AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 5/6 · 18/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Specialized products, underwriting controls and locally admitted international capabilities are corroborated by multi-year underwriting results and strong disclosed peer-relative underwriting performance. This supports a narrow intangible advantage rather than a demonstrated cost or network advantage.
durability · 2/4 · Institutional capabilities and several years of profitable underwriting support persistence, but talent retention challenges and 2026 commercial deterioration limit confidence across future cycles.
customer dependency · 1/4 · Annual renewal contracts and substantial competition indicate fragile customer dependence. Reported consumer retention supports repeat demand, but does not establish material switching friction or indispensable coverage unique to Chubb.
erosion resilience · 2/4 · Product breadth, geographic reach and exposure adjustments provide defenses. Commercial underwriting nevertheless weakened, including the catastrophe-excluded current-year ratio, while competitors and talent mobility remain relevant erosion channels.
Pricing power56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Commercial rate increases in 2025 and positive consumer rates in both disclosed 2026 quarters demonstrate realized pricing. Rate magnitudes, premiums relative to competitors and increases relative to claims inflation are not supplied.
retention · 2/4 · The issuer attributes consumer growth to strong retention alongside new business and positive rates in successive quarters. This is qualitative evidence of repeat demand, without a retention rate or proof that it extends across commercial lines.
margin resilience · 2/4 · Commercial underwriting remained profitable after several strong years, but first-half 2026 underwriting income fell 9.6% and the catastrophe-excluded current-year combined ratio worsened from 81.2% to 81.8%. Results support resilience with visible pressure, not unconstrained pricing.
contractual freedom · 3/4 · Typically annual renewals permit changes to pricing and exposure, and disclosed underwriting actions demonstrate actual use of portfolio discretion. This supports meaningful renewal flexibility without implying unrestricted pricing in every jurisdiction.
Predictability100
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 4.02
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 2.77
Financial strength56
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · Subsidiaries met statutory capital requirements through 2025. The disclosed U.S. framework compares adjusted policyholder surplus with minimum capital requirements; Bermuda subsidiaries calculate ECR using BSCR. Actual coverage ratios are absent, and rating-agency requirements exceed regulatory minimums, preventing a strong headroom assessment.
liquidity funding · 3/4 · Reported operating cash flow, demonstrated payment of obligations, $4.3 billion of credit capacity including $3.0 billion usable for revolving credit, covenant compliance and actual debt issuance support funding access. Facility capacity is not treated as wholly undrawn cash; letters of credit and subsidiary transfer restrictions matter.
asset liability risk · 2/4 · Net favorable prior-year P&C development, a predominantly investment-grade portfolio and disclosed catastrophe reinsurance support risk control. The reinsurance allowance remained broadly stable, but retained catastrophe layers are material and long-tail claims remain uncertain. Full duration matching and recoverable concentration are absent.
earnings resilience · 2/4 · Profitable underwriting across several years and higher second-quarter total segment income demonstrate resilience. However, consolidated quarterly pretax income fell from $3.716 billion to $3.624 billion, and North America Commercial underwriting weakened. Segment income is not substituted for consolidated earnings.
Capital allocation—
Insufficient current sector evidence for every criterion; no category score is inferred.
capital efficiency · — · The passages compare core operating ROE with plan and the prior year but supply no absolute return or sufficient matching earnings and average-capital data. Underwriting profitability alone cannot establish returns on insurer capital.
distributions and buffers · 2/4 · Actual dividends and repurchases coexist with profitable operations, statutory compliance and disclosed subsidiary dividend capacity. Parent cash flows show substantial reliance on capital redemptions; numerical post-distribution solvency buffers are missing. Repurchase authorization is not treated as completed spending.
dilution and cost · 2/4 · The completed cancellation of nearly 12 million shares and actual repurchases demonstrate share reduction activity. Actual option grants carry compensation value and potential dilution, while new debt adds financing costs. Missing aggregate compensation expense and diluted-share reconciliation prevent a stronger net-cost conclusion.
investment discipline · 2/4 · A predominantly investment-grade portfolio and growing life segment income support disciplined deployment. Management reports successful integration of acquired life businesses, but purchase-price returns and attribution of earnings to acquisitions are absent. Broader segment growth does not prove acquisition value creation.
