Chubb Ltd 8-K, filed Oct 20, 2026

Chubb Ltd (CB)

8-K 2026-10-20 For: 2026-10-20

Added on October 20, 2026

About this 8-K

Chubb Ltd filed this 8-K on October 20, 2026.

Chubb Limited reported third-quarter 2026 net income of $2.84 billion and core operating income of $2.98 billion, with a P&C combined ratio of 84.1% and consolidated net premiums written of $15.1 billion. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

Search and read filings like this one from Claude or ChatGPT with the SEC filings MCP server →


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share	CB	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027	CB/27	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028	CB/28	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029	CB/29A	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031	CB/31	New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038	CB/38A	New York Stock Exchange


Exhibit Number		Description

99.1		Press Release, Dated October 20, 2026, Reporting Third Quarter 2026 Results

99.2		Third Quarter 2026 Financial Supplement

104		Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document)


Chubb Limited

By:		/s/ Peter Enns
		Peter Enns
		Executive Vice President and Chief Financial Officer


							(Per Share)

	2026		2025		Change		2026		2025		Change
Net income		$2,844		$2,801		1.5%		$7.30		$6.99		4.4%
Adjusted net realized (gains) losses, net of tax		94		48		95.8%		0.25		0.12		108.3%
Integration expenses and severance, net of tax		8		1		NM		0.02		-		NM
Market risk benefits (gains) losses, net of tax		55		120		(54.2)%		0.14		0.30		(53.3)%
Amortization of deferred tax asset from Bermuda law		(60)		36		NM		(0.15)		0.09		NM
Amortization of fair value adjustments, net of tax		39		42		(7.1)%		0.10		0.10		-
Core operating income, net of tax		$2,980		$3,048		(2.2)%		$7.66		$7.60		0.8%

Annualized return on equity (ROE)		15.3%		15.9%
Core operating return on tangible equity (ROTE)		21.6%		24.8%
Core operating ROE		14.9%		16.6%


							(Per Share)

	2026		2025		Change		2026		2025		Change
Net income		$8,018		$7,100		12.9%		$20.46		$17.61		16.2%
Adjusted net realized (gains) losses, net of tax		396		(428)		NM		1.02		(1.06)		NM
Integration expenses and severance, net of tax		21		3		NM		0.05		0.01		NM
Market risk benefits (gains) losses, net of tax		39		213		(81.7)%		0.10		0.53		(81.1)%
Amortization of deferred tax asset from Bermuda law		4		91		(95.6)%		0.01		0.22		(95.5)%
Amortization of fair value adjustments, net of tax		119		127		(6.3)%		0.30		0.31		(3.2)%
Core operating income, net of tax		$8,597		$7,106		21.0%		$21.94		$17.62		24.5%

Annualized return on equity (ROE)		14.5%		13.9%
Core operating return on tangible equity (ROTE)		21.2%		19.9%
Core operating ROE		14.6%		13.2%


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


Chubb Limited	Q3		Q3
(in millions of U.S. dollars except for percentages)	2026		2025		Change
Consolidated
Net premiums written (increase of 1.8% in constant dollars)	$	15,143	$	14,866		1.9%

P&C
Net premiums written (increase of 1.6% in constant dollars)	$	13,183	$	12,934		1.9%
Underwriting income	$	2,061	$	2,259		(8.8)%
Combined ratio		84.1%		81.8%
Current accident year underwriting income excluding catastrophe losses (CATs)	$	2,255	$	2,183		3.3%
Current accident year combined ratio excluding CATs		82.6%		82.5%

Global P&C (excludes Agriculture)
Net premiums written (increase of 1.1% in constant dollars)	$	11,651	$	11,476		1.5%
Underwriting income	$	1,894	$	2,079		(8.9)%
Combined ratio		83.4%		81.0%
Current accident year underwriting income excluding CATs	$	2,085	$	2,029		2.7%
Current accident year combined ratio excluding CATs		81.8%		81.6%

Life Insurance
Net premiums written (increase of 3.7% in constant dollars)	$	1,960	$	1,932		1.4%
Segment income (increase of 14.7% in constant dollars)	$	369	$	332		11.4%


	September 30 2026		December 31 2025
Assets
Investments	$	172,507	$	168,720
Cash and restricted cash		3,010		2,470

Total invested assets		175,517		171,190
Insurance and reinsurance balances receivable		18,188		15,944
Reinsurance recoverable on losses and loss expenses		20,611		20,338
Goodwill and other intangible assets ($26,021 and $25,775 represents Chubb portion as of 9/30/2026 and 12/31/2025, respectively)		26,665		26,448
Other assets		42,528		38,407

Total assets	$	283,509	$	272,327


Liabilities
Unpaid losses and loss expenses	$	91,829	$	88,018
Unearned premiums		28,608		26,279
Other liabilities		84,560		78,251

Total liabilities		204,997		192,548

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		82,710		78,732
Accumulated other comprehensive income (loss) (AOCI)		(9,483)		(4,975)

Chubb shareholders’ equity		73,227		73,757
Noncontrolling interests		5,285		6,022

Total shareholders’ equity		78,512		79,779

Total liabilities and shareholders’ equity	$	283,509	$	272,327


Book value per common share	$	191.43	$	188.59
Tangible book value per common share	$	126.96	$	126.22
Book value per common share, excl. AOCI	$	216.22	$	201.31
Tangible book value per common share, excl. AOCI	$	150.70	$	136.91


Chubb Limited
Summary Consolidated Financial Data
(in millions of U.S. dollars, except share, per share data, and ratios)
(Unaudited)

	Three Months Ended September 30				Nine Months Ended September 30
	2026		2025		2026		2025
Gross premiums written	$	18,359	$	18,069	$	52,857	$	50,450
Net premiums written		15,143		14,866		43,853		41,708
Net premiums earned		14,924		14,359		42,270		39,484
Losses and loss expenses		7,526		6,951		20,348		20,419
Policy benefits		1,477		1,372		4,877		4,005
Policy acquisition costs		2,739		2,563		7,967		7,291
Administrative expenses		1,126		1,138		3,443		3,343
Net investment income		1,791		1,648		5,260		4,777
Net realized gains (losses)		(455)		283		(700)		327
Market risk benefits gains (losses)		(65)		(142)		(46)		(251)
Interest expense		204		197		602		559
Other income (expense):
Gains (losses) from separate account assets		(24)		(9)		27		(31)
Other		388		52		694		812
Amortization of purchased intangibles		74		75		221		224
Integration expenses and severance		11		1		28		3
Income tax expense		666		787		2,054		1,825

Net income	$	2,736	$	3,107	$	7,965	$	7,449
Less: NCI income (loss)		(108)		306		(53)		349

Chubb net income	$	2,844	$	2,801	$	8,018	$	7,100


Diluted earnings per share:
Chubb net income	$	7.30	$	6.99	$	20.46	$	17.61
Core operating income	$	7.66	$	7.60	$	21.94	$	17.62
Weighted average shares outstanding		389.4		400.9		391.8		403.2

P&C combined ratio
Loss and loss expense ratio		58.7%		56.7%		57.1%		60.8%
Policy acquisition cost ratio		18.3%		17.7%		19.1%		18.5%
Administrative expense ratio		7.1%		7.4%		7.8%		8.0%

