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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☑			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2024

OR

☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from             to             

Commission File No. 1-11778

CHUBB LIMITED

(Exact name of registrant as specified in its charter)

Switzerland			98-0091805
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

Baerengasse 32
Zurich, Switzerland CH-8001
(Address of principal executive offices) (Zip Code)

+41 (0)43 456 76 00

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class						Trading Symbol(s)			Name of each exchange on which registered
Common Shares, par value CHF 0.50 per share						CB			New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.30% Senior Notes due 2024						CB/24A			New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2027						CB/27			New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.55% Senior Notes due 2028						CB/28			New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 0.875% Senior Notes due 2029						CB/29A			New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 1.40% Senior Notes due 2031						CB/31			New York Stock Exchange
Guarantee of Chubb INA Holdings LLC 2.50% Senior Notes due 2038						CB/38A			New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes  ☑                                                 No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes  ☑                                                 No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☑

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐                                               No  ☑

The number of registrant’s Common Shares (CHF 0.50 par value) outstanding as of July 19, 2024 was 403,934,214.

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Table of Contents

CHUBB LIMITED

INDEX TO FORM 10-Q

Part I.			FINANCIAL INFORMATION						Page
Item 1.			Financial Statements:
			Consolidated Balance Sheets (Unaudited) June 30, 2024 and December 31, 2023						3
			Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three and Six Months Ended June 30, 2024 and 2023						4
			Consolidated Statements of Shareholders' Equity (Unaudited) Three and Six Months Ended June 30, 2024 and 2023						5
			Consolidated Statements of Cash Flows (Unaudited) Six Months Ended June 30, 2024 and 2023						6
			Notes to Consolidated Financial Statements (Unaudited)
			Note 1.			General and significant accounting policies			7
			Note 2.			Acquisitions			8
			Note 3.			Investments			10
			Note 4.			Fair value measurements			15
			Note 5.			Reinsurance			22
			Note 6.			Deferred policy acquisition costs			23
			Note 7.			Goodwill			24
			Note 8.			Unpaid losses and loss expenses			24
			Note 9.			Future policy benefits			26
			Note 10.			Policyholders' account balances, Separate accounts, and Unearned revenue liabilities			30
			Note 11.			Market risk benefits			34
			Note 12.			Commitments, contingencies, and guarantees			35
			Note 13.			Shareholders' equity			40
			Note 14.			Share-based compensation			43
			Note 15.			Postretirement benefits			44
			Note 16.			Other income and expense			45
			Note 17.			Segment information			46
			Note 18.			Earnings per share			49
Item 2.			Management’s Discussion and Analysis of Financial Condition and Results of Operations						51
Item 3.			Quantitative and Qualitative Disclosures About Market Risk						87
Item 4.			Controls and Procedures						90
Part II.			OTHER INFORMATION
Item 1.			Legal Proceedings						91
Item 1A.			Risk Factors						91
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds						91
Item 5.			Other Information						91
Item 6.			Exhibits						92

2

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Table of Contents

PART I FINANCIAL INFORMATION

ITEM 1. Financial Statements

CONSOLIDATED BALANCE SHEETS (Unaudited)

Chubb Limited and Subsidiaries                    

			June 30						December 31
(in millions of U.S. dollars, except share and per share data)			2024						2023
Assets
Investments
Short-term investments, at fair value (amortized cost – $4,547 and $4,551) (includes variable interest entities (VIE) balances of $42 and $217)			$	4,546					$	4,551
Fixed maturities available-for-sale, at fair value, net of valuation allowance - $122 and $156     (amortized cost – $113,529 and $111,128)			107,840						106,571
Private debt held-for-investment, at amortized cost, net of valuation allowance - $5 and $4			2,680						2,553
Equity securities, at fair value (includes VIE balances of $1,064 and $1,078)			3,792						3,455
Private equities (includes VIE balances of $22 and $21)			14,365						14,078
Other investments (includes VIE balances of $3,955 and $3,773)			7,513						5,527
Total investments			140,736						136,735
Cash, including restricted cash $168 and $172 (includes VIE balances of $113 and $117)			2,568						2,621
Securities lending collateral			1,889						1,299
Accrued investment income			1,130						1,086
Insurance and reinsurance balances receivable, net of valuation allowance - $54 and $53			15,929						13,379
Reinsurance recoverable on losses and loss expenses, net of valuation allowance - $381 and $367			19,355						19,952
Reinsurance recoverable on policy benefits			291						280
Deferred policy acquisition costs			7,812						7,152
Value of business acquired			3,434						3,674
Goodwill			19,833						19,686
Other intangible assets			6,619						6,775
Deferred tax assets			1,690						1,741
Prepaid reinsurance premiums			3,747						3,221
Separate account assets			5,834						5,573
Other assets (includes VIE balances of $46 and $33)			7,684						7,508
Total assets			$	238,551					$	230,682
Liabilities
Unpaid losses and loss expenses			$	82,191					$	80,122
Unearned premiums			24,102						22,051
Future policy benefits			14,663						13,888
Market risk benefits			576						771
Policyholders' account balances			7,787						7,462
Separate account liabilities			5,834						5,573
Insurance and reinsurance balances payable			9,126						8,302
Securities lending payable			1,889						1,299
Accounts payable, accrued expenses, and other liabilities (includes VIE balances of $33 and $18)			8,047						8,332
Deferred tax liabilities			1,572						1,555
Repurchase agreements (includes VIE balances of $1,087 and $1,009)			3,149						2,833
Short-term debt			1,553						1,460
Long-term debt			13,178						13,035
Trust preferred securities			309						308
Total liabilities			173,976						166,991
Commitments and contingencies (refer to Note 12)
Shareholders’ equity
Common Shares (CHF 0.50 par value; 419,625,986 and 431,451,586 shares issued; 404,073,495 and 405,269,637 shares outstanding)			235						241
Common Shares in treasury (15,552,491 and 26,181,949 shares)			(2,481)						(4,400)
Additional paid-in capital			14,926						15,665
Retained earnings			56,662						54,810
Accumulated other comprehensive income (loss) (AOCI)			(8,304)						(6,809)
Total Chubb shareholders’ equity			61,038						59,507
Noncontrolling interests (includes VIE balances of $2,597 and $2,705)			3,537						4,184
Total shareholders' equity			64,575						63,691
Total liabilities and shareholders’ equity			$	238,551					$	230,682

See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited)

Chubb Limited and Subsidiaries

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars, except per share data)			2024						2023						2024						2023
Revenues
Net premiums written			$	13,360					$	11,951					$	25,581					$	22,661
Increase in unearned premiums			(1,068)						(952)						(1,706)						(1,520)
Net premiums earned			12,292						10,999						23,875						21,141
Net investment income			1,468						1,145						2,859						2,252
Net realized gains (losses)			104						(304)						3						(381)
Market risk benefits gains (losses)			(29)						(7)						(8)						(122)
Total revenues			13,835						11,833						26,729						22,890
Expenses
Losses and loss expenses			6,431						5,683						12,158						10,831
Policy benefits (includes remeasurement losses of $3, $5, $22 and $4)			1,219						830						2,399						1,627
Policy acquisition costs			2,226						2,016						4,433						3,964
Administrative expenses			1,094						969						2,164						1,899
Interest expense			182						165						360						325
Other (income) expense			(110)						(100)						(301)						(396)
Amortization of purchased intangibles			80						70						160						142
Cigna integration expenses			7						15						14						37
Total expenses			11,129						9,648						21,387						18,429
Income before income tax			2,706						2,185						5,342						4,461
Income tax expense			490						392						832						776
Net income			$	2,216					$	1,793					$	4,510					$	3,685
Net income (loss) attributable to noncontrolling interests			(14)						—						137						—
Net income attributable to Chubb			$	2,230					$	1,793					$	4,373					$	3,685
Other comprehensive income (loss)
Change in:
Unrealized appreciation (depreciation)			$	(489)					$	(1,194)					$	(1,166)					$	592
Current discount rate on future policy benefits			53						(35)						—						(186)
Instrument-specific credit risk on market risk benefits			5						11						10						8
Cumulative foreign currency translation adjustment			(530)						215						(450)						38
Other, including postretirement benefit liability adjustment			(29)						48						2						15
Other comprehensive income (loss), before income tax			(990)						(955)						(1,604)						467
Income tax (expense) benefit related to OCI items			29						28						38						(104)
Other comprehensive income (loss)			(961)						(927)						(1,566)						363
Comprehensive income			1,255						866						2,944						4,048
Comprehensive income (loss) attributable to noncontrolling interests			(57)						—						66						—
Comprehensive income attributable to Chubb			$	1,312					$	866					$	2,878					$	4,048
Earnings per share
Basic earnings per share attributable to Chubb			$	5.51					$	4.35					$	10.79					$	8.92
Diluted earnings per share attributable to Chubb			$	5.46					$	4.32					$	10.68					$	8.84

See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited)

Chubb Limited and Subsidiaries

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Common Shares
Balance – beginning of period			$	241					$	10,346					$	241					$	10,346
Par value reduction			—						(9,759)						—						(9,759)
Cancellation of treasury shares			(6)						(346)						(6)						(346)
Balance – end of period			235						241						235						241
Common Shares in treasury
Balance – beginning of period			(4,461)						(5,341)						(4,400)						(5,113)
Common Shares repurchased			(570)						(724)						(886)						(1,152)
Cancellation of treasury shares			2,527						2,869						2,527						2,869
Net shares issued under employee share-based compensation plans			23						22						278						222
Balance – end of period			(2,481)						(3,174)						(2,481)						(3,174)
Additional paid-in capital
Balance – beginning of period			15,188						6,680						15,665						7,166
Net shares redeemed (issued) under employee share-based    compensation plans			17						5						(142)						(206)
Exercise of stock options			—						—						(19)						(13)
Share-based compensation expense			90						73						172						155
Par value reduction			—						9,759						—						9,759
Net decrease due to acquisitions			—						—						(31)						—
Funding of dividends declared to Retained earnings			(369)						(354)						(719)						(698)
Balance – end of period			14,926						16,163						14,926						16,163
Retained earnings
Balance – beginning of period			56,953						50,197						54,810						48,305
Net income attributable to Chubb			2,230						1,793						4,373						3,685
Cancellation of treasury shares			(2,521)						(2,523)						(2,521)						(2,523)
Funding of dividends declared from Additional paid-in capital			369						354						719						698
Dividends declared on Common Shares			(369)						(354)						(719)						(698)
Balance – end of period			56,662						49,467						56,662						49,467
Accumulated other comprehensive income (loss) (AOCI)
Balance – beginning of period			(7,386)						(8,895)						(6,809)						(10,185)
Other comprehensive income (loss)			(918)						(927)						(1,495)						363
Balance – end of period			(8,304)						(9,822)						(8,304)						(9,822)
Total Chubb shareholders’ equity			$	61,038					$	52,875					$	61,038					$	52,875
Noncontrolling interests
Balance – beginning of period			$	3,896					$	—					$	4,184					$	—
Net decrease due to acquisitions			(296)						—						(707)						—
Net income (loss) attributable to noncontrolling interests			(14)						—						137						—
Other comprehensive loss attributable to noncontrolling interests			(43)						—						(71)						—
Other			(6)						—						(6)						—
Balance – end of period			$	3,537					$	—					$	3,537					$	—
Total shareholders' equity			$	64,575					$	52,875					$	64,575					$	52,875

See accompanying notes to the Consolidated Financial Statements

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

Chubb Limited and Subsidiaries

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2024			2023
Cash flows from operating activities
Net income			$	4,510		$	3,685
Adjustments to reconcile net income to net cash flows from operating activities
Net realized (gains) losses			(3)			381
Market risk benefits (gains) losses			8			122
Amortization of premiums (discounts) on fixed maturities			(178)			(38)
Amortization of purchased intangibles			160			142
Equity in net income of partially-owned entities			(278)			(460)
Deferred income taxes			131			43
Unpaid losses and loss expenses			2,338			561
Unearned premiums			2,214			1,913
Future policy benefits			954			351
Insurance and reinsurance balances payable			838			588
Accounts payable, accrued expenses, and other liabilities			(410)			(388)
Income taxes			(144)			(38)
Insurance and reinsurance balances receivable			(2,666)			(2,044)
Reinsurance recoverable			511			455
Deferred policy acquisition costs			(796)			(546)
Net sales (purchases) of investments by consolidated investment products			109			—
Other			1			39
Net cash flows from operating activities			7,299			4,766
Cash flows from investing activities
Purchases of fixed maturities available-for-sale			(15,131)			(12,800)
Purchases of fixed maturities held-to-maturity			—			(208)
Purchases of equity securities			(1,778)			(240)
Sales of fixed maturities available-for-sale			6,292			7,229
Sales of equity securities			1,413			81
Maturities and redemptions of fixed maturities available-for-sale			4,705			3,203
Maturities and redemptions of fixed maturities held-to-maturity			—			708
Net change in short-term investments			(190)			898
Net derivative instruments settlements			(31)			(63)
Private equity contributions			(500)			(1,046)
Private equity distributions			538			568
Acquisition of subsidiaries			(538)			(252)
Other			(846)			(340)
Net cash flows used for investing activities			(6,066)			(2,262)
Cash flows from financing activities
Dividends paid on Common Shares			(698)			(688)
Common Shares repurchased			(1,056)			(1,267)
Proceeds from issuance of long-term debt			996			—
Proceeds from issuance of repurchase agreements			2,662			3,774
Repayment of long-term debt			(700)			(475)
Repayment of repurchase agreements			(2,418)			(3,674)
Proceeds from share-based compensation plans			242			102
Policyholder contract deposits			562			170
Policyholder contract withdrawals			(374)			(101)
Third-party capital invested into consolidated investment products			840			—
Third-party capital distributed by consolidated investment products			(1,047)			—
Other			(193)			(153)
Net cash flows used for financing activities			(1,184)			(2,312)
Effect of foreign currency rate changes on cash and restricted cash			(102)			56
Net increase (decrease) in cash and restricted cash			(53)			248
Cash and restricted cash – beginning of period			2,621			2,127
Cash and restricted cash – end of period			$	2,568		$	2,375
Supplemental cash flow information
Taxes paid			$	845		$	753
Interest paid			$	316		$	306

See accompanying notes to the Consolidated Financial Statements

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Chubb Limited and Subsidiaries

1. General and significant accounting policies

a) Basis of presentation

Chubb Limited is a holding company incorporated in Zurich, Switzerland. Chubb Limited, through its subsidiaries, provides a broad range of insurance and reinsurance products to insureds worldwide. Our results are reported through the following 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. Refer to Note 17 for additional information.

The interim unaudited Consolidated Financial Statements include the accounts of Chubb Limited and its subsidiaries (collectively, Chubb, we, us, or our), over which Chubb exercises control, including Huatai Group, our majority-owned subsidiary, and minority-owned entities such as variable interest entities (VIEs) in which Chubb is considered the primary beneficiary. Noncontrolling interests on the Consolidated Financial Statements represent the portion of majority-owned subsidiaries and VIEs in which we do not have direct equity ownership. These interim unaudited Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and, in the opinion of management, reflect all adjustments necessary for a fair statement of the results and financial position for such periods. All significant intercompany accounts and transactions, including internal reinsurance transactions, have been eliminated.

