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目次

米国証券取引委員会

ワシントンD.C. 20549

フォーム 10-Q

☑			証券取引法第13条または15(d)条に基づく四半期報告書

四半期終了時点2024年9月30日

OR

☐			移行期間：             から             まで

移行期間は、 から までです

委員会ファイル番号1-11778

CHUBB LIMITED

（会社設立時の指定名）

スイス			98-0091805
（設立または組織の州または管轄区域）			（国税庁雇用者識別番号）

ベーレンガッセ 32%
チューリッヒ, スイス CH-8001
(主要な執行部の住所) (郵便番号)

+41 (0)43 456 76 00

（登録者の電話番号（市外局番を含む））

法第12条（b）に基づく登録証券
各クラスの名称						取引シンボル			登録されている各取引所の名称
株シェア、株式1株あたりの帳簿価額CHF 0.50						CB			ニューヨーク証券取引所
Chubb INA Holdings LLCの0.30%優先債/シニア債（2024年満期）の保証						CB/24A			ニューヨーク証券取引所
Chubb INA Holdings LLCの0.875%優先債/シニア債（2027年満期）の保証						CB/27			ニューヨーク証券取引所
Chubb INA Holdings LLCの1.55%優先債/シニア債（2028年満期）の保証						CB/28			ニューヨーク証券取引所
2029年満期のチャブINAホールディングスLLCの0.875%優先債の保証						CB/29A			ニューヨーク証券取引所
2031年満期のチャブINAホールディングスLLCの1.40%優先債の保証						CB/31			ニューヨーク証券取引所
2038年満期のチャブINAホールディングスLLCの2.50%優先債の保証						CB/38A			ニューヨーク証券取引所

証券取引所法1934年に規定された第13条または15条(d)により、過去12か月間(または報告が義務付けられていた短縮期間)にすべての報告書を提出したか(1)および過去90日間、そのような報告書の提出要件が適用されていたか(2)をチェックマークで示してください。

はい☑ 　 No 　

申立人が、規則405に基づいて提出が必要なすべてのインタラクティブデータファイルを、前の12か月間（または申立人がこれらのファイルを提出する必要があったより短い期間）に電子的に提出したかどうかを示してください。

はい☑ No ☐

規制第1202条における「大口加速申請者」「加速申請者」「小規模報告会社」「新興成長会社」の定義については、チェックマークによって示します。取引所法の定義については、「大口加速申請者」「加速申請者」「小規模報告会社」「新興成長企業」を参照してください。

大型加速ファイラー

☑

加速ファイラー

☐

非加速ファイラー

☐

小規模報告会社

☐

新興成長企業

☐

新興成長企業の場合は、註記欄にチェックマークを付けてください。申請者は、証券取引法第13(a)条に基づく新しいまたは改訂された財務会計基準の遵守のために延長された移行期間を使用しないことを選択しましたか。 ☐

発行者が取り決めの12b-2の定義に該当するシェル企業であるかどうかを示すチェックマークを付けてください。

はい ☐ いいえ ☑

2024年10月23日現在の登録者の普通株式数はCHF 0.50 の名目価額で発行済株式数はでした 403,097,997.

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目次

CHUBb LIMITED

フォーム10-QへのINDEX

第I部			財務情報						ページ
項目 1.			財務諸表：
			連結資産負債計算書（未確認） 9月 2024年12月30日および2023年12月31日						3
			損益計算書および包括利益の連結(未検査) 3か月および 9 日付の6か月 9月tember 2024年と2023年						4
			株主資本の連結の状況(未検査) 3か月および 9 日付の6か月 9月 2024年と2023年						5
			キャッシュ・フロー集計表（未監査） 9 日付の6か月 9月 2024年と2023年						6
			連結財務諸表の注記（未監査）
			注記1			一般的で重要な会計方針			7
			注記2			買収			8
			注記3			投資			10
			Note 4.			公正価値測定			15
			Note 5.			再保険			22
			Note 6.			保険契約取得原価延期費用			23
			Note 7.			のれん			24
			Note 8.			未払い損失および損失費用			24
			Note 9.			将来の保険契約給付			26
			Note 10.			保険契約者の口座残高、分離口座、および未獲得収益負債			31
			Note 11.			市場リスクの利点			36
			Note 12.			債務			37
			Note 13.			コミットメント、懸念事項、および保証			37
			ノート14。			株主資本			43
			ノート15。			株式報酬費用			46
			注16.			退職後給付			47
			注17.			その他の収益および費用			48
			注18.			セグメント情報			49
			注19.			一株当たり利益			54
項目2。			経営陣による財務状況と業績に関する会話と分析						55
項目3。			市場リスクに関する数量的および質的な開示						91
項目4。			内部統制および手順						93
第II部			その他の情報
項目1。			法的措置						94
項目1A。			リスクファクター						94
項目2。			未登録の株式の販売および手数料の利用						94
項目5。			その他の情報						94
項目6.			展示資料						95

2

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目次

第I部　財務情報

項目1 財務諸表

連結貸借対照表（未監査）

チャブ・リミテッドおよび子会社

			9月30日						12月31日
（米ドル、株式および1株当たりデータを除く、百万ドル単位での金額）			2024						2023
資産
投資
短期投資、公正値（償却コスト– $4,378と $4,551）（変数利益構造体（VIE）の残高を含む）196と $217)			$	4,375					$	4,551
売買可能な有価証券、公正価値での評価額、評価引当金相殺後 - $75と $156 （償却原価 - $119,441と $111,128)			117,265						106,571
投資目的の民間債務、取得原価法での記載額、評価引当金相殺後 - $5と $4			2,619						2,553
株式証券、公正価値での評価額（VIE残高を含む $1,362と $1,078)			4,404						3,455
プライベート・エクイティ（VIE残高を含む$22と $21)			14,405						14,078
その他の投資（VIE残高を含む$4,243と $3,773)			8,155						5,527
投資合計			151,223						136,735
現金、制限された現金を含む$153と $172 （$を含むVIE残高）142と $117)			2,678						2,621
証券貸出担保資産			1,927						1,299
積立投資・経過利子			1,165						1,086
保険および再保険残高（評価引当金の相殺後 - $）58と $53			15,709						13,379
損失および損失費用に対する再保険請求権（評価引当金の相殺後 - $）388と $367			19,606						19,952
保険給付に対する再保険請求権			292						280
保険契約取得原価延期費用			8,249						7,152
取得したビジネスの価値			3,452						3,674
のれん			19,990						19,686
その他			6,594						6,775
繰延税資産			1,567						1,741
前払い再保険料			3,648						3,221
別口座資産			5,996						5,573
その他資産（VIE残高を含む、$19と $33)			8,461						7,508
総資産			$	250,557					$	230,682
負債
未払い損失および損失費用			$	84,326					$	80,122
未熟料金			24,498						22,051
将来の保険給付			16,003						13,888
市場リスク利益			748						771
Policyholders' account balances			8,136						7,462
Separate account liabilities			5,996						5,573
Insurance and reinsurance balances payable			8,696						8,302
証券貸借債務			1,927						1,299
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $137と $18)			8,967						8,332
繰延税金負債			1,652						1,555
Repurchase agreements (includes VIE balances of $810と $1,009)			3,048						2,833
短期債務			1,571						1,460
新規買債務			14,560						13,035
信託優先株式			309						308
負債合計			180,437						166,991
負債および義務事項（注13を参照）
株主資本
普通株式（CHF 0.50 虚数； 419,625,986 と 431,451,586財務諸表によると各時点での普通株式の数は、それぞれ75,066、92,711、83,193、102,994、146,043、182,973、462,675、486,883株です。403,033,421 と 405,269,637財務諸表によると自己株式数は10,845株です。			235						241
自己株式（16,592,565 と 26,181,949株)			(2,837)						(4,400)
追加の資本金			14,643						15,665
留保利益			58,986						54,810
積み上げられた他の包括的利益（損失）（AOCI）			(5,270)						(6,809)
Chubb株主資本の合計			65,757						59,507
非支配持分（VIE残高$を含む）3,445と $2,705)			4,363						4,184
株主資本の合計			70,120						63,691
負債および株主資本の合計			$	250,557					$	230,682

連結財務諸表に関連する注記を参照してください

3

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目次

損益計算書および包括利益の合算(未検査)

チャブ・リミテッド及び子会社

			終了した三ヶ月間												終了した9か月間
			9月30日												9月30日
（百万米ドル、1株あたりのデータを除く）			2024						2023						2024						2023
収益
純1次保険料収入			$	13,829					$	13,104					$	39,410					$	35,765
未払プレミアムの増加			(456)						(430)						(2,162)						(1,950)
純1次保険料獲得額			13,373						12,674						37,248						33,815
純投資収益			1,508						1,314						4,367						3,566
実現損益			198						(103)						201						(484)
市場リスクの利益（損失）			(230)						(32)						(238)						(154)
収益合計			14,849						13,853						41,578						36,743
費用
損失および損失費用			7,383						7,106						19,541						17,937
保険金（$の再計測利益を含む）26, $25, $4と $21)			1,099						938						3,498						2,565
契約獲得費用			2,324						2,178						6,757						6,142
管理費用			1,094						1,060						3,258						2,959
利子費用			192						174						552						499
その他（収益）費用			(325)						(154)						(626)						(550)
買収した無形固定資産の償却費			81						84						241						226
統合費用			7						14						21						51
総費用			11,855						11,400						33,242						29,829
所得税前利益			2,994						2,453						8,336						6,914
法人税等課税当期純利益			504						413						1,336						1,189
当期純利益			$	2,490					$	2,040					$	7,000					$	5,725
非支配持分が直接取り分ける当期純利益			166						(3)						303						(3)
当期純利益（Chubbの割り当て）			$	2,324					$	2,043					$	6,697					$	5,728
その他包括利益（損失）
次の変更による差額：
未実現の評価益（損失）			$	3,459					$	(2,170)					$	2,293					$	(1,578)
将来の保険給付に対する現在の割引率			(672)						683						(672)						497
市場リスクの恩恵に関するインストゥルメント固有のクレジットリスク			(8)						(5)						2						3
累積為替差額			445						(317)						(5)						(279)
その他、企業年金給付負債調整を含む			(19)						37						(17)						52
所得税前その他包括利益（損失）			3,205						(1,772)						1,601						(1,305)
OCI項目に関連する所得税費用			(150)						—						(112)						(104)
その他包括利益（損失）			3,055						(1,772)						1,489						(1,409)
包括的利益			5,545						268						8,489						4,316
非支配持分に帰属する総合利益(損失)			187						(79)						253						(79)
Chubbに帰属する包括利益			$	5,358					$	347					$	8,236					$	4,395
一株当たりの利益
Chubbに帰属する1株当たりの基本利益			$	5.75					$	4.99					$	16.55					$	13.90
Chubbに帰属する1株当たりの希薄化後利益			$	5.70					$	4.95					$	16.38					$	13.79

連結財務諸表に関連する注記を参照してください

4

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目次

株主資本の包括利益計算書（未検査）

チャブ・リミテッド及び子会社

			終了した三ヶ月間												終了した9か月間
			9月30日												9月30日
（百万米ドル）			2024						2023						2024						2023
普通株式
期首の残高			$	235					$	241					$	241					$	10,346
株式の額面削減			—						—						—						(9,759)
自己株式の取消			—						—						(6)						(346)
期末残高			235						241						235						241
自己株式取得
期首残高			(2,481)						(3,174)						(4,400)						(5,113)
自己株式買い戻し			(413)						(606)						(1,299)						(1,758)
自己株式の取消			—						—						2,527						2,869
従業員シェアベース報酬計画の下での純シェア発行			57						33						335						255
期末残高			(2,837)						(3,747)						(2,837)						(3,747)
追加の資本金
期初の残高			14,926						16,163						15,665						7,166
従業員株式報酬プランに基づく償還（発行）総数 報酬計画			3						3						(139)						(203)
株式オプションの行使			(3)						(2)						(22)						(15)
シェアベースの報酬費用			86						75						258						230
帳簿価格の引当			—						—						—						9,759
合併に伴う純減少			—						—						(31)						—
配当を保有利益に宣言した資金			(369)						(352)						(1,088)						(1,050)
期末残高			14,643						15,887						14,643						15,887
留保利益
期首残高			56,662						49,467						54,810						48,305
当期純利益（Chubbの割り当て）			2,324						2,043						6,697						5,728
自己株式の取消			—						—						(2,521)						(2,523)
追加出資金から宣言された配当の資金			369						352						1,088						1,050
普通株式に宣言された配当			(369)						(352)						(1,088)						(1,050)
期末残高			58,986						51,510						58,986						51,510
積み上げられた他の包括的利益（損失）（AOCI）
期首残高			(8,304)						(9,822)						(6,809)						(10,185)
その他包括利益（損失）			3,034						(1,696)						1,539						(1,333)
期末残高			(5,270)						(11,518)						(5,270)						(11,518)
Chubb株主資本の合計			$	65,757					$	52,373					$	65,757					$	52,373
非支配株主持分
期首残高			$	3,537					$	—					$	4,184					$	—
連結・除去などによる当期純利益の増減 並びにその他の取引			639						5,210						(68)						5,210
非支配持分が直接取り分ける当期純利益			166						(3)						303						(3)
非支配持分に帰属するその他包括利益（損失） 期中利益の差額 - 非支配持分			21						(76)						(50)						(76)
他			—						—						(6)						—
期末残高			$	4,363					$	5,131					$	4,363					$	5,131
株主資本の合計			$	70,120					$	57,504					$	70,120					$	57,504

連結財務諸表に関連する注記を参照してください

5

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目次

連結キャッシュフロー計算書（未監査）

チャブリミテッドと子会社

			九ヶ月の終了
			9月30日
(米ドルの百万単位で)			2024			2023
営業活動からの現金流入
当期純利益			$	7,000		$	5,725
当期純利益を営業活動によるキャッシュフローへ調整する項目
実現した純利益（損失）			(201)			484
市場リスクの恩恵（利益）損失			238			154
償還は、固定期間に満期を迎える発行物のプレミアム（ディスカウント）です			(271)			(80)
購入した無形資産の償却			241			226
一部所有する実体の当期純利益における株主持分			(621)			(610)
繰延所得税			150			39
未払い損失および損失費用			4,242			3,270
未熟料金			2,563			2,085
将来の保険給付			1,399			570
Insurance and reinsurance balances payable			433			23
支払可能、未払い費用及びその他の負債			(175)			(392)
所得税			(129)			(6)
保険および再保険残高債権			(2,468)			(1,618)
再保険請求権			312			(388)
保険契約取得原価延期費用			(1,142)			(832)
グループの投資商品による投資の純売買			(124)			—
その他			170			796
営業活動によるネット現金フロー			11,617			9,446
投資活動からの現金流入
有価証券の売買(売り建て)			(26,192)			(21,613)
有価証券の取得(買い建て)			—			(208)
株式の取得			(2,608)			(968)
有価証券の売却(売り建て)			8,829			11,293
株式有価証券の売却			1,956			531
有価証券の満期および償還(売り建て)			7,735			5,107
有価証券の満期および償還(買い建て)			—			708
新規売の投資の純変化			158			484
デリバティブ取引の清算の純額			(122)			(56)
peの出資			(733)			(1,313)
peの配当			1,044			938
子会社の取得（取得時の現金相当額を差し引いた額）			(538)			216
その他			(978)			(553)
投資活動に利用される純現金流入			(11,449)			(5,434)
財務活動からのキャッシュ・フロー
普通株式の配当支払い			(1,069)			(1,044)
自己株式買い戻し			(1,351)			(1,848)
長期債券発行による受取額			2,297			—
再販契約の発行による収入			3,950			3,778
長期借入金の返済			(700)			(475)
再販契約の返済			(3,838)			(3,832)
シェアベースの報酬計画からの収入			302			140
保険契約者の預託			818			415
保険契約の解約			(534)			(269)
グループ投資商品への第三者資本投資			1,409			—
グループ投資商品からの第三者資本の配当			(1,118)			—
その他			(228)			(190)
財務活動に使用される純現金流			(62)			(3,325)
現金および拘束された現金に対する外貨レートの変動の影響			(49)			(36)
現金及び制限付現金の純増加額			57			651
現金および拘束された現金 - 期首残高			2,621			2,127
期末の現金および制限付き現金			$	2,678		$	2,778
補足的現金フロー情報
支払税金			$	1,307		$	1,101
支払利息			$	415		$	345

連結財務諸表に関連する注記を参照してください

6

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目次

連結財務諸表の注記（未監査）

チャブ・リミテッド及び子会社

1. 一般的で重要な会計方針

a) 報告の概要

チャブ・リミテッドはスイスのチューリッヒに設立された持株会社です。チャブ・リミテッドは、その子会社を通じて、世界中の保険契約者に幅広い保険および再保険商品を提供しています。私たちの結果は、以下のビジネスセグメントを通じて報告されます：北米商業損害保険、北米個人損害保険、北米農業保険、海外一般保険、グローバル再保険、そして生命保険です。追加情報については、注18を参照してください。

中間未監査の連結財務諸表には、Chubb Limitedおよびその子会社（総称してChubb、私たち、または私たちの）に関するアカウントが含まれており、Chubbはそのコントロールを行使しています。これには、当社の過半数出資の子会社であるhuataiグループや、Chubbが主要受益者と見なされる変数利息実体（VIE）などの少数持分の企業が含まれます。連結財務諸表における非支配持分は、過半数出資の子会社やVIEの直接的な株式所有権を持たない部分を示しています。これらの中間未監査の連結財務諸表は、アメリカ合衆国において一般に認められた会計原則（U.S. GAAP）に従って作成されており、経営陣の意見では、その期間の結果および財政状態を公正に表現するために必要なすべての調整を反映しています。内部再保険取引を含むすべての重要な社内勘定および取引は排除されています。

2023年7月1日、Chubbはhuataiへの投資の持分法会計を中止し、支配権を取得したことで連結会計を適用しました。したがって、2023年7月1日以降、huataiグループのビジネス活動および財務状況は、連結財務諸表において100パーセントで報告されます。2024年9月30日および2023年12月31日現在、当社のhuataiグループに対する総所有権は約 85.5 ％ 76.5 パーセントです。Chubb以外の株主に帰属する関連額は、連結財務諸表の「非支配持分」、「非支配持分に帰属する当期純利益（損失）」および「非支配持分に帰属する包括利益（損失）」の項目に反映されています。huataiグループの取得に関する追加情報については、注2を参照してください。

華泰グループの生命保険および資産管理ビジネスは、「保険」セグメントに含まれており、華泰グループのP&Cビジネスは「海外」総合保険セグメントに含まれています。華泰グループの非保険事業である不動産および持株会社活動の業績は、「ビジネス」として報告されています。

任意の中間期間の業績およびキャッシュフローの結果は、一般的に年間の結果を示すものではありません。これらの連結財務諸表は、当社の2023年のフォーム10-kに含まれる連結財務諸表および関連ノートと併せて読まれるべきです。

b) New Accounting Pronouncements

Accounting guidance not yet adopted

Improvements to Reportable Segment Disclosures

In November 2023, the Financial Accounting Standards Board (FASB) issued guidance that requires expanded reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within annual periods beginning after December 15, 2024. Retrospective application is required. We are currently evaluating the impact of this disclosure-only requirement.

Improvements to Income Tax Disclosures

In December 2023, the FASB issued guidance that requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. We are currently evaluating the impact of this disclosure-only requirement.

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Chubb Limited and Subsidiaries

2. Acquisitions

Healthy Paws

On May 31, 2024, we acquired the business of Healthy Paws Pet Insurance LLC, a managing general agent specializing in pet insurance, from Aon plc for approximately $300 million in cash. We recognized goodwill of $256 million and intangible assets of $44 million from this acquisition. Chubb has been the exclusive underwriter of Healthy Paws since 2013. The transaction positions Chubb to expand in a niche market with substantial growth potential. This business is assigned to the North America Commercial Insurance segment.

Huatai Group

Huatai Insurance Group Co., Ltd. (Huatai Group) is a Chinese financial services holding company and the parent company of, among others, Huatai Property & Casualty Insurance Co., Ltd. (Huatai P&C), Huatai Life Insurance Co., Ltd. (Huatai Life), Huatai Asset Management Co., Ltd., and Huatai Baoxing Fund Management Co., Ltd., of which Huatai Group owns 100 percent, 80 percent, 91 percent, and 85 percent, respectively (collectively, Huatai).

On July 1, 2023, Chubb increased ownership interest from approximately 64.2 percent to approximately 69.6 percent. At that time, Chubb discontinued the equity method of accounting and applied consolidation accounting. Refer to Note 2 to the Consolidated Financial Statements in our 2023 Form 10-K for additional information.

In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $555 million, $319 million of which was paid prior to 2024, and $236 million of which was paid in 2024. Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of September 30, 2024. In the fourth quarter of 2024, we entered into an agreement to purchase approximately 1.0 percent of incremental ownership interests. Chubb has total outstanding agreements for approximately 1.6 percent of incremental ownership interests, pending completion of certain closing conditions.

The acquisition of a controlling majority interest in Huatai Group on July 1, 2023, generated $3,458 million of Goodwill, attributable to expected growth and profitability, and $1,655 million of Other intangible assets. None of the goodwill is expected to be deductible for income tax purposes. Additionally, the acquisition generated $309 million of Value of business acquired (VOBA). Chubb financed the transaction through available cash on hand. Direct costs related to the acquisition are immaterial, and were expensed as incurred. These include one-time costs that are directly attributable to third-party consulting fees and other professional and legal fees related to the acquisition.

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The following table summarizes the fair value of the assets acquired and liabilities assumed on July 1, 2023.

Huatai Group assets and liabilities consolidated			July 1
(in millions of U.S. dollars)			2023
Assets
Investments and Cash			$	13,346
Accrued investment income			60
Insurance and reinsurance balances receivable			277
Reinsurance recoverable on losses and loss expenses			581
Reinsurance recoverable on future policy benefits			27
Value of business acquired			309
Goodwill and intangible assets			5,113
Other assets			748
Total assets			$	20,461
Liabilities
Unpaid losses and loss expenses			$	831
Unearned premiums			800
Future policy benefits			2,351
Policyholders' account balances			4,014
Insurance and reinsurance balances payable			644
Accounts payable, accrued expenses, and other liabilities			682
Deferred tax liabilities			232
Repurchase agreements			1,269
Total liabilities			$	10,823
Net acquired assets, including goodwill, attributable to Chubb			4,428
Net acquired assets, attributable to noncontrolling interests			5,210
Net acquired assets, including goodwill			$	9,638

The following table summarizes the results of the acquired Huatai Group operations that have been included within our Consolidated statements of operations for both the three and nine months ended September 30, 2023:

(in millions of U.S. dollars)
Total revenues																					$	389
Net loss																					$	(11)
Net loss attributable to Chubb																					$	(9)

The following table presents supplemental unaudited pro forma consolidated information for the periods indicated as though the acquisition of a controlling majority interest in Huatai Group that occurred on July 1, 2023, had instead occurred on January 1, 2022. The unaudited pro forma consolidated financial information is presented for informational purposes only and is not necessarily indicative of the operating results that would have occurred had the acquisition of a controlling majority interest been consummated on January 1, 2022, nor is it necessarily indicative of future operating results. Significant assumptions used to determine pro forma operating results include amortization of VOBA and other intangible assets.

			Three Months Ended						Nine Months Ended
Pro forma:			September 30						September 30
(in millions of U.S. dollars)			2023						2023
Net premiums earned			$	12,674					$	34,605
Total revenues			$	13,755					$	37,589
Net income			$	1,905					$	5,595
Net income attributable to Chubb			$	1,912					$	5,587

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3. Investments

a) Fixed maturities

September 30, 2024			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency			$	2,709					$	—					$	18					$	(98)					$	2,629
Non-U.S.			37,560						(23)						895						(931)						37,501
Corporate and asset-backed securities			47,588						(52)						736						(1,579)						46,693
Mortgage-backed securities			29,517						—						341						(1,384)						28,474
Municipal			2,067						—						18						(117)						1,968
			$	119,441					$	(75)					$	2,008					$	(4,109)					$	117,265

December 31, 2023			Amortized Cost						Valuation Allowance						Gross Unrealized Appreciation						Gross Unrealized Depreciation						Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency			$	3,721					$	—					$	13					$	(144)					$	3,590
Non-U.S.			35,918						(49)						592						(1,297)						35,164
Corporate and asset-backed securities			44,695						(104)						390						(2,151)						42,830
Mortgage-backed securities			23,720						(3)						143						(1,802)						22,058
Municipal			3,074						—						10						(155)						2,929
			$	111,128					$	(156)					$	1,148					$	(5,549)					$	106,571

The following table presents fixed maturities by contractual maturity:

			September 30, 2024												December 31, 2023
(in millions of U.S. dollars)			Net Carrying Value						Fair Value						Net Carrying Value						Fair Value
Available-for-sale
Due in 1 year or less			$	4,536					$	4,536					$	4,729					$	4,729
Due after 1 year through 5 years			35,739						35,739						33,573						33,573
Due after 5 years through 10 years			28,913						28,913						28,480						28,480
Due after 10 years			19,603						19,603						17,731						17,731
			88,791						88,791						84,513						84,513
Mortgage-backed securities			28,474						28,474						22,058						22,058
			$	117,265					$	117,265					$	106,571					$	106,571

Expected maturities could differ from contractual maturities because borrowers may have the right to call or prepay obligations, with or without call or prepayment penalties.

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b) Gross unrealized loss

Fixed maturities in an unrealized loss position at September 30, 2024, and December 31, 2023, comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase. Refer to Note 1 f) in the 2023 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:

			0 – 12 Months												Over 12 Months												Total
September 30, 2024			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency			$	—					$	—					$	1,677					$	(98)					$	1,677					$	(98)
Non-U.S.			1,706						(26)						13,628						(734)						15,334						(760)
Corporate and asset-backed securities			1,511						(13)						15,280						(959)						16,791						(972)
Mortgage-backed securities			664						(5)						13,684						(1,366)						14,348						(1,371)
Municipal			35						(1)						1,188						(114)						1,223						(115)
Total AFS fixed maturities			$	3,916					$	(45)					$	45,457					$	(3,271)					$	49,373					$	(3,316)

			0 – 12 Months												Over 12 Months												Total
December 31, 2023			Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss						Fair Value						Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency			$	463					$	(9)					$	2,504					$	(135)					$	2,967					$	(144)
Non-U.S.			2,464						(43)						15,971						(957)						18,435						(1,000)
Corporate and asset-backed securities			2,866						(51)						20,334						(1,194)						23,200						(1,245)
Mortgage-backed securities			1,659						(58)						13,831						(1,706)						15,490						(1,764)
Municipal			1,117						(15)						1,310						(137)						2,427						(152)
Total AFS fixed maturities			$	8,569					$	(176)					$	53,950					$	(4,129)					$	62,519					$	(4,305)

At September 30, 2024, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $157 million necessary due to limitations on the utilization of these losses. As part of evaluating whether it was more likely than not that we could realize these losses, we considered realized gains, carryback ability and available tax planning strategies.