P&C combined ratio		84.1%		81.8%		84.0%		87.3%

P&C underwriting income	$	2,061	$	2,259	$	5,790	$	4,331


		Page
I.	Financial Highlights
	- Consolidated Financial Highlights	1

II.	Consolidated Results
	- Consolidated Statement of Operations	2
	- P&C - Consecutive Quarters	3
	- Global P&C - Consecutive Quarters	4
	- Summary Consolidated Balance Sheets	5
	- Product Line	6
	- Consolidated Results by Segment	7 - 8

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

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

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


	Three months ended September 30						Constant $		Constant $		Nine months ended September 30						Constant $		Constant $		Year ended December 31
	2026		2025*		% Change		2025*		% Change		2026		2025*		% Change		2025*		% Change		2025*		2024*


Gross premiums written	$	18,359	$	18,069		1.6%	$	18,079		1.5%	$	52,857	$	50,450		4.8%	$	51,148		3.3%	$	65,946	$	62,003

Net premiums written	$	15,143	$	14,866		1.9%	$	14,870		1.8%	$	43,853	$	41,708		5.1%	$	42,287		3.7%	$	54,842	$	51,468

P&C net premiums written	$	13,183	$	12,934		1.9%	$	12,980		1.6%	$	37,667	$	36,254		3.9%	$	36,824		2.3%	$	47,563	$	45,142

Global P&C net premiums written	$	11,651	$	11,476		1.5%	$	11,522		1.1%	$	35,048	$	33,787		3.7%	$	34,357		2.0%	$	44,637	$	42,439

Life Insurance net premiums written	$	1,960	$	1,932		1.4%	$	1,890		3.7%	$	6,186	$	5,454		13.4%	$	5,463		13.2%	$	7,279	$	6,326

Net premiums earned	$	14,924	$	14,359		3.9%	$	14,347		4.0%	$	42,270	$	39,484		7.1%	$	39,984		5.7%	$	53,014	$	49,846

P&C underwriting income	$	2,061	$	2,259		-8.8%	$	2,247		-8.3%	$	5,790	$	4,331		33.7%	$	4,403		31.5%	$	6,528	$	5,850

P&C CAY underwriting income ex Cats	$	2,255	$	2,183		3.3%	$	2,177		3.6%	$	6,390	$	6,022		6.1%	$	6,090		4.9%	$	8,316	$	7,381

Adjusted net investment income	$	1,888	$	1,776		6.3%	$	1,779		6.2%	$	5,606	$	5,133		9.2%	$	5,167		8.5%	$	6,947	$	6,376

Core operating income	$	2,980	$	3,048		-2.2%	$	3,028		-1.6%	$	8,597	$	7,106		21.0%	$	7,168		19.9%	$	10,133	$	9,337

Adjusted operating cash flow	$	5,550	$	4,509							$	12,829	$	9,741							$	13,906	$	15,904

Net investment income	$	1,791	$	1,648		8.6%	$	1,648		8.6%	$	5,260	$	4,777		10.1%	$	4,802		9.5%	$	6,465	$	5,930

Chubb net income	$	2,844	$	2,801		1.5%					$	8,018	$	7,100		12.9%					$	10,310	$	9,272

Operating cash flow	$	6,071	$	3,639							$	13,748	$	8,756							$	12,816	$	16,182

P&C combined ratio
Loss and loss expense ratio		58.7%		56.7%								57.1%		60.8%								59.1%		60.4%
Policy acquisition cost and administrative expense ratio		25.4%		25.1%								26.9%		26.5%								26.6%		26.2%



Combined ratio		84.1%		81.8%								84.0%		87.3%								85.7%		86.6%

P&C Current Accident Year (CAY) combined ratio ex Catastrophe losses (Cats)
CAY loss and loss expense ratio ex Cats		57.3%		57.5%								55.5%		56.0%								55.3%		57.0%
CAY policy acquisition cost and administrative expense ratio ex Cats		25.3%		25.0%								26.8%		26.4%								26.6%		26.1%



CAY combined ratio ex Cats		82.6%		82.5%								82.3%		82.4%								81.9%		83.1%

ROE		15.3%		15.9%								14.5%		13.9%								15.0%		15.0%
Core operating return on tangible equity (ROTE)		21.6%		24.8%								21.2%		19.9%								20.9%		21.9%
Core operating return on equity (ROE)		14.9%		16.6%								14.6%		13.2%								14.0%		14.1%

Effective tax rate		18.9%		21.9%								20.3%		20.4%								18.9%		16.3%
Core operating effective tax rate		19.9%		20.5%								19.5%		19.8%								19.5%		18.1%

Diluted earnings per share

Chubb net income	$	7.30	$	6.99		4.4%					$	20.46	$	17.61		16.2%					$	25.68	$	22.70

Core operating income	$	7.66	$	7.60		0.8%					$	21.94	$	17.62		24.5%					$	25.24	$	22.86

Weighted average diluted common shares outstanding		389.4		400.9								391.8		403.2								401.5		408.5


					% Change				% Change				% Change
	September 30		June 30		3Q-26 vs.		December 31		3Q-26 vs.		September 30		3Q-26 vs.
	2026		2026		2Q-26		2025		4Q-25		2025		3Q-25

Book value per common share	$	191.43	$	195.45		-2.1%	$	188.59		1.5%	$	182.22		5.1%
Tangible book value per common share	$	126.96	$	131.93		-3.8%	$	126.22		0.6%	$	120.13		5.7%

Book value per common share, excl. AOCI	$	216.22	$	210.81		2.6%	$	201.31		7.4%	$	194.63		11.1%
Tangible book value per common share, excl. AOCI	$	150.70	$	145.67		3.5%	$	136.91		10.1%	$	130.60		15.4%


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

Gross premiums written	$	18,359		$	17,947		$	16,551		$	15,496		$	18,069		$	52,857		$	50,450		$	65,946

Net premiums written		15,143			14,705			14,005			13,134			14,866			43,853			41,708			54,842

Net premiums earned		14,924			13,889			13,457			13,530			14,359			42,270			39,484			53,014

Adjusted losses and loss expenses ⁽¹⁾		7,521			6,699			6,139			6,289			6,958			20,359			20,427			26,716

Realized (gains) losses on crop derivatives		(5	)		8			8			8			7			11			8			16



Losses and loss expenses		7,526			6,691			6,131			6,281			6,951			20,348			20,419			26,700

Adjusted policy benefits ⁽²⁾		1,479			1,480			1,813			1,355			1,422			4,772			4,076			5,431

Realized (gains) losses from investment portfolios supporting participating policies		(22	)		(72	)		16			27			41			(78	)		40			67

(Gains) losses from fair value changes in separate account assets		24			(63	)		12			(127	)		9			(27	)		31			(96	)



Policy benefits		1,477			1,615			1,785			1,455			1,372			4,877			4,005			5,460

Policy acquisition costs		2,739			2,632			2,596			2,556			2,563			7,967			7,291			9,847

Administrative expenses		1,126			1,168			1,149			1,161			1,138			3,443			3,343			4,504

Adjusted net investment income ⁽³⁾		1,888			1,880			1,838			1,814			1,776			5,606			5,133			6,947

Other (income) expense from private equity partnerships		(97	)		(119	)		(127	)		(125	)		(127	)		(343	)		(349	)		(474	)

Amortization expense of fair value adjustment on acquired invested assets		-			(1	)		(2	)		(1	)		(1	)		(3	)		(7	)		(8	)



Net investment income		1,791			1,760			1,709			1,688			1,648			5,260			4,777			6,465

