filings.toolsChubb (CB) 10-K risk factor changes: FY2025 vs FY2024
The 2025-12-31 10-K against the 2024-12-31 one, compared heading by heading and sentence by sentence.
Item 1A52 rewritten28 added23 removed296 unchanged
All filing items2,263 rewritten1,070 added966 removed4,631 unchanged
Summary
counted, not written
- Item 1A lists 38 risk factor headings: 2 new, 3 reworded and 33 unchanged since FY2024. 1 heading from FY2024 no longer appears.
- Sentence by sentence, 1,070 added, 966 removed, 2,263 rewritten and 4,631 unchanged across 21 items that differ.
New Item 1A headings (2)
- The amount of capital that our insurance subsidiaries have and must hold to maintain their financial strength and credit ratings and meet other requirements can vary significantly from time to time and is sensitive to a number of factors, some of which are outside of our control.
- Our Bermuda operations are subject to taxation in Bermuda because of the newly effective Bermuda Corporate Income Tax Act.
Removed Item 1A headings (1)
- We could be adversely affected by certain features of the Inflation Reduction Act.
Reworded Item 1A headings (3)
- Our ability to pay dividends and
[removed: to]make payments on indebtedness may be constrained by our holding company structure. [removed: We][added: Our non-U.S. companies] may be subject to U.S. tax[removed: and Bermuda tax]which may have an adverse effect on our results of operations and shareholders' equity.- The Organization for Economic Cooperation and Development (OECD), European Union (EU), Swiss Federal Council, and other jurisdictions
[removed: are considering,]have[removed: considered, or have]passed measures that[removed: might change][added: have changed] long standing tax principles that could increase our taxes.
A heading is new when no FY2024 heading matches it after ignoring case and punctuation, and reworded when it shares at least 60 percent of its words with one that went away. All current risk factor headings.
Sentences by item
24 items, with every count and a link to each item that changed
Underlined words on a shaded ground are new in FY2025; struck-through words were in FY2024. Sentences that are wholly new or wholly gone are labelled rather than marked.
Item 1A. Risk Factors
52 rewritten, 28 added, 23 removed, 296 unchanged
[removed: 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, catastrophic] [added: Catastrophic] 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.
At December 31, [removed: 2024,] [added: 2025,] gross A&E liabilities represented approximately [removed: 1.6] [added: 1.4] percent of our gross loss reserves.
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 [added: expense reserves held at the balance sheet date.]
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
[removed: 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.
We seek to manage our loss exposure by maintaining a disciplined underwriting process throughout our insurance [removed: operations.][added: operations, including the use of underwriting controls and risk models.]
Our reinsurance business also purchases retrocessional [removed: protection] [added: protection,] which allows a reinsurer to cede to another company all or part of the reinsurance originally assumed by the reinsurer.
At December 31, [removed: 2024,] [added: 2025,] we had [removed: $20.1] [added: $20.6] billion of reinsurance recoverables, net of reserves for uncollectible recoverables.
At December 31, [removed: 2024,] [added: 2025,] the aggregate reinsurance balances ceded by our active subsidiaries to Century were approximately $1.9 billion.
Thus, the intercompany reinsurance recoverables could be at risk to the extent of the shortage of [added: assets remaining to pay these recoverables.]
[removed: 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.
The surety business [removed: tends to be] [added: is] characterized by infrequent but potentially high severity losses.
[removed: In accordance with industry practice, we] [added: We] generally pay amounts owed on claims to brokers who, in turn, remit these amounts to the insured or ceding insurer.
[added: An] increased inability of customers to reimburse us in this context could have an adverse effect on our financial condition and results of operations.
[removed: 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 [removed: Risk & Finance Committee of the Board of Directors.][added: Board.]
[removed: Although our investment guidelines stress diversification of risks and conservation of principal and liquidity, our] [added: Our] investments are subject to market risks and risks inherent in individual securities.
[removed: Although we take measures to manage the risks of investing in a changing interest rate environment, we] [added: We] may not be able to effectively mitigate interest rate sensitivity.
[removed: As stated, our] [added: Our] 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, [removed: 2024,] [added: 2025,] is invested in below investment-grade securities.
[removed: While we have put in place procedures to monitor the credit risk and liquidity of our invested assets, it] [added: It] is possible [removed: that,] [added: 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.
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 [added: of our Common Shares.]
Our ability to pay dividends and [removed: to] make payments on indebtedness may be constrained by our holding company structure.
[removed: 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 [removed: or] [added: and] for shares acquired pursuant to a shareholder-ratified repurchase program and dedicated for cancellation.
The principal currencies creating foreign exchange risk are the Korean won, Chinese yuan renminbi, Canadian dollar, Australian dollar, Mexican peso, [removed: British pound sterling,] [added: Thai baht,] Hong Kong dollar, [removed: Thai baht,] [added: Brazilian real,] New [removed: Taiwan] [added: Zealand] dollar, and euro.
At December 31, [removed: 2024,] [added: 2025,] approximately [removed: 29.9] [added: 26.7] percent of our unhedged net assets were denominated in foreign currencies.
[removed: The laws and] [added: Applicable statutes,] regulations [removed: of the jurisdictions in which our insurance] and [removed: reinsurance subsidiaries are domiciled] [added: 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.
[removed: 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.
Chubb also receives requests for information from investors, customers and other stakeholders from time [added: 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, [removed: various,] disparate and potentially inconsistent reporting requirements, increased due diligence, and potential requirements for the reporting of scope 3 greenhouse gas emissions.
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 [removed: 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.
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; [removed: social, political or economic instability resulting from climate change;] and nationalization of our [added: operations without compensation.]
[removed: Like all global companies, our] [added: Our] 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.
[removed: Although we have implemented] [added: The] administrative and technical controls and [removed: have taken] protective actions [added: we have taken (including conducting 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, [removed: 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 [removed: employees] [added: employees, 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.
[removed: Despite the contingency plans and facilities we have in place and our efforts to observe the regulatory requirements surrounding information security, our] [added: Our] 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.
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 [added: industry data.]
It is not always possible to deter or prevent [removed: employee] [added: employee, agent, broker or vendor] misconduct, and the precautions that we take to prevent and detect this activity may not be effective in all cases.
We compete on an international and regional basis with major U.S., [removed: Bermuda,] [added: 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.
We will be at a competitive disadvantage [removed: if, over time,] [added: if] our competitors are more effective than us in their utilization of technology and evolving data analytics.
[removed: 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.
In addition, the amount and timing of the settlement of our P&C liabilities are
While we believe the intercompany reinsurance recoverables from Century are not
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
In addition, a lack of credit
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
The amount of capital that our insurance subsidiaries have and must hold to maintain their financial strength and credit ratings and meet other requirements can vary significantly from time to time and is sensitive to a number of factors, some of which are outside of our control.
Capital requirements for our insurance subsidiaries are prescribed by the applicable insurance regulators, while rating agencies establish requirements that inform ratings for our insurance subsidiaries.
Projecting surplus and the related capital requirements is complex and requires making assumptions regarding how our business will perform within the broader macroeconomic environment.
Insurance regulators and rating agencies evaluate company capital through financial models that calculate minimum capitalization requirements based on risk-based capital formulas for property and casualty insurance groups and their subsidiaries.
In any particular year, capital levels and risk-based capital requirements may increase or decrease depending on a variety of factors including the mix of business written by our insurance subsidiaries and correlation or diversification in the business profile, the amount of additional capital our insurance subsidiaries must hold to support business growth, the value of securities in our investment portfolio, changes in interest rates and foreign currency exchange rates, as well as changes to the regulatory and rating agency models used to determine our required capital.
In addition, Swiss law requires that the total par value of Chubb's treasury shares
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Our insurance and reinsurance subsidiaries conduct business globally and are subject to varying degrees of supervision and 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.
The IAIS has developed a Common Framework for the Supervision of Internationally Active Insurance Groups
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Several nations in Asia are also considering legislation or regulatory guidance.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
If we do
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Our Bermuda operations are subject to taxation in Bermuda because of the newly effective Bermuda Corporate Income Tax Act.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
This generally would be the case if either (i) Chubb Limited is considered a CFC and the tax-
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
expense reserves held at the balance sheet date.
assets remaining to pay these recoverables.
While we generally seek to mitigate this risk through collateral agreements and maintain a provision for uncollectible accounts associated with this credit exposure, an
of our Common Shares.
The increasing impact of climate change could affect our cost of claims, loss ratios, and financial results.
Our insurance and reinsurance subsidiaries conduct business globally.
Our businesses in each jurisdiction are subject to varying degrees of regulation and supervision.
to time on various aspects of its policies and strategies relating to climate change.
operations without compensation.
industry data.
The imposition of the Bermuda corporate income tax will increase our effective tax rate and cash taxes paid beginning in 2025.
We could be adversely affected by certain features of the Inflation Reduction Act.
On August 16, 2022, President Biden signed the Inflation Reduction Act (IRA) of 2022 (H.R. 5376).
Key tax provisions included in the Inflation Reduction Act include a 15 percent corporate alternative minimum tax (CAMT) on adjusted financial statement income for corporations with average profits over $1 billion, and a 1 percent excise tax on repurchases of corporate stock.
The CAMT and the excise tax on share repurchases are effective for tax years beginning after December 31, 2022.
Since enactment, the IRS and U.S. Treasury Department have issued final and proposed regulations and notices, interpreting and implementing the new provisions.
Guidance on rules implementing the Inflation Reduction Act is not yet final in some areas; there are many uncertainties relating to its ultimate application and effects on our company.
On January 20, 2025, President Trump issued a memorandum announcing that the OECD framework has “no force or effect in the United States” and disavowing any commitments previously made by the United States with respect to the framework.
The memorandum also directs the U.S. Secretary of the Treasury to develop and present to President Trump a list of protective measures or other options towards foreign countries that are either not in compliance with any tax treaty with the United States or have tax rules that are “extraterritorial or disproportionately affect American companies.” The possible uneven enactment of the OECD framework by various jurisdictions coupled with the United States’ response to these rules could cause uncertainties to and increases in our income taxes.
Several multilateral organizations, including the EU and the OECD have, in recent years, expressed concern about some countries not participating in adequate tax information exchange arrangements and have threatened those that do not agree to cooperate with punitive sanctions by member countries.
It is still unclear what all these sanctions might be, which countries might adopt them, and when or if they might be imposed.
We cannot provide assurance that the Tax Information Exchange Agreements (TIEAs) that have been entered into by Switzerland and Bermuda will be sufficient to preclude the sanctions described above, which, if ultimately adopted, could adversely affect us.
income.
An excerpt. Shown here: 40 of 52 rewritten, all 28 added and all 23 removed. The counts are complete. For every sentence, read Item 1A. Risk Factors in the FY2025 filing and the FY2024 filing.
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations
514 rewritten, 194 added, 214 removed, 955 unchanged
The following is a discussion of our financial condition and results of operations for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and comparisons between [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]
Comparisons between [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] have been omitted from this Form 10-K, but can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of our Form 10-K for the year ended December 31, [removed: 2023.][added: 2024.]