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The following table presents a roll-forward of valuation allowance for expected credit losses on fixed maturities:

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period			$	122					$	193					$	156					$	169
Provision for expected credit loss			23						34						95						172
Write-offs charged against the expected credit loss			(1)						(1)						(6)						(5)
Recovery of expected credit loss			(69)						(68)						(170)						(178)
Valuation allowance for expected credit losses - end of period			$	75					$	158					$	75					$	158
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period			$	—					$	—					$	—					$	34
Recovery of expected credit loss			—						—						—						(34)
Valuation allowance for expected credit losses - end of period			$	—					$	—					$	—					$	—
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period			$	5					$	—					$	4					$	—
Provision for expected credit loss			—						—						2						—
Recovery of expected credit loss			—						—						(1)						—
Valuation allowance for expected credit losses - end of period			$	5					$	—					$	5					$	—

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c) Net realized gains (losses)

The following table presents the components of net realized gains (losses):

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Fixed maturities:
Gross realized gains			$	21					$	97					$	73					$	116
Gross realized losses			(91)						(184)						(338)						(456)
Other investments - Fixed maturities			152						(1)						452						(1)
Net (provision for) recovery of expected credit losses			48						34						80						44
Impairment (1)			(19)						(16)						(81)						(60)
Total fixed maturities			111						(70)						186						(357)
Equity securities			123						(100)						147						(61)
Private equities (less than 3 percent ownership)			(41)						40						39						75
Foreign exchange			(58)						(67)						(162)						(122)
Investment and embedded derivative instruments			66						9						6						(92)
Other derivative instruments			(2)						(7)						(7)						(6)
Other (2)			(1)						92						(8)						79
Net realized gains (losses) (pre-tax)			$	198					$	(103)					$	201					$	(484)

(1)Relates to certain securities we intended to sell and securities written to market entering default.

(2)The three and nine months ended September 30, 2023 includes a one-time realized gain of $116 million as a result of the consolidation of Huatai Group.

Realized gains and losses from Equity securities, Other investments and Private equities from the table above include sales of securities and unrealized gains and losses from fair value changes as follows:

																																	Three Months Ended
																																							September 30
																					2024																								2023
(in millions of U.S. dollars)			Equity Securities						Other Investments						Private Equities						Total						Equity Securities						Other Investments						Private Equities						Total
Net gains (losses) recognized during the period			$	123					$	152					$	(41)					$	234					$	(100)					$	(1)					$	40					$	(61)
Less: Net gains (losses) recognized from sales of securities			(6)						2						—						(4)						(45)						—						—						(45)
Unrealized gains (losses) recognized for securities still held at reporting date			$	129					$	150					$	(41)					$	238					$	(55)					$	(1)					$	40					$	(16)

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																																							Nine Months Ended
																																							September 30
																					2024																								2023
(in millions of U.S. dollars)			Equity Securities						Other Investments						Private Equities						Total						Equity Securities						Other Investments						Private Equities						Total
Net gains (losses) recognized during the period			$	147					$	452					$	39					$	638					$	(61)					$	(1)					$	75					$	13
Less: Net gains (losses) recognized from sales of securities			5						2						—						7						(48)						—						—						(48)
Unrealized gains (losses) recognized for securities still held at reporting date			$	142					$	450					$	39					$	631					$	(13)					$	(1)					$	75					$	61

d) Private equities

Private equities include investment funds and limited partnerships measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:

			Expected Liquidation Period of Underlying Assets						September 30, 2024												December 31, 2023
(in millions of U.S. dollars)									Fair Value						Maximum Future Funding Commitments						Fair Value						Maximum Future Funding Commitments
Financial			2 to 10 Years						$	1,247					$	316					$	1,241					$	364
Real assets			2 to 13 Years						2,006						588						2,137						445
Distressed			2 to 8 Years						1,257						822						1,206						936
Private credit			3 to 8 Years						316						288						331						298
Traditional			2 to 14 Years						9,307						4,767						8,873						4,167
Vintage			1 to 3 Years						59						—						72						—
Investment funds			Not Applicable						213						—						218						—
									$	14,405					$	6,781					$	14,078					$	6,210

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.

Investment Category:						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure, and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies, such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

    

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Investment funds employ various investment strategies, such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.

e) Restricted assets

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets at September 30, 2024, and December 31, 2023, are investments, primarily fixed maturities, totaling $19,536 million and $18,242 million, respectively, and cash of $153 million and $172 million, respectively.

The following table presents the components of restricted assets:

			September 30						December 31
(in millions of U.S. dollars)			2024						2023
Trust funds			$	9,137					$	8,482
Assets pledged under repurchase agreements			3,273						2,924
Deposits with U.S. regulatory authorities			2,565						2,544
Deposits with non-U.S. regulatory authorities and other			4,714						4,464
Total			$	19,689					$	18,414

f) Variable interest entities (VIEs)

Consolidated VIEs

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) of our 2023 Form 10-K for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

Unconsolidated VIEs

We do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at September 30, 2024, and December 31, 2023, was $110 million and $153 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities on the Consolidated balance sheets.

4. Fair value measurements

a) Fair value hierarchy

Fair value of financial assets and financial liabilities is estimated based on the framework established in the fair value accounting guidance. The guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an

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orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data.

The three levels of the hierarchy are as follows:

•Level 1 – Unadjusted quoted prices for identical assets or liabilities in active markets;

•Level 2 – Includes, among other items, inputs other than quoted prices that are observable for the asset or liability such as

interest rates and yield curves, quoted prices for similar assets and liabilities in active markets, and quoted prices for identical or similar assets and liabilities in markets that are not active; and

•Level 3 – Inputs that are unobservable and reflect management’s judgments about assumptions that market participants

would use in pricing an asset or liability.

We categorize financial instruments within the valuation hierarchy at the balance sheet date based upon the lowest level of inputs that are significant to the fair value measurement.

We use pricing services to obtain fair value measurements for the majority of our investment securities. Based on management’s understanding of the methodologies used, these pricing services only produce an estimate of fair value if there is observable market information that would allow them to make a fair value estimate. Based on our understanding of the market inputs used by the pricing services, all applicable investments have been valued in accordance with U.S. GAAP. We do not adjust prices obtained from pricing services. The following is a description of the valuation techniques and inputs used to determine fair values for financial instruments carried at fair value, as well as the general classification of such financial instruments pursuant to the valuation hierarchy.

Fixed maturities

We use pricing services to estimate fair value measurements for the majority of our fixed maturities. The pricing services use market quotations for fixed maturities that have quoted prices in active markets; such securities are classified within Level 1. For fixed maturities other than U.S. Treasury securities that generally do not trade on a daily basis, the pricing services prepare estimates of fair value measurements using their pricing applications or pricing models, which include available relevant market information, benchmark curves, benchmarking of like securities, sector groupings, and matrix pricing. Additional valuation factors that can be taken into account are nominal spreads, dollar basis, and liquidity adjustments. The pricing services evaluate each asset class based on relevant market and credit information, perceived market movements, and sector news. The market inputs used in the pricing evaluation, listed in the approximate order of priority include: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, and industry and economic events. The extent of the use of each input is dependent on the asset class and the market conditions. Given the asset class, the priority of the use of inputs may change, or some market inputs may not be relevant. Additionally, fixed maturities valuation is more subjective when markets are less liquid due to the lack of market-based inputs (i.e., stale pricing) and may require the use of models to be priced. The lack of market-based inputs may increase the potential that an investment's estimated fair value is not reflective of the price at which an actual transaction would occur. The overwhelming majority of fixed maturities are classified within Level 2 because the most significant inputs used in the pricing techniques are observable. For a small number of fixed maturities, we obtain a single broker quote (typically from a market maker). Due to the disclaimers on the quotes that indicate that the price is indicative only, we include these fair value estimates in Level 3. 

Equity securities

Equity securities with active markets are classified within Level 1 as fair values are based on quoted market prices. For equity securities in markets which are less active, fair values are based on market valuations and are classified within Level 2. Equity securities for which pricing is unobservable are classified within Level 3.

Short-term investments

Short-term investments, which comprise securities due to mature within one year of the date of purchase that are traded in active markets, are classified within Level 1 as fair values are based on quoted market prices. Securities such as commercial paper and discount notes are classified within Level 2 because these securities are typically not actively traded due to their approaching maturity, and as such, their cost approximates fair value. Short-term investments for which pricing is unobservable are classified within Level 3.

Private equities

Fair values for Private equities including investments in partially-owned investment companies, investment funds, and limited partnerships are based on their respective NAV and are excluded from the fair value hierarchy table below.

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Other investments

Certain of our long-duration contracts are supported by assets that do not qualify for separate account treatment under U.S. GAAP. These assets primarily comprise mutual funds, classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Other investments principally include fixed maturities carried at fair value with changes in fair value recorded through Net realized gains (losses) on the Consolidated statements of operations. These fixed maturities principally relate to the Huatai investment portfolio, including those portfolios supporting certain participating policies, and are classified within Level 2. Also included are life insurance policies collateralizing investments held in rabbi trusts maintained by Chubb for deferred compensation plans and supplemental retirement plans. These policies are carried at cash surrender value and are classified in the valuation hierarchy within Level 2.

Securities lending collateral

The underlying assets included in Securities lending collateral in the Consolidated balance sheets are fixed maturities which are classified in the valuation hierarchy on the same basis as other fixed maturities. Excluded from the valuation hierarchy is the corresponding liability related to Chubb’s obligation to return the collateral plus interest as it is reported at contract value and not fair value in the Consolidated balance sheets.

Investment derivatives

Actively traded investment derivative instruments, including futures, options, and forward contracts are classified within Level 1 as fair values are based on quoted market prices. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. These derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Derivatives designated as hedging instruments

Certain of our derivatives are cross-currency swaps designated as fair value and net investment hedging instruments. The fair value of cross-currency swaps and interest rate swaps is based on market valuations and is classified within Level 2. These derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets.

Other derivative instruments

We maintain positions in exchange-traded equity futures contracts designed to limit exposure to a severe equity market decline, which would cause an increase in expected market risk benefits (MRB) claims, and therefore, an increase in MRB reserves. Our positions in exchange-traded equity futures contracts are classified within Level 1. The fair value of the majority of the remaining positions in other derivative instruments is based on significant observable inputs including equity security and interest rate indices. Accordingly, these are classified within Level 2. Other derivative instruments are recorded in either Other assets or Accounts payable, accrued expenses, and other liabilities in the Consolidated balance sheets. Chubb also maintains positions in convertible securities that contain embedded derivatives. Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES) and are classified as either Level 1 or Level 2 depending on the underlying investment.

Separate account assets

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. Separate account assets principally comprise mutual funds classified within Level 1 in the valuation hierarchy on the same basis as other equity securities traded in active markets. Separate account assets also include fixed maturities classified within Level 2 because the most significant inputs used in the pricing techniques are observable. Excluded from the valuation hierarchy are the corresponding liabilities as they are reported at contract value and not fair value in the Consolidated balance sheets.

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Financial instruments measured at fair value on a recurring basis, by valuation hierarchy

September 30, 2024			Level 1						Level 2						Level 3						Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency			$	1,979					$	650					$	—					$	2,629
Non-U.S.			—						36,862						639						37,501
Corporate and asset-backed securities			—						43,915						2,778						46,693
Mortgage-backed securities			—						28,428						46						28,474
Municipal			—						1,968						—						1,968
			1,979						111,823						3,463						117,265
Equity securities			4,286						—						118						4,404
Short-term investments			2,491						1,869						15						4,375
Other investments (1)			616						6,424						—						7,040
Securities lending collateral			—						1,927						—						1,927
Investment derivatives			42						—						—						42
Derivatives designated as hedging instruments			—						150						—						150
Separate account assets			5,919						77						—						5,996
Total assets measured at fair value (1)(2)			$	15,333					$	122,270					$	3,596					$	141,199
Liabilities:
Investment derivatives			$	127					$	—					$	—					$	127
Derivatives designated as hedging instruments			—						174						—						174
Other derivative instruments			25						5						—						30
Market risk benefits (3)			—						—						748						748
Total liabilities measured at fair value			$	152					$	179					$	748					$	1,079

(1)Excluded from the table above are other investments of $1,115 million, principally policy loans, measured using NAV as a practical expedient.

(2)Excluded from the table above are private equities of $14,405 million, measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.

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Chubb Limited and Subsidiaries

 

December 31, 2023			Level 1						Level 2						Level 3						Total
(in millions of U.S. dollars)
Assets:
Fixed maturities available-for-sale
U.S. Treasury / Agency			$	2,911					$	679					$	—					$	3,590
Non-U.S.			—						34,472						692						35,164
Corporate and asset-backed securities			—						40,208						2,622						42,830
Mortgage-backed securities			—						22,051						7						22,058
Municipal			—						2,929						—						2,929
			2,911						100,339						3,321						106,571
Equity securities			3,368						—						87						3,455
Short-term investments			1,915						2,633						3						4,551
Other investments (1)			589						4,236						—						4,825
Securities lending collateral			—						1,299						—						1,299
Investment derivatives			54						—						—						54
Derivatives designated as hedging instruments			—						136						—						136
Separate account assets			5,482						91						—						5,573
Total assets measured at fair value (1)(2)			$	14,319					$	108,734					$	3,411					$	126,464
Liabilities:
Investment derivatives			$	136					$	—					$	—					$	136
Derivatives designated as hedging instruments			—						128						—						128
Other derivative instruments			37						5						—						42
Market risk benefits (3)			—						—						771						771
Total liabilities measured at fair value			$	173					$	133					$	771					$	1,077

(1)Excluded from the table above are other investments of $702 million, principally policy loans, measured using NAV as a practical expedient.

(2)Excluded from the table above are private equities of $14,078 million, measured using NAV as a practical expedient.

(3)Refer to Note 11 for additional information on Market risk benefits.

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Level 3 financial instruments

The following tables present a reconciliation of the beginning and ending balances of financial instruments measured at fair value using significant unobservable inputs (Level 3).

Three Months Ended September 30, 2024 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
									Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
Balance, beginning of period									$	632					$	2,709					$	20																	$	100					$	12
Transfers out of Level 3									(1)						—						(14)																		—						—
Change in Net Unrealized Gains (Losses) in OCI									10						16						—																		—						(1)
Net Realized Gains (Losses)									(1)						(10)						—																		7						—
Purchases									59						316						40																		17						6
Sales									(18)						(69)						—																		(6)						(1)
Settlements									(42)						(184)						—																		—						(1)
Balance, end of period									$	639					$	2,778					$	46																	$	118					$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	—					$	(8)					$	—																	$	6					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	11					$	12					$	—																	$	—					$	(1)

Three Months Ended September 30, 2023 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
Balance, beginning of period									$	649					$	2,524					$	10											$	86					$	3
Transfers out of Level 3									(22)						(10)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									(6)						6						—												—						—
Net Realized Gains (Losses)									(2)						(4)						—												—						—
Purchases									46						158						16												4						—
Sales									(17)						(40)						—												(5)						(1)
Settlements									(15)						(65)						(1)												—						—
Balance, end of period									$	633					$	2,569					$	25											$	85					$	2
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(4)					$	—											$	—					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	(8)					$	4					$	—											$	—					$	—

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Nine Months Ended September 30, 2024 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																					Equity securities						Short-term investments
									Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
Balance, beginning of period									$	692					$	2,622					$	7											$	87					$	3
Transfers into Level 3									1						5						—												—						—
Transfers out of Level 3									(7)						(3)						(14)												—						—
Change in Net Unrealized Gains (Losses) in OCI									18						26						—												—						(2)
Net Realized Gains (Losses)									(5)						(15)						—												6						—
Purchases									214						785						55												36						22
Sales									(69)						(176)						—												(11)						(1)
Settlements									(205)						(466)						(2)												—						(7)
Balance, end of period									$	639					$	2,778					$	46											$	118					$	15
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(10)					$	—											$	5					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	14					$	17					$	—											$	—					$	(2)

Nine Months Ended September 30, 2023 (in millions of U.S. dollars)									Available-for-Sale Debt Securities																								Equity securities						Short-term investments
						Non-U.S.						Corporate and asset- backed securities						Mortgage-backed securities
Balance, beginning of period									$	564					$	2,449					$	11											$	90					$	3
Transfers into Level 3									21						3						—												—						—
Transfers out of Level 3									(22)						(23)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									5						8						—												—						(1)
Net Realized Gains (Losses)									(3)						(7)						—												(6)						—
Purchases									151						481						16												15						3
Sales									(52)						(70)						—												(14)						(3)
Settlements									(31)						(272)						(2)												—						—
Balance, end of period									$	633					$	2,569					$	25											$	85					$	2
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(6)					$	—											$	(6)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	1					$	2					$	—											$	—					$	—

Excluded from the tables above is the reconciliation of Market risk benefits, which are presented in Note 11 Market risk benefits. Refer to Note 11 for additional information.

b) Financial instruments disclosed, but not measured, at fair value

Chubb uses various financial instruments in the normal course of its business. Our insurance contracts are excluded from fair value of financial instruments accounting guidance, and therefore, are not included in the amounts discussed below.

The carrying values of cash, other assets, other liabilities, and other financial instruments not included below approximated their fair values. Refer to the 2023 Form 10-K for information on the fair value methods and assumptions for private debt held-for-investment, short-term and long-term debt, repurchase agreements, and trust-preferred securities.

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Chubb Limited and Subsidiaries

The following tables present fair value, by valuation hierarchy, and carrying value of the financial instruments not measured at fair value:

September 30, 2024			Fair Value																								Net Carrying Value
(in millions of U.S. dollars)			Level 1						Level 2						Level 3						Total
Assets:
Private debt held-for-investment			$	—					$	—					$	2,650					$	2,650					$	2,619
Total assets			$	—					$	—					$	2,650					$	2,650					$	2,619
Liabilities:
Repurchase agreements			$	—					$	3,048					$	—					$	3,048					$	3,048
Short-term debt			—						1,560						—						1,560						1,571
Long-term debt			—						13,645						—						13,645						14,560
Trust preferred securities			—						377						—						377						309
Total liabilities			$	—					$	18,630					$	—					$	18,630					$	19,488

December 31, 2023			Fair Value																								Net Carrying Value
(in millions of U.S. dollars)			Level 1						Level 2						Level 3						Total
Assets:
Private debt held-for-investment			$	—					$	—					$	2,560					$	2,560					$	2,553
Total assets			$	—					$	—					$	2,560					$	2,560					$	2,553
Liabilities:
Repurchase agreements			$	—					$	2,833					$	—					$	2,833					$	2,833
Short-term debt			—						1,431						—						1,431						1,460
Long-term debt			—						11,924						—						11,924						13,035
Trust preferred securities			—						365						—						365						308
Total liabilities			$	—					$	16,553					$	—					$	16,553					$	17,636

5. Reinsurance

Reinsurance recoverable on ceded reinsurance

						September 30, 2024												December 31, 2023
(in millions of U.S. dollars)						Net Reinsurance Recoverable (1)						Valuation allowance						Net Reinsurance Recoverable (1)						Valuation allowance
Reinsurance recoverable on unpaid losses and loss expenses						$	17,631					$	307					$	17,884					$	285
Reinsurance recoverable on paid losses and loss expenses						1,975						81						2,068						82
Reinsurance recoverable on losses and loss expenses						$	19,606					$	388					$	19,952					$	367
Reinsurance recoverable on policy benefits						$	292					$	—					$	280					$	—

(1)Net of valuation allowance for uncollectible reinsurance.

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The following table presents a roll-forward of valuation allowance for uncollectible reinsurance related to Reinsurance recoverable on losses and loss expenses:

			Nine Months Ended
			September 30
(in millions of U.S. dollars)			2024						2023
Valuation allowance for uncollectible reinsurance - beginning of period			$	367					$	351
Provision for uncollectible reinsurance			24						27
Write-offs charged against the valuation allowance			(4)						(8)
Foreign exchange revaluation			1						—
Valuation allowance for uncollectible reinsurance - end of period			$	388					$	370

For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2023 Form 10-K.

6. Deferred policy acquisition costs

The following tables present a roll-forward of deferred policy acquisition costs on long-duration contracts included in the Life Insurance segment:

			Nine Months Ended September 30, 2024
(in millions of U.S. dollars)			Term Life						Universal Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	402					$	674					$	534					$	1,301					$	274					$	3,185
Capitalizations			149						109						276						467						53						1,054
Amortization expense			(89)						(60)						(27)						(132)						(20)						(328)
Other (including foreign exchange)			(1)						(2)						2						(8)						(3)						(12)
Balance – end of period			$	461					$	721					$	785					$	1,628					$	304					$	3,899
Overseas General Insurance segment excluded from table																																	615
Total deferred policy acquisition costs on long-duration contracts																																	$	4,514
Deferred policy acquisition costs on short-duration contracts																																	3,735
Total deferred policy acquisition costs																																	$	8,249

			Nine Months Ended September 30, 2023
(in millions of U.S. dollars)			Term Life						Universal Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	324					$	639					$	392					$	891					$	268					$	2,514
Capitalizations			131						85						103						396						27						742
Amortization expense			(76)						(55)						(18)						(98)						(19)						(266)
Other (including foreign exchange)			(2)						(18)						3						(19)						(2)						(38)
Balance – end of period			$	377					$	651					$	480					$	1,170					$	274					$	2,952
Overseas General Insurance segment excluded from table																																	621
Total deferred policy acquisition costs on long-duration contracts																																	$	3,573
Deferred policy acquisition costs on short-duration contracts																																	3,283
Total deferred policy acquisition costs																																	$	6,856

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Chubb Limited and Subsidiaries

7. Goodwill

The following table presents a roll-forward of Goodwill by segment:

(in millions of U.S. dollars)			North America Commercial P&C Insurance						North America Personal P&C Insurance						North America Agricultural Insurance						Overseas General Insurance						Global Reinsurance						Life Insurance						Chubb Consolidated
Balance at December 31, 2023			$	6,946					$	2,231					$	134					$	5,262					$	371					$	4,742					$	19,686
Acquisition of Healthy Paws			256						—						—						—						—						—						256
Measurement-period adjustments			—						—						—						—						—						65						65
Foreign exchange revaluation			(2)						(1)						—						(43)						—						29						(17)
Balance at September 30, 2024 (1)			$	7,200					$	2,230					$	134					$	5,219					$	371					$	4,836					$	19,990

(1)Includes $509 million attributable to noncontrolling interests.

8. Unpaid losses and loss expenses

The following table presents a reconciliation of beginning and ending Unpaid losses and loss expenses:

			Nine Months Ended
			September 30
(in millions of U.S. dollars)			2024						2023
Gross unpaid losses and loss expenses – beginning of period			$	80,122					$	75,747
Reinsurance recoverable on unpaid losses and loss expenses – beginning of period (1)			(17,884)						(17,086)
Net unpaid losses and loss expenses – beginning of period			62,238						58,661
Net losses and loss expenses incurred in respect of losses occurring in:
Current year			20,302						18,604
Prior years (2)			(761)						(667)
Total			19,541						17,937
Net losses and loss expenses paid in respect of losses occurring in:
Current year			5,005						4,853
Prior years			10,074						10,158
Total			15,079						15,011
Consolidation of Huatai Group			—						405
Foreign currency revaluation and other			(5)						(95)
Net unpaid losses and loss expenses – end of period			66,695						61,897
Reinsurance recoverable on unpaid losses and loss expenses (1)			17,631						17,808
Gross unpaid losses and loss expenses – end of period			$	84,326					$	79,705

(1)    Net of valuation allowance for uncollectible reinsurance.

(2)    Relates to prior period loss reserve development only and excludes prior period development related to reinstatement premiums, expense adjustments, earned premiums, and A&H long-duration lines totaling $118 million and $71 million for the nine months ended September 30, 2024 and 2023, respectively.

Net unpaid losses and loss expenses increased $4,457 million for the nine months ended September 30, 2024, principally reflecting underlying exposure growth, net catastrophe losses, and the impact of a reinsurance commutation in connection with a large structured transaction during the first quarter, partially offset by the impact of favorable prior period development. The increase in net unpaid losses also reflected seasonality in our crop insurance business.

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Chubb Limited and Subsidiaries

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. Long-tail lines include lines such as workers' compensation, general liability, and financial lines; while short-tail lines include lines such as most property lines, energy, personal accident, and agriculture. The following table summarizes (favorable) and adverse PPD by segment:

			Three Months Ended September 30																		Nine Months Ended September 30
(in millions of U.S. dollars)			Long-tail						Short-tail						Total						Long-tail						Short-tail						Total
2024
North America Commercial P&C Insurance			$	125					$	(164)					$	(39)					$	79					$	(310)					$	(231)
North America Personal P&C Insurance			—						(189)						(189)						—						(305)						(305)
North America Agricultural Insurance			—						(6)						(6)						—						(34)						(34)
Overseas General Insurance			(61)						1						(60)						(26)						(184)						(210)
Global Reinsurance			(5)						—						(5)						—						(20)						(20)
Corporate			55						—						55						157						—						157
Total			$	114					$	(358)					$	(244)					$	210					$	(853)					$	(643)
2023
North America Commercial P&C Insurance			$	107					$	(191)					$	(84)					$	(23)					$	(279)					$	(302)
North America Personal P&C Insurance			—						(119)						(119)						—						(135)						(135)
North America Agricultural Insurance			—						(9)						(9)						—						(12)						(12)
Overseas General Insurance			(52)						3						(49)						(52)						(201)						(253)
Global Reinsurance			—						—						—						7						(32)						(25)
Corporate			61						—						61						131						—						131
Total			$	116					$	(316)					$	(200)					$	63					$	(659)					$	(596)

Significant prior period movements by segment, principally driven by reserve reviews completed during each respective period, are discussed in more detail below. The remaining net development for long-tail lines and short-tail business for each segment and Corporate comprises numerous favorable and adverse movements across a number of lines and accident years, none of which is significant individually or in the aggregate.

North America Commercial P&C Insurance. Net favorable development for the three and nine months ended September 30, 2024, included $164 million and $310 million, respectively, from short-tail lines, primarily property and marine, driven by lower-than-expected loss development in the most recent accident years. The nine months ended September 30, 2024, also included favorable development from surety lines, due to lower-than-expected loss development. Long-tail lines experienced adverse development of $125 million and $79 million for the three and nine months ended September 30, 2024, respectively, which was the net of adverse development in casualty lines, predominantly commercial excess and umbrella and commercial auto liability, due to higher-than-expected loss development, partially offset by favorable development in workers' compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents.

Net favorable development for the three and nine months ended September 30, 2023, included $191 million and $279 million, respectively, from short-tail lines, primarily property and marine lines, mainly due to net lower-than-expected loss development impacting the most recent accident years. Development for the nine months ended September 30, 2023, also included favorable development in surety lines, due to lower-than-expected loss development.