Adjusted realized gains (losses) ⁽⁴⁾		(482	)		98			(383	)		(81	)		331			(767	)		375			294

Realized gains (losses) from investment portfolios supporting participating policies		22			72			(16	)		(27	)		(41	)		78			(40	)		(67	)

Realized gains (losses) on crop derivatives		5			(8	)		(8	)		(8	)		(7	)		(11	)		(8	)		(16	)



Net realized gains (losses)		(455	)		162			(407	)		(116	)		283			(700	)		327			211

Market risk benefits gains (losses)		(65	)		5			14			(37	)		(142	)		(46	)		(251	)		(288	)

Adjusted interest expense ⁽⁵⁾		210			205			203			210			203			618			575			785

Amortization benefit of fair value adjustment on acquired long term debt		(6	)		(5	)		(5	)		(5	)		(6	)		(16	)		(16	)		(21	)



Interest expense		204			200			198			205			197			602			559			764

Gains (losses) from fair value changes in separate account assets		(24	)		63			(12	)		127			(9	)		27			(31	)		96

Net realized gains (losses) related to unconsolidated entities		282			2			27			282			(84	)		311			431			713

Other income (expense) from private equity partnerships		97			119			127			125			127			343			349			474

Other income (expense) - operating		9			12			19			(18	)		9			40			32			14



Other income (expense)		364			196			161			516			43			721			781			1,297

Adjusted amortization expense of purchased intangibles ⁽⁶⁾		17			17			17			17			15			51			46			63

Amortization expense of purchased intangibles other than long-term distribution agreements		57			57			56			60			60			170			178			238



Amortization expense of purchased intangibles		74			74			73			77			75			221			224			301

Integration expenses and severance		11			8			9			76			1			28			3			79

Income tax expense (benefit)		666			742			646			597			787			2,054			1,825			2,422



Net income	$	2,736		$	2,882		$	2,347		$	3,173		$	3,107		$	7,965		$	7,449		$	10,622

Less: NCI income (loss)		(108	)		28			27			(37	)		306			(53	)		349			312



Chubb net income	$	2,844		$	2,854		$	2,320		$	3,210		$	2,801		$	8,018		$	7,100		$	10,310


Global P&C	3Q-26		2Q-26		1Q-26		4Q-25		3Q-25		YTD 2026		YTD 2025		Full Year 2025
Gross premiums written	$	13,746	$	14,841	$	13,705	$	13,005	$	13,558	$	42,292	$	40,751	$	53,756
Net premiums written		11,651		11,992		11,405		10,850		11,476		35,048		33,787		44,637
Net premiums earned		11,408		11,314		11,000		11,055		10,939		33,722		31,816		42,871
Adjusted losses and loss expenses		6,181		6,151		6,058		5,817		5,703		18,390		18,551		24,368
Policy benefits		124		106		113		109		119		343		361		470
Policy acquisition costs		2,287		2,235		2,210		2,196		2,118		6,732		6,152		8,348
Administrative expenses		922		951		945		954		920		2,818		2,720		3,674

Global P&C underwriting income	$	1,894	$	1,871	$	1,674	$	1,979	$	2,079	$	5,439	$	4,032	$	6,011

Global P&C CAY underwriting income ex Cats	$	2,085	$	2,049	$	1,964	$	2,130	$	2,029	$	6,098	$	5,766	$	7,896

% Change versus prior year period
Net premiums written		1.5%		2.8%		7.1%		6.6%		5.3%		3.7%		4.7%		5.2%
Net premiums earned		4.3%		5.4%		8.5%		5.3%		4.9%		6.0%		4.8%		4.9%

Net premiums written constant $		1.1%		1.1%		3.9%		5.7%		4.6%		2.0%		5.3%		5.4%
Net premiums earned constant $		4.0%		3.4%		5.8%		4.4%		4.1%		4.4%		5.2%		5.0%

Combined ratio
Loss and loss expense ratio		55.3%		55.3%		56.1%		53.6%		53.2%		55.6%		59.4%		57.9%
Policy acquisition cost ratio		20.0%		19.8%		20.1%		19.9%		19.4%		19.9%		19.3%		19.5%
Administrative expense ratio		8.1%		8.4%		8.6%		8.6%		8.4%		8.4%		8.6%		8.6%

Combined ratio		83.4%		83.5%		84.8%		82.1%		81.0%		83.9%		87.3%		86.0%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		53.7%		53.8%		53.5%		52.6%		54.0%		53.7%		54.2%		53.8%
CAY policy acquisition cost and administrative expense ratio ex Cats		28.1%		28.1%		28.7%		28.3%		27.6%		28.2%		27.7%		27.9%

CAY combined ratio ex Cats		81.8%		81.9%		82.2%		80.9%		81.6%		81.9%		81.9%		81.7%


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

Expense ratio		28.1%		28.2%		28.7%		28.5%		27.8%		28.3%		27.9%		28.1%
Expense ratio excluding A&H		26.4%		26.6%		27.1%		26.9%		26.2%		26.7%		26.3%		26.4%

Net catastrophe losses - pre-tax	$	700	$	461	$	496	$	361	$	281	$	1,657	$	2,536	$	2,897
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(509)	$	(283)	$	(206)	$	(210)	$	(331)	$	(998)	$	(802)	$	(1,012)

Impact of catastrophe losses on combined ratio - Unfavorable (favorable)		6.1%		4.1%		4.5%		3.2%		2.6%		4.9%		7.9%		6.8%
Impact of PPD on combined ratio - Unfavorable (favorable)		-4.5%		-2.5%		-1.9%		-2.0%		-3.2%		-2.9%		-2.5%		-2.5%
Impact of Cats and PPD on combined ratio - Unfavorable (favorable)		1.6%		1.6%		2.6%		1.2%		-0.6%		2.0%		5.4%		4.3%


	September 30 2026		June 30 2026		March 31 2026		December 31 2025
Assets
Short-term investments, at fair value	$	5,293	$	5,458	$	5,067	$	4,840
Fixed maturities available for sale, at fair value		125,804		125,518		123,433		122,680
Private debt held-for-investment, at amortized cost		2,261		2,252		2,477		2,411
Equity securities, at fair value		10,760		11,014		10,916		10,801
Private equities		17,528		17,385		17,132		17,239
Other investments		10,861		11,022		11,170		10,749

Total investments		172,507		172,649		170,195		168,720
Cash and restricted cash		3,010		2,753		2,634		2,470

Total invested assets		175,517		175,402		172,829		171,190

Securities lending collateral		2,295		1,870		2,277		2,500
Insurance and reinsurance balances receivable		18,188		19,068		17,101		15,944
Reinsurance recoverable on losses and loss expenses		20,611		20,284		20,159		20,338
Deferred policy acquisition costs		11,422		10,744		10,452		10,008
Value of business acquired (VOBA)		3,011		2,828		2,926		2,975
Prepaid reinsurance premiums		4,484		4,683		4,105		3,874
Goodwill and other intangible assets ($26,021 and $25,775 represents Chubb portion as of 9/30/2026 and 12/31/2025, respectively)		26,665		26,488		26,587		26,448
Deferred tax assets		1,455		1,237		1,315		1,312
Separate account assets		7,340		7,471		6,718		6,925
Other assets		12,521		11,247		10,987		10,813

