Chubb Limited (NYSE: CB) grows core EPS as P&C combined ratio hits 83.8%

Q: What were Chubb (CB) key earnings results for Q2 2026?

Chubb (CB) reported Q2 2026 net income of $2.85 billion ($7.30 per share) and core operating income of $2.84 billion ($7.26 per share). Core EPS grew 18.2% year over year, while reported EPS was slightly below the prior year’s $7.35.

Q: How did Chubb (CB) premiums and underwriting perform in Q2 2026?

Consolidated net premiums written were $14.7 billion , up 3.6%, with P&C up 3.0% and life up 7.5%. P&C underwriting income increased to $1.94 billion , and the P&C combined ratio improved to 83.8% from 85.6% a year earlier.

Q: What were Chubb (CB) year-to-date 2026 earnings and returns?

For the first half of 2026, Chubb (CB) generated net income of $5.17 billion ($13.17 per share) and core operating income of $5.53 billion ($14.07 per share). Annualized core operating ROE was 14.3%, and core operating return on tangible equity reached 20.9%.

Q: How strong was Chubb (CB) P&C profitability in the first half of 2026?

Year-to-date 2026 P&C underwriting income was $3.73 billion , up from $2.07 billion a year earlier. The P&C combined ratio improved significantly to 83.9% from 90.4%, reflecting better loss experience and expense ratios across the portfolio.

Q: What happened to Chubb (CB) book value and tangible book value?

As of June 30, 2026, Chubb (CB) book value per share was $195.45 and tangible book value per share was $131.93 . These measures increased 12.3% and 17.1%, respectively, compared with June 30, 2025, supported by portfolio gains and retained earnings.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Chubb Limited reported strong second-quarter 2026 profitability, with Chubb net income of $2.85 billion, or $7.30 per share, and core operating income of $2.84 billion, or $7.26 per share, up 14.6% and 18.2% from Q2 2025. Consolidated net premiums written were $14.7 billion, up 3.6%, including 3.0% growth in P&C and 7.5% in life insurance. P&C underwriting income rose to $1.94 billion, and the P&C combined ratio improved to 83.8% from 85.6%, while the current accident year combined ratio excluding catastrophe losses was 82.2%. Adjusted net investment income reached a record $1.88 billion, and life segment income grew 9.0% to $332 million.

For the six months ended June 30, 2026, Chubb net income was $5.17 billion, or $13.17 per share, and core operating income was $5.53 billion, or $14.07 per share, with core operating income up 39.4% from the prior-year period. The year-to-date P&C combined ratio improved to 83.9% from 90.4% a year earlier. Book value per share rose to $195.45 and tangible book value per share to $131.93, increases of 12.3% and 17.1% from June 30, 2025, as invested assets reached $175.4 billion.

Positive

Core operating EPS reached $7.26 in Q2 2026, an 18.2% increase versus Q2 2025, and year-to-date core EPS rose 43.3% to $14.07.
P&C underwriting performance strengthened, with the Q2 combined ratio improving to 83.8% from 85.6% and the year-to-date ratio improving to 83.9% from 90.4%.
Book value creation was strong, as book value per share rose 12.3% and tangible book value per share rose 17.1% compared with June 30, 2025.

Negative

None.

Filing Explained

The July 21 8-K furnishes unaudited Q2 results; core operating figures are non-GAAP measures, not replacements for GAAP results.

Chubb used this completed Form 8-K to report its quarter ended June 30, 2026 results under Item 2.02, adding updated financial information for existing common holders rather than describing a transaction or other lifecycle event.

The attached press release and financial supplement are furnished as exhibits, and the filing states that the Item 2.02 information is not deemed filed for Section 18 liability or incorporated by reference into other filings.

The reported results are labeled unaudited, so they are interim figures rather than audited annual-report figures.

Core operating income and related measures such as the combined ratio are non-GAAP presentations: the company says core operating income excludes specified items from Chubb net income and should not replace GAAP measures.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net income (Q2 2026): $2,854 million Core operating income (Q2 2026): $2,842 million Core operating EPS (Q2 2026): $7.26 per share +5 more

8 metrics

Net income (Q2 2026) $2,854 million Chubb net income for the quarter ended June 30, 2026

Core operating income (Q2 2026) $2,842 million Core operating income, net of tax, quarter ended June 30, 2026

Core operating EPS (Q2 2026) $7.26 per share Up 18.2% versus Q2 2025

Consolidated net premiums written (Q2 2026) $14,705 million Net premiums written for the quarter, up 3.6% year over year

P&C combined ratio (Q2 2026) 83.8% Improved from 85.6% in Q2 2025

Book value per common share $195.45 As of June 30, 2026; up 12.3% from June 30, 2025

Tangible book value per share $131.93 As of June 30, 2026; up 17.1% from June 30, 2025

Core operating income (six months 2026) $5,531 million Core operating income for the six months ended June 30, 2026, up 39.4%

Key Terms

core operating income, combined ratio, tangible book value per share, catastrophe losses, +1 more

5 terms

core operating income financial

"reported net income ... and core operating income of $2.84 billion, or $7.26 per share"

Core operating income is the profit a company generates from its regular, day-to-day business activities after paying the normal costs of running those operations, excluding one‑time gains, losses, or unusual items. Investors care because it reveals the steady earnings power of the business—like measuring how well a store makes money from selling goods each month rather than from a one-off sale of property—and helps compare performance across periods and companies.

combined ratio financial

"P&C underwriting income was more than $1.9 billion ... with a combined ratio of 83.8%"

The combined ratio is a way insurance companies measure how well they are doing by adding up all their costs and claims and comparing them to the money they earn from premiums. If the ratio is below 100%, it means the company is making a profit; if it's above 100%, they are losing money. It helps see if an insurance company is financially healthy or not.

catastrophe losses financial

"current accident year basis excluding CATs, the combined ratio was 82.2%"

Catastrophe losses are large, unexpected insurance payouts that follow major disasters such as hurricanes, earthquakes, wildfires or pandemics. They matter to investors because they can sharply reduce an insurer’s profits, drain reserves and force special financing or rate increases — much like a sudden flood overwhelming a city’s budget — and can also ripple through markets by affecting reinsurers, bondholders and stock prices.

constant-dollar basis financial

"measures presented on a constant-dollar basis (i.e., excludes the impact of foreign exchange)"

Adjusting financial figures to a fixed year’s dollar value so they reflect real purchasing power rather than nominal amounts. This removes the effect of inflation, letting investors compare revenue, costs, or returns from different years as if prices had not changed — like measuring heights with the same ruler — so you can tell whether a company truly grew or just benefited from rising prices.

Earnings Snapshot

Core operating income (Q2 2026): $2.84 billion

quarter and six months ended June 30, 2026

Core operating income (Q2 2026) $2.84 billion up 14.6% vs Q2 2025

Core operating EPS (Q2 2026) $7.26 up 18.2% vs Q2 2025

Net income (Q2 2026) $2.85 billion down 3.8% vs Q2 2025

P&C combined ratio (Q2 2026) 83.8% improved from 85.6% in Q2 2025

Net premiums written (Q2 2026) $14.7 billion up 3.6% vs Q2 2025

Core operating EPS (six months 2026) $14.07 up 43.3% vs the first half of 2025

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 07/21/2026 - 04:10 PM Accepted by SEC EDGAR 07/21/2026 - 04:10 PM

FAQ

What were Chubb (CB) key earnings results for Q2 2026?

Chubb (CB) reported Q2 2026 net income of $2.85 billion ($7.30 per share) and core operating income of $2.84 billion ($7.26 per share). Core EPS grew 18.2% year over year, while reported EPS was slightly below the prior year’s $7.35.

How did Chubb (CB) premiums and underwriting perform in Q2 2026?

Consolidated net premiums written were $14.7 billion, up 3.6%, with P&C up 3.0% and life up 7.5%. P&C underwriting income increased to $1.94 billion, and the P&C combined ratio improved to 83.8% from 85.6% a year earlier.

What were Chubb (CB) year-to-date 2026 earnings and returns?

For the first half of 2026, Chubb (CB) generated net income of $5.17 billion ($13.17 per share) and core operating income of $5.53 billion ($14.07 per share). Annualized core operating ROE was 14.3%, and core operating return on tangible equity reached 20.9%.

How strong was Chubb (CB) P&C profitability in the first half of 2026?

Year-to-date 2026 P&C underwriting income was $3.73 billion, up from $2.07 billion a year earlier. The P&C combined ratio improved significantly to 83.9% from 90.4%, reflecting better loss experience and expense ratios across the portfolio.

What happened to Chubb (CB) book value and tangible book value?

As of June 30, 2026, Chubb (CB) book value per share was $195.45 and tangible book value per share was $131.93. These measures increased 12.3% and 17.1%, respectively, compared with June 30, 2025, supported by portfolio gains and retained earnings.

How did Chubb (CB) investment income trend in Q2 2026?

Adjusted net investment income reached a record $1.88 billion in Q2 2026, up more than 11% year over year. Total net investment income was $1.76 billion, reflecting strong contributions from fixed income and private equity partnerships within the investment portfolio.

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) - July 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 July 21, 2026, Chubb Limited issued a Press Release reporting its second quarter 2026 results and the availability of its second 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 July 21, 2026, Reporting Second Quarter 2026 Results

99.2		Second 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: July 21, 2026

Exhibit 99.1

LOGO

Chubb Limited

Bärengasse 32

CH-8001 Zurich

Switzerland

www.chubb.com

@Chubb

News Release

Chubb Reports Second Quarter Per Share Net Income of $7.30 and

Per Share Core Operating Income of $7.26, Up 18.2%; Consolidated

Net Premiums Written of $14.7 Billion, Up 3.6%, with P&C and Life

Insurance Up 3.0% and 7.5%; P&C Combined Ratio of 83.8%

●

Net income was $2.85 billion versus $2.97 billion prior year, and core operating income was $2.84 billion, up 14.6%.

●

P&C net premiums written were $12.77 billion, up 3.0%, or 6.3% excluding large account and E&S property.

●

North America Commercial was down 2.3%.

●

Middle market and small commercial was up 8.9%.

●

Major accounts and specialty was down 9.0% due to underwriting actions on property, and up 0.4% excluding large account and E&S property.

●

North America Personal was up 6.0%.

●

North America Agriculture was up 6.0%.

●

Overseas General was up 10.2%, or 4.8% in constant dollars. Consumer insurance was up 12.1% and commercial insurance was up 8.8%; Latin America, Asia and Europe were up 15.6%, 12.0% and 5.1%, respectively.

●

P&C underwriting income was $1.94 billion, up 18.8%, with a combined ratio of 83.8%. P&C current accident year underwriting income excluding catastrophe losses was $2.13 billion, up 5.8%, with a combined ratio of 82.2%.

●

Total pre-tax net catastrophe losses were $475 million compared with $630 million in the prior year.

●

Total pre-tax favorable prior period development was $283 million compared with $249 million in the prior year.

●

Life Insurance net premiums written were $1.94 billion, up 7.5%, and segment income was $332 million, up 9.0%, with International Life income up 13.0%. Life Insurance net premiums written and deposits collected were $2.65 billion, up 14.4%.

●

Pre-tax net investment income was $1.76 billion, up 12.3%, and adjusted net investment income was $1.88 billion, up 11.4%. Both were records.

●

Annualized return on equity (ROE) was 15.3%. Annualized core operating return on tangible equity (ROTE) was 21.2% and annualized core operating ROE was 14.5%.


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		1

Chubb Limited News Release

ZURICH – July 21, 2026 – Chubb Limited (NYSE: CB) today reported net income for the quarter ended June 30, 2026 of $2.85 billion, or $7.30 per share, and core operating income of $2.84 billion, or $7.26 per share. Book value per share and tangible book value per share increased 12.3% and 17.1%, respectively, from June 30, 2025 and now stand at $195.45 and $131.93. For the last three months, book value was favorably impacted by after-tax net realized and unrealized gains of $388 million in Chubb’s investment portfolio, partially offset by $254 million of foreign currency losses. Book value per share and tangible book value per share excluding AOCI increased 11.4% and 15.8%, from June 30, 2025.

Chubb Limited

Second 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		$2,854		$2,968		(3.8)%		$7.30		$7.35		(0.7)%
Adjusted net realized (gains) losses and other, net of tax		(47)		(539)		(91.3)%		(0.13)		(1.33)		(90.2)%
Integration expenses and severance, net of tax		6		2		NM		0.02		-		NM
Market risk benefits (gains) losses, net of tax		(4)		15		NM		(0.01)		0.04		NM
Amortization of deferred tax asset from Bermuda law		33		34		(2.9)%		0.08		0.08		-
Core operating income, net of tax		$2,842		$2,480		14.6%		$7.26		$6.14		18.2%

Annualized return on equity (ROE)		15.3%		17.6%
Core operating return on tangible equity (ROTE)		21.2%		21.0%
Core operating ROE		14.5%		13.9%

For the six months ended June 30, 2026, net income was $5.17 billion, or $13.17 per share, and core operating income was $5.53 billion, or $14.07 per share. Book value per share and tangible book value per share increased by 3.6% and 4.5%, from December 31, 2025. For the last six months, book value was unfavorably impacted by after-tax net realized and unrealized losses of $1.55 billion in Chubb’s investment portfolio, partially offset by $92 million of foreign currency gains. Book value per share and tangible book value per share excluding AOCI increased 4.7% and 6.4%, from December 31, 2025.


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		2

Chubb Limited News Release

Chubb Limited

Six Months Ended Summary

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

(Unaudited)


							(Per Share)

	2026		2025		Change		2026		2025		Change
Net income		$5,174		$4,299		20.4%		$13.17		$10.63		23.9%
Adjusted net realized (gains) losses and other, net of tax		296		(480)		NM		0.75		(1.18)		NM
Integration expenses and severance, net of tax		13		2		NM		0.03		-		NM
Market risk benefits (gains) losses, net of tax		(16)		93		NM		(0.04)		0.23		NM
Amortization of deferred tax asset from Bermuda law		64		55		16.4%		0.16		0.14		14.3%
Core operating income, net of tax		$5,531		$3,969		39.4%		$14.07		$9.82		43.3%

Annualized return on equity (ROE)		13.9%		12.9%
Core operating return on tangible equity (ROTE)		20.9%		16.9%
Core operating ROE		14.3%		11.2%

For the six months ended June 30, 2026 and 2025, the tax expenses (benefits) related to the table above were $3 million and $55 million, respectively for adjusted net realized gains and losses and other; $(4) million and nil for integration expenses and severance; $3 million and $(16) million for market risk benefits gains and losses, and $1.32 billion and $937 million for core operating income.

Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb Limited, commented: “We had a very strong quarter with results that again reflect the strengths of our company, including our sources of income, our diversification globally and the growth opportunities it presents, the size and strength of our balance sheet and the growth of our invested asset, and, finally, our disciplined approach to underwriting, which is a hallmark of our culture.