Management69
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · Actual repurchases, funded obligations and deliberate underwriting withdrawals support discipline. Parent distributions also relied on capital redemptions, while acquisition returns and current numerical solvency buffers are unavailable.
incentive alignment · 3/4 · Existing executive practices include performance-based equity, ownership requirements and clawbacks. Granted performance awards use three-year tangible-book-value growth and peer-relative underwriting conditions. Actual executive holdings and eventual realized vesting outcomes are not supplied.
execution · 3/4 · Multi-year commercial underwriting profits, disclosed multi-year operating income growth and 2026 life income growth demonstrate execution through operating outcomes. The assessment is tempered by weak 2025 peer-relative income growth and 2026 commercial deterioration.
governance · 3/4 · The proxy discloses a predominantly independent board, fully independent key committees and substantive lead-director executive-session powers. These are concrete governance arrangements, although disclosure alone cannot establish exceptional oversight effectiveness.
Evidence
Clearly defined underwriting authorities, standards, and guidelines coupled with a strong underwriting audit function are in place in each of our local operations and global profit centers.
Business / underwriting authorities, standards and audit controls · Filed 27/02/2026
Our priority is to help ensure adherence to criteria for risk selection by maintaining high levels of experience and expertise in our underwriting staff.
Business / underwriting staff experience and expertise · Filed 27/02/2026
With operations in 54 countries and territories, Chubb provides commercial and consumer P&C insurance, A&H, reinsurance, and life insurance to a diverse group of clients.
Business / geographic and product footprint · Filed 27/02/2026
We provide commercial insurance products and service offerings such as risk management programs, loss control, and engineering and complex claims management.
Business / risk management, engineering and claims services · Filed 27/02/2026
We provide specialized insurance products ranging from Directors & Officers (D&O) and financial lines to various specialty-casualty and umbrella and excess casualty lines to niche areas such as aviation and energy.
Business / specialized insurance products · Filed 27/02/2026
Our international operations have the distinct advantage of being part of one of the few international insurance groups with a global network of licensed companies able to write policies on a locally admitted basis.
Business / international locally admitted licensing capabilities · Filed 27/02/2026
2023 Net premiums written $ 21,280 $ 20,589 $ 19,237 3.4 % 7.0 % Net premiums earned 20,381 20,008 18,416 1.9 % 8.6 % Losses and loss expenses 12,313 12,737 11,256 (3.3) % 13.2 % Policy acquisition costs 2,891 2,718 2,515 6.4 % 8.1 % Administrative expenses 1,394 1,337 1,250 4.3 % 7.0 % Underwriting income 3,783 3,216 3,395 17.6 % (5.3) % Net investment income 3,840 3,556 3,017 8.0 % 17.9 % Other (income) expense 59 32 22 86.2 % 46.6 % Amortization of purchased intangibles 5 3 — 71.4 % NM Segment income $ 7,559 $ 6,737 $ 6,390 12.2 % 5.4 % Combined ratio: Loss and loss expense ratio 60.4 % 63.7 % 61.1 % (3.3) pts 2.6 pts Policy acquisition cost ratio 14.2 % 13.6 % 13.7 % 0.6 pts (0.1) pts Administrative expense ratio 6.8 % 6.6 % 6.8 % 0.2 pts (0.2) pts Combined ratio 81.4 % 83.9 % 81.6 % (2.5) pts 2.3 pts Catastrophe losses (2.8) % (5.5) % (3.8) % 2.7 pts (1.7) pts Prior period development 2.2 % 2.2 % 2.7 % — pts (0.5) pts CAY combined ratio excluding catastrophe losses 80.8 % 80.6 % 80.5 % 0.2 pts 0.1 pts NM – not meaningful 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.
