CB 10-K & 10-Q changes, risk factors and insider trading

We have substantial exposure to losses resulting from natural disasters, man-made catastrophes, such as terrorism or cyber-attack, and other catastrophic events. This could impact a variety of our businesses, including our commercial and personal lines, and life and accident and health (A&H) products. Catastrophes can be caused by various events, including hurricanes, typhoons, earthquakes, hailstorms, droughts, explosions, severe winter weather, fires, war, acts of terrorism, nuclear accidents, political instability, and other natural or man-made disasters, including a global or other wide-impact pandemic or a significant cyber-attack. The incidence and severity of catastrophes are inherently unpredictable and our losses from catastrophes could be substantial. In addition, climate change and resulting changes in global temperatures, weather patterns, and sea levels may both increase the frequency and severity of natural catastrophes and the resulting losses in the future and impact our risk modeling assumptions. We cannot predict the impact that changing climate conditions, if any, may have on our results of operations or our financial condition. We cannot predict how legal, regulatory or social responses to concerns around global climate change and the resulting impact on various sectors of the economy may impact our business. In addition, exposure to cyber risk is increasing systematically due to greater digital dependence, which may increase possible losses due to a catastrophic cyber event. Cyber catastrophic scenarios are not bound by time or geographic limitations and cyber catastrophic perils do not have well-established definitions or fundamental physical properties. Rather, cyber risks are engineered by human actors and thus are continuously evolving, often in ways that are engineered specifically to evade established loss mitigation controls. The occurrence of claims from catastrophic events could result in substantial volatility in our results of operations or financial condition for any fiscal quarter or year. Although we attempt to manage our exposure to such events through the use of underwriting controls, risk models, and the purchase of third-party reinsurance, catastrophicCatastrophic events are inherently unpredictable and the actual nature of such events, when they occur, could be more frequent or severe than contemplated in our pricing and risk management expectations. As a result, the occurrence of one or more catastrophic events could have an adverse effect on our results of operations and financial condition.

We include in our loss reserves liabilities for latent claims, such as asbestos and environmental (A&E), which are principally related to claims arising from remediation costs associated with hazardous waste sites and bodily-injury claims related to exposure to asbestos products and environmental hazards. At December 31, 2024,2025, gross A&E liabilities represented approximately 1.61.4 percent of our gross loss reserves. The estimation of these liabilities is subject to many complex variables including: the current legal environment; specific settlements that may be used as precedents to settle future claims; assumptions regarding trends with respect to claim severity and the frequency of higher severity claims; assumptions regarding the ability to allocate liability among defendants (including bankruptcy trusts) and other insurers; the ability of a claimant to bring a claim in a state in which it has no residency or exposure; the ability of a policyholder to claim the right to non-products coverage; whether high-level excess policies have the potential to be accessed given the policyholder's claim trends and liability situation; payments to unimpaired claimants; and the potential liability of peripheral defendants. Accordingly, the ultimate settlement of losses, arising from either latent or non-latent causes, may be significantly greater or less than the loss and loss expense reserves held at the balance sheet date. In addition, the amount and timing of the settlement of our P&C liabilities are

expense reserves held at the balance sheet date. In addition, the amount and timing of the settlement of our P&C liabilities are uncertain and our actual payments could be higher than contemplated in our loss reserves owing to the impacts of insurance, judicial decisions, and social inflation. If our loss reserves are determined to be inadequate, we may be required to increase loss reserves at the time of the determination and our net income and capital may be reduced.

We seek to manage our loss exposure by maintaining a disciplined underwriting process throughout our insurance operations.operations, including the use of underwriting controls and risk models. We also look to limit our loss exposure by writing a number of our insurance and reinsurance contracts on an excess of loss basis. Excess of loss insurance and reinsurance indemnifies the insured against losses in excess of a specified amount. In addition, we limit program size for each client and purchase third-party reinsurance for our own account. We also look to limit our loss by using assumed proportional reinsurance treaties, in which we seek per occurrence limitations or loss and loss expense ratio caps to limit the impact of losses ceded by the client. In proportional reinsurance, the reinsurer shares a proportional part of the premiums and losses of the reinsured. We further seek to limit our loss exposure by geographic diversification. Geographic zone limitations involve significant underwriting judgments, including the determination of the area of the zones and the inclusion of a particular policy within a particular zone's limits.

We purchase protection from third parties, including reinsurance, to protect against catastrophes and other sources of volatility, to increase the amount of protection we can provide our clients, and as part of our overall risk management strategy. Our reinsurance business also purchases retrocessional protectionprotection, which allows a reinsurer to cede to another company all or part of the reinsurance originally assumed by the reinsurer. From time to time, market conditions have limited, and in some cases have prevented, insurers and reinsurers from obtaining the types and amounts of reinsurance or retrocessional reinsurance that they consider adequate for their business needs.

Certain active Chubb companies are primarily liable for A&E and other exposures they have reinsured to our inactive run-off company Century Indemnity Company (Century). At December 31, 2024,2025, the aggregate reinsurance balances ceded by our active subsidiaries to Century were approximately $1.9 billion. Should Century's loss reserves experience adverse development in the future and should Century be placed into rehabilitation or liquidation, the reinsurance recoverables due from Century to its affiliates could be payable only after the payment in full of third-party expenses and liabilities, including administrative expenses and direct policy liabilities. Thus, the intercompany reinsurance recoverables could be at risk to the extent of the shortage of assets remaining to pay these recoverables. While we believe the intercompany reinsurance recoverables from Century are not

assets remaining to pay these recoverables. While we believe the intercompany reinsurance recoverables from Century are not impaired at this time, we cannot provide assurance that adverse development with respect to Century's loss reserves, if manifested, will not result in Century's rehabilitation or insolvency, which could result in our recognizing a loss. This could have an adverse effect on our results of operations and financial condition.

The surety business tends to beis characterized by infrequent but potentially high severity losses. The majority of our surety obligations are intended to be performance-based guarantees. When losses occur, they may be mitigated, at times, by recovery rights to the customer’s assets, contract payments, and collateral and bankruptcy recoveries. We have substantial commercial and construction surety exposure for current and prior customers. In that regard, we have exposures related to surety bonds issued on behalf of companies that have experienced or may experience deterioration in creditworthiness. If the financial condition of these companies were adversely affected by the economy or otherwise, we may experience an increase in filed claims and may incur high severity losses, which could have an adverse effect on our results of operations.