“Strong P&C underwriting, investment and life income led to core operating earnings of $2.8 billion, or $7.26 per share, up 14.6% and 18.2%, respectively, over the prior year. Our most important measure of value creation, tangible book value per share, increased 17.1% from last year.

“P&C underwriting income was more than $1.9 billion, up almost 19%, with a combined ratio of 83.8% – a standout result – and on a current accident year basis excluding CATs, the combined ratio was 82.2%. On the investment side of our business, adjusted net investment income was a record $1.88 billion, up more than 11%, supported by excellent performance in our fixed income and alternative asset portfolios. Our invested asset now stands at $175 billion, up 9% over the last 12 months. Life income grew 9% to $332 million, with good revenue growth in our Asia Life and North America Worksite businesses.

“In terms of P&C markets, overly soft underwriting conditions persist in certain areas of property insurance globally, particularly large account and E&S related. Our revenue results reflect our underwriting discipline,


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		3

Chubb Limited News Release

and we will not underwrite knowingly at a loss. The growth penalty we are paying in property will dissipate going forward. In the meantime, soft market conditions are spreading to certain areas of casualty while financial lines also remain soft. Against that backdrop, we’re well diversified and the substantial majority of our businesses are growing, and that is evident in our results.

“P&C premiums rose 3% from last year, or 6.3% excluding large account and E&S property. Overseas General grew 10.2%, with Latin America up 15.6%, Asia up 12% and Europe up 5.1%. North America was up about 0.5%, with commercial down 2.3%, while personal lines and agriculture each grew 6%. Commercial was up 4.1% excluding major and specialty property. In our international life insurance business, premiums and deposits rose 14.4%.

“We are an all-weather company. As long-term compounders of wealth in a cyclical business, we are patient and have many sources of opportunity on both the liability and asset sides of the balance sheet. CATs and FX aside, we are confident in our ability to continue to outperform and generate strong growth in operating earnings and EPS, and double-digit growth in tangible book value.”

Operating highlights for the quarter ended June 30, 2026 were as follows:


Chubb Limited	Q2		Q2
(in millions of U.S. dollars except for percentages)	2026		2025		Change
Consolidated
Net premiums written (increase of 2.0% in constant dollars)	$	14,705	$	14,196		3.6%

P&C
Net premiums written (increase of 1.4% in constant dollars) (increase of 6.3% excluding large account and E&S property)	$	12,768	$	12,394		3.0%
Underwriting income	$	1,937	$	1,631		18.8%
Combined ratio		83.8%		85.6%
Current accident year underwriting income excluding catastrophe losses	$	2,129	$	2,012		5.8%
Current accident year combined ratio excluding catastrophe losses		82.2%		82.3%

Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)	$	11,992	$	11,661		2.8%
Underwriting income	$	1,871	$	1,566		19.5%
Combined ratio		83.5%		85.4%
Current accident year underwriting income excluding catastrophe losses	$	2,049	$	1,946		5.4%
Current accident year combined ratio excluding catastrophe losses		81.9%		81.9%

Life Insurance
Net premiums written (increase of 6.3% in constant dollars)	$	1,937	$	1,802		7.5%
Segment income (increase of 9.1% in constant dollars)	$	332	$	305		9.0%


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		4

Chubb Limited News Release

●

Consolidated net premiums earned increased 5.8%, or 4.0% in constant dollars. P&C net premiums earned increased 5.5%, or 3.6% in constant dollars.

●

Operating cash flow was $3.73 billion and adjusted operating cash flow was $3.48 billion.

●

Total capital returned to shareholders in the quarter was $1.37 billion, comprising share repurchases of $979 million at an average purchase price of $327.18 per share and dividends of $395 million. Total capital returned to shareholders for the six months was $2.90 billion, comprising share repurchases of $2.12 billion at an average purchase price of $326.03 per share and dividends of $775 million.


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		5

Chubb Limited News Release

Details of financial results by business segment are available in the Chubb Limited Financial Supplement. Key segment items for the quarter ended June 30, 2026 are presented below:


Chubb Limited	Q2		Q2
(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	$	8,424	$	8,394		0.4%
Combined ratio		81.5%		81.7%
Current accident year combined ratio excluding catastrophe losses		79.4%		79.7%

North America Commercial P&C Insurance
Net premiums written (increase of 4.1% excluding large account and E&S property)	$	5,594	$	5,723		(2.3)%
Major accounts retail and excess and surplus (E&S) wholesale (increase of 0.4% excluding large account and E&S property)	$	3,257	$	3,578		(9.0)%
Middle market and small commercial	$	2,337	$	2,145		8.9%
Combined ratio		85.4%		83.5%
Current accident year combined ratio excluding catastrophe losses		81.8%		81.1%

North America Personal P&C Insurance
Net premiums written	$	2,054	$	1,938		6.0%
Combined ratio		67.3%		73.5%
Current accident year combined ratio excluding catastrophe losses		69.9%		72.2%

North America Agricultural Insurance
Net premiums written	$	776	$	733		6.0%
Combined ratio		89.7%		89.1%
Current accident year combined ratio excluding catastrophe losses		87.6%		88.8%

Overseas General Insurance
Net premiums written (increase of 4.8% in constant dollars)	$	3,990	$	3,620		10.2%
Commercial P&C	$	2,259	$	2,077		8.8%
Consumer P&C	$	1,731	$	1,543		12.1%
Combined ratio		82.2%		90.3%
Current accident year combined ratio excluding catastrophe losses		85.2%		85.4%

Global Reinsurance
Net premiums written	$	354	$	380		(6.7)%
Combined ratio		76.1%		71.0%
Current accident year combined ratio excluding catastrophe losses		76.9%		73.5%

Life Insurance
Net premiums written (increase of 6.3% in constant dollars)	$	1,937	$	1,802		7.5%
Net premiums written and deposits (increase of 12.9% in constant dollars)	$	2,652	$	2,320		14.4%
Segment income (increase of 9.1% in constant dollars)	$	332	$	305		9.0%


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		6

Chubb Limited News Release

●

North America Commercial P&C Insurance: The combined ratio increased 1.9 percentage points, including a 1.3 percentage point increase from higher catastrophe losses and a 0.5 percentage point increase in the current accident year loss ratio excluding catastrophe losses.

●

North America Personal P&C Insurance: The combined ratio decreased 6.2 percentage points, including a 2.4 percentage point decrease from higher favorable prior period development, a 1.5 percentage point decrease from lower catastrophe losses, and a 1.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses.

●

North America Agricultural Insurance: The combined ratio increased 0.6 percentage points, including a 1.8 percentage point increase from higher catastrophe losses, partially offset by a 0.7 percentage point decrease in the underlying expense ratio, and a 0.5 percentage point decrease in the current accident year loss ratio excluding catastrophe losses.

●

Overseas General Insurance: The combined ratio decreased 8.1 percentage points, including a 6.5 percentage point decrease from lower catastrophe losses, a 1.4 percentage point decrease from higher favorable prior period development, and a 0.6 percentage point decrease in the current accident year loss ratio excluding catastrophe losses, partially offset by a 0.4 percentage point increase in the underlying expense ratio, due to shift in the mix of business.

●

Life Insurance: Net premiums written were $1.94 billion, up 7.5%, with International Life of $1.59 billion, up 6.2%, and Chubb Benefits up 14.0%. Life Segment income was $332 million, up 9.0%, primarily reflecting growth in International Life of 13.0%.


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		7

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 June 30, 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 second quarter earnings conference call on Wednesday, July 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.		8

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 $1 million and $4 million in Q2 2026 and Q2 2025, and including investment income of $119 million and $115 million in Q2 2026 and Q2 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 amortization of the fair value adjustment on acquired invested assets was $3 million and $6 million for the six months ended June 30, 2026 and 2025, and the investment income from private equity partnerships was $246 million and $222 million for the six months ended June 30, 2026 and 2025. 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.


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		9

Chubb Limited News Release

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

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


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		10

Chubb Limited News Release

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.

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 27-33 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.		11

Chubb Limited News Release

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	June 30 2026		December 31 2025
Assets
Investments	$	172,649	$	168,720
Cash and restricted cash		2,753		2,470

Total invested assets		175,402		171,190
Insurance and reinsurance balances receivable		19,068		15,944
Reinsurance recoverable on losses and loss expenses		20,284		20,338
Goodwill and other intangible assets ($25,859 and $25,775 represents Chubb portion as of 6/30/2026 and 12/31/2025, respectively)		26,488		26,448
Other assets		40,080		38,407

Total assets	$	281,322	$	272,327


Liabilities
Unpaid losses and loss expenses	$	89,669	$	88,018
Unearned premiums		28,511		26,279
Other liabilities		82,297		78,251

Total liabilities		200,477		192,548

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		81,295		78,732
Accumulated other comprehensive income (loss) (AOCI)		(5,923)		(4,975)

Chubb shareholders’ equity		75,372		73,757
Noncontrolling interests		5,473		6,022

Total shareholders’ equity		80,845		79,779

Total liabilities and shareholders’ equity	$	281,322	$	272,327


Book value per common share	$	195.45	$	188.59
Tangible book value per common share	$	131.93	$	126.22
Book value per common share, excl. AOCI	$	210.81	$	201.31
Tangible book value per common share, excl. AOCI	$	145.67	$	136.91


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		12

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 June 30				Six Months Ended June 30
	2026		2025		2026		2025
Gross premiums written	$	17,947	$	17,276	$	34,498	$	32,381
Net premiums written		14,705		14,196		28,710		26,842
Net premiums earned		13,889		13,125		27,346		25,125
Losses and loss expenses		6,691		6,572		12,822		13,468
Policy benefits		1,615		1,406		3,400		2,633
Policy acquisition costs		2,632		2,415		5,228		4,728
Administrative expenses		1,168		1,125		2,317		2,205
Net investment income		1,760		1,568		3,469		3,129
Net realized gains (losses)		162		160		(245)		44
Market risk benefits gains (losses)		5		(17)		19		(109)
Interest expense		200		181		398		362
Other income (expense):
Gains (losses) from separate account assets		63		(12)		51		(22)
Other		133		667		306		760
Amortization of purchased intangibles		74		74		147		149
Integration expenses and severance		8		2		17		2
Income tax expense		742		717		1,388		1,038

Net income	$	2,882	$	2,999	$	5,229	$	4,342
Less: NCI income		28		31		55		43

Chubb net income	$	2,854	$	2,968	$	5,174	$	4,299


Diluted earnings per share:
Chubb net income	$	7.30	$	7.35	$	13.17	$	10.63
Core operating income	$	7.26	$	6.14	$	14.07	$	9.82
Weighted average shares outstanding		391.3		403.8		393.0		404.3

P&C combined ratio
Loss and loss expense ratio		56.7%		59.0%		56.2%		63.1%
Policy acquisition cost ratio		19.1%		18.5%		19.5%		18.9%
Administrative expense ratio		8.0%		8.1%		8.2%		8.4%

P&C combined ratio		83.8%		85.6%		83.9%		90.4%

P&C underwriting income	$	1,937	$	1,631	$	3,729	$	2,072


Chubb^®, Chubb logo^® and Chubb. Insured.^SM are trademarks of Chubb.		13

Exhibit 99.2

LOGO

Chubb Limited

Financial Supplement

for the Quarter Ended June 30, 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 - Consecutive Quarters		3
	- Global P&C - Consecutive Quarters		4
	- Summary Consolidated Balance Sheets		5
	- Product Line		6
	- Consolidated Results by Segment		7 - 8

III.	Segment Results
	- North America Commercial P&C Insurance		9
	- North America Personal P&C Insurance		10
	- North America Agricultural Insurance		11
	- Overseas General Insurance		12
	- Global Reinsurance		13
	- Life Insurance		14
	- Corporate		15

IV.	Balance Sheet Details
	- Loss Reserve Rollforward		16
	- Reinsurance Recoverable Analysis		17
	- Investment Portfolio		18 - 21
	- Net Realized and Unrealized Gains (Losses)		22 - 23
	- Debt and Capital		24
	- Computation of Basic and Diluted Earnings Per Share		25
	- Book Value and Book Value per Common Share		26

V.	Other Disclosures
	- Non-GAAP Financial Measures		27 - 33
	- Glossary		34

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 June 30						Constant $		Constant $		Six months ended June 30						Constant $		Constant $
	2026		2025		% Change		2025		% Change		2026		2025		% Change		2025		% Change


Gross premiums written	$	17,947	$	17,276		3.9%	$	17,534		2.4%	$	34,498	$	32,381		6.5%	$	33,069		4.3%

Net premiums written	$	14,705	$	14,196		3.6%	$	14,417		2.0%	$	28,710	$	26,842		7.0%	$	27,417		4.7%

P&C net premiums written	$	12,768	$	12,394		3.0%	$	12,595		1.4%	$	24,484	$	23,320		5.0%	$	23,844		2.7%

Global P&C net premiums written	$	11,992	$	11,661		2.8%	$	11,862		1.1%	$	23,397	$	22,311		4.9%	$	22,835		2.5%

Life Insurance net premiums written	$	1,937	$	1,802		7.5%	$	1,822		6.3%	$	4,226	$	3,522		20.0%	$	3,573		18.3%

Net premiums earned	$	13,889	$	13,125		5.8%	$	13,350		4.0%	$	27,346	$	25,125		8.8%	$	25,637		6.7%

P&C underwriting income	$	1,937	$	1,631		18.8%	$	1,671		16.0%	$	3,729	$	2,072		80.0%	$	2,156		73.0%

P&C CAY underwriting income ex Cats	$	2,129	$	2,012		5.8%	$	2,048		4.0%	$	4,135	$	3,839		7.7%	$	3,913		5.7%

Adjusted net investment income	$	1,880	$	1,687		11.4%	$	1,702		10.5%	$	3,718	$	3,357		10.8%	$	3,388		9.7%

Core operating income	$	2,842	$	2,480		14.6%	$	2,515		13.0%	$	5,531	$	3,969		39.4%	$	4,049		36.6%

Adjusted operating cash flow	$	3,476	$	3,231							$	7,279	$	5,232

Net investment income	$	1,760	$	1,568		12.3%	$	1,579		11.5%	$	3,469	$	3,129		10.9%	$	3,154		10.0%

Chubb net income	$	2,854	$	2,968		-3.8%					$	5,174	$	4,299		20.4%

Operating cash flow	$	3,730	$	3,551							$	7,677	$	5,117

P&C combined ratio
Loss and loss expense ratio		56.7%		59.0%								56.2%		63.1%
Policy acquisition cost and administrative expense ratio		27.1%		26.6%								27.7%		27.3%



Combined ratio		83.8%		85.6%								83.9%		90.4%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		55.2%		55.6%								54.5%		55.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.0%		26.7%								27.7%		27.2%


CAY combined ratio ex Cats		82.2%		82.3%								82.2%		82.3%

ROE		15.3%		17.6%								13.9%		12.9%
Core operating return on tangible equity (ROTE)		21.2%		21.0%								20.9%		16.9%
Core operating return on equity (ROE)		14.5%		13.9%								14.3%		11.2%