Net adverse development of $107 million for the three months ended September 30, 2023, from long-tail lines included adverse development in casualty lines, predominantly commercial excess and umbrella lines, driven by higher-than-expected loss development, principally related to automobile exposures, partially offset by favorable development in workers' compensation due to lower-than-expected loss experience. Long-tail lines experienced net favorable development of $23 million for the nine months ended September 30, 2023, driven by workers’ compensation lines due to lower-than-expected loss development and our annual assessment of multi-claimant events, including industrial accidents, partially offset by adverse development in commercial excess and umbrella lines and commercial auto liability, both driven by higher-than-expected loss experience.

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Chubb Limited and Subsidiaries

North America Personal P&C Insurance. Net favorable development for the three and nine months ended September 30, 2024 and 2023, was predominantly in homeowners, mainly due to lower-than-expected loss experience in the most recent accident years.

Overseas General Insurance. Net favorable development for the three months ended September 30, 2024, included $61 million from long-tail lines, primarily financial lines due to favorable loss emergence in accident years 2019 and 2020. Net favorable development for the nine months ended September 30, 2024, included $184 million from short-tail lines, primarily property and marine lines.

Net favorable development for the three and nine months ended September 30, 2023, included $52 million from long-tail lines, primarily financial lines due to favorable loss emergence in accident years 2019 and prior, partially offset by net adverse development in political risks. Net favorable development for the nine months ended September 30, 2023, included $201 million from short-tail lines, primarily property and marine, and A&H lines.

Corporate. Net adverse development for the three months ended September 30, 2024 and 2023, included adverse development resulting from our annual review of environmental liabilities. Net adverse development for the nine months ended September 30, 2024 and 2023, also included adverse development for molestation-related claims development.

9. Future policy benefits

The following tables present a roll-forward of the liability for future policy benefits included in the Life Insurance segment:

Present Value of Expected Net Premiums			Nine Months Ended September 30, 2024
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	1,590					$	3,950					$	10,432					$	64					$	16,036
Beginning balance at original discount rate			1,992						3,945						10,692						64						16,693
Effect of changes in cash flow assumptions			(140)						160						394						(4)						410
Effect of actual variances from expected experience			6						9						(126)						(1)						(112)
Adjusted beginning of period balance			1,858						4,114						10,960						59						16,991
Issuances			161						942						1,717						53						2,873
Interest accrual			45						91						424						3						563
Net premiums collected (1)			(183)						(852)						(1,105)						(27)						(2,167)
Other (including foreign exchange)			(10)						14						(158)						14						(140)
Ending balance at original discount rate			1,871						4,309						11,838						102						18,120
Effect of changes in discount rate assumptions			(287)						94						136						1						(56)
Balance – end of period			$	1,584					$	4,403					$	11,974					$	103					$	18,064

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

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Present Value of Expected Future Policy Benefits			Nine Months Ended September 30, 2024
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	2,254					$	10,063					$	14,650					$	495					$	27,462
Beginning balance at original discount rate			2,749						9,991						15,071						492						28,303
Effect of changes in cash flow assumptions			(137)						181						348						(5)						387
Effect of actual variances from expected experience			13						21						(127)						—						(93)
Adjusted beginning of period balance			2,625						10,193						15,292						487						28,597
Issuances			161						942						1,717						53						2,873
Interest accrual			59						240						519						11						829
Benefits payments			(173)						(260)						(1,186)						(14)						(1,633)
Other (including foreign exchange)			27						55						(188)						41						(65)
Ending balance at original discount rate			2,699						11,170						16,154						578						30,601
Effect of changes in discount rate assumptions			(390)						739						65						41						455
Balance – end of period			$	2,309					$	11,909					$	16,219					$	619					$	31,056

Liability for Future Policy Benefits, Life Insurance Segment			September 30, 2024
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Net liability for future policy benefits			$	725					$	7,506					$	4,245					$	516					$	12,992
Deferred profit liability			276						1,120						194						32						1,622
Net liability for future policy benefits, before reinsurance recoverable			1,001						8,626						4,439						548						14,614
Less: Reinsurance recoverable on future policy benefits			109						45						112						—						266
Net liability for future policy benefits, after reinsurance recoverable			$	892					$	8,581					$	4,327					$	548					$	14,348
Weighted average duration (years)			10.2						27.8						9.8						17.6						21.1

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Present Value of Expected Net Premiums			Nine Months Ended September 30, 2023
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	1,806					$	2,308					$	10,711					$	42					$	14,867
Beginning balance at original discount rate			1,867						2,361						11,258						43						15,529
Effect of changes in cash flow assumptions			36						40						(813)						2						(735)
Effect of actual variances from expected experience			(15)						77						(170)						(1)						(109)
Adjusted beginning of period balance			1,888						2,478						10,275						44						14,685
Consolidation of Huatai Group			3						1,690						145						12						1,850
Issuances			90						223						1,026						5						1,344
Interest accrual			45						62						421						1						529
Net premiums collected (1)			(127)						(376)						(998)						(15)						(1,516)
Other (including foreign exchange)			78						(72)						(592)						(1)						(587)
Ending balance at original discount rate			1,977						4,005						10,277						46						16,305
Effect of changes in discount rate assumptions			(69)						(62)						(496)						(1)						(628)
Balance – end of period			$	1,908					$	3,943					$	9,781					$	45					$	15,677

(1)Net premiums collected represent the portion of gross premiums collected from policyholders that is used to fund expected benefit.

Present Value of Expected Future Policy Benefits			Nine Months Ended September 30, 2023
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Balance – beginning of period			$	2,321					$	5,696					$	15,038					$	269					$	23,324
Beginning balance at original discount rate			2,447						5,874						15,855						280						24,456
Effect of changes in cash flow assumptions			32						44						(849)						3						(770)
Effect of actual variances from expected experience			(12)						86						(168)						(1)						(95)
Adjusted beginning of period balance			2,467						6,004						14,838						282						23,591
Consolidation of Huatai Group			17						3,659						163						233						4,072
Issuances			90						223						1,026						5						1,344
Interest accrual			54						176						514						6						750
Benefit payments			(120)						(212)						(1,064)						(9)						(1,405)
Other (including foreign exchange)			227						30						(1,062)						154						(651)
Ending balance at original discount rate			2,735						9,880						14,415						671						27,701
Effect of changes in discount rate assumptions			(149)						(274)						(790)						(11)						(1,224)
Balance – end of period			$	2,586					$	9,606					$	13,625					$	660					$	26,477

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Liability for Future Policy Benefits, Life Insurance Segment			September 30, 2023
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Net liability for future policy benefits			$	678					$	5,663					$	3,844					$	615					$	10,800
Deferred profit liability			244						709						156						14						1,123
Net liability for future policy benefits, before reinsurance recoverable			922						6,372						4,000						629						11,923
Less: Reinsurance recoverable on future policy benefits			111						47						103						21						282
Net liability for future policy benefits, after reinsurance recoverable			$	811					$	6,325					$	3,897					$	608					$	11,641
Weighted average duration (years)			10.2						26.5						10.3						15.1						19.6

The following table presents a reconciliation of the roll-forwards above to the Future policy benefits liability presented in the Consolidated balance sheets.

			September 30
(in millions of U.S. dollars)			2024						2023
Net liability for future policy benefits, Life Insurance segment			$	12,992					$	10,800
Other (1)			1,389						1,186
Deferred profit liability			1,622						1,123
Liability for future policy benefits, per consolidated balance sheet			$	16,003					$	13,109

(1)Other business principally comprises certain Overseas General Insurance accident and health (A&H) policies and certain Chubb Life Re business.

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Chubb Limited and Subsidiaries

The following table presents the amount of undiscounted and discounted expected gross premiums and expected future policy benefit payments included in the Life Insurance segment:

			September 30						September 30
(in millions of U.S. dollars)			2024						2023
Term Life
Undiscounted expected future benefit payments			$	4,188					$	4,043
Undiscounted expected future gross premiums			6,669						6,588
Discounted expected future benefit payments			2,309						2,586
Discounted expected future gross premiums			4,504						3,741
Whole Life
Undiscounted expected future benefit payments			28,111						23,454
Undiscounted expected future gross premiums			10,363						9,478
Discounted expected future benefit payments			11,909						9,606
Discounted expected future gross premiums			8,404						7,654
A&H
Undiscounted expected future benefit payments			27,423						23,914
Undiscounted expected future gross premiums			40,183						35,029
Discounted expected future benefit payments			16,219						13,625
Discounted expected future gross premiums			23,655						21,241
Other
Undiscounted expected future benefit payments			1,046						774
Undiscounted expected future gross premiums			200						104
Discounted expected future benefit payments			619						660
Discounted expected future gross premiums			$	177					$	92

The following table presents the amount of revenue and interest recognized in the Consolidated statements of operations for the Life Insurance segment:

			Gross Premiums or Assessments												Interest Accretion
			Nine Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Life Insurance
Term Life			$	509					$	484					$	14					$	9
Whole Life			1,504						864						149						114
A&H			2,250						2,182						95						93
Other			42						28						8						5
Total			$	4,305					$	3,558					$	266					$	221

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The following table presents the weighted-average interest rates for the Life Insurance segment:

			Interest Accretion Rate												Current Discount Rate
			September 30												September 30
			2024						2023						2024						2023
Life Insurance
Term Life			3.0		%				2.9		%				5.2		%				6.0		%
Whole Life			3.2		%				3.2		%				4.1		%				4.7		%
A&H			3.8		%				3.7		%				5.8		%				6.7		%
Other			2.7		%				2.6		%				3.8		%				4.3		%

10. Policyholders' account balances, Separate accounts, and Unearned revenue liabilities

Policyholders' account balances

The following tables present a roll-forward of policyholders' account balances:

			Nine Months Ended September 30, 2024
(in millions of U.S. dollars)			Universal Life						Annuities (2)						Other (3)						Total
Balance – beginning of period			$	1,876					$	2,411					$	2,502					$	6,789
Premiums received			204						294						320						818
Policy charges (1)			(98)						—						(7)						(105)
Surrenders and withdrawals			(95)						(30)						(202)						(327)
Benefit payments (4)			(59)						(116)						(40)						(215)
Interest credited			38						29						41						108
Other (including foreign exchange)			3						20						(223)						(200)
Balance – end of period			$	1,869					$	2,608					$	2,391					$	6,868
Unearned revenue liability																					712
Other																					556
Policyholders' account liability, per consolidated balance sheet																					$	8,136

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

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			Nine Months Ended September 30, 2023
(in millions of U.S. dollars)			Universal Life						Annuities (2)						Other (3)						Total
Balance – beginning of period			$	1,199					$	—					$	1,374					$	2,573
Consolidation of Huatai Group			602						2,325						1,087						4,014
Premiums received			174						79						165						418
Policy charges (1)			(96)						—						(8)						(104)
Surrenders and withdrawals			(62)						(8)						(113)						(183)
Benefit payments (4)			(6)						(38)						(43)						(87)
Interest credited			30						16						22						68
Other (including foreign exchange)			(56)						(34)						(35)						(125)
Balance – end of period			$	1,785					$	2,340					$	2,449					$	6,574
Unearned revenue liability																					604
Policyholders' account liability, per consolidated balance sheet																					$	7,178

(1)Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.

(2)Relates to Huatai Life.

(3)Primarily comprises policyholder account balances related to investment linked products including endowment and investment contracts, none of which bear significant insurance risk.

(4)Includes benefit payments upon maturity as well as death benefits.

			September 30
			2024																		2023
(in millions of U.S. dollars, except for percentages)			Universal Life						Annuities						Other						Universal Life						Annuities						Other
Weighted-average crediting rate			2.7		%				1.6		%				2.7		%				3.1		%				2.7		%				1.2		%
Net amount at risk (1)			$	12,648					$	—					$	440					$	11,705					$	—					$	576
Cash Surrender Value			$	1,699					$	1,691					$	2,091					$	1,573					$	1,474					$	2,173

(1)For those guarantees of benefits that are payable in the event of death, the net amount at risk is defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.

The following tables present the balance of account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimum:

Universal Life

			September 30, 2024
(in millions of U.S. dollars)			At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater Than 150 Basis Points Above						Total
Guaranteed minimum crediting rates
Up to 2.00%			$	464					$	—					$	47					$	92					$	603
2.01% – 4.00%			249						371						633						—						1,253
Greater than 4.00%			13						—						—						—						13
Total			$	726					$	371					$	680					$	92					$	1,869

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			September 30, 2023
(in millions of U.S. dollars)			At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater Than 150 Basis Points Above						Total
Guaranteed minimum crediting rates
Up to 2.00%			$	421					$	—					$	30					$	11					$	462
2.01% – 4.00%			80						330						559						333						1,302
Greater than 4.00%			21						—						—						—						21
Total			$	522					$	330					$	589					$	344					$	1,785

Annuities

			September 30, 2024
(in millions of U.S. dollars)			At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater Than 150 Basis Points Above						Total
Guaranteed minimum crediting rates
Up to 2.00%			$	72					$	—					$	1,645					$	47					$	1,764
2.01% – 4.00%			844						—						—						—						844
Greater than 4.00%			—						—						—						—						—
Total			$	916					$	—					$	1,645					$	47					$	2,608

			September 30, 2023
(in millions of U.S. dollars)			At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater Than 150 Basis Points Above						Total
Guaranteed minimum crediting rates
Up to 2.00%			$	693					$	—					$	1,543					$	—					$	2,236
2.01% – 4.00%			104						—						—						—						104
Greater than 4.00%			—						—						—						—						—
Total			$	797					$	—					$	1,543					$	—					$	2,340

Other policyholders' account balances

			September 30, 2024
(in millions of U.S. dollars)			At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater Than 150 Basis Points Above						Total
Guaranteed minimum crediting rates
Up to 2.00%			$	349					$	2					$	214					$	459					$	1,024
2.01% – 4.00%			1,317						50						—						—						1,367
Greater than 4.00%			—						—						—						—						—
Total			$	1,666					$	52					$	214					$	459					$	2,391

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			September 30, 2023
(in millions of U.S. dollars)			At Guaranteed Minimum						1 Basis Point - 50 Basis Points Above						51 Basis Points - 150 Basis Points Above						Greater Than 150 Basis Points Above						Total
Guaranteed minimum crediting rates
Up to 2.00%			$	738					$	—					$	230					$	545					$	1,513
2.01% – 4.00%			373						531						27						—						931
Greater than 4.00%			5						—						—						—						5
Total			$	1,116					$	531					$	257					$	545					$	2,449

Separate accounts

Separate account assets represent segregated funds where investment risks are borne by the customers, except to the extent of certain guarantees made by Chubb. The assets that support variable contracts are measured at fair value and are reported as Separate account assets and corresponding liabilities are reported within Separate account liabilities on the Consolidated balance sheets. Policy charges assessed against the policyholders for mortality, administration, and other services are included in Net premiums earned on the Consolidated statements of operations.

The following table presents the aggregate fair value of Separate account assets, by major security type:

			September 30						September 30
(in millions of U.S. dollars)			2024						2023
Cash and cash equivalents			$	75					$	88
Mutual funds			5,844						5,129
Fixed maturities			77						89
Total			$	5,996					$	5,306

The following table presents a roll-forward of separate account liabilities:

			Nine Months Ended
			September 30
(in millions of U.S. dollars)			2024						2023
Balance – beginning of period			$	5,573					$	5,190
Premiums and deposits			945						724
Policy charges			(118)						(103)
Surrenders and withdrawals			(666)						(407)
Benefit payments			(320)						(291)
Investment performance			625						382
Other (including foreign exchange)			(43)						(189)
Balance – end of period			$	5,996					$	5,306
Cash surrender value (1)			$	5,790					$	5,285

(1)Cash surrender value represents the amount of the policyholders account balances distributable at the balance sheet date less certain surrender charges.

Unearned revenue liabilities

Unearned revenue liabilities represent policy charges for services to be provided in future periods. The charges are reflected as deferred revenue and are generally amortized over the expected life of the contract using the same methodology, factors, and assumptions used to amortize deferred acquisition costs. Unearned revenue liabilities pertaining to both policyholders' account

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balances and separate accounts are recorded in Policyholders' account balances in the Consolidated balance sheets. The following table presents a roll-forward of unearned revenue liabilities:

			Nine Months Ended
			September 30
(in millions of U.S. dollars)			2024						2023
Balance – beginning of period			$	673					$	567
Deferred revenue			106						96
Amortization			(54)						(44)
Other (including foreign exchange)			(13)						(15)
Balance – end of period			$	712					$	604

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11. Market risk benefits

Our reinsurance programs covering variable annuity guarantees, comprising guaranteed living benefits (GLB) and guaranteed minimum death benefits (GMDB), meet the definition of Market risk benefits (MRB). The following table presents a roll-forward of MRB:

			Nine Months Ended September 30
(in millions of U.S. dollars)			2024						2023
Balance – beginning of period			$	771					$	800
Balance, beginning of period, before effect of changes in the instrument-specific credit risk			749						776
Interest rate changes			10						(117)
Effect of changes in equity markets			(147)						(69)
Effect of changes in volatilities			9						51
Actual policyholder behavior different from expected behavior			55						16
Effect of changes in future expected policyholder behavior			87						89
Effect of timing and all other			(34)						3
Balance, end of period, before effect of changes in the instrument-specific credit risk			$	729					$	749
Effect of changes in the instrument-specific credit risk			19						21
Balance – end of period			$	748					$	770
Weighted-average age of policyholders (years)			74						73
Net amount at risk (1)			$	1,595					$	2,138

(1)    The net amount at risk is defined as the present value of future claim payments assuming policy account values and guaranteed values are fixed at the valuation date, and reinsurance coverage ends at the earlier of the maturity of the underlying variable annuity policy or the reinsurance treaty. No withdrawals, lapses, and mortality improvements are assumed in the projection. GLB-related risks contain conservative mortality and annuitization assumptions.

Excluded from the table above are MRB losses of $258 million and $181 million for the nine months ended September 30, 2024 and 2023, respectively, reported in the Consolidated statements of operations, relating to the market risk benefits' economic hedge and other net cash flows. There is no reinsurance recoverable associated with our liability for MRB.

In the third quarter of 2024, we completed a review of policyholder behavior related to annuitizations, partial withdrawals, lapses, and mortality for our variable annuity reinsurance business. These refinements resulted in a net increase of approximately $87 million to the MRB fair value, recognized as a Market risk benefits loss.

•We refreshed our partial withdrawal and annuitization assumptions to include an additional year of experience. The annuitization updates included treaty-based and age-based behavior.

•We updated the lapse assumptions to include an additional year of experience and refined the lapse rates for policies with guaranteed values far in excess of their account values.

•We updated the mortality assumptions to include an additional year of experience.

For MRB, Chubb estimates fair value using an internal valuation model which includes a number of factors including interest rates, equity markets, credit risk, current account value, market volatility, expected annuitization rates and other policyholder behavior, and changes in policyholder mortality. All reinsurance treaties contain claim limits, which are also factored into the valuation model.

Valuation Technique

Significant Unobservable Inputs

September 30, 2024

September 30, 2023

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 27.3%

3.4

%

0.5% – 30%

4.0

%

Annuitization rate

0% – 100%

4.6

%

0% – 100%

4.8

%

(1)The weighted-average lapse and annuitization rates are determined by weighting each treaty's rates by the MRB contract's fair value.

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The most significant policyholder behavior assumptions include lapse rates for MRBs, and GLB annuitization rates. Assumptions regarding lapse rates and GLB annuitization rates differ by treaty, but the underlying methodologies to determine rates applied to each treaty are comparable.

A lapse rate is the percentage of in-force policies surrendered in a given calendar year. All else equal, as lapse rates increase, ultimate claim payments will decrease.

The GLB annuitization rate is the percentage of policies for which the policyholder will elect to annuitize using the guaranteed benefit provided under the GLB. All else equal, as GLB annuitization rates increase, ultimate claim payments will increase, subject to treaty claim limits.

The effect of changes in key market factors on assumed lapse and annuitization rates reflect emerging trends using data available from cedants. For treaties with limited experience, rates are established by blending the experience with data received from other ceding companies. The model and related assumptions are regularly re-evaluated by management and enhanced, as appropriate, based upon additional experience obtained related to policyholder behavior and availability of updated information such as market conditions, market participant assumptions, and demographics of in-force annuities. For detailed information on our lapse and annuitization rate assumptions, refer to Note 11 to the Consolidated Financial Statements of our 2023 Form 10-K.

12. Debt

On March 7, 2024 and July 31, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion and $600 million, respectively, of 5.00 percent senior notes due March 2034. The 5.00 percent senior notes due March 2034 constitute a single series of notes with an aggregate principal amount of $1.6 billion.

On July 31, 2024, Chubb INA issued $700 million of 4.65 percent senior notes due August 2029.

These senior unsecured notes are guaranteed on a senior basis by Chubb Limited and they rank equally with all of Chubb INA's other senior obligations. They also contain customary limitations on lien provisions as well as customary events of default provisions which, if breached, could result in the accelerated maturity of such senior debt. These senior notes are redeemable at any time at Chubb INA's option subject to a “make-whole” premium (the present value of the remaining principal and interest discounted at the applicable comparable government bond rate plus 0.15 percent). The notes are also redeemable at par plus accrued and unpaid interest in the event of certain changes in tax law. These notes do not have the benefit of any sinking fund.

13. Commitments, contingencies, and guarantees

a) Derivative instruments

Chubb maintains positions in derivative instruments such as futures, options, swaps, and foreign currency forward contracts for which the primary purposes are to manage duration and foreign currency exposure, yield enhancement, or to obtain an exposure to a particular financial market. Chubb also maintains positions in convertible securities that contain embedded derivatives, and exchange-traded equity futures contracts on equity market indices to limit equity exposure in the market risk benefit (MRB) book of business. Derivative instruments are principally recorded in either Other assets (OA) or Accounts payable, accrued expenses, and other liabilities (AP) in the Consolidated balance sheets. Convertible securities are recorded in either Fixed maturities available-for-sale (FM AFS) or Equity securities (ES), depending on the underlying investment. These are the most numerous and frequent derivative transactions. In addition, Chubb, from time to time, purchases to be announced mortgage-backed securities (TBAs) as part of its investing activities.

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities, and required capital for each individual jurisdiction in local currency, which would include the use of derivatives discussed below. Some of Chubb's derivatives satisfy hedge accounting requirements, as discussed below. We also consider economic hedging for planned cross border transactions.

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The following table presents the balance sheet location, fair value in an asset or (liability) position, and notional value/payment provision of our derivative instruments:

															September 30, 2024																								December 31, 2023
			Consolidated Balance Sheet Location						Fair Value												Notional Value/ Payment Provision												Fair Value												Notional Value/ Payment Provision
(in millions of U.S. dollars)									Derivative Asset						Derivative (Liability)															Derivative Asset						Derivative (Liability)
Investment and embedded derivatives not designated as hedging instruments:
Foreign currency forward contracts			OA / (AP)						$	38					$	(125)					$	4,399											$	27					$	(94)					$	3,662
Options/Futures contracts on notes and bonds			OA / (AP)						4						(2)						1,602												27						(42)						2,062
Convertible securities (1)			FM AFS / ES						61						—						65												56						—						64
									$	103					$	(127)					$	6,066											$	110					$	(136)					$	5,788
Other derivative instruments:
Futures contracts on equities (2)			OA / (AP)						$	—					$	(25)					$	967											$	—					$	(37)					$	1,157
Other			OA / (AP)						—						(5)						355												—						(5)						217
									$	—					$	(30)					$	1,322											$	—					$	(42)					$	1,374
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges			OA / (AP)						$	130					$	—					$	1,652											$	126					$	—					$	1,631
Cross-currency swaps - net investment hedges			OA / (AP)						20						(174)						2,969												10						(128)						1,619
									$	150					$	(174)					$	4,621											$	136					$	(128)					$	3,250

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

At September 30, 2024, and December 31, 2023, net derivative liabilities of $139 million and $115 million, respectively, included in the table above were subject to a master netting agreement. The remaining derivatives included in the table above were not subject to a master netting agreement.

b) Hedge accounting

We designate certain derivatives as fair value hedges and net investment hedges for accounting purposes to hedge for foreign currency exposure associated with portions of our euro denominated debt and the net investment in certain foreign subsidiaries, respectively. These derivatives comprise cross-currency swaps, which are agreements under which two counterparties exchange interest payments and principal denominated in different currencies at a future date. These hedges have been and are expected to be highly effective.

(i) Cross-currency swaps - fair value hedges

Chubb holds certain cross-currency swaps designated as fair value hedges. The objective of these cross-currency swaps is to hedge the foreign currency risk on €1.5 billion, or approximately $1.7 billion at September 30, 2024, of euro denominated debt by converting cash flows back into the U.S. dollar.

These hedges are carried at fair value, with changes in fair value recorded in Other comprehensive income (OCI). The gains or losses on the fair value hedges offsetting the foreign currency remeasurement on the hedged euro denominated senior notes are reclassified from OCI into Net realized gains (losses), and an additional portion is reclassified into Interest expense, as follows:

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			Three Months Ended									Nine Months Ended
			September 30									September 30
(pre-tax, in millions of U.S. dollars)			2024			2023						2024			2023
Gain (loss) recognized in OCI			$	42		$	(17)					$	(12)		$	23
Net realized gain (loss) reclassified from OCI			63			(51)						14			(20)
Interest expense reclassified from OCI			(3)			(4)						(11)			(12)
OCI gain (loss) after reclassifications			$	(18)		$	38					$	(15)		$	55

(ii) Cross-currency swaps - net investment hedges

Chubb holds certain cross-currency swaps designated as net investment hedges. The objective of these cross-currency swaps is to hedge the foreign currency exposure in the net investments of certain foreign subsidiaries by converting cash flows from U.S. dollar to the British pound sterling, Japanese yen, Swiss franc, and Chinese yuan renminbi. The hedged risk is designated as the foreign currency exposure arising between the functional currency of the foreign subsidiary and the functional currency of its parent entity.

The mark-to-market adjustments for foreign currency changes will remain until the underlying hedge subsidiary is deconsolidated or if hedge accounting is discontinued.

These net investment hedges are carried at fair value, with changes in fair value recorded in Cumulative translation adjustments (CTA) within OCI, and a portion is reclassified to Interest expense as follows:

			Three Months Ended									Nine Months Ended
			September 30									September 30
(pre-tax, in millions of U.S. dollars)			2024			2023						2024			2023
Gain (loss) recognized in OCI			$	(98)		$	(20)					$	(25)		$	(8)
Interest income reclassified from OCI			5			3						11			10
OCI gain (loss) after reclassifications			$	(103)		$	(23)					$	(36)		$	(18)

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c) Derivative instruments not designated as hedges

Derivative instruments which are not designated as hedges are carried at fair value with changes in fair value recorded in Net realized gains (losses) or, for futures contracts on equities, related to the MRB book of business, in Market risk benefits gains (losses) in the Consolidated statements of operations. The following table presents net gains (losses) related to derivative instrument activity in the Consolidated statements of operations:

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Investment and embedded derivative instruments:
Foreign currency forward contracts			$	52					$	(17)					$	(28)					$	(95)
All other futures contracts, options, and equities			12						29						30						5
Convertible securities (1)			2						(3)						4						(2)
Total investment and embedded derivative instruments			$	66					$	9					$	6					$	(92)
Other derivative instruments:
Futures contracts on equities (2)			$	(41)					$	52					$	(157)					$	(80)
Other			(2)						(7)						(7)						(6)
Total other derivative instruments			$	(43)					$	45					$	(164)					$	(86)
			$	23					$	54					$	(158)					$	(178)

(1)Includes embedded derivatives.