In accordance with industry practice, weWe generally pay amounts owed on claims to brokers who, in turn, remit these amounts to the insured or ceding insurer. Although the law is unsettled and depends upon the facts and circumstances of the particular case, in some jurisdictions, if a broker fails to make such a payment, we might remain liable to the insured or ceding insurer for the deficiency. Conversely, in certain jurisdictions, if a broker does not remit premiums paid for these policies over to us, these premiums might be considered to have been paid and the insured or ceding insurer will no longer be liable to us for those amounts, whether or not we have actually received the premiums from the broker. Consequently, we assume a degree of credit risk associated with a broker with whom we transact business. However, due to the unsettled and fact-specific nature of the law, we are unable to quantify our exposure to this risk.

Under the terms of certain high-deductible policies that we offer, such as workers’ compensation and general liability, our customers are responsible for reimbursing us for an agreed-upon dollar amount per claim. In nearly all cases, we are required under such policies to pay covered claims first and then seek reimbursement for amounts within the applicable deductible from our customers. This obligation subjects us to credit risk from these customers. WhileAn weincreased generallyinability seekof customers to mitigatereimburse us in this riskcontext throughcould collateralhave agreementsan adverse effect on our financial condition and maintainresults of operations. In addition, a provisionlack for uncollectible accounts associated with thisof credit exposure, an

increased inability of customers to reimburse us in this context could have an adverse effect on our financial condition and results of operations. In addition, a lack of credit available to our customers could impact our ability to collateralize this risk to our satisfaction, which in turn, could reduce the amount of high-deductible policies we could offer.

Our investment assets are invested by professional investment management firms under the direction of our management team in accordance with investment guidelines approved by the RiskBoard. & Finance Committee of the Board of Directors. Although our investment guidelines stress diversification of risks and conservation of principal and liquidity, ourOur investments are subject to market risks and risks inherent in individual securities. Our investment performance is highly sensitive to many factors, including interest rates, inflation, monetary and fiscal policies, and domestic and international political conditions. The volatility of our losses may force us to liquidate securities, which may cause us to incur capital losses. Realized and unrealized losses in our investment portfolio would reduce our book value, and if material, can affect our ability to conduct business.

Volatility in interest rates could impact the performance of our investment portfolio which could have an adverse effect on our investment income and operating results. Although we take measures to manage the risks of investing in a changing interest rate environment, weWe may not be able to effectively mitigate interest rate sensitivity. Our mitigation efforts include maintaining a high-quality portfolio of primarily fixed income investments with a relatively short duration to reduce the effect of interest rate changes on book value. A significant increase in interest rates would generally have an adverse effect on our book value. Our life insurance investments typically focus on longer duration bonds to better match the obligations of this business. For the life insurance business, policyholder behavior may be influenced by changing interest rate conditions and require a re-balancing of duration to effectively manage our asset/liability position.

As stated, ourOur fixed income portfolio is primarily invested in high quality, investment-grade securities. However, a smaller portion of the portfolio, approximately 17 percent at December 31, 2024,2025, is invested in below investment-grade securities. These securities, which pay a higher rate of interest, also have a higher degree of credit or default risk and may also be less liquid in times of economic weakness or market disruptions. While we have put in place procedures to monitor the credit risk and liquidity of our invested assets, itIt is possible that,that in periods of economic weakness (such as recession), we may experience credit or default losses in our portfolio, which could adversely affect our results of operations and financial condition.

Our future capital and financing requirements depend on many factors, including our ability to write new business successfully and to establish premium rates and reserves at levels sufficient to cover losses, as well as our investment performance and capital expenditure obligations, including with respect to acquisitions. We may need to raise additional funds through financings or access funds through existing or new credit facilities or through short-term repurchase or borrowing arrangements. We also from time to time seek to refinance debt or credit as amounts become due or commitments expire. Any equity or debt financing or refinancing, if available at all, may be on terms that are not favorable to us. In the case of equity financings, dilution to our shareholders could result, and in any case, such securities may have rights, preferences, and privileges that are senior to those of our Common Shares. Our access to funds under existing credit facilities is dependent on the ability of the banks that are parties to the facilities to meet their funding commitments. If we cannot obtain adequate capital or sources of credit on favorable terms, or at all, we could be forced to use assets otherwise available for our business operations, and our business, results of operations, and financial condition could be adversely affected.

The consequences of adverse global or regional market and economic conditions may affect (among other aspects of our business) the demand for and claims made under our products, the ability of customers, counterparties, and others to establish or maintain their relationships with us, our ability to access and efficiently use internal and external capital resources, the availability of reinsurance protection, the risks we assume under reinsurance programs covering variable annuity guarantees, and our investment performance. The increasing impact of climate change could affect our cost of claims, loss ratios, and financial results. Volatility in the U.S. and other securities markets may adversely affect our stock price.

Our ability to pay dividends and to make payments on indebtedness may be constrained by our holding company structure.

Swiss law imposes certain withholding tax and other restrictions on a Swiss company’s ability to return earnings or capital to its shareholders, including through the repurchase of its own shares. We may only repurchase shares to the extent that sufficient freely distributable reserves are available. In addition, Swiss law requires that the total par value of Chubb's treasury shares must not be in excess of 10 percent of its total share capital, although, to the extent permitted by Swiss law, exemptions from the 10 percent limit apply for repurchased treasury shares dedicated for cancellation under our shareholder-approved capital band orand for shares acquired pursuant to a shareholder-ratified repurchase program and dedicated for cancellation. As a result, in order to maintain our share repurchase program, our shareholders must either periodically approve our capital band authorizing our Board to reduce our share capital or, as necessary, ratify our share repurchase program authorizing our Board to acquire shares in excess of the 10 percent limit. If our shareholders do not approve either of the foregoing, we may be restricted or unable to return capital to shareholders through share repurchases in the future. Furthermore, our current repurchase program relies on bank counterparties for execution and Swiss tax rulings confirmed by the competent tax authority for a certain period. We can re-apply for such tax rulings in the future but cannot guarantee that they will also be granted going forward. Any future revocation, lapse, expiration, or loss of our Swiss tax rulings or the inability to conduct repurchases in accordance with these rulings could jeopardize our ability to continue repurchasing our shares.