Effective tax rate		20.6%		19.4%								21.1%		19.4%
Core operating effective tax rate		19.2%		19.1%								19.3%		19.1%

Diluted earnings per share

Chubb net income	$	7.30	$	7.35		-0.7%					$	13.17	$	10.63		23.9%

Core operating income	$	7.26	$	6.14		18.2%					$	14.07	$	9.82		43.3%

Weighted average diluted common shares outstanding		391.3		403.8								393.0		404.3


					% Change				% Change				% Change
	June 30		March 31		2Q-26 vs.		December 31		2Q-26 vs.		June 30		2Q-26 vs.
	2026		2026		1Q-26		2025		4Q-25		2025		2Q-25

Book value per common share	$	195.45	$	189.93		2.9%	$	188.59		3.6%	$	174.07		12.3%
Tangible book value per common share	$	131.93	$	126.65		4.2%	$	126.22		4.5%	$	112.64		17.1%

Book value per common share, excl. AOCI	$	210.81	$	205.15		2.8%	$	201.31		4.7%	$	189.27		11.4%
Tangible book value per common share, excl. AOCI	$	145.67	$	140.35		3.8%	$	136.91		6.4%	$	125.80		15.8%


Financial Highlights		Page 1

Chubb Limited

Statement of Operations - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)


Consolidated Statements of Operations	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			YTD 2026			YTD 2025			Full Year 2025

Gross premiums written	$	17,947		$	16,551		$	15,496		$	18,069		$	17,276		$	34,498		$	32,381		$	65,946

Net premiums written		14,705			14,005			13,134			14,866			14,196			28,710			26,842			54,842

Net premiums earned		13,889			13,457			13,530			14,359			13,125			27,346			25,125			53,014

Adjusted losses and loss expenses ⁽¹⁾		6,699			6,139			6,289			6,958			6,574			12,838			13,469			26,716

Realized (gains) losses on crop derivatives		8			8			8			7			2			16			1			16



Losses and loss expenses		6,691			6,131			6,281			6,951			6,572			12,822			13,468			26,700

Adjusted policy benefits ⁽²⁾		1,480			1,813			1,355			1,422			1,378			3,293			2,654			5,431

Realized (gains) losses from investment portfolios supporting participating policies		(72	)		16			27			41			(40	)		(56	)		(1	)		67

(Gains) losses from fair value changes in separate account assets		(63	)		12			(127	)		9			12			(51	)		22			(96	)



Policy benefits		1,615			1,785			1,455			1,372			1,406			3,400			2,633			5,460

Policy acquisition costs		2,632			2,596			2,556			2,563			2,415			5,228			4,728			9,847

Administrative expenses		1,168			1,149			1,161			1,138			1,125			2,317			2,205			4,504

Adjusted net investment income ⁽³⁾		1,880			1,838			1,814			1,776			1,687			3,718			3,357			6,947

Other (income) expense from private equity partnerships		(119	)		(127	)		(125	)		(127	)		(115	)		(246	)		(222	)		(474	)

Amortization expense of fair value adjustment on acquired invested assets		(1	)		(2	)		(1	)		(1	)		(4	)		(3	)		(6	)		(8	)



Net investment income		1,760			1,709			1,688			1,648			1,568			3,469			3,129			6,465

Adjusted realized gains (losses) ⁽⁴⁾		98			(383	)		(81	)		331			122			(285	)		44			294

Realized gains (losses) from investment portfolios supporting participating policies		72			(16	)		(27	)		(41	)		40			56			1			(67	)

Realized gains (losses) on crop derivatives		(8	)		(8	)		(8	)		(7	)		(2	)		(16	)		(1	)		(16	)



Net realized gains (losses)		162			(407	)		(116	)		283			160			(245	)		44			211

Market risk benefits gains (losses)		5			14			(37	)		(142	)		(17	)		19			(109	)		(288	)

Adjusted interest expense ⁽⁵⁾		205			203			210			203			186			408			372			785

Amortization benefit of fair value adjustment on acquired long term debt		(5	)		(5	)		(5	)		(6	)		(5	)		(10	)		(10	)		(21	)



Interest expense		200			198			205			197			181			398			362			764

Gains (losses) from fair value changes in separate account assets		63			(12	)		127			(9	)		(12	)		51			(22	)		96

Net realized gains (losses) related to unconsolidated entities		2			27			282			(84	)		540			29			515			713

Other income (expense) from private equity partnerships		119			127			125			127			115			246			222			474

Other income (expense) - operating		12			19			(18	)		9			12			31			23			14



Other income (expense)		196			161			516			43			655			357			738			1,297

Amortization expense of purchased intangibles		74			73			77			75			74			147			149			301

Integration expenses and severance		8			9			76			1			2			17			2			79

Income tax expense (benefit)		742			646			597			787			717			1,388			1,038			2,422



Net income	$	2,882		$	2,347		$	3,173		$	3,107		$	2,999		$	5,229		$	4,342		$	10,622

Less: NCI income (loss)		28			27			(37	)		306			31			55			43			312



Chubb net income	$	2,854		$	2,320		$	3,210		$	2,801		$	2,968		$	5,174		$	4,299		$	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	2Q-26		1Q-26		4Q-25		3Q-25		2Q-25		YTD 2026		YTD 2025		Full Year 2025
Gross premiums written	$	15,953	$	14,206	$	13,612	$	16,074	$	15,410	$	30,159	$	28,737	$	58,423
Net premiums written		12,768		11,716		11,309		12,934		12,394		24,484		23,320		47,563
Net premiums earned		11,955		11,189		11,716		12,434		11,336		23,144		21,640		45,790
Adjusted losses and loss expenses		6,677		6,111		6,257		6,927		6,554		12,788		13,423		26,607
Policy benefits		106		113		109		119		129		219		242		470
Policy acquisition costs		2,280		2,234		2,214		2,204		2,096		4,514		4,099		8,517
Administrative expenses		955		939		939		925		926		1,894		1,804		3,668

P&C underwriting income	$	1,937	$	1,792	$	2,197	$	2,259	$	1,631	$	3,729	$	2,072	$	6,528

P&C CAY underwriting income ex Cats	$	2,129	$	2,006	$	2,294	$	2,183	$	2,012	$	4,135	$	3,839	$	8,316

% Change versus prior year period
Net premiums written		3.0%		7.2%		7.7%		5.3%		5.2%		5.0%		4.3%		5.4%
Net premiums earned		5.5%		8.6%		6.2%		5.0%		5.7%		7.0%		4.6%		5.1%

Net premiums written constant $		1.4%		4.1%		6.9%		4.7%		5.8%		2.7%		5.4%		5.6%
Net premiums earned constant $		3.6%		5.9%		5.3%		4.2%		6.3%		4.7%		5.7%		5.2%

Combined ratio
Loss and loss expense ratio		56.7%		55.6%		54.3%		56.7%		59.0%		56.2%		63.1%		59.1%
Policy acquisition cost ratio		19.1%		20.0%		18.9%		17.7%		18.5%		19.5%		18.9%		18.6%
Administrative expense ratio		8.0%		8.4%		8.0%		7.4%		8.1%		8.2%		8.4%		8.0%

Combined ratio		83.8%		84.0%		81.2%		81.8%		85.6%		83.9%		90.4%		85.7%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		55.2%		53.8%		53.2%		57.5%		55.6%		54.5%		55.1%		55.3%
CAY policy acquisition cost and administrative expense ratio ex Cats		27.0%		28.3%		27.2%		25.0%		26.7%		27.7%		27.2%		26.6%

CAY combined ratio ex Cats		82.2%		82.1%		80.4%		82.5%		82.3%		82.2%		82.3%		81.9%


Other ratios
Net premiums written/gross premiums written		80%		82%		83%		80%		80%		81%		81%		81%

Expense ratio		27.1%		28.4%		26.9%		25.1%		26.6%		27.7%		27.3%		26.6%
Expense ratio excluding A&H		25.5%		26.8%		25.3%		23.6%		25.1%		26.1%		25.7%		25.0%

Net catastrophe losses - pre-tax	$	475	$	500	$	365	$	285	$	630	$	975	$	2,271	$	2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(283)	$	(286)	$	(268)	$	(361)	$	(249)	$	(569)	$	(504)	$	(1,133)

Impact of catastrophe losses on combined ratio - Unfavorable (favorable)		4.0%		4.5%		3.0%		2.3%		5.5%		4.2%		10.5%		6.3%
Impact of PPD on combined ratio - Unfavorable (favorable)		-2.4%		-2.6%		-2.3%		-3.0%		-2.2%		-2.5%		-2.4%		-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)		1.6%		1.9%		0.7%		-0.7%		3.3%		1.7%		8.1%		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	2Q-26		1Q-26		4Q-25		3Q-25		2Q-25		YTD 2026		YTD 2025		Full Year 2025
Gross premiums written	$	14,841	$	13,705	$	13,005	$	13,558	$	14,300	$	28,546	$	27,193	$	53,756
Net premiums written		11,992		11,405		10,850		11,476		11,661		23,397		22,311		44,637
Net premiums earned		11,314		11,000		11,055		10,939		10,738		22,314		20,877		42,871
Adjusted losses and loss expenses		6,151		6,058		5,817		5,703		6,071		12,209		12,848		24,368
Policy benefits		106		113		109		119		129		219		242		470
Policy acquisition costs		2,235		2,210		2,196		2,118		2,048		4,445		4,034		8,348
Administrative expenses		951		945		954		920		924		1,896		1,800		3,674

Global P&C underwriting income	$	1,871	$	1,674	$	1,979	$	2,079	$	1,566	$	3,545	$	1,953	$	6,011

Global P&C CAY underwriting income ex Cats	$	2,049	$	1,964	$	2,130	$	2,029	$	1,946	$	4,013	$	3,737	$	7,896

% Change versus prior year period
Net premiums written		2.8%		7.1%		6.6%		5.3%		5.8%		4.9%		4.4%		5.2%
Net premiums earned		5.4%		8.5%		5.3%		4.9%		6.3%		6.9%		4.7%		4.9%

Net premiums written constant $		1.1%		3.9%		5.7%		4.6%		6.4%		2.5%		5.7%		5.4%
Net premiums earned constant $		3.4%		5.8%		4.4%		4.1%		7.0%		4.6%		5.8%		5.0%

Combined ratio
Loss and loss expense ratio		55.3%		56.1%		53.6%		53.2%		57.7%		55.7%		62.7%		57.9%
Policy acquisition cost ratio		19.8%		20.1%		19.9%		19.4%		19.1%		19.9%		19.3%		19.5%
Administrative expense ratio		8.4%		8.6%		8.6%		8.4%		8.6%		8.5%		8.6%		8.6%

Combined ratio		83.5%		84.8%		82.1%		81.0%		85.4%		84.1%		90.6%		86.0%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.8%		53.5%		52.6%		54.0%		54.3%		53.7%		54.3%		53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.1%		28.7%		28.3%		27.6%		27.6%		28.3%		27.8%		27.9%

CAY combined ratio ex Cats		81.9%		82.2%		80.9%		81.6%		81.9%		82.0%		82.1%		81.7%


Other ratios
Net premiums written/gross premiums written		81%		83%		83%		85%		82%		82%		82%		83%

Expense ratio		28.2%		28.7%		28.5%		27.8%		27.7%		28.4%		27.9%		28.1%
Expense ratio excluding A&H		26.6%		27.1%		26.9%		26.2%		26.1%		26.8%		26.4%		26.4%

Net catastrophe losses - pre-tax	$	461	$	496	$	361	$	281	$	629	$	957	$	2,255	$	2,897
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(283)	$	(206)	$	(210)	$	(331)	$	(249)	$	(489)	$	(471)	$	(1,012)

Impact of catastrophe losses on combined ratio - Unfavorable (favorable)		4.1%		4.5%		3.2%		2.6%		5.8%		4.3%		10.7%		6.8%
Impact of PPD on combined ratio - Unfavorable (favorable)		-2.5%		-1.9%		-2.0%		-3.2%		-2.3%		-2.2%		-2.2%		-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)		1.6%		2.6%		1.2%		-0.6%		3.5%		2.1%		8.5%		4.3%


Global P&C		Page 4

Chubb Limited

Summary Consolidated Balance Sheets

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

(Unaudited)


	June 30 2026		March 31 2026		December 31 2025
Assets
Short-term investments, at fair value	$	5,458	$	5,067	$	4,840
Fixed maturities available for sale, at fair value		125,518		123,433		122,680
Private debt held-for-investment, at amortized cost		2,252		2,477		2,411
Equity securities, at fair value		11,014		10,916		10,801
Private equities		17,385		17,132		17,239
Other investments		11,022		11,170		10,749

Total investments		172,649		170,195		168,720
Cash and restricted cash		2,753		2,634		2,470

Total invested assets		175,402		172,829		171,190

Securities lending collateral		1,870		2,277		2,500
Insurance and reinsurance balances receivable		19,068		17,101		15,944
Reinsurance recoverable on losses and loss expenses		20,284		20,159		20,338
Deferred policy acquisition costs		10,744		10,452		10,008
Value of business acquired (VOBA)		2,828		2,926		2,975
Prepaid reinsurance premiums		4,683		4,105		3,874
Goodwill and other intangible assets ($25,859 and $25,775 represents Chubb portion as of 6/30/2026 and 12/31/2025, respectively)		26,488		26,587		26,448
Deferred tax assets		1,237		1,315		1,312
Separate account assets		7,471		6,718		6,925
Other assets		11,247		10,987		10,813

Total assets	$	281,322	$	275,456	$	272,327


Liabilities
Unpaid losses and loss expenses	$	89,669	$	88,915	$	88,018
Unearned premiums		28,511		27,180		26,279
Future policy benefits		20,159		19,273		18,420
Market risk benefits		505		642		659
Policyholder account balances		9,102		8,782		8,576
Separate account liabilities		7,471		6,718		6,925
Insurance and reinsurance balances payable		9,345		8,486		8,349
Securities lending payable		1,870		2,277		2,500
Accounts payable, accrued expenses, and other liabilities		13,433		13,617		13,432
Deferred tax liabilities		1,870		1,759		1,741
Short-term and long-term debt		18,115		17,470		17,227
Hybrid debt		427		425		422

Total liabilities		200,477		195,544		192,548

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		81,295		79,699		78,732
Accumulated other comprehensive income (loss) (AOCI)		(5,923)		(5,911)		(4,975)

Chubb shareholders’ equity		75,372		73,788		73,757
Noncontrolling interests		5,473		6,124		6,022

Total shareholders’ equity		80,845		79,912		79,779

Total liabilities and shareholders’ equity	$	281,322	$	275,456	$	272,327


Book value per common share	$	195.45	$	189.93	$	188.59
% change over prior quarter		2.9%		0.7%		3.5%
Tangible book value per common share ⁽¹⁾	$	131.93	$	126.65	$	126.22
% change over prior quarter		4.2%		0.3%		5.1%