| [Forward-Looking [removed: Statements](#i39f5a03dd90d4103ae76f08afd0b0b0b_121)] [added: Statements](#i411ffa10c85643358dade3b76eaf2dd2_121)] | | | [removed: [40](#i39f5a03dd90d4103ae76f08afd0b0b0b_121)] [added: [37](#i411ffa10c85643358dade3b76eaf2dd2_121)] | | |
| [Critical Accounting [removed: Estimates](#i39f5a03dd90d4103ae76f08afd0b0b0b_136)] [added: Estimates](#i411ffa10c85643358dade3b76eaf2dd2_136)] | | | [removed: [42](#i39f5a03dd90d4103ae76f08afd0b0b0b_136)] [added: [39](#i411ffa10c85643358dade3b76eaf2dd2_136)] | | |
| [Consolidated Operating [removed: Results](#i39f5a03dd90d4103ae76f08afd0b0b0b_163)] [added: Results](#i411ffa10c85643358dade3b76eaf2dd2_163)] | | | [removed: [52](#i39f5a03dd90d4103ae76f08afd0b0b0b_163)] [added: [49](#i411ffa10c85643358dade3b76eaf2dd2_163)] | | |
| [Segment Operating [removed: Results](#i39f5a03dd90d4103ae76f08afd0b0b0b_175)] [added: Results](#i411ffa10c85643358dade3b76eaf2dd2_175)] | | | [removed: [56](#i39f5a03dd90d4103ae76f08afd0b0b0b_175)] [added: [52](#i411ffa10c85643358dade3b76eaf2dd2_175)] | | |
| [Effective Income Tax [removed: Rate](#i39f5a03dd90d4103ae76f08afd0b0b0b_211)] [added: Rate](#i411ffa10c85643358dade3b76eaf2dd2_211)] | | | [removed: [64](#i39f5a03dd90d4103ae76f08afd0b0b0b_211)] [added: [61](#i411ffa10c85643358dade3b76eaf2dd2_211)] | | |
| [Net Realized and Unrealized Gains [removed: (Losses)](#i39f5a03dd90d4103ae76f08afd0b0b0b_214)] [added: (Losses)](#i411ffa10c85643358dade3b76eaf2dd2_214)] | | | [removed: [65](#i39f5a03dd90d4103ae76f08afd0b0b0b_214)] [added: [62](#i411ffa10c85643358dade3b76eaf2dd2_214)] | | |
| [Non-GAAP [removed: Reconciliation](#i39f5a03dd90d4103ae76f08afd0b0b0b_220)] [added: Reconciliation](#i411ffa10c85643358dade3b76eaf2dd2_220)] | | | [removed: [66](#i39f5a03dd90d4103ae76f08afd0b0b0b_220)] [added: [63](#i411ffa10c85643358dade3b76eaf2dd2_220)] | | |
| [Net Investment [removed: Income](#i39f5a03dd90d4103ae76f08afd0b0b0b_226)] [added: Income](#i411ffa10c85643358dade3b76eaf2dd2_226)] | | | [removed: [70](#i39f5a03dd90d4103ae76f08afd0b0b0b_226)] [added: [67](#i411ffa10c85643358dade3b76eaf2dd2_226)] | | |
| [Interest [removed: Expense](#i39f5a03dd90d4103ae76f08afd0b0b0b_229)] [added: Expense](#i411ffa10c85643358dade3b76eaf2dd2_229)] | | | [removed: [70](#i39f5a03dd90d4103ae76f08afd0b0b0b_229)] [added: [67](#i411ffa10c85643358dade3b76eaf2dd2_229)] | | |
| [Amortization of Purchased Intangibles and Other [removed: Amortization](#i39f5a03dd90d4103ae76f08afd0b0b0b_232)] [added: Amortization](#i411ffa10c85643358dade3b76eaf2dd2_232)] | | | [removed: [71](#i39f5a03dd90d4103ae76f08afd0b0b0b_232)] [added: [67](#i411ffa10c85643358dade3b76eaf2dd2_232)] | | |
| [removed: [Investments](#i39f5a03dd90d4103ae76f08afd0b0b0b_235)] [added: [Investments](#i411ffa10c85643358dade3b76eaf2dd2_235)] | | | [removed: [72](#i39f5a03dd90d4103ae76f08afd0b0b0b_235)] [added: [68](#i411ffa10c85643358dade3b76eaf2dd2_235)] | | |
| [Asbestos and Environmental [removed: (A&E)](#i39f5a03dd90d4103ae76f08afd0b0b0b_241)] [added: (A&E)](#i411ffa10c85643358dade3b76eaf2dd2_241)] | | | [removed: [76](#i39f5a03dd90d4103ae76f08afd0b0b0b_241)] [added: [72](#i411ffa10c85643358dade3b76eaf2dd2_241)] | | |
| [Catastrophe [removed: Management](#i39f5a03dd90d4103ae76f08afd0b0b0b_244)] [added: Management](#i411ffa10c85643358dade3b76eaf2dd2_244)] | | | [removed: [77](#i39f5a03dd90d4103ae76f08afd0b0b0b_244)] [added: [73](#i411ffa10c85643358dade3b76eaf2dd2_244)] | | |
| [Global [removed: Property](#i39f5a03dd90d4103ae76f08afd0b0b0b_247)] [added: Property](#i411ffa10c85643358dade3b76eaf2dd2_247)] [Catastrophe Reinsurance [removed: Program](#i39f5a03dd90d4103ae76f08afd0b0b0b_247)] [added: Program](#i411ffa10c85643358dade3b76eaf2dd2_247)] | | | [removed: [79](#i39f5a03dd90d4103ae76f08afd0b0b0b_247)] [added: [75](#i411ffa10c85643358dade3b76eaf2dd2_247)] | | |
| [Political Risk and Credit [removed: Insurance](#i39f5a03dd90d4103ae76f08afd0b0b0b_250)] [added: Insurance](#i411ffa10c85643358dade3b76eaf2dd2_250)] | | | [removed: [79](#i39f5a03dd90d4103ae76f08afd0b0b0b_250)] [added: [75](#i411ffa10c85643358dade3b76eaf2dd2_250)] | | |
| [Crop [removed: Insurance](#i39f5a03dd90d4103ae76f08afd0b0b0b_253)] [added: Insurance](#i411ffa10c85643358dade3b76eaf2dd2_253)] | | | [removed: [80](#i39f5a03dd90d4103ae76f08afd0b0b0b_253)] [added: [76](#i411ffa10c85643358dade3b76eaf2dd2_253)] | | |
| [removed: [Liquidity](#i39f5a03dd90d4103ae76f08afd0b0b0b_259)] [added: [Liquidity](#i411ffa10c85643358dade3b76eaf2dd2_259)] | | | [removed: [81](#i39f5a03dd90d4103ae76f08afd0b0b0b_259)] [added: [77](#i411ffa10c85643358dade3b76eaf2dd2_259)] | | |
| [Capital [removed: Resources](#i39f5a03dd90d4103ae76f08afd0b0b0b_268)] [added: Resources](#i411ffa10c85643358dade3b76eaf2dd2_268)] | | | [removed: [84](#i39f5a03dd90d4103ae76f08afd0b0b0b_268)] [added: [80](#i411ffa10c85643358dade3b76eaf2dd2_268)] | | |
| [removed: [Ratings](#i39f5a03dd90d4103ae76f08afd0b0b0b_271)] [added: [Ratings](#i411ffa10c85643358dade3b76eaf2dd2_271)] | | | [removed: [86](#i39f5a03dd90d4103ae76f08afd0b0b0b_271)] [added: [82](#i411ffa10c85643358dade3b76eaf2dd2_271)] | | |
| [Information provided in connection with outstanding debt of [removed: subsidiaries](#i39f5a03dd90d4103ae76f08afd0b0b0b_277)] [added: subsidiaries](#i411ffa10c85643358dade3b76eaf2dd2_277)] | | | [removed: [87](#i39f5a03dd90d4103ae76f08afd0b0b0b_277)] [added: [83](#i411ffa10c85643358dade3b76eaf2dd2_277)] | | |
| [Credit [removed: Facilities](#i39f5a03dd90d4103ae76f08afd0b0b0b_280)] [added: Facilities](#i411ffa10c85643358dade3b76eaf2dd2_280)] | | | [removed: [88](#i39f5a03dd90d4103ae76f08afd0b0b0b_280)] [added: [84](#i411ffa10c85643358dade3b76eaf2dd2_280)] | | |
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
- 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 [removed: organization, and risks and uncertainties relating to our planned purchases of additional interests in Huatai Insurance Group Co., Ltd;][added: organization;]
Refer to Note [removed: 2] [added: 14 e)] to the Consolidated Financial Statements for [removed: our most recent acquisitions.][added: additional information.]
[removed: Cash flow is] [added: Operating cash flows are] generated from premiums collected and investment income received less paid losses and loss expenses, policy acquisition costs, and administrative expenses.
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, [added: and] Investments, [added: under item 8] and Net Realized and Unrealized Gains [removed: (Losses).][added: (Losses), under item 7.]
| | | | December 31, [removed: 2024] [added: 2025] | | | | | | | | | | | | | | | | | | December 31, [removed: 2023] [added: 2024] | | | | | | | | | | | | | | |
| Balance, beginning of year | | | $ | [removed: 80,122] [added: 84,004] | | | | | $ | [removed: 17,884] [added: 17,734] | | | | | $ | [removed: 62,238] [added: 66,270] | | | | | $ | [removed: 75,747] [added: 80,122] | | | | | $ | [removed: 17,086] [added: 17,884] | | | | | $ | [removed: 58,661] [added: 62,238] | |
| Losses and loss expenses incurred | | | [removed: 32,534] [added: 33,310] | | | | | | [removed: 6,512] [added: 6,610] | | | | | | [removed: 26,022] [added: 26,700] | | | | | | [removed: 31,346] [added: 32,534] | | | | | | [removed: 7,246] [added: 6,512] | | | | | | [removed: 24,100] [added: 26,022] | | |
| Losses and loss expenses paid | | | [removed: (27,970)] [added: (30,575)] | | | | | | [removed: (6,467)] [added: (6,282)] | | | | | | [removed: (21,503)] [added: (24,293)] | | | | | | [removed: (27,802)] [added: (27,970)] | | | | | | [removed: (6,791)] [added: (6,467)] | | | | | | [removed: (21,011)] [added: (21,503)] | | |
| Other (including foreign exchange translation) | | | [removed: (682)] [added: 1,279] | | | | | | [removed: (195)] [added: 284] | | | | | | [removed: (487)] [added: 995] | | | | | | [removed: —] [added: (682)] | | | | | | [removed: (83)] [added: (195)] | | | | | | [removed: 83] [added: (487)] | | |
| Balance, end of year | | | $ | [removed: 84,004] [added: 88,018] | | | | | $ | [removed: 17,734] [added: 18,346] | | | | | $ | [removed: 66,270] [added: 69,672] | | | | | $ | [removed: 80,122] [added: 84,004] | | | | | $ | [removed: 17,884] [added: 17,734] | | | | | $ | [removed: 62,238] [added: 66,270] | |
Our loss reserves comprise approximately [removed: 77] [added: 76] percent casualty-related business, which typically encompasses long-tail risks, and other risks where a high degree of judgment is required.
While we believe that our reserve for unpaid losses and loss expenses at December 31, [removed: 2024,] [added: 2025,] is adequate, new information or emerging trends that differ from our assumptions may lead to future development of losses and loss expenses that is significantly greater or less than the recorded reserve, which could have a material effect on future operating results.
This represents an impact of about [removed: 10.9] [added: 11.1] percent relative to recorded net loss and loss expense reserves of approximately [removed: $10.2] [added: $10.0] billion.
Specifically, for our main U.S. Excess/Umbrella portfolios, a five percentage point change in the tail factor (e.g., 1.10 changed to either 1.15 or 1.05) would cause a change of approximately [removed: $0.8] [added: $0.9] billion, either positive or negative, for the projected net loss and loss expense reserves.
This represents an impact of about 18 percent relative to recorded net loss and loss expense reserves of approximately [removed: $4.3] [added: $4.9] billion for these portfolios.
Approximately [removed: 58] [added: 70] percent of the reserves for this segment are from the crop related lines, which all have short payout patterns, with the majority of the liabilities expected to be resolved in the ensuing twelve months.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Upon initial notification of an insolvency, we generally recognize expense for a substantial portion of all
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| Captives | | | | | | 2,567 | | | | | | 492 | | | | | | 13 | | |
| Total | | | | | | $ | 20,658 | | | | | $ | 16,904 | | | | | $ | 320 | |
We determine deferred tax assets and
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Overall premium growth was driven by strong new business and retention across both commercial and consumer lines, supported by positive rate and exposure increases.
In commercial lines, growth was notable in primary and excess casualty, small and mid-market retail and E&S, and property.
Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases.
◦Life Insurance segment net premiums written increased 15.1 percent, or 17.3 percent in constant dollars, due to growth in international life of 17.4 percent in constant dollars, predominantly in North Asia, and our Chubb Benefits business of 17.3 percent, primarily driven by worksite business.
- Other income and expense increased due to higher income from private equities where we own more than three percent.
- Operating cash flow was $12.8 billion
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
- 2025: Severe weather-related events in the U.S. and internationally, including California wildfire losses of $1.47 billion
◦Total North America P&C Insurance catastrophe losses were $2.3 billion
◦Total Overseas General catastrophe losses were $505 million
◦Total North America P&C Insurance catastrophe losses were $1.8 billion
◦Total Overseas General catastrophe losses were $459 million
◦Total North America P&C Insurance catastrophe losses were $1.4 billion
◦Total Overseas General catastrophe losses were $403 million
Net 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' compensation partially offset by adverse development in casualty lines.
Net favorable development for short-tail lines primarily includes property, marine, and U.S. homeowners.
Net favorable development long-tail lines reflects favorable development primarily in workers’ compensation mostly offset by adverse development in casualty lines, predominantly commercial excess and umbrella and commercial auto liability.
The P&C combined ratio and the P&C CAY combined ratio excluding catastrophe losses decreased in 2025, reflecting lower losses, partially offset by an increase in the policy acquisition cost ratio from changes in mix of business.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
The following table provides the net premiums written by Major Accounts & Specialty, comprising large corporate accounts and wholesale business, and Commercial, principally comprising middle market and small commercial accounts.
| Production by Size - Net premiums written | | | | | | | | | | | | | | | | | | | | | % Change | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- |
| [Overview](#i39f5a03dd90d4103ae76f08afd0b0b0b_124) | | | [41](#i39f5a03dd90d4103ae76f08afd0b0b0b_124) | | |
Overview
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.
We have grown our business through increased premium volume, expansion of product offerings and geographic reach, and acquisitions of other companies.
Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.
Our long-term business strategy focuses on sustained growth in book value achieved through a combination of underwriting and investment income.
By doing so, we provide value to our clients and shareholders through use of our substantial capital base in the insurance and reinsurance markets.
We are organized along a profit center structure by line of business and territory that does not necessarily correspond to corporate legal entities.
Profit centers can access various legal entities subject to licensing and other regulatory rules.
Profit centers are expected to generate P&C underwriting income, life segment income, and appropriate risk-adjusted returns.
Our corporate structure has facilitated the development of management talent by giving each profit center's senior management team the necessary autonomy within underwriting authorities to make operating decisions and create products and coverages needed by its target customer base.
We are focused on delivering P&C underwriting profit and life segment income by only writing policies which we believe adequately compensate us for the risk we accept.
We generate gross revenues from three principal sources: P&C income, Life income, and investment income.
Invested assets are substantially held in liquid, investment grade fixed income securities of relatively short duration.
Claims payments in any short-term period are highly unpredictable due to the random nature of loss events and the timing of claims awards or settlements.
The value of investments held to pay future claims is subject to market forces such as the level of interest rates, stock market volatility, and credit events such as corporate defaults.
The actual cost of claims is also volatile based on loss trends, inflation rates, court awards, and catastrophes.
We believe that our cash balance, our highly liquid investments, credit facilities, and reinsurance protection provide sufficient liquidity to meet unforeseen claim demands that might occur in the year ahead.
Refer to “Liquidity” and “Capital Resources” for additional information.
| Consolidation of Huatai | | | — | | | | | | — | | | | | | — | | | | | | 831 | | | | | | 426 | | | | | | 405 | | |
each company.
| Captives | | | | | | 2,704 | | | | | | 557 | | | | | | 13 | | |
| Total | | | | | | $ | 20,087 | | | | | $ | 16,049 | | | | | $ | 310 | |
recorded in our Consolidated Financial Statements and the tax basis of our assets and liabilities.
NM - not meaningful
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.
- The P&C combined ratio was 86.6 percent compared with 86.5 percent in 2023.
- Total pre-tax catastrophe losses were $2.39 billion compared with $1.83 billion in 2023.
- Life Insurance segment net premiums written increased 15.7 percent, or 18.5 percent in constant dollars, and segment income was a record $1.10 billion, up 4.6 percent, or 7.3 percent in constant dollars.
Life insurance deposits collected increased $981 million, up 61.8 percent, or 65.5 percent in constant dollars.
Outlook
2024 was a simply outstanding year, as our results, top and bottom line, continue to demonstrate the broad and diversified nature of our company and the consistency of contributions from our businesses around the world: North America, Asia, Europe, Latin America, both commercial and consumer.
As we look forward to 2025, we have good momentum and are optimistic about the year ahead.
The recent California wildfire disaster, which is a first quarter 2025 event, has an estimated net pre-tax cost of $1.5 billion and highlights our commitment to supporting our policyholders in times of need.
Despite this, we expect continued strong performance across all business segments.
Global P&C market conditions remain favorable, with significant growth opportunities across our operations, including commercial and consumer lines.
We anticipate robust growth in operating earnings and earnings per share, driven by our key sources of income: P&C underwriting, investment income, and life insurance.
While we acknowledge the challenges posed by natural disasters, we are well-positioned to continue delivering outstanding results in 2025.
An excerpt. Shown here: 40 of 514 rewritten, 40 of 194 added and 40 of 214 removed. The counts are complete. For every sentence, read Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in the FY2025 filing and the FY2024 filing.
Item 7A. Quantitative and Qualitative Disclosures about Market Risk
46 rewritten, 16 added, 9 removed, 109 unchanged
At December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] our notional exposure to derivative instruments was [removed: $10.2] [added: $12.5] billion and [removed: $10.4] [added: $10.2] billion, respectively.