(2)Related to MRB book of business.

(i) Foreign currency exposure management

A foreign currency forward contract (forward) is an agreement between participants to exchange specific currencies at a future date. Chubb uses forwards to minimize the effect of fluctuating foreign currencies as discussed above.

(ii) Duration management and market exposure

Futures

Futures contracts give the holder the right and obligation to participate in market movements, determined by the index or underlying security on which the futures contract is based. Settlement is made daily in cash by an amount equal to the change in value of the futures contract times a multiplier that scales the size of the contract. Exchange-traded futures contracts on money market instruments, notes and bonds are used in fixed maturity portfolios to more efficiently manage duration, as substitutes for ownership of the money market instruments, bonds, and notes without significantly increasing the risk in the portfolio. Investments in futures contracts may be made only to the extent that there are assets under management not otherwise committed.

Exchange-traded equity futures contracts are used to limit exposure to a severe equity market decline, which would cause an increase in expected claims and, therefore, an increase in market risk benefit reserves.

Options

An option contract conveys to the holder the right, but not the obligation, to purchase or sell a specified amount or value of an underlying security at a fixed price. Option contracts are used in our investment portfolio as protection against unexpected shifts in interest rates, which would affect the duration of the fixed maturity portfolio. By using options in the portfolio, the overall interest rate sensitivity of the portfolio can be reduced. Option contracts may also be used as an alternative to futures contracts in the synthetic strategy as described above.

The price of an option is influenced by the underlying security, level of interest rates, expected volatility, time to expiration, and supply and demand.

The credit risk associated with the above derivative financial instruments relates to the potential for non-performance by counterparties. Although non-performance is not anticipated, in order to minimize the risk of loss, management monitors the creditworthiness of its counterparties and obtains collateral. The performance of exchange-traded instruments is guaranteed by

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the exchange on which they trade. For non-exchange-traded instruments, the counterparties are principally banks which must meet certain criteria according to our investment guidelines.

Other

Included within Other are derivatives intended to reduce potential losses which may arise from certain exposures in our insurance business. The economic benefit provided by these derivatives is similar to purchased reinsurance. For example, Chubb may, from time to time, enter into crop derivative contracts to protect underwriting results in the event of a significant decline in commodity prices.

(iii) Convertible security investments

A convertible security is a debt instrument or preferred stock that can be converted into a predetermined amount of the issuer’s equity. The convertible option is an embedded derivative within the host instruments which are classified in the investment portfolio as either available-for-sale or as an equity security. Chubb purchases convertible securities for their total return and not specifically for the conversion feature.

(iv) TBA

By acquiring to be announced mortgage-backed securities (TBAs), we make a commitment to purchase a future issuance of mortgage-backed securities. For the period between purchase of the TBAs and issuance of the underlying security, we account for our position as a derivative in the Consolidated Financial Statements. Chubb purchases TBAs, from time to time, both for their total return and for the flexibility they provide related to our mortgage-backed security strategy.

(v) Futures contracts on equities

Under the MRB program, as the assuming entity, Chubb is obligated to provide coverage until the expiration or maturity of the underlying deferred annuity contracts or the expiry of the reinsurance treaty. We may recognize a loss for changes in fair value due to adverse changes in the capital markets (e.g., declining interest rates and/or declining U.S. and/or international equity markets). To mitigate adverse changes in the capital markets, we maintain positions in exchange-traded equity futures contracts, as noted under section "(ii) Futures" above. These futures increase in fair value when the S&P 500 index decreases (and decrease in fair value when the S&P 500 index increases). The net impact of gains or losses related to changes in fair value of the MRB liability and the exchange-traded equity futures are included in Market risk benefits gains (losses) in the Consolidated statements of operations.

d) Securities lending and secured borrowings

Chubb participates in a securities lending program operated by a third-party banking institution whereby certain assets are loaned to qualified borrowers and from which we earn an incremental return. The securities lending collateral can only be drawn down by Chubb in the event that the institution borrowing the securities is in default under the lending agreement. An indemnification agreement with the lending agent protects us in the event a borrower becomes insolvent or fails to return any of the securities on loan. The collateral is recorded in Securities lending collateral and the liability is recorded in Securities lending payable in the Consolidated balance sheets.

The following table presents the carrying value of collateral held under securities lending agreements by investment category and remaining contractual maturity of the underlying agreements:

																					Remaining contractual maturity
																					September 30, 2024						December 31, 2023
(in millions of U.S. dollars)																					Overnight and Continuous
Collateral held under securities lending agreements:
Cash																					$	784					$	555
U.S. Treasury / Agency																					361						33
Non-U.S.																					680						621
Corporate and asset-backed securities																					64						57
Municipal																					3						6
Equity securities																					35						27
																					$	1,927					$	1,299
Gross amount of recognized liability for securities lending payable																					$	1,927					$	1,299

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At September 30, 2024, and December 31, 2023, our repurchase agreement obligations of $3,048 million and $2,833 million, respectively, were fully collateralized. In contrast to securities lending programs, the use of cash received is not restricted for the repurchase obligations. The fair value of the underlying securities sold remains in Fixed maturities available-for-sale or Other investments, and the repurchase agreement obligation is recorded in Repurchase agreements in the Consolidated balance sheets.

The following table presents the carrying value of collateral pledged under repurchase agreements by investment category and remaining contractual maturity of the underlying agreements:

			Remaining contractual maturity
			September 30, 2024																								December 31, 2023
			Up to 30 Days						30-90 Days						Greater than 90 Days						Total						Up to 30 Days						30-90 Days						Greater than 90 Days						Total
(in millions of U.S. dollars)
Collateral pledged under repurchase agreements:
Cash			$	—					$	—					$	—					$	—					$	—					$	33					$	1					$	34
Non-U.S.			1,768						—						—						1,768						1,355						—						—						1,355
U.S. Treasury / Agency			—						100						—						100						—						105						—						105
Mortgage-backed securities			469						459						477						1,405						—						913						517						1,430
			$	2,237					$	559					$	477					$	3,273					$	1,355					$	1,051					$	518					$	2,924
Gross amount of recognized liabilities for repurchase agreements																					$	3,048																							$	2,833
Difference (1)																					$	225																							$	91

(1)Per the repurchase agreements, the amount of collateral posted is required to exceed the amount of gross liability.

Potential risks exist in our secured borrowing transactions due to market conditions and counterparty exposure. With collateral that we pledge, there is a risk that the collateral may not be returned at the expiration of the agreement. If the counterparty fails to return the collateral, Chubb will have free use of the borrowed funds until our collateral is returned. In addition, we may encounter the risk that Chubb may not be able to renew outstanding borrowings with a new term or with an existing counterparty due to market conditions including a decrease in demand as well as more restrictive terms from banks due to increased regulatory and capital constraints. Should this condition occur, Chubb may seek alternative borrowing sources or reduce borrowings. Additionally, increased margins and collateral requirements due to market conditions would increase our restricted assets as we are required to provide additional collateral to support the transaction.

e) Fixed maturities

At September 30, 2024, and December 31, 2023, commitments to purchase fixed income securities over the next several years were $1.2 billion and $1.0 billion, respectively.

f) Private equities

Private equities in the Consolidated balance sheets are investments in limited partnerships and partially-owned investment companies with a carrying value of $14.2 billion at September 30, 2024. In connection with these investments, we have commitments that may require funding of up to $6.8 billion over the next several years. At December 31, 2023, these investments had a carrying value of $13.9 billion with commitments that could have required funding of up to $6.2 billion.

g) Income taxes

At September 30, 2024, $83 million of unrecognized tax benefits remain outstanding. It is reasonably possible that, over the next twelve months, the amount of unrecognized tax benefits may change resulting from the re-evaluation of unrecognized tax benefits arising from examinations by taxing authorities, settlements, and the lapses of statutes of limitations. With few exceptions, Chubb is no longer subject to income tax examinations for years before 2012.

h) Legal proceedings

Our insurance subsidiaries are subject to claims litigation involving disputed interpretations of policy coverages and, in some jurisdictions, direct actions by allegedly-injured persons seeking damages from policyholders. These lawsuits, involving claims on policies issued by our subsidiaries which are typical to the insurance industry in general and in the normal course of

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business, are considered in our loss and loss expense reserves. In addition to claims litigation, we are subject to lawsuits and regulatory actions in the normal course of business that do not arise from or directly relate to claims on insurance policies. This category of business litigation typically involves, among other things, allegations of underwriting errors or misconduct, employment claims, regulatory activity, or disputes arising from our business ventures. In the opinion of management, our ultimate liability for these matters could be, but we believe is not likely to be, material to our consolidated financial condition and results of operations.

i) Lease commitments

At September 30, 2024, and December 31, 2023, the right-of-use asset was $748 million and $784 million, respectively, recorded within Other assets, and the lease liability was $817 million and $832 million, respectively, recorded within Accounts payable, accrued expenses, and other liabilities on the Consolidated balance sheets. These leases consist principally of real estate operating leases that are amortized on a straight-line basis over the term of the lease, which expire at various dates.

14. Shareholders’ equity

All of Chubb’s Common Shares are authorized under Swiss corporate law. Though the par value of Common Shares is stated in Swiss francs, Chubb continues to use U.S. dollars as its reporting currency for preparing the Consolidated Financial Statements. Under Swiss corporate law, dividends, including distributions from legal reserves or through a reduction in par value (par value reduction), must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. At September 30, 2024, our Common Shares had a par value of CHF 0.50 per share.

At our May 2024 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.64 per share, expected to be paid in four quarterly installments of $0.91 per share after the general meeting by way of distribution from capital contribution reserves, transferred to free reserves for payment. The Board of Directors (Board) will determine the record and payment dates at which the annual dividend may be paid until the date of 2025 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion.

At our May 2023 and 2022 annual general meetings, our shareholders approved annual dividends for the following year of up to $3.44 per share and $3.32 per share, respectively, which were paid in four quarterly installments of $0.86 per share and $0.83 per share, respectively, at dates determined by the Board after the annual general meetings by way of a distribution from capital contribution reserves, transferred to free reserves for payment.

The following table presents dividend distributions per Common Share in Swiss francs (CHF) and U.S. dollars (USD):

			Three Months Ended																								Nine Months Ended
			September 30																								September 30
			2024												2023												2024												2023
			CHF						USD						CHF						USD						CHF						USD						CHF						USD
Total dividend distributions per common share			0.78						$	0.91					0.75						$	0.86					2.35						$	2.68					2.29						$	2.55

Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock. Decreases in Common Shares in treasury are principally due to grants of restricted stock, exercises of stock options, purchases under the Employee Stock Purchase Plan (ESPP), and share cancellations. At our May 2023 annual general meeting, held on May 17, 2023, our shareholders approved the cancellation of 14,925,028 shares purchased under our share repurchase programs during 2022. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 22, 2023. At our May 2024 annual general meeting, held on May 16, 2024, our shareholders approved the cancellation of 11,825,600 shares purchased under our share repurchase programs during 2023. The capital reduction was subject to publication requirements and became effective in accordance with Swiss law on May 21, 2024. During the nine months ended September 30, 2024, 4,915,964 shares were repurchased, 11,825,600 shares were canceled, and 2,679,748 net shares were issued under employee share-based compensation plans. At September 30, 2024, 16,592,565 Common Shares remain in treasury.

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Chubb Limited securities repurchase authorizations

The Board has authorized share repurchase programs as follows:

•$2.5 billion of Chubb Common Shares from May 19, 2022 through June 30, 2023; and

•$5.0 billion of Chubb Common Shares effective July 1, 2023 with no expiration date.

The following table presents repurchases of Chubb's Common Shares conducted in a series of open market transactions under the Board authorizations:

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars, except share data)			2024						2023						2024						2023
Number of shares repurchased			1,441,607						2,949,900						4,915,964						8,634,600
Cost of shares repurchased			$	413					$	606					$	1,299					$	1,758
Repurchase authorization remaining at end of period			$	2,400					$	4,398					$	2,400					$	4,398

The following table presents changes in accumulated other comprehensive income (loss):

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Accumulated other comprehensive income (loss) (AOCI)
Net unrealized appreciation (depreciation) on investments
Balance – beginning of period, net of tax			$	(5,301)					$	(6,809)					$	(4,177)					$	(7,279)
Change in period, before reclassification from AOCI (before tax)			3,419						(2,240)						2,139						(1,935)
Amounts reclassified from AOCI (before tax)			40						70						154						357
Change in period, before tax			3,459						(2,170)						2,293						(1,578)
Income tax (expense) benefit			(198)						29						(149)						(93)
Total other comprehensive income (loss)			3,261						(2,141)						2,144						(1,671)
Noncontrolling interests, net of tax			2						3						9						3
Balance – end of period, net of tax			(2,042)						(8,953)						(2,042)						(8,953)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax			66						(247)						51						(75)
Change in period, before tax			(672)						683						(672)						497
Income tax (expense) benefit			36						(35)						14						(21)
Total other comprehensive income (loss)			(636)						648						(658)						476
Noncontrolling interests, net of tax			(43)						(3)						(80)						(3)
Balance – end of period, net of tax			(527)						404						(527)						404
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax			(13)						(16)						(22)						(24)
Change in period, before tax			(8)						(5)						2						3
Income tax benefit			1						—						—						—
Total other comprehensive income (loss)			(7)						(5)						2						3
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			(20)						(21)						(20)						(21)

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			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Accumulated other comprehensive income (loss) (AOCI) - continued
Cumulative foreign currency translation adjustment
Balance – beginning of period, net of tax			(3,342)						(2,920)						(2,945)						(2,966)
Change in period, before reclassification from AOCI (before tax)			450						(314)						6						(269)
Amounts reclassified from AOCI (before tax)			(5)						(3)						(11)						(10)
Change in period, before tax			445						(317)						(5)						(279)
Income tax benefit			7						13						19						21
Total other comprehensive income (loss)			452						(304)						14						(258)
Noncontrolling interests, net of tax			62						(76)						21						(76)
Balance – end of period, net of tax			(2,952)						(3,148)						(2,952)						(3,148)
Fair value hedging instruments
Balance – beginning of period, net of tax			(11)						(53)						(13)						(66)
Change in period, before reclassification from AOCI (before tax)			42						(17)						(12)						23
Amounts reclassified from AOCI (before tax)			(60)						55						(3)						32
Change in period, before tax			(18)						38						(15)						55
Income tax (expense) benefit			4						(7)						3						(11)
Total other comprehensive income (loss)			(14)						31						(12)						44
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			(25)						(22)						(25)						(22)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax			297						223						297						225
Change in period, before tax			(1)						(1)						(2)						(3)
Income tax benefit			—						—						1						—
Total other comprehensive loss			(1)						(1)						(1)						(3)
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			296						222						296						222
Accumulated other comprehensive loss			$	(5,270)					$	(11,518)					$	(5,270)					$	(11,518)

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The following table presents reclassifications from accumulated other comprehensive income (loss) to the Consolidated statements of operations:

			Three Months Ended												Nine Months Ended												Consolidated Statement of Operations Location
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Fixed maturities available-for-sale			$	(40)					$	(70)					$	(154)					$	(357)					Net realized gains (losses)
Income tax benefit			17						25						41						59						Income tax expense
			$	(23)					$	(45)					$	(113)					$	(298)					Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps			$	5					$	3					$	11					$	10					Interest expense
Income tax expense			(1)						(1)						(2)						(2)						Income tax expense
			$	4					$	2					$	9					$	8					Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps			$	63					$	(51)					$	14					$	(20)					Net realized gains (losses)
Cross-currency swaps			(3)						(4)						(11)						(12)						Interest expense
Income tax (expense) benefit			(12)						12						—						7						Income tax expense
			$	48					$	(43)					$	3					$	(25)					Net income
Total amounts reclassified from AOCI			$	29					$	(86)					$	(101)					$	(315)

15. Share-based compensation

The Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (the Amended 2016 LTIP), permits grants of both incentive and non-qualified stock options principally at an option price per share equal to the grant date fair value of Chubb's Common Shares. Stock options are generally granted with a 3-year vesting period and a 10-year term. Stock options typically vest in equal annual installments over the respective vesting period, which is also the requisite service period. On February 26, 2024, Chubb granted 1,359,237 stock options with a weighted-average grant date fair value of $64.15 each. The fair value of the options issued is estimated on the grant date using the Black-Scholes option pricing model.

The Amended 2016 LTIP also permits grants of service-based restricted stock and restricted stock units as well as performance shares and performance stock units. Under the Chubb Deferred Stock Unit Plan, a sub-plan of the Amended 2016 LTIP, eligible participants may defer vested performance stock units and restricted stock units to the extent such awards are U.S.-allocated compensation.

Chubb generally grants service-based restricted stock and restricted stock units with a 4-year vesting period, based on a graded vesting schedule. Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (shareholders' equity less goodwill and intangible assets, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies. Premium awards are subject to an additional vesting provision based on total shareholder return compared to the peer group. Stock and unit awards are principally granted at market close price on the grant date. On February 26, 2024, Chubb granted 685,665 service-based restricted stock, 290,085 service-based restricted stock units, 101,514 performance shares, and 284,013 performance stock units to employees and officers with a grant date fair value of $254.84 each. Each service-based restricted stock unit and performance stock unit represents our obligation to deliver to the holder one Common Share upon vesting (or the end of the deferral period, if the unit is under the Chubb Deferred Stock Unit Plan).

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16. Postretirement benefits

The components of net pension and other postretirement benefit costs (benefits) reflected in Net income in the Consolidated statements of operations were as follows:

			Pension Benefit Plans																								Other Postretirement Benefit Plans
			2024												2023												2024						2023
Three Months Ended September 30			U.S. Plans						Non-U.S. Plans						U.S. Plans						Non-U.S. Plans
(in millions of U.S. dollars)
Service cost			$	—					$	2					$	—					$	2					$	—					$	—
Non-service cost (benefit):
Interest cost			33						9						35						9						—						1
Expected return on plan assets			(61)						(13)						(56)						(13)						—						—
Amortization of net actuarial (gain) loss			—						—						—						—						(1)						(1)
Amortization of prior service cost			—						—						—						—						—						(1)
Settlements			1						—						3						—						—						—
Total non-service cost (benefit)			(27)						(4)						(18)						(4)						(1)						(1)
Net periodic benefit cost (benefit)			$	(27)					$	(2)					$	(18)					$	(2)					$	(1)					$	(1)

			Pension Benefit Plans																								Other Postretirement Benefit Plans
			2024												2023												2024						2023
Nine Months Ended September 30			U.S. Plans						Non-U.S. Plans						U.S. Plans									Non-U.S. Plans
(in millions of U.S. dollars)
Service cost:			$	—					$	7					$	—								$	6					$	—					$	—
Non-service cost (benefit):
Interest cost			100						27						103									27						1						2
Expected return on plan assets			(183)						(38)						(168)									(38)						(2)						(2)
Amortization of net actuarial (gain) loss			(1)						1						—									—						(2)						(1)
Amortization of prior service cost			—						—						—									—						—						(1)
Settlements			1						—						3									—						—						—
Total non-service cost (benefit)			(83)						(10)						(62)									(11)						(3)						(2)
Net periodic benefit cost (benefit)			$	(83)					$	(3)					$	(62)								$	(5)					$	(3)					$	(2)

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The line items in which the service cost and non-service cost (benefit) components of net periodic cost (benefit) are included in the Consolidated statements of operations were as follows:

			Pension Benefit Plans												Other Postretirement Benefit Plans
Three Months Ended September 30			2024						2023						2024						2023
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses			$	—					$	—					$	—					$	—
Administrative expenses			2						2						—						—
Total service cost			2						2						—						—
Non-service cost (benefit):
Losses and loss expenses			(3)						(1)						—						—
Administrative expenses			(28)						(21)						(1)						(1)
Total non-service cost (benefit)			(31)						(22)						(1)						(1)
Net periodic benefit cost (benefit)			$	(29)					$	(20)					$	(1)					$	(1)

			Pension Benefit Plans												Other Postretirement Benefit Plans
Nine Months Ended September 30			2024						2023						2024						2023
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses			$	—					$	—					$	—					$	—
Administrative expenses			7						6						—						—
Total service cost			7						6						—						—
Non-service cost (benefit):
Losses and loss expenses			(9)						(6)						—						—
Administrative expenses			(84)						(67)						(3)						(2)
Total non-service cost (benefit)			(93)						(73)						(3)						(2)
Net periodic benefit cost (benefit)			$	(86)					$	(67)					$	(3)					$	(2)

17. Other income and expense

						Three Months Ended												Nine Months Ended
						September 30												September 30
(in millions of U.S. dollars)						2024						2023						2024						2023
Equity in net income (loss) of partially-owned entities						$	343					$	150					$	621					$	610
Gains (losses) from fair value changes in separate account assets (1)						(30)						(19)						(9)						(56)
Asset management and performance fee revenue						53						55						163						55
Asset management and performance fee expense						(34)						(33)						(102)						(33)
Federal excise and capital taxes						(7)						(6)						(16)						(17)
Other						—						7						(31)						(9)
Total						$	325					$	154					$	626					$	550

(1)     Related to gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP.

Equity in net income of partially-owned entities includes our share of net income or loss, both underlying operating income and mark-to-market movement, related to partially-owned investment companies (private equity) where we own more than three

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percent, and partially-owned insurance companies. This line item includes mark-to-market gains (losses) on private equities of $211 million and $318 million for the three and nine months ended September 30, 2024, respectively, and $51 million and $290 million, respectively, for the prior year periods.

Other income and expense includes net income attributable to our investment in Huatai under the equity method of accounting comprising income of $36 million through June 30, 2023. Effective July 1, 2023, we discontinued the equity method of accounting and include the results of operations of Huatai in our consolidated results.

Also included in Other income and expense are gains (losses) from fair value changes in separate account assets that do not qualify for separate account treatment under U.S. GAAP. The offsetting movement in the separate account liabilities is included in Policy benefits in the Consolidated statements of operations.

Asset management and performance fee revenue and expense primarily relate to the management of third-party assets by Huatai's asset management business, which is unrelated to Huatai Group's core insurance operations. These revenues and expenses are recognized in the period in which the services are performed and, for certain asset performance fees, to the extent it is probable that a significant reversal will not occur.

Certain federal excise and capital taxes incurred as a result of capital management initiatives are included in Other income and expense as these are considered capital transactions and are excluded from underwriting results. Bad debt expense for uncollectible premiums is also included in Other income and expense.

18. Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries. Effective July 1, 2023, the results of Huatai's life and asset management businesses, included within the Life Insurance segment, and the results of Huatai's P&C insurance business, included within Overseas General Insurance, are presented gross within Underwriting income (loss), Net investment income (loss), and Other income (expense) as required under consolidation accounting. Huatai's results prior to July 1, 2023 were included net within Other (income) expense based on our ownership interest as required under equity method accounting.

Management uses Underwriting income (loss) as the basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. Segment income (loss) includes Underwriting income (loss), Net investment income (loss), and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities and miscellaneous income and expense items for which the segments are held accountable. Our main measure of segment performance is Segment income (loss), which also includes Amortization of purchased intangibles acquired by the segment. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs, and therefore are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements. These items are reconciled to the consolidated presentation in the Segment measure reclass column below and include:

•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 losses and loss expenses.