MD&A / North America Commercial P&C / 2025–2023 operating results · Filed 27/02/2026
The increase in premiums was across a number of lines, most notably in primary and excess casualty and in small and mid-market commercial retail and E&S lines, reflecting new business and rate increases.
MD&A / North America Commercial P&C / new business and rate increases · Filed 27/02/2026
Our insurance contracts are typically renewed on an annual basis.
Business / climate risk / annual insurance renewals · Filed 27/02/2026
Consequently, we can quickly respond to changes as needed by adjusting our pricing or by restricting our exposure.
Business / climate risk / adjustment of pricing and exposure · Filed 27/02/2026
If our loss reserves are determined to be inadequate, we may be required to increase loss reserves at the time of the determination and our net income and capital may be reduced.
Risk factors / consequences of reserve inadequacy · Filed 27/02/2026
As a result, the full extent of liability under our insurance or reinsurance contracts may not be known for many years after issuance.
Risk factors / long-tail claims uncertainty · Filed 27/02/2026
dollars) 2025 2024 2023 Net cash flows from operating activities (1) $ 1,210 $ 1,755 $ 3,273 Cash flows from investing activities Capital redemption 4,500 2,000 — Net cash flows from investing activities 4,500 2,000 — Cash flows from financing activities Dividends paid on Common Shares (1,505) (1,436) (1,394) Common Shares repurchased (3,694) (1,801) (2,411) Repayment (issuance) of intercompany loans (299) 99 231 Net proceeds from (contributions to) affiliated notional cash pooling programs (2) (277) (317) 342 Net cash flows used for financing activities (5,775) (3,455) (3,232) Effect of foreign currency rate changes on cash (5) 6 (4) Net increase (decrease) in cash (70) 306 37 Cash – beginning of year 383 77 40 Cash – end of year $ 313 $ 383 $ 77 (1) Includes cash dividends received from subsidiaries of $1.5 billion, $1.8 billion, and $3.3 billion in 2025, 2024, and 2023, respectively.
Schedule II / parent-only cash flows / distributions and capital redemptions · Filed 27/02/2026
dollars) Deferred Policy Acquisition Costs Net Reserves for Unpaid Losses and Loss Expenses Unearned Premiums Net Premiums Earned Net Investment Income Net Losses and Loss Expenses Incurred Related to Amortization of Deferred Policy Acquisition Costs Net Paid Losses and Loss Expenses Net Premiums Written Current Year Prior Year 2025 $ 4,208 $ 69,672 $ 26,279 $ 45,790 $ 5,338 $ 27,808 $ (1,108) $ 8,649 $ 24,293 $ 47,563 2024 $ 3,687 $ 66,270 $ 23,504 $ 43,573 $ 4,927 $ 26,997 $ (975) $ 8,053 $ 21,503 $ 45,142 2023 $ 3,346 $ 62,238 $ 22,051 $ 40,314 $ 4,181 $ 24,956 $ (856) $ 7,391 $ 21,011 $ 41,896 F-116
Schedule VI / P&C reserves, premiums and prior-year incurred losses · Filed 27/02/2026
The ratio of a company's adjusted policyholder surplus to its minimum capital requirement will determine whether state regulatory action is required.
Regulation / U.S. adjusted policyholder surplus to minimum capital requirement · Filed 27/02/2026
The BMA established risk-based regulatory capital adequacy and solvency margin requirements for Bermuda insurers that mandate that a Bermuda domiciled subsidiary’s Enhanced Capital Requirement (ECR) be calculated by either (a) BSCR, or (b) an internal capital model which the BMA has approved for use for this purpose.