Total assets	$	283,509	$	281,322	$	275,456	$	272,327


Liabilities
Unpaid losses and loss expenses	$	91,829	$	89,669	$	88,915	$	88,018
Unearned premiums		28,608		28,511		27,180		26,279
Future policy benefits		21,133		20,159		19,273		18,420
Market risk benefits		530		505		642		659
Policyholder account balances		9,445		9,102		8,782		8,576
Separate account liabilities		7,340		7,471		6,718		6,925
Insurance and reinsurance balances payable		8,837		9,345		8,486		8,349
Securities lending payable		2,295		1,870		2,277		2,500
Accounts payable, accrued expenses, and other liabilities		14,042		13,433		13,617		13,432
Deferred tax liabilities		1,852		1,870		1,759		1,741
Short-term and long-term debt		18,658		18,115		17,470		17,227
Hybrid debt		428		427		425		422

Total liabilities		204,997		200,477		195,544		192,548

Shareholders’ equity
Chubb shareholders’ equity, excl. AOCI		82,710		81,295		79,699		78,732
Accumulated other comprehensive income (loss) (AOCI)		(9,483)		(5,923)		(5,911)		(4,975)

Chubb shareholders’ equity		73,227		75,372		73,788		73,757
Noncontrolling interests		5,285		5,473		6,124		6,022

Total shareholders’ equity		78,512		80,845		79,912		79,779

Total liabilities and shareholders’ equity	$	283,509	$	281,322	$	275,456	$	272,327


Book value per common share	$	191.43	$	195.45	$	189.93	$	188.59
% change over prior quarter		-2.1%		2.9%		0.7%		3.5%
Tangible book value per common share ⁽¹⁾	$	126.96	$	131.93	$	126.65	$	126.22
% change over prior quarter		-3.8%		4.2%		0.3%		5.1%

Book value per common share, excl. AOCI	$	216.22	$	210.81	$	205.15	$	201.31
% change over prior quarter		2.6%		2.8%		1.9%		3.4%
Tangible book value per common share, excl. AOCI	$	150.70	$	145.67	$	140.35	$	136.91
% change over prior quarter		3.5%		3.8%		2.5%		4.8%


							Constant $		YTD		YTD				Constant $
	3Q-26		3Q-25		% Change		% Change		2026		2025		% Change		% Change
Net premiums written

Property and other short-tail lines	$	2,335	$	2,428		-3.8%		-4.3%	$	7,288	$	7,683		-5.1%		-7.1%
Commercial casualty		2,684		2,627		2.2%		2.1%		7,798		7,268		7.3%		6.1%
Financial lines		1,307		1,349		-3.2%		-3.5%		3,731		3,706		0.7%		-0.9%
Workers’ compensation		504		537		-6.2%		-6.2%		1,711		1,722		-0.6%		-0.6%
Commercial multiple peril⁽¹⁾		489		462		5.9%		6.0%		1,480		1,359		8.9%		8.8%
Surety		249		203		22.3%		20.0%		716		628		13.9%		10.8%

Total Commercial P&C lines		7,568		7,606		-0.5%		-0.8%		22,724		22,366		1.6%		0.2%

Agriculture		1,532		1,458		5.1%		5.1%		2,619		2,467		6.2%		6.2%

Personal homeowners		1,568		1,473		6.4%		6.2%		4,481		4,151		8.0%		7.2%
Personal automobile		834		801		4.1%		1.0%		2,550		2,271		12.3%		6.7%
Personal other		506		447		13.2%		13.2%		1,596		1,433		11.3%		9.0%

Total Personal lines ⁽²⁾		2,908		2,721		6.9%		5.8%		8,627		7,855		9.8%		7.4%

Global A&H - P&C		888		845		5.2%		5.9%		2,693		2,474		8.9%		6.0%

Reinsurance lines		287		304		-5.6%		-5.6%		1,004		1,092		-8.1%		-8.2%


Total P&C	$	13,183	$	12,934		1.9%		1.6%	$	37,667	$	36,254		3.9%		2.3%


Life Insurance		1,960		1,932		1.4%		3.7%		6,186		5,454		13.4%		13.2%


Total Consolidated	$	15,143	$	14,866		1.9%		1.8%	$	43,853	$	41,708		5.1%		3.7%


		Three months ended September 30, 2026
	North America Commercial P&C			North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Q3 2026		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	5,512	$	1,909	$	1,532	$	3,943	$	287	$	-	$	13,183	$	1,960	$	15,143
% of total net premiums written			36%		13%		10%		26%		2%		0%		87%		13%		100%
Net premiums earned			5,222		1,846		1,559		4,053		287		-		12,967		1,957		14,924
Adjusted losses and loss expenses			3,422		668		1,306		1,910		130		51		7,487		34		7,521
Adjusted policy benefits			-		-		-		124		-		-		124		1,355		1,479
Policy acquisition costs			750		359		84		1,085		93		-		2,371		368		2,739
Administrative expenses			333		87		2		383		9		110		924		202		1,126

Underwriting income (loss)			717		732		167		551		55		(161)		2,061		(2)		2,059
Adjusted net investment income			985		143		21		318		114		(14)		1,567		321		1,888
Other income (expense) - operating			(17)		(3)		(1)		(14)		-		(8)		(43)		52		9
Adjusted amortization expense of purchased intangibles			-		-		-		(15)		-		-		(15)		(2)		(17)

Segment income (loss)		$	1,685	$	872	$	187	$	840	$	169	$	(183)	$	3,570	$	369	$	3,939


Combined ratio			86.3%		60.3%		89.3%		86.4%		80.7%				84.1%
CAY combined ratio ex Cats			82.1%		69.9%		89.0%		84.3%		78.7%				82.6%

		Three months ended September 30, 2025
	North America Commercial P&C			North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
Q3 2025		Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written		$	5,663	$	1,814	$	1,458	$	3,695	$	304	$	-	$	12,934	$	1,932	$	14,866
% of total net premiums written			38%		12%		10%		25%		2%		0%		87%		13%		100%
Net premiums earned			5,080		1,741		1,495		3,803		315		-		12,434		1,925		14,359
Adjusted losses and loss expenses			3,083		713		1,224		1,707		139		61		6,927		31		6,958
Adjusted policy benefits			-		-		-		119		-		-		119		1,303		1,422
Policy acquisition costs			708		339		86		975		96		-		2,204		359		2,563
Administrative expenses			348		82		5		368		9		113		925		213		1,138

Underwriting income (loss)			941		607		180		634		71		(174)		2,259		19		2,278
Adjusted net investment income			978		123		20		288		100		(17)		1,492		284		1,776
Other income (expense) - operating			(10)		(1)		-		(8)		-		(3)		(22)		31		9
Adjusted amortization expense of purchased intangibles			-		-		-		(13)		-		-		(13)		(2)		(15)

Segment income (loss)		$	1,909	$	729	$	200	$	901	$	171	$	(194)	$	3,716	$	332	$	4,048


Combined ratio			81.5%		65.1%		88.0%		83.3%		77.4%				81.8%
CAY combined ratio ex Cats			80.8%		72.1%		89.7%		84.4%		75.6%				82.5%