Book value per common share, excl. AOCI	$	210.81	$	205.15	$	201.31
% change over prior quarter		2.8%		1.9%		3.4%
Tangible book value per common share, excl. AOCI	$	145.67	$	140.35	$	136.91
% change over prior quarter		3.8%		2.5%		4.8%

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


Consol Bal Sheet		Page 5

Chubb Limited

Consolidated Net Premiums Written by Product Line

(in millions of U.S. dollars)

(Unaudited)


							Constant $		YTD		YTD				Constant $
	2Q-26		2Q-25		% Change		% Change		2026		2025		% Change		% Change
Net premiums written

Property and other short-tail lines	$	2,486	$	2,766		-10.1%		-11.7%	$	4,953	$	5,255		-5.8%		-8.3%
Commercial casualty		2,543		2,389		6.4%		5.2%		5,114		4,641		10.2%		8.3%
Financial lines		1,331		1,278		4.2%		2.6%		2,424		2,357		2.9%		0.6%
Workers’ compensation		581		547		6.2%		6.2%		1,207		1,185		1.9%		1.9%
Commercial multiple peril⁽¹⁾		537		481		11.6%		11.4%		991		897		10.5%		10.3%
Surety		247		225		10.0%		6.9%		467		425		9.9%		6.4%

Total Commercial P&C lines		7,725		7,686		0.5%		-0.9%		15,156		14,760		2.7%		0.6%

Agriculture		776		733		6.0%		6.0%		1,087		1,009		7.8%		7.8%

Personal homeowners		1,640		1,535		6.8%		6.0%		2,913		2,678		8.8%		7.7%
Personal automobile		861		779		10.5%		4.3%		1,716		1,470		16.8%		9.7%
Personal other		530		475		11.4%		9.0%		1,090		986		10.5%		7.2%

Total Personal lines ⁽²⁾		3,031		2,789		8.6%		6.0%		5,719		5,134		11.4%		8.2%

Global A&H - P&C		882		806		9.3%		6.0%		1,805		1,629		10.8%		6.1%

Reinsurance lines		354		380		-6.7%		-6.7%		717		788		-9.0%		-9.3%


Total P&C	$	12,768	$	12,394		3.0%		1.4%	$	24,484	$	23,320		5.0%		2.7%


Life Insurance		1,937		1,802		7.5%		6.3%		4,226		3,522		20.0%		18.3%


Total Consolidated	$	14,705	$	14,196		3.6%		2.0%	$	28,710	$	26,842		7.0%		4.7%

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

(2) For purposes of this schedule only, certain 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 June 30, 2026
	North America Commercial P&C			North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Q2 2026		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	5,594	$	2,054	$	776	$	3,990	$	354	$	-	$	12,768	$	1,937	$	14,705
% of total net premiums written			39%		14%		5%		27%		2%		0%		87%		13%		100%
Net premiums earned			5,214		1,817		641		3,984		299		-		11,955		1,934		13,889
Adjusted losses and loss expenses			3,372		791		526		1,709		121		158		6,677		22		6,699
Adjusted policy benefits			-		-		-		106		-		-		106		1,374		1,480
Policy acquisition costs			730		347		45		1,060		98		-		2,280		352		2,632
Administrative expenses			351		86		4		399		8		107		955		213		1,168

Underwriting income (loss)			761		593		66		710		72		(265)		1,937		(27)		1,910
Adjusted net investment income			982		140		21		313		110		(9)		1,557		323		1,880
Other income (expense) - operating			(15)		(3)		(2)		(6)		-		(7)		(33)		45		12
Amortization expense of purchased intangibles			(1)		(2)		(6)		(22)		-		(34)		(65)		(9)		(74)

Segment income (loss)		$	1,727	$	728	$	79	$	995	$	182	$	(315)	$	3,396	$	332	$	3,728


Combined ratio			85.4%		67.3%		89.7%		82.2%		76.1%				83.8%
CAY combined ratio ex Cats			81.8%		69.9%		87.6%		85.2%		76.9%				82.2%


		Three months ended June 30, 2025
	North America Commercial P&C			North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Q2 2025		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	5,723	$	1,938	$	733	$	3,620	$	380	$	-	$	12,394	$	1,802	$	14,196
% of total net premiums written			39%		14%		5%		26%		3%		0%		87%		13%		100%
Net premiums earned			5,177		1,681		598		3,542		338		-		11,336		1,789		13,125
Adjusted losses and loss expenses			3,258		822		483		1,789		132		70		6,554		20		6,574
Adjusted policy benefits			-		-		-		129		-		-		129		1,249		1,378
Policy acquisition costs			705		332		48		913		98		-		2,096		319		2,415
Administrative expenses			357		82		2		369		10		106		926		199		1,125

Underwriting income (loss)			857		445		65		342		98		(176)		1,631		2		1,633
Adjusted net investment income			938		118		19		278		85		(25)		1,413		274		1,687
Other income (expense) - operating			(8)		-		-		(5)		-		(12)		(25)		37		12
Amortization expense of purchased intangibles			(2)		(2)		(6)		(19)		-		(37)		(66)		(8)		(74)

Segment income (loss)		$	1,785	$	561	$	78	$	596	$	183	$	(250)	$	2,953	$	305	$	3,258


Combined ratio			83.5%		73.5%		89.1%		90.3%		71.0%				85.6%
CAY combined ratio ex Cats			81.1%		72.2%		88.8%		85.4%		73.5%				82.3%


Consol Results - QTD		Page 7

Chubb Limited

Consolidated Results

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

(Unaudited)


	Six months ended June 30, 2026
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
YTD 2026	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	10,489	$	3,735	$	1,087	$	8,456	$	717	$	-	$	24,484	$	4,226	$	28,710
% of total net premiums written		37%		13%		4%		29%		2%		0%		85%		15%		100%
Net premiums earned		10,362		3,563		830		7,764		625		-		23,144		4,202		27,346
Adjusted losses and loss expenses		6,592		1,825		579		3,361		258		173		12,788		50		12,838
Adjusted policy benefits		-		-		-		219		-		-		219		3,074		3,293
Policy acquisition costs		1,482		694		69		2,069		200		-		4,514		714		5,228
Administrative expenses		705		171		(2)		786		17		217		1,894		423		2,317

Underwriting income (loss)		1,583		873		184		1,329		150		(390)		3,729		(59)		3,670
Adjusted net investment income		1,953		277		47		613		218		(18)		3,090		628		3,718
Other income (expense) - operating		(29)		(6)		(2)		(12)		-		(16)		(65)		96		31
Amortization expense of purchased intangibles		(2)		(4)		(12)		(44)		-		(68)		(130)		(17)		(147)

Segment income (loss)	$	3,505	$	1,140	$	217	$	1,886	$	368	$	(492)	$	6,624	$	648	$	7,272


Combined ratio		84.7%		75.5%		77.8%		82.9%		76.1%				83.9%
CAY combined ratio ex Cats		81.8%		70.6%		85.4%		85.3%		75.2%				82.2%


	Six months ended June 30, 2025
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
YTD 2025	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	10,510	$	3,490	$	1,009	$	7,523	$	788	$	-	$	23,320	$	3,522	$	26,842
% of total net premiums written		39%		13%		4%		28%		3%		0%		87%		13%		100%
Net premiums earned		10,165		3,255		763		6,751		706		-		21,640		3,485		25,125
Adjusted losses and loss expenses		6,289		2,915		575		3,186		374		84		13,423		46		13,469
Adjusted policy benefits		-		-		-		242		-		-		242		2,412		2,654
Policy acquisition costs		1,424		662		65		1,750		198		-		4,099		629		4,728
Administrative expenses		701		169		4		699		20		211		1,804		401		2,205

Underwriting income (loss)		1,751		(491)		119		874		114		(295)		2,072		(3)		2,069
Adjusted net investment income		1,867		238		43		559		155		(50)		2,812		545		3,357
Other income (expense) - operating		(16)		(1)		(1)		(11)		-		(20)		(49)		72		23
Amortization expense of purchased intangibles		(3)		(4)		(12)		(38)		-		(74)		(131)		(18)		(149)

Segment income (loss)	$	3,599	$	(258)	$	149	$	1,384	$	269	$	(439)	$	4,704	$	596	$	5,300


Combined ratio		82.8%		115.1%		84.4%		87.0%		83.8%				90.4%
CAY combined ratio ex Cats		81.2%		73.6%		86.7%		85.5%		73.9%				82.3%


Consol Results - YTD		Page 8

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Commercial P&C Insurance


																YTD			YTD			Full Year
	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			2026			2025			2025

Gross premiums written	$	7,194		$	5,890		$	6,177		$	6,652		$	7,038		$	13,084		$	12,734		$	25,563
Net premiums written		5,594			4,895			5,107			5,663			5,723			10,489			10,510			21,280
Net premiums earned		5,214			5,148			5,136			5,080			5,177			10,362			10,165			20,381
Losses and loss expenses		3,372			3,220			2,941			3,083			3,258			6,592			6,289			12,313
Policy acquisition costs		730			752			759			708			705			1,482			1,424			2,891
Administrative expenses		351			354			345			348			357			705			701			1,394

Underwriting income		761			822			1,091			941			857			1,583			1,751			3,783
Adjusted net investment income		982			971			995			978			938			1,953			1,867			3,840
Other income (expense) - operating		(15	)		(14	)		(33	)		(10	)		(8	)		(29	)		(16	)		(59	)
Amortization expense of purchased intangibles		(1	)		(1	)		(1	)		(1	)		(2	)		(2	)		(3	)		(5	)

Segment income	$	1,727		$	1,778		$	2,052		$	1,908		$	1,785		$	3,505		$	3,599		$	7,559

CAY underwriting income ex Cats	$	952		$	935		$	1,045		$	987		$	980		$	1,887		$	1,914		$	3,946

Combined ratio
Loss and loss expense ratio		64.7%			62.5%			57.2%			60.7%			62.9%			63.6%			61.9%			60.4%
Policy acquisition cost ratio		14.0%			14.6%			14.8%			13.9%			13.7%			14.3%			14.0%			14.2%
Administrative expense ratio		6.7%			6.9%			6.8%			6.9%			6.9%			6.8%			6.9%			6.8%

Combined ratio		85.4%			84.0%			78.8%			81.5%			83.5%			84.7%			82.8%			81.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.1%			60.4%			58.6%			60.4%			60.6%			60.7%			60.3%			59.9%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.7%			21.4%			21.3%			20.4%			20.5%			21.1%			20.9%			20.9%

CAY combined ratio ex Cats		81.8%			81.8%			79.9%			80.8%			81.1%			81.8%			81.2%			80.8%


Net catastrophe losses - pre-tax	$	302		$	202		$	129		$	72		$	229		$	504		$	383		$	584
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(111	)	$	(89	)	$	(175	)	$	(26	)	$	(106	)	$	(200	)	$	(220	)	$	(421	)

% Change versus prior year period
Net premiums written		-2.3%			2.3%			4.3%			2.9%			4.1%			-0.2%			3.1%			3.4%
Net premiums earned		0.7%			3.2%			0.4%			-0.6%			5.7%			1.9%			3.9%			1.9%

Other ratios
Net premiums written/gross premiums written		78%			83%			83%			85%			81%			80%			83%			83%

Production by Size - Net premiums written ⁽¹⁾
Major Accounts & Specialty	$	3,257		$	2,772		$	3,003		$	3,379		$	3,578		$	6,029		$	6,309		$	12,691
Commercial		2,337			2,123			2,104			2,284			2,145			4,460			4,201			8,589

Total	$	5,594		$	4,895		$	5,107		$	5,663		$	5,723		$	10,489		$	10,510		$	21,280

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


NA Commercial		Page 9

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Personal P&C Insurance


																YTD			YTD			Full Year
	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			2026			2025			2025

Gross premiums written	$	2,315		$	1,934		$	1,984		$	2,078		$	2,208		$	4,249		$	4,048		$	8,110
Net premiums written		2,054			1,681			1,720			1,814			1,938			3,735			3,490			7,024
Net premiums earned		1,817			1,746			1,767			1,741			1,681			3,563			3,255			6,763
Losses and loss expenses		791			1,034			889			713			822			1,825			2,915			4,517
Policy acquisition costs		347			347			336			339			332			694			662			1,337
Administrative expenses		86			85			85			82			82			171			169			336

Underwriting income (loss)		593			280			457			607			445			873			(491	)		573
Net investment income		140			137			125			123			118			277			238			486
Other income (expense) - operating		(3	)		(3	)		(1	)		(1	)		-			(6	)		(1	)		(3	)
Amortization expense of purchased intangibles		(2	)		(2	)		(2	)		(2	)		(2	)		(4	)		(4	)		(8	)

Segment income (loss)	$	728		$	412		$	579		$	727		$	561		$	1,140		$	(258	)	$	1,048

CAY underwriting income ex Cats	$	546		$	501		$	533		$	486		$	466		$	1,047		$	872		$	1,891

Combined ratio
Loss and loss expense ratio		43.5%			59.3%			50.4%			41.0%			48.9%			51.2%			89.5%			66.8%
Policy acquisition cost ratio		19.1%			19.9%			18.9%			19.4%			19.7%			19.5%			20.4%			19.7%
Administrative expense ratio		4.7%			4.8%			4.8%			4.7%			4.9%			4.8%			5.2%			5.0%

Combined ratio		67.3%			84.0%			74.1%			65.1%			73.5%			75.5%			115.1%			91.5%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		46.1%			46.6%			46.2%			48.0%			47.6%			46.3%			48.4%			47.7%
CAY policy acquisition cost and administrative expense ratio ex Cats		23.8%			24.7%			23.7%			24.1%			24.6%			24.3%			25.2%			24.6%

CAY combined ratio ex Cats		69.9%			71.3%			69.9%			72.1%			72.2%			70.6%			73.6%			72.3%


Net catastrophe losses - pre-tax	$	126		$	222		$	76		$	161		$	142		$	348		$	1,484		$	1,721
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(173	)	$	(1	)	$	-		$	(282	)	$	(121	)	$	(174	)	$	(121	)	$	(403	)

% Change versus prior year period
Net premiums written		6.0%			8.3%			6.1%			8.1%			9.1%			7.0%			8.0%			7.5%
Net premiums earned		8.1%			10.9%			8.5%			10.5%			11.1%			9.5%			9.1%			9.3%

Other ratios
Net premiums written/gross premiums written		89%			87%			87%			87%			88%			88%			86%			87%


NA Personal		Page 10

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

North America Agricultural Insurance


																YTD			YTD			Full Year
	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			2026			2025			2025
Gross premiums written	$	1,112		$	501		$	607		$	2,516		$	1,110		$	1,613		$	1,544		$	4,667
Net premiums written		776			311			459			1,458			733			1,087			1,009			2,926
Net premiums earned		641			189			661			1,495			598			830			763			2,919
Adjusted losses and loss expenses		526			53			440			1,224			483			579			575			2,239
Policy acquisition costs		45			24			18			86			48			69			65			169
Administrative expenses		4			(6	)		(15	)		5			2			(2	)		4			(6	)