Our reporting currency is the U.S. dollar. In general, we match assets and liabilities in local currencies. Where possible, capital levels in local currencies are limited to satisfy minimum regulatory requirements and to support local insurance operations. The principal currencies creating foreign exchange risk are the Korean won, Chinese yuan renminbi, Canadian dollar, Australian dollar, Mexican peso, BritishThai pound sterling,baht, Hong Kong dollar, ThaiBrazilian baht,real, New TaiwanZealand dollar, and euro. At December 31, 2024,2025, approximately 29.926.7 percent of our unhedged net assets were denominated in foreign currencies. We may experience losses resulting from fluctuations in the values of non-U.S. currencies, which could adversely impact our results of operations and financial condition.

Our insurance and reinsurance subsidiaries conduct business globally.globally Our businesses in each jurisdictionand are subject to varying degrees of regulationsupervision and supervision.regulation by the regulatory authorities under which they conduct business. The extent of regulation on our insurance business varies across the jurisdictions where we operate, but generally is governed by laws that delegate regulatory, supervisory and administrative authority to insurance departments and similar regulatory agencies. The laws and regulations of the jurisdictions in which our insurance and reinsurance subsidiaries are domiciled generally grant regulatory agencies and/or self-regulatory organizations broad rulemaking and enforcement powers, including the power to regulate the issuance, marketing, sale and distribution of our products, the manner in which we underwrite our policies, the delivery of our services, the nature or extent of disclosures that we give our customers, the compensation of our distribution partners, the manner in which we handle claims on our policies and the administration of our policies and contracts, as well as the power to limit or restrict our business for failure to comply with applicable laws and regulations. Applicable statutes, regulations and policies require, among other things, maintenance of minimum levels of statutory capital, surplus, and liquidity, various solvency standards, and periodic examinations of subsidiaries' financial condition. In some jurisdictions, laws and regulations also restrict payments of dividends and reductions of capital. Applicable statutes, regulations, and policies may also restrict the ability of these subsidiaries to write insurance and reinsurance policies, to make certain investments, and to distribute funds. The purpose of insurance laws and regulations generally is to protect policyholders and ceding insurance companies, not our shareholders. For example, some jurisdictions have enacted various consumer protection laws that make it more burdensome for insurance companies to sell policies and interact with customers in personal lines businesses. Failure to comply with such regulations can lead to significant penalties and reputational injury.

Regulators in countries where we have operations continue to work with the International Association of Insurance Supervisors (IAIS) to consider changes to insurance company supervision, including with respect to group supervision and solvency requirements. The IAIS has developed a Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame), which is focused on the effective group-wide supervision of international active insurance groups (IAIGs), such as Chubb. The IAIS also implements the Holistic Framework for the assessment and mitigation of systemic risk. As part of ComFrame, in December 2024, the IAIS adopted an international capital standard (ICS) for such IAIGs and concluded that the Aggregation Method developed by the U.S. provides a basis for implementation of the ICS to produce comparable outcomes. Starting in 2027, the IAIS will initiate detailed jurisdictional assessments of ICS implementation. In addition, Chubb businesses across the European Union (EU) are subject to Solvency II, a capital and risk management regime, and our Bermuda businesses are subject to an equivalent of the EU's Solvency II regime. Also applicable to Chubb businesses are the requirements of the Swiss Financial Market Supervisory Authority (FINMA) whose regulations include Swiss Solvency Tests. There are also Risk Based Capital (RBC) requirements in the U.S., which are also subject to revision in response to global developments. The impact to Chubb of these developments remains uncertain.

Furthermore, governments, regulators, investors, customers, and other stakeholders have increased their focus on climate change risk reporting. A variety of governments and regulators have adopted or are in the process of adopting climate change and greenhouse gas emissions disclosure requirements to which Chubb and certain of its individual subsidiaries are or will be subject in the future. Chubb also receives requests for information from investors, customers and other stakeholders from time to time on various aspects of its policies and strategies relating to climate change. This has resulted in expanded and increasingly complex expectations related to reporting under multiple, disparate and potentially inconsistent reporting requirements, increased due diligence, and potential requirements for the reporting of scope 3 greenhouse gas emissions. Responding to such disclosure requirements and requests involves risks and uncertainties, including dependence in part on estimates and third-party data that are outside our control.

to time on various aspects of its policies and strategies relating to climate change. This has resulted in expanded and increasingly complex expectations related to reporting under multiple, various, disparate and potentially inconsistent reporting requirements, increased due diligence, and potential requirements for the reporting of scope 3 greenhouse gas emissions. Responding to such disclosure requirements and requests involves risks and uncertainties, including dependence in part on estimates and third-party data that are outside our control. New reporting standards, regulations and requirements with various aims and goals could expose us to legal, regulatory, investor and other stakeholder scrutiny, and customers that disagree with our actions or reporting on climate change may determine not to do business with us, all of which may adversely affect our business, reputation and results of operations.

Regulatory standards relating to the use of artificial intelligence (AI) are evolving in the countries where we do business, and may increase risks associated with bias, unfair discrimination, transparency, and information security. State insurance regulators in the U.S. have issued and will continue to consider regulations or guidelines on the use of external data, algorithms, and AI in insurance practices. The European Parliament and European Council have also promulgated the European Union Artificial Intelligence Act, which will regulate the use of AI within the European Union. Several nations in Asia are also considering legislation or regulatory guidance. The application of existing law and introduction of new or revised laws and regulations may require changes in our operations, increase compliance costs and reduce benefits from our adoption of artificial intelligence technologies.