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
The following is a discussion of our primary market risk exposures at December 31, [removed: 2024.][added: 2025.]
Our policies to address these risks in [removed: 2024] [added: 2025] were not materially different from [removed: 2023.][added: 2024.]
The following table presents the impact at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] on the fair value of our fixed income portfolio of a hypothetical increase in interest rates of 100 bps applied instantly across the U.S. yield curve (an immediate time horizon was used as this presents the worst case scenario):
| (in billions of U.S. dollars, except for percentages) | | | | | | [removed: 2024] [added: 2025] | | | | | | [removed: 2023] [added: 2024] | | |
| Fair value of fixed income portfolio | | | | | | $ | [removed: 121.8] [added: 135.6] | | | | | $ | [removed: 114.9] [added: 121.8] | |
| | | | Decrease in dollars | | | $ | [removed: 6.2] [added: 6.8] | | | | | $ | [removed: 5.5] [added: 6.2] | |
| | | | As a percentage of total fixed income portfolio at fair value | | | [removed: 5.1] [added: 5.0] | | % | | | | [removed: 4.8] [added: 5.1] | | % |
The following table presents the impact at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] on the fair value of our debt obligations of a hypothetical decrease in interest rates of 100 bps applied instantly across the U.S. yield curve (an immediate time horizon was used as this presents the worst case scenario):
| Fair value of debt [removed: obligations, including repurchase agreements] [added: obligations] | | | | | | $ | [removed: 17.0] [added: 16.6] | | | | | $ | [removed: 16.6] [added: 14.3] | |
| | | | Increase in dollars | | | $ | [removed: 1.1] [added: 1.2] | | | | | $ | 1.1 | |
| | | | As a percentage of total debt obligations at fair value | | | [removed: 6.2] [added: 7.3] | | % | | | | [removed: 6.6] [added: 7.4] | | % |
The following table summarizes the unhedged portion of net assets (liabilities) in non-U.S. currencies at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and excludes noncontrolling interests:
| | | | | | | | | | | | | [removed: 2024] [added: 2025] | | | | | | | | | | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2024] [added: 2025] vs. [removed: 2023] [added: 2024] % change in exchange rate per USD | | |
| (in millions of U.S. dollars, except for percentages) | | | | | | Value [removed: of unhedged] [added: of unhedged] net assets (liabilities) | | | | | | Exchange rate per USD | | | | | | Value of unhedged net assets (liabilities) | | | | | | Exchange rate per USD | | | | | | | | |
| Korean won (KRW) (x100) | | | | | | $ | [removed: 6,516] [added: 6,196] | | | | | [removed: 0.0676] [added: 0.0692] | | | | | | $ | [removed: 6,115] [added: 6,516] | | | | | [removed: 0.0775] [added: 0.0676] | | | | | | [removed: (12.8)] [added: 2.4] | | % |
| Chinese yuan renminbi [removed: (CNY)] [added: (CNH/CNY)] (1) | | | | | | [removed: 3,709] [added: 2,844] | | | | | | [removed: 0.1370] [added: 0.1431] | | | | | | [removed: 5,172] [added: 3,709] | | | | | | [removed: 0.1408] [added: 0.1370] | | | | | | [removed: (2.7)] [added: 4.5] | | % |
| Canadian dollar (CAD) | | | | | | [removed: 2,194] [added: 2,519] | | | | | | [removed: 0.6952] [added: 0.7286] | | | | | | [removed: 2,362] [added: 2,194] | | | | | | [removed: 0.7551] [added: 0.6952] | | | | | | [removed: (7.9)] [added: 4.8] | | % |
| Australian dollar (AUD) | | | | | | [removed: 1,660] [added: 1,545] | | | | | | [removed: 0.6188] [added: 0.6673] | | | | | | [removed: 1,661] [added: 1,660] | | | | | | [removed: 0.6812] [added: 0.6188] | | | | | | [removed: (9.2)] [added: 7.8] | | % |
| Mexican peso (MXN) | | | | | | [removed: 852] [added: 933] | | | | | | [removed: 0.0480] [added: 0.0555] | | | | | | [removed: 973] [added: 852] | | | | | | [removed: 0.0589] [added: 0.0480] | | | | | | [removed: (18.5)] [added: 15.6] | | % |
| Hong Kong dollar (HKD) | | | | | | [removed: 568] [added: 615] | | | | | | [removed: 0.1287] [added: 0.1285] | | | | | | [removed: 388] [added: 568] | | | | | | [removed: 0.1280] [added: 0.1287] | | | | | | [removed: 0.5] [added: (0.2)] | | % |
| Thai baht (THB) | | | | | | [removed: 561] [added: 891] | | | | | | [removed: 0.0291] [added: 0.0318] | | | | | | [removed: 575] [added: 561] | | | | | | [removed: 0.0292] [added: 0.0291] | | | | | | [removed: (0.3)] [added: 9.3] | | % |
| Euro (EUR) (2) | | | | | | [removed: (797)] [added: 329] | | | | | | [removed: 1.0354] [added: 1.1746] | | | | | | [removed: (1,835)] [added: (797)] | | | | | | [removed: 1.1039] [added: 1.0354] | | | | | | [removed: (6.2)] [added: 13.4] | | % |
| Other foreign currencies | | | | | | [removed: 2,716] [added: 2,834] | | | | | | various | | | | | | [removed: 2,924] [added: 2,929] | | | | | | various | | | | | | NM | | |
| Value of unhedged portion of net assets denominated in foreign currencies (3) | | | | | | $ | [removed: 19,126] [added: 19,678] | | | | | | | | | | | $ | [removed: 19,570] [added: 19,126] | | | | | | | | | | | | | |
| As a percentage of total net assets | | | | | | [removed: 29.9] [added: 26.7] | | % | | | | | | | | | | [removed: 32.9] [added: 29.9] | | % | | | | | | | | | | | | |
| Pre-tax decrease to Chubb Shareholders' equity of a hypothetical 10 percent strengthening of the USD | | | | | | $ | [removed: 1,739] [added: 1,789] | | | | | | | | | | | $ | [removed: 1,779] [added: 1,739] | | | | | | | | | | | | | |
(1) [removed: 2024 excludes] [added: Excludes] hedged Chinese yuan renminbi net assets of [added: $2.5 billion and] $1.3 [removed: billion.][added: billion in 2025 and 2024, respectively.]
(2) Includes unhedged portion of euro denominated debt of $2.3 billion and net assets of [removed: $1.5] [added: $2.6] billion in [removed: 2024,] [added: 2025,] and [removed: $3.1] [added: $2.3] billion and [removed: $1.3] [added: $1.5] billion, respectively, in [removed: 2023.][added: 2024.]
Excludes hedged euro denominated debt of [added: $2.0 billion and] $1.6 billion in [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024, respectively.]
(3) The unhedged net assets denominated in foreign currencies comprised goodwill and other intangible assets of approximately [removed: 47] [added: 41] percent and [removed: 52] [added: 47] percent at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] respectively.
The objective of the fair value cross-currency swaps is to hedge euro [removed: 1.5] [added: 1.8] billion of the foreign currency risk on our euro denominated debt by converting cash flows back into the U.S dollar.
The objective of the net investment 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 (GBP 957 million), Japanese yen (JPY 43.0 billion), Swiss franc (CHF 96 million), and Chinese yuan renminbi [removed: (CNY] [added: (CNH] 9.3 billion).
The tables below are estimates of the sensitivities to instantaneous changes in economic inputs (e.g., equity shock, interest rate shock, etc.) at December 31, [removed: 2024,] [added: 2025,] 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.
- 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), [removed: 15] [added: 10] percent—30 percent medium-term rates (maturing between 5 years and 10 years, inclusive), and 65 [removed: percent—80] [added: percent—85] percent long-term rates (maturing beyond 10 years).
- The hedge sensitivity is from December 31, [removed: 2024,] [added: 2025,] market levels and only applicable to the equity and interest rate sensitivities table below.
| [removed: | | |] Increase/(decrease) in net income | | | [added: | | |] $ | [removed: 143] [added: 41] | | | | | $ | [removed: 164] [added: (46)] | | | | | $ | [removed: 165] [added: —] | | | | | $ | [removed: 141] [added: —] | | | | | $ | [removed: 86] [added: (15)] | | | | | $ | [removed: (22)] [added: 14] | |
| | | | Increase/(decrease) in net income | | | $ | [removed: (2)] [added: (4)] | | | | | $ | — | | | | | $ | [removed: (19)] [added: (15)] | | | | | $ | [removed: (64)] [added: (53)] | | | | | $ | [removed: (148)] [added: (128)] | | | | | $ | [removed: (285)] [added: (245)] | |
| (Increase)/decrease in FVL | | | | | | $ | [removed: 42] [added: 41] | | | | | $ | [removed: (47)] [added: (46)] | | | | | $ | [removed: (1)] [added: —] | | | | | $ | [removed: 1] [added: —] | | | | | $ | (15) | | | | | $ | 14 | |
| (in billions of U.S. dollars, except for percentages) | | | | | | 2025 | | | | | | 2024 | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| Brazilian Real (BRL) | | | | | | 520 | | | | | | 0.1820 | | | | | | 460 | | | | | | 0.1620 | | | | | | 12.3 | | % |
| New Zealand Dollar (NZD) | | | | | | 452 | | | | | | 0.5758 | | | | | | 474 | | | | | | 0.5594 | | | | | | 2.9 | | % |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| +100 bps | | | (Increase)/decrease in FVL | | | $ | 228 | | | | | $ | 153 | | | | | $ | 61 | | | | | $ | (53) | | | | | $ | (197) | | | | | $ | (386) | |
| | | | Increase/(decrease) in hedge value | | | (94) | | | | | | — | | | | | | 94 | | | | | | 188 | | | | | | 282 | | | | | | 376 | | |
| Flat | | | (Increase)/decrease in FVL | | | $ | 90 | | | | | $ | — | | | | | $ | (109) | | | | | $ | (241) | | | | | $ | (410) | | | | | $ | (621) | |
| | | | Increase/(decrease) in hedge value | | | (94) | | | | | | — | | | | | | 94 | | | | | | 188 | | | | | | 282 | | | | | | 376 | | |
| \-100 bps | | | (Increase)/decrease in FVL | | | $ | (77) | | | | | $ | (184) | | | | | $ | (310) | | | | | $ | (461) | | | | | $ | (654) | | | | | $ | (888) | |
| | | | Increase/(decrease) in hedge value | | | (94) | | | | | | — | | | | | | 94 | | | | | | 188 | | | | | | 282 | | | | | | 376 | | |
| | | | Increase/(decrease) in net income | | | $ | (171) | | | | | $ | (184) | | | | | $ | (216) | | | | | $ | (273) | | | | | $ | (372) | | | | | $ | (512) | |
| GLB net amount at risk | | | $ | 648 | | | | | $ | 835 | | | | | $ | 1,123 | | | | | $ | 1,557 | | | | | $ | 1,794 | | | | | $ | 2,023 | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| GLB net amount at risk | | | 253 | | | | | | 308 | | | | | | 386 | | | | | | 486 | | | | | | 588 | | | | | | 630 | | |
| British pound sterling (GBP) | | | | | | 608 | | | | | | 1.2516 | | | | | | 588 | | | | | | 1.2731 | | | | | | (1.7) | | % |
| New Taiwan dollar (TWD) | | | | | | 539 | | | | | | 0.0305 | | | | | | 647 | | | | | | 0.0327 | | | | | | (6.7) | | % |
| +100 bps | | | (Increase)/decrease in FVL | | | $ | 244 | | | | | $ | 164 | | | | | $ | 64 | | | | | $ | (61) | | | | | $ | (218) | | | | | $ | (427) | |
| | | | Increase/(decrease) in hedge value | | | (101) | | | | | | — | | | | | | 101 | | | | | | 202 | | | | | | 304 | | | | | | 405 | | |
| Flat | | | (Increase)/decrease in FVL | | | $ | 99 | | | | | $ | — | | | | | $ | (120) | | | | | $ | (266) | | | | | $ | (452) | | | | | $ | (690) | |
| \-100 bps | | | (Increase)/decrease in FVL | | | $ | (84) | | | | | $ | (202) | | | | | $ | (342) | | | | | $ | (511) | | | | | $ | (728) | | | | | $ | (992) | |
| | | | Increase/(decrease) in net income | | | $ | (185) | | | | | $ | (202) | | | | | $ | (241) | | | | | $ | (309) | | | | | $ | (424) | | | | | $ | (587) | |
| GLB net amount at risk | | | $ | 702 | | | | | $ | 912 | | | | | $ | 1,242 | | | | | $ | 1,762 | | | | | $ | 2,059 | | | | | $ | 2,335 | |
| GLB net amount at risk | | | 292 | | | | | | 359 | | | | | | 449 | | | | | | 561 | | | | | | 673 | | | | | | 719 | | |
An excerpt. Shown here: 40 of 46 rewritten, all 16 added and all 9 removed. The counts are complete. For every sentence, read Item 7A. Quantitative and Qualitative Disclosures about Market Risk in the FY2025 filing and the FY2024 filing.
Item 1. Business
85 rewritten, 70 added, 166 removed, 364 unchanged
At December 31, [removed: 2024,] [added: 2025,] we had total assets of [removed: $247] [added: $272] billion and total [removed: Chubb] shareholders’ equity, [removed: which excludes noncontrolling interests,] of [removed: $64 billion.][added: $74 billion (excluding noncontrolling interests).]
At December 31, [removed: 2024,] [added: 2025,] our ownership interest in Huatai Group was approximately [removed: 85.5] [added: 87.2] percent.
Also available through our website (under [removed: Investor Relations] [added: About] / [removed: Corporate Governance)] [added: Investors / Governance / Governance Documents)] are our Corporate Governance Guidelines, Code of Conduct, and Charters for the Committees of the [removed: Board of Directors (the Board).][added: Board.]
The SEC maintains [removed: an Internet site] [added: a website] (www.sec.gov) that contains reports, proxy and information statements, and other information regarding issuers that file with the SEC.
We obtain business from the local and major international insurance brokers and typically pay a commission to brokers for [removed: any] business accepted and bound.
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
[removed: We operate in 54 countries and territories and our global] [added: Our] workforce [removed: of 43,000 employees] is [removed: geographically dispersed with 39] [added: distributed across the following regions: 40] percent in [removed: North America, 38] [added: Asia, 37] percent in [removed: Asia,] [added: North America,] 13 percent in Latin [removed: America] [added: America,] and 10 percent in [removed: Europe, Eurasia, and Africa.][added: Europe/Eurasia/Africa.]
The average age of our workforce is [removed: 41] [added: 41.2] years, [removed: and the] [added: with an] average tenure [removed: is 7.4] [added: of 7.3] years.