	Nine months ended September 30, 2026
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
YTD 2026	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	16,001	$	5,644	$	2,619	$	12,399	$	1,004	$	-	$	37,667	$	6,186	$	43,853
% of total net premiums written		37%		13%		6%		28%		2%		0%		86%		14%		100%
Net premiums earned		15,584		5,409		2,389		11,817		912		-		36,111		6,159		42,270
Adjusted losses and loss expenses		10,014		2,493		1,885		5,271		388		224		20,275		84		20,359
Adjusted policy benefits		-		-		-		343		-		-		343		4,429		4,772
Policy acquisition costs		2,232		1,053		153		3,154		293		-		6,885		1,082		7,967
Administrative expenses		1,038		258		-		1,169		26		327		2,818		625		3,443

Underwriting income (loss)		2,300		1,605		351		1,880		205		(551)		5,790		(61)		5,729
Adjusted net investment income		2,938		420		68		931		332		(32)		4,657		949		5,606
Other income (expense) - operating		(46)		(9)		(3)		(26)		-		(24)		(108)		148		40
Adjusted amortization expense of purchased intangibles		-		-		-		(43)		-		-		(43)		(8)		(51)

Segment income (loss)	$	5,192	$	2,016	$	416	$	2,742	$	537	$	(607)	$	10,296	$	1,028	$	11,324


Combined ratio		85.2%		70.3%		85.3%		84.1%		77.5%				84.0%
CAY combined ratio ex Cats		81.9%		70.4%		87.7%		85.0%		76.3%				82.3%

	Nine months ended September 30, 2025
	North America Commercial P&C		North America Personal P&C		North America Agricultural		Overseas General		Global				Total		Life		Total
YTD 2025	Insurance		Insurance		Insurance		Insurance		Reinsurance		Corporate		P&C		Insurance		Consolidated
Net premiums written	$	16,173	$	5,304	$	2,467	$	11,218	$	1,092	$	-	$	36,254	$	5,454	$	41,708
% of total net premiums written		38%		13%		6%		27%		3%		0%		87%		13%		100%
Net premiums earned		15,245		4,996		2,258		10,554		1,021		-		34,074		5,410		39,484
Adjusted losses and loss expenses		9,372		3,628		1,799		4,893		513		145		20,350		77		20,427
Adjusted policy benefits		-		-		-		361		-		-		361		3,715		4,076
Policy acquisition costs		2,132		1,001		151		2,725		294		-		6,303		988		7,291
Administrative expenses		1,049		251		9		1,067		29		324		2,729		614		3,343

Underwriting income (loss)		2,692		116		299		1,508		185		(469)		4,331		16		4,347
Adjusted net investment income		2,845		361		63		847		255		(67)		4,304		829		5,133
Other income (expense) - operating		(26)		(2)		(1)		(19)		-		(23)		(71)		103		32
Adjusted amortization expense of purchased intangibles		-		-		-		(39)		-		-		(39)		(7)		(46)

Segment income (loss)	$	5,511	$	475	$	361	$	2,297	$	440	$	(559)	$	8,525	$	941	$	9,466


Combined ratio		82.3%		97.7%		86.8%		85.7%		81.9%				87.3%
CAY combined ratio ex Cats		81.1%		73.1%		88.7%		85.1%		74.5%				82.4%


																YTD			YTD			Full Year
	3Q-26			2Q-26			1Q-26			4Q-25			3Q-25			2026			2025			2025
Gross premiums written	$	6,446		$	7,194		$	5,890		$	6,177		$	6,652		$	19,530		$	19,386		$	25,563
Net premiums written		5,512			5,594			4,895			5,107			5,663			16,001			16,173			21,280
Net premiums earned		5,222			5,214			5,148			5,136			5,080			15,584			15,245			20,381
Losses and loss expenses		3,422			3,372			3,220			2,941			3,083			10,014			9,372			12,313
Policy acquisition costs		750			730			752			759			708			2,232			2,132			2,891
Administrative expenses		333			351			354			345			348			1,038			1,049			1,394

Underwriting income		717			761			822			1,091			941			2,300			2,692			3,783
Adjusted net investment income		985			982			971			995			978			2,938			2,845			3,840
Other income (expense) - operating		(17	)		(15	)		(14	)		(33	)		(10	)		(46	)		(26	)		(59	)

Segment income	$	1,685		$	1,728		$	1,779		$	2,053		$	1,909		$	5,192		$	5,511		$	7,564

CAY underwriting income ex Cats	$	940		$	952		$	935		$	1,045		$	987		$	2,827		$	2,901		$	3,946

Combined ratio
Loss and loss expense ratio		65.5%			64.7%			62.5%			57.2%			60.7%			64.3%			61.5%			60.4%
Policy acquisition cost ratio		14.4%			14.0%			14.6%			14.8%			13.9%			14.2%			14.0%			14.2%
Administrative expense ratio		6.4%			6.7%			6.9%			6.8%			6.9%			6.7%			6.8%			6.8%

Combined ratio		86.3%			85.4%			84.0%			78.8%			81.5%			85.2%			82.3%			81.4%


CAY combined ratio ex Cats
CAY loss and loss expense ratio ex Cats		61.4%			61.1%			60.4%			58.6%			60.4%			60.9%			60.3%			59.9%
CAY policy acquisition cost and administrative expense ratio ex Cats		20.7%			20.7%			21.4%			21.3%			20.4%			21.0%			20.8%			20.9%

CAY combined ratio ex Cats		82.1%			81.8%			81.8%			79.9%			80.8%			81.9%			81.1%			80.8%


Net catastrophe losses - pre-tax	$	237		$	302		$	202		$	129		$	72		$	741		$	455		$	584
Unfavorable (favorable) prior period development (PPD) - pre-tax	$	(14	)	$	(111	)	$	(89	)	$	(175	)	$	(26	)	$	(214	)	$	(246	)	$	(421	)

% Change versus prior year period
Net premiums written		-2.7%			-2.3%			2.3%			4.3%			2.9%			-1.1%			3.1%			3.4%
Net premiums earned		2.8%			0.7%			3.2%			0.4%			-0.6%			2.2%			2.4%			1.9%

Other ratios
Net premiums written/gross premiums written		86%			78%			83%			83%			85%			82%			83%			83%

Production by Size - Net premiums written ⁽¹⁾
Major Accounts & Specialty	$	3,210		$	3,257		$	2,772		$	3,003		$	3,379		$	9,239		$	9,688		$	12,691
Commercial		2,302			2,337			2,123			2,104			2,284			6,762			6,485			8,589

Total	$	5,512		$	5,594		$	4,895		$	5,107		$	5,663		$	16,001		$	16,173		$	21,280


	Unpaid Losses									Net Paid to
	Gross			Ceded			Net			Incurred Ratio

Balance at December 31, 2024	$	84,004		$	17,734		$	66,270
Losses and loss expenses incurred		8,654			1,758			6,896
Losses and loss expenses paid		(7,466	)		(1,462	)		(6,004	)	87%
Other (incl. foreign exch. revaluation)		279			51			228

Balance at March 31, 2025	$	85,471		$	18,081		$	67,390
Losses and loss expenses incurred		7,661			1,089			6,572
Losses and loss expenses paid		(7,620	)		(1,682	)		(5,938	)	90%
Other (incl. foreign exch. revaluation)		864			203			661

Balance at June 30, 2025	$	86,376		$	17,691		$	68,685
Losses and loss expenses incurred		8,827			1,876			6,951
Losses and loss expenses paid		(6,934	)		(1,190	)		(5,744	)	83%
Other (incl. foreign exch. revaluation)		170			44			126