On July 1, 2023, Chubb discontinued equity method accounting for its investment in Huatai Group upon obtaining a controlling interest and applied consolidation accounting. Therefore, effective July 1, 2023, business activity for, and the financial position of, Huatai Group is reported at 100 percent on the Consolidated Financial Statements. At June 30, 2024, and December 31, 2023, our aggregate ownership interest in Huatai Group was approximately 85.5 percent and 76.5 percent, respectively. The relevant amounts attributable to shareholders other than Chubb are reflected in the Consolidated Financial Statements under the captions Noncontrolling interests, Net income (loss) attributable to noncontrolling interests, and Comprehensive income (loss) attributable to noncontrolling interests. Refer to Note 2 for additional information on the acquisition of Huatai Group.

Huatai Group's life insurance 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.

The results of operations and cash flows for any interim period are not necessarily indicative of the results for the full year. These Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and related notes included in our 2023 Form 10-K.

b) Debt

On March 7, 2024, Chubb INA Holdings LLC (Chubb INA) issued $1.0 billion of 5.0 percent senior notes due March 2034. 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.

Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity.

c) 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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.

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 $39 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 previously paid prior to 2024, and $236 million was paid in 2024. Our aggregate ownership interest in Huatai Group was approximately 85.5 percent as of June 30, 2024. Chubb has outstanding agreements for approximately 0.6 percent of incremental ownership interests, pending completion of certain closing conditions. We have paid deposits of $12 million related to these outstanding agreements, with approximately $24 million remaining to be paid upon closing, based on current exchange rates.

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.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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 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						Six Months Ended
Pro forma:			June 30						June 30
(in millions of U.S. dollars)			2023						2023
Net premiums earned			$	11,378					$	21,931
Total revenues			$	12,305					$	23,834
Net income			$	1,790					$	3,690
Net income attributable to Chubb			$	1,785					$	3,675

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

3. Investments

a) Fixed maturities

June 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			$	2,906					$	—					$	3					$	(168)					$	2,741
Non-U.S.			35,933						(45)						482						(1,452)						34,918
Corporate and asset-backed securities			45,952						(76)						255						(2,511)						43,620
Mortgage-backed securities			26,632						(1)						75						(2,092)						24,614
Municipal			2,106						—						8						(167)						1,947
			$	113,529					$	(122)					$	823					$	(6,390)					$	107,840

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:

			June 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			$	4,730					$	4,730					$	4,729					$	4,729
Due after 1 year through 5 years			34,107						34,107						33,573						33,573
Due after 5 years through 10 years			26,766						26,766						28,480						28,480
Due after 10 years			17,623						17,623						17,731						17,731
			83,226						83,226						84,513						84,513
Mortgage-backed securities			24,614						24,614						22,058						22,058
			$	107,840					$	107,840					$	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. 

b) Gross unrealized loss

Fixed maturities in an unrealized loss position at June 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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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
June 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			$	509					$	(4)					$	2,050					$	(164)					$	2,559					$	(168)
Non-U.S.			5,388						(94)						15,668						(1,095)						21,056						(1,189)
Corporate and asset-backed securities			5,903						(68)						19,214						(1,476)						25,117						(1,544)
Mortgage-backed securities			5,439						(57)						14,205						(1,999)						19,644						(2,056)
Municipal			154						(3)						1,469						(161)						1,623						(164)
Total AFS fixed maturities			$	17,393					$	(226)					$	52,606					$	(4,895)					$	69,999					$	(5,121)

			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 June 30, 2024, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $610 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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Chubb Limited and Subsidiaries

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

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of period			$	115					$	168					$	156					$	169
Provision for expected credit loss			41						79						72						138
Write-offs charged against the expected credit loss			—						(2)						(5)						(4)
Recovery of expected credit loss			(34)						(52)						(101)						(110)
Valuation allowance for expected credit losses - end of period			$	122					$	193					$	122					$	193
Held-to-maturity
Valuation allowance for expected credit losses - beginning of period			$	—					$	33					$	—					$	34
Recovery of expected credit loss			—						(33)						—						(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			1						—						2						—
Recovery of expected credit loss			(1)						—						(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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Fixed maturities:
Gross realized gains			$	36					$	17					$	52					$	19
Gross realized losses			(106)						(113)						(247)						(272)
Other investments - Fixed maturities			132						—						300						—
Net (provision for) recovery of expected credit losses			(8)						8						32						10
Impairment (1)			(28)						(19)						(62)						(44)
Total fixed maturities			26						(107)						75						(287)
Equity securities			21						28						24						39
Private equities (less than 3 percent ownership)			49						20						80						35
Foreign exchange			27						(186)						(104)						(55)
Investment and embedded derivative instruments			(17)						(55)						(60)						(101)
Other derivative instruments			(3)						2						(5)						1
Other			1						(6)						(7)						(13)
Net realized gains (losses) (pre-tax)			$	104					$	(304)					$	3					$	(381)

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

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
																											June 30
			2024																								2023
(in millions of U.S. dollars)			Equity Securities						Other Investments						Private Equities						Total						Equity Securities						Private Equities						Total
Net gains (losses) recognized during the period			$	21					$	132					$	49					$	202					$	28					$	20					$	48
Less: Net gains (losses) recognized from sales of securities			14						—						—						14						2						—						2
Unrealized gains (losses) recognized for securities still held at reporting date			$	7					$	132					$	49					$	188					$	26					$	20					$	46

																											Six Months Ended
																											June 30
			2024																								2023
(in millions of U.S. dollars)			Equity Securities						Other Investments						Private Equities						Total						Equity Securities						Private Equities						Total
Net gains (losses) recognized during the period			$	24					$	300					$	80					$	404					$	39					$	35					$	74
Less: Net gains (losses) recognized from sales of securities			11						—						—						11						(3)						—						(3)
Unrealized gains (losses) recognized for securities still held at reporting date			$	13					$	300					$	80					$	393					$	42					$	35					$	77

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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						June 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						$	1,282					$	336					$	1,241					$	364
Real assets			2 to 13 Years						2,031						475						2,137						445
Distressed			2 to 8 Years						1,272						876						1,206						936
Private credit			3 to 8 Years						323						295						331						298
Traditional			2 to 14 Years						9,150						4,845						8,873						4,167
Vintage			1 to 3 Years						61						—						72						—
Investment funds			Not Applicable						246						—						218						—
									$	14,365					$	6,827					$	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

    

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 June

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Chubb Limited and Subsidiaries

30, 2024, and December 31, 2023, are investments, primarily fixed maturities, totaling $18,370 million and $18,242 million, respectively, and cash of $168 million and $172 million, respectively.

The following table presents the components of restricted assets:

			June 30						December 31
(in millions of U.S. dollars)			2024						2023
Trust funds			$	8,404					$	8,482
Deposits with U.S. regulatory authorities			2,482						2,544
Deposits with non-U.S. regulatory authorities			4,160						3,584
Assets pledged under repurchase agreements			3,289						2,924
Other pledged assets			203						880
Total			$	18,538					$	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 variable interest entities. 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 June 30, 2024, and December 31, 2023, was $215 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 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

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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.

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.

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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. Investment 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 of 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

June 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			$	2,128					$	613					$	—					$	2,741
Non-U.S.			—						34,286						632						34,918
Corporate and asset-backed securities			—						40,911						2,709						43,620
Mortgage-backed securities			—						24,594						20						24,614
Municipal			—						1,947						—						1,947
			2,128						102,351						3,361						107,840
Equity securities			3,692						—						100						3,792
Short-term investments			2,822						1,712						12						4,546
Other investments (1)			581						5,903						—						6,484
Securities lending collateral			—						1,889						—						1,889
Investment derivatives			41						—						—						41
Derivatives designated as hedging instruments			—						127						—						127
Other derivative instruments			1						—						—						1
Separate account assets			5,749						85						—						5,834
Total assets measured at fair value (1)(2)			$	15,014					$	112,067					$	3,473					$	130,554
Liabilities:
Investment derivatives			$	169					$	—					$	—					$	169
Derivatives designated as hedging instruments			—						96						—						96
Other derivative instruments			2						5						—						7
Market risk benefits (3)			—						—						576						576
Total liabilities measured at fair value			$	171					$	101					$	576					$	848

(1)Excluded from the table above are other investments of $1,029 million, principally policy loans, measured using NAV as a practical expedient.

(2)Excluded from the table above are Private equities of $14,365 million, measured using NAV as a practical expedient.

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

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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 June 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									$	718					$	2,658					$	7																	$	101					$	5
Transfers into Level 3									—						4						—																		—						—
Transfers out of Level 3									(2)						—						—																		—						—
Change in Net Unrealized Gains (Losses) in OCI									(6)						4						—																		—						(1)
Net Realized Gains (Losses)									(4)						(5)						—																		2						—
Purchases									83						326						15																		1						12
Sales									(31)						(87)						—																		(4)						—
Settlements									(126)						(191)						(2)																		—						(4)
Balance, end of period									$	632					$	2,709					$	20																	$	100					$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(2)					$	—																	$	1					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	(10)					$	(1)					$	—																	$	—					$	(1)

Three Months Ended June 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									$	561					$	2,544					$	10											$	88					$	7
Transfers into Level 3									21						3						—												—						—
Transfers out of Level 3									—						(2)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									15						4						—												—						—
Net Realized Gains (Losses)									(1)						(5)						—												(2)						—
Purchases									62						118						—												4						(2)
Sales									(4)						(10)						—												(4)						(2)
Settlements									(5)						(128)						—												—						—
Balance, end of period									$	649					$	2,524					$	10											$	86					$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	—					$	(6)					$	—											$	(3)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	15					$	3					$	—											$	—					$	1

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Six Months Ended June 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									(6)						(3)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									8						10						—												—						(1)
Net Realized Gains (Losses)									(4)						(5)						—												(1)						—
Purchases									155						469						15												19						16
Sales									(51)						(107)						—												(5)						—
Settlements									(163)						(282)						(2)												—						(6)
Balance, end of period									$	632					$	2,709					$	20											$	100					$	12
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	(1)					$	(2)					$	—											$	(1)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	3					$	5					$	—											$	—					$	(1)

Six Months Ended June 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									—						(13)						—												—						—
Change in Net Unrealized Gains (Losses) in OCI									11						2						—												—						(1)
Net Realized Gains (Losses)									(1)						(3)						—												(6)						—
Purchases									105						323						—												11						3
Sales									(35)						(30)						—												(9)						(2)
Settlements									(16)						(207)						(1)												—						—
Balance, end of period									$	649					$	2,524					$	10											$	86					$	3
Net Realized Gains (Losses) Attributable to Changes in Fair Value at the Balance Sheet date									$	—					$	(2)					$	—											$	(6)					$	—
Change in Net Unrealized Gains (Losses) included in OCI at the Balance Sheet date									$	9					$	(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:

June 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			$	—					$	—					$	2,696					$	2,696					$	2,680
Total assets			$	—					$	—					$	2,696					$	2,696					$	2,680
Liabilities:
Repurchase agreements			$	—					$	3,149					$	—					$	3,149					$	3,149
Short-term debt			—						1,528						—						1,528						1,553
Long-term debt			—						11,698						—						11,698						13,178
Trust preferred securities			—						367						—						367						309
Total liabilities			$	—					$	16,742					$	—					$	16,742					$	18,189

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

						June 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						$	17,409					$	299					$	17,884					$	285
Reinsurance recoverable on paid losses and loss expenses						1,946						82						2,068						82
Reinsurance recoverable on losses and loss expenses						$	19,355					$	381					$	19,952					$	367
Reinsurance recoverable on policy benefits						$	291					$	—					$	280					$	—

(1)Net of valuation allowance for uncollectible reinsurance.

The decrease in Reinsurance recoverable on losses and loss expenses was primarily due to a seasonal decrease in crop recoverables and a commutation in connection with a large structured transaction during the first quarter.

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Chubb Limited and Subsidiaries

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

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2024						2023
Valuation allowance for uncollectible reinsurance - beginning of period			$	367					$	351
Provision for uncollectible reinsurance			18						15
Write-offs charged against the valuation allowance			(3)						(6)
Foreign exchange revaluation			(1)						1
Valuation allowance for uncollectible reinsurance - end of period			$	381					$	361

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 acquisitions costs on long-duration contracts included in the Life Insurance segment:

			Six Months Ended June 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			98						70						170						311						36						685
Amortization expense			(58)						(39)						(17)						(86)						(14)						(214)
Other (including foreign exchange)			(6)						(25)						(14)						(30)						(7)						(82)
Balance - end of period			$	436					$	680					$	673					$	1,496					$	289					$	3,574
Overseas General Insurance segment excluded from table																																	592
Total deferred policy acquisition costs on long-duration contracts																																	$	4,166
Deferred policy acquisition costs on short-duration contracts																																	3,646
Total deferred policy acquisition costs																																	$	7,812

			Six Months Ended June 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			84						54						62						249						9						458
Amortization expense			(50)						(37)						(11)						(62)						(13)						(173)
Other (including foreign exchange)			12						9						10						(2)						—						29
Balance - end of period			$	370					$	665					$	453					$	1,076					$	264					$	2,828
Overseas General Insurance segment excluded from table																																	651
Total deferred policy acquisition costs on long-duration contracts																																	$	3,479
Deferred policy acquisition costs on short-duration contracts																																	3,187
Total deferred policy acquisition costs																																	$	6,666

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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 and other			(10)						(4)						—						(90)						—						(70)						(174)
Balance at June 30, 2024 (1)			$	7,192					$	2,227					$	134					$	5,172					$	371					$	4,737					$	19,833

(1)Includes $500 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:

			Six Months Ended
			June 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 – 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			12,604						11,227
Prior years (2)			(446)						(396)
Total			12,158						10,831
Net losses and loss expenses paid in respect of losses occurring in:
Current year			2,492						2,264
Prior years			6,918						7,527
Total			9,410						9,791
Foreign currency revaluation and other			(204)						171
Net unpaid losses and loss expenses – end of period			64,782						59,872
Reinsurance recoverable on unpaid losses (1)			17,409						16,608
Gross unpaid losses and loss expenses – end of period			$	82,191					$	76,480

(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 $47 million and nil for the six months ended June 30, 2024 and 2023, respectively.

Net unpaid losses and loss expenses increased $2,544 million for the six months ended June 30, 2024, principally reflecting underlying exposure growth 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.