With operations in 54 countries and territories, we provide insurance and reinsurance products and services to a diverse group of clients worldwide, including operations in various developing nations. Both current and future foreign operations could be adversely affected by unfavorable geopolitical developments, including law changes; tax changes; changes in trade policies; changes to visa or immigration policies; regulatory restrictions; government leadership changes; political events and upheaval; sociopolitical instability; social, political or economic instability resulting from climate change; and nationalization of our operations without compensation. Adverse activity in any one country could negatively impact operations, increase our loss exposure under certain of our insurance products, and could otherwise have an adverse effect on our business, liquidity, results of operations, and financial condition, depending on the magnitude of the events and our net financial exposure at that time in that country.

Our operations rely on the secure processing, storage, and transmission of confidential and other information and assets, including in our computer systems and networks and those of third-party service providers. Our business depends on effective information security and systems and the integrity and timeliness of the data our information systems use to run our business. Our ability to adequately price products and services, to establish reserves, to provide effective, efficient and secure service to our customers, to value our investments and to timely and accurately report our financial results also depends significantly on the integrity and availability of the data we maintain, including that within our information systems, as well as data in and assets held through third-party service providers and systems. Like all global companies, ourOur systems and those of our third-party service providers, have been, and will likely continue to be, targeted by or subject to viruses, malware or other malicious codes, unauthorized access, cyber-attacks, cyber frauds, ransomware or other unauthorized occurrences, on or conducted through our information systems, which jeopardize the confidentiality, integrity or availability of our information or information systems. Cybersecurity threats are rapidly evolving and those threats and the means for obtaining access to our systems are becoming increasingly sophisticated. Cybersecurity threats can originate from a wide variety of sources including terrorists, nation states, financially motivated actors, internal actors, or third parties, such as external service providers, and the techniques used change frequently or are often not recognized until after they have been launched. The rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks, which include the deployment of artificial intelligence by bad actors intent on finding and exploiting vulnerabilities, use of "deep fakes," and long-term persistent attacks. Although we have implementedThe administrative and technical controls and protective actions we have taken protective(including actionsconducting due diligence security reviews and negotiating agreements with third-party service providers), which are designed to reduce the risk of cyber incidents and to protect our information technology and assets, including conducting due diligence security reviews and negotiating agreements with third-party service providers, and we additionally endeavor to modify such procedures and agreements as circumstances warrant, such measures may be insufficient to prevent cybersecurity events, which may include unauthorized access, computer viruses, malware or other malicious code or cyber-attack, ransomware, phishing scams, or similar attempts to fraudulently induce our employeesemployees, third party vendors or others to take actions that compromise our information or information systems, business compromise attacks, catastrophic events, system failures and disruptions, employee errors, negligence or malfeasance, loss of assets or data and other events that could have security consequences. As the breadth and complexity of our security infrastructure continues to grow, the risk of a cybersecurity event increases. Such an event or events may jeopardize Chubb's or its clients' or counterparties' confidential and other information processed and stored within Chubb, and transmitted through its information systems, or otherwise cause interruptions, delays, or malfunctions in Chubb's, its clients', its counterparties', or third parties' operations, or result in data loss or loss of assets that could result in significant losses, reputational damage or an adverse effect on our operations and critical business functions. Chubb may be required to expend significant additional resources to modify our protective measures or to investigate and remediate vulnerabilities or other exposures and to pursue recovery of lost data or assets and we may be subject to litigation costs and losses, regulatory penalties (as described above) and financial losses that are either not insured against or not fully covered by insurance maintained. In instances where we rely on third parties to perform business functions and process data on our behalf, Chubb may be exposed to additional data security risk as a result of cybersecurity events that impact the third party or others upon whom they rely.

Despite the contingency plans and facilities we have in place and our efforts to observe the regulatory requirements surrounding information security, ourOur ability to conduct business may be adversely affected by a disruption of the infrastructure that supports our business in the communities in which we are located, or of outsourced services or functions. This may include a disruption involving electrical, communications, transportation, or other services used by Chubb or third parties on which we rely. If a disruption occurs in one location and Chubb employees in that location are unable to conduct business, communicate with, or travel to other locations, our ability to service and interact with clients may suffer.

We use various modeling techniques (e.g., scenarios, predictive, stochastic and/or forecasting) and data analytics to analyze and estimate exposures, loss trends and other risks associated with our assets and liabilities. We use the modeled outputs and related analyses to assist us in decision-making (e.g., underwriting, pricing, claims, reserving, reinsurance, and catastrophe risk) and to maintain competitive advantage. The modeled outputs and related analyses are subject to various assumptions, uncertainties, model errors and the inherent limitations of any statistical analysis, including the use of historical internal and industry data. In addition, the modeled outputs and related analyses may from time to time contain inaccuracies, perhaps in material respects, including as a result of inaccurate inputs or applications thereof. Climate change may make modeled outcomes less certain or produce new, non-modeled risks. Consequently, actual results may differ materially from our modeled results. If, based upon these models or other factors, we misprice our products or underestimate the frequency or severity of loss events, or overestimate the risks we are exposed to, new business growth and retention of our existing business may be adversely affected which could have an adverse effect on our results of operations and financial condition.

Losses may result from, among other things, fraud, errors, failure to document transactions properly, failure to obtain proper internal authorization, failure to comply with underwriting or other internal guidelines, or failure to comply with regulatory requirements. It is not always possible to deter or prevent employeeemployee, agent, broker or vendor misconduct, and the precautions that we take to prevent and detect this activity may not be effective in all cases. Resultant losses could adversely affect our business, results of operations, and financial condition.

Insurance and reinsurance markets are highly competitive. We compete on an international and regional basis with major U.S., Bermuda,Bermudian, European, and other international insurers and reinsurers and with underwriting syndicates, some of which have greater financial, technological, marketing, distribution and management resources than we do. In addition, capital market participants have created alternative products that are intended to compete with reinsurance products. We also compete with new companies and existing companies that move into the insurance and reinsurance markets. If competition, or technological or other changes to the insurance markets in which we operate, limits our ability to retain existing business or write new business at adequate rates or on appropriate terms, our business and results of operations could be materially and adversely affected. Increased competition could also result in fewer submissions, lower premium rates, and less favorable policy terms and conditions, which could reduce our profit margins and adversely impact our net income and shareholders' equity.