Balance at September 30, 2025	$	88,439		$	18,421		$	70,018
Losses and loss expenses incurred		8,168			1,887			6,281
Losses and loss expenses paid		(8,555	)		(1,948	)		(6,607	)	105%
Other (incl. foreign exch. revaluation)		(34	)		(14	)		(20	)

Balance at December 31, 2025	$	88,018		$	18,346		$	69,672
Losses and loss expenses incurred		7,481			1,350			6,131
Losses and loss expenses paid		(6,822	)		(1,491	)		(5,331	)	87%
Other (incl. foreign exch. revaluation)		238			48			190

Balance at March 31, 2026	$	88,915		$	18,253		$	70,662
Losses and loss expenses incurred		8,114			1,423			6,691
Losses and loss expenses paid		(7,221	)		(1,199	)		(6,022	)	90%
Other (incl. foreign exch. revaluation)		(139	)		(24	)		(115	)

Balance at June 30, 2026	$	89,669		$	18,453		$	71,216
Losses and loss expenses incurred		9,499			1,973			7,526
Losses and loss expenses paid		(7,640	)		(1,588	)		(6,052	)	80%
Other (incl. foreign exch. revaluation)		301			81			220

Balance at September 30, 2026	$	91,829		$	18,919		$	72,910
Add net recoverable on paid losses		-			1,692			(1,692	)

Balance including net recoverable on paid losses	$	91,829		$	20,611		$	71,218


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

Active operations	$	1,290		$	1,421		$	1,484		$	1,570

Brandywine and Other Run-off		451			461			486			494


Total	$	1,741		$	1,882		$	1,970		$	2,064


Reinsurance recoverable on unpaid losses and loss expenses

Active operations	$	18,091		$	17,644		$	17,445		$	17,503

Brandywine and Other Run-off		1,111			1,082			1,064			1,091


Total	$	19,202		$	18,726		$	18,509		$	18,594


Gross reinsurance recoverable

Active operations	$	19,381		$	19,065		$	18,929		$	19,073

Brandywine and Other Run-off		1,562			1,543			1,550			1,585


Total	$	20,943		$	20,608		$	20,479		$	20,658


Provision for uncollectible reinsurance ⁽¹⁾

Active operations	$	(233	)	$	(229	)	$	(225	)	$	(229	)

Brandywine and Other Run-off		(99	)		(95	)		(95	)		(91	)


Total	$	(332	)	$	(324	)	$	(320	)	$	(320	)


Net reinsurance recoverable

Active operations	$	19,148		$	18,836		$	18,704		$	18,844

Brandywine and Other Run-off		1,463			1,448			1,455			1,494


Total	$	20,611		$	20,284		$	20,159		$	20,338


	S&P Credit Rating
	AAA		AA		A		BBB		BB and below		Total

Market Value at September 30, 2026

Agency residential mortgage-backed securities (RMBS)	$	52	$	29,111	$	-	$	-	$	-	$	29,163

Non-agency RMBS		2,294		204		175		36		7		2,716

Commercial mortgage-backed securities		782		102		41		3		2		930

Total mortgage-backed securities at market value	$	3,128	$	29,417	$	216	$	39	$	9	$	32,809


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

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


Asset-backed			$	3,619	$	776	$	323	$	275	$	4,993

Banks				-		9		3,090		1,529		4,628

Basic Materials				-		-		108		227		335

Communications				-		478		605		1,412		2,495

Consumer, Cyclical				8		146		787		1,145		2,086

Consumer, Non-Cyclical				91		604		3,043		2,110		5,848

Diversified Financial Services				-		115		596		265		976

Energy				-		88		605		1,622		2,315

Industrial				-		8		644		1,462		2,114

Utilities				289		12		1,877		1,647		3,825

All Others				88		340		1,403		1,752		3,583


Total			$	4,095	$	2,576	$	13,081	$	13,446	$	33,198


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

Asset-backed					$	14	$	110	$	1	$	125
Banks						-		-		-		-
Basic Materials						384		299		7		690
Communications						535		627		28		1,190
Consumer, Cyclical						1,492		906		36		2,434
Consumer, Non-Cyclical						1,453		1,239		45		2,737
Diversified Financial Services						435		299		5		739
Energy						812		512		-		1,324
Industrial						1,170		718		53		1,941
Utilities						335		206		-		541
All Others						936		1,175		112		2,223

Total					$	7,566	$	6,091	$	287	$	13,944


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


People’s Republic of China	$	-	$	168	$	2,832	$	-	$	-	$	3,000

Republic of Korea		-		1,684		-		-		-		1,684

Kingdom of Thailand		-		-		1,005		-		-		1,005

Canada		861		-		-		-		-		861

United Mexican States		-		-		-		809		-		809

Taiwan		-		683		-		-		-		683

Commonwealth of Australia		674		-		-		-		-		674

Federative Republic of Brazil		-		-		-		-		664		664

Province of Hunan China		-		-		589		-		-		589

United Kingdom		-		581		-		-		-		581

Other Non-U.S. Government Securities		685		2,140		3,138		1,209		1,551		8,723


Total	$	2,220	$	5,256	$	7,564	$	2,018	$	2,215	$	19,273


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


China	$	-	$	-	$	7,152	$	706	$	11	$	7,869

United Kingdom		2		16		1,253		1,156		431		2,858

Canada		241		64		1,134		904		412		2,755

France		4		3		927		852		275		2,061

United States ⁽¹⁾		-		140		396		677		415		1,628

South Korea		-		507		407		565		1		1,480

Australia		40		288		480		537		27		1,372

Japan		-		1		804		370		98		1,273

Chile		-		-		206		493		3		702

Germany		45		79		165		331		75		695

Other Non-U.S. Corporate Securities		535		756		1,843		3,234		1,627		7,995


Total	$	867	$	1,854	$	14,767	$	9,825	$	3,375	$	30,688


	September 30, 2026	Market Value		Rating

1	Bank of America Corp	$	824	A-

2	Morgan Stanley		711	A-

3	JP Morgan Chase & Co		684	A

4	Goldman Sachs Group Inc		548	BBB+

5	Wells Fargo & Co		530	BBB+

6	Citigroup Inc		496	BBB+

7	AT&T Inc		394	BBB

8	Verizon Communications Inc		388	BBB+

9	T-Mobile USA Inc		387	BBB+

10	Sempra		379	BBB


	Three months ended September 30, 2026
	Realized Gains (Losses)									Unrealized Gains (Losses)									Realized and Unrealized Gains (Losses)
	Gains			Tax			Gains			Gains			Tax			Gains			Gains			Tax			Gains
	(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)			(Losses)			(Expense)			(Losses)
	Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax			Pre-Tax			Benefit			After-Tax

Fixed income investments ⁽¹⁾	$	151		$	(54	)	$	97		$	(4,846	)	$	371		$	(4,475	)	$	(4,695	)	$	317		$	(4,378	)
Public equity:
Realized gains (losses) on sales		25			(3	)		22			-			-			-			25			(3	)		22
Mark-to-market		(325	)		51			(274	)		-			-			-			(325	)		51			(274	)
Private equity: Mark-to-market		175			(26	)		149			-			-			-			175			(26	)		149

Total investment portfolio		26			(32	)		(6	)		(4,846	)		371			(4,475	)		(4,820	)		339			(4,481	)
Foreign exchange		(112	)		24			(88	)		599			40			639			487			64			551
Partially-owned entities ⁽²⁾		-			1			1			-			-			-			-			1			1
Current discount rate on future policy benefits		-			-			-			322			(51	)		271			322			(51	)		271
Instrument-specific credit risk - market risk benefits		-			-			-			-			-			-			-			-			-
Other		(2	)		1			(1	)		7			(1	)		6			5			-			5