Underwriting income		66			118			218			180			65			184			119			517
Net investment income		21			26			23			20			19			47			43			86
Other income (expense) - operating		(2	)		-			(1	)		-			-			(2	)		(1	)		(2	)
Amortization expense of purchased intangibles		(6	)		(6	)		(6	)		(6	)		(6	)		(12	)		(12	)		(24	)

Segment income	$	79		$	138		$	234		$	194		$	78		$	217		$	149		$	577

CAY underwriting income ex Cats	$	80		$	42		$	164		$	154		$	66		$	122		$	102		$	420

Combined ratio
Loss and loss expense ratio		82.0%			27.9%			66.5%			81.9%			80.8%			69.7%			75.4%			76.7%
Policy acquisition cost ratio		7.2%			12.6%			2.8%			5.8%			7.9%			8.4%			8.5%			5.8%
Administrative expense ratio		0.5%			-3.0%			-2.3%			0.3%			0.4%			-0.3%			0.5%			-0.2%

Combined ratio		89.7%			37.5%			67.0%			88.0%			89.1%			77.8%			84.4%			82.3%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		80.0%			68.0%			66.2%			83.6%			80.5%			77.3%			77.3%			78.5%
CAY policy acquisition cost and administrative expense ratio ex Cats		7.6%			9.6%			3.8%			6.1%			8.3%			8.1%			9.4%			6.5%

CAY combined ratio ex Cats		87.6%			77.6%			70.0%			89.7%			88.8%			85.4%			86.7%			85.0%


Net catastrophe losses - pre-tax	$	14		$	4		$	4		$	4		$	1		$	18		$	16		$	24
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	-		$	(80	)	$	(58	)	$	(30	)	$	-		$	(80	)	$	(33	)	$	(121	)

% Change versus prior year period
Net premiums written		6.0%			12.7%			45.1%			5.6%			-3.3%			7.8%			0.2%			8.2%
Net premiums earned		7.2%			14.6%			24.0%			5.4%			-4.3%			8.8%			1.2%			7.9%

Other ratios
Net premiums written/gross premiums written		70%			62%			76%			58%			66%			67%			65%			63%


NA Agriculture		Page 11

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Overseas General Insurance



	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			YTD 2026			YTD 2025			Full Year 2025
Gross premiums written	$	4,903		$	5,478		$	4,608		$	4,496		$	4,588		$	10,381		$	9,492		$	18,596
Net premiums written		3,990			4,466			3,806			3,695			3,620			8,456			7,523			15,024
Net premiums earned		3,984			3,780			3,820			3,803			3,542			7,764			6,751			14,374
Losses and loss expenses		1,709			1,652			1,696			1,707			1,789			3,361			3,186			6,589
Policy benefits		106			113			109			119			129			219			242			470
Policy acquisition costs		1,060			1,009			999			975			913			2,069			1,750			3,724
Administrative expenses		399			387			368			368			369			786			699			1,435

Underwriting income		710			619			648			634			342			1,329			874			2,156
Adjusted net investment income		313			300			292			288			278			613			559			1,139
Other income (expense) - operating		(6	)		(6	)		(31	)		(8	)		(5	)		(12	)		(11	)		(50	)
Amortization expense of purchased intangibles		(22	)		(22	)		(20	)		(20	)		(19	)		(44	)		(38	)		(78	)

Segment income	$	995		$	891		$	889		$	894		$	596		$	1,886		$	1,384		$	3,167

CAY underwriting income ex Cats	$	589		$	552		$	615		$	592		$	517		$	1,141		$	983		$	2,190

Combined ratio
Loss and loss expense ratio		45.6%			46.7%			47.3%			48.0%			54.2%			46.1%			50.8%			49.1%
Policy acquisition cost ratio		26.6%			26.7%			26.1%			25.6%			25.7%			26.7%			25.9%			25.9%
Administrative expense ratio		10.0%			10.2%			9.6%			9.7%			10.4%			10.1%			10.3%			10.0%

Combined ratio		82.2%			83.6%			83.0%			83.3%			90.3%			82.9%			87.0%			85.0%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		48.7%			48.6%			48.4%			49.1%			49.3%			48.6%			49.2%			49.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		36.5%			36.8%			35.6%			35.3%			36.1%			36.7%			36.3%			35.8%

CAY combined ratio ex Cats		85.2%			85.4%			84.0%			84.4%			85.4%			85.3%			85.5%			84.8%


Net catastrophe losses - pre-tax	$	25		$	64		$	156		$	42		$	252		$	89		$	307		$	505
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(146	)	$	(131	)	$	(189	)	$	(84	)	$	(77	)	$	(277	)	$	(198	)	$	(471	)

% Change versus prior year period
Net premiums written		10.2%			14.4%			10.8%			9.7%			8.5%			12.4%			4.9%			7.5%
Net premiums written - Commercial		8.8%			10.8%			5.6%			5.8%			6.0%			9.9%			4.7%			5.2%
Net premiums written - Consumer		12.1%			20.5%			18.7%			15.5%			12.2%			16.2%			5.2%			11.0%
Net premiums earned		12.5%			17.8%			11.3%			11.2%			5.8%			15.0%			3.1%			7.3%

Net premiums written constant $		4.8%			6.1%			8.1%			7.4%			10.2%			5.5%			8.2%			8.0%
Net premiums written - Commercial		3.9%			3.1%			3.3%			3.9%			6.8%			3.5%			7.1%			5.3%
Net premiums written - Consumer		5.8%			11.1%			15.4%			12.6%			15.3%			8.4%			10.1%			12.0%
Net premiums earned constant $		6.7%			9.6%			8.4%			8.4%			7.4%			8.1%			6.3%			7.4%

Other ratios: Net premiums written/gross premiums written		81%			82%			83%			82%			79%			81%			79%			81%

Production by Region - Net premiums written	2Q-26			2Q-25			% Change			Constant $ % Change			YTD 2026			YTD 2025			% Change			Constant $ % Change
Europe, Middle East and Africa	$	1,628		$	1,548			5.1%			1.1%		$	3,845		$	3,463			11.0%			3.8%
Latin America		859			743			15.6%			5.7%			1,726			1,479			16.7%			6.5%
Asia		1,473			1,316			12.0%			7.2%			2,817			2,514			12.0%			7.3%
Other⁽¹⁾		30			13			142.4%			125.0%			68			67			2.8%			-0.6%

Total	$	3,990		$	3,620			10.2%			4.8%		$	8,456		$	7,523			12.4%			5.5%

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


Overseas General Insurance		Page 12

Chubb Limited

Segment Results - Consecutive Quarters

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

(Unaudited)

Global Reinsurance


	2Q-26			1Q-26		4Q-25			3Q-25		2Q-25			YTD 2026			YTD 2025			Full Year 2025
Gross premiums written	$	429		$	403	$	236		$	332	$	466		$	832		$	919		$	1,487
Net premiums written		354			363		217			304		380			717			788			1,309
Net premiums earned		299			326		332			315		338			625			706			1,353
Losses and loss expenses		121			137		127			139		132			258			374			640
Policy acquisition costs		98			102		102			96		98			200			198			396
Administrative expenses		8			9		8			9		10			17			20			37

Underwriting income		72			78		95			71		98			150			114			280
Adjusted net investment income		110			108		99			100		85			218			155			354

Segment income	$	182		$	186	$	194		$	171	$	183		$	368		$	269		$	634

CAY underwriting income ex Cats	$	69		$	86	$	87		$	77	$	89		$	155		$	180		$	344

Combined ratio
Loss and loss expense ratio		40.6%			41.9%		38.5%			43.8%		39.0%			41.3%			53.0%			47.3%
Policy acquisition cost ratio		32.7%			31.3%		30.9%			30.5%		29.1%			32.0%			28.0%			29.3%
Administrative expense ratio		2.8%			2.8%		2.2%			3.1%		2.9%			2.8%			2.8%			2.7%

Combined ratio		76.1%			76.0%		71.6%			77.4%		71.0%			76.1%			83.8%			79.3%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		42.1%			40.1%		41.4%			42.0%		41.5%			41.1%			42.4%			42.1%
CAY policy acquisition cost and administrative expense ratio ex Cats		34.8%			33.6%		32.5%			33.6%		32.0%			34.1%			31.5%			32.2%

CAY combined ratio ex Cats		76.9%			73.7%		73.9%			75.6%		73.5%			75.2%			73.9%			74.3%


Net catastrophe losses - pre-tax	$	8		$	8	$	-		$	6	$	6		$	16		$	81		$	87
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(11	)	$	-	$	(8	)	$	-	$	(15	)	$	(11	)	$	(15	)	$	(23	)

% Change versus prior year period
Net premiums written		-6.7%			-11.2%		-3.9%			-13.5%		-7.6%			-9.0%			2.4%			-2.8%
Net premiums earned		-11.5%			-11.4%		3.2%			-0.5%		-0.3%			-11.5%			11.4%			6.4%

Net premiums written constant $		-6.7%			-11.7%		-4.2%			-13.8%		-7.8%			-9.3%			2.3%			-3.0%
Net premiums earned constant $		-11.5%			-12.1%		2.9%			-0.9%		-0.6%			-11.8%			11.4%			6.2%

Other ratios
Net premiums written/gross premiums written		83%			90%		91%			92%		82%			86%			86%			88%


Global Reinsurance		Page 13

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Life Insurance


	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			YTD 2026			YTD 2025			Full Year 2025

Gross premiums written	$	1,994		$	2,345		$	1,884		$	1,995		$	1,866		$	4,339		$	3,644		$	7,523

Net premiums written		1,937			2,289			1,825			1,932			1,802			4,226			3,522			7,279

Net premiums earned		1,934			2,268			1,814			1,925			1,789			4,202			3,485			7,224

Losses and loss expenses		22			28			32			31			20			50			46			109

Adjusted policy benefits		1,374			1,700			1,246			1,303			1,249			3,074			2,412			4,961

Policy acquisition costs		352			362			342			359			319			714			629			1,330

Administrative expenses		213			210			222			213			199			423			401			836

Adjusted net investment income		323			305			298			284			274			628			545			1,127

Other income (expense) - operating ⁽¹⁾		45			51			62			31			37			96			72			165

Amortization expense of purchased intangibles		(9	)		(8	)		(10	)		(10	)		(8	)		(17	)		(18	)		(38	)

Segment income	$	332		$	316		$	322		$	324		$	305		$	648		$	596		$	1,242


% Change versus prior year period

Net premiums written		7.5%			33.1%			16.9%			24.6%			14.1%			20.0%			9.6%			15.1%

Net premiums earned		8.1%			33.7%			15.9%			25.8%			14.2%			20.6%			9.6%			15.1%

Net premiums written constant $		6.3%			30.8%			18.3%			23.5%			17.3%			18.3%			13.8%			17.3%

Net premiums earned constant $		6.8%			31.5%			17.3%			24.7%			17.5%			18.9%			13.8%			17.4%

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

	2Q-26			2Q-25			% Change			Constant $ % Change			YTD 2026			YTD 2025			% Change			Constant $ % Change
International life insurance net premiums written	$	1,592		$	1,499			6.2%			4.9%		$	3,536		$	2,920			21.1%			19.2%
International life insurance deposits ⁽²⁾		715			518			38.3%			35.9%			1,464			1,273			15.1%			12.0%

Total international life insurance net premiums written and deposits	$	2,307		$	2,017			14.4%			12.9%		$	5,000		$	4,193			19.3%			17.0%




International life insurance segment income	$	270		$	239			13.0%			13.3%		$	533		$	469			13.7%			13.1%

(1) Includes non-premium revenue and expenses unrelated to our core insurance operations from the management of third-party assets by Huatai’s asset management businesses.

(2) Includes deposits collected on universal life and investment contracts. Consistent with U.S. GAAP, premiums collected on universal life and investment contracts are considered deposits and excluded from revenues.


Life Insurance		Page 14

Chubb Limited

Segment Results - Consecutive Quarters

(in millions of U.S. dollars)

(Unaudited)

Corporate


	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			YTD 2026			YTD 2025			Full Year 2025

Adjusted loss and loss expenses	$	158		$	15		$	164		$	61		$	70		$	173		$	84		$	309
Administrative expenses		107			110			148			113			106			217			211			472

Underwriting loss		(265	)		(125	)		(312	)		(174	)		(176	)		(390	)		(295	)		(781	)

Adjusted net investment income		(9	)		(9	)		(18	)		(17	)		(25	)		(18	)		(50	)		(85	)

Other income (expense) - operating		(7	)		(9	)		(14	)		(3	)		(12	)		(16	)		(20	)		(37	)

Adjusted interest expense		(205	)		(203	)		(210	)		(203	)		(186	)		(408	)		(372	)		(785	)
Amortization expense of purchased intangibles		(34	)		(34	)		(38	)		(36	)		(37	)		(68	)		(74	)		(148	)
Integration expenses and severance		(8	)		(9	)		(76	)		(1	)		(2	)		(17	)		(2	)		(79	)
Amortization of fair value adjustment of acquired invested assets and long-term debt		4			3			4			5			1			7			4			13

Adjusted net realized gains (losses)		100			(356	)		201			247			662			(256	)		559			1,007
Market risk benefits gains (losses)		5			14			(37	)		(142	)		(17	)		19			(109	)		(288	)
Income tax expense		(742	)		(646	)		(597	)		(787	)		(717	)		(1,388	)		(1,038	)		(2,422	)
Less: NCI income (loss)		28			27			(37	)		306			31			55			43			312

Net loss	$	(1,189	)	$	(1,401	)	$	(1,060	)	$	(1,417	)	$	(540	)	$	(2,590	)	$	(1,440	)	$	(3,917	)


Unfavorable (favorable) prior period development (PPD) - pre-tax	$	158		$	15		$	162		$	61		$	70		$	173		$	83		$	306


Corporate		Page 15

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
Losses and loss expenses incurred		8,114			1,423			6,691
Losses and loss expenses paid		(7,221	)		(1,199	)		(6,022	)	90%
Other (incl. foreign exch. revaluation)		(139	)		(24	)		(115	)

Balance at June 30, 2026	$	89,669		$	18,453		$	71,216
Add net recoverable on paid losses		-			1,831			(1,831	)

Balance including net recoverable on paid losses	$	89,669		$	20,284		$	69,385


Loss Reserve Rollforward		Page 16

Chubb Limited

Reinsurance Recoverable Analysis

(in millions of U.S. dollars)

(Unaudited)

Net Reinsurance Recoverable by Division


	June 30			March 31			December 31
	2026			2026			2025
Reinsurance recoverable on paid losses and loss expenses

Active operations	$	1,421		$	1,484		$	1,570

Brandywine and Other Run-off		461			486			494


Total	$	1,882		$	1,970		$	2,064


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	17,644		$	17,445		$	17,503

Brandywine and Other Run-off		1,082			1,064			1,091


Total	$	18,726		$	18,509		$	18,594


Gross reinsurance recoverable

Active operations	$	19,065		$	18,929		$	19,073

Brandywine and Other Run-off		1,543			1,550			1,585


Total	$	20,608		$	20,479		$	20,658


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(229	)	$	(225	)	$	(229	)

Brandywine and Other Run-off		(95	)		(95	)		(91	)


Total	$	(324	)	$	(320	)	$	(320	)


Net reinsurance recoverable

Active operations	$	18,836		$	18,704		$	18,844

Brandywine and Other Run-off		1,448			1,455			1,494


Total	$	20,284		$	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 $3.7 billion.