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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 June 30																		Six Months Ended June 30
(in millions of U.S. dollars)			Long-tail						Short-tail						Total						Long-tail						Short-tail						Total
2024
North America Commercial P&C Insurance			$	(142)					$	(2)					$	(144)					$	(46)					$	(146)					$	(192)
North America Personal P&C Insurance			—						(64)						(64)						—						(116)						(116)
North America Agricultural Insurance			—						—						—						—						(28)						(28)
Overseas General Insurance			36						(97)						(61)						35						(185)						(150)
Global Reinsurance			5						(21)						(16)						5						(20)						(15)
Corporate			93						—						93						102						—						102
Total			$	(8)					$	(184)					$	(192)					$	96					$	(495)					$	(399)
2023
North America Commercial P&C Insurance			$	(139)					$	(7)					$	(146)					$	(130)					$	(88)					$	(218)
North America Personal P&C Insurance			—						(33)						(33)						—						(16)						(16)
North America Agricultural Insurance			—						(3)						(3)						—						(3)						(3)
Overseas General Insurance			—						(61)						(61)						—						(204)						(204)
Global Reinsurance			7						(24)						(17)						7						(32)						(25)
Corporate			60						—						60						70						—						70
Total			$	(72)					$	(128)					$	(200)					$	(53)					$	(343)					$	(396)

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 six months ended June 30, 2024, included $288 million and $338 million, respectively, from workers' compensation due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents. The favorable development was partially offset by net adverse development of $117 million and $167 million, respectively, in commercial auto liability mainly due to higher-than-expected loss development and severity trend. Development for the six months ended June 30, 2024, included $144 million of favorable development in surety, property and marine lines, partially offset by net adverse development of $97 million in commercial excess and umbrella lines.

Net favorable development for the three and six months ended June 30, 2023 included $264 million and $308 million, respectively, from workers' compensation lines due to lower-than-expected loss experience and our annual assessment of multi-claimant events, including industrial accidents. The favorable development was partially offset by net adverse development of $119 million and $125 million, respectively, in commercial auto liability due to adverse reported loss experience.

Overseas General Insurance. Net favorable development for the three months ended June 30, 2024 included favorable claim development, mainly in marine and property lines. Net favorable development for the six months ended June 30, 2024 included favorable development of $85 million in property and $73 million in marine.

Net favorable development for the three months ended June 30, 2023 included favorable claim development in short-tail property and casualty and A&H. Net favorable development for the six months ended June 30, 2023 included $110 million of favorable catastrophe development and non-catastrophe property loss emergence.

Corporate. Net adverse development for the three and six months ended June 30, 2024 and 2023 was driven primarily by molestation-related claims development.

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Chubb Limited and Subsidiaries

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			Six Months Ended June 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			6						70						111						—						187
Effect of actual variances from expected experience			(12)						21						(129)						(1)						(121)
Adjusted beginning of period balance			1,986						4,036						10,674						63						16,759
Issuances			111						620						1,196						39						1,966
Interest accrual			26						55						239						2						322
Net premiums collected (1)			(122)						(603)						(729)						(20)						(1,474)
Other (including foreign exchange)			(25)						(77)						(273)						10						(365)
Ending balance at original discount rate			1,976						4,031						11,107						94						17,208
Effect of changes in discount rate assumptions			(397)						17						(162)						—						(542)
Balance – end of period			$	1,579					$	4,048					$	10,945					$	94					$	16,666

(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			Six Months Ended June 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			8						85						102						—						195
Effect of actual variances from expected experience			(9)						31						(129)						—						(107)
Adjusted beginning of period balance			2,748						10,107						15,044						492						28,391
Issuances			111						620						1,196						39						1,966
Interest accrual			35						151						300						8						494
Benefits payments			(115)						(179)						(789)						(10)						(1,093)
Other (including foreign exchange)			(3)						(169)						(356)						9						(519)
Ending balance at original discount rate			2,776						10,530						15,395						538						29,239
Effect of changes in discount rate assumptions			(512)						129						(337)						17						(703)
Balance – end of period			$	2,264					$	10,659					$	15,058					$	555					$	28,536

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Chubb Limited and Subsidiaries

Liability for Future Policy Benefits, Life Insurance Segment			June 30, 2024
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Net liability for future policy benefits			$	685					$	6,611					$	4,113					$	461					$	11,870
Deferred profit liability			268						986						174						24						1,452
Net liability for future policy benefits, before reinsurance recoverable			953						7,597						4,287						485						13,322
Less: Reinsurance recoverable on future policy benefits			103						44						110						—						257
Net liability for future policy benefits, after reinsurance recoverable			$	850					$	7,553					$	4,177					$	485					$	13,065
Weighted average duration (years)			10.2						25.0						10.0						16.3						19.1

Present Value of Expected Net Premiums			Six Months Ended June 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			16						(1)						(772)						1						(756)
Effect of actual variances from expected experience			(6)						41						(79)						(1)						(45)
Adjusted beginning of period balance			1,877						2,401						10,407						43						14,728
Issuances			63						123						540						3						729
Interest accrual			37						34						226						1						298
Net premiums collected (1)			(87)						(170)						(654)						(11)						(922)
Other (including foreign exchange)			78						11						(150)						1						(60)
Ending balance at original discount rate			1,968						2,399						10,369						37						14,773
Effect of changes in discount rate assumptions			(54)						(21)						(346)						—						(421)
Balance – end of period			$	1,914					$	2,378					$	10,023					$	37					$	14,352

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

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Chubb Limited and Subsidiaries

Present Value of Expected Future Policy Benefits			Six Months Ended June 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			19						(1)						(782)						3						(761)
Effect of actual variances from expected experience			(6)						46						(75)						(1)						(36)
Adjusted beginning of period balance			2,460						5,919						14,998						282						23,659
Issuances			63						123						540						3						729
Interest accrual			43						105						289						3						440
Benefit payments			(85)						(130)						(707)						(5)						(927)
Other (including foreign exchange)			184						423						(507)						(22)						78
Ending balance at original discount rate			2,665						6,440						14,613						261						23,979
Effect of changes in discount rate assumptions			(127)						(76)						(575)						(4)						(782)
Balance – end of period			$	2,538					$	6,364					$	14,038					$	257					$	23,197

Liability for Future Policy Benefits, Life Insurance Segment			June 30, 2023
(in millions of U.S. dollars)			Term Life						Whole Life						A&H						Other						Total
Net liability for future policy benefits			$	624					$	3,986					$	4,015					$	220					$	8,845
Deferred profit liability			243						640						148						13						1,044
Net liability for future policy benefits, before reinsurance recoverable			867						4,626						4,163						233						9,889
Less: Reinsurance recoverable on future policy benefits			110						42						119						1						272
Net liability for future policy benefits, after reinsurance recoverable			$	757					$	4,584					$	4,044					$	232					$	9,617
Weighted average duration (years)			9.4						25.3						10.5						14.0						17.6

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

			June 30
(in millions of U.S. dollars)			2024						2023
Net liability for future policy benefits, Life Insurance segment			$	11,870					$	8,845
Other (1)			1,341						1,175
Deferred profit liability			1,452						1,044
Liability for future policy benefits, per consolidated balance sheet			$	14,663					$	11,064

(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:

			June 30						June 30
(in millions of U.S. dollars)			2024						2023
Term Life
Undiscounted expected future benefit payments			$	4,334					$	4,085
Undiscounted expected future gross premiums			7,223						6,543
Discounted expected future benefit payments			2,264						2,538
Discounted expected future gross premiums			4,776						3,779
Whole Life
Undiscounted expected future benefit payments			25,052						16,759
Undiscounted expected future gross premiums			9,555						6,972
Discounted expected future benefit payments			10,659						6,364
Discounted expected future gross premiums			7,744						5,455
A&H
Undiscounted expected future benefit payments			26,037						23,661
Undiscounted expected future gross premiums			38,166						34,381
Discounted expected future benefit payments			15,058						14,038
Discounted expected future gross premiums			22,556						21,019
Other
Undiscounted expected future benefit payments			956						346
Undiscounted expected future gross premiums			174						94
Discounted expected future benefit payments			555						257
Discounted expected future gross premiums			$	155					$	84

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

			Gross Premiums or Assessments												Interest Accretion
			Six Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Life Insurance
Term Life			$	337					$	322					$	9					$	6
Whole Life			1,008						475						96						71
A&H			1,525						1,422						61						63
Other			32						21						6						2
Total			$	2,902					$	2,240					$	172					$	142

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Chubb Limited and Subsidiaries

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

			Interest Accretion Rate												Current Discount Rate
			June 30												June 30
			2024						2023						2024						2023
Life Insurance
Term Life			2.9		%				2.9		%				5.7		%				5.9		%
Whole Life			3.2		%				4.0		%				4.6		%				5.3		%
A&H			3.7		%				3.8		%				6.3		%				6.4		%
Other			2.7		%				3.8		%				4.2		%				5.1		%

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

Policyholders' account balances

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

			Six Months Ended June 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			139						208						217						564
Policy charges (1)			(65)						—						(5)						(70)
Surrenders and withdrawals			(65)						(20)						(153)						(238)
Benefit payments (4)			(56)						(81)						(1)						(138)
Interest credited			25						30						27						82
Other (including foreign exchange)			(76)						(27)						(274)						(377)
Balance – end of period			$	1,778					$	2,521					$	2,313					$	6,612
Unearned revenue liability																					675
Other																					500
Policyholders' account liability, per consolidated balance sheet																					$	7,787

(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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			Six Months Ended June 30, 2023
(in millions of U.S. dollars)			Universal Life												Other (2)						Total
Balance – beginning of period			$	1,199											$	1,374					$	2,573
Premiums received			106												64						170
Policy charges (1)			(63)												(5)						(68)
Surrenders and withdrawals			(36)												(41)						(77)
Benefit payments (3)			(4)												(22)						(26)
Interest credited			16												13						29
Other (including foreign exchange)			1												5						6
Balance – end of period			$	1,219											$	1,388					$	2,607
Unearned revenue liability																					608
Policyholders' account liability, per consolidated balance sheet																					$	3,215

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

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

			June 30
			2024																		2023
(in millions of U.S. dollars, except for percentages)			Universal Life						Annuities						Other						Universal Life												Other
Weighted-average crediting rate			2.8		%				2.5		%				2.9		%				2.7		%										2.0		%
Net amount at risk (1)			$	11,987					$	—					$	454					$	11,634											$	201
Cash Surrender Value			$	1,611					$	1,618					$	2,013					$	1,013											$	1,316

(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

			June 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%			$	436					$	—					$	42					$	68					$	546
2.01% – 4.00%			77						424						717						—						1,218
Greater than 4.00%			14						—						—						—						14
Total			$	527					$	424					$	759					$	68					$	1,778

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			June 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%			$	439					$	—					$	32					$	8					$	479
2.01% – 4.00%			81						328						310						—						719
Greater than 4.00%			21						—						—						—						21
Total			$	541					$	328					$	342					$	8					$	1,219

Annuities

			June 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%			$	732					$	—					$	1,638					$	1					$	2,371
2.01% – 4.00%			150						—						—						—						150
Greater than 4.00%			—						—						—						—						—
Total			$	882					$	—					$	1,638					$	1					$	2,521

Other policyholders' account balances

			June 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%			$	574					$	—					$	227					$	513					$	1,314
2.01% – 4.00%			381						618						—						—						999
Greater than 4.00%			—						—						—						—						—
Total			$	955					$	618					$	227					$	513					$	2,313

			June 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%			$	552					$	—					$	240					$	186					$	978
2.01% – 4.00%			363						42						—						—						405
Greater than 4.00%			5						—						—						—						5
Total			$	920					$	42					$	240					$	186					$	1,388

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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:

			June 30						June 30
(in millions of U.S. dollars)			2024						2023
Cash and cash equivalents			$	100					$	98
Mutual funds			5,649						5,382
Fixed maturities			85						94
Total			$	5,834					$	5,574

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

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2024						2023
Balance – beginning of period			$	5,573					$	5,190
Premiums and deposits			576						517
Policy charges			(80)						(70)
Surrenders and withdrawals			(426)						(246)
Benefit payments			(208)						(193)
Investment performance			502						361
Other (including foreign exchange)			(103)						15
Balance – end of period			$	5,834					$	5,574
Cash surrender value (1)			$	5,625					$	5,369

(1)Cash surrender value represents the amount of the contract holder's 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 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:

			Six Months Ended
			June 30
(in millions of U.S. dollars)			2024						2023
Balance – beginning of period			$	673					$	567
Deferred revenue			69						63
Amortization			(36)						(29)
Other (including foreign exchange)			(31)						7
Balance – end of period			$	675					$	608

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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:

			Six Months Ended June 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			(87)						37
Effect of changes in equity markets			(83)						(144)
Effect of changes in volatilities			(13)						31
Actual policyholder behavior different from expected behavior			31						14
Effect of timing and all other			(33)						(8)
Balance, end of period, before effect of changes in the instrument-specific credit risk			$	564					$	706
Effect of changes in the instrument-specific credit risk			12						16
Balance – end of period			$	576					$	722
Weighted-average age of policyholders (years)			74						73
Net amount at risk (1)			$	1,630					$	2,048

(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 gains (losses) of $(191) million and $(192) million for the six months ended June 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.

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

June 30, 2024

June 30, 2023

Ranges

Weighted Average(1)

Ranges

Weighted Average(1)

MRB (1)

Actuarial model

Lapse rate

0.5% – 30.0%

4.3

%

0.5% – 30.4%

4.0

%

Annuitization rate

0% – 100%

4.3

%

0% – 100%

4.2

%

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

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.

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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. 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.

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

															June 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)						$	35					$	(167)					$	3,946											$	27					$	(94)					$	3,662
Options/Futures contracts on notes and bonds			OA / (AP)						6						(2)						1,190												27						(42)						2,062
Convertible securities (1)			FM AFS / ES						61						—						67												56						—						64
									$	102					$	(169)					$	5,203											$	110					$	(136)					$	5,788
Other derivative instruments:
Futures contracts on equities (2)			OA / (AP)						$	—					$	(2)					$	1,042											$	—					$	(37)					$	1,157
Other			OA / (AP)						1						(5)						350												—						(5)						217
									$	1					$	(7)					$	1,392											$	—					$	(42)					$	1,374
Derivatives designated as hedging instruments:
Cross-currency swaps - fair value hedges			OA / (AP)						$	88					$	—					$	1,614											$	126					$	—					$	1,631
Cross-currency swaps - net investment hedges			OA / (AP)						39						(96)						1,599												10						(128)						1,619
									$	127					$	(96)					$	3,213											$	136					$	(128)					$	3,250

(1)Includes fair value of embedded derivatives.

(2)Related to MRB book of business.

