
December 31, 2024	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	2,498	$	—	$	3	$	(160)	$	2,341
Non-U.S.	36,311		(23)		753		(1,203)		35,838
Corporate and asset-backed securities	45,231		(47)		287		(2,264)		43,207
Mortgage-backed securities	29,158		—		69		(1,979)		27,248
Municipal	1,885		—		7		(163)		1,729
	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363


December 31, 2023	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. Treasury / Agency	$	3,721	$	—	$	13	$	(144)	$	3,590
Non-U.S.	35,918		(49)		592		(1,297)		35,164
Corporate and asset-backed securities	44,695		(104)		390		(2,151)		42,830
Mortgage-backed securities	23,720		(3)		143		(1,802)		22,058
Municipal	3,074		—		10		(155)		2,929
	$	111,128	$	(156)	$	1,148	$	(5,549)	$	106,571


					December 31
			2024				2023
(in millions of U.S. dollars)	Net Carrying Value		Fair Value		Net Carrying Value		Fair Value
Available-for-sale
Due in 1 year or less	$	4,507	$	4,507	$	4,729	$	4,729
Due after 1 year through 5 years	33,446		33,446		33,573		33,573
Due after 5 years through 10 years	26,901		26,901		28,480		28,480
Due after 10 years	18,261		18,261		17,731		17,731
	83,115		83,115		84,513		84,513
Mortgage-backed securities	27,248		27,248		22,058		22,058
	$	110,363	$	110,363	$	106,571	$	106,571

Fixed maturities in an unrealized loss position at December 31, 2024 and 2023 comprised both investment grade and below investment grade securities for which fair value declined, principally due to rising interest rates since the date of purchase.

The following tables present, for available-for-sale (AFS) fixed maturities in an unrealized loss position (including securities on loan) that are not deemed to have expected credit losses, the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	0 – 12 Months				Over 12 Months				Total
December 31, 2024	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	418	$	(7)	$	1,477	$	(153)	$	1,895	$	(160)
Non-U.S.	6,630		(138)		12,023		(874)		18,653		(1,012)
Corporate and asset-backed securities	10,069		(194)		13,290		(1,259)		23,359		(1,453)
Mortgage-backed securities	10,490		(170)		11,987		(1,794)		22,477		(1,964)
Municipal	349		(9)		1,012		(150)		1,361		(159)
Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)


	0 – 12 Months				Over 12 Months				Total
December 31, 2023	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. Treasury / Agency	$	463	$	(9)	$	2,504	$	(135)	$	2,967	$	(144)
Non-U.S.	2,464		(43)		15,971		(957)		18,435		(1,000)
Corporate and asset-backed securities	2,866		(51)		20,334		(1,194)		23,200		(1,245)
Mortgage-backed securities	1,659		(58)		13,831		(1,706)		15,490		(1,764)
Municipal	1,117		(15)		1,310		(137)		2,427		(152)
Total AFS fixed maturities	$	8,569	$	(176)	$	53,950	$	(4,129)	$	62,519	$	(4,305)


	Year Ended December 31
(in millions of U.S. dollars)	2024		2023
Available-for-sale
Valuation allowance for expected credit losses - beginning of year	$	156	$	169

Provision for expected credit loss	118		214


Write-offs charged against the expected credit loss	(6)		(5)
Recovery of expected credit loss	(198)		(222)
Valuation allowance for expected credit losses - end of year	$	70	$	156
Held-to-maturity
Valuation allowance for expected credit losses - beginning of year	$	—	$	34




Recovery of expected credit loss	—		(34)
Valuation allowance for expected credit losses - end of year	$	—	$	—
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of year	$	4	$	—
Provision for expected credit loss	2		4
Recovery of expected credit loss	(2)		—
Valuation allowance for expected credit losses - end of year	$	4	$	4


	Year Ended December 31
(in millions of U.S. dollars)	2024		2023		2022
Fixed maturities:
Gross realized gains	$	132	$	208	$	619
Gross realized losses	(535)		(656)		(1,379)
Other investments - Fixed maturities (2)	602		(12)		—
Net (provision for) recovery of expected credit losses	86		43		(154)
Impairment (1)	(94)		(64)		(135)
Total fixed maturities	191		(481)		(1,049)
Equity securities (2)	194		(38)		(230)
Private equities (less than 3 percent ownership)	124		70		(31)