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•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense. We view gains and losses from fair value changes in both separate account assets and liabilities as part of the results of our underwriting operations, and therefore these gains and losses are reclassified to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Three Months Ended September 30, 2024 (in millions of U.S. dollars)			North America Commercial P&C Insurance						North America Personal P&C Insurance						North America Agricultural Insurance						Overseas General Insurance						Global Reinsurance						Life Insurance						Corporate						Segment Measure Reclass						Chubb Consolidated
Net premiums written			$	5,500					$	1,679					$	1,379					$	3,367					$	352					$	1,552					$	—					$	—					$	13,829
Net premiums earned			5,110						1,577						1,419						3,421						316						1,530						—						—						13,373
Losses and loss expenses			3,391						879						1,193						1,631						200						32						58						(1)						7,383
Policy benefits			—						—						—						120						—						989						—						(10)						1,099
Policy acquisition costs			689						315						88						852						89						291						—						—						2,324
Administrative expenses			338						88						2						340						9						213						104						—						1,094
Underwriting income (loss)			692						295						136						478						18						5						(162)						11						1,473
Net investment income			931						112						20						286						64						250						(28)						(127)						1,508
Other (income) expense			6						1						1						5						—						(39)						(202)						(97)						(325)
Amortization expense of    purchased intangibles			2						3						5						21						—						10						40						—						81
Segment income (loss)			$	1,615					$	403					$	150					$	738					$	82					$	284					$	(28)					$	(19)					$	3,225
Net realized gains (losses)																																							179						19						198
Market risk benefits gains (losses)																																							(230)						—						(230)
Interest expense																																							192						—						192
Integration expenses																																							7						—						7
Income tax expense																																							504						—						504
Net income (loss)																																							$	(782)					$	—					$	2,490
Net income attributable to noncontrolling interests																																							166						—						166
Net income (loss) attributable to Chubb																																							$	(948)					$	—					$	2,324

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For the Three Months Ended September 30, 2023 (in millions of U.S. dollars)			North America Commercial P&C Insurance						North America Personal P&C Insurance						North America Agricultural Insurance						Overseas General Insurance						Global Reinsurance						Life Insurance						Corporate						Segment Measure Reclass						Chubb Consolidated
Net premiums written			$	5,132					$	1,527					$	1,521					$	3,211					$	261					$	1,452					$	—					$	—					$	13,104
Net premiums earned			4,735						1,407						1,540						3,311						239						1,442						—						—						12,674
Losses and loss expenses			3,025						900						1,356						1,635						116						20						61						(7)						7,106
Policy benefits			—						—						—						91						—						866						—						(19)						938
Policy acquisition costs			640						287						76						827						69						279						—						—						2,178
Administrative expenses			323						84						3						327						9						216						98						—						1,060
Underwriting income (loss)			747						136						105						431						45						61						(159)						26						1,392
Net investment income			780						94						12						248						47						211						14						(92)						1,314
Other (income) expense			6						2						—						(10)						—						(28)						(51)						(73)						(154)
Amortization expense of    purchased intangibles			—						3						6						19						—						12						44						—						84
Segment income (loss)			$	1,521					$	225					$	111					$	670					$	92					$	288					$	(138)					$	7					$	2,776
Net realized gains (losses)																																							(96)						(7)						(103)
Market risk benefits gains (losses)																																							(32)						—						(32)
Interest expense																																							174						—						174
Integration expenses																																							14						—						14
Income tax expense																																							413						—						413
Net income (loss)																																							$	(867)					$	—					$	2,040
Net loss attributable to noncontrolling interests																																							(3)						—						(3)
Net income (loss) attributable to Chubb																																							$	(864)					$	—					$	2,043

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For the Nine Months Ended September 30, 2024 (in millions of U.S. dollars)			North America Commercial P&C Insurance						North America Personal P&C Insurance						North America Agricultural Insurance						Overseas General Insurance						Global Reinsurance						Life Insurance						Corporate						Segment Measure Reclass						Chubb Consolidated
Net premiums written			$	15,690					$	4,911					$	2,386					$	10,536					$	1,122					$	4,765					$	—					$	—					$	39,410
Net premiums earned			14,890						4,560						2,173						9,966						950						4,709						—						—						37,248
Losses and loss expenses			9,640						2,654						1,785						4,728						492						86						161						(5)						19,541
Policy benefits			—						—						—						312						—						3,090						—						96						3,498
Policy acquisition costs			2,037						914						154						2,517						250						885						—						—						6,757
Administrative expenses			993						262						7						1,019						29						638						310						—						3,258
Underwriting income (loss)			2,220						730						227						1,390						179						10						(471)						(91)						4,194
Net investment income			2,620						322						62						836						179						738						(86)						(304)						4,367
Other (income) expense			28						—						1						14						—						(111)						(263)						(295)						(626)
Amortization expense of    purchased intangibles			2						7						18						61						—						31						122						—						241
Segment income (loss)			$	4,810					$	1,045					$	270					$	2,151					$	358					$	828					$	(416)					$	(100)					$	8,946
Net realized gains (losses)																																							101						100						201
Market risk benefits gains (losses)																																							(238)						—						(238)
Interest expense																																							552						—						552
Integration expenses																																							21						—						21
Income tax expense																																							1,336						—						1,336
Net income (loss)																																							$	(2,462)					$	—					$	7,000
Net income attributable to noncontrolling interests																																							303						—						303
Net income (loss) attributable to Chubb																																							$	(2,765)					$	—					$	6,697

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For the Nine Months Ended September 30, 2023 (in millions of U.S. dollars)			North America Commercial P&C Insurance						North America Personal P&C Insurance						North America Agricultural Insurance						Overseas General Insurance						Global Reinsurance						Life Insurance						Corporate						Segment Measure Reclass						Chubb Consolidated
Net premiums written			$	14,575					$	4,404					$	2,581					$	9,359					$	831					$	4,015					$	—					$	—					$	35,765
Net premiums earned			13,710						4,084						2,334						9,005						720						3,962						—						—						33,815
Losses and loss expenses			8,625						2,634						2,003						4,139						319						87						133						(3)						17,937
Policy benefits			—						—						—						338						—						2,283						—						(56)						2,565
Policy acquisition costs			1,867						836						128						2,286						196						829						—						—						6,142
Administrative expenses			934						247						9						899						27						553						290						—						2,959
Underwriting income (loss)			2,284						367						194						1,343						178						210						(423)						59						4,212
Net investment income			2,204						262						43						636						144						525						28						(276)						3,566
Other (income) expense			18						2						—						(29)						(1)						(69)						(251)						(220)						(550)
Amortization expense of    purchased intangibles			—						8						19						52						—						18						129						—						226
Segment income (loss)			$	4,470					$	619					$	218					$	1,956					$	323					$	786					$	(273)					$	3					$	8,102
Net realized gains (losses)																																							(481)						(3)						(484)
Market risk benefits gains (losses)																																							(154)						—						(154)
Interest expense																																							499						—						499
Integration expenses																																							51						—						51
Income tax expense																																							1,189						—						1,189
Net income (loss)																																							$	(2,647)					$	—					$	5,725
Net loss attributable to noncontrolling interests																																							(3)						—						(3)
Net income (loss) attributable to Chubb																																							$	(2,644)					$	—					$	5,728

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

19. Earnings per share

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars, except share and per share data)			2024						2023						2024						2023
Numerator:
Net income			$	2,490					$	2,040					$	7,000					$	5,725
Net income (loss) attributable to noncontrolling interests			166						(3)						303						(3)
Net income attributable to Chubb			$	2,324					$	2,043					$	6,697					$	5,728
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding			403,831,412						409,505,454						404,700,118						412,076,470
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans			4,047,315						3,100,505						4,191,655						3,288,940
Weighted-average shares outstanding and assumed conversions			407,878,727						412,605,959						408,891,773						415,365,410
Basic earnings per share attributable to Chubb			$	5.75					$	4.99					$	16.55					$	13.90
Diluted earnings per share attributable to Chubb			$	5.70					$	4.95					$	16.38					$	13.79
Potential anti-dilutive share conversions			1,330,590						2,562,206						1,080,371						2,330,821

Excluded from weighted-average shares outstanding and assumed conversions is the impact of securities that would have been anti-dilutive during the respective periods. These securities consisted of stock options in which the underlying exercise prices were greater than the average market prices of our Common Shares. Refer to Note 16 to the Consolidated Financial Statements of our 2023 Form 10-K for additional information on stock options.

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ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

The following is a discussion of our results of operations, financial condition, and liquidity and capital resources as of and for the three and nine months ended September 30, 2024.

All comparisons in this discussion are to the corresponding prior year period unless otherwise indicated. All dollar amounts are rounded. However, percent changes and ratios are calculated using whole dollars. Accordingly, calculations using rounded dollars may differ.

Our results of operations and cash flows for any interim period are not necessarily indicative of our results for the full year. This discussion should be read in conjunction with our Consolidated Financial Statements and related notes and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2023 (2023 Form 10-K).

Other Information

We routinely post important information for investors on our website (investors.chubb.com). We use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Securities and Exchange Commission (SEC) Regulation FD (Fair Disclosure). Accordingly, investors should monitor the Investor Information portion of our website, in addition to following our press releases, SEC filings, public conference calls, and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this report.

MD&A Index			Page
Forward-Looking Statements			56
Overview			57
Consolidated Operating Results			58
Segment Operating Results			63
Net Realized and Unrealized Gains (Losses)			73
Effective Income Tax Rate			74
Non-GAAP Reconciliation			74
Amortization of Purchased Intangibles and Other Amortization			80
Net Investment Income			81
Interest Expense			81
Investments			81
Critical Accounting Estimates			85
Unpaid Losses and Loss Expenses			85
Asbestos and Environmental (A&E)			85
Fair Value Measurements			85
Catastrophe Management			86
Global Property Catastrophe Reinsurance Program			87
Capital Resources			88
Liquidity			89
Information Provided In Connection With Outstanding Debt of Subsidiaries			90

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Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Any written or oral statements made by us or on our behalf may include forward-looking statements that reflect our current views with respect to future events and financial performance. These forward-looking statements are subject to certain risks, uncertainties, and other factors that could, should potential events occur, cause actual results to differ materially from such statements. These risks, uncertainties, and other factors, which are described in more detail elsewhere herein and in other documents we file with the SEC, include but are not limited to:

•actual amount of new and renewal business, premium rates, underwriting margins, market acceptance of our products, and risks associated with the introduction of new products and services and entering new markets; the competitive environment in which we operate, including trends in pricing or in policy terms and conditions, which may differ from our projections and changes in market conditions that could render our business strategies ineffective or obsolete;

•losses arising out of natural or man-made catastrophes; actual loss experience from insured or reinsured events and the timing of claim payments; the uncertainties of the loss-reserving and claims-settlement processes, including the difficulties associated with assessing environmental damage and asbestos-related latent injuries, the impact of aggregate-policy-coverage limits, the impact of bankruptcy protection sought by various asbestos producers and other related businesses, and the timing of loss payments;

•changes in the distribution or placement of risks due to increased consolidation of insurance and reinsurance brokers; material differences between actual and expected assessments for guaranty funds and mandatory pooling arrangements; the ability to collect reinsurance recoverable, credit developments of reinsurers, and any delays with respect thereto and changes in the cost, quality, or availability of reinsurance;

•uncertainties relating to governmental, legislative and regulatory policies, developments, actions, investigations, and treaties; judicial decisions and rulings, new theories of liability, legal tactics, and settlement terms; the effects of data privacy or cyber laws or regulation; global political conditions and possible business disruption or economic contraction that may result from such events;

•severity of pandemics and related risks, and their effects on our business operations and claims activity, and any adverse impact to our insureds, brokers, agents, and employees; actual claims may exceed our best estimate of ultimate insurance losses incurred which could change including as a result of, among other things, the impact of legislative or regulatory actions taken in response to a pandemic;

•developments in global financial markets, including changes in interest rates, stock markets, and other financial markets; increased government involvement or intervention in the financial services industry; the cost and availability of financing, and foreign currency exchange rate fluctuations; changing rates of inflation; and other general economic and business conditions, including the depth and duration of potential recession;

•the availability of borrowings and letters of credit under our credit facilities; the adequacy of collateral supporting funded high deductible programs; and the amount of dividends received from subsidiaries;

•changes to our assessment as to whether it is more likely than not that we will be required to sell, or have the intent to sell, available-for-sale fixed maturity investments before their anticipated recovery;

•actions that rating agencies may take from time to time, such as financial strength or credit ratings downgrades or placing these ratings on credit watch negative or the equivalent;

•the effects of public company bankruptcies and accounting restatements, as well as disclosures by and investigations of public companies relating to possible accounting irregularities, and other corporate governance issues;

•acquisitions made performing differently than expected, our failure to realize anticipated expense-related efficiencies or growth from acquisitions, the impact of acquisitions on our pre-existing organization, and risks and uncertainties relating to our planned purchases of additional interests in Huatai Insurance Group Co., Ltd;

•risks associated with being a Swiss corporation, including reduced flexibility with respect to certain aspects of capital management and the potential for additional regulatory burdens; share repurchase plans and share cancellations;

•loss of the services of any of our executive officers without suitable replacements being recruited in a reasonable time frame;

•the ability of our technology resources, including information systems and security, to perform as anticipated such as with respect to preventing material information technology failures or third-party infiltrations or hacking resulting in

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consequences adverse to Chubb or its customers or partners; the ability of our company to increase use of data analytics and technology as part of our business strategy and adapt to new technologies; and

•management’s response to these factors and actual events (including, but not limited to, those described above).

The words “believe,” “anticipate,” “estimate,” “project,” “should,” “plan,” “expect,” “intend,” “hope,” “feel,” “foresee,” “will likely result,” “will continue,” and variations thereof and similar expressions, identify forward-looking statements. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the dates such statements were made. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future events, or otherwise.

Overview

Chubb Limited is the Swiss-incorporated holding company of the Chubb Group of Companies. Chubb Limited, which is headquartered in Zurich, Switzerland, and its direct and indirect subsidiaries (collectively, the Chubb Group of Companies, Chubb, we, us, or our) are a global insurance and reinsurance organization, serving the needs of a diverse group of clients worldwide. At September 30, 2024, we had total assets of $251 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $66 billion. Chubb was incorporated in 1985 at which time it opened its first business office in Bermuda and continues to maintain operations in Bermuda. We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2023 Form 10-K.

On July 1, 2023, we completed the acquisition of a controlling majority interest of Huatai Group. The results of operations of Huatai Group are reported at 100 percent in our consolidated results starting from the acquisition date, with amounts attributable to shareholders other than Chubb reflected under Noncontrolling interests. Huatai Group's life and asset management businesses are included in the Life Insurance segment, and Huatai Group's P&C business is included in the Overseas General Insurance segment. Results for Huatai Group's non-insurance operations, comprising real estate and holding company activity, are included in Corporate.

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Consolidated Operating Results – Three and Nine Months Ended September 30, 2024 and 2023

			Three Months Ended																		Nine Months Ended
			September 30												% Change						September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23						2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	13,829					$	13,104					5.5		%				$	39,410					$	35,765					10.2		%
Net premiums written - constant dollars (1)															6.6		%																10.8		%
Net premiums earned			13,373						12,674						5.5		%				37,248						33,815						10.2		%
Net investment income			1,508						1,314						14.7		%				4,367						3,566						22.5		%
Net realized gains (losses)			198						(103)						NM						201						(484)						NM
Market risk benefits gains (losses)			(230)						(32)						NM						(238)						(154)						53.8		%
Total revenues			14,849						13,853						7.2		%				41,578						36,743						13.2		%
Losses and loss expenses			7,383						7,106						3.9		%				19,541						17,937						8.9		%
Policy benefits			1,099						938						17.1		%				3,498						2,565						36.4		%
Policy acquisition costs			2,324						2,178						6.7		%				6,757						6,142						10.0		%
Administrative expenses			1,094						1,060						3.2		%				3,258						2,959						10.1		%
Interest expense			192						174						10.9		%				552						499						10.8		%
Other (income) expense			(325)						(154)						111.5		%				(626)						(550)						14.0		%
Amortization of purchased intangibles			81						84						(3.7)		%				241						226						6.7		%
Integration expenses			7						14						(50.1)		%				21						51						(59.0)		%
Total expenses			11,855						11,400						4.0		%				33,242						29,829						11.5		%
Income before income tax			2,994						2,453						22.0		%				8,336						6,914						20.5		%
Income tax expense			504						413						22.0		%				1,336						1,189						12.4		%
Net income			$	2,490					$	2,040					21.9		%				$	7,000					$	5,725					22.2		%
Net income (loss) attributable to noncontrolling interests			166						(3)						NM						303						(3)						NM
Net income attributable to Chubb			$	2,324					$	2,043					13.8		%				$	6,697					$	5,728					16.9		%

NM - not meaningful

(1)     On a constant-dollar basis. Amounts are calculated by translating prior period results using the same local currency exchange rates as the comparable current period.

Financial Highlights for the Three Months Ended September 30, 2024

•Net income attributable to Chubb was $2.3 billion compared with $2.0 billion in the prior year period. Net income in the current quarter was driven by strong underwriting results and record net investment income.

•Consolidated net premiums written were $13.8 billion, up 5.5 percent, or 6.6 percent in constant dollars. P&C net premiums written increased 5.4 percent, or 6.1 percent in constant dollars, with commercial insurance up 5.1 percent and consumer insurance up 9.4 percent. Life Insurance segment net premiums written increased 6.8 percent, or 10.6 percent in constant dollars.

•Pre-tax net investment income was a record $1.5 billion compared with $1.3 billion in the prior year period, primarily due to strong operating cash flow at higher reinvestment rates on fixed maturities.

•Consolidated net premiums earned were $13.4 billion, up 5.5 percent, or 6.7 percent in constant dollars.

•Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $765 million (6.4 percentage points of the P&C combined ratio) and $629 million, respectively, compared with $670 million (6.0 percentage points of the P&C combined ratio) and $544 million, respectively, in the prior year period.

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•Total pre-tax and after-tax favorable prior period development were $244 million and $181 million, respectively, compared with $200 million and $116 million, respectively, in the prior year period.

•The P&C combined ratio was 87.7 percent compared with 88.4 percent in the prior year period. The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 83.4 percent compared with 84.3 percent in the prior year period.

•Operating cash flow was $4.3 billion compared with $4.7 billion in the prior year period.

•Chubb shareholders' equity increased $4.7 billion in the quarter, primarily from net income attributable to Chubb of $2.3 billion and net unrealized gains on our investment portfolio of $3.3 billion, reflecting the mark-to-market impact of lower interest rates on the fixed-income portfolio, partially offset by total capital returned to shareholders of $782 million. Total capital returned to shareholders comprises share repurchases of $413 million at an average purchase price of $286.18 per share, and dividends of $369 million.

Net Premiums Written			Three Months Ended September 30									% Change						Nine Months Ended September 30									% Change
(in millions of U.S. dollars, except for percentages)			2024			2023			Q-24 vs. Q-23			C$ Q-24 vs. Q-23						2024			2023			YTD-24 vs. YTD-23			C$ YTD-24 vs. YTD-23
Property and other short-tail lines			$	2,314		$	2,082		11.1		%	12.0		%				$	7,389		$	6,453		14.5		%	14.9		%
Commercial casualty			2,548			2,332			9.3		%	9.6		%				6,913			6,259			10.5		%	10.5		%
Financial lines			1,249			1,333			(6.2)		%	(5.9)		%				3,594			3,733			(3.7)		%	(3.6)		%
Workers' compensation			539			538			0.1		%	0.1		%				1,727			1,693			2.0		%	2.0		%
Commercial multiple peril (1)			433			398			8.5		%	8.5		%				1,229			1,129			8.8		%	8.8		%
Surety			188			172			9.4		%	12.4		%				572			506			13.0		%	13.1		%
Total Commercial P&C lines			7,271			6,855			6.1		%	6.6		%				21,424			19,773			8.3		%	8.5		%
Agriculture			1,379			1,521			(9.3)		%	(9.3)		%				2,386			2,581			(7.6)		%	(7.6)		%
Personal homeowners			1,287			1,192			7.9		%	8.5		%				3,707			3,268			13.4		%	13.9		%
Personal automobile			624			547			14.3		%	18.1		%				1,880			1,434			31.2		%	30.0		%
Personal other			509			474			7.4		%	9.1		%				1,594			1,466			8.8		%	9.8		%
Total Personal lines			2,420			2,213			9.4		%	10.9		%				7,181			6,168			16.4		%	16.7		%
Global A&H - P&C			855			802			6.6		%	9.5		%				2,532			2,397			5.6		%	7.7		%
Reinsurance lines			352			261			34.8		%	34.8		%				1,122			831			35.0		%	35.1		%
Total Property and Casualty lines			12,277			11,652			5.4		%	6.1		%				34,645			31,750			9.1		%	9.4		%
Life Insurance			1,552			1,452			6.8		%	10.6		%				4,765			4,015			18.7		%	22.2		%
Total consolidated			$	13,829		$	13,104		5.5		%	6.6		%				$	39,410		$	35,765		10.2		%	10.8		%

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

The increase in consolidated net premiums written for the three and nine months ended September 30, 2024, reflects growth across most product lines driven by strong premium retention, including rate and exposure increases, and strong new business.

•Property and other short-tail lines grew globally due to strong new business and retention, including both rate and exposure increases.

•Commercial casualty grew globally due to strong retention, including both rate and exposure increases, and strong new business.

•Financial lines declined due to lower renewal retention, including lower rates, due to a competitive market environment.

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•Workers' compensation grew slightly for the nine months ended September 30, 2024, due to new business and retention.

•Commercial multiple peril grew due to strong new business and retention, including higher rates and exposure, in North America.

•Surety grew due to strong new business.

•Agriculture declined primarily due to lower commodity prices in the current year, partially offset by strong new business and rate in our Agriculture P&C business.

•Personal lines grew globally due to new business and renewal retention, as well as increases in both rate and exposure, in homeowners and excess lines, in addition to growth in auto lines in certain international markets. Growth for the nine months ended September 30, 2024, also benefited from the consolidation of Huatai.

•Global A&H – P&C grew in Europe and Asia, with Asia partially benefiting from the consolidation of Huatai for the nine months ended September 30, 2024.

•Reinsurance lines reflected continued growth, mainly in property and casualty lines. Growth for the nine months ended September 30, 2024, included a large one-off structured transaction from the second quarter.

•Life Insurance grew primarily due to strong growth in Asia and Combined Insurance North America. Growth for the nine months ended September 30, 2024, is also due to the consolidation of Huatai Group's life business, which contributed 12.6 percentage points of growth.

For additional information on net premiums written, refer to the segment results discussions.

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Net Premiums Earned

Net premiums earned for short-duration contracts, typically P&C contracts, generally reflect the portion of net premiums written that was recorded as revenues for the period as the exposure periods expire. Net premiums earned for long-duration contracts, typically traditional life contracts, generally are recognized as earned when due from policyholders. For the three months ended September 30, 2024, net premiums earned increased $699 million, up 5.5 percent, or 6.7 percent in constant dollars. P&C net premiums earned increased 5.4 percent, or 6.3 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 5.5 percent and 8.7 percent, respectively. For the nine months ended September 30, 2024, net premiums earned increased $3.4 billion, up 10.2 percent, or 10.9 percent in constant dollars. P&C net premiums earned increased 9.0 percent, or 9.4 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 8.3 percent and 12.5 percent, respectively.

Catastrophe Losses and Prior Period Development

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 losses are net of reinsurance and include reinstatement premiums, which 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.

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. PPD includes adjustments relating 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. Refer to the Non-GAAP Reconciliation section for further information on reinstatement premiums on catastrophe losses and adjustments to prior period development.

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	765					$	670					$	1,780					$	1,528
Favorable prior period development			$	244					$	200					$	643					$	596

Catastrophe losses through September 30, 2024 and 2023, were primarily from the following events:

•2024: Severe weather-related events in the U.S. and internationally, including Hurricane Helene and Rio Grande storms.

•2023: Severe weather-related events in the U.S. and internationally, Hawaii wildfires, and New Zealand storms.

Pre-tax net favorable PPD for the three months ended September 30, 2024, was $299 million in our active companies, including adverse development of $59 million in long-tail lines, principally casualty, and favorable development of $358 million in short-tail lines, principally in property and marine. Our corporate run-off portfolio had adverse development of $55 million, with $47 million related to legacy environmental exposures.

Pre-tax net favorable PPD for the nine months ended September 30, 2024, was $800 million in our active companies, including adverse development of $53 million in long-tail lines, principally in casualty, and favorable development of $853 million in short-tail lines, principally in property and marine. Our corporate run-off portfolio had adverse development of $157 million, with $60 million related to molestation claims and $47 million related to legacy environmental exposures.

Pre-tax net favorable PPD for the three months ended September 30, 2023, was $200 million, including adverse development of $116 million in long-tail lines, with $50 million related to legacy environmental exposures. Net favorable development of $316 million in short-tail lines is primarily in property.

Pre-tax net favorable PPD for the nine months ended September 30, 2023, was $596 million, including adverse development of $50 million related to legacy environmental exposures and $49 million for molestation claims. Excluding the adverse development, we had net favorable development of $695 million with $36 million in long-tail lines, principally from accident years 2013 through 2019, and $659 million in short-tail lines, primarily in property, A&H, and surety.

Refer to the prior period development discussion in Note 8 to the Consolidated Financial Statements for additional information.

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P&C Combined Ratio

In evaluating our segments, excluding Life Insurance financial performance, we use the P&C combined ratio, the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. We calculate these ratios by dividing the respective expense amounts by net premiums earned. We do not calculate these ratios for the Life Insurance segment as we do not use these measures to monitor or manage the business in that segment. The P&C combined ratio is determined by adding the loss and loss expense ratio, the policy acquisition cost ratio, and the administrative expense ratio. A P&C combined ratio under 100 percent indicates underwriting income, and a combined ratio exceeding 100 percent indicates underwriting loss.

			Three Months Ended												Nine Months Ended
			September 30												September 30
			2024						2023						2024						2023
Combined ratio:
Loss and loss expense ratio			63.1		%				64.0		%				60.8		%				60.9		%
Policy acquisition cost ratio			17.2		%				16.9		%				18.0		%				17.8		%
Administrative expense ratio			7.4		%				7.5		%				8.1		%				8.1		%
P&C Combined ratio			87.7		%				88.4		%				86.9		%				86.8		%
Catastrophe losses			(6.4)		%				(6.0)		%				(5.5)		%				(5.1)		%
Prior period development			2.1		%				1.9		%				2.0		%				2.0		%
P&C CAY combined ratio excluding catastrophe losses			83.4		%				84.3		%				83.4		%				83.7		%

The P&C combined ratio and the P&C CAY combined ratio excluding catastrophe losses decreased for the three months ended September 30, 2024, reflecting the favorable impact of higher net premiums earned, a higher percentage of net premiums earned from property lines and excess and surplus homeowners, and the contemplation of a higher underwriting gain in MPCI for the current crop year. These factors were partially offset by price changes not keeping pace with loss trends in financial lines. The P&C combined ratio also reflects higher catastrophe losses, which were partially offset by higher favorable prior period development.

The P&C combined ratio was relatively flat for the nine months ended September 30, 2024, as the favorable factors mentioned above were substantially offset by higher loss trends in certain casualty lines, price changes not keeping pace with loss trends in financial lines, and higher catastrophe losses.

The P&C CAY combined ratio excluding catastrophe losses decreased for the nine months ended September 30, 2024, reflecting the favorable factors mentioned above.

Policy benefits

Policy benefits represent losses on contracts classified as long-duration and generally include accident and supplemental health products, term and whole life products, endowment products, and annuities. Policy benefits include (gains) losses from fair value changes in separate account liabilities that do not qualify for separate account treatment under U.S. GAAP. The offsetting movements of these liabilities are recorded in Other (income) expense in the Consolidated statements of operations. In addition, Policy benefits include the impact on the liabilities from (gains) losses on investment portfolios supporting certain participating policies. The offsetting movements of these liabilities are recorded in Realized gains (losses) in the Consolidated statements of operations. Policy benefits include the results of Huatai Group as of July 1, 2023. Refer to the Life Insurance segment operating results section for further discussion.

Policy benefits were $1,099 million and $938 million for the three months ended September 30, 2024 and 2023, respectively, and $3,498 million and $2,565 million for the nine months ended September 30, 2024 and 2023, respectively. The increase in Policy benefits for the nine months ended September 30, 2024, is primarily due to the consolidation of Huatai Group.

Refer to the respective sections that follow for a discussion of Net investment income, Other (income) expense, Net realized gains (losses), Interest expense, Amortization of purchased intangibles, and Income tax expense.

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Segment Operating Results – Three and Nine Months Ended September 30, 2024 and 2023

We operate through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. For more information on our segments refer to “Segment Information” under Item 1 in our 2023 Form 10-K.

North America Commercial P&C Insurance

The North America Commercial P&C Insurance segment comprises operations that provide P&C insurance and services to large, middle market, and small commercial businesses in the U.S., Canada, and Bermuda. This segment includes our North America Major Accounts and Specialty Insurance division (large corporate accounts and wholesale business), and the North America Commercial Insurance division (principally middle market, and small commercial accounts).