Net gains (losses)	$	(88	)	$	(6	)	$	(94	)	$	(3,918	)	$	359		$	(3,559	)	$	(4,006	)	$	353		$	(3,653	)


													Year Ended
	Three months ended September 30						Nine months ended September 30						December 31
	2026			2025			2026			2025			2025

Numerator
Core operating income	$	2,980		$	3,048		$	8,597		$	7,106		$	10,133
Amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements, pre-tax		(50	)		(54	)		(152	)		(163	)		(216	)
Tax (expense) benefit on amortization adjustment		11			12			33			36			46
Integration expenses and severance, pre-tax		(11	)		(1	)		(28	)		(3	)		(78	)
Tax (expense) benefit on integration expenses and severance		3			-			7			-			17
Adjusted net realized gains (losses), pre-tax		(88	)		(54	)		(390	)		475			717
Tax (expense) benefit on adjusted net realized gains (losses)		(6	)		6			(6	)		(47	)		60
Market risk benefits gains (losses), pre-tax		(65	)		(142	)		(46	)		(251	)		(288	)
Tax (expense) benefit on market risk benefits gains (losses)		10			22			7			38			43
Amortization of deferred tax asset from Bermuda law		60			(36	)		(4	)		(91	)		(124	)

Chubb net income	$	2,844		$	2,801		$	8,018		$	7,100		$	10,310


Rollforward of Common Shares Outstanding
Shares - beginning of period		385,634,049			398,660,788			391,101,227			400,703,663			400,703,663
Repurchase of shares		(3,419,780	)		(4,436,315	)		(9,927,161	)		(8,121,824	)		(11,986,574	)
Shares issued (canceled), excluding option exercises		10,163			(33,632	)		39,903			581,712			683,260
Issued for option exercises		305,637			133,597			1,316,100			1,160,887			1,700,878

Shares - end of period		382,530,069			394,324,438			382,530,069			394,324,438			391,101,227


Denominator
Weighted average shares outstanding ⁽¹⁾		385,554,748			397,336,568			387,800,016			399,289,363			397,611,884
Effect of other dilutive securities		3,816,275			3,532,323			4,034,183			3,902,807			3,901,454

Adj. wtd. avg. shares outstanding and assumed conversions		389,371,023			400,868,891			391,834,199			403,192,170			401,513,338


Basic earnings per share
Core operating income	$	7.73		$	7.67		$	22.17		$	17.80		$	25.48
Amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements, net of tax		(0.10	)		(0.10	)		(0.30	)		(0.32	)		(0.43	)
Integration expenses and severance, net of tax		(0.02	)		-			(0.06	)		(0.01	)		(0.15	)
Adjusted net realized gains (losses), net of tax		(0.24	)		(0.13	)		(1.02	)		1.07			1.96
Market risk benefits gains (losses), net of tax		(0.14	)		(0.30	)		(0.10	)		(0.53	)		(0.62	)
Amortization of deferred tax asset from Bermuda law		0.15			(0.09	)		(0.01	)		(0.23	)		(0.31	)

Chubb net income	$	7.38		$	7.05		$	20.68		$	17.78		$	25.93


Diluted earnings per share
Core operating income	$	7.66		$	7.60		$	21.94		$	17.62		$	25.24
Amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements, net of tax		(0.10	)		(0.10	)		(0.30	)		(0.31	)		(0.43	)
Integration expenses and severance, net of tax		(0.02	)		-			(0.05	)		(0.01	)		(0.15	)
Adjusted net realized gains (losses), net of tax		(0.25	)		(0.12	)		(1.02	)		1.06			1.94
Market risk benefits gains (losses), net of tax		(0.14	)		(0.30	)		(0.10	)		(0.53	)		(0.61	)
Amortization of deferred tax asset from Bermuda law		0.15			(0.09	)		(0.01	)		(0.22	)		(0.31	)

Chubb net income	$	7.30		$	6.99		$	20.46		$	17.61		$	25.68


The following table presents the reconciliation of effective tax rate to the Core operating effective tax rate:																YTD			YTD			Full Year
	3Q-26			2Q-26			1Q-26			4Q-25			3Q-25			2026			2025			2025
Tax expense, as reported	$	663		$	741		$	644		$	592		$	784		$	2,048		$	1,815		$	2,407
Less: tax expense (benefit) on amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements		(11	)		(11	)		(11	)		(10	)		(12	)		(33	)		(36	)		(46	)
Less: tax expense (benefit) on integration expenses and severance		(3	)		(2	)		(2	)		(17	)		-			(7	)		-			(17	)
Less: tax expense (benefit) on adjusted net realized gains (losses)		6			32			(32	)		(107	)		(6	)		6			47			(60	)
Less: tax expense (benefit) on market risk benefits gains (losses)		(10	)		1			2			(5	)		(22	)		(7	)		(38	)		(43	)
Less: amortization of deferred tax asset from Bermuda law		(60	)		33			31			33			36			4			91			124

Tax expense, adjusted	$	741		$	688		$	656		$	698		$	788		$	2,085		$	1,751		$	2,449

Income before tax, as reported	$	3,507		$	3,595		$	2,964		$	3,802		$	3,585		$	10,066		$	8,915		$	12,717
Less: amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements		(50	)		(50	)		(52	)		(53	)		(54	)		(152	)		(163	)		(216	)
Less: integration expenses and severance		(11	)		(8	)		(9	)		(75	)		(1	)		(28	)		(3	)		(78	)
Less: adjusted realized gains (losses)		(368	)		73			(394	)		(39	)		29			(689	)		38			(1	)
Less: realized gains (losses) related to unconsolidated entities		280			2			17			281			(83	)		299			437			718
Less: market risk benefits gains (losses)		(65	)		5			14			(37	)		(142	)		(46	)		(251	)		(288	)

Core operating income before tax	$	3,721		$	3,573		$	3,388		$	3,725		$	3,836		$	10,682		$	8,857		$	12,582

Effective tax rate		18.9%			20.6%			21.7%			15.5%			21.9%			20.3%			20.4%			18.9%
Adjustment for tax impact of amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements		0.0%			0.1%			0.0%			-0.1%			0.0%			0.0%			0.1%			0.1%
Adjustment for tax impact of integration expenses and severance		0.0%			0.0%			0.0%			0.1%			0.0%			0.0%			0.0%			0.0%
Adjustment for tax impact of adjusted net realized gains (losses)		-0.5%			-0.5%			-1.5%			4.2%			-0.2%			-0.8%			0.4%			1.6%
Adjustment for tax impact of market risk benefits gains (losses)		-0.1%			0.0%			0.0%			-0.1%			-0.2%			0.0%			-0.1%			-0.1%
Adjustment for amortization of deferred tax asset from Bermuda law		1.6%			-0.9%			-0.9%			-0.9%			-1.0%			0.0%			-1.0%			-1.0%

Core operating effective tax rate		19.9%			19.3%			19.3%			18.7%			20.5%			19.5%			19.8%			19.5%