Regulation / Bermuda Enhanced Capital Requirement methodology · Filed 27/02/2026
The Bermuda domiciled subsidiaries use the BSCR in calculating their solvency requirements.
Regulation / Bermuda subsidiaries' use of BSCR · Filed 27/02/2026
The amount of dividends available to be paid in 2026 without prior approval totals $9.6 billion.
Financial statement notes / 2026 subsidiary dividend capacity without prior approval · Filed 27/02/2026
The statutory capital and surplus of our insurance subsidiaries met regulatory requirements for 2025, 2024, and 2023.
Financial statement notes / statutory capital regulatory compliance · Filed 27/02/2026
These minimum regulatory capital requirements were significantly lower than the corresponding amounts required by the rating agencies which review Chubb’s insurance and reinsurance subsidiaries.
Financial statement notes / regulatory versus rating-agency capital requirements · Filed 27/02/2026
dollars) 2026 2025 Valuation allowance for uncollectible reinsurance - beginning of period $ 320 $ 310 Provision for uncollectible reinsurance 17 17 Write-offs charged against the valuation allowance (14) (6) Foreign exchange revaluation 1 2 Valuation allowance for uncollectible reinsurance - end of period $ 324 $ 323 For additional information, refer to Note 1 e) to the Consolidated Financial Statements of our 2025 Form 10-K.
Financial statement notes / uncollectible reinsurance allowance · Filed 28/07/2026
dollars (USD): Three Months Ended Six Months Ended June 30 June 30 2026 2025 2026 2025 CHF USD CHF USD CHF USD CHF USD Total dividend distributions per common share 0.80 $ 1.02 0.81 $ 0.97 1.55 $ 1.99 1.62 $ 1.88 Increases in Common Shares in treasury are due to open market repurchases of Common Shares and the surrender of Common Shares to satisfy tax withholding obligations in connection with the vesting of restricted stock and the forfeiture of unvested restricted stock.
Note 13 / actual dividend distributions · Filed 28/07/2026
On March 2, 2026, Chubb granted 1,070,510 stock options with a weighted-average grant date fair value of $87.84 each.
Note 14 / March 2026 option grants and grant-date fair value · Filed 28/07/2026
Performance shares and performance stock units granted comprise both target and premium awards that cliff vest at the end of a 3-year performance period based on tangible book value (Chubb shareholders' equity less goodwill and intangible assets attributable to Chubb, net of tax) per share growth and P&C combined ratio compared to a defined group of peer companies.
Note 14 / granted performance awards and three-year performance conditions · Filed 28/07/2026
dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Total Net premiums written $ 5,594 $ 2,054 $ 776 $ 3,990 $ 354 $ 1,937 $ 14,705 Net premiums earned 5,214 1,817 641 3,984 299 1,934 13,889 Losses and loss expenses 3,372 791 526 1,709 121 22 Policy benefits — — — 106 — 1,374 Policy acquisition costs 730 347 45 1,060 98 352 Administrative expenses 351 86 4 399 8 213 Underwriting income 761 593 66 710 72 NM Net investment income 982 140 21 313 110 323 Other (income) expense 15 3 2 6 — (45) Amortization of purchased intangibles 1 2 6 22 — 9 Segment income $ 1,727 $ 728 $ 79 $ 995 $ 182 $ 332 $ 4,043 Net realized gains (losses) 162 Market risk benefits gains (losses) 5 Interest expense 200 Integration expenses and severance 8 Corporate underwriting loss (265) Corporate net investment loss (10) Corporate other (income) expense 5 Corporate amortization of purchased intangibles 34 Other reclassification (64) Income before income tax $ 3,624 NM – not meaningful.