Reinsurance Recoverable		Page 17

Chubb Limited

Investment Portfolio

(in millions of U.S. dollars)

(Unaudited)


	June 30				March 31				December 31
	2026				2026				2025
Market Value

Fixed maturities available for sale	$	125,518			$	123,433			$	122,680

Other investments-fixed maturities		7,763				8,433				8,091

Short-term investments		5,458				5,067				4,840


Total fixed maturities	$	138,739			$	136,933			$	135,611


Asset Allocation by Market Value

U.S. and local government securities	$	3,594	3	%	$	3,697	3	%	$	3,714	3	%

Corporate and asset-backed securities		47,927	35	%		47,832	35	%		47,886	35	%

Mortgage-backed securities		32,625	23	%		31,322	23	%		30,724	23	%

Non-U.S.		49,135	35	%		49,015	35	%		48,447	35	%

Short-term investments		5,458	4	%		5,067	4	%		4,840	4	%


Total fixed maturities	$	138,739	100	%	$	136,933	100	%	$	135,611	100	%


Credit Quality by Market Value

AAA	$	13,542	10	%	$	13,258	10	%	$	13,313	10	%

AA		42,512	31	%		41,208	30	%		40,720	30	%

A		36,488	26	%		36,350	27	%		35,184	26	%

BBB		25,882	19	%		24,376	18	%		23,584	17	%

BB		11,782	8	%		12,576	9	%		12,948	10	%

B		8,258	6	%		8,766	6	%		9,469	7	%

Other		275	0	%		399	0	%		393	0	%


Total fixed maturities	$	138,739	100	%	$	136,933	100	%	$	135,611	100	%


Cost/Amortized Cost, net

Fixed maturities available for sale	$	128,980			$	127,251			$	124,674

Other investments-fixed maturities		7,763				8,433				8,091

Short-term investments		5,459				5,067				4,840


Subtotal fixed maturities ⁽¹⁾		142,202				140,751				137,605

Equity securities		11,014				10,916				10,801

Private debt held-for-investment ⁽¹⁾		2,252				2,477				2,411

Private equities and other		20,644				19,869				19,897


Total investment portfolio	$	176,112			$	174,013			$	170,714


Avg. duration of fixed maturities ⁽²⁾		4.8 years				4.7 years				4.7 years

Avg. market yield of fixed income investments ⁽³⁾		5.5%				5.5%				5.2%

Avg. credit quality		A/A				A/A				A/A

Avg. book yield of fixed income investments ⁽³⁾		5.1%				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 18

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 June 30, 2026

Agency residential mortgage-backed securities (RMBS)	$	55	$	29,179	$	-	$	-	$	-	$	29,234

Non-agency RMBS		2,092		211		192		45		2		2,542

Commercial mortgage-backed securities		673		109		60		5		2		849

Total mortgage-backed securities at market value	$	2,820	$	29,499	$	252	$	50	$	4	$	32,625


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

Market Value at June 30, 2026			S&P Credit Rating
			Investment Grade
			AAA		AA		A		BBB		Total


Asset-backed			$	3,806	$	771	$	335	$	241	$	5,153

Banks				-		9		2,671		2,097		4,777

Basic Materials				-		-		108		255		363

Communications				-		410		609		1,439		2,458

Consumer, Cyclical				9		169		677		1,111		1,966

Consumer, Non-Cyclical				70		623		3,129		2,047		5,869

Diversified Financial Services				-		128		568		255		951

Energy				-		114		604		1,612		2,330

Industrial				-		7		708		1,500		2,215

Utilities				286		14		1,813		1,665		3,778

All Others				102		381		1,513		1,891		3,887



Total			$	4,273	$	2,626	$	12,735	$	14,113	$	33,747


Market Value at June 30, 2026					S&P Credit Rating
					Below Investment Grade
					BB		B		CCC		Total

Asset-backed					$	13	$	112	$	1	$	126
Banks						-		-		-		-
Basic Materials						415		295		9		719
Communications						565		563		29		1,157
Consumer, Cyclical						1,493		918		40		2,451
Consumer, Non-Cyclical						1,463		1,241		37		2,741
Diversified Financial Services						546		295		5		846
Energy						780		544		-		1,324
Industrial						1,216		801		59		2,076
Utilities						335		122		-		457
All Others						971		1,263		49		2,283

Total					$	7,797	$	6,154	$	229	$	14,180


Investments 2		Page 19

Chubb Limited

Investment Portfolio - 3

(in millions of U.S. dollars)

(Unaudited)

Non-U.S. Fixed Income Portfolio

June 30, 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	$	-	$	167	$	2,403	$	-	$	-	$	2,570

Republic of Korea		-		1,515		-		-		-		1,515

Kingdom of Thailand		-		-		1,022		-		-		1,022

Canada		860		-		-		-		-		860

United Mexican States		-		-		-		803		-		803

Taiwan		-		737		-		-		-		737

Federative Republic of Brazil		-		-		-		-		643		643

Commonwealth of Australia		618		-		-		-		-		618

Province of Hunan China		-		-		569		-		-		569

Province of Ontario		-		529		-		-		-		529

Other Non-U.S. Government Securities		636		2,106		3,047		1,225		1,516		8,530


Total	$	2,114	$	5,054	$	7,041	$	2,028	$	2,159	$	18,396


Non-U.S. Corporate Securities	Market Value by S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total


China	$	-	$	-	$	7,551	$	630	$	11	$	8,192

United Kingdom		6		30		1,247		1,067		426		2,776

Canada		246		60		1,084		921		441		2,752

France		7		3		979		768		259		2,016

United States⁽¹⁾		-		152		380		598		501		1,631

South Korea		-		435		349		533		1		1,318

Australia		55		287		473		464		28		1,307

Japan		-		1		777		400		100		1,278

Chile		-		-		217		503		2		722

Germany		55		93		189		289		66		692

Other Non-U.S. Corporate Securities		556		769		1,879		3,190		1,661		8,055


Total	$	925	$	1,830	$	15,125	$	9,363	$	3,496	$	30,739

(1) Countries represent the ultimate parent company’s country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.


Investments 3		Page 20

Chubb Limited

Investment Portfolio - 4

(in millions of U.S. dollars)

(Unaudited)

Fixed Maturity Investment Portfolio

Top 10 Global Corporate Exposures


	June 30, 2026	Market Value		Rating

1	Bank of America Corp	$	829	A-

2	Morgan Stanley		752	A-

3	JP Morgan Chase & Co		689	A

4	Goldman Sachs Group Inc		571	BBB+

5	Citigroup Inc		556	BBB+

6	Wells Fargo & Co		541	BBB+

7	Verizon Communications Inc		422	BBB+

8	AT&T Inc		397	BBB

9	T-Mobile USA Inc		389	BBB+

10	Comcast Corp		359	A-


Investments 4		Page 21

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Three months ended June 30, 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⁾	$	(114	)	$	17		$	(97	)	$	350		$	(21	)	$	329		$	236		$	(4	)	$	232
Public equity:
Realized gains (losses) on sales		43			1			44			-			-			-			43			1			44
Mark-to-market		63			(27	)		36			-			-			-			63			(27	)		36
Private equity: Mark-to-market		99			(23	)		76			-			-			-			99			(23	)		76

Total investment portfolio		91			(32	)		59			350			(21	)		329			441			(53	)		388
Foreign exchange		(18	)		1			(17	)		(247	)		10			(237	)		(265	)		11			(254	)
Partially-owned entities ⁽²⁾		(4	)		-			(4	)		-			-			-			(4	)		-			(4	)
Current discount rate on future policy benefits		-			-			-			(129	)		(8	)		(137	)		(129	)		(8	)		(137	)
Instrument-specific credit risk - market risk benefits		-			-			-			1			-			1			1			-			1
Other		6			(1	)		5			39			(8	)		31			45			(9	)		36

Net gains (losses)	$	75		$	(32	)	$	43		$	14		$	(27	)	$	(13	)	$	89		$	(59	)	$	30


(1) The quarter includes pre-tax realized losses on investment derivatives of $55 million, a net decrease of the valuation allowance of expected credit losses of $2 million, and impairments of $25 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 June 30, 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⁾	$	97		$	(21	)	$	76		$	982		$	(50	)	$	932		$	1,079		$	(71	)	$	1,008
Public equity:
Realized gains (losses) on sales		27			(9	)		18			-			-			-			27			(9	)		18
Mark-to-market		92			(10	)		82			-			-			-			92			(10	)		82
Private equity: Mark-to-market		513			(78	)		435			-			-			-			513			(78	)		435

Total investment portfolio		729			(118	)		611			982			(50	)		932			1,711			(168	)		1,543
Foreign exchange		(89	)		23			(66	)		763			3			766			674			26			700
Partially-owned entities ⁽⁴⁾		(1	)		-			(1	)		-			-			-			(1	)		-			(1	)
Current discount rate on future policy benefits		-			-			-			(110	)		9			(101	)		(110	)		9			(101	)
Instrument-specific credit risk - market risk benefits		-			-			-			1			-			1			1			-			1
Other		(6	)		1			(5	)		(26	)		5			(21	)		(32	)		6			(26	)

Net gains (losses)	$	633		$	(94	)	$	539		$	1,610		$	(33	)	$	1,577		$	2,243		$	(127	)	$	2,116

(3) The quarter includes pre-tax realized losses on investment derivatives of $153 million, a net increase of the valuation allowance of expected credit losses of $8 million, and impairments of $5 million.

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


Net Gains (Losses)		Page 22

Chubb Limited

Chubb Net Realized and Unrealized Gains (Losses)

(in millions of U.S. dollars)

(Unaudited)


	Six months ended June 30, 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⁾	$	(347	)	$	62		$	(285	)	$	(1,474	)	$	189		$	(1,285	)	$	(1,821	)	$	251		$	(1,570	)
Public equity:
Realized gains (losses) on sales		134			(17	)		117			-			-			-			134			(17	)		117
Mark-to-market		(176	)		25			(151	)		-			-			-			(176	)		25			(151	)
Private equity: Mark-to-market		132			(75	)		57			-			-			-			132			(75	)		57

Total investment portfolio		(257	)		(5	)		(262	)		(1,474	)		189			(1,285	)		(1,731	)		184			(1,547	)
Foreign exchange		(25	)		1			(24	)		112			4			116			87			5			92
Partially-owned entities ⁽²⁾		(4	)		-			(4	)		-			-			-			(4	)		-			(4	)
Current discount rate on future policy benefits		-			-			-			249			(69	)		180			249			(69	)		180
Instrument-specific credit risk - market risk benefits		-			-			-			13			(2	)		11			13			(2	)		11
Other		(16	)		4			(12	)		33			(8	)		25			17			(4	)		13

Net gains (losses)	$	(302	)	$	-		$	(302	)	$	(1,067	)	$	114		$	(953	)	$	(1,369	)	$	114		$	(1,255	)


(1) Year to date includes pre-tax realized losses on investment derivatives of $170 million, a net decrease of the valuation allowance of expected credit losses of $4 million, and impairments of $57 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.

	Six months ended June 30, 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⁾	$	14		$	(2	)	$	12		$	1,891		$	(111	)	$	1,780		$	1,905		$	(113	)	$	1,792
Public equity:
Realized gains (losses) on sales		17			(6	)		11			-			-			-			17			(6	)		11
Mark-to-market		160			(20	)		140			-			-			-			160			(20	)		140
Private equity: Mark-to-market		502			(77	)		425			-			-			-			502			(77	)		425

Total investment portfolio		693			(105	)		588			1,891			(111	)		1,780			2,584			(216	)		2,368
Foreign exchange		(154	)		50			(104	)		1,115			(9	)		1,106			961			41			1,002
Partially-owned entities ⁽⁴⁾		1			-			1			-			-			-			1			-			1
Current discount rate on future policy benefits		-			-			-			(228	)		21			(207	)		(228	)		21			(207	)
Instrument-specific credit risk - market risk benefits		-			-			-			5			(1	)		4			5			(1	)		4
Other		(11	)		2			(9	)		(121	)		24			(97	)		(132	)		26			(106	)

Net gains (losses)	$	529		$	(53	)	$	476		$	2,662		$	(76	)	$	2,586		$	3,191		$	(129	)	$	3,062

(3) Year to date includes pre-tax realized losses on investment derivatives of $130 million, a net increase of the valuation allowance of expected credit losses of $1 million, and impairments of $12 million.

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


Net Gains (Losses) 2		Page 23

Chubb Limited

Debt and Capital

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

(Unaudited)


	June 30			March 31			December 31			December 31
	2026			2026			2025			2024


Financial debt:

Total short-term debt ⁽¹⁾	$	663		$	1,500		$	1,499		$	800

Total long-term debt ^{(1) (2)}		17,452			15,970			15,728			14,379


Total financial debt	$	18,115		$	17,470		$	17,227		$	15,179

Hybrid debt:

Total trust preferred securities	$	309		$	309		$	309		$	309

Total subordinated debt⁽³⁾		118			116			113			110


Total hybrid debt	$	427		$	425		$	422		$	419


Total	$	18,542		$	17,895		$	17,649		$	15,598


Capitalization:

Chubb shareholders’ equity	$	75,372		$	73,788		$	73,757		$	64,021

Hybrid debt		427			425			422			419

Financial debt		18,115			17,470			17,227			15,179


Total capitalization	$	93,914		$	91,683		$	91,406		$	79,619


Less: Chubb unrealized gains (losses) on investments, net of deferred tax		(3,282	)		(3,611	)		(1,997	)		(4,552	)


Total adjusted capitalization	$	97,196		$	95,294		$	93,403		$	84,171


Leverage ratios (based on total adjusted capital):

Hybrid debt		0.5%			0.5%			0.4%			0.5%

Financial debt		18.6%			18.3%			18.4%			18.0%


Total hybrid & financial debt		19.1%			18.8%			18.8%			18.5%

(1) During Q2 2026, the $1.5 billion 3.35% senior notes matured and were fully paid. In addition, the €575 million 0.875% senior notes due to mature in June 2027 were reclassified to short-term debt.