In [removed: 2024,] [added: 2025,] consolidated net premiums earned (NPE) was [removed: $49.8] [added: $53.0] billion.
North America Commercial P&C Insurance [removed: (40] [added: (38] percent of [removed: 2024] [added: 2025] Consolidated NPE)
- Commercial Insurance [removed: (39] [added: (40] percent of this segment's [removed: 2024] [added: 2025] NPE), which includes our retail division focused on middle market customers and small businesses
- Major Accounts [removed: (38] [added: (36] percent of this segment's [removed: 2024] [added: 2025] NPE), our retail division focused on large institutional organizations and corporate companies
- Westchester [removed: (18] [added: (19] percent of this segment's [removed: 2024] [added: 2025] NPE), our wholesale and specialty division
- Chubb Bermuda (5 percent of this segment’s [removed: 2024] [added: 2025] NPE), our high excess retail division
The Commercial Insurance operations provide a broad range of P&C, financial lines, and A&H products targeted to U.S and Canadian-based middle market [added: and small commercial] customers in a variety of [removed: industries, while the Small Commercial operations provide a broad range of P&C, workers' compensation, small commercial management and professional liability for small businesses based in the U.S.][added: industries.]
- Commercial Insurance products and services offered [added: to our upper middle market customers] include traditional P&C lines of business, including Package, which combines property and general liability, workers' compensation, automobile, umbrella; financial lines of business, including professional liability, management liability and cyber risk coverage; and other lines including environmental, A&H, and [added: international coverages.]
- [removed: Small] Commercial Insurance products and services offered [removed: include property] [added: to our small] and [removed: casualty] [added: lower middle market customers include P&C] lines of business, including a [added: Package or] business owner policy which contains property and general liability; financial lines, including professional liability, management liability, and cyber risk coverage; and other lines including workers’ compensation, automobile liability, [added: umbrella,] and international coverages.
Products are generally offered through a North American network of independent agents and retail brokers, as well as [removed: eTraditional, which are] [added: through] digital [removed: platforms] [added: platforms, such as the Chubb Marketplace,] where we electronically quote, bind, and issue for agents and [removed: brokers.][added: brokers, providing either a fully digital and automated experience or digitally augmented service model.]
[added: Westchester provides specialty products for property,] casualty, environmental, professional liability, inland marine, product recall, small business, and pet insurance, with digital and program coverages in the U.S. Products are offered through the wholesale distribution channel.
Major Accounts competes against [removed: a number of] large, global [removed: carriers as well as] [added: carriers;] regional [removed: competitors] [added: competitors;] and [removed: other entities offering risk alternatives such as] self-insured retentions and captive programs.
The markets [removed: in which we compete] are subject to [removed: significant] cycles of fluctuating capacity and [removed: wide disparities in] price adequacy.
We pursue a specialist strategy and focus on market opportunities where we can compete [removed: effectively based on service levels and product design, while still achieving an adequate level of profitability.][added: effectively.]
We also achieve a competitive advantage through Major Accounts’ innovative product offerings and our ability to provide multiple products to a single [removed: client due to our nationwide local presence.][added: client.]
In addition, all our domestic commercial units [removed: are able to] deliver global products and coverage to [removed: customers in concert with our Overseas General Insurance segment.][added: customers.]
North America Personal P&C Insurance [removed: (12] [added: (13] percent of [removed: 2024] [added: 2025] Consolidated NPE)
The North America Personal P&C Insurance segment includes the business written by Chubb Personal Risk Services [removed: division,] [added: division (PRS),] which includes high-net-worth personal lines business, with operations in the U.S. and Canada.
Our homeowners business, including valuable articles, represented 69 percent of North America Personal P&C Insurance’s net premiums earned in [removed: 2024.][added: 2025.]
Chubb [removed: Personal Risk Services] [added: PRS] offers comprehensive personal insurance products and services to meet the evolving needs of high-net-worth families and individuals.
Chubb [removed: Personal Risk Services] [added: PRS] competes against insurance companies of varying sizes that sell personal lines products through various distribution channels, including retail agents as well as online distribution channels.
North America Agricultural Insurance (5 percent of [removed: 2024] [added: 2025] Consolidated NPE)
- Crop-Hail coverage provides crop protection from damage caused by hail [removed: and/or] [added: or] fire, with options in some markets for other perils such as wind or theft.
Rain and Hail primarily operates in a federally regulated program where all approved providers offer the same product forms and rates through independent [removed: and/or] [added: or] captive agents.
Overseas General Insurance (27 percent of [removed: 2024] [added: 2025] Consolidated NPE)
Chubb International comprises our international retail commercial P&C and [removed: corporate A&H] traditional and specialty lines serving large corporations, middle market and small customers; consumer A&H and traditional and specialty personal lines business serving local territories outside the U.S., Bermuda, and Canada.
Syndicate 2488 has an underwriting capacity of £630 million for the Lloyd’s [removed: 2025] [added: 2026] account year.
At December 31, [removed: 2024,] [added: 2025,] our ownership interest in Huatai P&C was approximately [removed: 85.5] [added: 87.2] percent.
[added: Products offered] include commercial [removed: P&C and corporate A&H lines,] [added: P&C,] including specialty coverages and services, and consumer lines, including A&H and personal lines insurance products.
Global Reinsurance (3 percent of [removed: 2024] [added: 2025] Consolidated NPE)
Life Insurance [removed: (13] [added: (14] percent of [removed: 2024] [added: 2025] Consolidated NPE)
The Life Insurance segment comprises our international life operations (Chubb Life), which includes Huatai Life Insurance Co., Ltd. (Huatai Life), Chubb Tempest Life Re (Chubb Life Re), and the supplemental [removed: A&H] [added: accident, health, disability,] and life business of [removed: Combined Insurance.][added: Chubb Benefits.]
We generate earnings from three primary sources of income: P&C underwriting income, investment income, and life segment income.
Our product and geographic diversification differentiate us from the vast majority of our competitors and has been a source of stability during periods of industry volatility.
Our long-term business strategy focuses on sustained growth in book value achieved through a combination of underwriting and investment income.
By doing so, we provide value to our clients and shareholders through use of our substantial capital base in the insurance and reinsurance markets.
We are organized along a profit center structure by line of business and territory that does not necessarily correspond to corporate legal entities.
Profit centers can access various legal entities subject to licensing and other regulatory rules.
Profit centers are expected to generate P&C underwriting income, life segment income, and appropriate risk-adjusted returns.
Our corporate structure has facilitated the development of management talent by giving each profit center's senior management team the necessary autonomy within underwriting authorities to make operating decisions and create products and coverages needed by its target customer base.
We are focused on delivering P&C underwriting profit and life segment income by only writing policies which we believe adequately compensate us for the risk we accept.
In 2025, the North America Small & Lower Midmarket Division was established to leverage a modern, automated, and data-centric digital operating model, enhancing our service delivery and product offerings to our small and lower middle market customers.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
In 2025, Chubb International expanded its operations through the acquisition of LMG Insurance in Thailand, offering a range of consumer and commercial P&C products.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Independent broker channels complement our tied agency channel, reaching a wider pool of mass affluent
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Chubb Benefits is a provider of supplemental accident, health, disability, and life insurance products across the U.S. and Canada.
Chubb Benefits comprises three businesses: Combined U.S., Combined Canada, and Workplace Solutions.
Combined-branded businesses in the U.S. and Canada focus on providing benefits to small businesses and individuals through independent agents and brokers.
Workplace Solutions caters to mid- and large-market employers with distribution solely through brokers and benefits consultants.
Our focus is A&H business, supplemented with savings products in target markets.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
transferred.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
sustainability program is the Global Climate Officer (GCO).
Overview
Our employees are essential to Chubb’s commitment to protect the present and build a better future for customers around the world.
The expertise of our people enables the underwriting excellence, operational discipline, and high‑quality claims service that define our company.
To sustain this performance, Chubb focuses on attracting, developing, and retaining top talent, and fostering a culture where employees can perform at their full potential.
Workforce Demographics and Metrics
Chubb employs approximately 45,000 people.
We closely monitor key human capital metrics, including retention, critical‑role succession, learning participation and hiring and internal mobility, and report them regularly to senior management and the Board.
Employee Experience and Culture
Customers
An insurance broker acts as an agent for the insureds, offering advice on the types and amount of insurance to purchase, and assists in the negotiation of price and terms and conditions.
Loss of all or a substantial portion of the business provided by one or more of these brokers could have a material adverse effect on our business.
In our
PART I
opinion, no material part of our business is dependent upon a single insured or group of insureds.
We do not believe that the loss of any one insured would have a material adverse effect on our financial condition or results of operations.
Competition
Competition in the insurance and reinsurance marketplace is substantial.
We compete on an international and regional basis with major U.S., Bermuda, 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.
Competitors include other stock companies, mutual companies, alternative risk sharing groups (such as group captives and catastrophe pools), and other underwriting organizations.
Competitors sell through various distribution channels and business models, across a broad array of product lines, and with a high level of variation regarding geographic, marketing, and customer segmentation.
We compete for business not only on the basis of price but also on the basis of availability of coverage desired by customers and quality of service.
We also compete in China for assets under management (AUM) with investment management firms, banks, and other financial institutions that offer products that are similar to those offered by Huatai's asset management companies.
The insurance industry is changing rapidly.
Our ability to compete is dependent on a number of factors, particularly our ability to maintain the appropriate financial strength ratings as assigned by independent rating agencies and effectively using digital capabilities, including the growth of new digital-based distribution models, in an everchanging competitive landscape and incorporating, among other things, climate and environmental changes into our insurance processes, products, and services.
Trademarks and Trade Names
Various trademarks and trade names we use protect names of certain products and services we offer and are important to the extent they provide goodwill and name recognition in the insurance industry.
We use commercially reasonable efforts to protect these proprietary rights, including various trade secret and trademark laws.
We intend to retain material trademark rights in perpetuity, so long as it satisfies the use and registration requirements of applicable countries.
One or more of the trademarks and trade names could be material to our ability to sell our products and services.
We have taken appropriate steps to protect our ownership of key names, and we believe it is unlikely that anyone would be able to prevent us from using names in places or circumstances material to our operations.
Global Workforce
At Chubb, our employees are central to our commitment to deliver excellence in all we do, to provide exceptional service for our customers and business partners, and to be there when our customers need us most.
Our success depends on diversity of opportunity and capability — our mix of products, our geographic reach, our presence across the world’s many cultures, and our effort and ability to attract, develop, and retain the very best talent, wherever we operate, without regard to color, gender, ethnicity, religion, sexual orientation or any other personal characteristic unrelated to work responsibilities.
Chubb Culture
Our culture supports a consistency in how we approach our business and how we work together in our company towards a common objective.
We are clear about what it takes to succeed at Chubb — professionalism, skill and craftsmanship, and a commitment to execution excellence, both individually and as a team.
We foster an environment where frank, yet respectful communication thrives, driven by a shared vision and pride that unites us for a greater good.
We expect decisions about hiring, career opportunities, development, promotion, and compensation to be based on merit and free from bias related to individual differences.
Human Capital Management Measures
We have multiple measures of human capital management, including how well we are doing in providing opportunity for everyone to succeed:
- Women lead lines of business that account for 40 percent of our global premium, lead several of our key global functions (including Enterprise Risk Management, Operations and Technology, Human Resources and Communications) and hold about a third of our executive level manager roles, as well as more than 40 percent of the next most senior manager roles.
- Our business leaders reflect the ethnic diversity of our global footprint.
The most senior executives who lead the company’s largest businesses and functions come from Ecuador, Argentina, Australia, the U.K., Korea, Canada, China, Chile, South Africa, and the U.S. Within the U.S., nearly 20 percent of our executive level managers are racially diverse, as well as more than 27 percent of the next most senior managers.
- Investing in opportunities for personal growth and development is a key to our success.
These development opportunities help our employees gain exposure and experiences that empower them to grow and contribute and enable our leaders to be intentional in maximizing the potential of each team member.
In 2024, over 8,000 employees participated in facilitated learning programs, and close to 3,500 colleagues engaged in programs designed to enhance cultural awareness and inclusion.
An excerpt. Shown here: 40 of 85 rewritten, 40 of 70 added and 40 of 166 removed. The counts are complete. For every sentence, read Item 1. Business in the FY2025 filing and the FY2024 filing.
Item 3. Legal Proceedings
1 rewritten, 0 added, 0 removed, 0 unchanged
The information required with respect to Item 3 is included in Note 14 [removed: i)] [added: j)] to the Consolidated Financial Statements, under Item 8, which is hereby incorporated herein by reference.
Cover and table of contents
30 rewritten, 0 added, 0 removed, 73 unchanged
For the fiscal year ended December 31, [removed: 2024][added: 2025]
The aggregate market value of voting stock held by non-affiliates as of June 30, [removed: 2024] [added: 2025] (the last business day of the registrant's most recently completed second fiscal quarter), was approximately [removed: $103] [added: $115] billion.
As of February 20, [removed: 2025,] [added: 2026,] there were [removed: 400,412,084] [added: 390,156,552] Common Shares par value CHF 0.50 of the registrant outstanding.