			Three Months Ended																					Nine Months Ended
			September 30												% Change									September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23									2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	5,500					$	5,132					7.2					%				$	15,690					$	14,575					7.7					%
Net premiums earned			5,110						4,735						7.9					%				14,890						13,710						8.6					%
Losses and loss expenses			3,391						3,025						12.1					%				9,640						8,625						11.8					%
Policy acquisition costs			689						640						7.6					%				2,037						1,867						9.1					%
Administrative expenses			338						323						4.4					%				993						934						6.3					%
Underwriting income			692						747						(7.3)					%				2,220						2,284						(2.8)					%
Net investment income			931						780						19.1					%				2,620						2,204						18.8					%
Other (income) expense			6						6						—									28						18						52.2					%
Amortization of purchased intangibles			2						—						NM									2						—						NM
Segment income			$	1,615					$	1,521					6.1					%				$	4,810					$	4,470					7.6					%
Combined ratio:
Loss and loss expense ratio			66.4		%				63.9		%				2.5			pts						64.7		%				62.9		%				1.8			pts
Policy acquisition cost ratio			13.5		%				13.5		%				—			pts						13.7		%				13.6		%				0.1			pts
Administrative expense ratio			6.6		%				6.8		%				(0.2)			pts						6.7		%				6.8		%				(0.1)			pts
Combined ratio			86.5		%				84.2		%				2.3			pts						85.1		%				83.3		%				1.8			pts
Catastrophe losses			(6.6)		%				(5.2)		%				(1.4)			pts						(5.5)		%				(4.6)		%				(0.9)			pts
Prior period development			0.9		%				2.1		%				(1.2)			pts						1.6		%				2.3		%				(0.7)			pts
CAY combined ratio excluding catastrophe losses			80.8		%				81.1		%				(0.3)			pts						81.2		%				81.0		%				0.2			pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	340					$	246					$	828					$	639
Favorable prior period development			$	39					$	84					$	231					$	302

Catastrophe losses were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter storm losses, including Hurricane Helene in 2024 and Hawaii wildfires in 2023.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

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Premiums

Net premiums written increased $368 million, or 7.2 percent, and $1,115 million, or 7.7 percent, for the three and nine months ended September 30, 2024, respectively, reflecting strong new business and retention, including rate and exposure increases. The increase in premiums was across most lines of business, most notably in property and casualty lines. This growth was partially offset by declines in financial lines, reflecting a competitive market environment and lower retention, and planned corrective underwriting actions in Major Accounts primary and excess casualty that adversely impacted growth.

Net premiums earned increased $375 million, or 7.9 percent, and $1,180 million, or 8.6 percent, for the three and nine months ended September 30, 2024, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio increased for the three and nine months ended September 30, 2024, reflecting higher catastrophe losses and lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three months ended September 30, 2024, reflecting a higher percentage of net premiums earned from property lines. The improvement was partially offset by price changes not keeping pace with loss trends in financial lines. The CAY combined ratio excluding catastrophe losses was relatively flat for the nine months ended September 30, 2024, reflecting higher loss trends in certain casualty lines and price changes not keeping pace with loss trends in financial lines, offset by lower loss trends in property lines.

North America Personal P&C Insurance

The North America Personal P&C Insurance segment comprises operations that provide high net worth personal lines products, including homeowners and complementary products such as valuable articles, excess liability, automobile, and recreational marine insurance and services in the U.S. and Canada.

			Three Months Ended																					Nine Months Ended
			September 30												% Change									September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23									2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	1,679					$	1,527					10.0					%				$	4,911					$	4,404					11.5					%
Net premiums earned			1,577						1,407						12.0					%				4,560						4,084						11.7					%
Losses and loss expenses			879						900						(2.3)					%				2,654						2,634						0.8					%
Policy acquisition costs			315						287						9.6					%				914						836						9.2					%
Administrative expenses			88						84						4.2					%				262						247						6.3					%
Underwriting income			295						136						116.6					%				730						367						98.9					%
Net investment income			112						94						19.8					%				322						262						23.1					%
Other (income) expense			1						2						NM									—						2						NM
Amortization of purchased intangibles			3						3						—									7						8						(5.3)					%
Segment income			$	403					$	225					78.4					%				$	1,045					$	619					68.7					%
Combined ratio:
Loss and loss expense ratio			55.8		%				63.9		%				(8.1)			pts						58.2		%				64.5		%				(6.3)			pts
Policy acquisition cost ratio			20.0		%				20.4		%				(0.4)			pts						20.0		%				20.5		%				(0.5)			pts
Administrative expense ratio			5.5		%				6.0		%				(0.5)			pts						5.8		%				6.0		%				(0.2)			pts
Combined ratio			81.3		%				90.3		%				(9.0)			pts						84.0		%				91.0		%				(7.0)			pts
Catastrophe losses			(14.6)		%				(19.8)		%				5.2			pts						(11.8)		%				(14.3)		%				2.5			pts
Prior period development			12.0		%				8.4		%				3.6			pts						6.7		%				3.3		%				3.4			pts
CAY combined ratio excluding catastrophe losses			78.7		%				78.9		%				(0.2)			pts						78.9		%				80.0		%				(1.1)			pts

NM - Not meaningful

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Net Catastrophe Losses and Prior Period Development			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	230					$	280					$	538					$	586
Favorable prior period development			$	189					$	119					$	305					$	135

Catastrophe losses through both September 30, 2024 and 2023, were primarily from flooding in the U.S., hail, tornadoes, wind events, and winter storm losses, including Hurricane Helene in 2024 and Hawaii wildfires in 2023.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $152 million, or 10.0 percent, and $507 million, or 11.5 percent, for the three and nine months ended September 30, 2024, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines.

Net premiums earned increased $170 million, or 12.0 percent, and $476 million, or 11.7 percent, for the three and nine months ended September 30, 2024, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three and nine months ended September 30, 2024, reflecting higher favorable prior period development and lower catastrophe losses.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2024, primarily reflecting an improvement in homeowners from earned rate and exposure growth, and a higher percentage of net premiums earned from excess and surplus homeowners, which carry a lower loss and expense ratio. Additionally, the improvement includes lower acquisition expenses due to commission reductions in our auto and excess lines. The improvement was partly offset by an increase in excess liability loss trends.

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North America Agricultural Insurance

The North America Agricultural Insurance segment comprises our North American based businesses that provide a variety of coverages in the U.S. and Canada including crop insurance, primarily Multiple Peril Crop Insurance (MPCI) and crop-hail through Rain and Hail Insurance Service, Inc. (Rain and Hail), as well as farm and ranch and specialty P&C commercial insurance products and services through our Agriculture P&C business.

			Three Months Ended																					Nine Months Ended
			September 30												% Change									September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23									2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	1,379					$	1,521					(9.3)					%				$	2,386					$	2,581					(7.6)					%
Net premiums earned			1,419						1,540						(7.9)					%				2,173						2,334						(6.9)					%
Losses and loss expenses			1,193						1,356						(12.1)					%				1,785						2,003						(10.9)					%
Policy acquisition costs			88						76						16.0					%				154						128						20.0					%
Administrative expenses			2						3						(27.3)					%				7						9						(22.9)					%
Underwriting income			136						105						29.7					%				227						194						17.1					%
Net investment income			20						12						55.2					%				62						43						43.1					%
Other (income) expense			1						—						NM									1						—						NM
Amortization of purchased intangibles			5						6						(2.4)					%				18						19						(2.4)					%
Segment income			$	150					$	111					34.6					%				$	270					$	218					23.9					%
Combined ratio:
Loss and loss expense ratio			84.1		%				88.1		%				(4.0)			pts						82.2		%				85.8		%				(3.6)			pts
Policy acquisition cost ratio			6.1		%				4.9		%				1.2			pts						7.1		%				5.5		%				1.6			pts
Administrative expense ratio			0.2		%				0.2		%				—			pts						0.3		%				0.4		%				(0.1)			pts
Combined ratio			90.4		%				93.2		%				(2.8)			pts						89.6		%				91.7		%				(2.1)			pts
Catastrophe losses			(2.0)		%				(1.2)		%				(0.8)			pts						(2.9)		%				(1.6)		%				(1.3)			pts
Prior period development			0.5		%				0.7		%				(0.2)			pts						1.7		%				0.5		%				1.2			pts
CAY combined ratio excluding catastrophe losses			88.9		%				92.7		%				(3.8)			pts						88.4		%				90.6		%				(2.2)			pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	29					$	18					$	65					$	37
Favorable prior period development			$	6					$	9					$	34					$	12

Catastrophe losses through both September 30, 2024 and 2023, were primarily from flooding in the U.S., hail, tornadoes, and wind events, including Hurricane Helene in 2024.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written decreased $142 million, or 9.3 percent, and $195 million, or 7.6 percent, for the three and nine months ended September 30, 2024, primarily due to lower commodity prices in the current year. The decrease was partially offset by strong new business and rate in our Agriculture P&C business.

Net premiums earned decreased $121 million, or 7.9 percent, and $161 million, or 6.9 percent, for the three and nine months ended September 30, 2024, reflecting the factors described above.

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Combined Ratio

The combined ratio and the CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2024, which contemplates a higher underwriting gain for the current crop year. The improvement for the three months ended September 30, 2024, also includes a favorable impact from our crop commodity price hedge activity, which produced a lower loss this year versus the prior year quarter.

Overseas General Insurance

Overseas General Insurance segment comprises Chubb International and Chubb Global Markets (CGM). Chubb International comprises our international commercial P&C traditional and specialty lines serving large corporations, middle market and small customers; A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada. CGM, our London-based international commercial P&C excess and surplus lines business, includes Lloyd's of London (Lloyd's) Syndicate 2488. Chubb provides funds at Lloyd's to support underwriting by Syndicate 2488 which is managed by Chubb Underwriting Agencies Limited. Effective July 1, 2023, the Overseas General Insurance segment includes 100 percent of the results of Huatai Group's P&C business as required under consolidation accounting. We previously included our share of Huatai results based on our equity method investment within Other (income) expense.

			Three Months Ended																					Nine Months Ended
			September 30												% Change									September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23									2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	3,367					$	3,211					4.9					%				$	10,536					$	9,359					12.6					%
Net premiums written - constant dollars															7.5					%																13.5					%
Net premiums earned			3,421						3,311						3.3					%				9,966						9,005						10.7					%
Losses and loss expenses			1,631						1,635						(0.3)					%				4,728						4,139						14.2					%
Policy benefits			120						91						32.9					%				312						338						(7.6)					%
Policy acquisition costs			852						827						3.2					%				2,517						2,286						10.1					%
Administrative expenses			340						327						3.6					%				1,019						899						13.3					%
Underwriting income			478						431						10.9					%				1,390						1,343						3.5					%
Net investment income			286						248						15.1					%				836						636						31.5					%
Other (income) expense			5						(10)						NM									14						(29)						NM
Amortization of purchased intangibles			21						19						5.2					%				61						52						15.8					%
Segment income			$	738					$	670					10.2					%				$	2,151					$	1,956					10.0					%
Segment income - constant dollars															12.7					%																11.5					%
Combined ratio:
Loss and loss expense ratio			51.2		%				52.1		%				(0.9)			pts						50.6		%				49.7		%				0.9			pts
Policy acquisition cost ratio			24.9		%				25.0		%				(0.1)			pts						25.3		%				25.4		%				(0.1)			pts
Administrative expense ratio			9.9		%				9.9		%				—			pts						10.2		%				10.0		%				0.2			pts
Combined ratio			86.0		%				87.0		%				(1.0)			pts						86.1		%				85.1		%				1.0			pts
Catastrophe losses			(3.0)		%				(3.7)		%				0.7			pts						(2.9)		%				(2.9)		%				—			pts
Prior period development			1.8		%				1.5		%				0.3			pts						2.1		%				2.8		%				(0.7)			pts
CAY combined ratio excluding catastrophe losses			84.8		%				84.8		%				—			pts						85.3		%				85.0		%				0.3			pts

NM - not meaningful

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Net Catastrophe Losses and Prior Period Development

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net Catastrophe losses			$	103					$	120					$	286					$	259
Favorable prior period development			$	60					$	49					$	210					$	253

Catastrophe losses through September 30, 2024 and 2023, were primarily from the following events:

•2024: Hurricane Helene, Rio Grande storms, and International weather-related events.

•2023: Storms in New Zealand and international weather-related events.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Net Premiums Written by Region			Three Months Ended September 30
(in millions of U.S. dollars, except for percentages)			2024						2024  % of Total						2023						2023 % of Total						C$ 2023						Q-24 vs. Q-23						C$ Q-24 vs. Q-23
Region
Europe, Middle East, and Africa			$	1,347					40		%				$	1,264					39		%				$	1,258					6.6		%				7.1		%
Asia (1)			1,279						38		%				1,201						37		%				1,174						6.5		%				9.0		%
Latin America			701						21		%				695						22		%				651						0.8		%				7.7		%
Other (2)			40						1		%				51						2		%				50						(22.4)		%				(22.3)		%
Net premiums written			$	3,367					100		%				$	3,211					100		%				$	3,133					4.9		%				7.5		%

			Nine Months Ended September 30
(in millions of U.S. dollars, except for percentages)			2024						2024  % of Total						2023						2023 % of Total						C$ 2023						YTD-24 vs. YTD-23						C$ YTD-24 vs. YTD-23
Region
Europe, Middle East, and Africa			$	4,625					44		%				$	4,292					46		%				$	4,318					7.8		%				7.1		%
Asia (1)			3,617						34		%				2,993						32		%				2,896						20.9		%				24.9		%
Latin America			2,175						21		%				1,969						21		%				1,962						10.4		%				10.9		%
Other (2)			119						1		%				105						1		%				104						13.4		%				13.6		%
Net premiums written			$	10,536					100		%				$	9,359					100		%				$	9,280					12.6		%				13.5		%

(1)    2023 includes the consolidated results of Huatai P&C effective July 1, 2023.

(2)    Includes the international supplemental A&H business of Combined Insurance and other international operations.

Premiums

Overall, net premiums written increased $156 million and $1,177 million, or $234 million and $1,256 million on a constant-dollar basis, for the three and nine months ended September 30, 2024, respectively, reflecting growth in commercial lines of 5.1 percent and 10.2 percent, or 6.7 percent and 10.6 percent on a constant-dollar basis, respectively, and growth in consumer lines of 4.5 percent and 16.4 percent, or 8.5 percent and 18.2 percent on a constant-dollar basis, respectively.

Our European division increased for the three and nine months ended September 30, 2024, supported by both our wholesale and retail divisions. The growth in commercial lines was driven by higher new business, and positive rate increases, primarily in commercial property and casualty lines. Consumer lines increased primarily due to new business growth in A&H.

Asia increased for the three and nine months ended September 30, 2024, reflecting higher new business, higher retention and positive rate increases in commercial lines. Consumer lines had strong growth in Asia with growth in new business for both A&H and personal lines. The increase for the nine months ended September 30, 2024, also reflects the consolidation of Huatai Group's P&C business effective July 1, 2023.

Latin America increased for the three and nine months ended September 30, 2024, reflecting growth in commercial lines driven by growth in new business and positive rate increases across property and casualty lines. Our personal lines business including automobile in Mexico, also continues to have strong growth.

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Net premiums earned increased $110 million and $961 million, or $190 million and $1,057 million on a constant-dollar basis, for the three and nine months ended September 30, 2024, respectively, reflecting the increase in net premiums written described above.

Combined Ratio

The combined ratio decreased for the three months ended September 30, 2024, primarily reflecting lower catastrophe losses and higher favorable prior period development. The combined ratio increased for the nine months ended September 30, 2024, primarily reflecting lower favorable prior period development. The CAY combined ratio excluding catastrophe losses increased for the nine months ended September 30, 2024, principally related to the consolidation of Huatai.

Global Reinsurance

The Global Reinsurance segment represents our reinsurance operations comprising Chubb Tempest Re Bermuda, Chubb Tempest Re USA, Chubb Tempest Re International, and Chubb Tempest Re Canada. Global Reinsurance markets its reinsurance products worldwide primarily through reinsurance brokers under the Chubb Tempest Re brand name and provides a broad range of traditional and non-traditional reinsurance coverage to a diverse array of primary P&C companies.

			Three Months Ended																					Nine Months Ended
			September 30												% Change									September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23									2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	352					$	261					34.8					%				$	1,122					$	831					35.0					%
Net premiums written - constant dollars															34.8					%																35.1					%
Net premiums earned			316						239						32.3					%				950						720						32.0					%
Losses and loss expenses			200						116						73.0					%				492						319						54.2					%
Policy acquisition costs			89						69						27.1					%				250						196						27.8					%
Administrative expenses			9						9						10.8					%				29						27						8.1					%
Underwriting income			18						45						(60.6)					%				179						178						0.6					%
Net investment income			64						47						37.9					%				179						144						24.5					%
Other (income) expense			—						—						—									—						(1)						NM
Segment income			$	82					$	92					(10.1)					%				$	358					$	323					10.9					%
Combined ratio:
Loss and loss expense ratio			63.3		%				48.4		%				14.9			pts						51.8		%				44.3		%				7.5			pts
Policy acquisition cost ratio			28.0		%				29.1		%				(1.1)			pts						26.3		%				27.2		%				(0.9)			pts
Administrative expense ratio			3.1		%				3.8		%				(0.7)			pts						3.1		%				3.8		%				(0.7)			pts
Combined ratio			94.4		%				81.3		%				13.1			pts						81.2		%				75.3		%				5.9			pts
Catastrophe losses			(20.2)		%				(2.7)		%				(17.5)			pts						(6.7)		%				(1.0)		%				(5.7)			pts
Prior period development			1.6		%				0.2		%				1.4			pts						2.1		%				3.7		%				(1.6)			pts
CAY combined ratio excluding catastrophe losses			75.8		%				78.8		%				(3.0)			pts						76.6		%				78.0		%				(1.4)			pts

NM - not meaningful

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Net Catastrophe Losses and Prior Period Development

			Three Months Ended												Nine Months Ended
			September 30												September 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net Catastrophe losses			$	63					$	6					$	63					$	7
Favorable prior period development			$	5					$	—					$	20					$	25

Catastrophe losses through September 30, 2024 and 2023, were primarily from the following events:

•2024: Hurricane Helene and flooding in Canada.

•2023: Hurricane Idalia.

Refer to Note 8 to the Consolidated Financial Statements for detail on prior period development.

Premiums

Net premiums written increased $91 million and $291 million for the three and nine months ended September 30, 2024, respectively, primarily reflecting continued growth driven by strong new business. Growth was most notably in property and casualty lines, partially offset by a decrease in financial and specialty lines. The increase for the nine months ended September 30, 2024 included a large one-off structured transaction in the second quarter, which benefited growth by 4.4 percentage points.

Net premiums earned increased $77 million and $230 million for the three and nine months ended September 30, 2024, respectively, reflecting the increase in net premiums written described above including the large one-off structured transaction in the second quarter, which was fully earned when written.

Combined Ratio

The combined ratio increased for the three months ended September 30, 2024, primarily reflecting the impact of higher catastrophe losses, partially offset by the impact of favorable prior period development. The combined ratio increased for the nine months ended September 30, 2024, primarily reflecting the impact of higher catastrophe losses and the impact of lower favorable prior period development.

The CAY combined ratio excluding catastrophe losses decreased for the three and nine months ended September 30, 2024, primarily due to favorable market conditions in property lines. The improvement also reflects the favorable impact of higher net premiums earned on the administrative expense ratio. The improvement for the nine months ended September 30, 2024 was partially offset by the impact of the large structured transaction described above.

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Life Insurance

The Life Insurance segment comprises our international life operations. Effective July 1, 2023, the Life Insurance segment includes 100 percent of the results of Huatai Group's life and asset management business as required under consolidation accounting. We previously included our share of Huatai results based on our equity method investment within Other (income) expense. The Life Insurance segment also includes Chubb Tempest Life Re (Chubb Life Re), and the North American supplemental A&H and life business of Combined Insurance.

			Three Months Ended																		Nine Months Ended
			September 30												% Change						September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23						2024						2023						YTD-24 vs. YTD-23
Net premiums written			$	1,552					$	1,452					6.8		%				$	4,765					$	4,015					18.7		%
Net premiums written - constant dollars															10.6		%																22.2		%
Net premiums earned			1,530						1,442						6.1		%				4,709						3,962						18.8		%
Losses and loss expenses			32						20						60.0		%				86						87						(1.1)		%
Policy benefits			989						866						14.2		%				3,090						2,283						35.3		%
Policy acquisition costs			291						279						4.2		%				885						829						6.7		%
Administrative expenses			213						216						(0.7)		%				638						553						15.4		%
Net investment income			250						211						18.9		%				738						525						40.7		%
Other (income) expense			(39)						(28)						37.4		%				(111)						(69)						60.5		%
Amortization of purchased intangibles			10						12						(11.1)		%				31						18						75.8		%
Segment income			$	284					$	288					(1.6)		%				$	828					$	786					5.3		%
Segment income - constant dollars															2.3		%																8.5		%

Premiums

Net premiums written increased $100 million and $750 million, or $149 million and $865 million on a constant-dollar basis, for the three and nine months ended September 30, 2024, respectively.

For our international life operations, net premiums written increased 5.5 percent and 20.8 percent for the three and nine months ended September 30, 2024, primarily due to strong growth in North Asia, notably Hong Kong and Taiwan. The increase for the nine months ended September 30, 2024, is also due to the consolidation of Huatai Group's life business, which contributed 15.7 percentage points of growth.

Net premiums written in our North American Combined Insurance business increased 14.4 percent and 10.5 percent for the three and nine months ended September 30, 2024, respectively, due to growth in its worksite business of 31.7 percent and 27.0 percent, partially offset by the non-renewal of a large program.

Deposits

The following table presents deposits collected on universal life and investment contracts:

			Three Months Ended																														Nine Months Ended
			September 30																		% Change												September 30																		% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						C$ 2023						Q-24 vs. Q-23						C$ Q-24 vs. Q-23						2024						2023						C$ 2023						Y-24 vs. Y-23						C$  Y-24 vs. Y-23
Deposits collected on universal life and investment contracts			$	586					$	388					$	380					51.2		%				54.2		%				$	1,733					$	1,097					$	1,065					58.0		%				62.8		%

Deposits collected on universal life and investment contracts (life deposits) are not reflected as revenues in our Consolidated statements of operations in accordance with U.S. GAAP. New life deposits are an important component of production, and although they do not significantly affect current period income from operations, they are key to our efforts to grow our business. Life deposits collected increased $198 million and $636 million for the three and nine months ended September 30, 2024,

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respectively, primarily from Taiwan. The increase for the nine months ended September 30, 2024 also reflects the consolidation of Huatai Life business.

Life Insurance segment income

Life Insurance segment income decreased $4 million, but increased $6 million on a constant-dollar basis, for the three months ended September 30, 2024, which was impacted by lower favorable loss reserve development related to our Combined Insurance supplemental A&H business and impact of foreign exchange from the Korean Won. Life Insurance segment income increased $42 million, or $65 million on a constant-dollar basis, for the nine months ended September 30, 2024, reflecting the growth in premiums described above, as well as higher net investment income from higher assets under management and fixed income yield.

Corporate

Corporate results primarily include the results of our non-insurance companies, income and expenses not attributable to reportable segments, and loss and loss expenses of asbestos and environmental (A&E) liabilities and certain other non-A&E run-off exposures, including molestation. Effective July 1, 2023, 100 percent of Huatai Group’s non-insurance operations results, comprising real estate and holding company activity, are included in Corporate.

			Three Months Ended																		Nine Months Ended
			September 30												% Change						September 30												% Change
(in millions of U.S. dollars, except for percentages)			2024						2023						Q-24 vs. Q-23						2024						2023						YTD-24 vs. YTD-23
Losses and loss expenses			$	58					$	61					(7.1)		%				$	161					$	133					20.2		%
Administrative expenses			104						98						6.5		%				310						290						7.0		%
Underwriting loss			162						159						1.2		%				471						423						11.3		%
Net investment income (loss)			(28)						14						NM						(86)						28						NM
Other (income) expense			(202)						(51)						299.0		%				(263)						(251)						4.7		%
Amortization of purchased intangibles			40						44						(8.5)		%				122						129						(5.8)		%
Net realized gains (losses)			179						(96)						NM						101						(481)						NM
Market risk benefits gains (losses)			(230)						(32)						NM						(238)						(154)						53.8		%
Interest expense			192						174						10.9		%				552						499						10.8		%
Integration expenses			7						14						(50.1)		%				21						51						(59.0)		%
Income tax expense			504						413						22.0		%				1,336						1,189						12.4		%
Net loss			$	(782)					$	(867)					(9.8)		%				$	(2,462)					$	(2,647)					(7.0)		%
Net income (loss) attributable to noncontrolling interests			166						(3)						NM						303						(3)						NM
Net loss attributable to Chubb			$	(948)					$	(864)					9.7		%				$	(2,765)					$	(2,644)					4.6		%

NM - not meaningful

Administrative expenses increased $6 million and $20 million for the three and nine months ended September 30, 2024, respectively, primarily due to increased spending to support growth, including digital growth initiatives.

Integration expenses principally comprised legal and professional fees and all other costs directly related to the integration activities of the Cigna acquisition. These expenses are one-time in nature and are not related to the on-going business activities of the segments. The Chief Executive Officer does not manage segment results or allocate resources to segments when considering these costs and they are therefore excluded from our definition of segment income.

Refer to the respective sections that follow for a discussion of Net realized gains (losses), Net investment income (loss), Amortization of purchased intangibles, and Income tax expense (benefit). Refer to Notes 11 and 17 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

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Net Realized and Unrealized Gains (Losses)

We take a long-term view with our investment strategy, and our investment managers manage our investment portfolio to maximize total return within specific guidelines designed to minimize risk. The majority of our investment portfolio is available-for-sale and reported at fair value.

The effect of market movements on our fixed maturities available-for-sale portfolio impacts Net income (through Net realized gains (losses)) when securities are sold, when we write down an asset, or when we record a change to the valuation allowance for expected credit losses. For a further discussion related to how we assess the valuation allowance for expected credit losses and the related impact on Net income, refer to Note 1 f) to the Consolidated Financial Statements in our 2023 Form 10-K. The effect of market movements on fixed maturities related to consolidated investment products and investments supporting certain participating products in the Huatai portfolio impact Net realized gains (losses). Additionally, Net income is impacted through the reporting of changes in the fair value of public and private equity securities and derivatives, including financial futures, options, and swaps. Changes in unrealized appreciation and depreciation on available-for-sale securities, resulting from the revaluation of securities held, changes in cumulative foreign currency translation adjustment, changes in current discount rate on future policy benefits, changes in instrument-specific credit risk on market risk benefits, unrealized postretirement benefit obligations liability adjustment, and cross-currency swaps designated as hedges for accounting purposes are reported as separate components of Accumulated other comprehensive income (loss) in Shareholders’ equity in the Consolidated balance sheets.