Note 17 / second-quarter 2026 segment results and consolidated pretax income reconciliation · Filed 28/07/2026
dollars) North America Commercial P&C Insurance North America Personal P&C Insurance North America Agricultural Insurance Overseas General Insurance Global Reinsurance Life Insurance Total Net premiums written $ 5,723 $ 1,938 $ 733 $ 3,620 $ 380 $ 1,802 $ 14,196 Net premiums earned 5,177 1,681 598 3,542 338 1,789 13,125 Losses and loss expenses 3,258 822 483 1,789 132 20 Policy benefits — — — 129 — 1,249 Policy acquisition costs 705 332 48 913 98 319 Administrative expenses 357 82 2 369 10 199 Underwriting income 857 445 65 342 98 NM Net investment income 938 118 19 278 85 274 Other (income) expense 8 — — 5 — (37) Amortization of purchased intangibles 2 2 6 19 — 8 Segment income $ 1,785 $ 561 $ 78 $ 596 $ 183 $ 305 $ 3,508 Net realized gains (losses) 160 Market risk benefits gains (losses) (17) Interest expense 181 Integration expenses and severance 2 Corporate underwriting loss (176) Corporate net investment loss (29) Corporate other (income) expense (528) Corporate amortization of purchased intangibles 37 Other reclassification (38) Income before income tax $ 3,716 NM – not meaningful.
Note 17 / second-quarter 2025 comparative results · Filed 28/07/2026
YTD-25 Net premiums written $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) % Net premiums earned 5,214 5,177 0.7 % 10,362 10,165 1.9 % Losses and loss expenses 3,372 3,258 3.5 % 6,592 6,289 4.8 % Policy acquisition costs 730 705 3.5 % 1,482 1,424 4.0 % Administrative expenses 351 357 (1.7) % 705 701 0.7 % Underwriting income 761 857 (11.2) % 1,583 1,751 (9.6) % Net investment income 982 938 4.8 % 1,953 1,867 4.6 % Other (income) expense 15 8 87.6 % 29 16 81.7 % Amortization of purchased intangibles 1 2 NM 2 3 NM Segment income $ 1,727 $ 1,785 (3.2) % $ 3,505 $ 3,599 (2.6) % Combined ratio: Loss and loss expense ratio 64.7 % 62.9 % 1.8 pts 63.6 % 61.9 % 1.7 pts Policy acquisition cost ratio 14.0 % 13.7 % 0.3 pts 14.3 % 14.0 % 0.3 pts Administrative expense ratio 6.7 % 6.9 % (0.2) pts 6.8 % 6.9 % (0.1) pts Combined ratio 85.4 % 83.5 % 1.9 pts 84.7 % 82.8 % 1.9 pts Catastrophe losses (5.8) % (4.5) % (1.3) pts (4.9) % (3.8) % (1.1) pts Prior period development 2.2 % 2.1 % 0.1 pts 2.0 % 2.2 % (0.2) pts CAY combined ratio excluding catastrophe losses 81.8 % 81.1 % 0.7 pts 81.8 % 81.2 % 0.6 pts NM - Not meaningful 57 Table of Contents Production by Size - Net premiums written Three Months Ended Six Months Ended June 30 % Change June 30 % Change (in millions of U.S.
MD&A / North America Commercial P&C / quarterly and first-half underwriting results · Filed 28/07/2026
Q-25 2026 2025 YTD-26 vs. YTD-25 Major Accounts & Specialty (large corporate accounts and wholesale business) $ 3,257 $ 3,578 (9.0) % $ 6,029 $ 6,309 (4.4) % Commercial (middle market and small commercial accounts) 2,337 2,145 8.9 % 4,460 4,201 6.2 % Total $ 5,594 $ 5,723 (2.3) % $ 10,489 $ 10,510 (0.2) % Net Catastrophe Losses and Prior Period Development Three Months Ended Six Months Ended June 30 June 30 (in millions of U.S.
MD&A / North America Commercial P&C / production by account size · Filed 28/07/2026
Life Insurance segment income Life Insurance segment income increased $27 million and $52 million, or 9.0 percent and 8.8 percent, for the three and six months ended June 30, 2026, respectively, reflecting underwriting profitability in our international life operations, which includes net investment income, and other income from asset management fees.
