
June 30, 2025	Amortized Cost		Valuation Allowance		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Fair Value
(in millions of U.S. dollars)
Available-for-sale
U.S. and local government securities	$	4,271	$	—	$	19	$	(257)	$	4,033
Non-U.S.	38,411		(20)		983		(911)		38,463
Corporate and asset-backed securities	46,411		(51)		568		(1,802)		45,126
Mortgage-backed securities	29,854		—		173		(1,530)		28,497

	$	118,947	$	(71)	$	1,743	$	(4,500)	$	116,119


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. and local government securities	$	4,383	$	—	$	10	$	(323)	$	4,070
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

	$	115,083	$	(70)	$	1,119	$	(5,769)	$	110,363


	June 30, 2025				December 31, 2024
(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	$	5,175	$	5,175	$	4,507	$	4,507
Due after 1 year through 5 years	36,243		36,243		33,446		33,446
Due after 5 years through 10 years	27,636		27,636		26,901		26,901
Due after 10 years	18,568		18,568		18,261		18,261
	87,622		87,622		83,115		83,115
Mortgage-backed securities	28,497		28,497		27,248		27,248
	$	116,119	$	116,119	$	110,363	$	110,363

Fixed maturities in an unrealized loss position 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. Refer to Note 1 f) in the 2024 Form 10-K for further information on factors considered in the evaluation of expected credit losses.

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
June 30, 2025	Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss		Fair Value		Gross Unrealized Loss
(in millions of U.S. dollars)
U.S. and local government securities	$	528	$	(7)	$	2,386	$	(248)	$	2,914	$	(255)
Non-U.S.	3,265		(65)		10,654		(668)		13,919		(733)
Corporate and asset-backed securities	4,608		(90)		11,476		(867)		16,084		(957)
Mortgage-backed securities	4,391		(39)		11,676		(1,490)		16,067		(1,529)

Total AFS fixed maturities	$	12,792	$	(201)	$	36,192	$	(3,273)	$	48,984	$	(3,474)


	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. and local government securities	$	767	$	(16)	$	2,489	$	(303)	$	3,256	$	(319)
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)

Total AFS fixed maturities	$	27,956	$	(518)	$	39,789	$	(4,230)	$	67,745	$	(4,748)

At June 30, 2025, the tax benefit on certain unrealized losses in our investment portfolio was reduced by a valuation allowance of $341 million necessary due to limitations on the utilization of these losses for tax purposes. As part of evaluating whether it was more likely than not that we could record a tax benefit on these losses, we considered realized gains, carryback capacity and available tax planning strategies.


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Available-for-sale
Valuation allowance for expected credit losses - beginning of period	$	63	$	115	$	70	$	156


Provision for expected credit loss	30		41		51		72

Write-offs charged against the expected credit loss	(1)		—		(1)		(5)

Recovery of expected credit loss	(21)		(34)		(49)		(101)
Valuation allowance for expected credit losses - end of period	$	71	$	122	$	71	$	122
Private debt held-for-investment
Valuation allowance for expected credit losses - beginning of period	$	3	$	5	$	4	$	4
Provision for expected credit loss	—		1		—		2
Recovery of expected credit loss	—		(1)		(1)		(1)
Valuation allowance for expected credit losses - end of period	$	3	$	5	$	3	$	5


	Three Months Ended				Six Months Ended
	June 30				June 30
(in millions of U.S. dollars)	2025		2024		2025		2024
Fixed maturities:
Gross realized gains	$	69	$	36	$	107	$	52
Gross realized losses	(123)		(106)		(219)		(247)
Other investments - Fixed maturities (2025 includes $53 million and nil related to investments measured under the fair value option)	61		132		21		300
Net (provision for) recovery of expected credit losses	(9)		(8)		(1)		32
Impairment (1)	(5)		(28)		(12)		(62)
Total fixed maturities	(7)		26		(104)		75
Equity securities (2025 includes $12 million and $65 million related to investments measured under the fair value option)	137		21		200		24
Private equities (less than 3 percent ownership)	(28)		49		(17)		80
Foreign exchange	(89)		27		(154)		(104)
Investment and embedded derivative instruments	154		(17)		131		(60)
Other derivative instruments	(2)		(3)		(5)		(5)
Other	(5)		1		(7)		(7)
Net realized gains (losses) (pre-tax)	$	160	$	104	$	44	$	3


											Three Months Ended
													June 30
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	137	$	61	$	(28)	$	170	$	21	$	132	$	49	$	202
Less: Net gains (losses) recognized from sales of securities	32		3		—		35		14		—		—		14
Unrealized gains (losses) recognized for securities still held at reporting date	$	105	$	58	$	(28)	$	135	$	7	$	132	$	49	$	188


											Six Months Ended
													June 30
							2025								2024
(in millions of U.S. dollars)	Equity Securities		Other Investments		Private Equities		Total		Equity Securities		Other Investments		Private Equities		Total
Net gains (losses) recognized during the period	$	200	$	21	$	(17)	$	204	$	24	$	300	$	80	$	404
Less: Net gains (losses) recognized from sales of securities	20		4		—		24		11		—		—		11
Unrealized gains (losses) recognized for securities still held at reporting date	$	180	$	17	$	(17)	$	180	$	13	$	300	$	80	$	393

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:


	Expected Liquidation Period of Underlying Assets	June 30, 2025				December 31, 2024
(in millions of U.S. dollars)		Fair Value		Maximum Future Funding Commitments		Fair Value		Maximum Future Funding Commitments
Financial	2 to 10 Years	$	1,402	$	224	$	1,265	$	281
Real assets	2 to 13 Years	1,910		732		1,974		547
Distressed	2 to 8 Years	1,213		1,034		1,257		679
Private credit	3 to 8 Years	305		332		295		285
Traditional	2 to 14 Years	11,153		4,563		9,674		4,650
Vintage	1 to 3 Years	59		—		64		—
Investment funds	Not Applicable	271		—		240		—
		$	16,313	$	6,885	$	14,769	$	6,442

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

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.

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 at June 30, 2025, and December 31, 2024, are investments, primarily fixed maturities, totaling $18,335 million and $17,945 million, respectively, and cash of $182 million and $261 million, respectively.


	June 30		December 31
(in millions of U.S. dollars)	2025		2024
Trust funds	$	8,438	$	8,170
Assets pledged under repurchase agreements	3,132		2,890
Deposits with U.S. regulatory authorities	2,540		2,487

Deposits with non-U.S. regulatory authorities and other	4,407		4,659

Total	$	18,517	$	18,206

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) of our 2024 Form 10-K 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.

We recorded an investment in a reserved alternative investment fund (Fund) sponsored and managed by a third-party investment fund manager. 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 June 30, 2025, and 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 June 30, 2025, and December 31, 2024, was $110 million and $97 million, respectively, and our maximum risk of loss approximates the carrying amount. These investments are classified primarily within Equity securities on the Consolidated balance sheets.