(2) In May, the company issued CNH 4.0 billion of senior unsecured notes (approximately $587 million) consisting of CNH 2.5 billion in notes due 2031 and CNH 1.5 billion in notes due 2036. The interest rates were 2.40% and 2.85%, respectively. The company also issued $1.0 billion in senior unsecured notes due 2036. The interest rate was 5.30%.

In June, the company issued CAD 800 million of senior unsecured notes (approximately $572 million) consisting of CAD 400 million in notes due 2031 and CAD 400 million in notes due 2033. The interest rates were 3.78% and 4.03%, respectively.

The use of proceeds for these offerings was general corporate purposes, which may include the repayment and refinancing of debt.

(3) Capital Supplementary Bonds issued by Huatai Life. For purposes of calculating leverage ratios, Huatai debt is based on Chubb’s share (excluding non-controlling interest).


Debt and Capital		Page 24

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 June 30						Six months ended June 30
	2026			2025			2026			2025

Numerator
Core operating income	$	2,842		$	2,480		$	5,531		$	3,969
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		6			3			9			6
Tax (expense) benefit on amortization adjustment		(2	)		(3	)		(3	)		(2	)
Integration expenses and severance, pre-tax		(8	)		(2	)		(17	)		(2	)
Tax (expense) benefit on integration expenses and severance		2			-			4			-
Adjusted net realized gains (losses), pre-tax		75			633			(302	)		529
Tax (expense) benefit on adjusted net realized gains (losses)		(32	)		(94	)		-			(53	)
Market risk benefits gains (losses), pre-tax		5			(17	)		19			(109	)
Tax (expense) benefit on market risk benefits gains (losses)		(1	)		2			(3	)		16
Amortization of deferred tax asset from Bermuda law		(33	)		(34	)		(64	)		(55	)

Chubb net income	$	2,854		$	2,968		$	5,174		$	4,299


Rollforward of Common Shares Outstanding
Shares - beginning of period		388,495,580			400,748,485			391,101,227			400,703,663
Repurchase of shares		(2,989,571	)		(2,339,727	)		(6,507,381	)		(3,685,509	)
Shares issued (canceled), excluding option exercises		(114,634	)		(49,568	)		29,740			615,344
Issued for option exercises		242,674			301,598			1,010,463			1,027,290

Shares - end of period		385,634,049			398,660,788			385,634,049			398,660,788


Denominator
Weighted average shares outstanding ⁽¹⁾		387,413,573			399,886,323			388,941,257			400,281,946
Effect of other dilutive securities		3,837,043			3,960,707			4,069,038			4,012,933

Adj. wtd. avg. shares outstanding and assumed conversions		391,250,616			403,847,030			393,010,295			404,294,879


Basic earnings per share
Core operating income	$	7.34		$	6.20		$	14.22		$	9.92
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		0.01			-			0.02			0.01
Integration expenses and severance, net of tax		(0.02	)		-			(0.03	)		-
Adjusted net realized gains (losses), net of tax		0.11			1.34			(0.79	)		1.18
Market risk benefits gains (losses), net of tax		0.01			(0.04	)		0.04			(0.23	)
Amortization of deferred tax asset from Bermuda law		(0.08	)		(0.08	)		(0.16	)		(0.14	)

Chubb net income	$	7.37		$	7.42		$	13.30		$	10.74


Diluted earnings per share
Core operating income	$	7.26		$	6.14		$	14.07		$	9.82
Amortization of fair value adjustment of acquired invested assets and long-term debt, net of tax		0.01			-			0.02			0.01
Integration expenses and severance, net of tax		(0.02	)		-			(0.03	)		-
Adjusted net realized gains (losses), net of tax		0.12			1.33			(0.77	)		1.17
Market risk benefits gains (losses), net of tax		0.01			(0.04	)		0.04			(0.23	)
Amortization of deferred tax asset from Bermuda law		(0.08	)		(0.08	)		(0.16	)		(0.14	)

Chubb net income	$	7.30		$	7.35		$	13.17		$	10.63

(1) Includes unvested restricted stock units that are not included in common shares outstanding as the shares are not issued until time of vesting, but are eligible to receive dividends (participating securities).


Earnings per share		Page 25

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


	June 30			March 31			December 31			June 30
	2026			2026			2025			2025

Chubb shareholders’ equity	$	75,372		$	73,788		$	73,757		$	69,395
Less: Chubb goodwill and other intangible assets, net of tax		24,495			24,584			24,391			24,490

Numerator for tangible book value per share	$	50,877		$	49,204		$	49,366		$	44,905


Book value - % change over prior quarter		2.1%			0.0%			2.6%			5.6%
Tangible book value - % change over prior quarter		3.4%			-0.3%			4.2%			7.5%

Book value - % change over prior year		8.6%			12.3%			15.2%			13.7%
Tangible book value - % change over prior year		13.3%			17.8%			22.7%			22.1%

Denominator: shares outstanding		385,634,049			388,495,580			391,101,227			398,660,788


Book value per common share	$	195.45		$	189.93		$	188.59		$	174.07
Tangible book value per common share	$	131.93		$	126.65		$	126.22		$	112.64

Reconciliation of Book Value

Chubb shareholders’ equity, beginning of quarter	$	73,788		$	73,757		$	71,855		$	65,726

Core operating income		2,842			2,689			2,982			2,480

Amortization of fair value adjustment of acquired invested assets and long-term debt		4			2			2			-

Integration expenses and severance		(6	)		(7	)		(58	)		(2	)

Adjusted net realized gains (losses) ⁽¹⁾		43			(345	)		349			539

Market risk benefits gains (losses)		4			12			(32	)		(15	)

Amortization of deferred tax asset from Bermuda law		(33	)		(31	)		(33	)		(34	)

Net unrealized gains (losses) on investments		329			(1,614	)		(68	)		932

Repurchase of shares		(979	)		(1,143	)		(1,094	)		(676	)

Dividend declared on common shares		(395	)		(380	)		(381	)		(388	)

Cumulative translation gains (losses)		(237	)		353			(274	)		766

Postretirement benefit liability		(2	)		(3	)		153			(3	)

Current discount rate on future policy benefits		(137	)		317			149			(101	)

Instrument-specific credit risk - market risk benefits		1			10			(4	)		1

Other⁽²⁾		150			171			211			170


Chubb shareholders’ equity, end of quarter	$	75,372		$	73,788		$	73,757		$	69,395

(1) Includes net realized gains (losses) related to unconsolidated entities.

(2) Other primarily includes proceeds from exercise of stock options and stock compensation, offset by the value of any share cancellations for restricted stock vesting taxes.


Reconciliation Book Value		Page 26

Chubb Limited

Non-GAAP Financial Measures

(Unaudited)

Regulation G - Non-GAAP Financial Measures

P&C underwriting income (loss) excludes the Life Insurance segment and is calculated by subtracting adjusted losses and loss expenses, adjusted policy benefits, policy acquisition costs and administrative expenses from net premiums earned. We use underwriting income (loss) and operating ratios to monitor the results of our operations without the impact of certain factors, including net investment income, other income (expense), interest expense, amortization expense of purchased intangibles, integration expenses and severance, amortization of fair value of acquired invested assets and debt, income tax expense, adjusted net realized gains (losses), and market risk benefits gains (losses).

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

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

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

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

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

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

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

P&C combined ratio excludes the Life Insurance segment. P&C loss and loss expense ratio and P&C combined ratio include adjusted losses and loss expenses and policy benefits in the ratio numerator. P&C expense ratio and P&C combined ratio include policy acquisition costs and administrative expenses in the ratio numerator. A reconciliation of combined ratio to P&C combined ratio is provided on pages 30 - 33.

CAY P&C combined ratio excluding catastrophe losses excludes Cats and PPD from the P&C combined ratio. We exclude Cats as they are not predictable as to timing and amount and PPD as these unexpected loss developments on historical reserves are not indicative of our current underwriting performance. The combined ratio numerator is adjusted to exclude Cats, PPD and expense adjustments on PPD, and the denominator is adjusted to exclude net premiums earned adjustments on PPD and reinstatement premiums on Cats and PPD. In periods where there are adjustments on loss sensitive policies, these adjustments are excluded from 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.

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 27

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:																YTD			YTD			Full Year
	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			2026			2025			2025
Tax expense, as reported	$	741		$	644		$	592		$	784		$	713		$	1,385		$	1,031		$	2,407
Less: tax expense (benefit) on amortization of fair value of acquired invested assets and debt		2			1			3			1			3			3			2			6
Less: tax expense (benefit) on integration expenses and severance		(2	)		(2	)		(17	)		-			-			(4	)		-			(17	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		32			(32	)		(107	)		(6	)		94			-			53			(60	)
Less: tax expense (benefit) on market risk benefits gains (losses)		1			2			(5	)		(22	)		(2	)		3			(16	)		(43	)
Less: amortization of deferred tax asset from Bermuda law		33			31			33			36			34			64			55			124

Tax expense, adjusted	$	675		$	644		$	685		$	775		$	584		$	1,319		$	937		$	2,397

Income before tax, as reported	$	3,595		$	2,964		$	3,802		$	3,585		$	3,681		$	6,559		$	5,330		$	12,717
Less: amortization of fair value of acquired invested assets and debt		6			3			5			4			3			9			6			15
Less: integration expenses and severance		(8	)		(9	)		(75	)		(1	)		(2	)		(17	)		(2	)		(78	)
Less: adjusted realized gains (losses)		73			(394	)		(39	)		29			93			(321	)		9			(1	)
Less: realized gains (losses) related to unconsolidated entities		2			17			281			(83	)		540			19			520			718
Less: market risk benefits gains (losses)		5			14			(37	)		(142	)		(17	)		19			(109	)		(288	)

Core operating income before tax	$	3,517		$	3,333		$	3,667		$	3,778		$	3,064		$	6,850		$	4,906		$	12,351

Effective tax rate		20.6%			21.7%			15.5%			21.9%			19.4%			21.1%			19.4%			18.9%
Adjustment for tax impact of amortization of fair value of acquired invested assets and debt		0.0%			0.0%			-0.1%			0.0%			-0.1%			0.0%			0.0%			0.0%
Adjustment for tax impact of integration expenses and severance		0.0%			0.0%			0.1%			0.0%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		-0.5%			-1.5%			4.2%			-0.2%			0.9%			-0.9%			0.9%			1.6%
Adjustment for tax impact of market risk benefits gains (losses)		0.0%			0.0%			-0.1%			-0.2%			0.0%			0.0%			-0.1%			-0.1%
Adjustment for amortization of deferred tax asset from Bermuda law		-0.9%			-0.9%			-0.9%			-1.0%			-1.1%			-0.9%			-1.1%			-1.0%

Core operating effective tax rate		19.2%			19.3%			18.7%			20.5%			19.1%			19.3%			19.1%			19.4%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																YTD			YTD			Full Year
	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			2026			2025			2025
Chubb net income	$	2,854		$	2,320		$	3,210		$	2,801		$	2,968		$	5,174		$	4,299		$	10,310
Amortization of fair value adjustment of acquired invested assets and long-term debt, pre-tax		6			3			5			4			3			9			6			15
Tax (expense) benefit on amortization adjustment		(2	)		(1	)		(3	)		(1	)		(3	)		(3	)		(2	)		(6	)
Integration expenses and severance, pre-tax		(8	)		(9	)		(75	)		(1	)		(2	)		(17	)		(2	)		(78	)
Tax (expense) benefit on integration expenses and severance		2			2			17			-			-			4			-			17
Adjusted realized gains (losses), pre-tax		73			(394	)		(39	)		29			93			(321	)		9			(1	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		2			17			281			(83	)		540			19			520			718
Tax (expense) benefit on adjusted net realized gains (losses)		(32	)		32			107			6			(94	)		-			(53	)		60
Market risk benefits gains (losses), pre-tax		5			14			(37	)		(142	)		(17	)		19			(109	)		(288	)
Tax (expense) benefit on market risk benefits gains (losses)		(1	)		(2	)		5			22			2			(3	)		16			43
Amortization of deferred tax asset from Bermuda law		(33	)		(31	)		(33	)		(36	)		(34	)		(64	)		(55	)		(124	)

Core operating income	$	2,842		$	2,689		$	2,982		$	3,003		$	2,480		$	5,531		$	3,969		$	9,954

Catastrophe losses - after-tax	$	375		$	397		$	292		$	226		$	510		$	772		$	1,810		$	2,328
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(216	)	$	(231	)	$	(220	)	$	(238	)	$	(196	)	$	(447	)	$	(400	)	$	(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:																YTD			YTD			Full Year
	2Q-26			1Q-26			4Q-25			3Q-25			2Q-25			2026			2025			2025
Net income	$	2,882		$	2,347		$	3,173		$	3,107		$	2,999		$	5,229		$	4,342		$	10,622
Less: Income tax expense		(742	)		(646	)		(597	)		(787	)		(717	)		(1,388	)		(1,038	)		(2,422	)
Amortization expense of purchased intangibles		(74	)		(73	)		(77	)		(75	)		(74	)		(147	)		(149	)		(301	)
Other income (expense)		196			161			516			43			655			357			738			1,297
Interest expense		(200	)		(198	)		(205	)		(197	)		(181	)		(398	)		(362	)		(764	)
Net investment income		1,760			1,709			1,688			1,648			1,568			3,469			3,129			6,465
Net realized gains (losses)		162			(407	)		(116	)		283			160			(245	)		44			211
Market risk benefits gains (losses)		5			14			(37	)		(142	)		(17	)		19			(109	)		(288	)
Integration expenses and severance		(8	)		(9	)		(76	)		(1	)		(2	)		(17	)		(2	)		(79	)
Life Insurance underlying income (loss) ⁽²⁾		(162	)		(4	)		(128	)		69			(26	)		(166	)		18			(41	)
Add: Realized gains (losses) on crop derivatives		(8	)		(8	)		(8	)		(7	)		(2	)		(16	)		(1	)		(16	)

P&C underwriting income	$	1,937		$	1,792		$	2,197		$	2,259		$	1,631		$	3,729		$	2,072		$	6,528
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		475			500			365			285			630			975			2,271			2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax		(283	)		(286	)		(268	)		(361	)		(249	)		(569	)		(504	)		(1,133	)

P&C CAY underwriting income ex Cats	$	2,129		$	2,006		$	2,294		$	2,183		$	2,012		$	4,135		$	3,839		$	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 28

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.