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At June 30, 2024, and December 31, 2023, net derivative liabilities of $103 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 $1.6 billion at June 30, 2024, of our 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:

			Three Months Ended									Six Months Ended
			June 30									June 30
(pre-tax, in millions of U.S. dollars)			2024			2023						2024			2023
Gain (loss) recognized in OCI			$	(46)		$	57					$	(54)		$	40
Net realized gain (loss) reclassified from OCI			(12)			11						(49)			31
Interest expense reclassified from OCI			(4)			(4)						(8)			(8)
OCI gain (loss) after reclassifications			$	(30)		$	50					$	3		$	17

(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, and Swiss franc. 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									Six Months Ended
			June 30									June 30
(pre-tax, in millions of U.S. dollars)			2024			2023						2024			2023
Gain (loss) recognized in OCI			$	37		$	35					$	73		$	12
Interest income reclassified from OCI			3			4						6			7
OCI gain (loss) after reclassifications			$	34		$	31					$	67		$	5

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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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Investment and embedded derivative instruments:
Foreign currency forward contracts			$	(28)					$	(27)					$	(80)					$	(78)
All other futures contracts, options, and equities			12						(29)						18						(24)
Convertible securities (1)			(1)						1						2						1
Total investment and embedded derivative instruments			$	(17)					$	(55)					$	(60)					$	(101)
Other derivative instruments:
Futures contracts on equities (2)			$	(21)					$	(75)					$	(116)					$	(132)
Other			(3)						2						(5)						1
Total other derivative instruments			$	(24)					$	(73)					$	(121)					$	(131)
			$	(41)					$	(128)					$	(181)					$	(232)

(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 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
																					June 30, 2024						December 31, 2023
(in millions of U.S. dollars)																					Overnight and Continuous
Collateral held under securities lending agreements:
Cash																					$	644					$	555
U.S. Treasury / Agency																					272						33
Non-U.S.																					865						621
Corporate and asset-backed securities																					82						57
Municipal																					—						6
Equity securities																					26						27
																					$	1,889					$	1,299
Gross amount of recognized liability for securities lending payable																					$	1,889					$	1,299

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At June 30, 2024, and December 31, 2023, our repurchase agreement obligations of $3,149 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
			June 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.			1,767						—						—						1,767						1,355						—						—						1,355
U.S. Treasury / Agency			—						101						—						101						—						105						—						105
Mortgage-backed securities			471						908						42						1,421						—						913						517						1,430
			$	2,238					$	1,009					$	42					$	3,289					$	1,355					$	1,051					$	518					$	2,924
Gross amount of recognized liabilities for repurchase agreements																					$	3,149																							$	2,833
Difference (1)																					$	140																							$	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 June 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 $14.1 billion at June 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 June 30, 2024, $72 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 June 30, 2024, and December 31, 2023, the right-of-use asset was $743 million and $784 million, respectively, recorded within Other assets, and the lease liability was $801 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.

13. 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 June 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																								Six Months Ended
			June 30																								June 30
			2024												2023												2024												2023
			CHF						USD						CHF						USD						CHF						USD						CHF						USD
Total dividend distributions per common share			0.82						$	0.91					0.77						$	0.86					1.57						$	1.77					1.54						$	1.69

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 six months ended June 30, 2024, 3,474,357 shares were repurchased, 11,825,600 shares were canceled, and 2,278,215 net shares were issued under employee share-based compensation plans. At June 30, 2024, 15,552,491 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												Six Months Ended												July 1, 2024 through July 25, 2024
			June 30												June 30
(in millions of U.S. dollars, except share data)			2024						2023						2024						2023
Number of shares repurchased			2,254,236						3,674,300						3,474,357						5,684,700						175,465
Cost of shares repurchased			$	570					$	724					$	886					$	1,152					$	45
Repurchase authorization remaining at end of period			$	2,808					$	—					$	2,808					$	—					$	2,764

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

			Three Months Ended												Six Months Ended
			June 30												June 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			$	(4,825)					$	(5,659)					$	(4,177)					$	(7,279)
Change in period, before reclassification from AOCI (before tax)			(484)						(1,301)						(1,280)						305
Amounts reclassified from AOCI (before tax)			(5)						107						114						287
Change in period, before tax			(489)						(1,194)						(1,166)						592
Income tax (expense) benefit			7						44						49						(122)
Total other comprehensive income (loss)			(482)						(1,150)						(1,117)						470
Noncontrolling interests, net of tax			(6)						—						7						—
Balance – end of period, net of tax			(5,301)						(6,809)						(5,301)						(6,809)
Current discount rate on liability for future policy benefits
Balance – beginning of period, net of tax			11						(205)						51						(75)
Change in period, before tax			53						(35)						—						(186)
Income tax (expense) benefit			(2)						(7)						(22)						14
Total other comprehensive income (loss)			51						(42)						(22)						(172)
Noncontrolling interests, net of tax			(4)						—						(37)						—
Balance – end of period, net of tax			66						(247)						66						(247)
Instrument-specific credit risk on market risk benefits
Balance – beginning of period, net of tax			(17)						(27)						(22)						(24)
Change in period, before tax			5						11						10						8
Income tax expense			(1)						—						(1)						—
Total other comprehensive income			4						11						9						8
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			(13)						(16)						(13)						(16)

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			Three Months Ended												Six Months Ended
			June 30												June 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			(2,864)						(3,136)						(2,945)						(2,966)
Change in period, before reclassification from AOCI (before tax)			(527)						219						(444)						45
Amounts reclassified from AOCI (before tax)			(3)						(4)						(6)						(7)
Change in period, before tax			(530)						215						(450)						38
Income tax benefit			19						1						12						8
Total other comprehensive income (loss)			(511)						216						(438)						46
Noncontrolling interests, net of tax			(33)						—						(41)						—
Balance – end of period, net of tax			(3,342)						(2,920)						(3,342)						(2,920)
Fair value hedging instruments
Balance – beginning of period, net of tax			13						(92)						(13)						(66)
Change in period, before reclassification from AOCI (before tax)			(46)						57						(54)						40
Amounts reclassified from AOCI (before tax)			16						(7)						57						(23)
Change in period, before tax			(30)						50						3						17
Income tax (expense) benefit			6						(11)						(1)						(4)
Total other comprehensive income (loss)			(24)						39						2						13
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			(11)						(53)						(11)						(53)
Postretirement benefit liability adjustment
Balance – beginning of period, net of tax			296						224						297						225
Change in period, before tax			1						(2)						(1)						(2)
Income tax benefit			—						1						1						—
Total other comprehensive income (loss)			1						(1)						—						(2)
Noncontrolling interests, net of tax			—						—						—						—
Balance – end of period, net of tax			297						223						297						223
Accumulated other comprehensive loss			$	(8,304)					$	(9,822)					$	(8,304)					$	(9,822)

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

			Three Months Ended												Six Months Ended												Consolidated Statement of Operations Location
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Fixed maturities available-for-sale			$	5					$	(107)					$	(114)					$	(287)					Net realized gains (losses)
Income tax benefit			12						16						24						34						Income tax expense
			$	17					$	(91)					$	(90)					$	(253)					Net income
Cumulative foreign currency translation adjustment
Cross-currency swaps			$	3					$	4					$	6					$	7					Interest expense
Income tax expense			—						—						(1)						(1)						Income tax expense
			$	3					$	4					$	5					$	6					Net income
Net gains (losses) of fair value hedging instruments
Cross-currency swaps			$	(12)					$	11					$	(49)					$	31					Net realized gains (losses)
Cross-currency swaps			(4)						(4)						(8)						(8)						Interest expense
Income tax (expense) benefit			3						(2)						12						(5)						Income tax expense
			$	(13)					$	5					$	(45)					$	18					Net income
Total amounts reclassified from AOCI			$	7					$	(82)					$	(130)					$	(229)

14. 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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15. 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 June 30			U.S. Plans						Non-U.S. Plans						U.S. Plans						Non-U.S. Plans
(in millions of U.S. dollars)
Service cost			$	—					$	3					$	—					$	2					$	—					$	—
Non-service cost (benefit):
Interest cost			34						9						34						9						—						1
Expected return on plan assets			(61)						(12)						(56)						(13)						(1)						(1)
Amortization of net actuarial (gain) loss			(1)						—						—						—						—						—
Amortization of prior service cost			—						—						—						—						—						—
Settlements			—						—						—						—						—						—
Total non-service cost (benefit)			(28)						(3)						(22)						(4)						(1)						—
Net periodic benefit cost (benefit)			$	(28)					$	—					$	(22)					$	(2)					$	(1)					$	—

			Pension Benefit Plans																								Other Postretirement Benefit Plans
			2024												2023												2024						2023
Six Months Ended June 30			U.S. Plans						Non-U.S. Plans						U.S. Plans									Non-U.S. Plans
(in millions of U.S. dollars)
Service cost:			$	—					$	5					$	—								$	4					$	—					$	—
Non-service cost (benefit):
Interest cost			67						18						68									18						1						1
Expected return on plan assets			(122)						(25)						(112)									(25)						(2)						(2)
Amortization of net actuarial (gain) loss			(1)						1						—									—						(1)						—
Amortization of prior service cost			—						—						—									—						—						—
Settlements			—						—						—									—						—						—
Total non-service cost (benefit)			(56)						(6)						(44)									(7)						(2)						(1)
Net periodic benefit cost (benefit)			$	(56)					$	(1)					$	(44)								$	(3)					$	(2)					$	(1)

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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 June 30			2024						2023						2024						2023
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses			$	—					$	—					$	—					$	—
Administrative expenses			3						2						—						—
Total service cost			3						2						—						—
Non-service cost (benefit):
Losses and loss expenses			(3)						(3)						—						—
Administrative expenses			(28)						(23)						(1)						—
Total non-service cost (benefit)			(31)						(26)						(1)						—
Net periodic benefit cost (benefit)			$	(28)					$	(24)					$	(1)					$	—

			Pension Benefit Plans												Other Postretirement Benefit Plans
Six Months Ended June 30			2024						2023						2024						2023
(in millions of U.S. dollars)
Service cost:
Losses and loss expenses			$	—					$	—					$	—					$	—
Administrative expenses			5						4						—						—
Total service cost			5						4						—						—
Non-service cost (benefit):
Losses and loss expenses			(6)						(5)						—						—
Administrative expenses			(56)						(46)						(2)						(1)
Total non-service cost (benefit)			(62)						(51)						(2)						(1)
Net periodic benefit cost (benefit)			$	(57)					$	(47)					$	(2)					$	(1)

16. Other income and expense

						Three Months Ended												Six Months Ended
						June 30												June 30
(in millions of U.S. dollars)						2024						2023						2024						2023
Equity in net income (loss) of partially-owned entities						$	94					$	120					$	278					$	460
Gains (losses) from fair value changes in separate account assets (1)						11						(12)						21						(37)
Asset management and performance fee revenue						57						—						110						—
Asset management and performance fee expense						(35)						—						(68)						—
Federal excise and capital taxes						(5)						(6)						(9)						(11)
Other						(12)						(2)						(31)						(16)
Total						$	110					$	100					$	301					$	396

(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 $4 million and $107 million for the three and six months ended June 30, 2024, respectively, and $(3) million and $239 million, respectively, for the prior year periods.

In addition, this line item includes net income attributable to our investment in Huatai under the equity method of accounting comprising income of $22 million and $36 million for the three and six months ended June 30, 2023, respectively. 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.

17. 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, Cigna integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Cigna 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 June 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			$	5,501					$	1,776					$	758					$	3,334					$	411					$	1,580					$	—					$	—					$	13,360
Net premiums earned			4,900						1,512						626						3,347						339						1,568						—						—						12,292
Losses and loss expenses			3,074						876						543						1,671						155						22						93						(3)						6,431
Policy benefits			—						—						—						92						—						1,031						—						96						1,219
Policy acquisition costs			660						299						45						842						80						300						—						—						2,226
Administrative expenses			327						88						3						348						11						218						99												1,094
Underwriting income (loss)			839						249						35						394						93						(3)						(192)						(93)						1,322
Net investment income			863						108						21						283						58						258						(32)						(91)						1,468
Other (income) expense			15						(2)						—						4						—						(32)						7						(102)						(110)
Amortization expense of    purchased intangibles			—						2						7						20						—						11						40						—						80
Segment income (loss)			$	1,687					$	357					$	49					$	653					$	151					$	276					$	(271)					$	(82)					$	2,820
Net realized gains (losses)																																							22						82						104
Market risk benefits gains (losses)																																							(29)						—						(29)
Interest expense																																							182						—						182
Cigna integration expenses																																							7						—						7
Income tax expense																																							490						—						490
Net income (loss)																																							$	(957)					$	—					$	2,216
Net loss attributable to noncontrolling interests																																							(14)						—						(14)
Net income (loss) attributable to Chubb																																							$	(943)					$	—					$	2,230

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Chubb Limited and Subsidiaries

For the Three Months Ended June 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			$	5,155					$	1,581					$	767					$	2,885					$	293					$	1,270					$	—					$	—					$	11,951
Net premiums earned			4,606						1,357						635						2,908						237						1,256						—						—						10,999
Losses and loss expenses			2,871						846						507						1,267						91						35						61						5						5,683
Policy benefits			—						—						—						137						—						705						—						(12)						830
Policy acquisition costs			614						277						37						746						65						277						—						—						2,016
Administrative expenses			316						84						3						292						9						170						95						—						969
Underwriting income (loss)			805						150						88						466						72						69						(156)						7						1,501
Net investment income			726						86						14						200						48						161						3						(93)						1,145
Other (income) expense			5						(1)						(1)						(10)						—						(26)						14						(81)						(100)
Amortization expense of    purchased intangibles			—						3						7						15						—						2						43						—						70
Segment income			$	1,526					$	234					$	96					$	661					$	120					$	254					$	(210)					$	(5)					$	2,676
Net realized gains (losses)																																							(309)						5						(304)
Market risk benefits gains (losses)																																							(7)						—						(7)
Interest expense																																							165						—						165
Cigna integration expenses																																							15						—						15
Income tax expense																																							392						—						392
Net income (loss)																																							$	(1,098)					$	—					$	1,793

For the Six Months Ended June 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			$	10,190					$	3,232					$	1,007					$	7,169					$	770					$	3,213					$	—					$	—					$	25,581
Net premiums earned			9,780						2,983						754						6,545						634						3,179						—						—						23,875
Losses and loss expenses			6,249						1,775						592						3,097						292						54						103						(4)						12,158
Policy benefits			—						—						—						192						—						2,101						—						106						2,399
Policy acquisition costs			1,348						599						66						1,665						161						594						—						—						4,433
Administrative expenses			655						174						5						679						20						425						206						—						2,164
Underwriting income (loss)			1,528						435						91						912						161						5						(309)						(102)						2,721
Net investment income			1,689						210						42						550						115						488						(58)						(177)						2,859
Other (income) expense			22						(1)						—						9						—						(72)						(61)						(198)						(301)
Amortization expense of    purchased intangibles			—						4						13						40						—						21						82						—						160
Segment income (loss)			$	3,195					$	642					$	120					$	1,413					$	276					$	544					$	(388)					$	(81)					$	5,721
Net realized gains (losses)																																							(78)						81						3
Market risk benefits gains (losses)																																							(8)						—						(8)
Interest expense																																							360						—						360
Cigna integration expenses																																							14						—						14
Income tax expense																																							832						—						832
Net income (loss)																																							$	(1,680)					$	—					$	4,510
Net income attributable to noncontrolling interests																																							137						—						137
Net income (loss) attributable to Chubb																																							$	(1,817)					$	—					$	4,373

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

For the Six Months Ended June 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			$	9,443					$	2,877					$	1,060					$	6,148					$	570					$	2,563					$	—					$	—					$	22,661
Net premiums earned			8,975						2,677						794						5,694						481						2,520						—						—						21,141
Losses and loss expenses			5,600						1,734						647						2,504						203						67						72						4						10,831
Policy benefits			—						—						—						247						—						1,417						—						(37)						1,627
Policy acquisition costs			1,227						549						52						1,459						127						550						—						—						3,964
Administrative expenses			611						163						6						572						18						337						192						—						1,899
Underwriting income (loss)			1,537						231						89						912						133						149						(264)						33						2,820
Net investment income			1,424						168						31						388						97						314						14						(184)						2,252
Other (income) expense			12						—						—						(19)						(1)						(41)						(200)						(147)						(396)
Amortization expense of    purchased intangibles			—						5						13						33						—						6						85						—						142
Segment income (loss)			$	2,949					$	394					$	107					$	1,286					$	231					$	498					$	(135)					$	(4)					$	5,326
Net realized gains (losses)																																							(385)						4						(381)
Market risk benefits gains (losses)																																							(122)						—						(122)
Interest expense																																							325						—						325
Cigna integration expenses																																							37						—						37
Income tax expense																																							776						—						776
Net income (loss)																																							$	(1,780)					$	—					$	3,685

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.

