio, adjusted

D/F

21.4%

25.7%

13.1%

36.4%

31.1%

27.9%

CAY P&C combined ratio ex Cats

81.3%

75.0%

78.9%

85.5%

74.3%

82.3%

Combined ratio

Combined ratio

95.7%

Add: impact of gains and losses on crop derivatives

0.0%

P&C combined ratio

95.7%

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 29

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 30

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Document and Entity Information

Apr. 21, 2026

Document Type

8-K

Document Period End Date

Apr. 21, 2026

Entity Registrant Name

Chubb Limited

Entity Incorporation State Country Code

V8

Entity File Number

1-11778

Entity Tax Identification Number

98-0091805

Entity Address Address Line 1

Baerengasse 32

Entity Address Postal Zip Code

8001

Entity Address City Or Town

Zurich

Entity Address Country

CH

Country Region

41

City Area Code

(0)43

Local Phone Number

456 76 00

Written Communications

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Pre Commencement Tender Offer

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Pre Commencement Issuer Tender Offer

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Entity Emerging Growth Company

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Amendment Flag

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Entity Central Index Key

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Common Class A [Member]

Security 12b Title

Common Shares, par value CHF 0.50 per share

Trading Symbol

CB

Security Exchange Name

NYSE

Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027 [Member]

Security 12b Title

Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027

Trading Symbol

CB/27

Security Exchange Name

NYSE

Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028 [Member]

Security 12b Title

Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028

Trading Symbol

CB/28

Security Exchange Name

NYSE

Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029 [Member]

Security 12b Title

Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029

Trading Symbol

CB/29A

Security Exchange Name

NYSE

Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031 [Member]

Security 12b Title

Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031

Trading Symbol

CB/31

Security Exchange Name

NYSE

Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038 [Member]

Security 12b Title

Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038

Trading Symbol

CB/38A

Security Exchange Name

NYSE

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Area code of city

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For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

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The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

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Address Line 1 such as Attn, Building Name, Street Name

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Name of the City or Town

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ISO 3166-1 alpha-2 country code.

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A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

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Indicate if registrant meets the emerging growth company criteria.

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Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

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Two-character EDGAR code representing the state or country of incorporation.

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The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

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The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

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Local phone number for entity.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

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Name of the Exchange on which a security is registered.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

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Trading symbol of an instrument as listed on an exchange.

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Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

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