Certain portions of the registrant's definitive proxy statement relating to its [removed: 2025] [added: 2026] Annual General Meeting of Shareholders are incorporated by reference into Part III of this report.
| ITEM 1. | | | [removed: [Business](#i39f5a03dd90d4103ae76f08afd0b0b0b_13)] [added: [Business](#i411ffa10c85643358dade3b76eaf2dd2_13)] | | | | | | [removed: [2](#i39f5a03dd90d4103ae76f08afd0b0b0b_13)] [added: [2](#i411ffa10c85643358dade3b76eaf2dd2_13)] | | |
| ITEM 1A. | | | [Risk [removed: Factors](#i39f5a03dd90d4103ae76f08afd0b0b0b_85)] [added: Factors](#i411ffa10c85643358dade3b76eaf2dd2_85)] | | | | | | [removed: [22](#i39f5a03dd90d4103ae76f08afd0b0b0b_85)] [added: [19](#i411ffa10c85643358dade3b76eaf2dd2_85)] | | |
| ITEM 1B. | | | [Unresolved Staff [removed: Comments](#i39f5a03dd90d4103ae76f08afd0b0b0b_88)] [added: Comments](#i411ffa10c85643358dade3b76eaf2dd2_88)] | | | | | | [removed: [34](#i39f5a03dd90d4103ae76f08afd0b0b0b_88)] [added: [31](#i411ffa10c85643358dade3b76eaf2dd2_88)] | | |
| ITEM 1C. | | | [Cybersecurity and Risk [removed: Governance](#i39f5a03dd90d4103ae76f08afd0b0b0b_91)] [added: Governance](#i411ffa10c85643358dade3b76eaf2dd2_91)] | | | | | | [removed: [34](#i39f5a03dd90d4103ae76f08afd0b0b0b_88)] [added: [31](#i411ffa10c85643358dade3b76eaf2dd2_88)] | | |
| ITEM 2. | | | [removed: [Properties](#i39f5a03dd90d4103ae76f08afd0b0b0b_94)] [added: [Properties](#i411ffa10c85643358dade3b76eaf2dd2_94)] | | | | | | [removed: [36](#i39f5a03dd90d4103ae76f08afd0b0b0b_94)] [added: [33](#i411ffa10c85643358dade3b76eaf2dd2_94)] | | |
| ITEM 3. | | | [Legal [removed: Proceedings](#i39f5a03dd90d4103ae76f08afd0b0b0b_97)] [added: Proceedings](#i411ffa10c85643358dade3b76eaf2dd2_97)] | | | | | | [removed: [36](#i39f5a03dd90d4103ae76f08afd0b0b0b_97)] [added: [33](#i411ffa10c85643358dade3b76eaf2dd2_97)] | | |
| ITEM 4. | | | [Mine Safety [removed: Disclosures](#i39f5a03dd90d4103ae76f08afd0b0b0b_100)] [added: Disclosures](#i411ffa10c85643358dade3b76eaf2dd2_100)] | | | | | | [removed: [36](#i39f5a03dd90d4103ae76f08afd0b0b0b_100)] [added: [33](#i411ffa10c85643358dade3b76eaf2dd2_100)] | | |
| ITEM 5. | | | [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer [removed: Purchases](#i39f5a03dd90d4103ae76f08afd0b0b0b_106) [](#i39f5a03dd90d4103ae76f08afd0b0b0b_106)[of] [added: Purchases](#i411ffa10c85643358dade3b76eaf2dd2_106) [](#i411ffa10c85643358dade3b76eaf2dd2_106)[of] Equity [removed: Securities](#i39f5a03dd90d4103ae76f08afd0b0b0b_106)] [added: Securities](#i411ffa10c85643358dade3b76eaf2dd2_106)] | | | | | | [removed: [37](#i39f5a03dd90d4103ae76f08afd0b0b0b_106)] [added: [34](#i411ffa10c85643358dade3b76eaf2dd2_106)] | | |
| ITEM 6. | | | [removed: [\[Reserved\]](#i39f5a03dd90d4103ae76f08afd0b0b0b_112)] [added: [\[Reserved\]](#i411ffa10c85643358dade3b76eaf2dd2_112)] | | | | | | [removed: [38](#i39f5a03dd90d4103ae76f08afd0b0b0b_112)] [added: [35](#i411ffa10c85643358dade3b76eaf2dd2_112)] | | |
| ITEM 7. | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i39f5a03dd90d4103ae76f08afd0b0b0b_118)] [added: Operations](#i411ffa10c85643358dade3b76eaf2dd2_118)] | | | | | | [removed: [39](#i39f5a03dd90d4103ae76f08afd0b0b0b_118)] [added: [36](#i411ffa10c85643358dade3b76eaf2dd2_118)] | | |
| ITEM 7A. | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i39f5a03dd90d4103ae76f08afd0b0b0b_283)] [added: Risk](#i411ffa10c85643358dade3b76eaf2dd2_283)] | | | | | | [removed: [88](#i39f5a03dd90d4103ae76f08afd0b0b0b_283)] [added: [84](#i411ffa10c85643358dade3b76eaf2dd2_283)] | | |
| ITEM 8. | | | [Financial Statements and Supplementary [removed: Data](#i39f5a03dd90d4103ae76f08afd0b0b0b_286)] [added: Data](#i411ffa10c85643358dade3b76eaf2dd2_286)] | | | | | | [removed: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_286)] [added: [89](#i411ffa10c85643358dade3b76eaf2dd2_286)] | | |
| ITEM 9. | | | [Changes in and [removed: Disagreements](#i39f5a03dd90d4103ae76f08afd0b0b0b_289) [w](#i39f5a03dd90d4103ae76f08afd0b0b0b_289)[ith] [added: Disagreements](#i411ffa10c85643358dade3b76eaf2dd2_289) [w](#i411ffa10c85643358dade3b76eaf2dd2_289)[ith] Accountants on Accounting and Financial [removed: Disclosure](#i39f5a03dd90d4103ae76f08afd0b0b0b_289)] [added: Disclosure](#i411ffa10c85643358dade3b76eaf2dd2_289)] | | | | | | [removed: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_289)] [added: [89](#i411ffa10c85643358dade3b76eaf2dd2_289)] | | |
| ITEM 9A. | | | [Controls and [removed: Procedures](#i39f5a03dd90d4103ae76f08afd0b0b0b_292)] [added: Procedures](#i411ffa10c85643358dade3b76eaf2dd2_292)] | | | | | | [removed: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_292)] [added: [89](#i411ffa10c85643358dade3b76eaf2dd2_292)] | | |
| ITEM 9B. | | | [Other [removed: Information](#i39f5a03dd90d4103ae76f08afd0b0b0b_295)] [added: Information](#i411ffa10c85643358dade3b76eaf2dd2_295)] | | | | | | [removed: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_295)] [added: [89](#i411ffa10c85643358dade3b76eaf2dd2_295)] | | |
| ITEM 9C. | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i39f5a03dd90d4103ae76f08afd0b0b0b_298)] [added: Inspections](#i411ffa10c85643358dade3b76eaf2dd2_298)] | | | | | | [removed: [93](#i39f5a03dd90d4103ae76f08afd0b0b0b_298)] [added: [89](#i411ffa10c85643358dade3b76eaf2dd2_298)] | | |
| ITEM 10. | | | [Directors, Executive Officers and Corporate [removed: Governance](#i39f5a03dd90d4103ae76f08afd0b0b0b_304)] [added: Governance](#i411ffa10c85643358dade3b76eaf2dd2_304)] | | | | | | [removed: [94](#i39f5a03dd90d4103ae76f08afd0b0b0b_304)] [added: [90](#i411ffa10c85643358dade3b76eaf2dd2_304)] | | |
| ITEM 11. | | | [Executive [removed: Compensation](#i39f5a03dd90d4103ae76f08afd0b0b0b_307)] [added: Compensation](#i411ffa10c85643358dade3b76eaf2dd2_307)] | | | | | | [removed: [94](#i39f5a03dd90d4103ae76f08afd0b0b0b_307)] [added: [90](#i411ffa10c85643358dade3b76eaf2dd2_307)] | | |
| ITEM 12. | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i39f5a03dd90d4103ae76f08afd0b0b0b_310)] [added: Matters](#i411ffa10c85643358dade3b76eaf2dd2_310)] | | | | | | [removed: [94](#i39f5a03dd90d4103ae76f08afd0b0b0b_310)] [added: [90](#i411ffa10c85643358dade3b76eaf2dd2_310)] | | |
| ITEM 13. | | | [Certain Relationships and Related Transactions and Director [removed: Independence](#i39f5a03dd90d4103ae76f08afd0b0b0b_316)] [added: Independence](#i411ffa10c85643358dade3b76eaf2dd2_316)] | | | | | | [removed: [95](#i39f5a03dd90d4103ae76f08afd0b0b0b_316)] [added: [90](#i411ffa10c85643358dade3b76eaf2dd2_316)] | | |
| ITEM 14. | | | [Principal Accounting Fees and [removed: Services](#i39f5a03dd90d4103ae76f08afd0b0b0b_319)] [added: Services](#i411ffa10c85643358dade3b76eaf2dd2_319)] | | | | | | [removed: [95](#i39f5a03dd90d4103ae76f08afd0b0b0b_319)] [added: [90](#i411ffa10c85643358dade3b76eaf2dd2_319)] | | |
| ITEM 15. | | | [Exhibits, Financial Statements [removed: Schedules](#i39f5a03dd90d4103ae76f08afd0b0b0b_325)] [added: Schedules](#i411ffa10c85643358dade3b76eaf2dd2_325)] | | | | | | [removed: [96](#i39f5a03dd90d4103ae76f08afd0b0b0b_325)] [added: [91](#i411ffa10c85643358dade3b76eaf2dd2_325)] | | |
| ITEM 16. | | | [Form 10-K [removed: Summary](#i39f5a03dd90d4103ae76f08afd0b0b0b_331)] [added: Summary](#i411ffa10c85643358dade3b76eaf2dd2_331)] | | | | | | [removed: [102](#i39f5a03dd90d4103ae76f08afd0b0b0b_331)] [added: [97](#i411ffa10c85643358dade3b76eaf2dd2_331)] | | |
| [removed: [SIGNATURES](#i39f5a03dd90d4103ae76f08afd0b0b0b_334)] [added: [SIGNATURES](#i411ffa10c85643358dade3b76eaf2dd2_334)] | | | | | | | | | [removed: [102](#i39f5a03dd90d4103ae76f08afd0b0b0b_334)] [added: [98](#i411ffa10c85643358dade3b76eaf2dd2_334)] | | |
| [INDEX TO CONSOLIDATED FINANCIAL [removed: STATEMENTS](#i39f5a03dd90d4103ae76f08afd0b0b0b_340)] [added: STATEMENTS](#i411ffa10c85643358dade3b76eaf2dd2_340)] | | | | | | | | | [removed: [F-2](#i39f5a03dd90d4103ae76f08afd0b0b0b_340)] [added: [F-2](#i411ffa10c85643358dade3b76eaf2dd2_340)] | | |
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
Item 1C. Cybersecurity and Risk Governance
10 rewritten, 2 added, 1 removed, 40 unchanged
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
We maintain [removed: policies] [added: policies, standards,] and [removed: standards] [added: technology] designed to protect personal and corporate information.
[removed: These processes are integrated into our established Enterprise Risk] Management (ERM) framework, which is led by Chubb's senior management and overseen by our Board's Risk & Finance [added: (R&F)] Committee.
To our knowledge, and as of the filing date on this annual report, risks from cybersecurity threats, including potential risks arising from previous cybersecurity incidents, have not materially [removed: affected, nor are they reasonably likely to materially affect] [added: affected] Chubb’s business strategy, results of operations, or financial condition.
Direct Chubb Board-level oversight is generally within the purview of two of the Board’s committees: Audit and [removed: Risk & Finance.][added: R&F Committee.]
The Audit Committee periodically reports to the full Board and consults with the [removed: Risk & Finance] [added: R&F] Committee on such matters.
The [removed: Risk & Finance] [added: R&F] Committee is responsible for oversight of risk generally and identifying significant risks, which may include risks relating to cybersecurity and privacy, business continuity risk (including the resilience of IT operations and physical infrastructure) and cyber underwriting risk.
The oversight responsibilities of the Audit and [removed: Risk & Finance] [added: R&F] Committees with respect to [removed: cyber security] [added: cybersecurity] and information technology risks are each set forth in their respective charters.
The Audit and [removed: Risk & Finance] [added: R&F] Committees also conduct a joint meeting on ERM matters, which includes coverage of strategic risk priorities, [added: including cybersecurity,] as well as Chubb’s actions and mitigation efforts in response to such risks.
In accordance with our cybersecurity risk assessment processes, we have deployed a set of cybersecurity controls to [added: protect Chubb.]
These processes are integrated into our established Enterprise Risk
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
protect Chubb.
Item 2. Properties
0 rewritten, 2 added, 0 removed, 3 unchanged
As of the date of this filing, our Philadelphia, Pennsylvania and Wilmington, Delaware office properties are being marketed for sale, with the transactions expected to close shortly after the date of this filing.
Following these transactions, we expect to relocate operations in Philadelphia to a new leased office within the same city and consolidate Wilmington operations into this facility.
Item 4. Mine Safety Disclosures
1 rewritten, 0 added, 0 removed, 2 unchanged
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
12 rewritten, 7 added, 8 removed, 16 unchanged
Our Common Shares have been listed on the New York Stock Exchange [added: (NYSE: CB)] since March 25, 1993, with a current par value of CHF 0.50 per share.
In [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] our annual dividends were paid by way of a distribution from capital contribution reserves (Additional paid-in capital) through the transfer of dividends from Additional paid-in capital to Retained earnings (free reserves) as approved by our shareholders.
The number of record holders of Common Shares as of February 20, [removed: 2025,] [added: 2026,] was [removed: 6,594.][added: 6,265.]
Issuer's Repurchases of Equity Securities for the Three Months Ended December 31, [removed: 2024][added: 2025]
(2)The aggregate value of shares purchased in the three months ended December 31, [removed: 2024,] [added: 2025,] as part of the publicly announced plan was [removed: $725 million.][added: $1.1 billion.]
(3)For the period January 1, [removed: 2025,] [added: 2026,] through February 26, [removed: 2025,] [added: 2026,] we repurchased [removed: 543,782] [added: 1,716,988] Common Shares for a total of [removed: $148] [added: $551] million in a series of open market transactions.
As of February 26, [removed: 2025, $1.53] [added: 2026, $2.11] billion in share repurchase authorization remained.
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
Set forth below is a line graph comparing the dollar change in the cumulative total shareholder return on Chubb's Common Shares from December 31, [removed: 2019,] [added: 2020,] through December 31, [removed: 2024,] [added: 2025,] as compared to the cumulative total return of the Standard & Poor's 500 Stock Index and the cumulative total return of the Standard & Poor's Property-Casualty Insurance Index.
The chart depicts the value on December 31, [removed: 2020,] 2021, 2022, 2023, [removed: and] 2024, [added: and 2025,] of a $100 investment made on December 31, [removed: 2019,] [added: 2020,] with all dividends reinvested.