18. Earnings per share

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars, except share and per share data)			2024						2023						2024						2023
Numerator:
Net income			$	2,216					$	1,793					$	4,510					$	3,685
Net income (loss) attributable to noncontrolling interests			(14)						—						137						—
Net income attributable to Chubb			$	2,230					$	1,793					$	4,373					$	3,685
Denominator:
Denominator for basic earnings per share attributable to Chubb:
Weighted-average shares outstanding			404,615,765						412,487,400						405,139,228						413,383,304
Denominator for diluted earnings per share attributable to Chubb:
Share-based compensation plans			3,990,902						3,084,476						4,138,555						3,387,233
Weighted-average shares outstanding and assumed conversions			408,606,667						415,571,876						409,277,783						416,770,537
Basic earnings per share attributable to Chubb			$	5.51					$	4.35					$	10.79					$	8.92
Diluted earnings per share attributable to Chubb			$	5.46					$	4.32					$	10.68					$	8.84
Potential anti-dilutive share conversions			1,348,531						3,143,311						939,842						2,190,304

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS – continued (Unaudited)

Chubb Limited and Subsidiaries

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 six months ended June 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			52
Overview			53
Consolidated Operating Results			54
Segment Operating Results			59
Net Realized and Unrealized Gains (Losses)			69
Effective Income Tax Rate			70
Non-GAAP Reconciliation			70
Amortization of Purchased Intangibles and Other Amortization			76
Net Investment Income			77
Investments			77
Critical Accounting Estimates			81
Unpaid Losses and Loss Expenses			81
Asbestos and Environmental (A&E)			81
Fair Value Measurements			81
Catastrophe Management			82
Global Property Catastrophe Reinsurance Program			83
Capital Resources			84
Liquidity			85
Information Provided In Connection With Outstanding Debt of Subsidiaries			86

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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. 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. 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 U.S. Securities and Exchange Commission (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; 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 outstanding purchase of additional interests in Huatai Insurance Group Co., Ltd. (Huatai Group);

•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;

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•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 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).

You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of their dates. 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 June 30, 2024, we had total assets of $239 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $61 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. For the three and six months ended June 30, 2024, 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 Six Months Ended June 30, 2024 and 2023

			Three Months Ended																		Six Months Ended
			June 30												% Change						June 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			$	13,360					$	11,951					11.8		%				$	25,581					$	22,661					12.9		%
Net premiums written - constant dollars (1)															12.3		%																13.2		%
Net premiums earned			12,292						10,999						11.7		%				23,875						21,141						12.9		%
Net investment income			1,468						1,145						28.2		%				2,859						2,252						27.0		%
Net realized gains (losses)			104						(304)						NM						3						(381)						NM
Market risk benefits gains (losses)			(29)						(7)						NM						(8)						(122)						(93.7)		%
Total revenues			13,835						11,833						16.9		%				26,729						22,890						16.8		%
Losses and loss expenses			6,431						5,683						13.2		%				12,158						10,831						12.3		%
Policy benefits			1,219						830						46.9		%				2,399						1,627						47.4		%
Policy acquisition costs			2,226						2,016						10.4		%				4,433						3,964						11.8		%
Administrative expenses			1,094						969						12.9		%				2,164						1,899						14.0		%
Interest expense			182						165						10.4		%				360						325						10.8		%
Other (income) expense			(110)						(100)						10.4		%				(301)						(396)						(24.3)		%
Amortization of purchased intangibles			80						70						15.0		%				160						142						12.9		%
Cigna integration expenses			7						15						(55.8)		%				14						37						(62.3)		%
Total expenses			11,129						9,648						15.4		%				21,387						18,429						16.1		%
Income before income tax			2,706						2,185						23.8		%				5,342						4,461						19.8		%
Income tax expense			490						392						25.2		%				832						776						7.3		%
Net income			$	2,216					$	1,793					23.6		%				$	4,510					$	3,685					22.4		%
Net income (loss) attributable to noncontrolling interests			(14)						—						NM						137						—						NM
Net income attributable to Chubb			$	2,230					$	1,793					24.3		%				$	4,373					$	3,685					18.7		%

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 June 30, 2024

•Net income attributable to Chubb was $2.2 billion compared with $1.8 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 $13.4 billion, up 11.8 percent, or 12.3 percent in constant dollars. P&C net premiums written increased 10.3 percent, or 10.6 percent in constant dollars, with commercial insurance up 8.8 percent and consumer insurance up 15.9 percent. Life Insurance segment net premiums written increased 24.5 percent, or 27.6 percent in constant dollars, reflecting the impact of the consolidation of Huatai Group on July 1, 2023, and growth in existing business.

•Pre-tax net investment income was a record $1.5 billion compared with $1.1 billion in the prior year period, primarily due to strong operating cash flow at higher reinvestment rates on fixed maturities, and the consolidation of Huatai Group.

•Consolidated net premiums earned were $12.3 billion, up 11.7 percent, or 12.3 percent in constant dollars.

•Total pre-tax and after-tax catastrophe losses, net of reinsurance and including reinstatement premiums, were $580 million (5.4 percentage points of the P&C combined ratio) and $482 million, respectively, compared with $400 million (4.1

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percentage points of the P&C combined ratio) and $319 million, respectively, in the prior year period.

•Total pre-tax and after-tax favorable prior period development were $192 million and $167 million, respectively, compared with $200 million and $155 million, respectively, in the prior year period.

•The P&C combined ratio was 86.8 percent compared with 85.4 percent in the prior year period. The current year ratio increased primarily due to higher catastrophe losses and lower favorable prior period development. The P&C current accident year (CAY) combined ratio excluding catastrophe losses was 83.2 percent compared with 83.3 percent in the prior year period.

•Operating cash flow was $4.1 billion compared with $2.5 billion in the prior year period.

•Chubb shareholders' equity increased $503 million in the quarter, primarily from net income attributable to Chubb of $2.2 billion, partially offset by total capital returned to shareholders of $939 million, net unrealized losses of $478 million related to cumulative foreign exchange translation, and net unrealized losses on our investment portfolio of $476 million, reflecting the mark-to-market impact in the fixed-income portfolio. Total capital returned to shareholders comprises share repurchases of $570 million at an average purchase price of $253.02 per share, and dividends of $369 million.

Net Premiums Written			Three Months Ended June 30									% Change						Six Months Ended June 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			$	2,715		$	2,346		15.7		%	16.2		%				$	5,075		$	4,371		16.1		%	16.3		%
Commercial casualty			2,155			2,024			6.5		%	6.6		%				4,365			3,927			11.2		%	11.1		%
Financial lines			1,237			1,244			(0.6)		%	(0.5)		%				2,345			2,400			(2.3)		%	(2.4)		%
Workers' compensation			559			537			4.1		%	4.1		%				1,188			1,155			2.9		%	2.9		%
Commercial multiple peril (1)			428			391			9.7		%	9.7		%				796			731			8.9		%	8.9		%
Surety			200			174			14.6		%	13.8		%				384			334			14.9		%	13.4		%
Total Commercial P&C lines			7,294			6,716			8.6		%	8.8		%				14,153			12,918			9.6		%	9.5		%
Agriculture			758			767			(1.2)		%	(1.2)		%				1,007			1,060			(5.0)		%	(5.0)		%
Personal homeowners			1,355			1,174			15.4		%	15.9		%				2,420			2,076			16.6		%	17.0		%
Personal automobile			614			460			33.4		%	29.9		%				1,256			887			41.6		%	36.9		%
Personal other			520			485			7.3		%	8.6		%				1,085			992			9.4		%	10.2		%
Total Personal lines			2,489			2,119			17.5		%	17.4		%				4,761			3,955			20.4		%	19.9		%
Global A&H - P&C			828			786			5.2		%	7.8		%				1,677			1,595			5.1		%	6.8		%
Reinsurance lines			411			293			40.3		%	40.5		%				770			570			35.1		%	35.2		%
Total Property and Casualty lines			11,780			10,681			10.3		%	10.6		%				22,368			20,098			11.3		%	11.3		%
Life Insurance			1,580			1,270			24.5		%	27.6		%				3,213			2,563			25.4		%	28.7		%
Total consolidated			$	13,360		$	11,951		11.8		%	12.3		%				$	25,581		$	22,661		12.9		%	13.2		%

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

The increase in consolidated net premiums written for the three and six months ended June 30, 2024, reflects growth across most product lines driven by strong premium retention, including rate and exposure increases, and strong new business. The consolidation of Huatai Group's life and P&C businesses contributed $445 million, or 3.6 percentage points, and $1,004 million, or 4.2 percentage points, for the three and six months ended June 30, 2024, respectively.

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•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 a competitive market environment and lower retention.

•Workers' compensation grew slightly due to new business and retention, including exposure increases.

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

•Surety grew due to strong new business.

•Agriculture declined primarily due to lower commodity prices in the current year. The decrease in net premiums written for the six months ended June 30, 2024, also reflects a return of premium under the U.S. government risk-sharing formula related to the 2023 crop year.

•Personal lines grew globally due to new business and renewal retention, as well as increases in both rate and exposure, and the consolidation of Huatai.

•Global A&H – P&C grew in Europe and Asia, with Asia partially benefiting from the consolidation of Huatai.

•Reinsurance lines reflected continued growth, mainly in property lines and a large one-off structured transaction in the three months ended June 30, 2024.

•Life Insurance grew due to the consolidation of Huatai Group, and organic growth in Asia, Latin America, and in Combined Insurance North America. The consolidation of Huatai Group contributed $219 million, or 17.3 percentage points, and $485 million, or 18.9 percentage points, to growth for the three and six months ended June 30, 2024, respectively.

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 June 30, 2024, net premiums earned increased $1.3 billion, up 11.7 percent, or 12.3 percent in constant dollars. P&C net premiums earned increased 10.1 percent, or 10.4 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 8.8 percent and 15.1 percent, respectively. For the six months ended June 30, 2024, net premiums earned increased $2.7 billion, up 12.9 percent, or 13.4 percent in constant dollars. P&C net premiums earned increased 11.1 percent, or 11.3 percent in constant dollars, comprising growth in commercial insurance and consumer insurance of 10.1 percent and 14.6 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												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	580					$	400					$	1,015					$	858
Favorable prior period development			$	192					$	200					$	399					$	396

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

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

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

Pre-tax net favorable PPD for the three months ended June 30, 2024, was $285 million in our active companies with 35 percent in long-tail lines, primarily in workers' compensation lines, partially offset by unfavorable development in commercial auto liability, and 65 percent in short-tail lines, primarily in marine and property lines. Our corporate run-off portfolio had adverse development of $93 million, which included molestation-related claims development of approximately $60 million.

Pre-tax net favorable PPD for the six months ended June 30, 2024, was $501 million in our active companies, principally in short-tail property and marine lines. Our corporate run-off portfolio had adverse development of $102 million, primarily for molestation-related claims development.

Pre-tax net favorable PPD for the three months ended June 30, 2023, was $200 million, including adverse development of $49 million for molestation-related claims development.

Pre-tax net favorable PPD for the six months ended June 30, 2023, was $396 million, including adverse development of $49 million for molestation claims. Excluding the adverse development, we had net favorable development of $445 million with 23 percent in long-tail lines, principally from accident years 2011 through 2019, and 77 percent in short-tail lines, primarily in A&H and surety lines.

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												Six Months Ended
			June 30												June 30
			2024						2023						2024						2023
Combined ratio:
Loss and loss expense ratio			60.6		%				59.3		%				59.4		%				59.1		%
Policy acquisition cost ratio			18.0		%				17.9		%				18.6		%				18.3		%
Administrative expense ratio			8.2		%				8.2		%				8.4		%				8.4		%
P&C Combined ratio			86.8		%				85.4		%				86.4		%				85.8		%
Catastrophe losses			(5.4)		%				(4.1)		%				(4.9)		%				(4.6)		%
Prior period development			1.8		%				2.0		%				1.9		%				2.2		%
P&C CAY combined ratio excluding catastrophe losses			83.2		%				83.3		%				83.4		%				83.4		%

The P&C combined ratio increased for the three and six months ended June 30, 2024, reflecting higher catastrophe losses and a lower impact from favorable prior period development.

The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended June 30, 2024, primarily reflecting the favorable impact of higher net premiums earned and a higher percentage of net premiums earned from property lines and homeowners. These factors were substantially offset by higher loss trends in certain casualty lines, price changes not keeping pace with loss trends in financial lines, and increased spending to support growth.

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 for the three and six months ended June 30, 2024, include the results of Huatai Group. Refer to the Life Insurance segment operating results section for further discussion.

Policy benefits were $1,219 million and $830 million for the three months ended June 30, 2024 and 2023, respectively, and $2,399 million and $1,627 million for the six months ended June 30, 2024 and 2023, respectively. The increase in Policy benefits 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 Six Months Ended June 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																					Six Months Ended
			June 30												% Change									June 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			$	5,501					$	5,155					6.7					%				$	10,190					$	9,443					7.9					%
Net premiums earned			4,900						4,606						6.4					%				9,780						8,975						9.0					%
Losses and loss expenses			3,074						2,871						7.1					%				6,249						5,600						11.6					%
Policy acquisition costs			660						614						7.5					%				1,348						1,227						9.9					%
Administrative expenses			327						316						3.6					%				655						611						7.3					%
Underwriting income			839						805						4.1					%				1,528						1,537						(0.6)					%
Net investment income			863						726						19.0					%				1,689						1,424						18.7					%
Other (income) expense			15						5						169.1					%				22						12						77.4					%
Segment income			$	1,687					$	1,526					10.6					%				$	3,195					$	2,949					8.4					%
Combined ratio:
Loss and loss expense ratio			62.7		%				62.3		%				0.4			pts						63.9		%				62.4		%				1.5			pts
Policy acquisition cost ratio			13.5		%				13.3		%				0.2			pts						13.8		%				13.7		%				0.1			pts
Administrative expense ratio			6.7		%				6.9		%				(0.2)			pts						6.7		%				6.8		%				(0.1)			pts
Combined ratio			82.9		%				82.5		%				0.4			pts						84.4		%				82.9		%				1.5			pts
Catastrophe losses			(5.2)		%				(5.0)		%				(0.2)			pts						(5.0)		%				(4.4)		%				(0.6)			pts
Prior period development			3.0		%				3.2		%				(0.2)			pts						2.0		%				2.4		%				(0.4)			pts
CAY combined ratio excluding catastrophe losses			80.7		%				80.7		%				—									81.4		%				80.9		%				0.5			pts

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	252					$	231					$	488					$	393
Favorable prior period development			$	144					$	146					$	192					$	218

Catastrophe losses through both June 30, 2024 and 2023, were primarily from U.S. flooding, hail, tornadoes, wind events, and winter storm losses.