Core operating income
The following table presents the reconciliation of Chubb net income to Core operating income:																YTD			YTD			Full Year
	3Q-26			2Q-26			1Q-26			4Q-25			3Q-25			2026			2025			2025
Chubb net income	$	2,844		$	2,854		$	2,320		$	3,210		$	2,801		$	8,018		$	7,100		$	10,310
Amortization of fair value adjustments of acquired invested assets, long-term debt, and purchased intangibles other than long-term distribution agreements, pre-tax		(50	)		(50	)		(52	)		(53	)		(54	)		(152	)		(163	)		(216	)
Tax (expense) benefit on amortization adjustment		11			11			11			10			12			33			36			46
Integration expenses and severance, pre-tax		(11	)		(8	)		(9	)		(75	)		(1	)		(28	)		(3	)		(78	)
Tax (expense) benefit on integration expenses and severance		3			2			2			17			-			7			-			17
Adjusted realized gains (losses), pre-tax		(368	)		73			(394	)		(39	)		29			(689	)		38			(1	)
Net realized gains (losses) related to unconsolidated entities, pre-tax ⁽¹⁾		280			2			17			281			(83	)		299			437			718
Tax (expense) benefit on adjusted net realized gains (losses)		(6	)		(32	)		32			107			6			(6	)		(47	)		60
Market risk benefits gains (losses), pre-tax		(65	)		5			14			(37	)		(142	)		(46	)		(251	)		(288	)
Tax (expense) benefit on market risk benefits gains (losses)		10			(1	)		(2	)		5			22			7			38			43
Amortization of deferred tax asset from Bermuda law		60			(33	)		(31	)		(33	)		(36	)		(4	)		(91	)		(124	)

Core operating income	$	2,980		$	2,885		$	2,732		$	3,027		$	3,048		$	8,597		$	7,106		$	10,133

Catastrophe losses - after-tax	$	562		$	375		$	397		$	292		$	226		$	1,334		$	2,036		$	2,328
Unfavorable (favorable) prior period development (PPD) - after-tax	$	(394	)	$	(216	)	$	(231	)	$	(220	)	$	(238	)	$	(841	)	$	(638	)	$	(858	)

P&C underwriting income and P&C CAY underwriting income ex Cats
The following table presents the reconciliation of Net income to P&C underwriting income and P&C CAY underwriting income ex Cats:																YTD			YTD			Full Year
	3Q-26			2Q-26			1Q-26			4Q-25			3Q-25			2026			2025			2025
Net income	$	2,736		$	2,882		$	2,347		$	3,173		$	3,107		$	7,965		$	7,449		$	10,622
Less: Income tax expense		(666	)		(742	)		(646	)		(597	)		(787	)		(2,054	)		(1,825	)		(2,422	)
Amortization expense of purchased intangibles		(74	)		(74	)		(73	)		(77	)		(75	)		(221	)		(224	)		(301	)
Other income (expense)		364			196			161			516			43			721			781			1,297
Interest expense		(204	)		(200	)		(198	)		(205	)		(197	)		(602	)		(559	)		(764	)
Net investment income		1,791			1,760			1,709			1,688			1,648			5,260			4,777			6,465
Net realized gains (losses)		(455	)		162			(407	)		(116	)		283			(700	)		327			211
Market risk benefits gains (losses)		(65	)		5			14			(37	)		(142	)		(46	)		(251	)		(288	)
Integration expenses and severance		(11	)		(8	)		(9	)		(76	)		(1	)		(28	)		(3	)		(79	)
Life Insurance underlying income (loss) ⁽²⁾		-			(162	)		(4	)		(128	)		69			(166	)		87			(41	)
Add: Realized gains (losses) on crop derivatives		5			(8	)		(8	)		(8	)		(7	)		(11	)		(8	)		(16	)

P&C underwriting income	$	2,061		$	1,937		$	1,792		$	2,197		$	2,259		$	5,790		$	4,331		$	6,528
Add: Catastrophe losses (including reinstatement premiums) - pre-tax		705			475			500			365			285			1,680			2,556			2,921
Unfavorable (favorable) prior period development (PPD) - pre-tax		(511	)		(283	)		(286	)		(268	)		(361	)		(1,080	)		(865	)		(1,133	)

P&C CAY underwriting income ex Cats	$	2,255		$	2,129		$	2,006		$	2,294		$	2,183		$	6,390		$	6,022		$	8,316


Q3 2026		North America Commercial P&C Insurance			North America Personal P&C Insurance			North America Agricultural Insurance			Overseas General Insurance			Global Reinsurance			Corporate			Total P&C
Numerator
Losses and loss expenses
Losses and loss expenses/policy benefits		$	3,422		$	668		$	1,311		$	2,034		$	130		$	51		$	7,616
Realized (gains) losses on crop derivatives			-			-			(5	)		-			-			-			(5	)

Adjusted losses and loss expenses/policy benefits	A	$	3,422		$	668		$	1,306		$	2,034		$	130		$	51		$	7,611

Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments			(237	)		(203	)		(5	)		(249	)		(11	)		-			(705	)
Reinstatement premiums collected (expensed) on catastrophe losses			-			-			-			-			1			-			1

Catastrophe losses, gross of related adjustments			(237	)		(203	)		(5	)		(249	)		(12	)		-			(706	)

PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)			14			379			2			162			5			(51	)		511
Net premiums earned adjustments on PPD - unfavorable (favorable)			14			2			-			-			(1	)		-			15
Expense adjustments - unfavorable (favorable)			(2	)		-			-			-			(2	)		-			(4	)
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			16			-			-			16

PPD, gross of related adjustments - favorable (unfavorable)			26			381			2			178			2			(51	)		538

CAY loss and loss expense ex Cats	B	$	3,211		$	846		$	1,303		$	1,963		$	120		$	-		$	7,443

Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses	C	$	1,083		$	446		$	86		$	1,468		$	102		$	110		$	3,295
Expense adjustments - favorable (unfavorable)			2			-			-			-			2			-			4

CAY policy acquisition costs and administrative expenses	D	$	1,085		$	446		$	86		$	1,468		$	104		$	110		$	3,299


Denominator
Net premiums earned	E	$	5,222		$	1,846		$	1,559		$	4,053		$	287					$	12,967
Reinstatement premiums (collected) expensed on catastrophe losses			-			-			-			-			(1	)					(1	)
Net premiums earned adjustments on PPD - unfavorable (favorable)			14			2			-			-			(1	)					15
PPD reinstatement premiums - unfavorable (favorable)			-			-			-			16			-						16

Net premiums earned excluding adjustments	F	$	5,236		$	1,848		$	1,559		$	4,069		$	285					$	12,997


P&C combined ratio
Loss and loss expense ratio	A/E		65.5%			36.2%			83.8%			50.2%			45.2%						58.7%
Policy acquisition cost and administrative expense ratio	C/E		20.8%			24.1%			5.5%			36.2%			35.5%						25.4%

P&C combined ratio			86.3%			60.3%			89.3%			86.4%			80.7%						84.1%


CAY P&C combined ratio ex Cats
Loss and loss expense ratio, adjusted	B/F		61.4%			45.8%			83.5%			48.2%			42.1%						57.3%
Policy acquisition cost and administrative expense ratio, adjusted	D/F		20.7%			24.1%			5.5%			36.1%			36.6%						25.3%

CAY P&C combined ratio ex Cats			82.1%			69.9%			89.0%			84.3%			78.7%						82.6%


Combined ratio
Combined ratio																					84.1%
Add: impact of gains and losses on crop derivatives																					0.0%

P&C combined ratio																					84.1%