[removed: ][added: ]
| | | | [removed: 12/31/2019 | | |] 12/31/2020 | | | 12/31/2021 | | | 12/31/2022 | | | 12/31/2023 | | | 12/31/2024 | | | [added: 12/31/2025 | | |]
| October 1 through October 31 | | | | | | 1,542,738 | | | | | | $ | 272.04 | | | | | 1,540,000 | | | | | | $ | 3.35 | billion | | | |
| November 1 through November 30 | | | | | | 1,201,994 | | | | | | $ | 282.08 | | | | | 1,200,831 | | | | | | $ | 3.00 | billion | | | |
| December 1 through December 31 | | | | | | 1,126,112 | | | | | | $ | 298.89 | | | | | 1,123,919 | | | | | | $ | 2.66 | billion | | | |
| Total | | | | | | 3,870,844 | | | | | | $ | 282.97 | | | | | 3,864,750 | | | | | | | | | | | |
| Chubb Limited | | | $100 | | | $128 | | | $148 | | | $155 | | | $191 | | | $219 | | |
| S&P 500 Index | | | $100 | | | $129 | | | $105 | | | $133 | | | $166 | | | $196 | | |
| S&P 500 P&C Index | | | $100 | | | $119 | | | $142 | | | $157 | | | $213 | | | $234 | | |
The trading symbol for our Common Shares is "CB".
| October 1 through October 31 | | | | | | 338 | | | | | | $ | 289.85 | | | | | — | | | | | | $ | 2.40 | billion | | | |
| November 1 through November 30 | | | | | | 421,683 | | | | | | $ | 281.73 | | | | | 420,000 | | | | | | $ | 2.28 | billion | | | |
| December 1 through December 31 | | | | | | 2,185,641 | | | | | | $ | 278.21 | | | | | 2,182,601 | | | | | | $ | 1.68 | billion | | | |
| Total | | | | | | 2,607,662 | | | | | | $ | 278.78 | | | | | 2,602,601 | | | | | | | | | | | |
| Chubb Limited | | | $100 | | | $101 | | | $130 | | | $150 | | | $157 | | | $194 | | |
| S&P 500 Index | | | $100 | | | $118 | | | $152 | | | $125 | | | $158 | | | $197 | | |
| S&P 500 P&C Index | | | $100 | | | $107 | | | $128 | | | $152 | | | $168 | | | $228 | | |
Item 6. [Reserved]
1 rewritten, 0 added, 0 removed, 1 unchanged
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
Item 9A. Controls and Procedures
2 rewritten, 0 added, 0 removed, 2 unchanged
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 December 31, [removed: 2024.][added: 2025.]
There have been no changes in Chubb's internal controls over financial reporting during the three months ended December 31, [removed: 2024,] [added: 2025,] that have materially affected, or are reasonably likely to materially affect, Chubb's internal controls over financial reporting.
Item 9B. Other Information
1 rewritten, 4 added, 4 removed, 0 unchanged
During the three months ended December 31, [removed: 2024,] [added: 2025,] no director or officer of Chubb (as defined in Rule 16a-1(f) under the Exchange Act) informed us of the adoption or termination of a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as those terms are defined in Item 408 of SEC Regulation S-K.
On February 25, 2026, Sheila P.
Burke, a member of the Board of Directors of Chubb Limited (Company), informed the Company of her decision to retire from the Board and not to stand for re-election at Chubb’s 2026 Annual General Meeting (Annual Meeting), which is scheduled to occur in May 2026.
The decision of Ms. Burke was not the result of any disagreement with the Company.
Ms. Burke is currently a member of the Board’s Risk & Finance Committee, and will remain on the Board and a member of the Risk & Finance Committee until the Annual Meeting.
On February 27, 2025, the Board of Directors (Board) amended Section 2.2.1(d) of the Organizational Regulations of Chubb Limited.
The amendment reflects that the Board’s Compensation Committee is responsible for recommending to the Board the aggregate amount of director compensation to be submitted for shareholder vote at Chubb’s annual general meeting of shareholders.
This role had previously been the responsibility of the Board’s Nominating & Governance Committee.
A copy of the amended and restated Organizational Regulations is attached hereto as Exhibit 3.2 and incorporated herein by reference.
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
1 rewritten, 0 added, 0 removed, 2 unchanged
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
Item 10. Directors, Executive Officers and Corporate Governance
1 rewritten, 0 added, 0 removed, 5 unchanged
Information pertaining to this item is incorporated by reference to the sections entitled “Agenda Item 5 - Election of the Board of Directors”, "Corporate Governance - Delinquent Section 16(a) Reports", “Corporate Governance - The Board of Directors - Director Nomination Process”, “Corporate Governance - The Committees of the Board - Audit Committee”, and “Corporate Governance – Governance Practices and Policies [removed: that Guide Our Actions] – Global Restrictions on Insider Trading and Trading Chubb Securities Policy” of the definitive proxy statement for the [removed: 2025] [added: 2026] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
Item 11. Executive Compensation
1 rewritten, 0 added, 0 removed, 0 unchanged
This item is incorporated by reference to the sections entitled “Executive Compensation”, “Compensation Committee Report” and “Director Compensation” of the definitive proxy statement for the [removed: 2025] [added: 2026] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
1 rewritten, 0 added, 29 removed, 0 unchanged
[removed: Additional information] [added: This item] is incorporated by reference to the [removed: section] [added: sections] entitled "Information About Our Share Ownership" [added: and "Agenda Item 10 - Approval] of the [added: Chubb Limited 2016 Long-Term Incentive Plan, as Amended and Restated - Explanation - Authorized Securities under Equity Compensation Plans" of the] definitive proxy statement for the [removed: 2025] [added: 2026] Annual General Meeting of [removed: Shareholders] [added: Shareholders,] which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
The following table presents securities authorized for issuance under equity compensation plans at December 31, 2024:
| | | | | | | | | | | | | | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Plan category | | | | | | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | | | | | | Weighted-average exercise price of outstanding options, warrants, and rights (3) | | | | | | Number of securities remaining available for future issuance under equity compensation plans | | |
| Equity compensation plans approved by security holders (1) | | | | | | 9,511,719 | | | | | | $ | 174.86 | | | | | 12,811,070 | | |
| Equity compensation plans not approved by security holders (2) | | | | | | 15,321 | | | | | | | | | | | | | | |
(1) These totals include securities available for future issuance under the following plans:
(i) Chubb Limited 2016 Long-Term Incentive Plan, as amended and restated (Amended 2016 LTIP).
A total of 32,900,000 shares are authorized to be issued pursuant to awards made as options, stock appreciation rights, stock units, performance shares, performance units, restricted stock, and restricted stock units.
The maximum number of shares that may be delivered to participants and their beneficiaries under the Amended 2016 LTIP shall be equal to the sum of: (x) 32,900,000 shares of stock; and (y) any shares of stock that have not been delivered pursuant to the ACE LTIP (as defined in clause (ii) of this footnote (1) below) and remain available for grant pursuant to the ACE LTIP, including shares of stock represented by awards granted under the ACE LTIP that are forfeited, expire or are canceled after the effective date of the Amended 2016 LTIP without delivery of shares of stock or which result in the forfeiture of the shares of stock back to the Company to the extent that such shares would have been added back to the reserve under the terms of the ACE LTIP.
As of December 31, 2024, a total of 8,663,626 option awards and 711,504 restricted stock unit awards are outstanding, and 10,072,965 shares remain available for future issuance under this plan.
(ii) ACE Limited 2004 Long-Term Incentive Plan (ACE LTIP).
As of December 31, 2024, a total of 838,800 option awards are outstanding.
No additional grants will be made pursuant to the ACE LTIP.
(iii) Chubb Corporation Long-Term Incentive Plans (Chubb Corp. LTIP).
As of December 31, 2024, a total of 9,293 option awards and 9,603 deferred stock unit awards are outstanding.
No additional grants will be made pursuant to the Chubb Corp. LTIP.
(iv) ESPP.
A total of 9,000,000 shares are authorized for purchase at a discount.
As of December 31, 2024, 2,738,105 shares remain available for future issuance under this plan.
[Table of Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)
(2) These plans are the Chubb Corp. CCAP Excess Benefit Plan (CCAP Excess Benefit Plan) and the Chubb Corp. Deferred Compensation Plan for Directors, under which no Common Shares are available for future issuance other than with respect to outstanding rewards.
The CCAP Excess Benefit Plan is a nonqualified, defined contribution plan and covers those participants in the Capital Accumulation Plan of The Chubb Corporation (CCAP) (Chubb Corp.’s legacy 401(k) plan) and Chubb Corp.’s legacy employee stock ownership plan (ESOP) whose total benefits under those plans are limited by certain provisions of the Internal Revenue Code.
A participant in the CCAP Excess Benefit Plan is entitled to a benefit equaling the difference between the participant’s benefits under the CCAP and the ESOP, without considering the applicable limitations of the Code, and the participant’s actual benefits under such plans.
A participant’s excess ESOP benefit is expressed as Common Shares.
Payments under the CCAP Excess Benefit Plan are generally made: (i) for excess benefits related to the CCAP, in cash annually as soon as practical after the amount of excess benefit can be determined; and (ii) for excess benefits related to the ESOP, in Common Shares as soon as practicable after the participant’s termination of employment.
Allocations under the ESOP ceased in 2004.
Accordingly, other than dividends, no new contributions are made to the ESOP or the CCAP Excess Benefit Plan with respect to excess ESOP benefits.
(3) Weighted-average exercise price excludes shares issuable under performance unit awards and restricted stock unit awards.
Item 13. Certain Relationships and Related Transactions and Director Independence
1 rewritten, 0 added, 0 removed, 0 unchanged
This item is incorporated by reference to the sections entitled “Corporate Governance - Related Party Transactions", and “Corporate Governance - The Board of Directors - Director Independence” of the definitive proxy statement for the [removed: 2025] [added: 2026] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
Item 14. Principal Accounting Fees and Services
2 rewritten, 0 added, 0 removed, 1 unchanged
This item is incorporated by reference to the section entitled “Agenda Item 4 – Election of Auditors – 4.2 – Ratification of appointment of PricewaterhouseCoopers LLP (United States) as independent registered public accounting firm for purposes of U.S. securities law reporting” of the definitive proxy statement for the [removed: 2025] [added: 2026] Annual General Meeting of Shareholders which will be filed with the SEC not later than 120 days after the close of the fiscal year pursuant to Regulation 14A.
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
Item 15. Exhibits, Financial Statement Schedules
113 rewritten, 21 added, 4 removed, 159 unchanged
| – | | | [Management's Responsibility for Financial Statements and Internal Control over Financial [removed: Reporting](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] [added: Reporting](#i411ffa10c85643358dade3b76eaf2dd2_343)] | | | [removed: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] [added: [F-3](#i411ffa10c85643358dade3b76eaf2dd2_343)] | | |
| – | | | [Report of Independent Registered Public Accounting [removed: Firm](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] [added: Firm](#i411ffa10c85643358dade3b76eaf2dd2_346)] | | | [removed: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] [added: [F-4](#i411ffa10c85643358dade3b76eaf2dd2_346)] | | |
| – | | | [Consolidated Balance Sheets [removed: at December] [added: at](#i411ffa10c85643358dade3b76eaf2dd2_349) [December] 31, [removed: 2024 and 2023](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_349)[5](#i411ffa10c85643358dade3b76eaf2dd2_349) [and 202](#i411ffa10c85643358dade3b76eaf2dd2_349)4] | | | [removed: [F-6](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)] [added: [F-6](#i411ffa10c85643358dade3b76eaf2dd2_349)] | | |
| – | | | [Consolidated Statements of Operations and Comprehensive Income for the years [removed: ended December] [added: ended](#i411ffa10c85643358dade3b76eaf2dd2_355) [December] 31, [removed: 2024, 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_355)[5](#i411ffa10c85643358dade3b76eaf2dd2_355)[, 202](#i411ffa10c85643358dade3b76eaf2dd2_355)[4](#i411ffa10c85643358dade3b76eaf2dd2_355)[,] and [removed: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_355)3] | | | [removed: [F-7](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)] [added: [F-7](#i411ffa10c85643358dade3b76eaf2dd2_355)] | | |
| – | | | [Consolidated Statements of Shareholders' Equity for the years [removed: ended December] [added: ended](#i411ffa10c85643358dade3b76eaf2dd2_364) [December] 31, [removed: 2024, 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_364)[5,](#i411ffa10c85643358dade3b76eaf2dd2_364) [202](#i411ffa10c85643358dade3b76eaf2dd2_364)[4](#i411ffa10c85643358dade3b76eaf2dd2_364)[,] and [removed: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_364)3] | | | [removed: [F-8](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)] [added: [F-8](#i411ffa10c85643358dade3b76eaf2dd2_364)] | | |
| – | | | [Consolidated Statements of Cash Flows for the years [removed: ended December] [added: ended](#i411ffa10c85643358dade3b76eaf2dd2_370) [December] 31, [removed: 2024, 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_370)[5](#i411ffa10c85643358dade3b76eaf2dd2_370)[, 202](#i411ffa10c85643358dade3b76eaf2dd2_370)[4](#i411ffa10c85643358dade3b76eaf2dd2_370)[,] and [removed: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_370)3] | | | [removed: [F-9](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)] [added: [F-9](#i411ffa10c85643358dade3b76eaf2dd2_370)] | | |
| – | | | [Notes to Consolidated Financial [removed: Statements](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)] [added: Statements](#i411ffa10c85643358dade3b76eaf2dd2_382)] | | | [removed: [F-10](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)] [added: [F-10](#i411ffa10c85643358dade3b76eaf2dd2_382)] | | |
| – | | | [Schedule I - Summary of Investments - Other Than Investments in Related Parties [removed: at December] [added: at](#i411ffa10c85643358dade3b76eaf2dd2_514) [December] 31, [removed: 2024](#i39f5a03dd90d4103ae76f08afd0b0b0b_517)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_514)5] | | | [removed: [F-111](#i39f5a03dd90d4103ae76f08afd0b0b0b_517)] [added: [F-111](#i411ffa10c85643358dade3b76eaf2dd2_514)] | | |
| – | | | [Schedule II - Condensed Financial Information of Registrant (Parent Company Only) [removed: at December] [added: at](#i411ffa10c85643358dade3b76eaf2dd2_517) [December] 31, [removed: 2024 and 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_517)[5](#i411ffa10c85643358dade3b76eaf2dd2_517) [and 202](#i411ffa10c85643358dade3b76eaf2dd2_517)[4](#i411ffa10c85643358dade3b76eaf2dd2_517)[,] and for the years ended December 31, [removed: 2024, 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_517)[5](#i411ffa10c85643358dade3b76eaf2dd2_517)[, 202](#i411ffa10c85643358dade3b76eaf2dd2_517)[4](#i411ffa10c85643358dade3b76eaf2dd2_517)[,] and [removed: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_520)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_517)[3](#i411ffa10c85643358dade3b76eaf2dd2_517)] | | | [removed: [F-112](#i39f5a03dd90d4103ae76f08afd0b0b0b_520)] [added: [F-112](#i411ffa10c85643358dade3b76eaf2dd2_517)] | | |
| – | | | [Schedule IV - Supplemental Information Concerning Reinsurance for the years [removed: ended December] [added: ended](#i411ffa10c85643358dade3b76eaf2dd2_520) [December] 31, [removed: 2024, 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_520)[5](#i411ffa10c85643358dade3b76eaf2dd2_520)[, 202](#i411ffa10c85643358dade3b76eaf2dd2_520)[4](#i411ffa10c85643358dade3b76eaf2dd2_520)[,] and [removed: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_523)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_520)[3](#i411ffa10c85643358dade3b76eaf2dd2_520)] | | | [removed: [F-114](#i39f5a03dd90d4103ae76f08afd0b0b0b_523)] [added: [F-114](#i411ffa10c85643358dade3b76eaf2dd2_520)] | | |