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

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Premiums

Net premiums written increased $346 million, or 6.7 percent, and $747 million, or 7.9 percent, for the three and six months ended June 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, 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 $294 million, or 6.4 percent, and $805 million, or 9.0 percent, for the three and six months ended June 30, 2024, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

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

The CAY combined ratio excluding catastrophe losses increased for the six months ended June 30, 2024, reflecting higher loss trends in certain casualty lines, which were mostly offset by a higher percentage of net premiums earned from 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																					Six Months Ended
			June 30												% Change									June 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			$	1,776					$	1,581					12.3					%				$	3,232					$	2,877					12.3					%
Net premiums earned			1,512						1,357						11.5					%				2,983						2,677						11.5					%
Losses and loss expenses			876						846						3.5					%				1,775						1,734						2.4					%
Policy acquisition costs			299						277						8.0					%				599						549						9.1					%
Administrative expenses			88						84						5.5					%				174						163						7.3					%
Underwriting income			249						150						66.4					%				435						231						88.5					%
Net investment income			108						86						25.4					%				210						168						25.0					%
Other (income) expense			(2)						(1)						NM									(1)						—						NM
Amortization of purchased intangibles			2						3						(5.3)					%				4						5						(5.3)					%
Segment income			$	357					$	234					52.7					%				$	642					$	394					63.1					%
Combined ratio:
Loss and loss expense ratio			57.9		%				62.4		%				(4.5)			pts						59.5		%				64.8		%				(5.3)			pts
Policy acquisition cost ratio			19.8		%				20.4		%				(0.6)			pts						20.1		%				20.5		%				(0.4)			pts
Administrative expense ratio			5.8		%				6.1		%				(0.3)			pts						5.8		%				6.1		%				(0.3)			pts
Combined ratio			83.5		%				88.9		%				(5.4)			pts						85.4		%				91.4		%				(6.0)			pts
Catastrophe losses			(9.1)		%				(10.9)		%				1.8			pts						(10.3)		%				(11.4)		%				1.1			pts
Prior period development			4.2		%				2.5		%				1.7			pts						3.9		%				0.5		%				3.4			pts
CAY combined ratio excluding catastrophe losses			78.6		%				80.5		%				(1.9)			pts						79.0		%				80.5		%				(1.5)			pts

NM - Not meaningful

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Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net catastrophe losses			$	138					$	147					$	308					$	306
Favorable prior period development			$	64					$	33					$	116					$	16

Catastrophe losses through both June 30, 2024 and 2023, were primarily from U.S. flooding, hail, tornadoes, wind events, and winter storm losses.

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

Premiums

Net premiums written increased $195 million, or 12.3 percent, and $355 million, or 12.3 percent, for the three and six months ended June 30, 2024, respectively, driven by strong new business and retention, including positive rate and exposure increases in all lines.

Net premiums earned increased $155 million, or 11.5 percent, and $306 million, or 11.5 percent, for the three and six months ended June 30, 2024, respectively, reflecting the growth in net premiums written described above.

Combined Ratio

The combined ratio improved for the three and six months ended June 30, 2024, reflecting higher favorable prior period development and a lower impact from catastrophe losses.

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

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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																					Six Months Ended
			June 30												% Change									June 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			$	758					$	767					(1.2)					%				$	1,007					$	1,060					(5.0)					%
Net premiums earned			626						635						(1.5)					%				754						794						(5.1)					%
Losses and loss expenses			543						507						7.2					%				592						647						(8.5)					%
Policy acquisition costs			45						37						18.3					%				66						52						25.8					%
Administrative expenses			3						3						—									5						6						(20.1)					%
Underwriting income			35						88						(59.7)					%				91						89						2.2					%
Net investment income			21						14						51.1					%				42						31						37.9					%
Other (income) expense			—						(1)						NM									—						—						—
Amortization of purchased intangibles			7						7						—									13						13						—
Segment income			$	49					$	96					(47.8)					%				$	120					$	107					12.7					%
Combined ratio:
Loss and loss expense ratio			86.8		%				79.7		%				7.1			pts						78.6		%				81.5		%				(2.9)			pts
Policy acquisition cost ratio			7.1		%				5.9		%				1.2			pts						8.7		%				6.6		%				2.1			pts
Administrative expense ratio			0.5		%				0.6		%				(0.1)			pts						0.6		%				0.7		%				(0.1)			pts
Combined ratio			94.4		%				86.2		%				8.2			pts						87.9		%				88.8		%				(0.9)			pts
Catastrophe losses			(5.3)		%				0.9		%				(6.2)			pts						(4.6)		%				(2.4)		%				(2.2)			pts
Prior period development			—		%				0.3		%				(0.3)			pts						4.2		%				0.3		%				3.9			pts
CAY combined ratio excluding catastrophe losses			89.1		%				87.4		%				1.7			pts						87.5		%				86.7		%				0.8			pts

NM - Not meaningful

Net Catastrophe Losses and Prior Period Development			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Net unfavorable (favorable) catastrophe losses			$	33					$	(5)					$	36					$	19
Favorable prior period development			$	—					$	3					$	28					$	3

Catastrophe losses through both June 30, 2024 and 2023, were primarily from U.S. flooding, hail, tornadoes, and wind events.

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

Premiums

Net premiums written decreased $9 million, or 1.2 percent, and $53 million, or 5.0 percent, for the three and six months ended June 30, 2024, primarily due lower commodity prices in the current year. The decrease in net premiums written for the six months ended June 30, 2024, also reflects a return of premium of $41 million under the U.S. government risk-sharing formula related to the 2023 crop year. Under the profit-sharing agreement, we ceded more premium due to lower losses experienced in certain states. The decrease was partially offset by strong new business and rate increases in our Agriculture P&C business.

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Net premiums earned decreased $9 million, or 1.5 percent, and $40 million, or 5.1 percent, for the three and six months ended June 30, 2024, reflecting the factors described above.

Combined Ratio

The combined ratio increased for the three months ended June 30, 2024, reflecting higher catastrophe losses and lower favorable prior period development. The combined ratio improved for the six months ended June 30, 2024, reflecting higher favorable prior period development, partially offset by higher catastrophe losses.

The CAY combined ratio excluding catastrophe losses increased for the three months ended June 30, 2024, primarily due to the unfavorable year-over-year impact of our crop commodity price hedge activity, which produced a loss this quarter versus a gain last year. The CAY combined ratio excluding catastrophe losses increased for the six months ended June 30, 2024, due to the crop commodity price hedge activity mentioned above. The policy acquisition cost ratio increased for the three months ended June 30, 2024, reflecting higher net premiums earned from our Agriculture P&C business that has a higher policy acquisition cost ratio.

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																					Six Months Ended
			June 30												% Change									June 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			$	3,334					$	2,885					15.6					%				$	7,169					$	6,148					16.6					%
Net premiums written - constant dollars															16.6					%																16.6					%
Net premiums earned			3,347						2,908						15.1					%				6,545						5,694						14.9					%
Loss and loss expenses			1,671						1,267						31.9					%				3,097						2,504						23.7					%
Policy benefits			92						137						(32.8)					%				192						247						(22.3)					%
Policy acquisition costs			842						746						12.7					%				1,665						1,459						14.1					%
Administrative expenses			348						292						19.3					%				679						572						18.9					%
Underwriting income			394						466						(15.4)					%				912						912						—
Net investment income			283						200						41.4					%				550						388						42.0					%
Other (income) expense			4						(10)						NM									9						(19)						NM
Amortization of purchased intangibles			20						15						27.1					%				40						33						21.9					%
Segment income			$	653					$	661					(1.2)					%				$	1,413					$	1,286					9.9					%
Combined ratio:
Loss and loss expense ratio			52.7		%				48.3		%				4.4			pts						50.3		%				48.3		%				2.0			pts
Policy acquisition cost ratio			25.1		%				25.7		%				(0.6)			pts						25.4		%				25.6		%				(0.2)			pts
Administrative expense ratio			10.4		%				10.0		%				0.4			pts						10.4		%				10.1		%				0.3			pts
Combined ratio			88.2		%				84.0		%				4.2			pts						86.1		%				84.0		%				2.1			pts
Catastrophe losses			(4.7)		%				(0.9)		%				(3.8)			pts						(2.8)		%				(2.5)		%				(0.3)			pts
Prior period development			1.8		%				2.1		%				(0.3)			pts						2.3		%				3.6		%				(1.3)			pts
CAY combined ratio excluding catastrophe losses			85.3		%				85.2		%				0.1			pts						85.6		%				85.1		%				0.5			pts

NM - not meaningful

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Net Catastrophe Losses and Prior Period Development

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Catastrophe losses			$	157					$	26					$	183					$	139
Favorable prior period development			$	61					$	61					$	150					$	204

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

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

•2023: Storms in New Zealand, flooding in Italy, 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 June 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			$	1,409					42		%				$	1,307					45		%				$	1,311					7.8		%				7.5		%
Asia (1)			1,177						35		%				931						33		%				893						26.5		%				31.7		%
Latin America			697						21		%				613						21		%				623						13.7		%				11.9		%
Other (2)			51						2		%				34						1		%				34						51.3		%				51.7		%
Net premiums written			$	3,334					100		%				$	2,885					100		%				$	2,861					15.6		%				16.6		%

			Six Months Ended June 30
(in millions of U.S. dollars, except for percentages)			2024						2024  % of Total						2023						2023 % of Total						C$ 2023						Y-24 vs. Y-23						C$ Y-24 vs. Y-23
Region
Europe, Middle East, and Africa			$	3,278					46		%				$	3,028					49		%				$	3,060					8.3		%				7.1		%
Asia (1)			2,338						33		%				1,792						29		%				1,722						30.4		%				35.7		%
Latin America			1,474						20		%				1,274						21		%				1,311						15.7		%				12.5		%
Other (2)			79						1		%				54						1		%				54						48.1		%				48.4		%
Net premiums written			$	7,169					100		%				$	6,148					100		%				$	6,147					16.6		%				16.6		%

(1)    2024 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 $449 million and $1,021 million, or $473 million and $1,022 million on a constant dollar basis, for the three and six months ended June 30, 2024, respectively, reflecting growth in commercial lines of 13.3 percent and 12.7 percent, or 13.9 percent and 12.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 19.1 percent and 23.1 percent, or 20.7 percent and 23.5 percent on a constant-dollar basis, respectively.

Our European division increased for the three and six months ended June 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 and personal lines.

Asia increased for the three and six months ended June 30, 2024, reflecting the consolidation of Huatai Group's P&C business effective July 1, 2023, as well as 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.

Latin America increased for the three and six months ended June 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 $439 million and $851 million, or $465 million and $867 million on a constant-dollar basis, for the three and six months ended June 30, 2024, respectively, reflecting the increase in net premiums written described above.

Combined Ratio

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

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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																					Six Months Ended
			June 30												% Change									June 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			$	411					$	293					40.3					%				$	770					$	570					35.1					%
Net premiums written - constant dollars															40.5					%																35.2					%
Net premiums earned			339						237						43.4					%				634						481						31.9					%
Losses and loss expenses			155						91						69.3					%				292						203						43.5					%
Policy acquisition costs			80						65						26.5					%				161						127						28.2					%
Administrative expenses			11						9						17.8					%				20						18						6.8					%
Underwriting income			93						72						28.8					%				161						133						21.2					%
Net investment income			58						48						21.1					%				115						97						18.1					%
Other (income) expense			—						—						—									—						(1)						100.0					%
Segment income			$	151					$	120					25.7					%				$	276					$	231					19.3					%
Combined ratio:
Loss and loss expense ratio			45.7		%				38.7		%				7.0			pts						46.0		%				42.3		%				3.7			pts
Policy acquisition cost ratio			23.8		%				27.0		%				(3.2)			pts						25.5		%				26.3		%				(0.8)			pts
Administrative expense ratio			3.2		%				3.9		%				(0.7)			pts						3.1		%				3.8		%				(0.7)			pts
Combined ratio			72.7		%				69.6		%				3.1			pts						74.6		%				72.4		%				2.2			pts
Catastrophe losses			—		%				(0.4)		%				0.4			pts						—		%				(0.2)		%				0.2			pts
Prior period development			4.7		%				7.6		%				(2.9)			pts						2.4		%				5.4		%				(3.0)			pts
CAY combined ratio excluding catastrophe losses			77.4		%				76.8		%				0.6			pts						77.0		%				77.6		%				(0.6)			pts

Net Catastrophe Losses and Prior Period Development

			Three Months Ended												Six Months Ended
			June 30												June 30
(in millions of U.S. dollars)			2024						2023						2024						2023
Catastrophe losses			$	—					$	1					$	—					$	1
Favorable prior period development			$	16					$	17					$	15					$	25

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

Premiums

Net premiums written increased $118 million and $200 million for the three and six months ended June 30, 2024, respectively, primarily reflecting continued growth driven by strong new business. The increase in premium was most notably in property and casualty lines, which included a large one-off structured transaction in the current quarter. This transaction benefited growth by 12.5 and 6.5 percentage points for the three and six months ended June 30, 2024, respectively.

Net premiums earned increased $102 million and $153 million for the three and six months ended June 30, 2024, respectively, reflecting the increase in net premiums written described above, including the large structured transaction, which was fully earned when written.

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Combined Ratio

The combined ratio increased for the three and six months ended June 30, 2024, primarily reflecting the impact of lower favorable prior period development, as a percentage of net premiums earned. The CAY combined ratio excluding catastrophe losses increased for the three months ended June 30, 2024, primarily due to the impact of the large structured transaction, partially offset by growth in property lines, resulting in a lower expected loss ratio. The CAY combined ratio excluding catastrophe losses improved for the six months ended June 30, 2024, primarily due to favorable market conditions in catastrophe exposed property lines and favorable impact of higher net premiums earned on the administrative expense ratio, partially offset by the impact of the large structured transaction described above.