							YTD			YTD			Full Year
	2Q-26			2Q-25			2026			2025			2025
Chubb net income	$	2,854		$	2,968		$	5,174		$	4,299		$	10,310
Core operating income	$	2,842		$	2,480		$	5,531		$	3,969		$	9,954
Equity - beginning of period, as reported	$	73,788		$	65,726		$	73,757		$	64,021		$	64,021
Less: unrealized gains (losses) on investments, net of deferred tax		(3,611	)		(3,704	)		(1,997	)		(4,552	)		(4,552	)
Less: changes in current discount rate on FPB, net of deferred tax		(27	)		(645	)		(344	)		(539	)		(539	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(13	)		(13	)		(23	)		(16	)		(16	)

Equity - beginning of period, as adjusted	$	77,439		$	70,088		$	76,121		$	69,128		$	69,128

Less: Chubb goodwill and other intangible assets, net of tax		24,584			23,940			24,391			23,800			23,800

Equity - beginning of period, as adjusted ex Chubb goodwill and other intangible assets	$	52,855		$	46,148		$	51,730		$	45,328		$	45,328

Equity - end of period, as reported	$	75,372		$	69,395		$	75,372		$	69,395		$	73,757
Less: unrealized gains (losses) on investments, net of deferred tax		(3,282	)		(2,772	)		(3,282	)		(2,772	)		(1,997	)
Less: changes in current discount rate on FPB, net of deferred tax		(164	)		(746	)		(164	)		(746	)		(344	)
Less: changes in instrument-specific credit risk on MRB, net of deferred tax		(12	)		(12	)		(12	)		(12	)		(23	)

Equity - end of period, as adjusted	$	78,830		$	72,925		$	78,830		$	72,925		$	76,121

Less: Chubb goodwill and other intangible assets, net of tax		24,495			24,490			24,495			24,490			24,391

Equity - end of period, as adjusted ex Chubb goodwill and other intangible assets	$	54,335		$	48,435		$	54,335		$	48,435		$	51,730

Weighted average equity, as reported	$	74,580		$	67,561		$	74,564		$	66,708		$	68,889
Weighted average equity, as adjusted ex Chubb goodwill and other intangible assets	$	53,595		$	47,292		$	53,033		$	46,882		$	48,529
Weighted average equity, as adjusted	$	78,135		$	71,507		$	77,476		$	71,027		$	72,625
ROE		15.3%			17.6%			13.9%			12.9%			15.0%
Core operating ROTE		21.2%			21.0%			20.9%			16.9%			20.5%
Core operating ROE		14.5%			13.9%			14.3%			11.2%			13.7%
Private equities realized gains (losses), after-tax ⁽¹⁾	$	76		$	435		$	57		$	425		$	817
Impact of Private equities if included in Core operating ROE - Favorable (unfavorable) ⁽¹⁾		0.4 pts			2.4 pts			0.1 pts			1.2 pts			1.1 pts

Reconciliation of Book Value and Tangible Book Value per Share to adjusted measures
	June 30			March 31			December 31			June 30			QTD			YTD		Year-over-Year
	2026			2026			2025			2025			% Change			% Change		% Change
Book value	$	75,372		$	73,788		$	73,757		$	69,395
Less: AOCI		(5,923	)		(5,911	)		(4,975	)		(6,058	)

Book value excluding AOCI		81,295			79,699			78,732			75,453

Tangible book value		50,877			49,204			49,366			44,905
Less: Tangible AOCI		(5,300	)		(5,320	)		(4,181	)		(5,248	)

Tangible book value excluding tangible AOCI	$	56,177		$	54,524		$	53,547		$	50,153


Denominator: shares outstanding		385,634,049			388,495,580			391,101,227			398,660,788

Book value per share	$	195.45		$	189.93		$	188.59		$	174.07			2.9%			3.6%		12.3%
Tangible book value per share	$	131.93		$	126.65		$	126.22		$	112.64			4.2%			4.5%		17.1%

Book value per share excluding AOCI	$	210.81		$	205.15		$	201.31		$	189.27			2.8%			4.7%		11.4%
Tangible book value per share excluding tangible AOCI	$	145.67		$	140.35		$	136.91		$	125.80			3.8%			6.4%		15.8%

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


Reconciliation Non-GAAP 3		Page 29

Chubb Limited

Non-GAAP Financial Measures - 4

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

(Unaudited)

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).


Q2 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		$	3,372	$	791	$	518	$	1,815	$	121	$	158	$	6,775
Realized (gains) losses on crop derivatives			-		-		8		-		-		-		8

Adjusted losses and loss expenses/policy benefits	A	$	3,372	$	791	$	526	$	1,815	$	121	$	158	$	6,783

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(302)		(126)		(14)		(25)		(8)		-		(475)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(302)		(126)		(14)		(25)		(8)		-		(475)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			111		173		-		146		11		(158)		283
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		-		-		-		-		5
Expense adjustments - unfavorable (favorable)			2		-		-		-		2		-		4
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		10		-		-		10

PPD, gross of related adjustments - favorable (unfavorable)			118		173		-		156		13		(158)		302

CAY loss and loss expense ex Cats	B	$	3,188	$	838	$	512	$	1,946	$	126	$	-	$	6,610

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,081	$	433	$	49	$	1,459	$	106	$	107	$	3,235
Expense adjustments - favorable (unfavorable)			(2)		-		-		-		(2)		-		(4)

CAY policy acquisition costs and administrative expenses	D	$	1,079	$	433	$	49	$	1,459	$	104	$	107	$	3,231


Denominator
Net premiums earned	E	$	5,214	$	1,817	$	641	$	3,984	$	299			$	11,955
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		-				-
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		-		-		-				5
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		10		-				10

Net premiums earned excluding adjustments	F	$	5,219	$	1,817	$	641	$	3,994	$	299			$	11,970


P&C combined ratio
Loss and loss expense ratio	A/E		64.7%		43.5%		82.0%		45.6%		40.6%				56.7%
Policy acquisition cost and administrative expense ratio	C/E		20.7%		23.8%		7.7%		36.6%		35.5%				27.1%

P&C combined ratio			85.4%		67.3%		89.7%		82.2%		76.1%				83.8%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.1%		46.1%		80.0%		48.7%		42.1%				55.2%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.7%		23.8%		7.6%		36.5%		34.8%				27.0%

CAY P&C combined ratio ex Cats			81.8%		69.9%		87.6%		85.2%		76.9%				82.2%


Combined ratio
Combined ratio															83.7%
Add: impact of gains and losses on crop derivatives															0.1%

P&C combined ratio															83.8%

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


Reconciliation Non-GAAP 4		Page 30

Chubb Limited

Non-GAAP Financial Measures - 5

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


YTD 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		$	6,592	$	1,825	$	563	$	3,580	$	258	$	173	$	12,991
Realized (gains) losses on crop derivatives			-		-		16		-		-		-		16

Adjusted losses and loss expenses/policy benefits	A	$	6,592	$	1,825	$	579	$	3,580	$	258	$	173	$	13,007

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(504)		(348)		(18)		(89)		(16)		-		(975)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		-		-		-		-

Catastrophe losses, gross of related adjustments			(504)		(348)		(18)		(89)		(16)		-		(975)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			200		174		80		277		11		(173)		569
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		-		-		-		-		5
Expense adjustments - unfavorable (favorable)			4		-		-		-		4		-		8
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		17		-		-		17

PPD, gross of related adjustments - favorable (unfavorable)			209		174		80		294		15		(173)		599

CAY loss and loss expense ex Cats	B	$	6,297	$	1,651	$	641	$	3,785	$	257	$	-	$	12,631

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,187	$	865	$	67	$	2,855	$	217	$	217	$	6,408
Expense adjustments - favorable (unfavorable)			(4)		-		-		-		(4)		-		(8)

CAY policy acquisition costs and administrative expenses	D	$	2,183	$	865	$	67	$	2,855	$	213	$	217	$	6,400


Denominator
Net premiums earned	E	$	10,362	$	3,563	$	830	$	7,764	$	625			$	23,144
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		-		-				-
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		-		-		-				5
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		17		-				17

Net premiums earned excluding adjustments	F	$	10,367	$	3,563	$	830	$	7,781	$	625			$	23,166


P&C combined ratio
Loss and loss expense ratio	A/E		63.6%		51.2%		69.7%		46.1%		41.3%				56.2%
Policy acquisition cost and administrative expense ratio	C/E		21.1%		24.3%		8.1%		36.8%		34.8%				27.7%

P&C combined ratio			84.7%		75.5%		77.8%		82.9%		76.1%				83.9%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.7%		46.3%		77.3%		48.6%		41.1%				54.5%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		21.1%		24.3%		8.1%		36.7%		34.1%				27.7%

CAY P&C combined ratio ex Cats			81.8%		70.6%		85.4%		85.3%		75.2%				82.2%


Combined ratio
Combined ratio															83.8%
Add: impact of gains and losses on crop derivatives															0.1%

P&C combined ratio															83.9%


Reconciliation Non-GAAP 5		Page 31

Chubb Limited

Non-GAAP Financial Measures - 6

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


Q2 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		$	3,258	$	822	$	481	$	1,918	$	132	$	70	$	6,681
Realized (gains) losses on crop derivatives			-		-		2		-		-		-		2

Adjusted losses and loss expenses/policy benefits	A	$	3,258	$	822	$	483	$	1,918	$	132	$	70	$	6,683

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(229)		(142)		(1)		(252)		(6)		-		(630)
Reinstatement premiums collected (expensed) on catastrophe losses			-		-		-		(5)		-		-		(5)

Catastrophe losses, gross of related adjustments			(229)		(142)		(1)		(247)		(6)		-		(625)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			106		121		-		77		15		(70)		249
Net premiums earned adjustments on PPD - unfavorable (favorable)			6		-		-		-		-		-		6
Expense adjustments - unfavorable (favorable)			2		-		-		-		1		-		3
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(2)		-		(2)

PPD, gross of related adjustments - favorable (unfavorable)			114		121		-		77		14		(70)		256

CAY loss and loss expense ex Cats	B	$	3,143	$	801	$	482	$	1,748	$	140	$	-	$	6,314

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,062	$	414	$	50	$	1,282	$	108	$	106	$	3,022
Expense adjustments - favorable (unfavorable)			(2)		-		-		-		(1)		-		(3)

CAY policy acquisition costs and administrative expenses	D	$	1,060	$	414	$	50	$	1,282	$	107	$	106	$	3,019


Denominator
Net premiums earned	E	$	5,177	$	1,681	$	598	$	3,542	$	338			$	11,336
Reinstatement premiums (collected) expensed on catastrophe losses			-		-		-		5		-				5
Net premiums earned adjustments on PPD - unfavorable (favorable)			6		-		-		-		-				6
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(2)				(2)

Net premiums earned excluding adjustments	F	$	5,183	$	1,681	$	598	$	3,547	$	336			$	11,345


P&C combined ratio
Loss and loss expense ratio	A/E		62.9%		48.9%		80.8%		54.2%		39.0%				59.0%
Policy acquisition cost and administrative expense ratio	C/E		20.6%		24.6%		8.3%		36.1%		32.0%				26.6%

P&C combined ratio			83.5%		73.5%		89.1%		90.3%		71.0%				85.6%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.6%		47.6%		80.5%		49.3%		41.5%				55.6%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.5%		24.6%		8.3%		36.1%		32.0%				26.7%

CAY P&C combined ratio ex Cats			81.1%		72.2%		88.8%		85.4%		73.5%				82.3%


Combined ratio
Combined ratio															85.6%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															85.6%


Reconciliation Non-GAAP 6		Page 32

Chubb Limited

Non-GAAP Financial Measures - 7

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

(Unaudited)

Regulation G - Non-GAAP Financial Measures (continued)

P&C combined ratio (continued)


YTD 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		$	6,289	$	2,915	$	574	$	3,428	$	374	$	84	$	13,664
Realized (gains) losses on crop derivatives			-		-		1		-		-		-		1

Adjusted losses and loss expenses/policy benefits	A	$	6,289	$	2,915	$	575	$	3,428	$	374	$	84	$	13,665

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(383)		(1,484)		(16)		(307)		(81)		-		(2,271)
Reinstatement premiums collected (expensed) on catastrophe losses			-		(50)		-		(5)		13		-		(42)

Catastrophe losses, gross of related adjustments			(383)		(1,434)		(16)		(302)		(94)		-		(2,229)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			220		121		33		198		15		(83)		504
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		-		-		-		-		5
Expense adjustments - unfavorable (favorable)			-		-		(3)		-		-		-		(3)
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(2)		-		(2)

PPD, gross of related adjustments - favorable (unfavorable)			225		121		30		198		13		(83)		504

CAY loss and loss expense ex Cats	B	$	6,131	$	1,602	$	589	$	3,324	$	293	$	1	$	11,940

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	2,125	$	831	$	69	$	2,449	$	218	$	211	$	5,903
Expense adjustments - favorable (unfavorable)			-		-		3		-		-		-		3

CAY policy acquisition costs and administrative expenses	D	$	2,125	$	831	$	72	$	2,449	$	218	$	211	$	5,906


Denominator
Net premiums earned	E	$	10,165	$	3,255	$	763	$	6,751	$	706			$	21,640
Reinstatement premiums (collected) expensed on catastrophe losses			-		50		-		5		(13)				42
Net premiums earned adjustments on PPD - unfavorable (favorable)			5		-		-		-		-				5
PPD reinstatement premiums - unfavorable (favorable)			-		-		-		-		(2)				(2)

Net premiums earned excluding adjustments	F	$	10,170	$	3,305	$	763	$	6,756	$	691			$	21,685


P&C combined ratio
Loss and loss expense ratio	A/E		61.9%		89.5%		75.4%		50.8%		53.0%				63.1%
Policy acquisition cost and administrative expense ratio	C/E		20.9%		25.6%		9.0%		36.2%		30.8%				27.3%

P&C combined ratio			82.8%		115.1%		84.4%		87.0%		83.8%				90.4%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		60.3%		48.4%		77.3%		49.2%		42.4%				55.1%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.9%		25.2%		9.4%		36.3%		31.5%				27.2%

CAY P&C combined ratio ex Cats			81.2%		73.6%		86.7%		85.5%		73.9%				82.3%


Combined ratio
Combined ratio															90.4%
Add: impact of gains and losses on crop derivatives															0.0%

P&C combined ratio															90.4%


Reconciliation Non-GAAP 7		Page 33

Chubb Limited

Glossary

Chubb Limited Consolidated comprises all segments including Corporate.

Total P&C comprises all segments (including Corporate) except the Life Insurance segment.

Global P&C comprises all segments (including Corporate) except the Life Insurance and North America Agricultural segments.

P&C combined ratio: The sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the Life Insurance segment and including the realized gains and losses on the crop derivatives.

Book value per common share: Chubb shareholders’ equity divided by the shares outstanding.

Tangible book value per common share: Chubb shareholders’ equity less Chubb goodwill and other intangible assets, net of tax, divided by the shares outstanding.

Average market yield of fixed income investments: Weighted average yield based on the current market value of our fixed maturities and other debt investments.

Average book yield of fixed income investments: Weighted average yield based on the amortized cost of our fixed maturities and other debt investments.

Total capitalization: The sum of the short-term debt, long-term debt, hybrid debt, and Chubb shareholders’ equity.

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

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

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

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

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

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

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

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

NM: Not meaningful.


Glossary		Page 34

Source: View Original Filing on SEC EDGAR

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Chubb Limited (NYSE: CB) grows core EPS as P&C combined ratio hits 83.8%

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