| – | | | [Schedule VI - Supplementary Information Concerning Property and Casualty Operations as of and for the years [removed: ended December] [added: ended](#i411ffa10c85643358dade3b76eaf2dd2_523) [December] 31, [removed: 2024, 2023,] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_523)[5](#i411ffa10c85643358dade3b76eaf2dd2_523)[, 202](#i411ffa10c85643358dade3b76eaf2dd2_523)[4](#i411ffa10c85643358dade3b76eaf2dd2_523)[,] and [removed: 2022](#i39f5a03dd90d4103ae76f08afd0b0b0b_526)] [added: 202](#i411ffa10c85643358dade3b76eaf2dd2_523)[3](#i411ffa10c85643358dade3b76eaf2dd2_523)] | | | [removed: [F-115](#i39f5a03dd90d4103ae76f08afd0b0b0b_526)] [added: [F-115](#i411ffa10c85643358dade3b76eaf2dd2_523)] | | |
| [removed: [3.1](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] [added: [3.1](https://www.sec.gov/Archives/edgar/data/896159/000110465925049835/tm2515201d1_ex3-1.htm)] | | | | | | [Articles of Association of the Company, as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465925049835/tm2515201d1_ex3-1.htm)] | | | | | | 8-K | | | | | | 3.1 | | | | | | May 16, [removed: 2024] [added: 2025] | | | | | | | | |
| [3.2](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm) | | | | | | [Organizational Regulations of the Company, as amended](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm) | | | | | | [added: 10-K] | | | | | | [added: 3.2] | | | | | | [added: February 27, 2025] | | | | | | [removed: X] | | |
| [removed: [4.1](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] [added: [4.1](https://www.sec.gov/Archives/edgar/data/896159/000110465925049835/tm2515201d1_ex3-1.htm)] | | | | | | [Articles of Association of the Company, as amended and [removed: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465924062549/tm2414646d1_ex3-1.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/896159/000110465925049835/tm2515201d1_ex3-1.htm)] | | | | | | 8-K | | | | | | 4.1 | | | | | | May 16, [removed: 2024] [added: 2025] | | | | | | | | |
| [4.2](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm) | | | | | | [Organizational Regulations of the Company, as amended](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex32.htm) | | | | | | [added: 10-K] | | | | | | [added: 4.2] | | | | | | [added: February 27, 2025] | | | | | | [removed: X] | | |
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
| [removed: [4.11](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex411.htm)] [added: [4.11](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-12312025xex411.htm)] | | | | | | [Description of the Registrant's [removed: Securities](https://www.sec.gov/Archives/edgar/data/896159/000089615925000004/cb-12312024xex411.htm)] [added: Securities](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-12312025xex411.htm)] | | | | | | | | | | | | | | | | | | | | | | | | X | | |
| [removed: [4.14](https://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm)] [added: [4.15](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] | | | | | | [Form of [removed: 3.150] [added: 3.35] percent Senior Notes due [removed: 2025](https://www.sec.gov/Archives/edgar/data/896159/000119312515093197/d891281dex41.htm)] [added: 2026](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] | | | | | | 8-K | | | | | | [removed: 4.1] [added: 4.3] | | | | | | [removed: March 16,] [added: November 3,] 2015 | | | | | | | | |
| [removed: [4.15](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm)] [added: [4.14](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm)] | | | | | | [Form of Global Note for the 3.050% Senior Notes due 2061](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | November 18, 2021 | | | | | | | | |
| [removed: [4.16](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] [added: [4.16](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm)] | | | | | | [Form of [removed: 3.35] [added: 4.35] percent Senior Notes due [removed: 2026](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex43.htm)] [added: 2045](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm)] | | | | | | 8-K | | | | | | [removed: 4.3] [added: 4.4] | | | | | | November 3, 2015 | | | | | | | | |
| [removed: [4.18](https://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm)] [added: [4.17](https://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm)] | | | | | | [First Supplemental Indenture to the Chubb Corp Senior Indenture dated as of January 15, 2016 to the Indenture dated as of October 25, 1989 among ACE INA Holdings, Inc., as Successor Issuer, ACE Limited, as Guarantor, and The Bank of New York Mellon Trust Company, N.A., as Trustee](https://www.sec.gov/Archives/edgar/data/896159/000119312516430900/d113231dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | January 15, 2016 | | | | | | | | |
| [removed: 4.19] [added: 4.18] | | | | | | Chubb Corp Senior Indenture (incorporated by reference to Exhibit 4(a) to Chubb Corp's Registration Statement on Form S-3 filed on October 27, 1989) (File No. 33-31796) | | | | | | S-3 | | | | | | 4(a) | | | | | | October 27, 1989 | | | | | | | | |
| [removed: [4.20](https://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] [added: [4.19](https://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm)] | | | | | | [Chubb Corp Junior Subordinated Indenture (incorporated by reference to Exhibit 4.1 to Chubb Corp's Current Report on Form 8-K filed on March 30, 2007) (File No. 001-08661)](https://www.sec.gov/Archives/edgar/data/20171/000095012307004745/y32658exv4w1.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | March 30, 2007 | | | | | | | | |
| [removed: 4.21] [added: 4.20] | | | | | | Form of 6.80 percent Chubb Corp Debentures due 2031 (incorporated by reference to Exhibit 4(a) to Chubb Corp's Registration Statement on Form S-3 filed on October 27, 1989) (File No. 33-31796) | | | | | | S-3 | | | | | | 4(a) | | | | | | October 27, 1989 | | | | | | | | |
| [removed: [4.22](https://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] [added: [4.21](https://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm)] | | | | | | [Form of 6.00 percent Chubb Corp Senior Notes due 2037 (incorporated by reference to Exhibit 4.1 to Chubb Corp's Current Report on Form 8-K filed on May 11, 2007) (File No. 001-08661)](https://www.sec.gov/Archives/edgar/data/20171/000095012307007276/y35004exv4w1.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | May 11, 2007 | | | | | | | | |
| [removed: [4.23](https://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] [added: [4.22](https://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm)] | | | | | | [Form of 6.50 percent Chubb Corp Senior Notes due 2038 (incorporated by reference to Exhibit 4.2 to Chubb Corp's Current Report on Form 8-K filed on May 6, 2008) (File No. 001-08661)](https://www.sec.gov/Archives/edgar/data/20171/000095012308005182/y57464exv4w2.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | May 6, 2008 | | | | | | | | |
| [removed: [4.24](https://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] [added: [4.23](https://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm)] | | | | | | [Procedures regarding the registration of shareholders in the share register of Chubb Limited](https://www.sec.gov/Archives/edgar/data/896159/000089615917000004/cb-12312016xex432.htm) | | | | | | 10-K | | | | | | 4.32 | | | | | | February 28, 2017 | | | | | | | | |
| [removed: [4.25](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] [added: [4.24](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 1.550% Senior Notes due 2028 and 2.500% Senior Notes due 2038](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | March 6, 2018 | | | | | | | | |
| [removed: [4.26](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] [added: [4.25](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm)] | | | | | | [Form of Global Note for the 1.550% Senior Notes due 2028](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | March 6, 2018 | | | | | | | | |
| [removed: [4.27](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex43.htm)] [added: [4.26](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex43.htm)] | | | | | | [Form of Global Note for the 2.500% Senior Notes due 2038](https://www.sec.gov/Archives/edgar/data/896159/000119312518072164/d506677dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | March 6, 2018 | | | | | | | | |
| [removed: [4.28](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex41.htm)] [added: [4.27](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 0.875% Senior Notes due 2027 and 1.400% Senior Notes due 2031](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | June 17, 2019 | | | | | | | | |
| [removed: [4.29](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex42.htm)] [added: [4.28](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex42.htm)] | | | | | | [Form of Global Note for the 0.875% Senior Notes due 2027](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | June 17, 2019 | | | | | | | | |
| [removed: [4.30](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex43.htm)] [added: [4.29](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex43.htm)] | | | | | | [Form of Global Note for the 1.400% Senior Notes due 2031](https://www.sec.gov/Archives/edgar/data/896159/000119312519174749/d759565dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | June 17, 2019 | | | | | | | | |
| [removed: [4.31](https://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex41.htm)] [added: [4.30](https://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex41.htm)] | | | | | | [Form of Officer’s Certificate related to the 0.300% Senior Notes due 2024 and 0.875% Senior Notes due 2029](https://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | December 5, 2019 | | | | | | | | |
| [removed: [4.32](https://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex43.htm)] [added: [4.31](https://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex43.htm)] | | | | | | [Form of Global Note for the 0.875% Senior Notes due 2029](https://www.sec.gov/Archives/edgar/data/896159/000119312519307355/d827995dex43.htm) | | | | | | 8-K | | | | | | 4.3 | | | | | | December 5, 2019 | | | | | | | | |
| [removed: [4.33](https://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex41.htm)] [added: [4.32](https://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 1.375% Senior Notes due 2030](https://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | September 17, 2020 | | | | | | | | |
| [removed: [4.34](https://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex42.htm)] [added: [4.33](https://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex42.htm)] | | | | | | [Form of Global Note for the 1.375% Senior Notes due 2030](https://www.sec.gov/Archives/edgar/data/896159/000119312520247922/d53943dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | September 17, 2020 | | | | | | | | |
| [removed: [4.35](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex41.htm)] [added: [4.34](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex41.htm)] | | | | | | [Form of Officer’s Certificate related to the 2.850% Senior Notes due 2051 and the 3.050% Senior Notes due 2061](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | November 18, 2021 | | | | | | | | |
| [removed: [4.36](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex42.htm)] [added: [4.35](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex42.htm)] | | | | | | [Form of Global Note for the 2.850% Senior Notes due 2051](https://www.sec.gov/Archives/edgar/data/0000896159/000119312521333248/d248912dex42.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | November 18, 2021 | | | | | | | | |
| [removed: [4.37](https://www.sec.gov/Archives/edgar/data/896159/000119312524061525/d771387dex41.htm)] [added: [4.36](https://www.sec.gov/Archives/edgar/data/896159/000119312524061525/d771387dex41.htm)] | | | | | | [Form of Officer's Certificate related to the 5.000% Senior Notes due 2034](https://www.sec.gov/Archives/edgar/data/896159/000119312524061525/d771387dex41.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | March 7, 2024 | | | | | | | | |
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
| [4.41](https://www.sec.gov/Archives/edgar/data/896159/000110465925074535/tm2522702d1_ex4-1.htm) | | | | | | [Form of Officer's Certificate related to the 4.900% Senior Notes due 2035](https://www.sec.gov/Archives/edgar/data/896159/000110465925074535/tm2522702d1_ex4-1.htm) | | | | | | 8-K | | | | | | 4.1 | | | | | | August 6, 2025 | | | | | | | | |
| [4.42](https://www.sec.gov/Archives/edgar/data/896159/000110465925074535/tm2522702d1_ex4-2.htm) | | | | | | [Form of Global Note for the 4.900% Senior Notes due 2035](https://www.sec.gov/Archives/edgar/data/896159/000110465925074535/tm2522702d1_ex4-2.htm) | | | | | | 8-K | | | | | | 4.2 | | | | | | August 6, 2025 | | | | | | | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
| [10.60](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-12312025xex1060.htm)* | | | | | | [Form of Performance Based Restricted Stock Award Terms under the Chubb Limited 2016 Long-Term Incentive Plan for Executive Officers](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-12312025xex1060.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| | | | | | | | | | | | | | | | | | | Incorporated by Reference | | | | | | | | | | | | | | |
| Exhibit Number | | | | | | Exhibit Description | | | | | | Form | | | | | | Original Number | | | | | | Date Filed | | | | | | Filed Herewith | | |
| [10.61](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-12312025xex1061.htm)* | | | | | | [Form of Performance Based Restricted Stock Unit Terms under the Chubb Limited 2016 Long-Term Incentive Plan for Executive Officers](https://www.sec.gov/Archives/edgar/data/896159/000089615926000005/cb-12312025xex1061.htm) | | | | | | | | | | | | | | | | | | | | | | | | X | | |
| [4.17](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm) | | | | | | [Form of 4.35 percent Senior Notes due 2045](https://www.sec.gov/Archives/edgar/data/896159/000119312515363481/d97711dex44.htm) | | | | | | 8-K | | | | | | 4.4 | | | | | | November 3, 2015 | | | | | | | | |
| [10.43](https://www.sec.gov/Archives/edgar/data/896159/000089615916000027/cb-12312015xex1072.htm)* | | | | | | [Commitment Increase Agreement to increase the credit capacity under the Credit Agreement originally entered into on November 6, 2012 to $1,500,000,000 under the Senior Unsecured Letter of Credit Facility, dated as of December 11, 2015, among ACE Limited, and certain subsidiaries, and Wells Fargo Bank, National Association as Administrative Agent, the Swingline Bank and an Issuing Bank](https://www.sec.gov/Archives/edgar/data/896159/000089615916000027/cb-12312015xex1072.htm) | | | | | | 10-K | | | | | | 10.72 | | | | | | February 26, 2016 | | | | | | | | |
| [10.53](https://www.sec.gov/Archives/edgar/data/896159/000089615918000002/cb-12312017xex1088.htm) | | | | | | [Amended and Restated Credit Agreement for $1,000,000,000 Senior Unsecured Letter of Credit Facility, dated as of October 25, 2017, among Chubb Limited, and certain subsidiaries and Wells Fargo Bank, National Association as Administrative Agent, the Swingline Bank and an Issuing Bank](https://www.sec.gov/Archives/edgar/data/896159/000089615918000002/cb-12312017xex1088.htm) | | | | | | 10-K | | | | | | 10.88 | | | | | | February 23, 2018 | | | | | | | | |
| [10.54](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex1056.htm) | | | | | | [Second Amended and Restated Credit Agreement for $3,000,000,000 Senior Unsecured Letter of Credit Facility, dated as of October 6, 2022, among Chubb Limited, and certain subsidiaries and Wells Fargo Bank, National Association as Administrative Agent, the Swingline Bank and an Issuing Bank](https://www.sec.gov/Archives/edgar/data/896159/000089615923000007/cb-12312022xex1056.htm) | | | | | | 10-K | | | | | | 10.56 | | | | | | February 24, 2022 | | | | | | | | |
An excerpt. Shown here: 40 of 113 rewritten, all 21 added and all 4 removed. The counts are complete. For every sentence, read Item 15. Exhibits, Financial Statement Schedules in the FY2025 filing and the FY2024 filing.