Recent technological advancements in the insurance industry and information technology industry present new and fast-evolving competitive risks as participants seek to increase transaction speeds, lower costs, and create new opportunities. Advancements in technology are occurring in underwriting, claims, distribution, and operations at a pace that may quicken, including as companies increase use of data analytics, AI and other technology as part of their business strategy. We will be at a competitive disadvantage if, over time,if our competitors are more effective than us in their utilization of technology and evolving data analytics. If we do not anticipate or keep pace with these technological and other changes impacting the insurance industry, it could adversely affect our business results of operations and financial condition.

WeOur non-U.S. companies may be subject to U.S. tax and Bermuda tax which may have an adverse effect on our results of operations and shareholders' equity.

Historically, our Bermuda operations havehad not been subject to Bermuda income tax. However, on December 27, 2023, the Government of Bermuda enacted a 15 percent corporate income tax (Bermuda CIT) effective January 1, 2025.

The new Bermuda income taxCIT will be a covered tax under the OECD’s global minimum tax regime discussed in our Risk Factor below titled “The Organization for Economic Cooperation and Development (OECD), European Union (EU), Swiss Federal Council, and other jurisdictions are considering, have considered, or have passed measures that mighthave changechanged long standing tax principles that could increase our taxes.” Therefore, we would expect any implementation of the OECD global minimum tax regime to count any current Bermuda income taxCIT toward such OECD minimum tax.

The Organization for Economic Cooperation and Development (OECD), European Union (EU), Swiss Federal Council, and other jurisdictions are considering, have considered, or have passed measures that mighthave changechanged long standing tax principles that could increase our taxes.

The OECD has published a framework for taxation that in many respects is different than long standing international tax principles. This framework, along with related administrativeAdministrative guidance,Guidance, couldis redefineredefining what income is taxed in which country and instituteinstituted a 15 percent global minimum tax in 2024 or later years. To date, manythe EU and many other countries have enacted the 15 percent global minimum tax. Switzerland has enacted aspects of these rules, effective on January 1, 2025, including the income inclusion rule but not the under taxed profits rule.

Our dividends are generally subject to a Swiss withholding tax at a rate of 35 percent; however, payment of a dividend in the form of a capital contribution reserve reduction or par value reduction is not subject to Swiss withholding tax. We have previously obtained shareholder approval for dividends to be paid in such form. It is our practice to recommend to shareholders that they annually approve the payment of dividends in such form, but we cannot assure that our shareholders will continue to approve a reduction in such form each year or that we will be able to meet the other legal requirements for a reduction,requirements, or that Swiss withholding tax rules will not be changed in the future. We estimate we would be able to pay dividends in such form, and thus exempt from Swiss withholding tax, until 20282032–2033.2036. This range may vary depending upon changes in annual dividends, special dividends, share repurchases, the U.S. dollar/Swiss franc exchange rate, changes in par value or capital contribution reserves or adoption of changes or new interpretations to Swiss corporate or tax law or regulations.

Separately, any U.S. persons who hold shares may be subject to U.S. federal income taxation at ordinary income tax rates on their proportionate share of our Related Person Insurance Income (RPII). If the RPII of any of our non-U.S. insurance subsidiaries (each a "Non-U.S. Insurance Subsidiary") were to equal or exceed 20 percent of that company's gross insurance income in any taxable year and direct or indirect insureds (and persons related to those insureds) own directly or indirectly through foreign entities 20 percent or more of the voting power or value of Chubb Limited, then a U.S. person who owns any shares of Chubb Limited (directly or indirectly through foreign entities) on the last day of the taxable year would be required to include in his or her income for U.S. federal income tax purposes such person's pro rata share of such company's RPII for the taxable year. In addition, any RPII that is includible in the income of a U.S. tax-exempt organization may be treated as unrelated business taxable income. We believe that the gross RPII of each Non-U.S. Insurance Subsidiary did not in prior years of operation and is not expected in the foreseeable future to equal or exceed 20 percent of each such company's gross insurance income. Likewise, we do not expect the direct or indirect insureds of each Non-U.S. Insurance Subsidiary (and persons related to such insureds) to directly or indirectly own 20 percent or more of either the voting power or value of our shares. However, we cannot be certain that this will be the case because some of the factors which determine the extent of RPII may be beyond our control. If these thresholds are met or exceeded, any U.S. person’s investment in Chubb Limited could be adversely affected. In 2022, the U.S. Treasury Department and the IRS released proposed regulations that may cause more income to be treated as RPII than under current law.

A U.S. tax-exempt organization may recognize unrelated business taxable income if a portion of our insurance income is allocated to the organization. This generally would be the case if either (i) Chubb Limited is considered a CFC and the tax-exempt shareholder is a 10 percent U.S. shareholder or (ii) there is RPII, certain exceptions do not apply, and the tax-exempt organization, directly (or indirectly through foreign entities) owns any shares of Chubb Limited. Although we do not believe that any U.S. tax-exempt organization should be allocated such insurance income, we cannot be certain that this will be the case. Potential U.S. tax-exempt investors are advised to consult their tax advisors.tax-

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

We believe our accounting policies for these items are of critical importance to our Consolidated Financial Statements. The following discussion provides more information regarding the estimates and assumptions required to arrive at these amounts and should be read in conjunction with the sections entitled: Prior Period Development, Asbestos and Environmental (A&E), Reinsurance Recoverable on Ceded Reinsurance, and Investments, under item 8 and Net Realized and Unrealized Gains (Losses)., under item 7.

As part of the acquisition of businesses that sell long-duration contracts, such as life products, we established an intangible asset related to VOBA, which represents the estimated fair value of the future profits of in-force long duration contracts. The valuation of VOBA at the time of acquisition is derived from similar assumptions to those used to establish the associated future policy benefits reserves, including mortality, morbidity, persistency, investment yields, expenses, and the discount rate. The most significant input in this calculation is the discount rate used to arrive at the present value of the net cash flows. We amortize VOBA as a component of Policy acquisition costs in the Consolidated statements of operations in relation to the profit emergence of the underlying contracts, which is generally in proportion to premium revenue recognized based upon the same assumptions used atin measuring the timeliability offor thefuture acquisition.policy benefits.