MD&A / Life Insurance segment income growth · Filed 28/07/2026
Loss Location Layer of Loss Comments Notes United States (excluding Alaska and Hawaii) $0 million – $1.75 billion Losses retained by Chubb (a) United States (excluding Alaska and Hawaii) $1.75 billion – $2.85 billion All natural perils and terrorism (b) United States (excluding Alaska and Hawaii) $2.85 billion – $4.0 billion All natural perils and terrorism (c) United States (excluding Alaska and Hawaii) $4.0 billion – $5.7 billion All natural perils and terrorism International (including Alaska and Hawaii) $0 million – $225 million Losses retained by Chubb (a) International (including Alaska and Hawaii) $225 million – $1.325 billion All natural perils and terrorism (b) Alaska, Hawaii, and Canada $1.325 billion – $2.475 billion All natural perils and terrorism (c) (a) Ultimate retention will depend upon the nature of the loss and the interplay between the underlying per risk programs and certain other catastrophe programs purchased by individual business units.
MD&A / catastrophe reinsurance layers and retained losses · Filed 28/07/2026
•June 2026: Issued CAD800 million senior unsecured notes (approximately $572 million at the time of issuance) in 5-year and 7-year tranches, at 3.780 percent and 4.034 percent, respectively.
MD&A / June 2026 senior unsecured debt issuance · Filed 28/07/2026
For the six months ended June 30, 2026, we repurchased $2.1 billion of Common Shares in a series of open market transactions under the Board of Directors (Board) share repurchase authorization.
MD&A / actual first-half 2026 share repurchases · Filed 28/07/2026
Consumer insurance growth reflects strong new business and retention, including positive rate and exposure increases.
MD&A / consumer insurance growth, retention and positive rates · Filed 28/07/2026
Commercial lines growth was unfavorably impacted by underwriting actions in large account and E&S property, which reduced growth by 4.5 percentage points.
MD&A / commercial growth impact of underwriting actions · Filed 28/07/2026
•Operating cash flow was $3.7 billion.
MD&A / operating highlights / operating cash flow · Filed 28/07/2026
Our total credit facility capacity is $4.3 billion, $3.0 billion of which can be used for revolving credit.
MD&A / liquidity / credit and revolving facility capacity · Filed 28/07/2026
At June 30, 2026, our letter of credit borrowings outstanding under these facilities were $991 million.
MD&A / liquidity / outstanding letters of credit · Filed 28/07/2026
The facilities require that we maintain certain financial covenants, all of which we met at June 30, 2026.
MD&A / liquidity / covenant compliance · Filed 28/07/2026
Board Composition and Independence • 93% independent directors (all except CEO) • Independent Lead Director with significant and substantive powers and responsibilities • All independent directors on Audit, Compensation, Nominating & Governance and Risk & Finance Committees • Regular executive sessions of independent directors without the Chairman or other management present • Board composition and skills matrix discussed and reviewed at each Nominating & Governance Committee meeting.