The following tables present our net realized and unrealized gains (losses):

			Three Months Ended September 30
															2024																		2023
(in millions of U.S. dollars)			Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Net Impact						Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Net Impact
Fixed maturities			$	111					$	3,459					$	3,570					$	(70)					$	(2,181)					$	(2,251)
Investment and embedded derivative instruments			66						—						66						9						—						9
Public equity
Sales			(6)						—						(6)						(45)						—						(45)
Mark-to-market			129						—						129						(55)						—						(55)
Private equity (less than 3 percent ownership)
Mark-to-market			(41)						—						(41)						40						—						40
Total investment portfolio			259						3,459						3,718						(121)						(2,181)						(2,302)
Other derivative instruments			(2)						—						(2)						(7)						—						(7)
Foreign exchange			(58)						445						387						(67)						(317)						(384)
Current discount rate on future policy benefits			—						(672)						(672)						—						683						683
Instrument-specific credit risk on market risk benefits			—						(8)						(8)						—						(5)						(5)
Other			(1)						(19)						(20)						92						48						140
Net gains (losses), pre-tax			$	198					$	3,205					$	3,403					$	(103)					$	(1,772)					$	(1,875)

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			Nine Months Ended September 30
															2024																		2023
(in millions of U.S. dollars)			Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Net Impact						Net Realized Gains (Losses)						Net Unrealized Gains (Losses)						Net Impact
Fixed maturities			$	186					$	2,293					$	2,479					$	(357)					$	(1,589)					$	(1,946)
Investment and embedded derivative instruments			6						—						6						(92)						—						(92)
Public equity
Sales			5						—						5						(48)						—						(48)
Mark-to-market			142						—						142						(13)						—						(13)
Private equity (less than 3 percent ownership)
Mark-to-market			39						—						39						75						—						75
Total investment portfolio			378						2,293						2,671						(435)						(1,589)						(2,024)
Other derivative instruments			(7)						—						(7)						(6)						—						(6)
Foreign exchange			(162)						(5)						(167)						(122)						(279)						(401)
Current discount rate on future policy benefits			—						(672)						(672)						—						497						497
Instrument-specific credit risk on market risk benefits			—						2						2						—						3						3
Other			(8)						(17)						(25)						79						63						142
Net gains (losses), pre-tax			$	201					$	1,601					$	1,802					$	(484)					$	(1,305)					$	(1,789)

Pre-tax net unrealized gains of $3,459 million and $2,293 million in our investment portfolio for the three and nine months ended September 30, 2024, respectively, were primarily driven by lower interest rates.

Pre-tax net realized gains of $198 million and $201 million for the three and nine months ended September 30, 2024, respectively, includes $111 million and $186 million, respectively on fixed maturities, comprising mark-to-market gains on Other investments - fixed maturities, partially offset by losses on sales of fixed income securities. In addition, there were pre-tax net realized gains from mark-to-market gains on public equity securities, partially offset by foreign exchange losses.

Effective Income Tax Rate

Our effective tax rate (ETR) reflects a mix of income or losses in jurisdictions with a wide range of tax rates, permanent differences between U.S. GAAP and local tax laws, and the impact of discrete items. A change in the geographic mix of earnings could impact our ETR.

For the three and nine months ended September 30, 2024, our ETR was 16.8 percent and 16.0 percent, respectively, compared to an ETR of 16.8 percent and 17.2 percent, respectively, in the prior year. The ETR for each period was impacted by our mix of earnings among various jurisdictions and by discrete tax items. The nine months ended September 30, 2024 included an incremental deferred tax benefit of $55 million in the first quarter related to the Bermuda tax law enacted in December 2023.

Non-GAAP Reconciliation

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 GAAP.

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We provide financial measures, including net premiums written, net premiums earned, segment income, and underwriting income on a constant-dollar basis. We believe it is useful to evaluate the trends in our results exclusive of the effect of fluctuations in exchange rates between the U.S. dollar and the currencies in which our international business is transacted, as these exchange rates could fluctuate significantly between periods and distort the analysis of trends. The impact is determined by assuming constant foreign exchange rates between periods by translating prior period results using the same local currency exchange rates as the comparable current period.

P&C performance metrics comprise consolidated operating results (including Corporate) and exclude the operating results of the Life Insurance segment. We believe that these measures are useful and meaningful to investors as they are used by management to assess the company’s P&C operations which are the most economically similar. We exclude the Life Insurance segment because the results of this business do not always correlate with the results of our P&C operations.

P&C combined ratio is the sum of the loss and loss expense ratio, policy acquisition cost ratio and the administrative expense ratio excluding the life business and including the realized gains and losses on the 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.

CAY P&C combined ratio excluding catastrophe losses (CATs) excludes CATs and prior period development (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 PPD and net premiums earned when calculating the ratios. We believe this measure provides a better 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 better comparison.

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 PPD 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 adjustable 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.

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The following tables present the calculation of combined ratio, as reported for each segment to P&C combined ratio, adjusted for CATs and PPD:

						North America Commercial P&C Insurance						North America Personal P&C Insurance						North America Agricultural Insurance						Overseas General Insurance						Global Reinsurance						Corporate						Total P&C
Three Months Ended
September 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	3,391					$	879					$	1,193					$	1,751					$	200					$	58					$	7,472
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(340)						(230)						(29)						(103)						(63)						—						(765)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						4						—						4
Catastrophe losses, gross of related adjustments						(340)						(230)						(29)						(103)						(67)						—						(769)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						39						189						6						60						5						(55)						244
Net premiums earned adjustments on PPD - unfavorable (favorable)						69						—						—						—						—						—						69
Expense adjustments - unfavorable (favorable)						2						—						—						—						—						—						2
PPD, gross of related adjustments - favorable (unfavorable)						110						189						6						60						5						(55)						315
CAY loss and loss expense ex CATs			B			$	3,161					$	838					$	1,170					$	1,708					$	138					$	3					$	7,018
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	1,027					$	403					$	90					$	1,192					$	98					$	104					$	2,914
Expense adjustments - favorable (unfavorable)						(2)						—						—						—						—						—						(2)
Policy acquisition costs and administrative expenses, adjusted			D			$	1,025					$	403					$	90					$	1,192					$	98					$	104					$	2,912
Denominator
Net premiums earned			E			$	5,110					$	1,577					$	1,419					$	3,421					$	316											$	11,843
Reinstatement premiums (collected) expensed on catastrophe losses						—						—						—						—						(4)												(4)
Net premiums earned adjustments on PPD - unfavorable (favorable)						69						—						—						—						—												69
Net premiums earned excluding adjustments			F			$	5,179					$	1,577					$	1,419					$	3,421					$	312											$	11,908
P&C Combined ratio
Loss and loss expense ratio			A/E			66.4		%				55.8		%				84.1		%				51.2		%				63.3		%										63.1		%
Policy acquisition cost and administrative expense ratio			C/E			20.1		%				25.5		%				6.3		%				34.8		%				31.1		%										24.6		%
P&C Combined ratio						86.5		%				81.3		%				90.4		%				86.0		%				94.4		%										87.7		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			61.0		%				53.1		%				82.5		%				49.9		%				44.4		%										58.9		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			19.8		%				25.6		%				6.4		%				34.9		%				31.4		%										24.5		%
CAY P&C Combined ratio ex CATs						80.8		%				78.7		%				88.9		%				84.8		%				75.8		%										83.4		%
Combined ratio
Combined ratio																																										87.7		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										87.7		%
Note: The ratios above are calculated using whole U.S. dollars. Accordingly, calculations using rounded amounts may differ. Letters A, B, C, D, E, and F included in the table are references for calculating the ratios above.

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						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
Three Months Ended
September 30, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	3,025					$	900					$	1,356					$	1,726					$	116					$	61					$	7,184
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(246)						(280)						(18)						(120)						(6)						—						(670)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(246)						(280)						(18)						(120)						(6)						—						(670)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						84						119						9						49						—						(61)						200
Net premiums earned adjustments on PPD - unfavorable (favorable)						66						—						—						—						—						—						66
Expense adjustments - unfavorable (favorable)						7						—						—						—						—						—						7
PPD reinstatement premiums - unfavorable (favorable)						—						(1)						—						—						(1)						—						(2)
PPD, gross of related adjustments - favorable (unfavorable)						157						118						9						49						(1)						(61)						271
CAY loss and loss expense ex CATs			B			$	2,936					$	738					$	1,347					$	1,655					$	109					$	—					$	6,785
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	963					$	371					$	79					$	1,154					$	78					$	98					$	2,743
Expense adjustments - favorable (unfavorable)						(7)						—						—						—						—						—						(7)
Policy acquisition costs and administrative expenses, adjusted			D			$	956					$	371					$	79					$	1,154					$	78					$	98					$	2,736
Denominator
Net premiums earned			E			$	4,735					$	1,407					$	1,540					$	3,311					$	239											$	11,232
Net premiums earned adjustments on PPD - unfavorable (favorable)						66						—						—						—						—												66
PPD reinstatement premiums - unfavorable (favorable)						—						(1)						—						—						(1)												(2)
Net premiums earned excluding adjustments			F			$	4,801					$	1,406					$	1,540					$	3,311					$	238											$	11,296
P&C Combined ratio
Loss and loss expense ratio			A/E			63.9		%				63.9		%				88.1		%				52.1		%				48.4		%										64.0		%
Policy acquisition cost and administrative expense ratio			C/E			20.3		%				26.4		%				5.1		%				34.9		%				32.9		%										24.4		%
P&C Combined ratio						84.2		%				90.3		%				93.2		%				87.0		%				81.3		%										88.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			61.1		%				52.4		%				87.5		%				50.0		%				45.9		%										60.1		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.0		%				26.5		%				5.2		%				34.8		%				32.9		%										24.2		%
CAY P&C Combined ratio ex CATs						81.1		%				78.9		%				92.7		%				84.8		%				78.8		%										84.3		%
Combined ratio
Combined ratio																																										88.3		%
Add: impact of gains and losses on crop derivatives																																										0.1		%
P&C Combined ratio																																										88.4		%
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.

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						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
Nine Months Ended
September 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	9,640					$	2,654					$	1,785					$	5,040					$	492					$	161					$	19,772
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(828)						(538)						(65)						(286)						(63)						—						(1,780)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						4						—						4
Catastrophe losses, gross of related adjustments						(828)						(538)						(65)						(286)						(67)						—						(1,784)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						231						305						34						210						20						(157)						643
Net premiums earned adjustments on PPD - unfavorable (favorable)						77						—						39						—						—						—						116
Expense adjustments - unfavorable (favorable)						9						—						3						—						—						—						12
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						1						—						1
PPD, gross of related adjustments - favorable (unfavorable)						317						305						76						210						21						(157)						772
CAY loss and loss expense ex CATs			B			$	9,129					$	2,421					$	1,796					$	4,964					$	446					$	4					$	18,760
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	3,030					$	1,176					$	161					$	3,536					$	279					$	310					$	8,492
Expense adjustments - favorable (unfavorable)						(9)						—						(3)						—						—						—						(12)
Policy acquisition costs and administrative expenses, adjusted			D			$	3,021					$	1,176					$	158					$	3,536					$	279					$	310					$	8,480
Denominator
Net premiums earned			E			$	14,890					$	4,560					$	2,173					$	9,966					$	950											$	32,539
Reinstatement premiums (collected) expensed on catastrophe losses						—						—						—						—						(4)												(4)
Net premiums earned adjustments on PPD - unfavorable (favorable)						77						—						39						—						—												116
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						1												1
Net premiums earned excluding adjustments			F			$	14,967					$	4,560					$	2,212					$	9,966					$	947											$	32,652
P&C Combined ratio
Loss and loss expense ratio			A/E			64.7		%				58.2		%				82.2		%				50.6		%				51.8		%										60.8		%
Policy acquisition cost and administrative expense ratio			C/E			20.4		%				25.8		%				7.4		%				35.5		%				29.4		%										26.1		%
P&C Combined ratio						85.1		%				84.0		%				89.6		%				86.1		%				81.2		%										86.9		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			61.0		%				53.1		%				81.3		%				49.8		%				47.0		%										57.5		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.2		%				25.8		%				7.1		%				35.5		%				29.6		%										25.9		%
CAY P&C Combined ratio ex CATs						81.2		%				78.9		%				88.4		%				85.3		%				76.6		%										83.4		%
Combined ratio
Combined ratio																																										86.9		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										86.9		%
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.

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						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
Nine Months Ended
September 30, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	8,625					$	2,634					$	2,003					$	4,477					$	319					$	133					$	18,191
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(639)						(586)						(37)						(259)						(7)						—						(1,528)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(639)						(586)						(37)						(259)						(7)						—						(1,528)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						302						135						12						253						25						(131)						596
Net premiums earned adjustments on PPD - unfavorable (favorable)						78						—						(2)						—						—						—						76
Expense adjustments - unfavorable (favorable)						14						—						—						—						—						—						14
PPD reinstatement premiums - unfavorable (favorable)						—						(2)						—						—						5						—						3
PPD, gross of related adjustments - favorable (unfavorable)						394						133						10						253						30						(131)						689
CAY loss and loss expense ex CATs			B			$	8,380					$	2,181					$	1,976					$	4,471					$	342					$	2					$	17,352
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	2,801					$	1,083					$	137					$	3,185					$	223					$	290					$	7,719
Expense adjustments - favorable (unfavorable)						(14)						—						—						—						—						—						(14)
Policy acquisition costs and administrative expenses, adjusted			D			$	2,787					$	1,083					$	137					$	3,185					$	223					$	290					$	7,705
Denominator
Net premiums earned			E			$	13,710					$	4,084					$	2,334					$	9,005					$	720											$	29,853
Net premiums earned adjustments on PPD - unfavorable (favorable)						78						—						(2)						—						—												76
PPD reinstatement premiums - unfavorable (favorable)						—						(2)						—						—						5												3
Net premiums earned excluding adjustments			F			$	13,788					$	4,082		—			$	2,332					$	9,005					$	725											$	29,932
P&C Combined ratio
Loss and loss expense ratio			A/E			62.9		%				64.5		%				85.8		%				49.7		%				44.3		%										60.9		%
Policy acquisition cost and administrative expense ratio			C/E			20.4		%				26.5		%				5.9		%				35.4		%				31.0		%										25.9		%
P&C Combined ratio						83.3		%				91.0		%				91.7		%				85.1		%				75.3		%										86.8		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.8		%				53.4		%				84.7		%				49.7		%				47.2		%										58.0		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.2		%				26.6		%				5.9		%				35.3		%				30.8		%										25.7		%
CAY P&C Combined ratio ex CATs						81.0		%				80.0		%				90.6		%				85.0		%				78.0		%										83.7		%
Combined ratio
Combined ratio																																										86.8		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										86.8		%
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.

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Amortization of Purchased Intangibles and Other Amortization

Amortization of purchased intangibles

Amortization expense related to purchased intangibles was $81 million and $241 million for the three and nine months ended September 30, 2024, respectively, compared with $84 million and $226 million for the prior year periods, respectively.

At September 30, 2024, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,516 million.

The following table presents, as of September 30, 2024, the expected reduction to the deferred tax liability associated with the amortization of Other intangible assets, at current foreign currency exchange rates, for the fourth quarter of 2024 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)			Reduction to deferred tax liability associated with intangible assets
Fourth quarter of 2024			$	21
2025			76
2026			70
2027			65
2028			62
2029			55
Total			$	349

Amortization of the fair value adjustment on assumed long-term debt

The following table presents, as of September 30, 2024, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the fourth quarter of 2024 and for the next five years:

For the Years Ending December 31 (in millions of U.S. dollars)									Amortization benefit of the fair value adjustment on assumed long-term debt (1)
Fourth quarter of 2024									$	6
2025									21
2026									21
2027									21
2028									21
2029									21
Total									$	111

(1)Recorded as a reduction to Interest expense in the Consolidated statements of operations.

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Net Investment Income

			Three Months Ended September 30									Nine Months Ended September 30
(in millions of U.S. dollars)			2024						2023			2024						2023
Fixed maturities (1)			$	1,407					$	1,198		$	4,085					$	3,355
Short-term investments			48						60			138						147
Other interest income			20						17			58						46
Equity securities			25						53			84						68
Private equities			23						18			70						38
Other investments			33						16			78						54
Gross investment income (1)			1,556						1,362			4,513						3,708
Investment expenses			(48)						(48)			(146)						(142)
Net investment income (1)			$	1,508					$	1,314		$	4,367					$	3,566
(1) Includes amortization expense related to fair value adjustment of acquired invested assets			$	(5)					$	(9)		$	(14)					$	(14)

Net investment income is influenced by a number of factors including the amounts and timing of inward and outward cash flows, the level of interest rates, and changes in overall asset allocation. Net investment income increased 14.7 percent for the three months ended September 30, 2024, primarily due to higher reinvestment rates on fixed maturities. Net investment income increased 22.5 percent for the nine months ended September 30, 2024, primarily reflecting higher reinvestment rates on fixed maturities and the consolidation of Huatai Group.

For private equities where we own less than three percent, investment income is included within Net investment income in the table above. For private equities where we own more than three percent, investment income is included within Other (income) expense in the Consolidated statements of operations. Excluded from Net investment income is the mark-to-market movement for private equities, which is recorded within either Other (income) expense or Net realized gains (losses) based on our percentage of ownership. The total mark-to-market movement for private equities excluded from Net investment income was as follows:

			Three Months Ended September 30									Nine Months Ended September 30
(in millions of U.S. dollars)			2024						2023			2024						2023
Total mark-to-market gain on private equity, pre-tax			$	170					$	90		$	357					$	364

Interest Expense

Interest expense for the nine months ended September 30, 2024, was $552 million comprising $568 million related to fixed expenses on existing debt obligations and variable expenses, and a $16 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition. The variable expenses relate to fees from the usage of certain facilities, including letters of credit, and interest on held collateral and repurchase agreements. Based on projected variable expenses and our existing debt obligations, including the $1.0 billion of 5.00 percent senior notes issued on March 7, 2024, the new $700 million of 4.65 percent senior notes issued on July 31, 2024, and the new $600 million of 5.00 percent senior notes issued on July 31, 2024, we expect pre-tax interest expense to be approximately $200 million for the remainder of 2024, or $768 million for the full year. We also expect a $5 million benefit related to the amortization of the fair value of debt assumed in the Chubb Corp acquisition for the remainder of 2024. For more information on our debt obligations, refer to Note 12 to the Consolidated Financial Statements herein, and Note 13 to the Consolidated Financial Statements, under Item 8 in our 2023 Form 10-K.

Investments

Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at September 30, 2024. Excluding Huatai, the portfolio is primarily managed externally by independent, professional

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investment managers and is broadly diversified across geographies, sectors, and issuers. We hold no collateralized debt obligations in our investment portfolio, and we provide no credit default protection. We have long-standing global credit limits for our entire portfolio across the organization. Exposures are aggregated, monitored, and actively managed by our Global Credit Committee, comprising senior executives, including our Chief Financial Officer, our Chief Risk Officer, our Chief Investment Officer, and our Treasurer. We also have well-established, strict contractual investment rules requiring managers to maintain highly diversified exposures to individual issuers and closely monitor investment manager compliance with portfolio guidelines.

The following table shows the fair value and cost/amortized cost, net of valuation allowance, of our invested assets:

			September 30, 2024												December 31, 2023
(in millions of U.S. dollars)			Fair Value						Cost/ Amortized Cost, Net						Fair Value						Cost/ Amortized Cost, Net
Short-term investments			$	4,375					$	4,378					$	4,551					$	4,551
Other investments - Fixed maturities			5,905						5,905						3,773						3,773
Fixed maturities available-for-sale			117,265						119,366						106,571						110,972
Fixed income securities			127,545						129,649						114,895						119,296
Equity securities			4,404						4,404						3,455						3,455
Private debt held-for-investment			2,650						2,619						2,560						2,553
Private equities and other			16,655						16,655						15,832						15,832
Total investments			$	151,254					$	153,327					$	136,742					$	141,136

The fair value of our total investments increased $14.5 billion during the nine months ended September 30, 2024, due to the investing of operating cash flow, unrealized gains, and net proceeds from debt issuance. The valuation of our fixed income portfolio is impacted by changes in interest rates.

The following tables present the fair value of our fixed income securities at September 30, 2024, and December 31, 2023. The first table lists investments according to type and second according to S&P credit rating:

			September 30, 2024												December 31, 2023
(in millions of U.S. dollars, except for percentages)			Fair Value						% of Total						Fair Value						% of Total
U.S. Treasury / Agency			$	2,629					2		%				$	3,590					3		%
Corporate and asset-backed securities			46,693						37		%				42,830						37		%
Mortgage-backed securities			28,474						22		%				22,058						19		%
Municipal			1,968						2		%				2,929						3		%
Non-U.S.			43,406						34		%				38,937						34		%
Short-term investments			4,375						3		%				4,551						4		%
Total (1)			$	127,545					100		%				$	114,895					100		%
AAA			$	13,987					11		%				$	12,669					11		%
AA			39,115						31		%				34,312						30		%
A			30,797						24		%				27,674						24		%
BBB			23,900						19		%				20,810						18		%
BB			10,738						8		%				10,270						9		%
B			8,432						7		%				8,580						7		%
Other			576						—		%				580						1		%
Total (1)			$	127,545					100		%				$	114,895					100		%

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $5.9 billion and $3.8 billion at September 30, 2024, and December 31, 2023, respectively.

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Corporate and asset-backed securities

The following table presents our 10 largest global exposures to corporate bonds by fair value at September 30, 2024: 

(in millions of U.S. dollars)			Fair Value
Bank of America Corp			$	910
Morgan Stanley			774
JPMorgan Chase & Co			716
Wells Fargo & Co			661
Citigroup Inc			598
Goldman Sachs Group Inc			597
AT&T Inc			445
Verizon Communications Inc			440
UBS Group AG			439
HSBC Holdings Plc			386

Mortgage-backed securities

The following table shows the fair value and amortized cost, net of valuation allowance, of our mortgage-backed securities:

			S&P Credit Rating																														Fair  Value						Amortized Cost, Net
September 30, 2024 (in millions of U.S. dollars)			AAA						AA						A						BBB						BB and below						Total						Total
Agency residential mortgage-backed securities (RMBS)			$	9					$	24,888					$	—					$	—					$	—					$	24,897					$	25,844
Non-agency RMBS			1,683						166						126						98						6						2,079						2,106
Commercial mortgage-backed securities			1,278						124						90						4						2						1,498						1,567
Total mortgage-backed securities			$	2,970					$	25,178					$	216					$	102					$	8					$	28,474					$	29,517

Municipal

As part of our overall investment strategy, we may invest in states, municipalities, and other political subdivisions fixed maturity securities (Municipal). We apply the same investment selection process described previously to our Municipal investments. The portfolio is highly diversified primarily in state general obligation bonds and essential service revenue bonds including education and utilities (water, power, and sewers).

Non-U.S.

Chubb’s local currency investment portfolios have strict contractual investment guidelines requiring managers to maintain a high quality and diversified portfolio to both sector and individual issuers. Investment portfolios are monitored daily to ensure investment manager compliance with portfolio guidelines.

Our non-U.S. investment grade fixed income portfolios are currency-matched with the insurance liabilities of our non-U.S. operations. The average credit quality of our non-U.S. fixed income securities is A and 39 percent of our holdings are rated AAA or guaranteed by governments or quasi-government agencies. Within the context of these investment portfolios, our government and corporate bond holdings are highly diversified across industries and geographies. Issuer limits are based on credit rating (AA—two percent, A—one percent, BBB—0.5 percent of the total portfolio) and are monitored daily via an internal compliance system. We manage our indirect exposure using the same credit rating-based investment approach. Accordingly, we do not believe our indirect exposure is material.

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The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. government securities at September 30, 2024:

(in millions of U.S. dollars)			Fair Value						Amortized Cost, Net
Republic of Korea			$	1,951					$	1,842
People's Republic of China			1,701						1,630
Canada			946						959
Taiwan			845						830
Kingdom of Thailand			656						624
United Mexican States			595						607
Federative Republic of Brazil			567						579
Commonwealth of Australia			563						628
Province of Ontario			523						530
Socialist Republic of Vietnam			463						351
Other Non-U.S. Government Securities			7,244						7,345
Total			$	16,054					$	15,925

The following table summarizes the fair value and amortized cost, net of valuation allowance, of our non-U.S. fixed income portfolio by country/sovereign for non-U.S. corporate securities at September 30, 2024:

(in millions of U.S. dollars)			Fair Value						Amortized Cost, Net
China			$	6,960					$	6,939
United Kingdom			2,676						2,738
Canada			2,493						2,490
United States (1)			1,886						1,899
France			1,688						1,697
South Korea			1,606						1,553
Australia			1,168						1,202
Japan			863						873
Germany			650						672
Switzerland			560						573
Other Non-U.S. Corporate Securities			6,802						6,881
Total			$	27,352					$	27,517

(1)     The countries that are listed in the non-U.S. corporate fixed income portfolio above represent the ultimate parent company's country of risk. Non-U.S. corporate securities could be issued by foreign subsidiaries of U.S. corporations.

Below-investment grade corporate fixed income portfolio

Below-investment grade securities have different characteristics than investment grade corporate debt securities. Risk of loss from default by the borrower is greater with below-investment grade securities. Below-investment grade securities are generally unsecured and are often subordinated to other creditors of the issuer. Also, issuers of below-investment grade securities usually have higher levels of debt and are more sensitive to adverse economic conditions, such as recession or increasing interest rates, than investment grade issuers. At September 30, 2024, our corporate fixed income investment portfolio included below-investment grade and non-rated securities which, in total, comprised approximately 14 percent of our fixed income portfolio. Our below-investment grade and non-rated portfolio includes over 1,600 issuers, with the greatest single exposure being $175 million.

We manage high-yield bonds as a distinct and separate asset class from investment grade bonds. The allocation to high-yield bonds is explicitly set by internal management and is targeted to securities in the upper tier of credit quality (BB/B). Our minimum rating for initial purchase is BB/B. Fifteen external investment managers are responsible for high-yield security selection and portfolio construction. Our high-yield managers have a conservative approach to credit selection and very low historical default experience. Holdings are highly diversified across industries and generally subject to a 1.5 percent issuer limit

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as a percentage of high-yield allocation. We monitor position limits daily through an internal compliance system. Derivative and structured securities (e.g., credit default swaps and collateralized debt obligations) are not permitted in the high-yield portfolio.

Critical Accounting Estimates

Unpaid losses and loss expenses

As an insurance and reinsurance company, we are required by applicable laws and regulations and U.S. GAAP to establish loss and loss expense reserves for the estimated unpaid portion of the ultimate liability for losses and loss expenses under the terms of our policies and agreements with our insured and reinsured customers. With the exception of certain structured settlements, for which the timing and amount of future claim payments are reliably determinable, and certain reserves for unsettled claims, our loss reserves are not discounted for the time value of money.

The following table presents a roll-forward of our unpaid losses and loss expenses:

(in millions of U.S. dollars)			Gross Losses						Reinsurance Recoverable (1)						Net Losses
Balance at December 31, 2023			$	80,122					$	17,884					$	62,238
Losses and loss expenses incurred			24,159						4,618						19,541
Losses and loss expenses paid			(19,918)						(4,839)						(15,079)
Other (including foreign exchange translation)			(37)						(32)						(5)
Balance at September 30, 2024			$	84,326					$	17,631					$	66,695

(1)Net of valuation allowance for uncollectible reinsurance.

The estimate of the liabilities includes provisions for claims that have been reported but are unpaid at the balance sheet date (case reserves) and for obligations on claims that have been incurred but not reported (IBNR) at the balance sheet date. IBNR may also include provisions to account for the possibility that reported claims may settle for amounts that differ from the established case reserves. Loss reserves also include an estimate of expenses associated with processing and settling unpaid claims (loss expenses).

Refer to Note 8 to the Consolidated Financial Statements for a discussion on the changes in the loss reserves.

Asbestos and Environmental (A&E)

During the three and nine months ended September 30, 2024, we increased environmental net loss reserves for Brandywine managed operations by $47 million. A&E reserves are included in Corporate. Refer to our 2023 Form 10-K for further information on our A&E exposures.

