Segment information

3 Months Ended

Mar. 31, 2025

Segment Reporting [Abstract]

Segment information

Segment information

Chubb operates through six business segments: North America Commercial P&C Insurance, North America Personal P&C Insurance, North America Agricultural Insurance, Overseas General Insurance, Global Reinsurance, and Life Insurance. These segments distribute their products through various forms of brokers, agencies, and direct marketing programs. All business segments have established relationships with reinsurance intermediaries.

Segment performance is reviewed by the Chief Executive Officer of Chubb Ltd, our Chief Operating Decision Maker (CODM). The CODM is ultimately responsible for evaluating the performance of our six business segments, making strategic operating decisions, and allocating resources. The financial results of our operations are reported in a manner consistent with results reviewed by the CODM in reviewing and assessing the performance of our six business segments. Excluding our Life Insurance segment, the CODM uses Underwriting income (loss) as a basis for segment performance. Chubb calculates Underwriting income (loss) by subtracting Losses and loss expenses, Policy benefits, Policy acquisition costs, and Administrative expenses from Net premiums earned. For both our P&C and Life Insurance segments, another measure of segment performance is Segment income (loss). Segment income (loss) includes Underwriting income (loss), Net investment income (loss), amortization of purchased intangibles acquired by the segment, and other operating income and expense items such as each segment's share of the operating income (loss) related to partially-owned entities, and miscellaneous income and expense items for which the segments are held accountable. We determined that this definition of Segment income (loss) is appropriate and aligns with how the business is managed. We continue to evaluate our segments as our business continues to evolve and may further refine our segments and Segment income (loss) measures.

Revenue and expenses managed at the corporate level, including Net realized gains (losses), Market risk benefits gains (losses), Interest expense, Integration expenses, Income tax expense, and Net income (loss) attributable to noncontrolling interests are reported within Corporate. Integration expenses are one-time costs that are directly attributable to third-party consulting fees, employee-related retention costs, and other professional and legal fees primarily related to the acquisition of Cigna's business in

Asia. These items are not allocated to the segment level as they are one-time in nature and are not related to the ongoing business activities of the segment. The CODM does not manage segment results or allocate resources to segments when considering these costs, and therefore Integration expenses are excluded from our definition of Segment income (loss).

Certain items are presented in a different manner for segment reporting purposes than in the Consolidated Financial Statements, including:

•Losses and loss expenses include realized gains and losses on crop derivatives. These derivatives were purchased to provide economic benefit, in a manner similar to reinsurance protection, in the event that a significant decline in commodity pricing impacts underwriting results. We view gains and losses on these derivatives as part of the results of our underwriting operations, and therefore, realized gains (losses) from these derivatives are reclassified to losses and loss expenses.

•Policy benefits include fair value changes on separate accounts that do not qualify for separate accounting under U.S. GAAP. These gains and losses have been reclassified from Other (income) expense to Policy benefits. Policy benefits also include the impact of realized gains and losses on investment portfolios supporting certain participating policies. These realized gains and losses have been reclassified from net realized gains (losses) to policy benefits. This presentation better reflects the gains and losses from fair value changes in separate account assets and liabilities, and the economics of the participating policies by connecting the investment performance that is shared with policyholders to the liability.

•Net investment income includes investment income reclassified from Other (income) expense related to partially-owned investment companies (private equity partnerships) where our ownership interest is in excess of three percent. We view investment income from these equity-method private equity partnerships as Net investment income for segment reporting purposes.

The following tables present the Statement of Operations by segment:

For the Three Months Ended March 31, 2025 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	4,787	$	1,552	$	276	$	3,903	$	408	$	1,720	$	12,646
Net premiums earned	4,988		1,574		165		3,209		368		1,696		12,000
Losses and loss expenses	3,031		2,093		92		1,397		242		26
Policy benefits	—		—		—		113		—		1,163
Policy acquisition costs	719		330		17		837		100		310
Administrative expenses	344		87		2		330		10		202
Underwriting income	894		(936)		54		532		16		NM
Net investment income	929		120		24		281		70		271
Other (income) expense	8		1		1		6		—		(35)
Amortization of purchased intangibles	1		2		6		19		—		10
Segment income (loss)	$	1,814	$	(819)	$	71	$	788	$	86	$	291	$	2,231
Net realized gains (losses)													(116)
Market risk benefits gains (losses)													(92)
Interest expense													181
Corporate underwriting loss													(119)
Corporate net investment loss													(27)
Corporate other (income) expense													33
Corporate amortization of purchased intangibles													37
Other reclassification													38
Income before income tax													$	1,664

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

For the Three Months Ended March 31, 2024 (in millions of U.S. dollars)	North America Commercial P&C Insurance		North America Personal P&C Insurance		North America Agricultural Insurance		Overseas General Insurance		Global Reinsurance		Life Insurance		Total
Net premiums written	$	4,689	$	1,456	$	249	$	3,835	$	359	$	1,633	$	12,221
Net premiums earned	4,880		1,471		128		3,198		295		1,611		11,583
Losses and loss expenses	3,175		899		49		1,426		137		32
Policy benefits	—		—		—		100		—		1,070
Policy acquisition costs	688		300		21		823		81		294
Administrative expenses	328		86		2		331		9		207
Underwriting income	689		186		56		518		68		NM
Net investment income	826		102		21		267		57		230
Other (income) expense	7		1		—		5		—		(40)
Amortization of purchased intangibles	—		2		6		20		—		10
Segment income	$	1,508	$	285	$	71	$	760	$	125	$	268	$	3,017
Net realized gains (losses)													(101)
Market risk benefits gains (losses)													21
Interest expense													178
Integration expenses													7
Corporate underwriting loss													(117)
Corporate net investment loss													(26)
Corporate other (income) expense													(68)
Corporate amortization of purchased intangibles													42
Other reclassification													1
Income before income tax													$	2,636

NM – not meaningful. Underwriting income is not used as a basis for segment performance for the Life Insurance segment.

Underwriting assets are reviewed in total by management for purposes of decision-making. Other than certain insurance related balances, Goodwill and Other intangible assets, Chubb does not allocate assets to its segments.