Reinsurance and insurance contracts that include both significant risk sharing provisions, such as adjustments to premiums or loss coverage based on loss experience, and relatively low policy limits, as evidenced by a high proportion of maximum premium assessments to loss limits, can require considerable judgment to determine whether or not risk transfer requirements are met. For such contracts, often referred to as structured products, we require that risk transfer be specifically assessed for each contract by developing expected cash flow analyses at contract inception. To support risk transfer, the cash flow analyses must demonstrate that a significant loss is reasonably possible. We use various tests to accomplish this, one of which is the ratio of the net present value of losses and ceded commissions divided by the net present value of premiums equals or exceeds 110 percent with at least a 10 percent probability. For purposes of cash flow analyses, we generally use a risk-free rate of return consistent with the expected average duration of loss payments. In addition, to support insurance risk, we must prove the reinsurer's risk of loss varies with that of the reinsured and/or support various scenarios under which the assuming entity can recognize a significant loss.

•For reinsurers that maintain a financial strength rating from a major rating agency, and for which recoverable balances are considered representative of the larger population (i.e., default probabilities are consistent with similarly rated reinsurers and payment durations conform to averages), the judgment exercised by management to determine the valuation allowance for uncollectible reinsurance of each reinsurer is typically limited because the financial rating is based on a published source and the default factor we apply is based on a historical default factor of a major rating agency applicable to the particular rating class. In 2024, the published historical default factors by rating class were updated and at December 31, 2024, defaultDefault factors applied for financial ratings of AAA, AA, A, BBB, BB, B, and CCC, are 0.4 percent, 1.1 percent, 1.5 percent, 3.1 percent, 7.3 percent, 11.2 percent, and 52.8 percent, respectively. Because our model is predicated on the historical default factors of a major rating agency, we do not generally consider alternative factors. However, when a recoverable is expected to be paid in a brief period of time by a highly-rated reinsurer, such as certain property catastrophe claims, a default factor may not be applied;

•For balances recoverable from reinsurers that are either insolvent or under regulatory supervision, we establish a default factor and resulting valuation allowance for uncollectible reinsurance based on specific facts and circumstances surrounding each company. Upon initial notification of an insolvency, we generally recognize expense for a substantial portion of all

each company. Upon initial notification of an insolvency, we generally recognize expense for a substantial portion of all balances outstanding, net of collateral, through a combination of write-offs of recoverable balances and increases to the valuation allowance for uncollectible reinsurance. When regulatory action is taken on a reinsurer, we generally recognize a default factor by estimating an expected recovery on all balances outstanding, net of collateral. When sufficient credible information becomes available, we adjust the valuation allowance for uncollectible reinsurance by establishing a default factor pursuant to information received; and

At December 31, 2024,2025, the Consolidated balance sheet reflects a deferred tax asset of $1.60$1.3 billion and a deferred tax liability of $1.58$1.7 billion. Our deferred tax assets and liabilities primarily result from temporary differences between the amounts recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities. We determine deferred tax assets and

recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities. We determine deferred tax assets and liabilities separately for each tax-paying component (an individual entity or group of entities that is consolidated for tax purposes) in each tax jurisdiction. The realization of deferred tax assets depends upon the existence of sufficient taxable income within the carryback or carryforward periods under the tax law in the applicable tax jurisdiction. There may be changes in tax laws in a number of countries where we transact business that impact our deferred tax assets and liabilities. At each balance sheet date, management assesses the need to establish a valuation allowance that reduces deferred tax assets when it is more likely than not that all, or some portion, of the deferred tax assets will not be realized. The determination of the need for a valuation allowance is based on all available information including projections of future taxable income, principally derived from business plans and where there are appropriate available tax planning strategies. Projections of future taxable income incorporate assumptions of future business and operations that are apt to differ from actual experience. If our assumptions and estimates that resulted in our forecast of future taxable income prove to be incorrect, an additional valuation allowance could become necessary, which could have a material adverse effect on our financial condition, results of operations, and liquidity. At December 31, 2024,2025, the valuation allowance of $1.08$637 billionmillion reflects management's assessment that it is more likely than not that a portion of the deferred tax assets will not be realized due to the inability of certain subsidiaries to generate sufficient taxable income.

•Net income attributable to Chubb was a record $9.27$10.31 billion compared with $9.03$9.27 billion in 2023.2024. Net income in 20242025 was driven by recorddouble-digit growth in both P&C underwriting resultsincome and Life segment income, and higher net investment income. Net income in 2023 includes the one-time deferred tax benefit of $1.14 billion, reflecting the transition provisions related to the enactment of Bermuda’s new income tax law.

•Pre-tax net investment income was a record $5.93$6.5 billion compared with $4.94$5.9 billion in 2023,2024, primarily due to higher average invested assets from strong operating cash flow at higher reinvestment rates on fixed maturities.flow.

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

• 20242025: Severe weather-related events in the U.S. and internationally, including HurricaneCalifornia Helenewildfire losses of $390$1.47 million and Hurricane Milton of $309 million.billion

Pre-tax net favorable PPD for 20232025 was $1,050$1,439 million in our active companies, including favorable development of $921$1,329 million in short-tail lines, mainly in property, and surety lines,lines and favorable development of $129$110 million in long-tail lines,lines. comprisingNet favorable development for short-tail lines primarily includes property, marine, and surety lines. Net favorable development for long-tail lines reflects favorable development primarily in workers’workers' compensation partially offset by adverse development in casualty lines. Our corporate run-off portfolio had adverse development of $277$306 million, withprimarily $149driven millionby relatedadverse todevelopment legacyfor asbestosenvironmental and environmental exposures and $49 million related to molestationmolestation-related claims.

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 MarchJune 31,30, 2026.

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 MarchJune 31,30, 2026, we had total assets of $275$281 billion and total Chubb shareholders’ equity, which excludes noncontrolling interests, of $74$75 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 2025 Form 10-K.

Financial Highlights for the Three Months Ended MarchJune 31,30, 2026

•Net income attributable to Chubb was $2.3$2.9 billion compared with $1.3$3.0 billion in the prior year period, primarilyreflecting duegrowth toin both P&C underwriting income and Life segment income, and higher net investment income, offset by lower catastrophemark-to-market losses.gains on private equity investments.