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																		Six Months Ended
			June 30												% Change						June 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			$	1,580					$	1,270					24.5		%				$	3,213					$	2,563					25.4		%
Net premiums written - constant dollars															27.6		%																28.7		%
Net premiums earned			1,568						1,256						24.7		%				3,179						2,520						26.1		%
Losses and loss expenses			22						35						(37.1)		%				54						67						(19.4)		%
Policy benefits			1,031						705						46.2		%				2,101						1,417						48.3		%
Policy acquisition costs			300						277						8.3		%				594						550						8.0		%
Administrative expenses			218						170						27.5		%				425						337						25.7		%
Net investment income			258						161						59.5		%				488						314						55.3		%
Other (income) expense			(32)						(26)						29.2		%				(72)						(41)						77.0		%
Amortization of purchased intangibles			11						2						NM						21						6						NM
Segment income			$	276					$	254					8.7		%				$	544					$	498					9.3		%

NM - not meaningful

Premiums

Net premiums written increased $310 million and $650 million, or $342 million and $716 million on a constant-dollar basis, for the three and six months ended June 30, 2024, respectively.

For our international life operations, net premiums written increased 27.8 percent and 29.6 percent for the three and six months ended June 30, 2024, substantially due to the consolidation of Huatai Group's life business which contributed $219 million and $485 million or 21.3 and 23.4 percentage points, respectively. The remaining increase in net premiums written is primarily driven by growth in North and Southeast Asia as well as by higher new business in Latin America.

Net premiums written in our North American Combined Insurance business increased 11.8 percent and 8.6 percent, for the three and six months ended June 30, 2024, respectively, due to growth in its worksite business of 28.7 percent and 24.6 percent partially offset by the non-renewal of a large program.

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Deposits

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

			Three Months Ended																														Six Months Ended
			June 30																		% Change												June 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			$	547					$	400					$	384					36.8		%				42.5		%				$	1,147					$	709					$	685					61.8		%				67.5		%

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 $147 million and $438 million for the three and six months ended June 30, 2024, respectively, primarily from the consolidation of Huatai Life business.

Life Insurance segment income

Life Insurance segment income increased $22 million and $46 million for the three and six months ended June 30, 2024, reflecting the growth in premiums described above, as well as higher net investment income from fund investments 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																		Six Months Ended
			June 30												% Change						June 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			$	93					$	61					52.0		%				$	103					$	72					43.8		%
Administrative expenses			99						95						5.0		%				206						192						7.2		%
Underwriting loss			192						156						23.8		%				309						264						17.4		%
Net investment income (loss)			(32)						3						NM						(58)						14						NM
Other (income) expense			7						14						(44.4)		%				(61)						(200)						(69.6)		%
Amortization of purchased intangibles			40						43						(4.4)		%				82						85						(4.3)		%
Net realized gains (losses)			22						(309)						NM						(78)						(385)						(79.8)		%
Market risk benefits gains (losses)			(29)						(7)						NM						(8)						(122)						(93.7)		%
Interest expense			182						165						10.4		%				360						325						10.8		%
Cigna integration expenses			7						15						(55.8)		%				14						37						(62.3)		%
Income tax expense			490						392						25.2		%				832						776						7.3		%
Net loss			$	(957)					$	(1,098)					(12.5)		%				$	(1,680)					$	(1,780)					(5.5)		%
Net income (loss) attributable to noncontrolling interests			(14)						—						NM						137						—						NM
Net loss attributable to Chubb			$	(943)					$	(1,098)					(13.9)		%				$	(1,817)					$	(1,780)					2.2		%

NM - not meaningful

Administrative expenses increased $4 million and $14 million for the three and six months ended June 30, 2024, respectively, primarily due to increased spending to support growth.

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Cigna 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 16 to the Consolidated Financial Statements for additional information on Market risk benefits gains (losses) and Other (income) expense, respectively.

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 June 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			$	26					$	(489)					$	(463)					$	(107)					$	(1,194)					$	(1,301)
Investment and embedded derivative instruments			(17)						—						(17)						(55)						—						(55)
Public equity
Sales			14						—						14						2						—						2
Mark-to-market			7						—						7						26						—						26
Private equity (less than 3 percent ownership)
Mark-to-market			49						—						49						20						—						20
Total investment portfolio			79						(489)						(410)						(114)						(1,194)						(1,308)
Other derivative instruments			(3)						—						(3)						2						—						2
Foreign exchange			27						(530)						(503)						(186)						215						29
Current discount rate on future policy benefits			—						53						53						—						(35)						(35)
Instrument-specific credit risk on market risk benefits			—						5						5						—						11						11
Other			1						(29)						(28)						(6)						48						42
Net gains (losses), pre-tax			$	104					$	(990)					$	(886)					$	(304)					$	(955)					$	(1,259)

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			Six Months Ended June 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			$	75					$	(1,166)					$	(1,091)					$	(287)					$	592					$	305
Investment and embedded derivative instruments			(60)						—						(60)						(101)						—						(101)
Public equity
Sales			11						—						11						(3)						—						(3)
Mark-to-market			13						—						13						42						—						42
Private equity (less than 3 percent ownership)
Mark-to-market			80						—						80						35						—						35
Total investment portfolio			119						(1,166)						(1,047)						(314)						592						278
Other derivative instruments			(5)						—						(5)						1						—						1
Foreign exchange			(104)						(450)						(554)						(55)						38						(17)
Current discount rate on future policy benefits			—						—						—						—						(186)						(186)
Instrument-specific credit risk on market risk benefits			—						10						10						—						8						8
Other			(7)						2						(5)						(13)						15						2
Net gains (losses), pre-tax			$	3					$	(1,604)					$	(1,601)					$	(381)					$	467					$	86

Pre-tax net unrealized losses of $489 million and $1,166 million in our investment portfolio for the three and six months ended June 30, 2024, respectively, were primarily driven by higher interest rates.

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 six months ended June 30, 2024, our ETR was 18.1 percent and 15.6 percent, respectively, compared to an ETR of 17.9 percent and 17.4 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 six months ended June 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.

We provide financial measures, including net premiums written, net premiums earned, 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.

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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
June 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	3,074					$	876					$	543					$	1,763					$	155					$	93					$	6,504
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(252)						(138)						(33)						(157)						—						—						(580)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(252)						(138)						(33)						(157)						—						—						(580)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						144						64						—						61						16						(93)						192
Net premiums earned adjustments on PPD - unfavorable (favorable)						8						—						—						—						—						—						8
Expense adjustments - unfavorable (favorable)						(1)						—						—						—						—						—						(1)
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						1						—						1
PPD, gross of related adjustments - favorable (unfavorable)						151						64						—						61						17						(93)						200
CAY loss and loss expense ex CATs			B			$	2,973					$	802					$	510					$	1,667					$	172					$	—					$	6,124
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	987					$	387					$	48					$	1,190					$	91					$	99					$	2,802
Expense adjustments - favorable (unfavorable)						1						—						—						—						—						—						1
Policy acquisition costs and administrative expenses, adjusted			D			$	988					$	387					$	48					$	1,190					$	91					$	99					$	2,803
Denominator
Net premiums earned			E			$	4,900					$	1,512					$	626					$	3,347					$	339											$	10,724
Net premiums earned adjustments on PPD - unfavorable (favorable)						8						—						—						—																		8
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						1												1
Net premiums earned excluding adjustments			F			$	4,908					$	1,512					$	626					$	3,347					$	340											$	10,733
P&C Combined ratio
Loss and loss expense ratio			A/E			62.7		%				57.9		%				86.8		%				52.7		%				45.7		%										60.6		%
Policy acquisition cost and administrative expense ratio			C/E			20.2		%				25.6		%				7.6		%				35.5		%				27.0		%										26.2		%
P&C Combined ratio						82.9		%				83.5		%				94.4		%				88.2		%				72.7		%										86.8		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.6		%				53.0		%				81.5		%				49.8		%				50.4		%										57.1		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.1		%				25.6		%				7.6		%				35.5		%				27.0		%										26.1		%
CAY P&C Combined ratio ex CATs						80.7		%				78.6		%				89.1		%				85.3		%				77.4		%										83.2		%
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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						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
June 30, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	2,871					$	846					$	507					$	1,404					$	91					$	61					$	5,780
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(231)						(147)						5						(26)						(1)						—						(400)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(231)						(147)						5						(26)						(1)						—						(400)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						146						33						3						61						17						(60)						200
Net premiums earned adjustments on PPD - unfavorable (favorable)						12						—						(2)						—						—						—						10
Expense adjustments - unfavorable (favorable)						4						—						—						—						—						—						4
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						6						—						6
PPD, gross of related adjustments - favorable (unfavorable)						162						33						1						61						23						(60)						220
CAY loss and loss expense ex CATs			B			$	2,802					$	732					$	513					$	1,439					$	113					$	1					$	5,600
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	930					$	361					$	40					$	1,038					$	74					$	95					$	2,538
Expense adjustments - favorable (unfavorable)						(4)						—						—						—						—						—						(4)
Policy acquisition costs and administrative expenses, adjusted			D			$	926					$	361					$	40					$	1,038					$	74					$	95					$	2,534
Denominator
Net premiums earned			E			$	4,606					$	1,357					$	635					$	2,908					$	237											$	9,743
Net premiums earned adjustments on PPD - unfavorable (favorable)						12						—						(2)						—						—												10
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						6												6
Net premiums earned excluding adjustments			F			$	4,618					$	1,357					$	633					$	2,908					$	243											$	9,759
P&C Combined ratio
Loss and loss expense ratio			A/E			62.3		%				62.4		%				79.7		%				48.3		%				38.7		%										59.3		%
Policy acquisition cost and administrative expense ratio			C/E			20.2		%				26.5		%				6.5		%				35.7		%				30.9		%										26.1		%
P&C Combined ratio						82.5		%				88.9		%				86.2		%				84.0		%				69.6		%										85.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.7		%				54.0		%				80.9		%				49.5		%				46.7		%										57.4		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.0		%				26.5		%				6.5		%				35.7		%				30.1		%										25.9		%
CAY P&C Combined ratio ex CATs						80.7		%				80.5		%				87.4		%				85.2		%				76.8		%										83.3		%
Combined ratio
Combined ratio																																										85.4		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										85.4		%
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
Six Months Ended
June 30, 2024
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	6,249					$	1,775					$	592					$	3,289					$	292					$	103					$	12,300
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(488)						(308)						(36)						(183)						—						—						(1,015)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(488)						(308)						(36)						(183)						—						—						(1,015)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						192						116						28						150						15						(102)						399
Net premiums earned adjustments on PPD - unfavorable (favorable)						8						—						39						—						—						—						47
Expense adjustments - unfavorable (favorable)						7						—						3						—						—						—						10
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						1						—						1
PPD, gross of related adjustments - favorable (unfavorable)						207						116						70						150						16						(102)						457
CAY loss and loss expense ex CATs			B			$	5,968					$	1,583					$	626					$	3,256					$	308					$	1					$	11,742
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	2,003					$	773					$	71					$	2,344					$	181					$	206					$	5,578
Expense adjustments - favorable (unfavorable)						(7)						—						(3)						—						—						—						(10)
Policy acquisition costs and administrative expenses, adjusted			D			$	1,996					$	773					$	68					$	2,344					$	181					$	206					$	5,568
Denominator
Net premiums earned			E			$	9,780					$	2,983					$	754					$	6,545					$	634											$	20,696
Net premiums earned adjustments on PPD - unfavorable (favorable)						8						—						39						—						—												47
PPD reinstatement premiums - unfavorable (favorable)						—						—						—						—						1												1
Net premiums earned excluding adjustments			F			$	9,788					$	2,983					$	793					$	6,545					$	635											$	20,744
P&C Combined ratio
Loss and loss expense ratio			A/E			63.9		%				59.5		%				78.6		%				50.3		%				46.0		%										59.4		%
Policy acquisition cost and administrative expense ratio			C/E			20.5		%				25.9		%				9.3		%				35.8		%				28.6		%										27.0		%
P&C Combined ratio						84.4		%				85.4		%				87.9		%				86.1		%				74.6		%										86.4		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			61.0		%				53.1		%				79.0		%				49.7		%				48.3		%										56.6		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.4		%				25.9		%				8.5		%				35.9		%				28.7		%										26.8		%
CAY P&C Combined ratio ex CATs						81.4		%				79.0		%				87.5		%				85.6		%				77.0		%										83.4		%
Combined ratio
Combined ratio																																										86.4		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										86.4		%
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
Six Months Ended
June 30, 2023
(in millions of U.S. dollars except for ratios)
Numerator
Losses and loss expenses/policy benefits			A			$	5,600					$	1,734					$	647					$	2,751					$	203					$	72					$	11,007
Catastrophe losses and related adjustments
Catastrophe losses, net of related adjustments						(393)						(306)						(19)						(139)						(1)						—						(858)
Reinstatement premiums collected (expensed) on catastrophe losses						—						—						—						—						—						—						—
Catastrophe losses, gross of related adjustments						(393)						(306)						(19)						(139)						(1)						—						(858)
PPD and related adjustments
PPD, net of related adjustments - favorable (unfavorable)						218						16						3						204						25						(70)						396
Net premiums earned adjustments on PPD - unfavorable (favorable)						12						—						(2)						—						—						—						10
Expense adjustments - unfavorable (favorable)						7						—						—						—						—						—						7
PPD reinstatement premiums - unfavorable (favorable)						—						(1)						—						—						6						—						5
PPD, gross of related adjustments - favorable (unfavorable)						237						15						1						204						31						(70)						418
CAY loss and loss expense ex CATs			B			$	5,444					$	1,443					$	629					$	2,816					$	233					$	2					$	10,567
Policy acquisition costs and administrative expenses
Policy acquisition costs and administrative expenses			C			$	1,838					$	712					$	58					$	2,031					$	145					$	192					$	4,976
Expense adjustments - favorable (unfavorable)						(7)						—						—						—						—						—						(7)
Policy acquisition costs and administrative expenses, adjusted			D			$	1,831					$	712					$	58					$	2,031					$	145					$	192					$	4,969
Denominator
Net premiums earned			E			$	8,975					$	2,677					$	794					$	5,694					$	481											$	18,621
Net premiums earned adjustments on PPD - unfavorable (favorable)						12						—						(2)						—						—												10
PPD reinstatement premiums - unfavorable (favorable)						—						(1)						—						—						6												5
Net premiums earned excluding adjustments			F			$	8,987					$	2,676		—			$	792					$	5,694					$	487											$	18,636
P&C Combined ratio
Loss and loss expense ratio			A/E			62.4		%				64.8		%				81.5		%				48.3		%				42.3		%										59.1		%
Policy acquisition cost and administrative expense ratio			C/E			20.5		%				26.6		%				7.3		%				35.7		%				30.1		%										26.7		%
P&C Combined ratio						82.9		%				91.4		%				88.8		%				84.0		%				72.4		%										85.8		%
CAY P&C Combined ratio ex CATs
Loss and loss expense ratio, adjusted			B/F			60.6		%				53.9		%				79.4		%				49.5		%				47.8		%										56.7		%
Policy acquisition cost and administrative expense ratio, adjusted			D/F			20.3		%				26.6		%				7.3		%				35.6		%				29.8		%										26.7		%
CAY P&C Combined ratio ex CATs						80.9		%				80.5		%				86.7		%				85.1		%				77.6		%										83.4		%
Combined ratio
Combined ratio																																										85.8		%
Add: impact of gains and losses on crop derivatives																																										—
P&C Combined ratio																																										85.8		%
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 $80 million and $160 million for the three and six months ended June 30, 2024, respectively, compared with $70 million and $142 million for the prior year periods, respectively.