Foreign exchange	(223)		(183)		397
Investment and embedded derivative instruments	(189)		(53)		(43)


Other derivative instruments	(4)		(10)		(11)
Other	24		88		(118)
Net realized gains (losses) (pre-tax)	$	117	$	(607)	$	(1,085)

Change in net unrealized appreciation (depreciation) on investments (pre-tax):
Fixed maturities available-for-sale	$	(251)	$	3,563	$	(10,583)
Fixed maturities held-to-maturity	—		(125)		(15)

Other	—		10		20
Income tax (expense) benefit	(110)		(328)		1,043
Change in net unrealized appreciation (depreciation) on investments (after-tax)	$	(361)	$	3,120	$	(9,535)


	Year Ended December 31, 2024
(in millions of U.S. dollars)	Other Investments		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	602	$	194	$	124	$	920
Less: Net gains (losses) recognized from sales of securities	4		25		—		29
Unrealized gains (losses) recognized for securities still held at reporting date	$	598	$	169	$	124	$	891


	Year Ended December 31, 2023
(in millions of U.S. dollars)	Other Investments		Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	(12)	$	(38)	$	70	$	20
Less: Net gains (losses) recognized from sales of securities	—		(68)		—		(68)
Unrealized gains (losses) recognized for securities still held at reporting date	$	(12)	$	30	$	70	$	88


	Year Ended December 31, 2022
(in millions of U.S. dollars)	Equity Securities		Private Equities		Total
Net gains (losses) recognized during the period	$	(230)	$	(31)	$	(261)
Less: Net gains (losses) recognized from sales of securities	409		—		409
Unrealized gains (losses) recognized for securities still held at reporting date	$	(639)	$	(31)	$	(670)

(1)Includes fixed maturities related to consolidated VIEs of $4.6 billion and $3.8 billion at December 31, 2024 and 2023, respectively. Refer to Note 1 g) to the Consolidated Financial Statements for additional information on the consolidation of VIEs.

Private equities include investment funds, limited partnerships and partially-owned investment companies measured at fair value using net asset value (NAV) as a practical expedient. The following table presents, by investment category, the expected liquidation period, fair value, and maximum future funding commitments for private equities:


						December 31
	Expected Liquidation Period of Underlying Assets	2024				2023
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,265	$	281	$	1,241	$	364
Real assets	2 to 13 Years	1,974		547		2,137		445
Distressed	2 to 8 Years	1,257		679		1,206		936
Private credit	3 to 8 Years	295		285		331		298
Traditional	2 to 14 Years	9,674		4,650		8,873		4,167
Vintage	1 to 3 Years	64		—		72		—
Investment funds	Not Applicable	240		—		218		—
		$	14,769	$	6,442	$	14,078	$	6,210

Included in all categories in the above table, except for Investment funds, are investments for which Chubb will never have the contractual option to redeem but receives distributions based on the liquidation of the underlying assets. Further, for all categories except for Investment funds, Chubb does not have the ability to sell or transfer the investments without the consent from the general partner of individual funds.


Investment Category						Consists of investments in private equity funds:
Financial						targeting financial services companies, such as financial institutions and insurance services worldwide
Real assets						targeting investments related to hard physical assets, such as real estate, infrastructure and natural resources
Distressed						targeting distressed corporate debt/credit and equity opportunities in the U.S.
Private credit						targeting privately originated corporate debt investments, including senior secured loans and subordinated bonds
Traditional						employing traditional private equity investment strategies such as buyout and growth equity globally
Vintage						funds where the initial fund term has expired

Included in private equities are 174 individual limited partnerships covering a broad range of investment strategies including large cap buyouts, specialist buyouts, growth capital, distressed, mezzanine, real estate, and co-investments. The underlying portfolio consists of various public and private debt and equity securities of publicly traded and privately held companies and real estate assets. The underlying investments across various partnerships, geographies, industries, asset types, and investment strategies provide risk diversification within the limited partnership portfolio and the overall investment portfolio.