•Total pre-tax catastrophe losses were $500$475 million, compared with $1.64$630 billionmillion in the prior year, which included $1.47 billion from the California wildfires.year.

•P&C net premiums written increased 7.23.0 percent, with consumer insurance up 14.28.7 percent and commercial insurance up 4.60.8 percent. Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases. Commercial lines reflects continued growth primarily in casualty lines, middle market, and small commercial accounts. Growth was unfavorably impacted by reducedunderwriting exposure and lower rates,actions in large account property lines, both admitted and E&S.S property, which reduced growth by 4.5 percentage points.

•Life Insurance segment net premiums written increased 33.17.5 percent, or 30.8 percent in constant dollars, due to growth in international life of 34.16.2 percent in constant dollars reflecting 15.7 percentage points of growth fromin traditional regular premium products,products withof the12.4 remainingpercent, growthoffset fromby lower savings-oriented single premium business. International life insurance deposits collected increased $197 million, up 38.3 percent.

•Pre-tax net investment income was $1.71$1.76 billion, compared with $1.6 billion in the prior year period, primarily due to higher average invested assets from strong operating cash flow.assets.

(2)For purposes of this schedule only, certain Q1 2025 Personal lines results have been reclassified among Personal lines categories to align with current-year reporting. This reclassification did not impact total Personal lines results.

Catastrophe losses through MarchJune 31,30, 2026 and 2025, were primarily from the following events:

•2026: Winter-relatedFlooding, hail, tornadoes, wind events, and winter-related storms in the U.S., and other international weather-related events.

◦Total North America P&C Insurance catastrophe losses were $428$442 million.million and $870 million for the three and six months ended June 30, 2026, respectively.

◦Total Overseas General catastrophe losses were $55$25 million.million and $89 million for the three and six months ended June 30, 2026, respectively.

Pre-tax net favorable PPD for the three months ended MarchJune 31,30, 2026, was $301$441 million in our active companies, including net favorable development of $322$393 million in short-tail lines and net unfavorablefavorable development of $21$48 million in long-tail lines. Net favorable development for short-tail lines is driven by suretyauto physical damage and property lines. Net unfavorablefavorable development for long-tail lines primarily relates to casualtyworkers' lines,compensation, partially offset by favorableadverse development in workers'commercial compensationgeneral and financial lines.liability. Our corporate run-off portfolio had adverse development of $15$158 million.million, primarily driven by adverse development for molestation-related claims.

Pre-tax net favorable PPD for the threesix months ended MarchJune 31,30, 2025,2026 was $268$742 million in our active companies, including net favorable development of $313$715 million in short-tail lines,lines principallyand net favorable development of $27 million in credit-relatedlong-tail lines,lines. A&H,Net favorable development for short-tail lines primarily includes property, auto physical damage and property.surety Favorablelines. Net favorable development wasfor long-tail lines is driven by workers' compensation, partially offset by net adverse development of $45 million in long-tailgeneral lines,casualty with adverse and favorable updates across several lines of business.lines. Our corporate run-off portfolio had adverse development of $13$173 million.million, primarily driven by adverse development for molestation-related claims.

The P&C combined ratio decreased for the three and six months ended MarchJune 31,30, 2026, reflecting lower catastrophe losses. The P&C CAY combined ratio excluding catastrophe losses was relatively flat for the three and six months ended MarchJune 31,30, 2026.

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,market and small commercial accounts).

Net premiums written increaseddecreased $108$129 million, or 2.3 percent, for the three months ended MarchJune 31,30, 2026, which includes a decline in P&C lines growth of 3.23.1 percentpercent, and a declinegrowth in financial lines of 3.52.1 percent. Middle market and small commercial grew 3.38.9 percent, with P&C lines up 5.412.0 percent and financial lines down 5.72.8 percent. Major accounts retail and specialty grewdeclined 1.59.0 percent, with property and other short-tail lines down 21.930.1 percent, casualty up 20.31.1 percent, and financial lines downup 0.46.8 percent.

Net premiums earned increased $160$37 million, or 3.20.7 percent, and $197 million, or 1.9 percent, for the three and six months ended MarchJune 31,30, 2026, respectively, reflecting the growthearning in netof premiums written in prior periods, which partially offset the decline in current quarter premiums written as described above.

The combined ratio increased for the three and six months ended MarchJune 31,30, 2026, reflecting higher catastrophe losses and lower favorable prior period development.losses.

The CAY combined ratio excluding catastrophe losses increased for the three and six months ended MarchJune 31,30, 2026, primarily reflecting a change in the mix of business given the reduced property exposure.

Net premiums written increased $129$116 million, or 8.36.0 percent, and $245 million, or 7.0 percent, for the three and six months ended MarchJune 31,30, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners. Growth includes the favorable impact of $50 million of ceded reinstatement premiums related to the California wildfires in the prior year.

Net premiums earned increased $172$136 million, or 10.98.1 percent, and $308 million, or 9.5 percent, for the three and six months ended MarchJune 31,30, 2026, reflecting the growth in net premiums written described above.

The combined ratio decreased for the three and six months ended MarchJune 31,30, 2026, reflecting lower catastrophe losses and higher favorable prior period development. The decrease in the combined ratio for the six months ended June 30, 2026, reflects the impact of the California wildfire catastrophe losses in the prior year, including the unfavorable impact of the ceded reinstatement premiums on the expense ratio, which are fully earned and carry no expenses.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended MarchJune 31,30, 2026, primarily due to an improvement in homeowners and personal excess from lower underlying losses, a lower acquisition ratio resulting from a change in business mix, and a lower administrative expense ratio resultingdue fromto the impact of higher net premiums earned and expense management.

Net premiums written increased $35$43 million, or 12.76.0 percent, and $78 million, or 7.8 percent, for the three and six months ended MarchJune 31,30, 2026, primarily duedriven toby growth in MPCI and crop-hail. The six months ended June 30, 2026, also includes growth in Livestock driven by lower reinsurance cessions, and growth in MPCI.cessions.