At June 30, 2024, the deferred tax liability associated with the Other intangible assets (excluding the fair value adjustment on Unpaid losses and loss expenses) was $1,524 million.

The following table presents, as of June 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 third through fourth quarters 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
Third quarter of 2024			$	21
Fourth quarter of 2024			21
2025			75
2026			70
2027			65
2028			62
2029			53
Total			$	367

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

The following table presents, as of June 30, 2024, the expected amortization benefit from the fair value adjustment on assumed long-term debt related to the Chubb Corp acquisition for the third through fourth quarters 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)
Third quarter of 2024																					$	5
Fourth quarter of 2024																					6
2025																					21
2026																					21
2027																					21
2028																					21
2029																					21
Total																					$	116

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

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Net Investment Income

			Three Months Ended June 30									Six Months Ended June 30
(in millions of U.S. dollars)			2024						2023			2024						2023
Fixed maturities (1)			$	1,367					$	1,095		$	2,678					$	2,157
Short-term investments			41						49			90						87
Other interest income			23						12			38						29
Equity securities			35						6			59						15
Private equities			31						12			47						21
Other investments			22						20			45						37
Gross investment income (1)			1,519						1,194			2,957						2,346
Investment expenses			(51)						(49)			(98)						(94)
Net investment income (1)			$	1,468					$	1,145		$	2,859					$	2,252
(1) Includes amortization expense related to fair value adjustment of acquired invested assets			$	(4)					$	(3)		$	(9)					$	(5)

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 28.2 percent and 27.0 percent for the three and six months ended June 30, 2024, respectively, primarily due to 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 June 30									Six Months Ended June 30
(in millions of U.S. dollars)			2024						2023			2024						2023
Total mark-to-market gain on private equity, pre-tax			$	53					$	17		$	187					$	274

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 June 30, 2024. Excluding Huatai, the portfolio is primarily managed externally by independent, professional 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:

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			June 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			$	4,546					$	4,547					$	4,551					$	4,551
Other investments - Fixed maturities			5,404						5,404						3,773						3,773
Fixed maturities available-for-sale			107,840						113,407						106,571						110,972
Fixed income securities			117,790						123,358						114,895						119,296
Equity securities			3,792						3,792						3,455						3,455
Private debt held-for-investment			2,696						2,680						2,560						2,553
Private equities and other			16,474						16,474						15,832						15,832
Total investments			$	140,752					$	146,304					$	136,742					$	141,136

The fair value of our total investments increased $4.0 billion during the six months ended June 30, 2024, due to the investing of operating cash flow, partially offset by unrealized losses. 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 June 30, 2024, and December 31, 2023. The first table lists investments according to type and second according to S&P credit rating:

			June 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			$	2,741					2		%				$	3,590					3		%
Corporate and asset-backed securities			43,620						37		%				42,830						37		%
Mortgage-backed securities			24,614						21		%				22,058						19		%
Municipal			1,947						2		%				2,929						3		%
Non-U.S.			40,322						34		%				38,937						34		%
Short-term investments			4,546						4		%				4,551						4		%
Total (1)			$	117,790					100		%				$	114,895					100		%
AAA			$	14,087					12		%				$	12,669					11		%
AA			34,980						30		%				34,312						30		%
A			28,056						24		%				27,674						24		%
BBB			21,457						18		%				20,810						18		%
BB			10,384						9		%				10,270						9		%
B			8,293						7		%				8,580						7		%
Other			533						—		%				580						1		%
Total (1)			$	117,790					100		%				$	114,895					100		%

(1) Includes fixed maturities recorded in Other investments in the Consolidated balance sheets of $5.4 billion and $3.8 billion at June 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 June 30, 2024: 

(in millions of U.S. dollars)			Fair Value
Bank of America Corp			$	804
Morgan Stanley			705
JPMorgan Chase & Co			652
Wells Fargo & Co			614
Goldman Sachs Group Inc			561
Citigroup Inc			558
UBS Group AG			412
Verizon Communications Inc			397
AT&T Inc			394
HSBC Holdings Plc			364

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
June 30, 2024 (in millions of U.S. dollars)			AAA						AA						A						BBB						BB and below						Total						Total
Agency residential mortgage-backed securities (RMBS)			$	9					$	21,151					$	—					$	—					$	—					$	21,160					$	22,986
Non-agency RMBS			1,247						118						70						58						6						1,499						1,563
Commercial mortgage-backed securities			1,682						154						107						12						—						1,955						2,082
Total mortgage-backed securities			$	2,938					$	21,423					$	177					$	70					$	6					$	24,614					$	26,631

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 June 30, 2024: 

(in millions of U.S. dollars)			Fair Value						Amortized Cost, Net
Republic of Korea			$	1,812					$	1,774
People's Republic of China			1,627						1,567
Canada			911						954
Taiwan			888						909
Federative Republic of Brazil			595						607
United Mexican States			585						612
Kingdom of Thailand			570						564
Commonwealth of Australia			536						614
Province of Ontario			512						538
United Kingdom			436						467
Other Non-U.S. Government Securities			6,525						6,693
Total			$	14,997					$	15,299

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 June 30, 2024:

(in millions of U.S. dollars)			Fair Value						Amortized Cost, Net
China			$	6,454					$	6,443
United Kingdom			2,549						2,673
Canada			2,232						2,287
United States (1)			1,753						1,808
France			1,576						1,626
South Korea			1,530						1,507
Australia			1,104						1,165
Japan			816						851
Germany			614						648
Switzerland			523						553
Other Non-U.S. Corporate Securities			6,174						6,432
Total			$	25,325					$	25,993

(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 June 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 $167 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			14,422						2,264						12,158
Losses and loss expenses paid			(12,080)						(2,670)						(9,410)
Other (including foreign exchange translation)			(273)						(69)						(204)
Balance at June 30, 2024			$	82,191					$	17,409					$	64,782

(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)

There was no significant A&E reserve activity during the three and six months ended June 30, 2024. 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 June 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			$	2,796					4.6		%				$	1,573					2.6		%				$	165					0.3		%
1-in-100			$	5,282					8.7		%				$	3,636					6.0		%				$	1,874					3.1		%
1-in-250			$	8,180					13.4		%				$	5,718					9.4		%				$	2,157					3.5		%

(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 April 1, 2024, and reflect the April 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. 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 $3,636 million (or 6.0 percent of total Chubb shareholders’ equity at June 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.

Effective September 1, 2023, Chubb purchased an additional layer of per occurrence coverage for named windstorms and earthquakes within Northeast states. Coverage is provided for losses for North American and international operations within the territory through August 31, 2024.

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

United States (Northeast States Only)

$3.5 billion – $4.0 billion

Named windstorm and earthquake

(d)

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.

(d)    Northeast states are defined as Virginia to Maine. This coverage is fully placed with Reinsurers and inures to the benefit of the United States (excluding Alaska and Hawaii) layer.

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Capital Resources

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

			June 30						December 31
(in millions of U.S. dollars, except for ratios)			2024						2023
Short-term debt			$	1,553					$	1,460
Long-term debt			13,178						13,035
Total financial debt			14,731						14,495
Trust preferred securities			309						308
Total Chubb shareholders’ equity			61,038						59,507
Total capitalization			$	76,078					$	74,310
Ratio of financial debt to total capitalization			19.4		%				19.5		%
Ratio of financial debt plus trust preferred securities to total capitalization			19.8		%				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 5.0 percent senior notes due March 2034. Chubb INA's $700 million of 3.35 percent senior notes due May 2024 was paid upon maturity.

For the six months ended June 30, 2024, we repurchased $886 million of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization. At June 30, 2024, there were 15,552,491 Common Shares in treasury with a weighted-average cost of $159.49 per share, and $2.8 billion in share repurchase authorization remained. For the period July 1, 2024, through July 25, 2024, we repurchased 175,465 Common Shares for a total of $45 million in a series of open market transactions under the share repurchase authorization. At July 25, 2024, $2.8 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.

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 13 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.

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)

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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 June 30, 2024, our usage under these facilities was $903 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 June 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 six months ended June 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 $700 million and $925 million from its Bermuda subsidiaries during the six months ended June 30, 2024 and 2023, respectively. Chubb Limited also received dividends of $91 million from its other international subsidiary during the six months ended June 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 six months ended June 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 $1.7 billion and $458 million from its subsidiaries during the six months ended June 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 six months ended June 30, 2024 and 2023.

Operating cash flows were $7.3 billion in the six months ended June 30, 2024, compared to $4.8 billion in the prior year period, primarily due to higher net premiums collected, net investment income, and the impact of the Huatai consolidation.

Cash used for investing was $6.1 billion in the six months ended June 30, 2024, compared to $2.3 billion in the prior year period, an increase of $3.8 billion, which primarily included higher net purchases of fixed maturities and equity securities of $3.6 billion.

Cash used for financing was $1.2 billion in the six months ended June 30, 2024, compared to $2.3 billion in the prior year period, a decrease in cash used for financing of $1.1 billion. This was primarily due to net proceeds from the issuance of long-term debt, net of repayments of $296 million compared with repayments of $475 million in the prior year and fewer common shares repurchased of $211 million.

We use repurchase agreements as a low-cost funding alternative. At June 30, 2024, there were $3.1 billion in repurchase agreements outstanding with various maturities over the next twelve months.

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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)
			June 30						December 31						June 30						December 31
(in millions of U.S. dollars)			2024						2023						2024						2023
Assets
Investments			$	—					$	—					$	107					$	103
Cash			51						77						4						3
Due from parent guarantor/subsidiary issuer			54						441						—						—
Due from subsidiaries that are not issuers or     guarantors			515						539						524						571
Other assets			5						12						2,992						2,785
Total assets			$	625					$	1,069					$	3,627					$	3,462
Liabilities
Due to parent guarantor/subsidiary issuer			$	—					$	—					$	54					$	441
Due to subsidiaries that are not issuers or     guarantors			257						263						667						593
Affiliated notional cash pooling programs			154						594						618						455
Short-term debt			—						—						1,553						1,460
Long-term debt			—						—						13,178						13,035
Trust preferred securities			—						—						309						308
Other liabilities			453						657						1,463						1,496
Total liabilities			864						1,514						17,842						17,788
Total equity			(239)						(445)						(14,215)						(14,326)
Total liabilities and equity			$	625					$	1,069					$	3,627					$	3,462

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

Six Months Ended June 30, 2024			Chubb Limited (Parent Guarantor)						Chubb INA Holdings LLC (Subsidiary Issuer)
(in millions of U.S. dollars)
Net investment income (loss)			$	(15)					$	(27)
Net realized gains (losses)			(8)						(1)
Administrative expenses			60						(9)
Interest (income) expense			(7)						237
Other (income) expense			(22)						28
Income tax expense (benefit)			6						(67)
Net loss			$	(60)					$	(217)
Comprehensive loss			$	(60)					$	(269)

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 June 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 June 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			$	235					$	157					$	58					$	(65)					$	(221)					$	(430)
			Increase/(decrease) in hedge value			(104)						—						104						209						313						418
			Increase/(decrease) in net income			$	131					$	157					$	162					$	144					$	92					$	(12)
Flat			(Increase)/decrease in FVL			$	97					$	—					$	(116)					$	(260)					$	(445)					$	(682)
			Increase/(decrease) in hedge value			(104)						—						104						209						313						418
			Increase/(decrease) in net income			$	(7)					$	—					$	(12)					$	(51)					$	(132)					$	(264)
-100 bps			(Increase)/decrease in FVL			$	(77)					$	(191)					$	(327)					$	(494)					$	(709)					$	(973)
			Increase/(decrease) in hedge value			(104)						—						104						209						313						418
			Increase/(decrease) in net income			$	(181)					$	(191)					$	(223)					$	(285)					$	(396)					$	(555)
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						$	38					$	(43)					$	(1)					$	1					$	(14)					$	13
Increase/(decrease) in net income						$	38					$	(43)					$	(1)					$	1					$	(14)					$	13

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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 June 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			$	219					$	216					$	375					$	637					$	643					$	522
Claims at 100% immediate mortality			131						138						147						138						126						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).

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			$	759					$	996					$	1,365					$	1,897					$	2,205					$	2,475

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					$	51					$	61					$	69					$	76
GLB net amount at risk			305						377						474						592						708						750
Claims at 100% immediate mortality			27						26						26						26						26						26

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

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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 June 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. For the three and six months ended June 30, 2024, Huatai Group represented approximately 5 percent of consolidated revenues. At June 30, 2024, Huatai group represented approximately 7 percent of total assets. We currently exclude, and are in the process of working to incorporate, Huatai Group in our evaluation of internal controls over financial reporting, and related disclosure controls and procedures.

Other than working to incorporate Huatai Group as noted above, there have been no changes in Chubb's internal controls over financial reporting during the three months ended June 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 12 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 June 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 (3)
April 1 through April 30			1,018,341						$	248.51					1,013,338						$	3.12	billion
May 1 through May 31			1,199,721						$	254.72					1,059,598						$	2.86	billion
June 1 through June 30			184,203						$	275.98					181,300						$	2.81	billion
Total			2,402,265						$	253.72					2,254,236

(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 June 30, 2024 as part of the publicly announced plan was $570 million. Refer to Note 13 to the Consolidated Financial Statements for more information on the Chubb Limited securities repurchase authorizations.

(3)For the period July 1, 2024, through July 25, 2024, we repurchased 175,465 Common Shares for a total of $45 million in a series of open market transactions. As of July 25, 2024, $2.76 billion in share repurchase authorization remained.

ITEM 5. Other Information

On May 31, 2024, John J. Lupica, Executive Chairman of North America Insurance, adopted a "Rule 10b5-1 trading arrangement" as defined in Item 408 of SEC Regulation S-K. The arrangement is scheduled to expire on May 31, 2025, subject to earlier termination in accordance with its terms. The aggregate number of Chubb common shares authorized to be sold pursuant to the trading arrangement is 15,000.

During the three months ended June 30, 2024, no other 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

10.1*

Chubb Deferred Stock Unit Plan, as amended and restated

X

10.2*

Chubb Limited Employee Stock Purchase Plan, as amended and restated

8-K

10.1

May 16, 2024

22.1

Guaranteed Securities

X

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 June 30, 2024, formatted in Inline XBRL: (i) Consolidated Balance Sheets at June 30, 2024, and December 31, 2023; (ii) Consolidated Statements of Operations and Comprehensive Income for the three and six months ended June 30, 2024 and 2023; (iii) Consolidated Statements of Shareholders’ Equity for the three and six months ended June 30, 2024 and 2023; (iv) Consolidated Statements of Cash Flows for the six months ended June 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)

* Management contract, compensatory plan or arrangement

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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)
July 26, 2024			/s/ Evan G. Greenberg
			Evan G. Greenberg
			Chairman and Chief Executive Officer
July 26, 2024			/s/ Peter C. Enns
			Peter C. Enns
			Executive Vice President and Chief Financial Officer

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