Investment funds employ various investment strategies such as long/short equity and arbitrage/distressed. Included in this category are investments for which Chubb has the option to redeem at agreed upon value as described in each investment fund’s subscription agreement. Depending on the terms of the various subscription agreements, investment fund investments may be redeemed monthly, quarterly, semi-annually, or annually. If Chubb wishes to redeem an investment fund investment, it must first determine if the investment fund is still in a lock-up period (a time when Chubb cannot redeem its investment so that the investment fund manager has time to build the portfolio). If the investment fund is no longer in its lock-up period, Chubb must then notify the investment fund manager of its intention to redeem by the notification date prescribed by the subscription agreement. Subsequent to notification, the investment fund can redeem Chubb’s investment within several months of the notification. Notice periods for redemption of the investment funds are up to 270 days. Chubb can redeem its investment funds without consent from the investment fund managers.


	Year Ended December 31
(in millions of U.S. dollars)	2024		2023		2022
Fixed maturities (1)	$	5,535	$	4,619	$	3,594
Short-term investments	181		199		81
Other interest income	80		69		42
Equity securities	125		119		99
Private equities (less than 3 percent ownership)	112		55		63
Other investments	103		71		41
Gross investment income (1)	6,136		5,132		3,920
Investment expenses	(206)		(195)		(178)
Net investment income (1)	$	5,930	$	4,937	$	3,742
(1) Includes amortization expense related to fair value adjustment of acquired invested assets	$	(16)	$	(21)	$	(41)

Chubb is required to maintain assets on deposit with various regulatory authorities to support its insurance and reinsurance operations. These requirements are generally promulgated in the statutory regulations of the individual jurisdictions. The assets on deposit are available to settle insurance and reinsurance liabilities. Chubb is also required to restrict assets pledged under repurchase agreements, which represent Chubb's agreement to sell securities and repurchase them at a future date for a predetermined price. We use trust funds in certain large reinsurance transactions where the trust funds are set up for the benefit of the ceding companies and generally take the place of letter of credit (LOC) requirements. We have investments in segregated portfolios primarily to provide collateral or guarantees for LOC and derivative transactions. Included in restricted assets are investments, primarily fixed maturities, totaling $17,945 million and $18,242 million, and cash of $261 million and $172 million, at December 31, 2024 and 2023, respectively.


			December 31
(in millions of U.S. dollars)	2024		2023
Trust funds	$	8,170	$	8,482
Assets pledged under repurchase agreements	2,890		2,924
Deposits with U.S. regulatory authorities	2,487		2,544
Deposits with non-U.S. regulatory authorities and other	4,659		4,464
Total	$	18,206	$	18,414

Certain subsidiaries of Huatai Group are the investment manager of, and maintain investments in, sponsored investment products that are considered VIEs. We have determined that we are the primary beneficiary and consolidate these investment products if we hold at least 10 percent ownership. Refer to Note 1 g) for further information on our consolidation criteria. The assets of these VIEs are not available to our creditors, and the investors in these VIEs have no recourse to Chubb in excess of the assets contained within the VIEs. Our economic exposures are limited to our investments based on our ownership interest in these VIEs. Our total exposure to these consolidated investment products represents the value of our economic ownership interest.

In December 2024, we contributed $5.0 billion of fixed maturity securities and cash to a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. At the time of the contribution, the fixed maturities

had a fair value of $4.2 billion, resulting in a realized loss of $149 million, pre-tax. The contribution of fixed maturity securities represents a non-cash investing activity and does not impact the Consolidated statements of cash flows.

The Fund is a variable interest entity; however, Chubb is not the primary beneficiary and does not consolidate the Fund because Chubb does not receive substantially all the risks and returns of the Fund. The carrying value of this investment at December 31, 2024, was $5.0 billion, which approximates our maximum risk of loss. We have elected to account for this investment using the fair value option, classified as Equity securities on the Consolidated balance sheets. We elected the fair value option so that changes in fair value of the Fund are recorded in Net realized gains (losses) and dividends from the Fund are recorded as Net investment income when declared on the Consolidated statements of operations.

We also do not consolidate sponsored investment products where we have determined that we are not the primary beneficiary. The carrying value of these investments at December 31, 2024 and 2023, was $97 million and $153 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified within Equity securities on the Consolidated balance sheets.