Net premiums earned increased $24$43 million, or 14.67.2 percent, and $67 million, or 8.8 percent, for the three and six months ended MarchJune 31,30, 2026, reflecting the growth in net premiums written described above.

The combined ratio increased for the three months ended June 30, 2026, reflecting higher catastrophe losses. The combined ratio decreased for the threesix months ended MarchJune 31,30, 2026, reflecting higher favorable prior period development and lower catastrophe losses.development.

The CAY combined ratio excluding catastrophe losses decreased for the three and six months ended MarchJune 31,30, 2026, reflecting lower underlying losses in the agriculture P&C business and a lower acquisition cost ratio. The CAY combined ratio excluding catastrophe losses for the six months ended June 30, 2026, also benefited from a lower administrative expense ratio resulting from higher Administrative and Operating (A&O) reimbursements on the MPCI business, partially offset by a higher loss ratio reflecting a change in the mix of business.

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 24882488, which is managed by Chubb Underwriting Agencies Limited. TheEffective April 1, 2025, the Overseas General Insurance segment includes the results of Liberty Mutual's P&C insurance business in Thailand and Liberty Insurance in Vietnam, effective April 1, 2025, and February 2, 2026, respectively.Thailand.

Overall, net premiums written increased $563$370 million and $933 million, or $257$181 million and $438 million on a constant-dollar basis, for the three and six months ended MarchJune 31,30, 2026, respectively, reflecting growth in commercial lines of 10.88.8 percent and 9.9 percent, or 3.13.9 percent and 3.5 percent on a constant-dollar basis, respectively, and growth in consumer lines of 20.512.1 percent and 16.2 percent, or 11.15.8 percent and 8.4 percent on a constant-dollar basis.basis, respectively.

Our European division increased for the three and six months ended MarchJune 31,30, 2026, supported primarily from growth in our retail business in commercial property, casualty, and cyber lines due to higher new business.

Asia increased for the three and six months ended MarchJune 31,30, 2026, reflecting growth primarilyin commercial lines, including property and casualty lines, and in consumer lines, including personal lines and A&H. Growth in Asia is also attributable to the acquisition of Liberty Mutual's P&C insurance business in Thailand and Vietnam.Thailand.

Latin America increased for the three and six months ended MarchJune 31,30, 2026, primarily reflecting growth in personal lines business, including automobile in Mexico.

Net premiums earned increased $571$442 million and $1,013 million, or $331$250 million and $581 million on a constant-dollar basis, for the three and six months ended MarchJune 31,30, 2026, respectively, reflecting the increase in net premiums written described above.

The combined ratio decreased for the three and six months ended June 30, 2026, primarily due to lower catastrophe losses and higher favorable prior period development. The CAY combined ratio excluding catastrophe losses were relatively flatdecreased for the three and six months ended MarchJune 31,30, 2026, reflecting anmix increaseshift inand acquisitioncontinued expense ratio, offset by underlying loss ratio improvement driven by mix shift.management.

Net premiums written decreased $45$26 million and $71 million for the three and six months ended MarchJune 31,30, 2026, primarilymost reflecting a decreasenotably in catastrophe exposed property and casualty lines due tofrom increased risk retention by clients, lower underlying rates, and less favorable reinsurance terms,terms. asThe wellsix asmonths ended June 30, 2026, also included the favorable impact of higher catastrophe reinstatement premiums in the prior year. This decrease was partially offset by growth in casualty business due to higher underlying rates favorably impacting the renewal portfolio.

Net premiums earned decreased $42$39 million and $81 million for the three and six months ended MarchJune 31,30, 2026, reflecting the changes in net premiums written described above,above. includingThe six months ended June 30, 2026, also included catastrophe reinstatement premiums in the prior year which were fully earned when written.

Net premiums written increased $569$135 million and $704 million, or $539$114 million and $653 million on a constant-dollar basis, for the three and six months ended MarchJune 31,30, 2026.2026, respectively.

For our international life operations, net premiums written increased 36.86.2 percent and 21.1 percent, or 34.14.9 percent and 19.2 percent on a constant-dollar basis, for the three and six months ended MarchJune 31,30, 2026.2026, Thisrespectively. The increase includedfor 15.7the percentagethree pointsmonths ofended June 30, 2026, reflected growth primarily driven by ourin traditional regular premium products of 12.4 percent, primarily in Taiwan and Hong Kong, partially offset by lower savings-oriented single premium business, primarily from Huatai Life bancassurance channels. The increase for the six months ended June 30, 2026, reflected growth in traditional regular premium products of 14.1 percent, primarily in North Asia and agency production in Huatai Life, with the remaining growth from savings-oriented single premium business with premium financing in Hong Kong and Taiwan.

Net premiums written in our Chubb Benefits business increased 15.814.0 percent and 14.9 percent for the three and six months ended MarchJune 31,30, 2026, respectively, due to 34.623.4 percent and 28.8 percent growth in worksite business.

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. However, new life deposits are an important component of production, as we earn income from both net investment spreads on account balances and fees for management and administrative services. Life deposits collected increased $197 million for the three months ended June 30, 2026, due to new higher single premium investment linked products in Taiwan and new participating product offerings in Hong Kong broker channels. Life deposits increased $191 million for the six months ended June 30, 2026, due to higher savings-oriented single premium sales in Hong Kong and Huatai Life, partially offset by lower single premium investment linked products in Taiwan.

Life Insurance segment income increased $25$27 million and $52 million, or 8.59.0 percent and 8.8 percent, for the three and six months ended MarchJune 31,30, 2026, respectively, reflecting theunderwriting growthprofitability in our international life operations, higherwhich includes net investment income, and other income from asset growth,management andfees. higherThe othergrowth incomefor the six months was driven by international life business growth mainly from Huatai.Greater This growth wasChina, partially offset by non-recurring items that were favorable to the prior year within the North America Chubb Benefits and Life reinsurance businesses.

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 2025 Form 10-K. For more information on the effect of market movements and their impact on Net income and Accumulated other comprehensive income, refer to Net Realized and Unrealized Gains (Losses) in Item 7 in our 2025 Form 10-K.