Proxy / existing board independence and committee composition · Filed 03/04/2026
• Substantial equity component to align pay with performance • 100% of each NEO’s annual equity award is subject to performance-based vesting • Performance-based equity awards (PSUs/PSAs) have three-year cliff vesting and two operating metrics (tangible book value per share growth and P&C combined ratio) that drive long-term shareholder value, with TSR used only as a modifier for premium awards • Significant amount of at-risk pay (95% for CEO, 88% for other NEOs) • Significant mandatory share ownership requirements (CEO — 7X base salary; other NEOs — 4X base salary) • Independent compensation consultant at every Compensation Committee meeting • Double trigger change in control for equity awards • Detailed Company and individual performance criteria covering both financial and operational/strategic performance • Robust insider trading and clawback policies, including recovery of cash bonus and both time-based and performance-based equity, vested and unvested, in certain circumstances • Peer groups reevaluated at least annually • Annual compensation risk assessment • Employment agreements with non-competition and non-solicitation terms for Executive Management • Compensation Committee considers shareholder feedback in evaluating compensation program and disclosure • No hedging of Chubb securities • No new pledging of Chubb shares owned by executive officers or directors • No excessive perquisites for executives • No special tax gross-ups for NEOs • No repricing or exchange of underwater stock options • No options backdating • No multi-year guaranteed bonuses • No disproportionate supplemental pensions • No annual pro-rata vesting of performance-based equity awards or second chance “look back” vesting 2026 Proxy Statement | 8 TABLE OF CONTENTS Agenda Item 1 Approval of the Management Report, Standalone Financial Statements and Consolidated Financial Statements of Chubb Limited for the Year Ended December 31, 2025 Agenda Item Our Board of Directors is asking shareholders to approve Chubb Limited’s management report, standalone financial statements and consolidated financial statements for the year ended December 31, 2025.
Proxy / existing executive compensation practices and ownership requirements · Filed 03/04/2026
Our Lead Director ensures an appropriate level of Board independence in deliberations and overall governance, and chairs and sets the agenda for executive sessions of the independent directors, which take place at least at every regular Board meeting, to discuss certain matters without the Chairman or other management present.
Proxy / lead director and independent executive sessions · Filed 03/04/2026
Core operating income growth was at the 6th percentile of the Financial Performance Peer Group.
Compensation discussion / 2025 peer-relative core operating income growth · Filed 03/04/2026
Chubb’s core operating income growth over the prior year, three-year and five-year periods was 8.9%, 54.8% and 200.6%, respectively.
Compensation discussion / one-, three- and five-year core operating income growth · Filed 03/04/2026
Absolute performance beat both plan and prior year, and relative performance was at the 97th percentile of the Financial Performance Peer Group.
Compensation discussion / 2025 P&C combined-ratio peer percentile · Filed 03/04/2026
Core operating return on equity (ROE) Core operating ROE exceeded plan and was 0.1 percentage point below prior year.
Compensation discussion / core operating ROE comparison · Filed 03/04/2026
This has made retention of our executives and other employees even more challenging and continues to be a critical priority.
Compensation discussion / executive and employee retention challenges · Filed 03/04/2026
Continued momentum in international life as business becomes a meaningful contributor to revenue and earnings, particularly as a result of successful integration of acquired Cigna businesses in the Asia-Pacific region and our controlling ownership interest of Huatai Group.
Compensation discussion / management assessment of acquired life businesses · Filed 03/04/2026
Competition in the insurance and reinsurance marketplace is substantial.
Business / substantial insurance and reinsurance competition · Filed 27/02/2025
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.
Business / competitors with potentially greater resources · Filed 27/02/2025
On March 10, 2026, Chubb completed a share capital reduction by means of cancellation of 11,986,574 Common Shares purchased under our share repurchase program during 2025.
Shareholders' equity / completed March 2026 share cancellation · Filed 28/04/2026
Net premiums written increased $129 million, or 8.3 percent, for the three months ended March 31, 2026, driven by strong new business and retention, including positive rate and broad exposure in most lines, primarily homeowners.
MD&A / North America Personal P&C / growth, retention and positive rates · Filed 28/04/2026
Our investment portfolio is invested primarily in publicly traded, investment grade, fixed income securities with an average credit quality of A/A as rated by the independent investment rating services Standard and Poor’s (S&P)/Moody’s Investors Service (Moody’s) at March 31, 2026.
MD&A / investment portfolio composition and average investment credit quality · Filed 28/04/2026
During the three months ended March 31, 2026, we were able to meet all our obligations, including the payments of dividends on our Common Shares, with our net cash flows.
MD&A / first-quarter obligations and dividends met from net cash flows · Filed 28/04/2026