Item 16. Form 10-K Summary
1,388 rewritten, 726 added, 508 removed, 2,600 unchanged
[Table of [removed: Contents](#i39f5a03dd90d4103ae76f08afd0b0b0b_7)][added: Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)]
| /s/ Evan G. Greenberg | | | | | | Chairman, Chief Executive Officer, and Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Peter C. Enns | | | | | | Executive Vice President and Chief Financial Officer | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ George F. Ohsiek | | | | | | Chief Accounting Officer | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Michael G. Atieh | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Nancy K. Buese | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Sheila P. Burke | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Nelson J. Chai | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Michael P. Connors | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Michael L. Corbat | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Robert J. Hugin | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Robert W. Scully | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Theodore E. Shasta | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ David H. Sidwell | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Olivier Steimer | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
| /s/ Frances F. Townsend | | | | | | Director | | | February 27, [removed: 2025] [added: 2026] | | |
[added: | | | | | | |] December 31, [removed: 2024][added: 2025 | | | | | | | | | | | | December 31, 2024 | | | | | | | | |]
| [Management's Responsibility for Financial Statements and Internal Control over Financial [removed: Reporting](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] [added: Reporting](#i411ffa10c85643358dade3b76eaf2dd2_343)] | | | | | | | | | | | | [removed: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_343)] [added: [F-3](#i411ffa10c85643358dade3b76eaf2dd2_343)] | | | | | | | | | | | |
| [Report of Independent Registered Public Accounting [removed: Firm](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] [added: Firm](#i411ffa10c85643358dade3b76eaf2dd2_346)] (PCAOB ID 238) | | | | | | | | | | | | [removed: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_346)] [added: [F-4](#i411ffa10c85643358dade3b76eaf2dd2_346)] | | | | | | | | | | | |
| [Consolidated Balance [removed: Sheets](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)] [added: Sheets](#i411ffa10c85643358dade3b76eaf2dd2_349)] | | | | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_349)6] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_349)6] | | | | | | | | | | | |
| [Consolidated Statements of Operations and Comprehensive [removed: Income](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)] [added: Income](#i411ffa10c85643358dade3b76eaf2dd2_355)] | | | | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_355)7] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_355)7] | | | | | | | | | | | |
| [Consolidated Statements of Shareholders’ [removed: Equity](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)] [added: Equity](#i411ffa10c85643358dade3b76eaf2dd2_364)] | | | | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_364)8] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_364)8] | | | | | | | | | | | |
| [Consolidated Statements of Cash [removed: Flows](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)] [added: Flows](#i411ffa10c85643358dade3b76eaf2dd2_370)] | | | | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_370)9] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_370)9] | | | | | | | | | | | |
| [Notes to Consolidated Financial [removed: Statements](#i39f5a03dd90d4103ae76f08afd0b0b0b_379)] [added: Statements](#i411ffa10c85643358dade3b76eaf2dd2_379)] | | | | | | | | | | | | | | | | | | | | | | | |
| Note 1. | | | [Summary of significant accounting [removed: policies](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)] [added: policies](#i411ffa10c85643358dade3b76eaf2dd2_382)] | | | | | | | | | [removed: [F-1](#i39f5a03dd90d4103ae76f08afd0b0b0b_382)0] [added: [F-1](#i411ffa10c85643358dade3b76eaf2dd2_382)0] | | | | | | | | | | | |
| Note 2. | | | [removed: [Acquisitions](#i39f5a03dd90d4103ae76f08afd0b0b0b_388)] [added: [Acquisitions](#i411ffa10c85643358dade3b76eaf2dd2_388)] | | | | | | | | | [removed: [F-2](#i39f5a03dd90d4103ae76f08afd0b0b0b_388)1] [added: [F-2](#i411ffa10c85643358dade3b76eaf2dd2_388)1] | | | | | | | | | | | |
| Note 3. | | | [removed: [Investments](#i39f5a03dd90d4103ae76f08afd0b0b0b_391)] [added: [Investments](#i411ffa10c85643358dade3b76eaf2dd2_391)] | | | | | | | | | [removed: [F-2](#i39f5a03dd90d4103ae76f08afd0b0b0b_391)4] [added: [F-2](#i411ffa10c85643358dade3b76eaf2dd2_391)3] | | | | | | | | | | | |
| Note 4. | | | [Fair value [removed: measurements](#i39f5a03dd90d4103ae76f08afd0b0b0b_412)] [added: measurements](#i411ffa10c85643358dade3b76eaf2dd2_412)] | | | | | | | | | [removed: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_412)0] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_412)29] | | | | | | | | | | | |
| Note 5. | | | [removed: [Reinsurance](#i39f5a03dd90d4103ae76f08afd0b0b0b_424)] [added: [Reinsurance](#i411ffa10c85643358dade3b76eaf2dd2_424)] | | | | | | | | | [removed: [F-3](#i39f5a03dd90d4103ae76f08afd0b0b0b_424)7] [added: [F-3](#i411ffa10c85643358dade3b76eaf2dd2_424)6] | | | | | | | | | | | |
| Note 6. | | | [removed: [Deferred](#i39f5a03dd90d4103ae76f08afd0b0b0b_433) [policy](#i39f5a03dd90d4103ae76f08afd0b0b0b_433) [acquisition costs](#i39f5a03dd90d4103ae76f08afd0b0b0b_433)] [added: [Deferred policy acquisition costs](#i411ffa10c85643358dade3b76eaf2dd2_433)] | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_433)39] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_433)38] | | | | | | | | | | | |
| Note 7. | | | [Goodwill, Value of business [removed: acquired](#i39f5a03dd90d4103ae76f08afd0b0b0b_436),] [added: acquired](#i411ffa10c85643358dade3b76eaf2dd2_436),] and [Other intangible [removed: assets](#i39f5a03dd90d4103ae76f08afd0b0b0b_436)] [added: assets](#i411ffa10c85643358dade3b76eaf2dd2_436)] | | | | | | | | | [removed: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_436)0] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_436)39] | | | | | | | | | | | |
| Note 8. | | | [Unpaid losses and loss [removed: expenses](#i39f5a03dd90d4103ae76f08afd0b0b0b_445)] [added: expenses](#i411ffa10c85643358dade3b76eaf2dd2_442)] | | | | | | | | | [removed: [F-4](#i39f5a03dd90d4103ae76f08afd0b0b0b_445)2] [added: [F-4](#i411ffa10c85643358dade3b76eaf2dd2_442)1] | | | | | | | | | | | |
| Note 9. | | | [Future policy [removed: benefits](#i39f5a03dd90d4103ae76f08afd0b0b0b_454)] [added: benefits](#i411ffa10c85643358dade3b76eaf2dd2_451)] | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_454)[6](#i39f5a03dd90d4103ae76f08afd0b0b0b_454)5] [added: [F-6](#i411ffa10c85643358dade3b76eaf2dd2_451)4] | | | | | | | | | | | |
| Note 10. | | | [Policyholders' account balances, Separate accounts, and Unearned revenue [removed: liabilities](#i39f5a03dd90d4103ae76f08afd0b0b0b_457)] [added: liabilities](#i411ffa10c85643358dade3b76eaf2dd2_454)] | | | | | | | | | [removed: [F-7](#i39f5a03dd90d4103ae76f08afd0b0b0b_457)0] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_454)69] | | | | | | | | | | | |
| Note 11. | | | [Market risk [removed: benefits](#i39f5a03dd90d4103ae76f08afd0b0b0b_460)] [added: benefits](#i411ffa10c85643358dade3b76eaf2dd2_457)] | | | | | | | | | [removed: [F-7](#i39f5a03dd90d4103ae76f08afd0b0b0b_460)4] [added: [F-7](#i411ffa10c85643358dade3b76eaf2dd2_457)3] | | | | | | | | | | | |
| Note 12. | | | [removed: [Taxation](#i39f5a03dd90d4103ae76f08afd0b0b0b_463)] [added: [Taxation](#i411ffa10c85643358dade3b76eaf2dd2_460)] | | | | | | | | | [removed: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_463)[\-](#i39f5a03dd90d4103ae76f08afd0b0b0b_463)75] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_460)74] | | | | | | | | | | | |
| Note 13. | | | [removed: [Debt](#i39f5a03dd90d4103ae76f08afd0b0b0b_469)] [added: [Debt](#i411ffa10c85643358dade3b76eaf2dd2_466)] | | | | | | | | | [removed: [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_469)79] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_466)80] | | | | | | | | | | | |
| Note 14. | | | [Commitments, contingencies, and [removed: guarantees](#i39f5a03dd90d4103ae76f08afd0b0b0b_475)] [added: guarantees](#i411ffa10c85643358dade3b76eaf2dd2_472)] | | | | | | | | | [removed: [F-8](#i39f5a03dd90d4103ae76f08afd0b0b0b_475)1] [added: [F-8](#i411ffa10c85643358dade3b76eaf2dd2_472)2] | | | | | | | | | | | |
| Note 15. | | | [Shareholders' [removed: equity](#i39f5a03dd90d4103ae76f08afd0b0b0b_484)] [added: equity](#i411ffa10c85643358dade3b76eaf2dd2_478)] | | | | | | | | | [removed: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_484)[\-](#i39f5a03dd90d4103ae76f08afd0b0b0b_484)87] [added: [F-](#i411ffa10c85643358dade3b76eaf2dd2_478)89] | | | | | | | | | | | |
| Note 16. | | | [Share-based [removed: compensation](#i39f5a03dd90d4103ae76f08afd0b0b0b_490)] [added: compensation](#i411ffa10c85643358dade3b76eaf2dd2_484)] | | | | | | | | | [removed: [F](#i39f5a03dd90d4103ae76f08afd0b0b0b_490)[\-9](#i39f5a03dd90d4103ae76f08afd0b0b0b_490)1] [added: [F-9](#i411ffa10c85643358dade3b76eaf2dd2_484)3] | | | | | | | | | | | |
February 27, 2026
| /s/ Fred Hu | | | | | | Director | | | February 27, 2026 | | |
| Fred Hu | | | | | | | | | | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
December 31, 2025
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| Note 22. | | | [Statutory financial information](#i411ffa10c85643358dade3b76eaf2dd2_505) | | | | | | | | | [F-](#i411ffa10c85643358dade3b76eaf2dd2_505)111 | | | | | | | | | | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| February 27, 2026 | | | | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| Net income (loss) attributable to noncontrolling interests | | | 312 | | | | | | 368 | | | | | | (13) | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
| Amortization of purchased intangibles | | | 301 | | | | | | 323 | | | | | | 310 | | |
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
unexpired portion of the policies in force.
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
The consolidation of VIEs requires us to record 100 percent of both the underlying
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
The net operating income (loss) of ESIS is included within Administrative expenses in the Consolidated
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
[Table of Contents](#i411ffa10c85643358dade3b76eaf2dd2_7)
Liberty Mutual's P&C Insurance Businesses in Thailand and Vietnam
On March 3, 2025, we entered into agreements to acquire the insurance businesses of Liberty Mutual in Thailand and Vietnam.
The two companies, LMG Insurance in Thailand and Liberty Insurance in Vietnam, offer a range of consumer and commercial P&C products.
On April 1, 2025, we completed the acquisition of LMG Insurance in Thailand for $321 million, and recognized goodwill of $183 million and intangible assets of $57 million.
On February 2, 2026, we completed the acquisition of Liberty Insurance in Vietnam, which will be reported in our Overseas General Insurance segment in the first quarter of 2026.
These acquisitions are not material to Chubb's financial results.
Subsequent to consolidation on July 1, 2023, we acquired incremental ownership interests, including approximately 7.0 percent in 2023, approximately 9.0 percent in 2024, and approximately 1.6 percent in 2025.
| | | | | | |
| --- | --- | --- | --- | --- | --- |
February 27, 2025
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Note 22. | | | [Stat](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)[utory fina](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)[ncial](#i39f5a03dd90d4103ae76f08afd0b0b0b_511) [informat](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)[ion](#i39f5a03dd90d4103ae76f08afd0b0b0b_511) | | | | | | | | | [F-](#i39f5a03dd90d4103ae76f08afd0b0b0b_511)109 | | | | | | | | | | | |
| Note 23. | | | [S](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)[u](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)[bsequent Eve](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)[nt](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150) | | | | | | | | | [F-11](#i39f5a03dd90d4103ae76f08afd0b0b0b_4150)0 | | | | | | | | | | | |
| | | | | | | | | |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| February 27, 2025 | | | | | |
Prior to the transfer of our entire held-to-maturity (HTM) portfolio to the AFS portfolio in 2023, HTM securities were evaluated for potential credit loss on a collective pool basis quarterly.
Chubb pooled HTM securities and calculated the current expected credit loss for each pool using Moody's corporate bond default average, corporate bond recovery rate, and an economic cycle multiplier based on the leading economic index adjusted for a forward-looking economic outlook.
These investments are reported at fair value with changes in fair value recorded through Net realized gains (losses) on the Consolidated statements of operations.
Investments in partially-owned insurance companies
Investments in partially-owned insurance companies primarily represent direct investments in which Chubb has significant influence and as such, meet the requirements for equity method accounting.
Generally, we own twenty percent or more of the investee’s shares.
We report our share of the net income or loss of the partially-owned insurance companies in Other (income) expense.
These expenses principally
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 our 2025 annual reporting.
Prospective application is required, with retrospective application permitted.
We are evaluating the impact of this disclosure-only requirement.
In the first quarter of 2024, we closed on incremental ownership interests of approximately 9.0 percent for $555 million, $319 million of which was paid prior to 2024, and $236 million of which was paid in 2024.
In the fourth quarter of 2024, we entered into an agreement to purchase approximately 1.0 percent of incremental ownership interests.
Chubb has total outstanding agreements for approximately 1.6 percent of incremental ownership interests, pending completion of certain closing conditions.
The acquisition of a controlling majority interest in Huatai Group on July 1, 2023, generated $3,458 million of Goodwill, attributable to expected growth and profitability, and $1,655 million of Other intangible assets.
None of the goodwill is expected to be deductible for income tax purposes.
Additionally, the acquisition generated $309 million of Value of business acquired (VOBA).
Chubb financed the transaction through available cash on hand.
Direct costs related to the acquisition are immaterial, and were expensed as incurred.
The following table summarizes the fair value of the assets acquired and liabilities assumed on July 1, 2023.
| Huatai Group assets and liabilities consolidated | | | July 1 | | |
| Investments and Cash | | | $ | 13,346 | |
| Insurance and reinsurance balances receivable | | | 277 | | |
| Value of business acquired | | | 309 | | |
| Goodwill and intangible assets | | | 5,113 | | |
| Other assets | | | 748 | | |
| Unearned premiums | | | 800 | | |
| Policyholders' account balances | | | 4,014 | | |
| Insurance and reinsurance balances payable | | | 644 | | |
An excerpt. Shown here: 40 of 1,388 rewritten, 40 of 726 added and 40 of 508 removed. The counts are complete. For every sentence, read Item 16. Form 10-K Summary in the FY2025 filing and the FY2024 filing.