Fair value measurements

Accounting guidance defines fair value as the price to sell an asset or transfer a liability (an exit price) in an orderly transaction between market participants and establishes a three-level valuation hierarchy based on the reliability of the inputs. The fair value hierarchy gives the highest priority to quoted prices in active markets (Level 1 inputs) and the lowest priority to unobservable data (Level 3 inputs). Level 2 includes inputs, other than quoted prices within Level 1, that are observable for assets or liabilities either directly or indirectly. Refer to Note 4 to the Consolidated Financial Statements for information on our fair value measurements.

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Catastrophe Management

We actively monitor and manage our catastrophe risk accumulation around the world from natural perils, which includes setting risk limits based on probable maximum loss (PML) and purchasing catastrophe reinsurance to ensure sufficient liquidity and capital to meet the expectations of regulators, rating agencies, and policyholders, and to provide shareholders with an appropriate risk-adjusted return. Chubb uses internal and external data together with sophisticated, analytical catastrophe loss and risk modeling techniques to ensure an appropriate understanding of risk, including diversification and correlation effects, across different product lines and territories. The table below presents our modeled pre-tax estimates of natural catastrophe PML, net of reinsurance, at September 30, 2024, and does not represent our expected catastrophe losses for any one year.

			Modeled Net Probable Maximum Loss (PML) Pre-tax
			Worldwide (1)												U.S. Hurricane (2)												California Earthquake (3)
			Annual Aggregate												Annual Aggregate												Single Occurrence
(in millions of U.S. dollars, except for percentages)			Chubb						% of Total Chubb Shareholders’ Equity						Chubb						% of Total Chubb Shareholders’ Equity						Chubb						% of Total Chubb Shareholders’ Equity
1-in-10			$	2,862					4.4		%				$	1,623					2.5		%				$	169					0.3		%
1-in-100			$	5,489					8.3		%				$	3,786					5.8		%				$	1,878					2.9		%
1-in-250			$	8,583					13.1		%				$	6,109					9.3		%				$	2,170					3.3		%

(1)    Worldwide aggregate includes modeled losses arising from tropical cyclones, convective storms, earthquakes, wildfires, and inland floods, and excludes "non-modeled" perils such as man-made and other catastrophe risks including pandemic.

(2)    U.S. hurricane modeled losses include losses from wind, storm-surge, and related precipitation-induced flooding.

(3)    California earthquake modeled losses include the fire-following sub-peril.

The PML for worldwide and key U.S. peril regions are based on our in-force portfolio at July 1, 2024, and reflect the September 1, 2024, reinsurance program, as well as inuring reinsurance protection coverage. As of April 1, 2024, we increased retention in North America by $500 million and increased limits by $1.7 billion. On August 31, 2024, a $500 million catastrophe treaty covering named windstorms and earthquakes within Northeast States expired and was not renewed. Refer to the Global Property Catastrophe Reinsurance section for more information. These estimates assume that reinsurance recoverable is fully collectible.

According to the model, for the 1-in-100 return period scenario, there is a one percent chance that our pre-tax annual aggregate losses incurred in any year from U.S. hurricane events could be in excess of $3,786 million (or 5.8 percent of total Chubb shareholders’ equity at September 30, 2024). Effective March 31, 2024, our worldwide and U.S. Hurricane PMLs reflect the latest North Atlantic hurricane vulnerability model.

The above estimates of Chubb’s loss profile are inherently uncertain for many reasons, including the following:

•While the use of third-party modeling packages to simulate potential catastrophe losses is prevalent within the insurance industry, the models are reliant upon significant meteorology, seismology, and engineering assumptions to estimate catastrophe losses. In particular, modeled catastrophe events are not always a representation of actual events and ensuing additional loss potential;

•There is no universal standard in the preparation of insured data for use in the models, the running of the modeling software, and interpretation of loss output. These loss estimates do not represent our potential maximum exposures and it is highly likely that our actual incurred losses would vary materially from the modeled estimates;

•The potential effects of climate change add to modeling complexity; and

•Changing climate conditions could impact our exposure to natural catastrophe risks. Published studies by leading government, academic, and professional organizations combined with extensive research by Chubb climate scientists reveal the potential for increases in the frequency and severity of key natural perils such as tropical cyclones, inland flood, and wildfire. To understand the potential impacts on the Chubb portfolio, we have conducted stress tests on our peak exposure zone, namely in the U.S., using parameters outlined by the Intergovernmental Panel on Climate Change (IPCC) Climate Change 2021 report. These parameters consider the impacts of climate change and the resulting climate peril impacts over a timescale relevant to our business. The tests are conducted by adjusting our baseline view of risk for the perils of hurricane, inland flood, and wildfire in the U.S. to reflect increases in frequency and severity across the modeled domains for each of these perils. Based on these tests against the Chubb portfolio we do not expect material impacts to our baseline PMLs from climate change through December 31, 2024. These tests reflect current exposures only and exclude potentially mitigating factors such as changes to building codes, public or private risk mitigation, regulation, and public policy.

Refer to Item 7 in our 2023 Form 10-K for more information on man-made and other catastrophes.

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Global Property Catastrophe Reinsurance Program

Chubb’s core property catastrophe reinsurance program provides protection against natural catastrophes impacting its primary property operations (i.e., excluding our Global Reinsurance and Life Insurance segments).

We regularly review our reinsurance protection and corresponding property catastrophe exposures. This may or may not lead to the purchase of additional reinsurance prior to a program’s renewal date. In addition, prior to each renewal date, we consider how much, if any, coverage we intend to buy and we may make material changes to the current structure in light of various factors, including modeled PML assessment at various return periods, reinsurance pricing, our risk tolerance and exposures, and various other structuring considerations.

Chubb renewed its Global Property Catastrophe Reinsurance Program for our North American and International operations effective April 1, 2024, through March 31, 2025. The program consists of three layers in excess of losses retained by Chubb on a per occurrence basis. Chubb renewed its terrorism coverage (excluding nuclear, biological, chemical and radiation coverage, with an inclusion of coverage for biological and chemical coverage for personal lines) for the United States from April 1, 2024, through March 31, 2025, with the same limits and retention and percentage placed except that the majority of terrorism coverage is on an aggregate basis above our retentions without a reinstatement.

Loss Location

Layer of Loss

Comments

Notes

United States (excluding Alaska and Hawaii)

$0 million – $1.75 billion

Losses retained by Chubb

(a)

United States (excluding Alaska and Hawaii)

$1.75 billion – $2.85 billion

All natural perils and terrorism

(b)

United States (excluding Alaska and Hawaii)

$2.85 billion – $4.0 billion

All natural perils and terrorism

(c)

United States (excluding Alaska and Hawaii)

$4.0 billion – $5.7 billion

Named windstorm and earthquake

International (including Alaska and Hawaii)

$0 million – $225 million

Losses retained by Chubb

(a)

International (including Alaska and Hawaii)

$225 million – $1.325 billion

All natural perils and terrorism

(b)

Alaska, Hawaii, and Canada

$1.325 billion – $2.475 billion

All natural perils and terrorism

(c)

(a)    Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units. These other catastrophe programs have the potential to reduce our effective retention below the stated levels.

(b)    These coverages are both part of the same First layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

(c)    These coverages are both part of the same Second layer within the Global Property Catastrophe Reinsurance Program and are fully placed with Reinsurers.

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Capital Resources

Capital resources consist of funds deployed or available to be deployed to support our business operations.

			September 30						December 31
(in millions of U.S. dollars, except for ratios)			2024						2023
Short-term debt			$	1,571					$	1,460
Long-term debt			14,560						13,035
Total financial debt			16,131						14,495
Trust preferred securities			309						308
Total Chubb shareholders’ equity			65,757						59,507
Total capitalization			$	82,197					$	74,310
Ratio of financial debt to total capitalization			19.6		%				19.5		%
Ratio of financial debt plus trust preferred securities to total capitalization			20.0		%				19.9		%

Repurchase agreements are excluded from the table above and are disclosed separately from short-term debt in the Consolidated balance sheets. The repurchase agreements are collateralized borrowings where we maintain the right and ability to redeem the collateral on short notice, unlike short-term debt which comprises the current maturities of our long-term debt instruments.

On March 7, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion of 5.00 percent senior notes due March 2034. Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity. On July 31, 2024, Chubb INA issued $700 million of 4.65 percent senior notes due August 2029 and $600 million of 5.00 percent senior notes due March 2034. Refer to Note 12 to the Consolidated Financial Statements for details about debt issued and debt redeemed.

For the nine months ended September 30, 2024, we repurchased $1.3 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At September 30, 2024, there were 16,592,565 Common Shares in treasury with a weighted-average cost of $170.96 per share, and $2.4 billion in share repurchase authorization remained.

We generally maintain the ability to issue certain classes of debt and equity securities via a Securities and Exchange Commission (SEC) shelf registration statement which is renewed every three years. This allows us capital market access for refinancing as well as for unforeseen or opportunistic capital needs. On October 3, 2024, we filed a new shelf registration statement which allows us to issue an unlimited amount of certain classes of debt and equity from time to time, replacing the shelf registration statement that was filed in October 2021. This new shelf registration statement expires in October 2027.

Dividends

We have paid dividends each quarter since we became a public company in 1993. Under Swiss law, dividends must be stated in Swiss francs though dividend payments are made by Chubb in U.S. dollars. Refer to Note 14 to the Consolidated Financial Statements for a discussion of our dividend methodology.

At our May 2024 annual general meeting, our shareholders approved an annual dividend for the following year of up to $3.64 per share, or CHF 3.29 per share, calculated using the USD/CHF exchange rate as published in the Wall Street Journal on May 16, 2024, expected to be paid in four quarterly installments of $0.91 per share after the general meeting by way of a distribution from capital contribution reserves, transferred to free reserves for payment. The Board determines the record and payment dates at which the annual dividend may be paid until the date of the 2025 annual general meeting, and is authorized to abstain from distributing a dividend at its discretion. The annual dividend approved in May 2024 represented a $0.20 per share increase ($0.05 per quarter) over the prior year dividend.

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The following table represents dividends paid per Common Share to shareholders of record on each of the following dates: 

Shareholders of record as of:

Dividends paid as of:

December 15, 2023

January 5, 2024

$0.86 (CHF 0.76)

March 15, 2024

April 5, 2024

$0.86 (CHF 0.75)

June 14, 2024

July 5, 2024

$0.91 (CHF 0.82)

September 13, 2024

October 4, 2024

$0.91 (CHF 0.78)

Liquidity

We anticipate that positive cash flows from operations (underwriting activities and investment income) should be sufficient to cover cash outflows under most loss scenarios for the near term. In addition to cash from operations, routine sales of investments, and financing arrangements, we have agreements with a third-party bank provider which implemented two international multi-currency notional cash pooling programs to enhance cash management efficiency during periods of short-term timing mismatches between expected inflows and outflows of cash by currency. The programs allow us to optimize investment income by avoiding portfolio disruption. Should the need arise, we generally have access to capital markets and to credit facilities with letter of credit capacity of $4.0 billion, $3.0 billion of which can be used for revolving credit. At September 30, 2024, our usage under these facilities was $887 million in letters of credit. Our access to credit under these facilities is dependent on the ability of the banks that are a party to the facilities to meet their funding commitments. The facilities require that we maintain certain financial covenants, all of which we met at September 30, 2024. Should the existing credit providers on these facilities experience financial difficulty, we may be required to replace credit sources, possibly in a difficult market. If we cannot obtain adequate capital or sources of credit on favorable terms, on a timely basis, or at all, our business, operating results, and financial condition could be adversely affected. To date, we have not experienced difficulty accessing our credit facility or establishing additional facilities when needed.

The payment of dividends or other statutorily permissible distributions from our operating companies are subject to the laws and regulations applicable to each jurisdiction, as well as the need to maintain capital levels adequate to support the insurance and reinsurance operations, including financial strength ratings issued by independent rating agencies. During the nine months ended September 30, 2024, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.

We assess which subsidiaries to draw dividends from based on a number of factors. Considerations such as regulatory and legal restrictions as well as the subsidiary’s financial condition are paramount to the dividend decision. Chubb Limited received dividends of $1.0 billion and $1.4 billion from its Bermuda subsidiaries during the nine months ended September 30, 2024 and 2023, respectively. Chubb Limited received cash dividends of nil and $28 million and non-cash dividends of nil and $291 million from Swiss subsidiaries during the nine months ended September 30, 2024 and 2023, respectively. Chubb Limited also received dividends of $91 million from its other international subsidiary during the nine months ended September 30, 2024.

The U.S. insurance subsidiaries of Chubb INA may pay dividends, without prior regulatory approval, subject to restrictions set out in state law of the subsidiary’s domicile (or, if applicable, commercial domicile). Chubb INA’s international subsidiaries are also subject to insurance laws and regulations particular to the countries in which the subsidiaries operate. These laws and regulations sometimes include restrictions that limit the amount of dividends payable without prior approval of regulatory insurance authorities. Chubb Limited received no dividends from Chubb INA during the nine months ended September 30, 2024 and 2023. Debt issued by Chubb INA is serviced by statutorily permissible distributions by Chubb INA’s insurance subsidiaries to Chubb INA as well as other group resources. Chubb INA received dividends of $1.8 billion and $976 million from its subsidiaries during the nine months ended September 30, 2024 and 2023, respectively.

Cash Flows

Our sources of liquidity include cash from operations, routine sales of investments, and financing arrangements. The following is a discussion of our cash flows for the nine months ended September 30, 2024 and 2023.

Operating cash flows were $11.6 billion in the nine months ended September 30, 2024, compared to $9.4 billion in the prior year period, primarily due to higher net investment income and net premiums collected, partially offset by higher net losses paid and income taxes paid.

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Cash used for investing was $11.4 billion in the nine months ended September 30, 2024, compared to $5.4 billion in the prior year period, an increase of $6.0 billion, which primarily included higher net purchases of fixed maturities and equity securities of $5.5 billion.

Cash used for financing was $0.1 billion in the nine months ended September 30, 2024, compared to $3.3 billion in the prior year period, a decrease of $3.2 billion. This was primarily due to net proceeds from the issuance of long-term debt, net of repayments of $1.6 billion compared with repayments of $475 million in the prior year, and fewer common shares repurchased of $497 million.

We use repurchase agreements as a low-cost funding alternative. At September 30, 2024, there were $3.0 billion in repurchase agreements outstanding with various maturities over the next nine months.

Both internal and external forces influence our financial condition, results of operations, and cash flows. Claim settlements, premium levels, and investment returns may be impacted by changing rates of inflation and other economic conditions. In many cases, significant periods of time, ranging up to several years or more, may lapse between the occurrence of an insured loss, the reporting of the loss to us, and the settlement of the liability for that loss.

Information provided in connection with outstanding debt of subsidiaries

Chubb INA Holdings LLC (Subsidiary Issuer) is an indirect 100 percent-owned and consolidated subsidiary of Chubb Limited (Parent Guarantor). The Parent Guarantor fully and unconditionally guarantees certain of the debt of the Subsidiary Issuer.

The following table presents the condensed balance sheets of Chubb Limited and Chubb INA Holdings LLC, after elimination of investment in any non-guarantor subsidiary:

			Chubb Limited (Parent Guarantor)												Chubb INA Holdings LLC (Subsidiary Issuer)
			September 30						December 31						September 30						December 31
(in millions of U.S. dollars)			2024						2023						2024						2023
Assets
Investments			$	—					$	—					$	107					$	103
Cash			215						77						199						3
Due from parent guarantor/subsidiary issuer			653						441						—						—
Due from subsidiaries that are not issuers or     guarantors			512						539						625						571
Other assets			6						12						2,952						2,785
Total assets			$	1,386					$	1,069					$	3,883					$	3,462
Liabilities
Due to parent guarantor/subsidiary issuer			$	—					$	—					$	653					$	441
Due to subsidiaries that are not issuers or     guarantors			255						263						252						593
Affiliated notional cash pooling programs			787						594						—						455
Short-term debt			—						—						1,571						1,460
Long-term debt			—						—						14,560						13,035
Trust preferred securities			—						—						309						308
Other liabilities			571						657						1,408						1,496
Total liabilities			1,613						1,514						18,753						17,788
Total equity			(227)						(445)						(14,870)						(14,326)
Total liabilities and equity			$	1,386					$	1,069					$	3,883					$	3,462

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The following table presents the condensed statements of operations and comprehensive loss of Chubb Limited and Chubb INA Holdings LLC, excluding equity in earnings from non-guarantor subsidiaries:

Nine Months Ended September 30, 2024			Chubb Limited (Parent Guarantor)						Chubb INA Holdings LLC (Subsidiary Issuer)
(in millions of U.S. dollars)
Net investment income (loss)			$	(19)					$	(36)
Net realized gains (losses)			(13)						(42)
Administrative expenses			87						(11)
Interest (income) expense			(9)						362
Other (income) expense			(33)						32
Income tax expense (benefit)			14						(156)
Net loss			$	(91)					$	(305)
Comprehensive loss			$	(91)					$	(599)

ITEM 3. Quantitative and Qualitative Disclosures about Market Risk

Refer to Item 7A included in our 2023 Form 10-K.

Foreign currency management

As a global company, Chubb entities transact business in multiple currencies. Our policy is to generally match assets, liabilities and required capital for each individual jurisdiction in local currency, which would include the use of derivatives. We occasionally engage in hedging activity for planned cross border transactions. For an estimated impact of foreign currency movement on our net assets denominated in non-U.S. currencies, refer to Item 7A in our 2023 Form 10-K. This information will be updated and disclosed in interim filings if our net assets in non-U.S. currencies change materially from the December 31, 2023, balances disclosed in the 2023 Form 10-K.

Reinsurance of market risk benefits

Chubb views its MRB reinsurance business as having a similar risk profile to that of catastrophe reinsurance, with the probability of long-term economic loss relatively small at the time of pricing. Adverse changes in market factors and policyholder behavior will have an impact on both MRB gains (losses) and net income. When evaluating these risks, we expect to be compensated for taking both the risk of a cumulative long-term economic net loss, as well as the short-term accounting variations caused by these market movements. Therefore, we evaluate this business in terms of its long-term economic risk and reward.

The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock etc.) at September 30, 2024, for both the fair value of the MRB liability (FVL) and the fair value of specific derivative instruments held (hedge value) to partially offset the risk in the MRB reinsurance portfolio. The following assumptions should be considered when using the below tables:

•Equity shocks impact all global equity markets equally

•Our liabilities are sensitive to global equity markets in the following proportions: 80 percent—90 percent U.S. equity, and 10 percent—20 percent international equity.

•Our current hedge portfolio is sensitive only to U.S. equity markets.

•We would suggest using the S&P 500 index as a proxy for U.S. equity, and the MSCI EAFE index as a proxy for international equity.

•Interest rate shocks assume a parallel shift in the U.S. yield curve

•Our liabilities are also sensitive to global interest rates at various points on the yield curve, mainly the U.S. Treasury curve in the following proportions: up to 15 percent short-term rates (maturing in less than 5 years), 15 percent—30 percent medium-term rates (maturing between 5 years and 10 years, inclusive), and 65 percent—80 percent long-term rates (maturing beyond 10 years).

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•A change in AA-rated credit spreads impacts the rate used to discount cash flows in the fair value model. AA-rated credit spreads are a proxy for both our own credit spreads and the credit spreads of the ceding insurers.

•The hedge sensitivity is from September 30, 2024, market levels and only applicable to the equity and interest rate sensitivities table below.

•The sensitivities do not scale linearly and may be proportionally greater for larger movements in the market factors. Actual sensitivity of our net income may differ from those disclosed in the tables below due to fluctuations in short-term market movements.

Sensitivities to equity and interest rate movements
(in millions of U.S. dollars)						Worldwide Equity Shock
Interest Rate Shock						+10%						Flat						-10%						-20%						-30%						-40%
+100 bps			(Increase)/decrease in FVL			$	291					$	194					$	78					$	(65)					$	(245)					$	(478)
			Increase/(decrease) in hedge value			(99)						—						99						198						297						397
			Increase/(decrease) in net income			$	192					$	194					$	177					$	133					$	52					$	(81)
Flat			(Increase)/decrease in FVL			$	114					$	—					$	(136)					$	(302)					$	(512)					$	(774)
			Increase/(decrease) in hedge value			(99)						—						99						198						297						397
			Increase/(decrease) in net income			$	15					$	—					$	(37)					$	(104)					$	(215)					$	(377)
-100 bps			(Increase)/decrease in FVL			$	(105)					$	(238)					$	(396)					$	(586)					$	(825)					$	(1,113)
			Increase/(decrease) in hedge value			(99)						—						99						198						297						397
			Increase/(decrease) in net income			$	(204)					$	(238)					$	(297)					$	(388)					$	(528)					$	(716)
Sensitivities to Other Economic Variables						AA-rated Credit Spreads												Interest Rate Volatility												Equity Volatility
(in millions of U.S. dollars)						+100 bps						-100 bps						+2%						-2%						+2%						-2%
(Increase)/decrease in FVL						$	54					$	(61)					$	(1)					$	1					$	(19)					$	18
Increase/(decrease) in net income						$	54					$	(61)					$	(1)					$	1					$	(19)					$	18

Market Risk Benefits Net Amount at Risk

All our MRB reinsurance treaties include annual or aggregate claim limits and many include an aggregate deductible which limit the net amount at risk under these programs. The tables below present the net amount at risk at September 30, 2024, following an immediate change in equity market levels, assuming all global equity markets are impacted equally.

a) Reinsurance covering the GMDB risk only

			Equity Shock
(in millions of U.S. dollars)			+20		%				Flat						-20		%				-40		%				-60		%				-80		%
GMDB net amount at risk			$	215					$	213					$	349					$	624					$	639					$	520
Claims at 100% immediate mortality			130						137						147						138						127						112

The treaty limits function as a ceiling as equity markets fall. As the shocks in the table above become incrementally more negative, the impacts begin to drop due to the specific nature of these claim limits, many of which are annual claim limits calculated as a percentage of the reinsured account value. There is also an impact due to a portion of the reinsurance under which claims are positively correlated to equity markets (claims decrease as equity markets fall).

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b) Reinsurance covering the GLB risk only

			Equity Shock
(in millions of U.S. dollars)			+20		%				Flat						-20		%				-40		%				-60		%				-80		%
GLB net amount at risk			$	745					$	975					$	1,339					$	1,851					$	2,155					$	2,418

The treaty limits cause the net amount at risk to increase at a declining rate as equity markets fall.

c) Reinsurance covering both the GMDB and GLB risks on the same underlying policyholders

			Equity Shock
(in millions of U.S. dollars)			+20		%				Flat						-20		%				-40		%				-60		%				-80		%
GMDB net amount at risk			$	35					$	41					$	50					$	60					$	69					$	75
GLB net amount at risk			296						366						461						579						695						736
Claims at 100% immediate mortality			26						26						25						25						25						25

The treaty limits cause the GMDB and GLB net amount at risk to increase at a declining rate as equity markets fall.

ITEM 4. Controls and Procedures

Chubb’s management, with the participation of Chubb’s Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of Chubb’s disclosure controls and procedures as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 as of September 30, 2024. Based upon that evaluation, Chubb’s Chief Executive Officer and Chief Financial Officer concluded that Chubb’s disclosure controls and procedures are effective in allowing information required to be disclosed in reports filed under the Securities Exchange Act of 1934 to be recorded, processed, summarized, and reported within time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to Chubb’s management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Effective July 1, 2023, Chubb discontinued the equity method of accounting to its investment in Huatai Group and applied consolidation accounting. Since the date of consolidation, we have worked to incorporate internal control processes for the consolidated business.

There have been no other changes in Chubb's internal controls over financial reporting during the three months ended September 30, 2024, that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.

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PART II OTHER INFORMATION

ITEM 1. Legal Proceedings

The information required with respect to this item is included in Note 13 h) to the Consolidated Financial Statements, which is hereby incorporated herein by reference.

ITEM 1A. Risk Factors

There have been no material changes to the risk factors described under "Risk Factors" under Item 1A of Part I of our 2023 Form 10-K.

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

Issuer’s Repurchases of Equity Securities

The following table provides information with respect to purchases by Chubb of its Common Shares during the three months ended September 30, 2024:

Period			Total Number of Shares Purchased (1)						Average Price Paid per Share						Total Number of Shares Purchased as Part of Publicly Announced Plan (2)						Approximate Dollar Value of Shares that May Yet be Purchased Under the Plan
July 1 through July 31			299,507						$	260.92					296,344						$	2.73	billion
August 1 through August 31			7,200						$	271.44					—						$	2.73	billion
September 1 through September 30			1,146,624						$	292.70					1,145,263						$	2.40	billion
Total			1,453,331						$	286.04					1,441,607

(1)This column represents open market share repurchases and the surrender to Chubb of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock issued to employees and to cover the cost of the exercise of options by employees through stock swaps.

(2)The aggregate value of shares purchased in the three months ended September 30, 2024 as part of the publicly announced plan was $413 million. Refer to Note 14 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.

ITEM 5. Other Information

During the three months ended September 30, 2024, no director or officer of Chubb (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of SEC Regulation S-K.

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ITEM 6. Exhibits

Incorporated by Reference

Exhibit Number

Exhibit Description

Form

Original Number

Date Filed

Filed Herewith

3.1

Articles of Association of the Company, as amended and restated

8-K

3.1

May 16, 2024

3.2

Organizational Regulations of the Company, as amended

10-K

3.2

February 24, 2023

4.1

Articles of Association of the Company, as amended and restated

8-K

4.1

May 16, 2024

4.2

Organizational Regulations of the Company, as amended

10-K

4.2

February 24, 2023

4.3

Form of Officer's Certificate related to the 4.650% Senior Notes due 2029 and the 5.000% Senior Notes due 2034

8-K

4.1

July 31, 2024

4.4

Form of Global Note for the 4.650% Senior Notes due 2029

8-K

4.2

July 31, 2024

4.5

Form of Global Note for the 5.000% Senior Notes due 2034

8-K

4.3

July 31, 2024

22.1

Guaranteed Securities

S-3

22.1

October 3, 2024

31.1

Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

X

31.2

Certification Pursuant to Section 302 of The Sarbanes-Oxley Act of 2002

X

32.1

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

X

32.2

Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of The Sarbanes-Oxley Act of 2002

X

101.1

The following financial information from Chubb Limited’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets at September 30, 2024, and December 31, 2023; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and nine months ended September 30, 2024 and 2023; (iii) Consolidated Statements of Shareholders’ Equity for the three and nine months ended September 30, 2024 and 2023; (iv) Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023; and (v) Notes to Consolidated Financial Statements

X

104.1

The Cover Page Interactive Data File formatted in Inline XBRL (The cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101.1)

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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 thereunto duly authorized.

			CHUBB LIMITED
			(Registrant)
October 30, 2024			/s/ Evan G. Greenberg
			Evan G. Greenberg
			Chairman and Chief Executive Officer
October 30, 2024			/s/ Peter C. Enns
			Peter C. Enns
			Executive Vice President and Chief Financial Officer

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